Filing Flows › enCore Energy (EU) › Q1 2026 › vs Q4 2025
enCore Energy (EU) Q1 2026 vs Q4 2025 (quarter over quarter)
enCore Energy's revenue rose $5.9M (+48%) from $12.4M in Q4 2025 to $18.3M in Q1 2026. Operating margin 54.4% against -135.9% (+190.4 pts).
enCore Energy, Q1 2026: revenue $18.3M (+0.3% year over year), operating margin 54.4%, net earnings $5.4M, operating cash flow −$21.4M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 54.4% | -135.9% | +190.4 pts |
| Net margin | 29.5% | -173.9% | +203.5 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $18.3M | $12.4M | $5.9M | +48% |
| Operating profit | $10.0M | −$16.8M | $26.8M | — |
| Pre-tax earnings | $2.3M | −$22.8M | $25.1M | — |
| Other expense, net | $7.6M | $6.0M | $1.7M | +28% |
| Income tax benefit | $193K | $364K | −$171K | -47% |
| Loss borne by minority interests | $2.9M | $887K | $2.0M | +226% |
| Net earnings | $5.4M | −$21.5M | $26.9M | — |
| Operating cash sources | $30.4M | −$30.6M | $61.0M | — |
| Depreciation & amortization | $1.2M | $1.8M | −$572K | -32% |
| Share-based compensation | $2.4M | $2.1M | $277K | +13% |
| Cash used in operations | $21.4M | −$12.9M | $34.4M | — |
| Working capital & other | $30.4M | −$30.6M | $61.0M | — |
Questions
How much did enCore Energy's revenue grow quarter over quarter in Q1 2026?
enCore Energy's revenue rose $5.9M (+48%) from $12.4M in Q4 2025 to $18.3M in Q1 2026. Operating margin 54.4% against -135.9% (+190.4 pts).