enCore Energy
ConvictionWeak
Extract U3O8 via ISR from South Texas central processing plants (Rosita, Alta Mesa) and sell into a book of US utility sales agreements that are spot-price-referenced with a mix of market, hybrid, base-escalated and fixed pricing; supplemented by asset sales and a marketable-securities portfolio.
Revenue
$43.22M TTM$43.16M FY2025 (down from $58.3M FY2024Rev growth
-26% FY2025 vs FY2024lower realized deliveries/price mix); Q1 FY2026 ~flat YoY at $18.3MGross margin
Near-breakeven at the uranium line: Q1 FY2026 avg realized $67.78/lb vs total delivered cost $68.02/lbcash extraction cost $34.94/lb is well below price, but purchased pounds (180,000 lb at $78.82/lb) plus non-cash costs erase the spreadOp margin
Negative on core operationsFY2025 net loss $(0.30)/sh; FY2024 net loss attributable $61.4M / $(0.34)/shCapex intensity
High - actively building production capacity toward 3M lb/yr3-yr) and 5M lb/yr (5-yr) targets; specific FY capex not disclosed in Q1 releaseMarket cap
~$257MNasdaq: EU, $1.33/sh, 2026-07-06 close; 194.23M shares outThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
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Not investment advice — analyst work product for a qualified professional.· intel vintage Q1 FY2026 (quarter ended 2026-03-31) + FY2025 (ended 2025-12-31) + FY2024 10-K; price/market cap as of 2026-07-06 close· sign in (free) for the analyst summary; Pro unlocks full intelligence