ENERGY FUELS INCUUUU

ENERGY FUELS INC Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE
The Company is authorized to issue an unlimited number of Common Shares without par value, unlimited Preferred Shares issuable in series and unlimited Series A Preferred Shares. The Preferred Shares issuable in series will have the rights, privileges, restrictions and conditions assigned to the particular series upon the Board of Directors approving their issuance. The Series A Preferred Shares issuable are non-redeemable, non-callable, non-voting and have no right to dividends.
The following is a reconciliation of weighted average common shares outstanding (in thousands):
Years Ended December 31,
202520242023
Issued shares at beginning of period198,667 162,659 157,683 
Effect of shares issued for:
Stock options exercised147 48 106 
Settlement of vesting of restricted stock units376 236 290 
Settlement of exercises of stock appreciation rights1 85 120 
Consulting services4 — 42 
ATM program25,529 692 866 
Acquisition of intangible assets— 121 — 
Joint venture interests— 186 — 
Acquisition of Base Resources— 7,937 — 
Weighted average common shares outstanding224,724 171,964 159,107 
The calculation of basic and diluted income (loss) per share after adjustment for the effects of all potential dilutive common shares, calculated as follows:
 Years Ended December 31,
 202520242023
Net income (loss) attributable to Energy Fuels Inc.$(85,634)$(47,765)$99,862 
Basic weighted average common shares outstanding224,724 171,964 159,107 
Dilutive impact of stock options and restricted stock units— — 1,047 
Diluted weighted average common shares outstanding224,724 171,964 160,154 
Basic net income (loss) per common share$(0.38)$(0.28)$0.63 
Diluted net income (loss) per common share$(0.38)$(0.28)$0.62 
For the years ended December 31, 2025, 2024 and 2023, a weighted average of 4.19 million, 1.96 million and 0.11 million, respectively, stock options and RSUs have been excluded from the calculation of diluted net income (loss) per common share as their effect would have been anti-dilutive. In addition, the Company excluded SARs of 1.00 million, 1.02 million, and 1.85 million for the years ended December 31, 2025, 2024 and 2023, respectively as they are contingently issuable based on specified market prices of the Company’s Common Shares, which were not achieved as of the end of each period. Additionally, for the years ended December 31, 2025 and 2024, a weighted average of 0.07 million and 0.19 million respectively, Common Shares contingently issuable upon achieving the initial production milestone as part of the Company’s acquisition of RadTran that have been excluded from the calculation of diluted net income (loss) per common share as their effect would have been anti-dilutive. Additionally, for the year ended December 31, 2025, 34.42 million Common Shares have been excluded that would be issuable upon conversion of the Notes. See Note 3 – Transactions for more information.
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Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2018Mar 12, 2019
2017Mar 12, 2018
2016Mar 10, 2017

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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