Energy Fuels Inc. UUUU is anticipated to report a loss when it announces first-quarter 2026 results on May 7.
The Zacks Consensus Estimate for UUUU’s revenues for the quarter is $33.25 million, indicating 97% growth from the $16.9 million reported in the year-ago quarter.
The estimate for earnings has remained unchanged at a loss of three cents per share over the past 60 days. It indicates a narrower loss than the loss of 13 cents reported in the first quarter of 2025.
Energy Fuels’ Earnings Surprise History
Over the trailing four quarters, Energy Fuels’ earnings beat the Zacks Consensus Estimate once while missing thrice. The company has a trailing four-quarter negative earnings surprise of 77.95%, on average.
What the Zacks Model Unveils for UUUU Stock
Our proven model does not conclusively predict an earnings beat for Energy Fuels this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
Earnings ESP: UUUU has an Earnings ESP of 0.00%. You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Energy Fuels’ Q1 Performance
Energy Fuels produced more than 1.6 million pounds of uranium through 2025 from the Pinyon Plain Mine in Arizona and the La Sal Complex in Utah. For 2026, the company is targeting production of 2–2.5 million pounds, with more than 2 million pounds expected from Pinyon Plain alone.
Energy Fuels commenced processing low-cost Pinyon Plain mine ores in the fourth quarter, which is expected to continue through the second quarter of 2026. Overall, Energy Fuels anticipates processing 1.5–2.5 million pounds of finished uranium in 2026.
For 2026, uranium sales are estimated at 1.5–2 million pounds through a mix of existing contracts and spot market transactions, higher than the uranium sales of 0.65 million pounds in 2025. Higher volumes are expected to have reflected on the quarterly performances this year.
In the first quarter of 2025, the company had produced 150,000 pounds of finished uranium from stockpiled alternate feed materials and newly mined ore, but did not sell any uranium concentrates. Uranium revenues were reported at $1.35 million, comprising revenues from alternate feed materials, processing and others. Meanwhile, heavy mineral sands (HMS) contributed $15.54 million, taking total quarterly revenues to $16.9 million.
The company’s HMS output was sourced from the Kwale Project, acquired through the Base Resources deal in October 2024. Mining at Kwale concluded in December 2024, with processing wrapping up in early January 2025. Most remaining stockpiles were sold during the first quarter of 2025, with final sales completed in the second quarter. Since then, HMS is no longer contributing to Energy Fuel’s revenues.
We thus expect UUUU’s first-quarter 2026 revenues of around $33.25 million to have been driven primarily by uranium sales reflecting higher volumes and prices. Uranium prices averaged approximately $88.49 per pound during the quarter, up 41% from $62.55 a year earlier.
Meanwhile, exploration, development and processing expenses are expected to have risen due to inflationary pressures and continued project advancement. Selling, general and administrative expenses are also anticipated to have increased, reflecting higher salaries and benefits associated with a larger workforce. However, the commencement of processing lower-cost ore from the Pinyon Plain mine in the fourth quarter of 2025 has helped lower uranium production costs, offering partial margin support.
Although Energy Fuels is likely to report a loss for the first quarter, stronger year-over-year revenue growth and cost efficiencies from processing lower-cost ore are likely to have mitigated some of the impact of elevated expenses.
How are UUUU’s Peers Expected to Fare in Q1?
Cameco Corporation CCJ is scheduled to report first-quarter 2026 results on May 5, before the opening bell.
The Zacks Consensus Estimate for Cameco’s first-quarter earnings per share has moved down 5.71% over the past 60 days to 33 cents. Despite the revision, the estimate suggests a 200% improvement from the prior-year quarter.
Over the trailing four quarters, Cameco’s earnings beat the Zacks Consensus Estimate twice and missed twice. CCJ has an average trailing four-quarter negative earnings surprise of 12.02%.
Centrus Energy LEU is set to release its first-quarter 2026 results on May 5, after market close.
The Zacks Consensus Estimate for Centrus Energy’s first-quarter revenues is pegged at $80.4 million, suggesting year-over-year growth of 9.9%. Over the past 60 days, the earnings estimate for first-quarter 2026 has moved down 7.4% to 50 cents per share. The figure reflects a 45% decline from the year-ago quarter’s earnings of 91 cents per share.
UUUU’s Price Performance & Valuation
Shares of Energy Fuels have gained 377.7% in a year compared with the industry's 79.6% growth. In comparison, the Zacks Basic Materials sector has gained 47.6%, while the S&P 500 has risen 18.2% in the same period. Energy Fuels has also outperformed Cameco and Centrus Energy, which have gained 165.1% and 194.4%, respectively.
UUUU's 1-Year Price Performance vs. Industry, Sector & Peers
Image Source: Zacks Investment Research
UUUU stock is currently trading at a forward sales multiple of 29.56, well above the industry average of 4.24.
Image Source: Zacks Investment Research
Meanwhile, Cameco and Centrus Energy are cheaper options, trading at price-to-sales ratios of 20.63 and 8.54, respectively.
Investment Thesis on UUUU
Energy Fuels has established itself as a key U.S. uranium producer, contributing a significant share of domestic output since 2017. With a debt-free balance sheet, the company has been ramping up uranium production while expanding its rare earth element (REE) capabilities to benefit from rising clean energy demand. Its planned acquisition of Australian Strategic Materials strengthens its position in REE metals and alloys. Energy Fuels has demonstrated the ability to supply both light and heavy rare earth oxides qualified for permanent magnet use, a critical milestone toward building a secure U.S. and allied rare earth supply chain and enhancing long-term strategic growth prospects.
Should You Buy Energy Fuels’ Stock Now?
UUUU remains an attractive long-term play, providing meaningful exposure to the strong fundamentals of both uranium and rare earth markets. However, elevated expenses are expected to have resulted in a loss for the first quarter. Given these near-term pressures and the stock’s stretched valuation and ongoing losses, it may be prudent for investors to wait for a more favorable entry point before accumulating shares.
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This article originally published on Zacks Investment Research (zacks.com).