EU · enCore Energy Corp.

enCore Energy Corp., together with its subsidiaries, engages in the acquisition, exploration, development, and extraction of uranium resource properties in the United States. The company is headquartered in Dallas, Texas.

Cap structure and valuation

Cap structure
SP	$1.15
SO	194.3M
Options	5.4M
Warrants	19.7M
FD SO	219.4M
MC	$253.4M

Cash	$21.8M
Total debt	$110.5M
EV	$342.0M

TTM Multiples
EV / Revenue	6.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	52.6%
Insiders	1.9%
# Institutions	203
Analysts	5
Consensus	—
Avg target	$2.90

Short % float	20.0%
Days to cover	10.14

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-10. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-09-22 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-08-31; the float denominator can be unreliable on tiny floats.

Financial statements

	6/30/26	3/31/26	12/31/25	9/30/25
Total Revenue	15.70	18.30	12.38	8.88
Revenue YoY %	328.4%	0.3%	(7.4%)	(4.1%)
Cost of Revenue	18.27	18.36	7.68	4.99
Gross Profit	(2.58)	(0.06)	4.69	3.89
Gross Profit YoY %	(328.0%)	(178.3%)	1729.5%	389.9%
Gross Margin %	(16.4%)	(0.3%)	37.9%	43.8%

SG&A	13.81	10.15	12.61	11.88
Operating Expense	26.92	(10.02)	21.52	17.93

Operating Income	(29.50)	9.96	(16.82)	(14.04)
Operating Income YoY %	(53.0%)	163.7%	16.2%	19.1%
Operating Margin %	(187.9%)	54.4%	(135.9%)	(158.2%)
EBITDA	(27.80)	11.19	(15.02)	(12.79)
EBITDA Margin %	(177.1%)	61.1%	(121.4%)	(144.1%)

Interest Expense	1.82	1.81	1.75	1.05
Other Income / (Expense)	(13.30)	(5.82)	(4.20)	8.76
Pretax Income	(44.61)	2.32	(22.78)	(6.33)
Tax Provision	0.00	(0.19)	(0.36)	0.06
Net Income	(44.61)	2.51	(22.41)	(6.39)
Net Income to Common	(41.45)	5.40	(21.52)	(4.76)
Net Margin %	(284.2%)	13.7%	(181.1%)	(72.0%)

Diluted EPS	-$0.21	$0.03	-$0.11	-$0.03
Basic EPS	-$0.21	$0.03	-$0.11	-$0.03
Diluted Avg Shares	194.2	191.4	—	187.4
Basic Avg Shares	194.2	191.4	—	187.4

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	55.25	43.16	58.33	22.15	4.25
Revenue YoY %	28.0%	(26.0%)	163.4%	421.7%	—
Cost of Revenue	49.30	33.46	65.54	19.57	2.66
Gross Profit	5.94	9.69	(7.21)	2.58	1.59
Gross Profit YoY %	(38.7%)	234.5%	(379.9%)	62.1%	—
Gross Margin %	10.8%	22.5%	(12.4%)	11.6%	37.4%

SG&A	48.45	42.61	27.06	19.91	12.38
Operating Expense	56.34	75.46	64.98	43.30	27.50

Operating Income	(50.40)	(65.77)	(72.18)	(40.72)	(25.91)
Operating Income YoY %	23.4%	8.9%	(77.3%)	(57.2%)	—
Operating Margin %	(91.2%)	(152.4%)	(123.7%)	(183.9%)	(610.4%)
EBITDA	(44.43)	(60.38)	(68.92)	(35.06)	(25.18)
EBITDA Margin %	(80.4%)	(139.9%)	(118.1%)	(158.3%)	(593.1%)

Interest Expense	6.44	3.39	1.74	3.50	0.00
Other Income / (Expense)	(14.56)	5.65	—	18.11	2.59
Pretax Income	(71.40)	(63.51)	(73.92)	(26.11)	(23.32)
Tax Provision	(0.50)	(0.49)	(5.93)	(0.50)	(0.17)
Net Income	(70.90)	(63.02)	(67.99)	(25.61)	(23.16)
Net Income to Common	(62.33)	(56.86)	(61.39)	(25.61)	(23.16)
Net Margin %	(128.3%)	(146.0%)	(116.6%)	(115.6%)	(545.5%)

Diluted EPS	-$0.32	-$0.30	-$0.34	-$0.18	-$0.22
Basic EPS	-$0.32	-$0.30	-$0.34	-$0.18	-$0.22
Diluted Avg Shares	194.2	186.9	182.0	144.0	105.5
Basic Avg Shares	194.2	186.9	182.0	144.0	105.5

