enCore Energy (EU) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 increased 328% year-over-year to $15.7 million, driven by higher uranium sales volumes and prices.

• Net loss for the quarter was $44.6 million, with a net loss per share of $0.21 in Q2 and $0.19 for the six months, primarily due to higher costs, lower extraction, and fair value adjustments.

• Delivered 485,000 pounds of uranium at an average price of $70.10 per pound for the six months ended June 30, 2026.

• Recognized a $34.4 million gain from the sale of NM Energy Canada's mineral properties.

• U3O8 extraction decreased to 131,274 pounds from 317,613 pounds year-over-year.

Financial highlights

• Six-month revenue rose 55% year-over-year to $34.0 million, with cost of sales up 76% to $36.6 million.

• Gross profit was negative for both the quarter and six months, reflecting higher costs per pound sold ($84.99 in Q2 2026 vs. $42.23 in Q2 2025).

• Weighted average cost per pound delivered was $75.54, and extraction cost per pound was $57.36, both up year-over-year.

• Total liquidity stood at $88.4 million, including $21.8 million in cash, $52.2 million in marketable securities, and $14.4 million in inventory.

• Inventory on hand at June 30, 2026: 203,304 lbs at a cost of $70.81/lb.

Outlook and guidance

• The company expects further cost efficiencies as new wellfield patterns come online and economies of scale improve.

• Production estimates for 2026 have been reduced due to permitting delays in South Texas.

• Final permitting for Alta Mesa Wellfield 3 Extension expected in Q4-2026, with immediate operation readiness.

• Rosita and Upper Spring Creek projects ready for startup upon permit receipt, expected in Q4-2026.

• Management expects improved extraction and operating efficiency moving into 2027.