Energy Fuels faces scrutiny ahead of earnings and $1.9B VAC deal

Energy Fuels Inc. reports second-quarter earnings Wednesday, with analysts expecting a 3.3-cent per share loss on $30.76 million revenue, as investors scrutinize the company's $1.9 billion acquisition of German magnet maker Vacuumschmelze. The deal, agreed in late June, combines Energy Fuels' upstream rare earth assets with VAC's downstream magnet manufacturing. The company has a conditional commitment for up to $725 million from the U.S. Office of Strategic Capital, while shares trade at $12.15, down from a 52-week high of $27.90. First-quarter revenue of $35.8 million beat estimates, but the expected sequential decline may reflect uranium sales timing. Construction has begun on expanding the White Mesa Mill for heavy rare earth oxide production, with the acquisition expected to close in early 2027.