	6/30/26	3/31/26	12/31/25	9/30/25
Cash & Equivalents	21.81	41.56	52.40	91.93
Receivables	0.00	5.04	4.94	—
Inventory	14.40	9.93	5.32	10.99
Other Current Assets	63.27	76.98	47.15	26.22
Total Current Assets	99.48	133.52	109.81	129.14

Net PPE	40.32	40.51	41.16	37.47
Operating Lease ROU	2.90	3.05	3.08	0.48
Intangible Assets	1.25	1.26	1.47	1.47
Other Assets	272.73	273.33	274.90	273.35
Total Assets	416.67	451.66	430.42	441.90

Current Lease Liabilities	0.36	0.31	0.19	0.16
Other Current Liabilities	12.07	11.74	13.49	9.31
Total Current Liabilities	12.43	12.05	13.68	9.47
Long-term Debt	110.46	110.22	109.99	109.31
Long-term Lease Liabilities	2.85	3.01	3.08	0.33
Other Liabilities	45.76	45.18	45.30	45.03
Total Liabilities	171.50	170.46	172.04	164.15

Retained Earnings	(243.75)	(202.30)	(207.70)	(186.18)
Total Equity	245.17	281.20	258.38	277.76

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	21.81	52.40	39.70	7.49	57.08
Short-term Investments	—	—	24.05	16.89	(0.49)
Receivables	0.00	4.94	0.00	—	—
Inventory	14.40	5.32	20.97	0.01	—
Other Current Assets	63.27	47.15	2.70	0.93	—
Total Current Assets	99.48	109.81	87.41	25.32	—

Net PPE	40.32	41.16	24.02	14.97	—
Operating Lease ROU	2.90	3.08	0.31	0.46	—
Intangible Assets	1.25	1.47	0.47	0.51	—
Long-term Investments	—	—	0.84	3.05	—
Other Assets	272.73	274.90	279.67	282.26	—
Total Assets	416.67	430.42	392.72	326.57	—

Current Lease Liabilities	0.36	0.19	0.13	0.18	—
Other Current Liabilities	12.07	13.49	29.95	6.10	—
Total Current Liabilities	12.43	13.68	30.08	6.28	—
Long-term Debt	110.46	109.99	0.00	—	—
Long-term Lease Liabilities	2.85	3.08	0.20	0.29	—
Other Liabilities	45.76	45.30	43.90	58.03	—
Total Liabilities	171.50	172.04	74.18	64.60	—

Retained Earnings	(243.75)	(207.70)	(150.85)	(89.46)	—
Total Equity	245.17	258.38	318.54	261.97	195.58

	6/30/26	3/31/26	12/31/25	9/30/25
Net Income	(44.61)	2.51	(22.41)	(6.39)
D&A	1.69	1.23	1.80	1.25
Stock-Based Comp	2.20	2.37	2.10	0.48
Δ Working Cap & Other	19.64	(27.54)	31.45	(15.63)
Operating Cash Flow	(21.08)	(21.43)	12.94	(20.30)

CapEx	—	—	(5.78)	(6.03)
Other Investing	(5.51)	(5.97)	(26.73)	(5.57)
Investing Cash Flow	(5.51)	(5.97)	(32.51)	(11.60)

Stock Issuance	—	—	0.00	0.00
Other Financing	—	17.95	(19.56)	97.75
Financing Cash Flow	0.00	17.95	(19.56)	97.75

Free Cash Flow	—	—	7.15	(26.33)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(70.90)	(63.02)	(67.99)	(25.61)	(23.16)
D&A	5.97	5.38	3.26	5.66	0.74
Stock-Based Comp	7.15	4.20	4.79	3.46	4.33
Δ Working Cap & Other	7.91	28.45	14.74	(6.50)	(2.22)
Operating Cash Flow	(49.87)	(24.99)	(45.20)	(22.99)	(20.31)

CapEx	—	(20.00)	(11.35)	(7.73)	(0.98)
Other Investing	(55.59)	(26.23)	(18.64)	(56.89)	(10.32)
Investing Cash Flow	(55.59)	(46.22)	(29.99)	(64.62)	(11.30)

Stock Issuance	—	0.00	2.01	49.44	0.00
Other Financing	96.14	84.74	105.41	(3.54)	75.96
Financing Cash Flow	96.14	84.74	107.42	45.90	75.96

Free Cash Flow	—	(44.99)	(56.55)	(30.71)	(21.29)

