Boss Energy (BOE) H2 2025 earnings summary

Executive summary

• Transitioned from developer to uranium producer, exceeding FY25 production and cost guidance at Honeymoon Uranium Operation, with 872K lbs U3O8 produced and $75.6M revenue recorded.

• Achieved first positive free cash flow and delivered first uranium sales, maintaining a strategy to remain under-contracted to benefit from rising uranium prices.

• Advanced Alta Mesa Operation (30% owned), with production ramp-up and improved wellfield performance in FY25.

• Strengthened management team, with COO Matthew Dusci to succeed as Managing Director in October 2025.

Financial highlights

• FY25 revenue: $75.6M (2024: nil), net loss after tax: $34.2M (2024: $44.6M profit), driven by $87.6M operating costs and $7.7M inventory write-down.

• Cash and liquid assets: $224.3M, no debt; net assets: $483.7M (2024: $510.3M).

• Positive net cash from operating activities: $17.4M (2024: -$11.7M), with $36.5M unrestricted cash at year-end.

• C1 cash cost at Honeymoon: A$35/lb (US$23/lb), below guidance.

Outlook and guidance

• FY26 production guidance: 1.6M lbs U3O8, C1 cash cost A$41-45/lb (US$27-29/lb), all-in sustaining cost A$64-70/lb (US$41-45/lb).

• Expectation to become cash flow positive in FY26.

• Independent review underway on resource continuity and wellfield performance, with potential challenges identified for FY27 and beyond.