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Energy Fuels (UUUU) Reports Wider-Than-Expected Loss in Q1
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Energy Fuels Inc. (UUUU - Free Report) reported first-quarter 2021 loss per share of 8 cents, wider than the Zacks Consensus Estimate of a loss per share of 5 cents. The uranium mining company had reported a loss of 5 cents in the prior-year quarter.
The company incurred a net loss primarily due to an increase in its share price during the first quarter of 2021, which resulted in a non-cash mark-to-market increase in warrant liabilities of $3.50 million. Further, an increase of $2.69 million in development expenditures in the reported quarter compared with the prior year related to the development and ramping up of the expected rare earth element ("REE") carbonate production program at the White Mesa Mill also led to the loss.
Energy Fuels generated revenues of $0.35 million in first-quarter 2021, reflecting a 10% decline year over year. The top line missed the Zacks Consensus Estimate of $0.6 million. During the quarter, the company did not make any sale of uranium. Notably, Energy Fuels has strategically opted not to enter into any uranium sales commitments in 2021 due to lower prices. Consequently, its uranium production is expected to be added to existing inventories. It did not sell vanadium in the quarter as well. The company expects to sell finished vanadium product when justified, into the metallurgical industry, and other markets that demand a higher-purity product, including the aerospace, chemical, and potentially the vanadium battery industries.
Energy Fuels Inc Price, Consensus and EPS Surprise
The company reported gross profit of $0.35 million against a loss of $0.68 million in the first quarter of 2020. Operating loss in the quarter was $8.85 million compared with a loss of $7.8 million in the prior-year quarter.
Financial Position
As of Mar 31, 2021, Energy Fuels had $60.37 million of working capital, including $44.11 million of cash and marketable securities and $27.98 million of inventory. The company held around 690,800 pounds of uranium and 1,672,000 pounds of high-purity vanadium in its inventory as of Mar 31, 2021.
Backed by its recent share price strength, Energy Fuels raised gross proceeds of $12.99 million from its at-the-market equity program between Apr 1, 2021 and May 12, 2021.
2021 Guidance
In 2021, Energy Fuels expects to recover approximately 30,000-60,000 pounds of uranium. It also expects to produce approximately 2,000 to 3,000 tons of mixed REE carbonate, containing approximately 1,000 to 1,600 tons of total rare earth oxides ("TREO"). However, the company does not plan to produce vanadium during 2021.
Backed by its existing inventories of produced uranium and several mines on standby, Energy Fuel is ready to supply uranium to the U.S. Uranium Reserve once it is established by the U.S. government. The company expects inventories at the end of this year between 720,000 pounds and 750,000 pounds.
In late-March Energy Fuels commenced ramping-up commercial production of a mixed REE carbonate. Subject to successful ramp-up of production of a salable product, the company expects to sell a portion of this REE product to Neo's Silmet separation facility in Europe and potentially to other REE separation facilities outside the United States. For the balance, the company anticipates to stockpile mixed REE carbonate at the Mill for future separation and other downstream REE processing at the Mill or elsewhere.
Energy Fuels also continues to pursue new sources of revenue, including additional alternate feed materials and other sources of feed for the White Mesa Mill.
Share Price Performance
Over the past year, Energy Fuels has soared 245.5% compared with the industry’s rally of 189.3%.
Zacks Rank & Stocks to Consider
Energy Fuels currently carries a Zacks Rank #3 (Hold).
ArcelorMittal has a projected earnings growth rate of 984.7% for the current fiscal year. The company’s shares have soared nearly 247% in the past year.
Celanese has an expected earnings growth rate of 68.3% for the current fiscal year. The company’s shares have rallied around 98% over the past year.
Dow has a projected earnings growth rate of 261.6% for the current fiscal year. The company’s shares have gained roughly 102% in a year’s time.