	6/30/26	3/31/26	12/31/25	9/30/25
Current Ratio	8.00	11.08	8.03	13.64
Quick Ratio	6.84	10.25	7.64	12.48
Debt / Equity	0.45	0.39	0.43	0.39
EBITDA Margin %	(177.1%)	61.1%	(121.4%)	(144.1%)
Working Capital	87.05	121.47	96.13	119.67
Net Debt	88.65	68.66	57.58	17.38
ROE %	(18.2%)	0.9%	(8.7%)	(2.3%)
ROA %	(10.7%)	0.6%	(5.2%)	(1.4%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	8.00	8.03	2.91	4.03	—
Quick Ratio	6.84	7.64	2.21	4.03	—
Debt / Equity	0.45	0.43	0.00	—	—
EBITDA Margin %	(80.4%)	(139.9%)	(118.1%)	(158.3%)	(593.1%)
Working Capital	87.05	96.13	57.33	19.04	—
Net Debt	88.65	57.58	(39.70)	—	—
ROE %	(28.9%)	(24.4%)	(21.3%)	(9.8%)	(11.8%)
ROA %	(17.0%)	(14.6%)	(17.3%)	(7.8%)	—

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-09-22	Little Richard H	Director, Officer (Chief Executive Officer)	2026-09-21	P	10,000	$1.06	$10,600
2026-09-21	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-09-18	P	100,000	$0.81	$81,000
2026-09-21	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-09-18	P	25,000	$0.81	$20,250
2026-09-16	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-09-15	P	50,000	$0.89	$44,500
2026-09-16	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-09-14	P	100,000	$0.84	$84,000
2026-09-16	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-09-14	P	25,000	$0.87	$21,750
2026-08-19	Hoxie-Key Susan	Director	2026-08-17	A	70,270	—	$0
2026-08-19	Hudson Robert W.	Officer (General Counsel and Secretary)	2026-08-17	A	51,081	—	$0
2026-08-19	Hudson Robert W.	Officer (General Counsel and Secretary)	2026-08-17	A	76,622	—	$0
2026-08-19	PELIZZA MARK S	Director	2026-08-17	A	70,270	—	$0
2026-08-19	McCoig Dain A	Officer (Chief Operating Officer)	2026-08-17	A	94,595	—	$0
2026-08-19	McCoig Dain A	Officer (Chief Operating Officer)	2026-08-17	A	141,892	—	$0
2026-08-19	Kremke Kevin L	Officer (Chief Financial Officer)	2026-08-17	A	162,162	—	$0
2026-08-19	Kremke Kevin L	Officer (Chief Financial Officer)	2026-08-17	A	243,243	—	$0
2026-08-19	HEILI WAYNE W.	Director	2026-08-17	A	70,270	—	$0
2026-08-19	Harris William B.	Director	2026-08-17	A	70,270	—	$0
2026-08-19	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-08-17	A	101,351	—	$0
2026-08-19	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-08-17	A	101,351	—	$0
2026-08-19	Tewalt Nathan	Director	2026-08-17	A	70,270	—	$0
2026-08-19	Little Richard H	Director, Officer (Chief Executive Officer)	2026-04-20	A	300,000	—	$0
2026-06-16	HEILI WAYNE W.	Director	2026-06-12	P	35,000	$1.44	$50,400
2026-06-15	PELIZZA MARK S	Director	2026-06-12	P	723	$1.39	$1,005
2026-06-15	PELIZZA MARK S	Director	2026-06-11	P	99,182	$1.37	$135,879
2026-06-11	Little Richard H	Director, Officer (Chief Executive Officer)	2026-06-09	P	50,000	$1.28	$64,000
2026-05-20	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-05-19	P	25,000	$1.39	$34,750
2026-05-20	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-05-18	P	50,000	$1.49	$74,500
2026-05-20	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2026-05-18	P	25,000	$1.47	$36,750
2026-05-05	McCoig Dain A	Officer (Chief Operating Officer)	2026-05-01	M	22,275	—	$0
2026-05-05	McCoig Dain A	Officer (Chief Operating Officer)	2026-05-01	F	(5,424)	$1.87	-$10,143
2026-05-05	McCoig Dain A	Officer (Chief Operating Officer)	2026-05-01	M	(22,275)	—	$-0
2026-04-22	Little Richard H	Director, Officer (Chief Executive Officer)	2026-04-20	A	100,000	—	$0
2026-04-22	Little Richard H	Director, Officer (Chief Executive Officer)	2026-04-20	A	300,000	—	$0
2026-02-10	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2026-02-09	S	(12,000)	$2.80	-$33,600
2026-02-10	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2026-02-06	S	(12,000)	$2.72	-$32,640
2026-01-09	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2026-01-07	S	(10,000)	$2.81	-$28,100
2026-01-06	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2026-01-02	S	(24,000)	$2.72	-$65,280
2026-01-06	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2026-01-02	S	(16,300)	$2.68	-$43,684
