Energy Fuels Inc.’s Ara VAC IE Aggregator reported a narrower full-year loss in 2025 even as revenue fell and financing costs climbed.
Revenue for the year ended Dec. 31, 2025, was 325.1 million euros, down from 353.5 million euros in 2024. Cost of sales declined to 347.1 million euros from 392.8 million euros, cutting the gross loss to 22.0 million euros from 39.2 million euros a year earlier.
Operating loss improved to 65.9 million euros from 91.6 million euros, helped by lower research and development spending at 7.2 million euros versus 8.5 million euros, and slightly lower administrative expenses at 23.2 million euros versus 24.2 million euros. Distribution expenses rose to 17.8 million euros from 17.1 million euros.
Other income more than doubled to 11.6 million euros from 3.9 million euros, while other expense increased to 7.3 million euros from 6.5 million euros. Finance income dropped to 3.0 million euros from 8.4 million euros, but finance expenses jumped to 58.5 million euros from 31.7 million euros. That pushed the loss before tax to 121.4 million euros, compared with 114.9 million euros in 2024.
Income taxes swung to a benefit of 33.6 million euros from 18.1 million euros, resulting in a net loss after tax of 87.9 million euros, an improvement from 96.8 million euros the prior year. Loss attributable to equity holders of the parent narrowed to 78.7 million euros from 86.6 million euros.
Total comprehensive loss widened to 95.5 million euros from 79.1 million euros, driven by a 10.0 million euro foreign-currency translation loss and a 5.3 million euro cash-flow hedge loss, compared with gains in both categories in 2024.
On the balance sheet, total assets rose to 1.03 billion euros from 958.9 million euros. Property, plant and equipment increased to 431.0 million euros from 366.0 million euros, while cash and cash equivalents fell to 15.6 million euros from 34.7 million euros. Inventories edged down to 96.5 million euros from 97.7 million euros, and trade and other receivables fell to 30.4 million euros from 42.0 million euros.
Debt increased sharply. Current interest-bearing loans and borrowings rose to 36.8 million euros from 8.3 million euros, while non-current borrowings climbed to 413.6 million euros from 256.0 million euros. Total liabilities increased to 789.2 million euros from 650.1 million euros.
Equity declined to 240.2 million euros from 308.8 million euros. Accumulated losses deepened to 193.7 million euros from 115.0 million euros, even after partners’ capital rose to 432.8 million euros from 408.0 million euros.
Cash generation weakened. Net cash from operating activities fell to 3.9 million euros from 19.7 million euros. Investing outflows increased to 183.7 million euros from 174.1 million euros, led by 214.1 million euros of purchases of property, plant and equipment and intangibles, up from 199.1 million euros. Financing inflows rose to 162.9 million euros from 110.6 million euros, supported by borrowings of 176.2 million euros, up from 92.5 million euros, though equity contributions dropped to 26.9 million euros from 61.6 million euros.
Cash and cash equivalents ended the year at 15.6 million euros, down from 34.7 million euros a year earlier. Today the company's shares have moved -4.04% to a price of $9.27. For the full picture, make sure to review ENERGY FUELS INC's 8-K report.
