UUUU
NYSEAnalystsStrong Buy4+256%Energy Fuels Inc. stock
Energy · Uranium & Rare Earth Mining
$6.66last close
-56.0%~252d
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Price
-55.95% over 1YVideo teardown
A walkthrough of this page: the numbers, the levels, and where it sits.
Thesis
as of 2026-11-08
Bull case
Structural read: a profitable-at-the-mine uranium producer that is spending its balance sheet to become a Western rare earth magnet chain. The uranium side is working: Q2 2026 revenue was $25.1M (Q2 2025: $4.2M) on 310,000 lb sold at an average $80.48/lb, costs applicable to revenue were $10.7M (about 57% gross margin), and the company guides 1.5M to 2.0M lb of sales for 2026.
The equity case is now the rare earth plan built on top of it: Australian Strategic Materials was bought in August 2026 for about $243.4M (mostly in shares), and Vacuumschmelze is to follow for about $718M in cash plus 65.85M new shares, closing as early as Q1 2027.
The company enters that deal from strength on paper: about $996M of working capital at 2026-06-30, almost all of it in marketable securities, against $700M of 0.75% convertible notes due 2031 (conversion near $20.34 a share). The net loss of $33.6M in Q2 includes $10.7M of transaction costs, and the rare earth segment has no meaningful sales yet.
- White Mesa is a scarce asset twice over: the only working US conventional uranium mill and a running Western rare earth separation line.
- Uranium revenue is scaling, with margins near 57% and a 2026 sales guide of 1.5M to 2.0M lb.
- The balance sheet carries about $996M of working capital, and the convertibles cost 0.75% a year.
- Mine to magnet: ASM and Vacuumschmelze would give a non-Chinese chain from feedstock to finished magnets, a policy priority in the US and Europe.
Bear case
- The Vacuumschmelze deal spends about $718M of cash and adds 65.85M shares, roughly a quarter of today's count, before the rare earth side earns anything.
- Three dilution sources stack: the VAC shares, the 14.8M issued for ASM, and $700M of notes convertible near $20.34.
- Integration risk: two acquisitions in two countries, plus mineral sands projects (Donald, Vara Mada, Bahia) still in permitting or development.
- Uranium remains a price-taker on spot sales, and the stock trades with the uranium cohort ($DNN, $UEC, $NXE) and with $MP on rare earths.
- Rare earth economics depend on oxide prices and on policy support that can change.
Taxonomy: nuclear-smr bubble (primary) for the uranium side, critical-materials theme for the rare earth side.
- 2022-2025: Multi-year uranium sales contracts with undisclosed US nuclear utilities at above-spot fixed prices; contract book provides revenue visibility through 2030
- 2023: US Department of Energy Uranium Reserve purchase - UUUU among initial domestic suppliers selected for strategic stockpile
- 2023-2024: Rare-earth carbonate supply agreement with Neo Performance Materials for processing of White Mesa REE product
- 2024: Expanded REE processing at White Mesa following receipt of monazite sand feed from third-party sources (Chemours, Donald rare-earth project)
- 2025 : $700M of 0.75% Convertible Senior Notes due 2031-11-01 (49.1672 shares per $1,000, about $20.34 a share)
- 2026-01-21 : agreement to acquire Australian Strategic Materials (0.053 Energy Fuels share plus A$0.13 cash per ASM share)
- 2026-06-23 : agreement to acquire Vacuumschmelze (Germany, magnets) for about $718.0M cash plus 65.85M new shares, about $1.9B implied equity value; closing expected as early as Q1 2027, subject to regulatory and exchange approvals
- Q2 2026 (to 2026-06-30) : revenue $25.1M (Q2 2025: $4.2M); 310,000 lb of uranium sold at an average $80.48/lb; costs applicable to revenue $10.7M; net loss $33.6M including $10.7M of transaction and integration costs; cash $58.4M plus $903.2M of marketable securities; working capital about $996M (10-Q filed 2026-08-05)
- 2026 guidance : uranium sales of 1.5M to 2.0M lb
- 2026-08-28 : ASM acquisition completed, about $243.4M ($217.2M in shares, $26.2M in cash); 14,808,572 new shares issued (8-K filed 2026-08-28)
- Projects (2026-06-30) : Donald (Australia) JV interest 12.7%, fully permitted, no final investment decision; Vara Mada (Madagascar) and Bahia (Brazil) in permitting or exploration
- Share count : 249,965,000 shares on the 10-Q cover (2026-07-31), plus 14,808,572 issued for ASM
customersUS nuclear utilities (undisclosed) · US Department of Energy · Neo Performance Materials
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Related research
Long-form analysis touching UUUU
- 5 minEnergy Fuels (UUUU) Q3: a 62% uranium margin, a $35M securities mark is the storyEnergy Fuels posted $29.2M of revenue, up 65%, selling uranium at $88.90/lb against a $34.04/lb cost. The net loss tripled to $52.4M on a $35.3M mark on its securities book.
