Energy Fuels (UUUU) Q3: a 62% uranium margin, a $35M securities mark is the story

$UUUU reported $29.18M of revenue for the third quarter, up 65% from $17.71M a year ago, selling 320,000 lb of uranium at an average $88.90/lb against a cost of $34.04/lb, a margin of about 62% on the pounds. The uranium leg of the Nuclear / SMR case on our /stocks/uuuu page did its job; the GAAP loss tripled anyway, because the balance sheet that funds the rare earth plan sits in marketable securities that marked down. This recap walks the print, the 2026 guide, the read across the uranium cohort and the lines to watch next.

The print

$UUUU filed its 10-Q for the quarter ended September 30, 2026 after the US close on November 4. The company does not publish an adjusted EPS, and we do not score the print against a consensus figure here: the table is the filing against itself.

What moved the numbers:

• Volume and price. Higher volume added about $5.79M of uranium revenue and higher prices about $5.29M, in the company's own split. Long-term contracts took 270,000 lb at $88.79/lb; the spot market took 50,000 lb at $89.50/lb.
• Cost. Cost applicable to uranium fell to $10.89M on more pounds. The last Mill run processed Pinyon Plain ore at a total cost the company puts at about $23/lb recovered; the finished inventory still carries a weighted average cost of about $34/lb.
• The mark. Other income swung to a $27.98M loss: a $35.28M unrealized loss on marketable securities and $2.50M of interest expense on the 0.75% convertible notes, against $9.48M of interest income.
• Deal costs. $9.03M of transaction and integration costs for the ASM Acquisition (closed August 28) and the pending Vacuumschmelze (VAC) deal, against zero a year ago.
• Rare earths. The first metals and alloys revenue, $0.44M against $0.41M of cost, is one month of ASM's Korean Metals Plant. Heavy mineral sands had no revenue.
• Sequentially. Against Q2 (as recorded on our stock page), revenue rose from $25.1M to $29.18M, pounds from 310,000 to 320,000 and the realized price from $80.48/lb to $88.90/lb, while the net loss widened from $33.6M to $52.37M.

Over nine months, revenue is $90.13M against $38.82M a year ago, on 1.14M lb sold at $78.18/lb, and the net loss is $96.93M ($0.39 a share).

The guide

The sales range is the one we carried on /stocks/uuuu. With 1.14M lb sold through September, it implies about 360,000 to 860,000 lb in the fourth quarter. The contract book shows a base of only 20,000 lb (40,000 lb at the maximum) left to deliver in 2026, so most of that balance would have to come from spot sales, which the filing makes "subject to sales into the spot market depending on market conditions." These are company guides, not results.

Two operating notes from the filing: the next Mill run is expected to start in Q4 2026 and run into Q2 2027, and the company held about 1.32M lb of finished uranium and 905,000 lb of finished vanadium at September 30.

Nuclear / SMR read-through

The standing QA thesis on /stocks/uuuu is a profitable-at-the-mine uranium producer spending its balance sheet to become a Western rare earth magnet chain. Our Energy Fuels explainer walks both halves.

• The uranium half. The margin widened from about 57% in Q2 to about 62% in Q3, on a higher price and a lower cost per pound. That is the cleanest data point the bubble has from a US producer this quarter.
• The contract book. Base deliveries of 890,000 lb a year in 2027 and 2028, 2.98M lb in total through 2032 (4.45M lb at the buyers' maximum). The 2027 floor is in place; spot exposure stays large.
• The balance sheet. Working capital fell to $932.25M at September 30 from about $996M at June 30, with $76.42M of cash and $779.47M of marketable securities, against $678.69M of convertible notes on the books. The ATM raised $153.07M net over nine months, and a new $500M ATM supplement was filed on October 13.
• The rare earth half. VAC is still expected to close as early as Q1 2027 for about $718.0M in cash plus 65.85M new shares. The $725M Office of Strategic Capital loan remains conditional, and Energy Fuels targets a positive investment decision on the Donald Project by the end of 2026.

Net read: the uranium engine confirmed the thesis, and the loss line is about the rare earth build and how its cash is parked. The share count, 264.8M at October 30, is the number that moves next.

Peer reaction

$UUUU's closest correlated names in the QA universe over 252 days are $DNN (0.83), $UEC (0.83), $NXE (0.82), $CCJ (0.81) and, on the rare earth side, $MP (0.79).

• The whole cohort was already down into the print: over one month, $UUUU lost 30%, $UEC 24%, $MP 22%, $CCJ 20%, $DNN 18% and $NXE 11%, in the data QA tracks to November 4.
• For the largest producer in the group explained from scratch, see /stocks/ccj.
• The 10-Q came after the close, so the session reaction was not yet established when this recap was written.

What worked

• Revenue of $29.18M, up 65%, and nine-month revenue more than doubled to $90.13M.
• A realized uranium price of $88.90/lb, up 23%, on both contract and spot pounds.
• Cost applicable to uranium down 36% to $34.04/lb.
• 1.14M lb sold in nine months, already 76% of the low end of the 2026 sales guide.
• Interest income of $9.48M on the cash and securities book.

What broke

• GAAP loss. $52.37M, three times a year ago, on a $35.28M unrealized loss on marketable securities.
• Deal costs. $9.03M in the quarter and $22.15M over nine months.
• Overheads. Selling, general and administrative expenses up 20% to $15.13M, with one month of ASM inside.
• Working capital. Down about $64M in a quarter, before the roughly $718M of cash the VAC deal would need.
• Dilution. 8.38M shares sold through the ATM in nine months, a new $500M ATM in place, and 65.85M VAC shares to come.
• The tape. A $7.18 close on November 4, down 58% over a year and at the bottom of its 52-week range ($7.20 to $27.90 in the data QA tracks).

What to watch

• The release and the call. The press release and the November 5 call may add commentary on Q4 spot sales and on the VAC timetable.
• Q4 sales. Whether the year lands inside 1.5M to 2.0M lb with only about 20,000 lb of contracted base left.
• The next Mill run. Expected to start in Q4 2026; its cost per pound sets the 2027 margin.
• Funding. ATM use under the $500M supplement, the conditional $725M OSC loan, and the Donald investment decision targeted for the end of 2026.
• Levels. The key Fibonacci level on our stock page is $20.00, far above the price. The automatic 52-week lines sit at $11.63 (0.786) and $15.11 (0.618), both above the $7.18 close.
• Next earnings. Q4 and full year 2026, expected around late February on the usual cadence (not yet confirmed).

The teardown video, the level map and the peer table live on /stocks/uuuu. The desk's full read in one document is the UUUU Teardown Dossier, included in Pro.

To follow the uranium names as a group, see the Nuclear / SMR bubble. Rule-based alerts on the cohort are part of /pro.

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Educational research on structural market dynamics. Not investment advice. QuantAbundance positions may change without notice.