REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
All revenue recognized is a result of contracts with customers by way of uranium, vanadium, REE, HMS and RE Carbonate sales contracts, Alternate Feed Materials processing contracts and/or byproduct disposal agreements with other ISR facilities. As of December 31, 2025 and 2024, the Company’s receivables from its contracts with customers was $15.99 million and $29.02 million, respectively. As of December 31, 2025, the Company’s contract liabilities from its contracts with customers was $3.00 million, which will be recognized as revenue upon transfer of control. The Company had no contract liabilities as of December 31, 2024. The Company’s contracts with major U.S. utilities have terms greater than one year. Under these contracts, each product delivered to the customer represents a separate performance obligation. Therefore, the Company applies the optional exemption not to disclose the remaining transaction price that is variable and allocated to wholly unsatisfied future quantities.
Disaggregation of Revenue
The table set forth below presents revenue disaggregated by type and the reportable segment to which it relates:
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| | Years Ended December 31, | | |
| | 2025 | | 2024 | | 2023 | | Reportable Segment |
| Uranium concentrates | | $ | 48,234 | | | $ | 37,904 | | | $ | 33,278 | | | Uranium |
| Vanadium concentrates | | — | | | — | | | 871 | | | Uranium |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Heavy mineral sands | | 15,821 | | | 39,874 | | | — | | | Heavy mineral sands |
RE Carbonate | | — | | | — | | | 2,848 | | | Rare Earth Elements |
| Alternate Feed Materials, processing and other | | 1,867 | | | 336 | | | 931 | | | Uranium |
| Total revenues | | $ | 65,922 | | | $ | 78,114 | | | $ | 37,928 | | | |
Major Customers
Sales to major customers (purchases in excess of 10% of total sales) are summarized as follows:
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| | Years Ended December 31, | | |
| | 2025 | | 2024 | | 2023 | | Reportable Segment |
| Customer 1 | | $ | 17,158 | | | $ | 15,026 | | | $ | 10,472 | | | Uranium |
| Customer 2 | | 15,365 | | | — | | | — | | | Uranium |
| Customer 3 | | 7,700 | | | — | | | — | | | Uranium |
| Customer 4 | | — | | | 10,896 | | | — | | | Heavy Mineral Sands |
| Customer 5 | | — | | | 8,590 | | | — | | | Uranium |
| Customer 6 | | — | | | — | | | 18,470 | | | Uranium |
| Customer 7 | | — | | | — | | | 4,335 | | | Uranium |
| Customer 8 | | — | | | — | | | 2,848 | | | Rare Earth Elements |
| Customer 9 | | — | | | — | | | 866 | | | Uranium |
Major Countries
The Company’s revenues by country of customer are as follows:
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| | Years Ended December 31, | | |
| | 2025 | | 2024 | | 2023 | | Reportable Segment |
| U.S. | | $ | 33,428 | | | $ | 24,333 | | | $ | 34,514 | | | Uranium |
| 5,504 | | | 270 | | | — | | | Heavy Mineral Sands |
| Canada | | 15,365 | | | 42 | | | 566 | | | Uranium |
| Saudi Arabia | | 3,457 | | | — | | | — | | | Heavy Mineral Sands |
| China | | 3,061 | | | 17,303 | | | — | | | Heavy Mineral Sands |
| Japan | | 2,751 | | | 12,409 | | | — | | | Heavy Mineral Sands |
| 1,308 | | | — | | | — | | | Uranium |
| Netherlands | | — | | | 6,481 | | | — | | | Heavy Mineral Sands |
| — | | | 5,275 | | | — | | | Uranium |
| Estonia | | — | | | — | | | 2,848 | | | Rare Earth Elements |
| Germany | | — | | | 8,590 | | | — | | | Uranium |
| Spain | | — | | | 1,245 | | | — | | | Heavy Mineral Sands |
| South Korea | | 505 | | | 1,169 | | | — | | | Heavy Mineral Sands |
| Mexico | | — | | | 806 | | | — | | | Heavy Mineral Sands |
| Kenya | | — | | | 191 | | | — | | | Heavy Mineral Sands |
| Austria | | 348 | | | — | | | — | | | Heavy Mineral Sands |
| United Arab Emirates | | 195 | | | — | | | — | | | Heavy Mineral Sands |
| Total revenues | | $ | 65,922 | | | $ | 78,114 | | | $ | 37,928 | | | |
Remaining Performance Obligations
Minimum future revenues to be received by the Company under long-term non-cancellable contracts with customers as of December 31, 2025 are as follows:
| | | | | | | | |
| Year ending December 31, 2026 | | $ | 39,040 | |
| Year ending December 31, 2027 | | 48,385 | |
| Year ending December 31, 2028 | | 40,465 | |
| Year ending December 31, 2029 | | 24,710 | |
| Year ending December 31, 2030 | | 24,710 | |
| Thereafter | | 11,820 | |
| Total | | $ | 189,130 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.