- 8 minEnergy Fuels (UUUU): what it does, how it makes money, and why it is two companies in oneThe leading US uranium producer, a 57% gross margin on its pounds, now spending about $718M of cash plus a quarter more shares to become a rare earth magnet maker. What UUUU does and how it earns.
- 8 minUranium Energy (UEC): what it does, how it makes money, and why revenue is still inventoryTwo producing in-situ uranium mines, $495M of cash, no debt, and $37.3M of fiscal 2026 revenue that came from inventory, not the wellfields. What Uranium Energy does and how UEC makes money.
- 8 minNexGen Energy (NXE): what it does, how it pays for Rook I, and what the market doubtsA C$2.2B uranium mine licensed in March 2026 and under construction since June, up to 30M lb a year planned for around 2030, no sales contract yet, stock about 41% under its high. What NexGen does.
Recent news
High-signal only
- Simply Wall St.3h ago3 Canadian Growth Stocks With Earnings Growth Up To 70%
- MarketBeat3h agoWhat Energy Fuels (EFR) Said on Its Q3 Earnings Call
- Zacks2d agoUUUU Q3 Earnings Call Highlights Rare Earth Expansion Plans
- GuruFocus.com2d agoEnergy Fuels Inc (UUUU) (Q3 2026) Earnings Call Highlights: Rare Earth Expansion, Strategic ...
- Motley Fool3d agoEnergy Fuels (UUUU) Q3 2026 Earnings Call Transcript
- Zacks4d agobullishEnergy Fuels (UUUU) Reports Q3 Loss, Tops Revenue Estimates
- Associated Press4d agoEnergy Fuels: Q3 Earnings Snapshot
- CNW Group4d agoEnergy Fuels Announces Q3-2026 Results
Key levels
- -38.6%$10.860.786 retr of 6.22->27.90 (52w) · 2026-11-06Out of reach · reference only
- -54.1%$14.500.618 retr of 6.22->27.90 (52w) · 2026-11-06Out of reach · reference only
- -61.0%$17.060.5 retr of 6.22->27.90 (52w) · 2026-11-06Out of reach · reference only
- -66.0%$19.620.382 retr of 6.22->27.90 (52w) · 2026-11-06Out of reach · reference only
- -66.7%$20.00Key Fib level · 2026-05-03Out of reach · reference only
Price has moved beyond every level on record here. They are kept as structural reference, not as an entry map.
Facts
- Exchange
- NYSE
- Currency
- USD
- Market cap
- $1.76B
- Last update
- 2026-11-06
Revenue (TTM)$117M
P/E -
P/S15.1×
Net margin-100.0%
Frequently asked questions
- What AI bubble is UUUU in?
- Energy Fuels Inc. (UUUU) is mapped to the Nuclear / SMR bubble on QuantAbundance. Energy Fuels - US uranium pure-play (White Mesa Mill) + rare-earth processing optionality.
- What sector is UUUU in?
- Energy Fuels Inc. is classified under GICS Energy (Uranium & Rare Earth Mining).
- What is UUUU's last close price?
- UUUU last closed at $6.66 on 2026-11-06.