Energy Fuels Records Net Income In 2021 Thanks To Uranium Asset Sale
Energy Fuels Inc. (TSX: EFR) released on Tuesday its 2021 financial results, which saw the company post US$3.2 million in revenue. This is an increase from 2020’s revenue of US$1.7 million.
The increase is mainly attributable to the revenue contribution by rare earth concentrates which the company commenced in 2021. RRE contributed US$1.4 million while alternate feed materials processing revenue added US$1.7 million. In 2020, all revenue was derived from alternate feed materials processing.
But the firm incurred costs related to sales and operating expenses amounting to US$38.6 million, the firm ended with a US$35.4 million operating loss for the quarter. This is lower than last year’s operating loss of US$24.6 million.
But save for a US$35.7 million gain on disposal when the firm sold its non-core conventional uranium projects located in Utah and Colorado to Consolidated Uranium in October 2021, the firm was able to end the year with a net income of US$1.4 million. This is an increase from a net loss of US$27.9 million last year.
The company burned operating cash flow for the year amounting to US$29.3 million but also generated cash from the issuance of common shares amounting to US$106.2 million. This led the firm to end the year with US$132.8 million in cash, cash equivalents, and restricted cash, putting current assets at US$149.3 million. Meanwhile, current liabilities came in at US$6.1 million.
Energy Fuels Inc. last traded at $10.58 on the TSX.
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