UUUU·Nuclear — uranium mining (conventional) + rare-earth separation/magnets

Energy Fuels Inc.

ConvictionWeak

Owns/operates US conventional uranium mines (Pinyon Plain, La Sal/Pandora) feeding the White Mesa mill (>8M lb/yr licensed U3O8), selling U3O8 into long-term utility contracts plus opportunistic spot; the same licensed mill separates heavy REEs (Dy, Tb) from monazite sands, with planned forward integration into REE metals/alloys (ASM) and permanent magnets (VAC). A commodity-price-levered producer funding a critical-minerals build-out off a ~$950M cash + marketable-securities war chest, government loans, and equity issuance.

Revenue

$65.9MFY2025); $35.8M (Q1 2026

Rev growth

FY2025 -16% YoY$65.9M vs $78.1M FY2024); Q1 2026 +112% YoY ($35.8M vs $16.9M

Gross margin

Not separately disclosedQ1 2026 finished-uranium inventory weighted-avg cost ~$36/lb vs ~$70/lb realized (positive cash margin

Op margin

Negative — FY2025 net loss $86.1M$0.38/sh); Q1 2026 net loss $10.8M ($0.04/sh). Losses inflated by REE/development opex and non-cash items

Capex intensity

High and rising — Phase 2 REE separation ~$410M est.no FID); VAC ($1.9B) + ASM (~$1.09B) acquisitions pending, part-funded by up to $725M US Office of Strategic Capital 20-yr loan

Market cap

~$3.6B–$4.1BJun 2026; varies by source/date

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2026-02-26. The audited primary-source spine — not financial advice.

Live feed

Revenue — annual (GAAP)

FY’21

$3M

FY’22

$13M+293%

FY’23

$38M+203%

FY’24

$78M+106%

FY’25

$66M-16%

Margins & balance sheet — FY’25

Operating margin-153.4%

Net margin-129.9%

Net debt$568M

The read

Where our coverage leans

Coverage leans bullish

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