Energy Fuels UUUU delivered stronger-than-expected uranium production volumes in 2025, mining more than 1.6 million pounds from its Pinyon Plain, La Sal and Pandora mines. Sales volumes also rose to 650,000 pounds, up from 450,000 pounds in 2024.Â
In 2025, Energy Fuels sold 350,000 pounds of uranium in the spot market and 300,000 pounds under long-term contracts. Despite the higher volumes in 2025, UUUU’s revenue gains were partly tempered by lower realized prices compared with the prior year.
The volume growth trajectory is set to continue in 2026. Energy Fuels expects uranium mining volumes to reach 2–2.5 million pounds, with finished uranium processing volumes projected at 1.5–2.5 million pounds. Sales volumes are also expected to increase meaningfully to 1.5–2 million pounds, supported by both contracted deliveries and opportunistic spot market sales.
Inventory levels further reinforce this volume outlook. As of the end of 2025, the company held 810,000 pounds of finished uranium and a total inventory of 2.18 million pounds. This provides ample supply to meet 2026 delivery commitments of 620,000–880,000 pounds with additional processed pounds allocated to inventory, spot or new term contracts.Â
During the fourth quarter of 2025, the company secured two additional long-term agreements with U.S. nuclear utilities, bringing the total to six contracts. These agreements cover deliveries from 2026 to 2032, with 3.21 million pounds of committed base sales and potential total deliveries ranging from 3.71-5.29 million pounds, depending on customer options.Â
With a growing production base, rising inventories and increasing contracted volumes, Energy Fuels is well-positioned to drive higher uranium sales volumes in the coming years. Additional upside could come from incremental spot market volumes if uranium prices remain favorable.
Energy Fuels shares have gained 385% in a year compared with the industry’s 124.7% growth. Meanwhile, peers Cameco Corp. CCJ and Ur-Energy Inc. URG have gained 199.6% and 147%, respectively.Â
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UUUU is trading at a forward 12-month price/sales multiple of 25.88X, a significant premium to the industry’s 4.76X. Cameco is trading lower at 19.10X and Ur-Energy at 5.49X.
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The Zacks Consensus Estimate for Energy Fuels’ 2026 loss is pegged at six cents per share, narrower than the loss of 38 cents in 2025. The bottom-line estimate for 2027, however, stands at earnings of 13 cents per share. Here is how the EPS estimates for 2026 and 2027 have been revised over the past 60 days.
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The Zacks Consensus Estimate for CCJ’s earnings for fiscal 2026 is $1.57 per share, suggesting 52% year-over-year growth. The same for fiscal 2027 at $1.79, indicating a 13.6% increase.Â
The Zacks Consensus Estimate for Ur-Energy’s 2026 loss is pegged at seven cents per share, indicating an improvement from the loss of 18 cents reported in 2025. The bottom-line estimate for 2027 stands at earnings of seven cents per share.
Energy Fuels currently carries a Zacks Rank #3 (Hold).
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