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ENERGY FUELS INC

CIK:0001385849|SEC Filings

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues (Note 17)	$ 25,108	$ 4,212	$ 60,946	$ 21,110
Operating costs and expenses:
Costs applicable to revenues	10,690	3,655	32,165	21,779
Exploration, development and processing	8,440	9,255	16,870	15,941
Standby	2,872	1,780	6,208	3,647
Accretion of asset retirement obligations	3,711	862	4,308	1,935
Selling, general and administration	19,238	14,835	35,783	30,176
Transaction and integration related costs	10,732	0	13,115	0
Total operating costs and expenses	55,683	30,387	108,449	73,478
Operating loss	(30,575)	(26,175)	(47,503)	(52,368)
Other income (expense):
Gain on sale of assets	69	3,135	361	3,490
Loss in unconsolidated affiliates	(2,329)	(280)	(2,391)	(421)
Other income (loss) (Note 14)	(723)	1,506	5,063	15
Total other income (loss)	(2,983)	4,361	3,033	3,084
Loss before income taxes	(33,558)	(21,814)	(44,470)	(49,284)
Income tax benefit (expense)	(45)	(26)	(93)	1,120
Net loss	(33,603)	(21,840)	(44,563)	(48,164)
Net loss attributable to non-controlling interest	(225)	(28)	(341)	(55)
Net loss attributable to Energy Fuels Inc.	$ (33,378)	$ (21,812)	$ (44,222)	$ (48,109)
Basic net loss per share (Note 11) (in dollars per share)	$ (0.13)	$ (0.10)	$ (0.18)	$ (0.23)
Diluted net loss per share (Note 11) (in dollars per share)	$ (0.13)	$ (0.10)	$ (0.18)	$ (0.23)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net loss	$ (44,563)	$ (48,164)
Adjustments to reconcile net loss to net cash used in operating activities:
Depletion, depreciation and amortization	3,095	2,611
Share-based compensation	7,152	5,490
Accretion of asset retirement obligations	4,308	1,935
Settlement of asset retirement obligations	(2,972)	(14,187)
Foreign exchange loss	1,383	1,516
Loss in unconsolidated affiliates	2,391	421
Realized gain on marketable securities	(1,149)	(450)
Gain on sale of assets	(361)	(3,490)
Amortization of debt issuance costs and other, net	1,976	415
Changes in current assets and liabilities:
Marketable securities	5,180	328
Inventories	1,315	(7,184)
Trade and other receivables	2,950	29,965
Prepaid expenses and other current assets	(694)	(203)
Accounts payable, accrued liabilities and other current liabilities	2,239	(13,776)
Net cash used in operating activities	(17,750)	(44,773)
Investing activities
Additions to property, plant and equipment	(6,771)	(5,990)
Additions to mineral properties	(17,287)	(11,893)
Purchases of marketable securities	(265,908)	(138,945)
Proceeds from sales and maturities of marketable securities	165,980	84,995
Contributions to investments	(9,698)	(6,874)
Proceeds from sale of assets	361	3,490
Net cash used in investing activities	(133,323)	(75,217)
Financing activities
Issuance of common shares for cash, net of issuance costs	153,075	151,879
Deferred financing costs paid	(3,993)	0
Cash received from exercise of stock options	2,704	157
Cash received from non-controlling interest	404	759
Net cash provided by financing activities	144,185	152,131
Effect of exchange rate fluctuations on cash held in foreign currencies	946	1,098
Net change in cash, cash equivalents and restricted cash	(5,942)	33,239
Cash, cash equivalents and restricted cash, beginning of period	87,204	58,605
Cash, cash equivalents and restricted cash, end of period	81,262	91,844
Supplemental disclosure of cash flow information:
Cash paid for taxes	69	109
Cash paid for interest	2,687	108
Increase in accrued capital expenditures and accounts payable for property, plant and equipment and mineral properties	521	2,710
Restricted Stock Units (RSUs)
Financing activities
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units	(7,334)	(664)
Stock Appreciation Rights (SARs)
Financing activities
Cash paid to fund employee income tax withholding due upon vesting of restricted stock units	$ (671)	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets
Cash and cash equivalents	$ 58,416	$ 64,736
Marketable securities (Notes 3 and 16)	878,338	797,106
Trade and other receivables, net, no allowance for credit losses as of June 30, 2026 and December 31, 2025 (Note 4)	15,071	18,018
Inventories (Note 5)	75,037	73,492
Prepaid expenses and other current assets	6,180	5,319
Total current assets	1,033,042	958,671
Mineral properties, net (Note 6)	328,589	312,266
Property, plant and equipment, net (Note 6)	74,190	69,795
Investments, net (Note 7)	35,432	27,525
Marketable securities (Notes 3 and 16)	24,905	10,241
Intellectual property, net (Note 8)	4,229	4,367
Restricted cash (Note 10)	22,846	22,468
Other assets	9,968	6,519
Total assets	1,533,201	1,411,852
Current liabilities
Accounts payable and accrued liabilities (Note 14)	29,185	24,985
Asset retirement obligations (Note 10)	2,496	788
Contingent consideration (Notes 16 and 18)	1,767	1,720	$ 1,723
Other liabilities (Note 14)	3,581	3,737
Total current liabilities	37,029	31,233
Convertible senior notes, net (Notes 9 and 16)	677,684	675,688
Asset retirement obligations (Note 10)	21,035	21,407
Other liabilities	655	954
Total liabilities	736,403	729,282
Equity
Share capital Common shares, without par value, unlimited shares authorized; shares issued and outstanding 249,919 and 240,366 as of June 30, 2026 and December 31, 2025, respectively	1,326,279	1,170,958
Accumulated deficit	(533,879)	(489,657)
Accumulated other comprehensive income (loss)	170	(2,896)
Total shareholders’ equity	792,570	678,405
Non-controlling interest	4,228	4,165
Total equity	796,798	682,570	$ 644,769
Total liabilities and equity	1,533,201	1,411,852
Commitments and contingencies (Note 15)