Energy Fuels Inc. reported its financial results for the quarter ended March 31, 2025. The company posted total revenues of $16.898 million, a decline from the $25.426 million reported in the same quarter of 2024. This includes $15.543 million in heavy mineral sands revenues, while uranium concentrates revenues were reported at $0, down from $25.314 million in the prior year. Energy Fuels incurred a net loss of $26.297 million compared to a net income of $3.639 million in Q1 2024. The company attributes this loss to ramping up mining operations at its Pinyon Plain, La Sal, and Pandora Mines, and the strategic decision to retain its 595,000 pounds of finished goods (U3O8) inventories for future sales at anticipated higher prices, rather than selling them during the quarter. Operating income turned negative, recording a loss of $26.193 million, a significant drop from the $2.021 million operating income in the previous year. The company's working capital saw a 26% increase, reaching $214.608 million as of March 31, 2025, up from $170.898 million at the end of 2024. Energy Fuels also highlighted its increased production guidance, expecting a 22% rise in uranium production and a 193% increase in finished goods inventory. The company continues to advance its high-grade U.S. uranium production, alongside its rare earth and mineral sand projects.