2026-01-06	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2026-01-02	S	(2,200)	$2.67	-$5,874
2026-01-02	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2025-12-30	S	(16,500)	$2.42	-$39,930
2025-12-18	SHERIFF WILLIAM M	Director, Officer (See Remarks)	2025-12-16	S	(24,000)	$2.37	-$56,880
2025-12-03	HEILI WAYNE W.	Director	2025-12-01	A	25,000	—	$0
2025-12-03	HEILI WAYNE W.	Director	2025-12-01	A	100,000	—	$0
2025-12-01	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-11-26	S	(24,000)	$2.65	-$63,600
2025-11-10	Hudson Robert W.	Officer (General Counsel and Secretary)	2025-10-08	A	60,000	—	$0
2025-10-15	Stover Dennis	Director	2025-10-14	S	(20,000)	$3.54	-$70,730
2025-10-10	Willette Robert J	Director, Officer (Chief Executive Officer)	2025-10-08	A	181,700	—	$0
2025-10-10	McCoig Dain A	Officer (Chief Operating Officer)	2025-10-08	A	36,000	—	$0
2025-10-10	McCoig Dain A	Officer (Chief Operating Officer)	2025-10-08	A	67,500	—	$0
2025-10-10	PELIZZA MARK S	Director	2025-10-08	A	196,499	—	$0
2025-10-10	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-10-08	A	482,589	—	$0
2025-10-10	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-10-08	A	102,500	—	$0
2025-10-10	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-10-08	A	30,000	—	$0
2025-10-10	Tewalt Nathan	Director	2025-10-08	A	145,000	—	$0
2025-10-10	Harris William B.	Director	2025-10-08	A	231,266	—	$0
2025-10-10	Stover Dennis	Director	2025-10-08	A	200,133	—	$0
2025-10-10	Hoxie-Key Susan	Director	2025-10-08	A	175,133	—	$0
2025-10-10	Kremke Kevin L	Officer (Chief Financial Officer)	2025-10-08	A	250,000	—	$0
2025-10-10	Kremke Kevin L	Officer (Chief Financial Officer)	2025-10-08	A	250,000	—	$0
2025-10-10	Willette Robert J	Director, Officer (Chief Executive Officer)	2025-09-24	A	125,000	—	$0
2025-10-10	Willette Robert J	Director, Officer (Chief Executive Officer)	2025-09-24	A	500,000	—	$0
2025-10-10	Willette Robert J	Director, Officer (Chief Executive Officer)	2025-09-24	A	125,000	—	$0
2025-10-09	Harris William B.	Director	2025-10-07	S	(80,000)	$3.41	-$272,800
2025-10-09	Stover Dennis	Director	2025-10-07	S	(20,000)	$3.33	-$66,600
2025-09-26	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-09-24	A	320,000	—	$0
2025-09-26	McCoig Dain A	Officer (Chief Operating Officer)	2025-09-24	A	100,000	—	$0
2025-09-26	McCoig Dain A	Officer (Chief Operating Officer)	2025-09-24	A	500,000	—	$0
2025-09-26	McCoig Dain A	Officer (Chief Operating Officer)	2025-09-24	A	100,000	—	$0
2025-05-15	Harris William B.	Director	2025-05-13	X	116,667	$0.44	$51,333
2025-05-15	Harris William B.	Director	2025-05-13	X	(116,667)	—	$-0
2025-05-07	PELIZZA MARK S	Director	2025-05-05	X	100,000	$0.45	$45,000
2025-05-07	PELIZZA MARK S	Director	2025-05-05	X	(100,000)	—	$-0
2025-04-07	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-04-03	P	20,000	$1.22	$24,400
2025-04-07	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-04-03	P	20,000	$1.20	$24,000
2025-04-07	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-04-03	P	10,000	$1.21	$12,100
2025-03-24	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-03-24	P	35,000	$1.66	$57,936
2025-03-24	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-03-20	P	25,000	$1.60	$40,000
2025-03-24	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-03-06	P	30,000	$1.65	$49,500
2025-03-24	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-03-05	P	25,000	$1.67	$41,750
2025-03-24	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-03-04	P	35,000	$1.38	$48,300
2025-03-11	Stover Dennis	Director	2025-03-07	P	3,000	$1.57	$4,710
2025-03-06	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-03-04	P	35,000	$1.65	$57,694
2025-03-06	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-03-04	P	35,000	$2.90	$101,423
2025-02-04	SHERIFF WILLIAM M	Director, Officer (Executive Chairman)	2025-02-03	S	(24,000)	$3.20	-$76,848
2025-01-10	SHERIFF WILLIAM M	Director	2025-01-02	S	(24,000)	$3.55	-$85,094