enCore Energy (NASDAQ:EU) shares moved higher in premarket trading Thursday after the company reported first-quarter earnings that exceeded analyst forecasts and marked a return to profitability.
The stock gained 3.14% following the earnings release.
Company Returns to Profitability
enCore Energy reported earnings per share of $0.03 for the first quarter, outperforming analyst expectations for a loss of -$0.04 per share.
The result represented a sharp improvement from the loss of -$0.13 per share recorded in the same quarter last year.
Uranium Production and Sales Activity Increase
During the quarter, the company delivered 270,000 pounds of U3O8 under sales contracts at an average realized price of $67.78 per pound.
That compared with 290,000 pounds sold at an average price of $62.89 per pound in the first quarter of 2025.
Uranium extraction increased approximately 22% year-on-year to 90,000 pounds, up from 73,711 pounds in the prior-year period.
Executive Chairman Highlights Operational Improvements
Executive chairman William M. Sheriff said the company continued to improve production performance despite slightly higher costs.
“enCore’s first quarter results reflect year-over-year improvements in uranium extraction with only a slight increase in our cost per pound,” Sheriff said.
Costs Increase Modestly During the Quarter
The weighted average cost of delivered U3O8 rose to $68.02 per pound during the quarter, compared with $62.97 per pound a year earlier.
Extraction costs also edged higher to $46.43 per pound from $45.62 per pound in the prior-year period.
Liquidity Position Remains Strong
The company ended the quarter with $41.6 million in cash and cash equivalents.
Total liquidity stood at $84.7 million, including marketable securities excluding shares of Verdera Energy.
As of May 8, 2026, enCore’s liquidity position also included 23.8 million shares of Ur-Energy alongside other marketable securities.
Uranium Inventory Totals Nearly 154,000 Pounds
At quarter-end, enCore reported a closing U3O8 inventory balance of 153,956 pounds.
The inventory carried a weighted average cost of $64.52 per pound.