Companies · UUUU
Energy Fuels Inc.
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Latest analysis
Updated Nov 5, 2026
Energy Fuels closes ASM acquisition and advances VAC deal, building a fully integrated rare earth mine-to-magnet supply chain while uranium delivers third consecutive profitable quarter.
Energy Fuels executed the most consequential quarter in its strategic transformation: closing the Australian Strategic Materials acquisition on August 28, approving Phase 1B and 1C heavy rare earth expansion at White Mesa Mill, qualifying heavy rare earth oxide with a major permanent magnet manufacturer, and securing AUD 180 million in conditional government financing for the Donald Project. The uranium segment delivered its third consecutive profitable quarter at a 63% gross margin, with 320,000 pounds sold at $88.90 per pound realized, providing the financial foundation to fund the rare earth buildout. The pending VAC acquisition — expected to close early 2027 — will complete the mine-to-magnet vertical integration spanning feedstock, separation, metallization, and finished rare earth permanent magnets.
Tone: bullishRevenue
$65.9M
UUUU 10-K · FY 2025
Employees
1,069
Revenue FY2024
$78.1M
Founded
1987
Profile
UUUU 10-K Item 1 · Feb 26, 2026Energy Fuels is a U.S.-based critical minerals producer operating the only licensed and operating conventional uranium mill in the United States, the White Mesa Mill in Utah. The company produces uranium, vanadium, and separated rare earth elements (REEs), and is developing heavy mineral sands (HMS) projects globally to secure monazite feedstock for its REE supply chain. It is also evaluating recovery of medical radioisotopes for targeted alpha therapy (TAT) cancer treatments.
Read filing description ↓ Collapse description ↑
Energy Fuels produces several of the critical minerals essential to the United States energy security and other advanced technologies, including uranium, vanadium, REEs (including NdPr, Dy and Tb) and HMS (including titanium and zirconium minerals), in an effort to strengthen domestic supply chains and reduce reliance on foreign-controlled sources. The Company owns conventional uranium, uranium/vanadium and REE/HMS properties and projects in various stages of operation, development, exploration and permitting, as well as fully permitted uranium and uranium/vanadium projects on standby. The Mill is the only licensed and operating uranium mill, and the only uranium mill capable of producing separated REEs, in the U.S. today. The Mill is our key to building a critical minerals hub in the U.S. due to its notable ability to process uranium, vanadium, REE products, and, potentially, radioisotopes for medical applications. Uranium is the strategic fuel powering carbon-free, emission-free baseload nuclear energy. The REE products we produce are essential to manufacture permanent magnets for traction motors in electric vehicles, hybrid EVs, defense systems, robotics and other advanced technologies. The titanium and zirconium products derived from our HMS products are used in national security and other key industries. The radioisotopes we are evaluating recovering from our REE and uranium processing streams have the potential to provide materials needed for emerging TAT cancer treatments. In addition, Energy Fuels recovers uranium from third-party sourced other uranium-bearing materials not derived from natural or native ores at its Mill, known as Alternate Feed Materials, thereby recycling valuable resources that would otherwise be lost to direct disposal and returning them to the fuel cycle to support U.S. nuclear energy and national security objectives.
Primary products
- natural uranium concentrate (U3O8)
- vanadium pentoxide (V2O5)
- separated NdPr oxide
- heavy rare earth concentrate (Sm+ mixed RE concentrate)
- dysprosium (Dy) oxide (pilot scale)
- terbium (Tb) oxide (pilot scale, expected early 2026)
Business segments
End markets
Geographies
Named customers
Named competitors
“The Company believes it has a competitive advantage over many of its peers in the U.S. domestic uranium space and in the world REE space, outside of China, to the extent it has diversified business opportunities, including its ability to produce uranium, its ability to recover RE Carbonate and separate REEs, from monazite sand ores, its ability to recover vanadium as market conditions may warrant, and its potential ability to recover certain radioisotopes for use in TAT medical therapeutics.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues declined from $78.1 million in 2024 to $65.9 million in 2025, driven primarily by the wind-down of HMS segment revenues from the Kwale Project, which ceased mining at end of 2024 and completed its final product sales in April 2025, partially offset by higher uranium revenues.
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