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Energy Fuels (UUUU) Reports Wider-Than-Expected Loss in Q1
Energy Fuels Inc. (UUUU - Free Report) reported first-quarter 2021 loss per share of 8 cents, wider than the Zacks Consensus Estimate of a loss per share of 5 cents. The uranium mining company had reported a loss of 5 cents in the prior-year quarter.
The company incurred a net loss primarily due to an increase in its share price during the first quarter of 2021, which resulted in a non-cash mark-to-market increase in warrant liabilities of $3.50 million. Further, an increase of $2.69 million in development expenditures in the reported quarter compared with the prior year related to the development and ramping up of the expected rare earth element ("REE") carbonate production program at the White Mesa Mill also led to the loss.
Energy Fuels generated revenues of $0.35 million in first-quarter 2021, reflecting a 10% decline year over year. The top line missed the Zacks Consensus Estimate of $0.6 million. During the quarter, the company did not make any sale of uranium. Notably, Energy Fuels has strategically opted not to enter into any uranium sales commitments in 2021 due to lower prices. Consequently, its uranium production is expected to be added to existing inventories. It did not sell vanadium in the quarter as well. The company expects to sell finished vanadium product when justified, into the metallurgical industry, and other markets that demand a higher-purity product, including the aerospace, chemical, and potentially the vanadium battery industries.
Energy Fuels Inc Price, Consensus and EPS Surprise
Energy Fuels Inc price-consensus-eps-surprise-chart | Energy Fuels Inc Quote
The company reported gross profit of $0.35 million against a loss of $0.68 million in the first quarter of 2020. Operating loss in the quarter was $8.85 million compared with a loss of $7.8 million in the prior-year quarter.
Financial Position
As of Mar 31, 2021, Energy Fuels had $60.37 million of working capital, including $44.11 million of cash and marketable securities and $27.98 million of inventory. The company held around 690,800 pounds of uranium and 1,672,000 pounds of high-purity vanadium in its inventory as of Mar 31, 2021.
Backed by its recent share price strength, Energy Fuels raised gross proceeds of $12.99 million from its at-the-market equity program between Apr 1, 2021 and May 12, 2021.
2021 Guidance
In 2021, Energy Fuels expects to recover approximately 30,000-60,000 pounds of uranium. It also expects to produce approximately 2,000 to 3,000 tons of mixed REE carbonate, containing approximately 1,000 to 1,600 tons of total rare earth oxides ("TREO"). However, the company does not plan to produce vanadium during 2021.
Backed by its existing inventories of produced uranium and several mines on standby, Energy Fuel is ready to supply uranium to the U.S. Uranium Reserve once it is established by the U.S. government. The company expects inventories at the end of this year between 720,000 pounds and 750,000 pounds.
In late-March Energy Fuels commenced ramping-up commercial production of a mixed REE carbonate. Subject to successful ramp-up of production of a salable product, the company expects to sell a portion of this REE product to Neo's Silmet separation facility in Europe and potentially to other REE separation facilities outside the United States. For the balance, the company anticipates to stockpile mixed REE carbonate at the Mill for future separation and other downstream REE processing at the Mill or elsewhere.
Energy Fuels also continues to pursue new sources of revenue, including additional alternate feed materials and other sources of feed for the White Mesa Mill.
Share Price Performance
Over the past year, Energy Fuels has soared 245.5% compared with the industry’s rally of 189.3%.
Zacks Rank & Stocks to Consider
Energy Fuels currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space include ArcelorMittal (MT - Free Report) , Celanese Corp. (CE - Free Report) and Dow Inc. (DOW - Free Report) . All of these stocks flaunt a Zacks Rank #1 (Strong Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
ArcelorMittal has a projected earnings growth rate of 984.7% for the current fiscal year. The company’s shares have soared nearly 247% in the past year.
Celanese has an expected earnings growth rate of 68.3% for the current fiscal year. The company’s shares have rallied around 98% over the past year.
Dow has a projected earnings growth rate of 261.6% for the current fiscal year. The company’s shares have gained roughly 102% in a year’s time.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research SherazMian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>