Energy Fuels Inc. Reports 63% Revenue Decline, Net Loss in Q3 2024

Energy Fuels Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which is classified as a production stage issuer engaged in mineral extraction, experienced a notable decline in revenues, reporting $4.05 million for the third quarter of 2024, down from $10.99 million in the same period of 2023, marking a 63% decrease. This decline was primarily attributed to lower sales volumes of uranium concentrates, which fell to $4.00 million from $10.47 million year-over-year. Despite an increase in the average realized sales price for uranium concentrates to $80.00 per pound (up 38% from $58.18), the overall sales volume decreased by 20%, contributing to the revenue drop.

The company reported a net loss of $12.08 million for the third quarter of 2024, a stark contrast to the net income of $10.47 million recorded in the same quarter of 2023. This resulted in a basic net loss per share of $0.07, compared to a profit of $0.07 per share in the prior year. For the nine months ended September 30, 2024, Energy Fuels incurred a net loss of $14.86 million, a significant decline from the net income of $119.85 million reported for the same period in 2023, largely due to a prior gain from the sale of the Alta Mesa ISR Project.

Total revenues for the nine months increased slightly to $38.19 million from $37.46 million in 2023, driven by a 14% increase in uranium concentrates revenue, which rose to $37.90 million. However, the company faced increased costs, with total costs applicable to revenues decreasing by 9% to $16.58 million.

Strategically, Energy Fuels has made several acquisitions, including Base Resources on October 2, 2024, which expands its portfolio in heavy mineral sands and rare earth elements (REE) projects. The acquisition involved issuing approximately $178 million in share consideration and a special dividend of about $55 million. Additionally, the company is advancing its REE initiatives, having commenced production of separated neodymium-praseodymium (NdPr) in 2024, and is preparing for further expansions in its REE separation facilities.

As of September 30, 2024, Energy Fuels held $47.46 million in cash and cash equivalents, down from $57.45 million at the end of 2023, while total current assets decreased to $193.92 million from $232.70 million. The company’s total assets remained relatively stable at $400.40 million. The increase in headcount to 195 employees reflects ongoing operational expansions, despite the financial challenges faced during the period.