six months ended June 30, 2026
Filed Aug 13, 2026enCore Energy Reports Q2 2026 Financial Results
The company reported a higher net loss per share, substantially lower uranium extraction, and a weighted average delivered uranium cost that exceeded its average sales price. Higher contract deliveries and sales prices were offset by increased reliance on purchased uranium and higher extraction costs.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net loss per shareother | $0.19 | – | – |
| Uranium deliveries into contractsother | 485,000 pounds of uranium (“U3O8”) | – | – |
| Average uranium sales priceother | $70.10 per pound | – | – |
| Total cost of pounds soldother | $36,637 | – | – |
| Weighted average cost of delivered U3O8other | $75.54 per pound | – | – |
| Purchased pounds soldother | 360,000 | – | – |
| Cost of purchased pounds soldother | $29,466 | – | – |
| Cost of purchased pounds sold per poundother | $81.85 | – | – |
| Extracted pounds soldother | 125,000 | – | – |
| Total cost of extracted pounds soldother | $7,170 | – | – |
| Extraction cost of pounds soldother | $57.36 per pound | – | – |
| Cash costs of extracted pounds soldother | $4,808 | – | – |
| Cash costs of extracted pounds sold per poundother | $38.46 | – | – |
| Non-cash costs of extracted pounds soldother | $2,362 | – | – |
| Non-cash costs of extracted pounds sold per poundother | $18.90 | – | – |
| U3O8 extractionother | 131,274 pounds | – | – |
| Year to date extraction costsother | $57.36 per pound | – | – |
| U3O8 inventoryother | 203,304 pounds | – | – |
| Total cost of inventoryother | $14,396 | – | – |
| Weighted average inventory costother | $70.81 per pound | – | – |
| Purchased inventoryother | 140,000 pounds | – | – |
| Cost of purchased inventoryother | $11,263 | – | – |
| Cost of purchased inventory per poundother | $80.45 | – | – |
| Extracted inventoryother | 63,304 pounds | – | – |
| Total cost of extracted inventoryother | $3,133 | – | – |
| Cost of extracted inventory per poundother | $49.49 | – | – |
| Cash costs of extracted inventoryother | $2,233 | – | – |
| Cash costs of extracted inventory per poundother | $35.27 | – | – |
| Non-cash costs of extracted inventoryother | $900 | – | – |
| Non-cash costs of extracted inventory per poundother | $14.22 | – | – |
| Total liquidityother | $88.4 million | – | – |
| Adjusted total liquidityother | $73.5 million | – | – |
Q3-2026 through 2028 outlook
- NoteAlta Mesa Wellfield 7 is scheduled to cease recovery during Q3-2026.
- NoteFinal permitting to begin extraction operations from Alta Mesa Wellfield 3 Extension is anticipated in Q4-2026.
- NoteFinal permits for Alta Mesa Wellfield 8 are anticipated by the end of Q1-2027.
- NoteFinal permits for Upper Spring Creek Wellfield and Satellite IX Plant are anticipated in Q4-2026.
- NoteSignificant savings from the workforce reduction will not be realized until the third quarter financials and beyond.
- NoteDevelopment of the Dewey Burdock ISR Uranium Project is anticipated in 2028, subject to receiving permits from the state.
What drove it
- Uranium deliveries into contracts increased to 485,000 pounds of U3O8 from 350,000 pounds of U3O8, while the average sales price increased to $70.10 per pound from $62.58 per pound.
- The weighted average cost of delivered U3O8 increased to $75.54 per pound, including 360,000 purchased pounds, compared to $59.42 per pound in the same period 2025.
- U3O8 extraction decreased to 131,274 pounds from 317,613 pounds during the same period 2025.
- Year to date 2026 extraction costs were $57.36 per pound compared to $42.92 for the same period 2025 due to lower extraction.
- Management initiated a workforce reduction during the second quarter following a rationalization of staffing needs across the Company.
Concerns
- Net loss per share increased to $0.19 from $0.16, driven primarily by lower extraction and a fair value adjustment of Verdera Energy Corp. shares.
- The average sales price of $70.10 per pound was below the weighted average cost of delivered U3O8 of $75.54 per pound.
