Short answer
ENERGY FUELS INC (UUUU) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $66M (−15.6% year over year) and net income of −$86M.
- Top risk flagged: Regulatory risk: Madagascar MOU terms and Government approvals delay risk for Vara Mada Project development, impacting $1.8B NPV project and $500M annual EBITDA potential
FY2025 key financial metrics · XBRL
- Revenue
- $66M
- −15.6% YoY
- Net income
- −$86M
- −79.3% YoY
- Operating margin
- -153.4%
- −92.6 pp YoY
- EPS (diluted)
- −$0.38
- −35.7% YoY
- ROE
- -12.6%
- −3.6 pp YoY
- Operating cash flow
- −$89M
- −103.5% YoY
Source: XBRL data from the ENERGY FUELS INC (UUUU) FY2025 10-K on SEC EDGAR. USD.
ENERGY FUELS INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: uranium and vanadium milling, plus rare earth oxide production from monazite at White Mesa Mill
- New emphasis on rare earth elements (REE) with expanded Phase 1 Circuit planned for heavy REEs Dy, Tb, Sm, Eu, Gd production by 2027
- Strategic pivot to significantly increase REE processing capacity via $410M Phase 2 Circuit BFS announced, boosting NdPr oxide output to 6,000+ tpa
- 2025 uranium recovery at Mill surged to 1,014,500 lbs U3O8, doubling 2024 output; processed 500 tonnes monazite yielding 38 tonnes NdPr oxide
- Noteworthy remediation initiatives ongoing for historically detected chloroform and nitrate groundwater contamination, with long-term CAP under implementation
Management Discussion & Analysis
- No profitability or margin figures mentioned for FY 2026
- Contractual obligations total $52.4M including $50.5M decommissioning liabilities and $1.95M operating lease obligations as of Dec 31, 2025
- No cash flow, buybacks, dividends, or capex figures discussed
- Key risks include uncertainties in mineral reserve estimates and asset retirement obligations with potential future cost changes
Risk Factors
- Regulatory risk: Madagascar MOU terms and Government approvals delay risk for Vara Mada Project development, impacting $1.8B NPV project and $500M annual EBITDA potential
- Geopolitical risk: Donald Project JV in Australia exposed to AUD$520M capex, reliant on conditional AUD$80M senior debt financing from Export Finance Australia
- Operational risk: Dependence on successful financing and joint venture contributions at Donald Project, with Energy Fuels holding only 9.48% interest and major partner 90.52%
- Market disruption risk: Competition in REE processing depends on rare earth oxides (NdPr, Dy, Tb) output of Donald Project targeting 7,200 tonnes per annum concentrate
- Financial risk: Energy Fuels to issue up to $17.5M common shares to JV partner Astron contingent on positive FID, diluting shareholder value and funding commitment
Generated from the filing text; verify against the original. How to read a 10-K
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