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enCore Energy Corp.

EU

enCore Energy Corp. • NASDAQ
$2.73 ▲ 1.87% (+0.05)
Market Cap $511.19 M
52w High $4.18
52w Low $1.01
Dividend Yield 0%
P/E -9.75
Volume 1.07M
Outstanding Shares 187.25M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.876M ▲ $17.931M ▼ $-4.762M ▲ -53.65% ▲ $-0.03 ▲ $-2.249M ▲
Q2-2025 $3.664M ▼ $20.407M ▲ $-6.326M ▲ -172.653% ▼ $-0.034 ▲ $-6.714M ▲
Q1-2025 $18.239M ▲ $15.603M ▼ $-24.243M ▲ -132.918% ▲ $-0.13 ▲ $-23.064M ▲
Q4-2024 $13.362M ▲ $37.423M ▲ $-31.793M ▼ -237.939% ▼ $-0.18 ▼ $-40.283M ▼
Q3-2024 $9.258M $16.013M $-15.848M -171.182% $-0.09 $-17.294M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $116.221M ▲ $441.901M ▲ $164.145M ▲ $248.569M ▼
Q2-2025 $38.254M ▼ $359.379M ▼ $64.46M ▲ $264.676M ▼
Q1-2025 $44.521M ▼ $362.607M ▼ $62.683M ▼ $267.858M ▼
Q4-2024 $63.747M ▼ $392.722M ▼ $74.18M ▲ $285.736M ▼
Q3-2024 $66.913M $419.164M $38.662M $342.824M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.389M ▲ $-20.298M ▼ $-11.601M ▼ $97.745M ▲ $65.399M ▲ $-26.33M ▼
Q2-2025 $-8.835M ▲ $-9.894M ▼ $5.595M ▲ $1.129M ▼ $-2.534M ▲ $-14.112M ▼
Q1-2025 $-25.387M ▼ $-7.735M ▼ $-7.71M ▼ $5.422M ▲ $-9.996M ▼ $-12.699M ▼
Q4-2024 $-16.616M ▲ $-716.031K ▲ $-7.38M ▲ $2.635M ▼ $-6.598M ▲ $-6.789M ▲
Q3-2024 $-18.34M $-5.474M $-7.464M $3.441M $-9.355M $-6.937M

Five-Year Company Overview

Income Statement

Income Statement enCore still looks very much like an early‑stage producer on the income side. Revenue remains very small and has only recently started to show up at all. At the same time, operating costs and corporate overhead are meaningfully higher than these early revenues, so the company has been posting steady net losses year after year. Losses have also been growing as the company scales up, reflecting spending on people, projects, and infrastructure ahead of full production. Earnings per share are consistently negative, which is typical for a business that is still building out its operations rather than running mature, cash‑generating mines.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown rapidly from a very small asset base into a more substantial platform. Total assets and shareholders’ equity have increased sharply over the last few years, which signals investment in projects and facilities funded mostly by equity rather than heavy borrowing. Debt is present but relatively modest compared with the size of the business, suggesting a cautious approach to leverage. Cash balances move around and are not especially large, underscoring the need for continued careful funding and cost control. Overall, it is a growth‑stage balance sheet with more emphasis on building long‑life assets than on near‑term profitability.

Cash Flow

Cash Flow Cash flow is clearly in investment mode. Operating cash flow has been negative each year, which means the core business is consuming cash rather than generating it. Free cash flow is also negative, driven by both operating losses and ongoing capital spending on plants, wells, and related infrastructure. Capital expenditure is meaningful but not extreme, consistent with a step‑by‑step build‑out rather than a single massive project. This profile implies that the company is relying on external capital—mainly equity and possibly some debt or offtake‑related funding—to bridge the gap until operations can support themselves. In practice, this brings funding and dilution risk if timelines or uranium prices do not cooperate.

Competitive Edge

Competitive Edge enCore’s competitive position is built more on industrial footprint and know‑how than on current earnings. The company is one of the few pure‑play U.S. uranium producers focused on in‑situ recovery, an extraction method that tends to be lower impact and lower cost than traditional mining. Its ownership of multiple licensed processing plants in the United States is a major advantage: these facilities are difficult and time‑consuming to permit and build, creating a barrier to new entrants. Long experience with U.S. permitting and a management team steeped in ISR operations further strengthen its standing. Contracts with domestic utilities and a role in supplying uranium to the U.S. strategic reserve add credibility and some visibility on future demand. However, the business still faces intense sensitivity to uranium prices, regulatory shifts, and execution at key projects, so its moat is meaningful but not yet fully proven through long periods of stable production and cash generation.

Innovation and R&D

Innovation and R&D Innovation at enCore centers on how it explores for and extracts uranium rather than on traditional lab‑style R&D. The company invests in refining in‑situ recovery techniques to improve well productivity, speed up drilling and completion, and reduce environmental footprint. Its use of real‑time subsurface measurement tools, such as Prompt Fission Neutron logging, helps it evaluate ore more quickly and potentially reduce exploration and development costs. enCore is also backing new extraction ideas through its stake in Group 11 Technologies, which is working on non‑invasive methods for other metals. On the strategic side, the company is positioning itself for emerging needs such as higher‑assay fuels for advanced reactors and has a pipeline of projects in several U.S. states that could leverage its existing plants in a “hub‑and‑spoke” model. The upside is meaningful operating flexibility and potential cost advantages; the risk is that these innovations must still translate into reliable, large‑scale, and environmentally acceptable production over time.

Summary

Overall, enCore looks like a classic early‑stage resource producer with a strong strategic story but a still‑developing financial profile. The income statement reflects a company spending ahead of revenue, with persistent and growing losses as it builds capacity. The balance sheet is heavier on assets and equity than on debt, which reduces financial strain but implies ongoing dependence on outside capital. Cash flows are negative and investment‑driven, underlining execution and funding risk until operations scale. Against this, the competitive side is more favorable: a focused U.S. uranium portfolio, licensed processing plants, ISR expertise, and contracts with domestic customers in a market that is increasingly concerned about secure, low‑carbon baseload power. Innovation efforts in ISR optimization and advanced exploration tools add potential efficiency gains and optionality. The key uncertainties are timing—how quickly projects ramp to meaningful production—uranium price cycles, and regulatory and community acceptance. enCore’s long‑term potential is closely tied to how well it can convert its operational and technological advantages into stable, self‑funding production in a volatile commodity sector.

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November 10, 2025 · 7:00 AM UTC

enCore Energy Reports Q3 2025 Financial Results; Uranium Extraction Advances in South Texas

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October 15, 2025 · 7:00 AM UTC

New Uranium Mineralized Roll Fronts Discovered Adjacent to Existing Wellfields at the Alta Mesa In-Situ Recovery Uranium Project

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October 1, 2025 · 7:00 AM UTC

enCore Energy Corp. Appoints Ms. Ashley Forbes as Vice President, Permitting and Regulatory Affairs

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