- Purchased pounds represented 360,000 of the 485,000 pounds sold, with a cost of $81.85 per pound.
- Alta Mesa Wellfield 7 is scheduled to cease recovery during Q3-2026 due to anticipated depletion.
- Operational start-up and development plans depend on final permits, including state permits for Dewey Burdock.
What to watch
- Receipt of final permits for Alta Mesa Wellfield 3 Extension anticipated in Q4-2026.
- Receipt of final permits for Upper Spring Creek Wellfield and Satellite IX Plant anticipated in Q4-2026.
- Alta Mesa Wellfield 7 cessation of recovery during Q3-2026 and the timing of final permits for Wellfield 8 by the end of Q1-2027.
- Extraction results from Alta Mesa East exploration drilling, which is projected to continue through the current quarter and into Q4-2026.
- Third-quarter financial impact of the workforce reduction and anticipated cost savings.
- State of South Dakota permitting for the Dewey Burdock ISR Uranium Project.
Balance sheet and cash flow
- Total liquidity of $88.4 million, including $21.8 million of unrestricted cash, $52.2 million of marketable securities, and $14.4 million of inventory.
- Adjusted total liquidity as of June 30, 2026 was $73.5 million, which excludes marketable securities of $14.9 million in Verdera Energy Corp.
- Closing balance of 203,304 pounds of U3O8 in inventory at a weighted average cost of $70.81 per pound.
Analysis
enCore reported results for the six months ended June 30, 2026, with net loss per share of $0.19 versus $0.16 for the same period 2025. The company attributed the increased loss primarily to lower extraction and a fair value adjustment of Verdera Energy Corp. shares. U3O8 extraction fell to 131,274 pounds from 317,613 pounds, while year to date extraction costs rose to $57.36 per pound from $42.92 due to lower extraction.
Commercial deliveries increased to 485,000 pounds of U3O8 from 350,000 pounds, and the average sales price increased to $70.10 per pound from $62.58 per pound. However, the weighted average cost of delivered U3O8 rose to $75.54 per pound from $59.42 per pound. The delivered cost included 360,000 purchased pounds with a cost of $81.85 per pound, compared with 225,000 purchased pounds at $68.58 per pound in the prior-year period. The average delivered cost exceeded the average sales price.
Inventory at June 30, 2026 was 203,304 pounds of U3O8 at a weighted average cost of $70.81 per pound, compared with 244,204 pounds at $39.63 per pound as of June 30, 2025. Purchased inventory was 140,000 pounds at $80.45 per pound, while extracted inventory was 63,304 pounds at $49.49 per pound. Total liquidity was $88.4 million, including $21.8 million of unrestricted cash, $52.2 million of marketable securities, and $14.4 million of inventory. Adjusted total liquidity was $73.5 million after excluding $14.9 million of Verdera Energy Corp. marketable securities.
The operating outlook is centered on permitted wellfield additions and cost actions. Alta Mesa Wellfield 3 Extension and the Upper Spring Creek Wellfield and Satellite IX Plant are anticipated to receive final permits in Q4-2026, while Wellfield 8 permits are anticipated by the end of Q1-2027. Wellfield 7 is scheduled to cease recovery in Q3-2026. Management expects significant workforce-reduction savings to appear in third-quarter financials and beyond, and says the new Upper Spring Creek operation and Alta Mesa wellfields position the company for improved extraction and greater operating efficiency as it moves into 2027.
Dewey Burdock received a 20-year renewal of its Source Materials License effective until June 2046 and has received all necessary federal permits, but state permitting remains under review. The company anticipates development in 2028 subject to state permits. The key operating test is whether the anticipated Q4-2026 permit milestones and continuing Alta Mesa East drilling translate into improved extraction, lower unit costs, and reduced reliance on purchased uranium.
Not in the filing
stated, not guessed- Total revenue
- Revenue comparison with the prior-year period
- Gross profit or gross margin
- GAAP net loss amount
- Operating income or loss
- Non-GAAP earnings measures
- Operating cash flow
- Free cash flow
- Debt
- Share repurchases
- Cash dividends
- Financial revenue, margin, operating-expense, or tax-rate guidance
- Prior-quarter comparisons
- Prior-outlook guidance for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.