Energy Fuels UUUU reported a fourth-quarter fiscal 2024 loss per share of 19 cents, which missed the Zacks Consensus Estimate of breakeven earnings per share. UUUU had reported a loss of 13 cents per share in the year-ago quarter.
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Energy Fuels reported a loss of 28 cents per share for 2024, wider than the Zacks Consensus Estimate of a loss of 10 cents. The company reported an adjusted loss per share of 19 cents in 2023.
Energy Fuels Inc Price, Consensus and EPS Surprise
Energy Fuels Inc Price, Consensus and EPS Surprise
Energy Fuels Inc price-consensus-eps-surprise-chart | Energy Fuels Inc Quote
The loss was due to transaction and integration costs related to the acquisition of Base Resources and the Donald Project joint venture, recurring operating expenses and additional operating expenses associated with the increased headcount of retained Base Resources employees and Kwale HMS mine reclamation costs. This was partially offset by sales of natural uranium concentrates and mineral sand products.
Including a gain of $119.27 million related to the sale of its Alta Mesa ISR Project in February 2023, Energy Fuels had reported earnings per share of 62 cents in 2023.
UUUU Witnessed Solid Revenue Growth in Q4 & 2024
Energy Fuels reported revenues of around $40 million in the fourth quarter of 2024, which missed the Zacks Consensus Estimate of $45 million. The top-line figure was way higher than the year-ago quarter’s revenues of $0.5 million. The company reported revenues of $78 million in 2024, which marked a 106% surge from $38 million in 2023. The top-line figure beat the Zacks Consensus Estimate of $72 million.
The year-over-year increase in revenues was attributed to the contribution of revenues from Heavy Mineral Sands (HMS) following the acquisition of Base Resources. The company reported a 9% increase in uranium revenues. Energy Fuels sold 450,000 pounds of uranium in 2024 at $84.23 per pound compared with 560,000 pounds sold at $59.42 in 2023.
This included 200,000 pounds under long-term contracts for a realized price of $75.13 per pound of uranium and 250,000 pounds under spot contracts for a weighted average realized price of $91.51 per pound. This led to a gross profit of $21.32 million for 2024 (a gross margin of 56%).
No vanadium concentrates and RE Carbonate were sold during the year. Sales in the HMS segment were 68,308 tons in 2024 at $584 per ton. The company currently has three reportable segments, uranium, HMS and Rare Earth Element (REE).
The uranium segment’s revenues were $38.2 million in 2024 compared with $35.1 million in 2023. The year-over-year increase in revenues was aided by 42% higher realized sales prices that offset the impact of a 20% decline in sales volumes.
Revenues from the HMS segment were $39.87 million in 2024. There were no revenues from the REE segment in 2024. The segment reported revenues of $2.8 million in 2023.
Energy Fuels Reports an Operating Loss in Q4 & 2024
Costs applicable to revenues were $39 million in the fourth quarter. In 2024, costs applicable to revenues soared 208% to around $56 million. Exploration, development and processing expenses were down 14% year over year to $5.3 million in the fourth quarter.
In 2024, these expenses were reported at $14.2 million, a 9% decline year over year. Expenses were higher in 2023, reflecting the RE Carbonate production program at the Mill.
General and administrative expenses were around $9.9 million in the fourth quarter, marking a significant year-over-year increase of 293%. In 2024, general and administrative expenses were recorded at $31 million, a 34% increase from 2023, driven by higher salaries and benefits in connection with additional headcount for legacy Energy Fuels operations and the acquisition of Base Resources.
Energy Fuels reported an operating loss of $28.6 million in the fourth quarter of 2024 compared with an operating loss of $14.4 million in the year-ago quarter. Operating loss in 2024 was $47.5 million, wider than the loss of $32.4 million in 2023.
UUUU’s Cash Position at 2024-End
Energy Fuels used $44 million of cash in operating activities in 2024 against an outflow of $15 million in 2023. The company ended 2024 with $170.90 million of working capital, including $38.60 million of cash and cash equivalents, $80.85 million of marketable securities (interest-bearing securities and uranium stocks), $37.76 million of trade and other receivables, $66.50 million of inventory and no debt.
Other Significant Updates for Energy Fuels
As of Dec. 31, 2024, the company held a total of 1,118,000 pounds of uranium in inventory, including 393,000 pounds of finished uranium and 725,000 pounds of uranium in stockpiled uranium ore inventories and work-in-progress. Energy Fuels added a fourth long-term uranium sales contract to its portfolio.
Per the contract, UUUU expects to deliver 270,000-330,000 pounds of uranium between 2026 and 2027 and potentially an additional 180,000- 220,000 pounds through 2029. This will be under a "hybrid" pricing formula, subject to floor and ceiling prices, that maintains exposure to further uranium market upside and protection from inflation.
UUUU Stock’s Price Performance & Zacks Rank
Energy Fuels shares have lost 37.4% in the past year against the industry’s 11% growth.
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Energy Fuels currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Energy Fuels’ Peer Performances in Their Last Earnings
Cameco CCJ revenues improved 36.5% year over year to $846 million (CAD 1,183 million), which surpassed the Zacks Consensus Estimate of $753 million. The company reported earnings per share of 26 cents (CAD 0.36) in the quarter, which beat the consensus estimate of earnings of 23 cents.
Cameco produced 6.1 million pounds of uranium in the fourth quarter, 7% higher than the year-ago quarter. It sold 12.8 million pounds of uranium, rising 30% from 9.8 million pounds in the fourth quarter of 2023. The average realized uranium price rose 12% year over year to $58.45 per pound. Higher sales volumes and prices led to a 48% improvement in uranium revenues.
Centrus Energy Corp. LEU reported earnings per share of $3.20 in the fourth quarter of 2024, beating the Zacks Consensus Estimate of $1.06. The company had reported earnings of $3.58 per share in the year-ago quarter.
LEU reported revenues of $151.6 million for the quarter, surpassing the consensus estimate of $105 million. Revenues were 46% higher than the year-ago quarter.
UUUU’s Peer Awaiting Results
Uranium Energy UEC is expected to report first-quarter 2025 results next month. The Zacks Consensus Estimate for revenues is $41.4 million, indicating a solid improvement from $0.12 million in the year-ago quarter.
UEC is expected to report break-even earnings in the quarter compared with earnings of one cent per share in the year-ago quarter. The company has a trailing four-quarter negative earnings surprise of 266.67%.
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