Energy Fuels UUUU reported a solid 112% year-over-year increase in its first-quarter 2026 revenues to $35.8 million, mainly attributed to uranium sales.
During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound. This included 100,000 pounds sold in the spot market at a weighted average realized price of $95.88 per pound, while the remaining 410,000 pounds were sold under long-term contracts at a weighted average realized price of $63.74 per pound.
Energy Fuels had not sold any uranium concentrates in the year-ago quarter. Last year, revenues were mainly supported by heavy mineral sands (HMS) operations from the Kwale Project. Since mining at Kwale has concluded, it no longer contributes to UUUU’s results.
In 2025, the company’s uranium revenues had increased 31% year over year to $50.1 million. Energy Fuels had sold 650,000 pounds of uranium in 2025 at an average realized price of $74.21 per pound. However, due to the 60% decline in Heavy Mineral Sands revenues following the completion of mining activities at Kwale, the company reported a 16% decline in total revenues to $65.9 million in 2025.
In 2026, Energy Fuels expects to mine 2-2.5 million pounds of uranium in 2026, and process between 1.5 million and 2.5 million pounds of finished uranium. Sales are projected at 1.5-2 million pounds under existing contracts and spot market sales.
As of the first-quarter 2026-end, Energy Fuels held 1.1 million pounds of finished uranium and a total of 2.24 million pounds of finished and contained inventory. The company currently has six long-term contracts with U.S utilities. These agreements cover deliveries from 2026 to 2032, with 3.21 million pounds of committed base sales and potential total deliveries ranging from 3.71 million to 5.29 million pounds, depending on customer options.
Existing inventories, purchases and new production will be sufficient to meet the company’s contract requirements through 2026 and over the life of the supply contracts. The company also intends to make discretionary spot sales in 2026 and beyond, to capitalize on higher uranium prices.
Looking ahead, UUUU’s revenues are expected to improve, supported by higher uranium production volumes and a growing contribution from long-term contracts. Upside potential remains tied to stronger uranium prices and increased spot market activity.
The Zacks Consensus Estimate for Energy Fuels’ 2026 revenues implies 117% growth and growth of 57.6% for 2027 revenues.
Revenue Performances of Peers in 2025
Cameco Corporation’s CCJ total revenues were up 7% year over year to CAD 845 million ($616 million). Cameco’s uranium revenues increased 15% to CAD712 million ($520 million) on higher volumes and prices. While the average U.S. dollar spot price for uranium increased 34% on a year-over-year basis, the Canadian dollar average realized price rose 2% due to the impact of fixed-price contracts compared with 2025 as well as the lagging impact of spot price changes on the portfolio.
The Fuel Services segment reported a 1% dip in revenues to CAD 134 million ($98 million), with higher volumes being offset by a 17% decline in average realized prices.
Centrus Energy Corp. LEU posted revenues of $76.7 million for the quarter compared with $73.1 million in the year-ago quarter.
Revenues from the LEU segment were $44.6 million, a 13% decline year over year. Separative work units (SWU) revenues decreased by $9.7 million as a result of a 47% decrease in the volume of SWU sold, partially offset by a 52% increase in the average price of SWU sold. Centrus Energy reported uranium revenues of $3 million for the quarter. Revenues from the Technical Solutions segment were $32.1 million, which came in 47% higher than year-ago levels.
UUUU’s Price Performance, Valuation & Estimates
Energy Fuels shares have gained 363.5% in a year compared with the industry’s 92.1% growth. During this time, the Basic Materials sector has risen 47.4%, while the S&P 500 has gained 30.4%.
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UUUU is trading at a forward 12-month price/sales multiple of 28.29X, a significant premium to the industry’s 4.70X.
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The Zacks Consensus Estimate for Energy Fuels’ fiscal 2026 earnings is a loss of 14 cents per share. The 2027 estimate is at earnings of six cents per share. The earnings estimates for UUUU for both 2026 and 2027 have moved down over the past 60 days. This is shown in the chart below.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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