enCore Energy Reports Uranium Sales Costs Exceed Revenue
In the first half of 2026, enCore Energy (NASDAQ:EU) delivered more uranium at higher prices compared to the previous year but still reported a wider net loss per share. The company sold 485,000 pounds of U3O8 at an average price of $70.10 per pound versus 350,000 pounds and $62.58 in 2025. Despite this growth, extraction costs rose to $75.54 per pound—exceeding the revenue earned from sales—and contributed to a broader loss. The company is working on expanding production with key projects like Dewey Burdock in South Dakota now fully permitted at the federal level and awaiting state approval. enCore also expects permits for its Alta Mesa Wellfield 3 Extension by late Q4 2026, though new wellfields are not expected to offset current declines until later in 2027 or beyond. Institutional ownership has declined, with hedge funds reducing their stake from 13 to 10. Short interest remains high at 20.05% of the float, indicating skepticism about enCore’s ability to turn around its financial performance before new production ramps up.
Topics: loss per share production costs regulatory permits uranium mining