Energy Fuels: A $35.3 Million Paper Charge, a Trimmed Target, and a Rare Earth Build at White Mesa
Published on 11/14/2026 at 16:13 | Editorial boerse-global.de
HC Wainwright cut its price target on Energy Fuels from $29.25 to $22.50 on November 6, keeping a Buy rating on the uranium and rare earths producer even as it marked down its earnings outlook. The broker now projects a loss of $0.38 per share for the current fiscal year, versus a prior estimate of a $0.23 shortfall. The gloomier bottom-line forecast did not shake the firm's conviction on the stock.
The reassessment landed the day after the shares slipped 0.9% to close at €5.98 on Friday, extending a soft run that had already seen the stock give ground during Thursday's regular session.
A Loss Inflated by Marks, Not Operations
Energy Fuels booked revenue of $29.2 million in the third quarter of 2026, up sharply from $17.71 million a year earlier. The top line improved, but so did the red ink: the net loss widened to $52.4 million from $16.7 million in the prior-year period, working out to $0.20 per share.
Should investors sell immediately? Or is it worth buying Energy Fuels?
The company pointed to a specific culprit. Non-cash, unrealized valuation losses on marketable securities accounted for $35.3 million of the shortfall — an accounting hit tied to mark-to-market moves rather than the cash-generating side of the business.
Uranium Sales and Mine Output
During the quarter, Energy Fuels sold 320,000 pounds of U?O? at a weighted average price of $88.90 per pound. Mining operations delivered 385,000 pounds of contained U?O?, drawn from Pinyon Plain, La Sal and Pandora. Ore grades at Pinyon Plain improved compared with the first half, according to the company. Engineering News put year-to-date uranium production at 1.1 million pounds.
Cash Cushion and a Rare Earth Commitment
As of September 30, 2026, the balance sheet showed working capital of $932.3 million — a substantial buffer standing alongside the securities-driven hit to quarterly earnings.
On the strategic front, the company approved construction on November 4 of commercial-scale heavy rare earth oxide facilities at its White Mesa Mill, greenlighting the processing lines at that site. The build-out adds a second pillar to a business still anchored by uranium output, and it comes as analysts recalibrate their near-term numbers without stepping back from their longer-term view.
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