enCore Energy Corp.

Listed Company

EUCIK 0001500881NasdaqNon-AcceleratedSmaller ReportingMiscellaneous Metal OresA1CAFY ends Dec 31

Period

FY 2025

Revenue

$43.16M

Net Income

$-56.86M

Total Assets

$430.42M

Equity

$229.25M

Shares Out

194.22M

Op. Cash Flow

$-24.99M

Business

enCore Energy Corp. is a uranium mining company that focuses on extracting domestic uranium in the United States using in‑situ recovery (ISR) technology. It operates and develops ISR central processing plants (CPPs), satellite ion‑exchange (IX) facilities, wellfields, elution/precipitation and drying/packaging systems to produce uranium concentrate (yellowcake). Key business areas include its South Texas ISR projects (Rosita, Alta Mesa, Mesteña Grande), Dewey Burdock (South Dakota) and Gas Hills (Wyoming), plus satellite RIX/CPP operations. enCore markets product domestically, shipping yellowcake to North American conversion facilities and supplying U.S. nuclear fuel customers via multi‑year and spot contracts.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenue	43	58	22	4
Cost of sales	33	66	20	3
Gross profit (loss)	10	−7	3	2
Mineral property expenditures	23	30	14	10
General and administrative	43	27	20	12
Depreciation, amortization and accretion	5	3	6	736,000
Other operating costs	4	5	3	4
Total operating expenses	75	65	43	28
Operating loss	−66	−72	−41	−26
Gain on marketable securities, realized	10	248,000	0	0
Loss on marketable securities, unrealized	−6	−3	6	1
Interest income	2	2	393,000	419,000
Interest expense	−3	−2	−4	0
Other expense	0	−17,000	0	−679,000
Total other income (expense)	2	−2	—	—
Net loss before income taxes	−64	−74	26	−23
Income tax benefit	−500,000	−6	−500,000	−165,000
Net loss	−63	−68	−26	−23
Less: Net loss attributable to non-controlling interests	−6	−7	0	0
Net loss attributable to enCore Energy Corp.	−57	−61	−26	−23
Basic (in dollars per share)	−0.3	−0.34	−0.18	−0.22
Diluted (in dollars per share)	−0.3	−0.34	−0.18	−0.22
Basic (in shares)	187	182	144	106
Diluted (in shares)	187	182	144	106

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2024 2024-06-30	FY 2024 2024-03-31
Cash and cash equivalents	52	40	46	56	90
Accounts receivable	5	0	—	—	—
Prepaid expenses and other current assets	4	3	2	7	3
Marketable securities	44	24	—	—	—
Inventory, net	5	21	27	27	11
Total current assets	110	87	96	106	122
Mineral rights and properties, net	266	272	274	274	274
Property, plant and equipment, net	41	24	19	18	16
Intangible assets, net	1	471,000	493,000	494,000	501,000
Restricted cash	8	8	8	8	8
Marketable securities, non-current	0	837,000	—	—	—
Right of use assets - operating lease	3	310,000	378,000	423,000	403,000
Other long-term assets	678,000	0	—	—	—
Total assets	430	393	398	408	423
Note payable - related party	0	20	21	21	20
Operating lease liabilities, current	186,000	130,000	195,000	193,000	177,000
Total current liabilities	14	30	27	24	24
Deferred tax liabilities	26	27	27	27	27
Asset retirement obligations	19	17	11	11	11
Convertible senior notes	110	0	—	—	—
Operating lease liabilities, non-current	3	202,000	202,000	244,000	240,000
Total liabilities	172	74	66	63	62
Commitments and contingencies (Note 10)	—	—	—	—	—
Common stock 187,354,424 and 186,114,948 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	383	380	378	375	368
Additional paid-in-capital	57	60	58	51	50
Accumulated deficit	−208	−151	−134	−118	−96
Accumulated other comprehensive loss	−3	−4	−4	274,000	−607,000
Total stockholders' equity	229	286	298	308	321
Non-controlling interests	29	33	35	37	39
Total equity	258	319	333	346	360
Total liabilities and stockholders' equity	430	393	398	408	423

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Amortization, depreciation and accretion	5	3	6	736,000
Amortization of debt issuance costs	329,000	0	—	—
Depletion	5	1	—	—
Stock based compensation	4	5	3	4
Inventory impairment charge	155,000	6	0	0
Asset retirement obligation (gain)/loss	−946,000	5	−221,000	157,000
Exploration costs related to mineral properties	12	9	—	—
Deferred tax liability	−596,000	−6	−469,000	−167,000
Accounts receivables	−5	0	—	—
Prepaids and deposits	8	−10,000	356,000	−618,000
Inventories	11	−8	3	−344,000
Accounts payable and accrued liabilities	4	4	14,000	−4
Asset retirement obligations	−132,000	−399,000	—	—
Due to related parties	−2	−55,000	666,000	434,000
Net cash used in operating activities	−25	−45	−23	−20
Purchase of property, plant, and equipment	−20	−11	−8	−980,000
Purchase of intangible assets	−1	0	—	—
Exploration costs related to mineral properties	−12	−9	−8	−4
Purchase of marketable securities	−34	−10	—	—
Proceeds from sale of marketable securities	21	548,000	—	—
Net cash used in investing activities	−46	−30	−65	−11
Proceeds from issuance of convertible senior notes	115	0	—	—
Payments of debt issuance costs	−5	0	—	—
Private placement proceeds	0	10	26	24
Common stock issuance costs	0	−50,000	−5	−2
"Proceeds from the At -the-Market (""ATM"") sales"	0	2	49	0
Proceeds from exercise of warrants	510,000	25	15	2
Proceeds from exercise of stock options	1	2	558,000	1
Proceeds from sale of minority interest	0	60	0	0
Contributions from non-controlling interest	6	8	0	0
Payments on note payable - related party	−20	0	—	—
Payment of capped call premiums	−12	0	—	—
Net cash provided by financing activities	85	107	46	76
Net increase in cash, cash equivalents and restricted cash	14	32	−42	44
Foreign exchange difference on cash, cash equivalents and restricted cash	−185,000	56,000	−205,000	−972,000
Cash paid for interest	2	0	—	—
Property, plant, and equipment additions included in accounts payable and accrued liabilities	678,000	0	188,000	0
Mineral property depletion costs capitalized into inventory during the period	7	3	—	—
Inventory distributions to non-controlling interest	7	2	0	0
Inventory received in exchange for note payable	0	20	0	0
Conversion of promissory note, including equity portion, to shares	0	23	0	0
Unpaid contributions from NCI	0	2	—	—
Non-cash mineral property additions	1	0	—	—

Filings

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