enCore Energy Corp. (NASDAQ: EU) reported its financial results for the third quarter ended September 30, 2026, in an 8-K filing dated November 12, 2026. The company reported a significant increase in revenue compared to the prior year, driven by higher uranium deliveries and a stronger average realized sales price.
For the third quarter of 2026, revenue increased 88% year over year to $16.7 million. This figure reflects the delivery of 200,000 pounds of U3O8, compared to 130,000 pounds in the third quarter of 2025. The average realized sales price was approximately $83.46 per pound, up from $68.28 per pound in the prior year.
Despite the revenue growth, the company reported a net loss of $33.9 million, or $0.17 per basic and diluted share. This compares to a net loss of $4.8 million, or $0.03 per share, in the third quarter of 2025. The increase in the net loss was attributed to a $17.0 million realized loss and a $5.7 million unrealized gain on marketable securities, as well as higher costs of sales.
Cost of sales for the quarter were $17.4 million, compared to $5.0 million in the prior year. The weighted average cost of uranium sold was $87.22 per pound, up from $38.35 per pound, primarily due to a higher proportion of purchased uranium. This resulted in a gross loss of $0.8 million, compared to a gross profit of $3.9 million in the third quarter of 2025.
For the nine months ended September 30, 2026, revenue increased to $50.7 million from $30.8 million in the prior year. Uranium deliveries totaled 685,000 pounds, compared to 480,000 pounds. The average realized sales price was approximately $74.00 per pound. However, the net loss for the nine-month period widened to $70.0 million, or $0.36 per share, compared to $35.3 million, or $0.19 per share, in the prior year.
On the balance sheet, as of September 30, 2026, unrestricted cash and cash equivalents were $5.1 million, marketable securities were $33.6 million, and inventory was $6.4 million. Working capital totaled $47.3 million.
Operational updates included the completion of the first phase of the Upper Spring Creek facility and wellfield, as well as the Alta Mesa wellfield 3 Extension. Both are awaiting final regulatory approvals. The company also noted that it executed a reduction in force in July 2026, reducing overall headcount by approximately 20%, to align spending with permitting timelines.
