EU enCore Energy Corp.

Overview and Growth

Fiscal 2025 results for enCore Energy Corp. combined $43.16M of revenue with net loss of $56.86M and an operating cash outflow of $24.99M. At $43.16M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 26.0% below fiscal 2024 revenue of $58.33M, marking a top-line contraction. The company reported diluted EPS of -$0.30, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $430.42M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.1x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $9.69M as gross profit before recognizing operating expenses and other items. Gross margin was 22.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $65.77M after the reported operating expense base. Relative to revenue, the operating deficit measured 152.4%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $56.86M for the fiscal year. Measured against revenue, the bottom-line deficit represented 131.7% after all recognized items. Before income taxes, the company recorded a loss of $63.51M, bridging the operating result to the final net loss. The pretax loss equaled 147.2% of revenue, measuring the pre-tax deficit against sales. The company recognized an income-tax benefit of $488.00K, increasing after-tax earnings relative to the pretax result. The loss-to-equity relationship was 22.0%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 13.2%. The net loss narrowed to $56.86M from $61.39M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $430.42M asset base was financed through $172.04M of liabilities and $258.38M of equity. At period end, current assets of $109.81M compared with current liabilities of $13.68M, defining the company’s short-term resource position. Current assets covered current liabilities by 8.03x, leaving a positive buffer for near-term obligations. The company held $52.40M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 383.1% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $109.99M of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.43x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 25.6%, comparing borrowing with the total asset balance. Liabilities represented 40.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 12.2%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 9.6% higher than fiscal 2024 assets of $392.72M, measuring the company’s own balance-sheet change. Reported equity changed 18.9% from $318.54M in fiscal 2024, placing the current capital base lower year over year. Compared with $39.70M in fiscal 2024, the current cash balance moved 32.0% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $24.99M, showing that operations absorbed cash during the period. Capital spending of $20.00M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $44.99M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -104.2%, reflecting a cash deficit equal to 104.2% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 10.5%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.