enCore Energy (TSXV: EU) cut its quarterly loss per share to $0.03 in Q3 2025 from $0.09 a year ago as higher deliveries at firmer prices and lower unit costs lifted margins.
The company delivered 130,000 pounds of U₃O₈ at an average realized price of $68.28 per pound, producing estimated revenue of $8.9 million. The weighted average cost of the pounds sold was $38.35 per pound, implying cost of sales of about $5.0 million and a gross margin near $3.9 million, or roughly $29.93 per pound.
Full financials have yet to be filed as of the time of publishing.
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Year to date, enCore sold 480,000 pounds at an average realized price of $64.13 per pound. The weighted average cost of U₃O₈ sold over the nine months was $53.71 per pound, down from $97.91 per pound in the same period of 2024.
Within extracted pounds sold year to date, cash costs were $26.20 per pound and non-cash costs were $14.38 per pound, totaling $40.58 per pound for extracted inventory consumed.
enCore ended the quarter with $100.3 million in cash and equivalents and working capital of $119.7 million. Inventory totaled 287,089 pounds valued at $10.99 million, or $38.27 per pound. Of that, 20,000 pounds originated from higher-cost 2024 purchases at $59.42 per pound, while 267,089 pounds were extracted inventory at $36.68 per pound.
In Q3, quarterly extraction reached 227,070 pounds, up 11.4% from the previous quarter, with management citing “improvements in wellfield efficiency.”
This comes after the firm’s Dewey Burdock ISR Uranium Project in South Dakota was accepted into the federal FAST-41 program for expedited permitting. The project holds an NRC Source and Byproduct Materials License from 2014 that is under timely renewal, with the NRC serving as lead federal agency.
enCore Energy last traded at $3.80 on the TSX Venture.
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