Filing Flows › enCore Energy (EU) › Q2 2025
enCore Energy (EU) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 11, 2025
enCore Energy (EU) reported revenue of $3.7M for the second quarter 2025 (Q2 2025), -31% from a year earlier and -80% from the quarter before. Operating margin was -526.1%, net loss $8.8M (241.1% of revenue).
enCore Energy, Q2 2025: revenue $3.7M (-31% year over year), operating margin -526.1%, net loss $8.8M, operating cash flow −$9.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.7M | -80% | -31% |
| Operating profit | −$19.3M | — | — |
| Net earnings | −$8.8M | — | — |
| Operating cash flow | −$9.9M | — | — |
What changed
Revenue was $3.7M in Q2 2025, down 31% year over year and down 80% from the previous quarter.
Gross margin was 30.8%. Operating costs exceeded revenue by $19.3M, an operating margin of -526.1%. The fastest-growing cost line was General & admin (+101%). The quarter ended with a net loss of $8.8M, narrower than the previous quarter's $25.4M loss. Minority interests bore $2.5M of it: to shareholders the quarter was a loss of $6.3M. Non-operating items added $10.4M, -118% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$9.9M. Non-cash charges added back $172K of depreciation and amortization and $751K of share-based compensation. Working capital and other items used $2.0M. Capital expenditures of $4.2M exceeded it, leaving free cash flow of −$14.1M.
Questions
What was enCore Energy's revenue in the second quarter 2025?
enCore Energy (EU) reported revenue of $3.7M for the second quarter 2025 (Q2 2025), -31% from a year earlier and -80% from the quarter before.
Was enCore Energy profitable in the second quarter 2025?
Operating loss was $19.3M (-526.1% of revenue) and net loss $8.8M.
Source: enCore Energy 10-Q on SEC EDGAR.