Shares of Lakewood, Colo.-based uranium miner Energy Fuels (UUUU) blew up on Monday, with the one-time penny stock jumping 17.9% before the trading day closed. It's not entirely clear where all the enthusiasm has come from, though.
On one hand, Energy Fuels filed its 10-Q quarterly earnings report with the SEC today, detailing how over the three months ending Sept. 30, it sold no "uranium concentrates" whatsoever, and collected only $451,000 in revenue from "alternate feed materials processing and other." Operating losses more than doubled, and Energy Fuels stock ended the quarter with a $13.9 million net loss that was nearly three times as bad as its loss one year ago (and seven times as bad as what Wall Street had expected).
On the other hand, Energy Fuels also announced in a separate announcement that it is planning to sell another $24.5 million in common stock "from time to time." If successful, the new stock sales could provide the cash Energy Fuels needs to cover its mounting losses.
That cash will probably come in handy. Only a couple of analysts follow Energy Fuels stock, but those analysts expect Energy Fuels to continue posting losses through the end of this year, and next year as well. According to data provided by S&P Global Market Intelligence, expectations are for the company to only turn profitable in 2020, and not begin generating positive free cash flow until 2021 at the earliest.