Energy Fuels (NASDAQ:UUUU) announced on Dec. 29, 2025, that its fiscal year 2025 uranium operations significantly outperformed previously disclosed guidance.
The Denver-based producer, which has aggressively ramped up its domestic mining operations over the past 24 months, confirmed its position as the largest uranium producer in the United States by exceeding production benchmarks at both its mining and milling facilities.
The company's White Mesa Mill in Utah produced more than 1,000,000 pounds of finished uranium oxide U3O8 in 2025, capped by a surge in December where 350,000 pounds were processed.
Simultaneously, mining operations at the Pinyon Plain mine in Arizona and the La Sal Complex in Utah delivered over 1.6 million pounds of uranium—beating the top end of the company’s prior guidance by approximately 11%.
For the fourth quarter of 2025, Energy Fuels expects to report sales of 360,000 pounds of uranium, a 50% increase from the previous quarter.
These sales are expected to generate approximately $27 million in revenue at a weighted average price of $74.93 per pound.
The company also bolstered its long-term stability by securing two new "hybrid-priced" sales contracts with U.S. nuclear utilities.
These agreements, covering deliveries from 2027 to 2032, combine floor-and-ceiling protection with exposure to spot market upside.
The total delivery commitment for the 2027–2032 period now stands at between 2.41 million and 4.41 million pounds.
Management highlighted that the "cost of goods sold" (COGS) for its uranium is expected to begin a sharp decline starting in the first quarter of 2026.
This shift occurs as the company begins selling high-grade, low-cost ore from the Pinyon Plain mine, which is considered one of the highest-grade uranium assets in U.S. history.
As these lower-cost materials replace more expensive stockpiled inventory, Energy Fuels expects its uranium COGS to drop from the mid-$50s toward a target range of $30–$40 per pound.