UUUU Crushes 2025 Output Records: Can This Uranium Producer Keep the Momentum?

Energy Fuels (UUUU), America’s premier uranium producer, just delivered a strong wake-up call to markets—and the numbers don’t lie. The company mined over 1.6 million pounds of uranium across its Pinyon Plain, La Sal, and Pandora operations in 2025, smashing through its previous guidance of 0.875-1.435 million pounds by an 11% margin. That’s not just hitting targets; that’s dominating them.

Production Running at Full Throttle

The real muscle behind this achievement lies in current operations. Mining is now running at an annualized clip of roughly 2 million pounds of recoverable uranium from the Main Zone at Pinyon Plain and the La Sal Complex, with management signaling confidence to maintain this pace through at least 2026. Meanwhile, the White Mesa Mill in Utah has processed over 1 million pounds of finished uranium during the year, proving the company’s milling infrastructure can keep pace with increased output.

Looking ahead, Energy Fuels plans to ramp up exploration drilling in the Juniper Zone at Pinyon Plain in 2026, aiming to better define the ore body and potentially unlock even more mineable resources. The company’s project pipeline is equally impressive—the Whirlwind mine and Nichols Ranch ISR project could flip on within a year of approval, potentially lifting annual production to over 2 million pounds by 2026. Major initiatives like Roca Honda, Bullfrog, and Sheep Mountain could eventually push production to a run-rate of 5 million pounds annually.

Uranium for Sale: The Market’s Appetite Grows

UUUU’s fourth quarter performance tells an even more compelling story. The company expects to sell around 360,000 pounds of uranium in Q4—a 50% sequential jump—at a weighted average price of approximately $74.93 per pound, translating to roughly $27 million in gross revenues. For context, the company had sold 50,000 pounds on the spot market at $80 per pound in Q4 2024, showing both volume and price momentum.

But the real validation comes from the long-term market. Energy Fuels has inked two new uranium supply contracts with U.S. nuclear power generators covering deliveries from 2027 through 2032. These new deals push expected long-term contract uranium for sale to approximately 780,000-880,000 pounds in 2026, with additional spot market sales subject to pricing and production levels. That’s the kind of committed demand that separates serious producers from the rest of the field.

How UUUU Stacks Up Against Peers

Energy Fuels shares have rocketed 184.1% year-to-date, obliterating the sector’s 38.3% gain. By comparison, peers like Cameco Corp. (CCJ) and Ur-Energy Inc. (URG) have notched 25% and 31.4% gains respectively—respectable, but trailing UUUU significantly.

However, the valuation math raises eyebrows. UUUU is trading at a forward 12-month price/sales multiple of 40.11X versus the industry average of 4.10X. Cameco trades at 16.34X and Ur-Energy at 6.02X—substantially lower than UUUU’s premium.

On profitability, the picture is more nuanced. The Zacks Consensus Estimate pegs Energy Fuels’ 2025 loss at 35 cents per share, with 2026 projected at a 6-cent loss. By contrast, Cameco is expected to post 96 cents per share in fiscal 2025 earnings (96% year-over-year growth), rising to $1.49 in 2026 (55% increase). Ur-Energy faces 2025 losses of 19 cents and 2026 losses of 3 cents per share.

The Verdict: Upside or Overextended?

UUUU has undeniably built an impressive operational machine with production crushing expectations and a roster of long-term contracts that validate demand for uranium for sale into the mid-2030s. The challenge investors face is reconciling extraordinary operational momentum against a valuation that’s trading at a significant premium to both the sector and more profitable peers like Cameco. Whether that premium is justified depends on whether future production ramps materialize as planned and whether margin expansion comes faster than the market currently prices in.