Overview

• U.S. uranium and rare earth producer's Q1 revenue rose, beating analyst expectations

• Company posted Q1 net loss of $10.8 mln, improved from $26.3 mln loss last year

• The Company generated $8.3 million in cash from operating activities in Q1, compared to $18.8 million used in cash last year

Outlook

• Energy Fuels maintains 2026 uranium guidance: mined 2-2.5 mln lbs, processed 1.5-2.5 mln lbs

• Company expects uranium production costs to decrease through 2026 as Pinyon Plain material is processed

• Energy Fuels expects ASM acquisition to close as early as July 2026

Result Drivers

• HIGHER URANIUM REVENUES - Q1 results benefited from increased uranium concentrate sales volumes and higher realized prices

• REDUCED PRODUCTION COSTS - Uranium production costs fell 16% from year-end 2025, aided by processing lower-cost Pinyon Plain ore

• POSITIVE OPERATING CASH FLOW - Co generated $8.3 mln in operating cash flow, mainly due to increased uranium revenues and lower reclamation outflows

Company press release: ID:nPn2tsNhda

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$35.84 mln	$30.19 mln (3 Analysts)
Q1 EPS		-$0.04

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the uranium peer group is "buy"

• Wall Street's median 12-month price target for Energy Fuels Inc is $27.00, about 14.8% above its May 6 closing price of $23.52

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