Filing Flows › enCore Energy (EU) › Q3 2025
enCore Energy (EU) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
enCore Energy (EU) reported revenue of $8.9M for the third quarter 2025 (Q3 2025), -4% from a year earlier and +142% from the quarter before. Operating margin was -158.2%, net loss $6.4M (72.0% of revenue).
enCore Energy, Q3 2025: revenue $8.9M (-4% year over year), operating margin -158.2%, net loss $6.4M, operating cash flow −$20.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.9M | +142% | -4% |
| Operating profit | −$14.0M | — | — |
| Net earnings | −$6.4M | — | — |
| Operating cash flow | −$20.3M | — | — |
What changed
Revenue was $8.9M in Q3 2025, down 4% year over year and up 142% from the previous quarter.
Gross margin was 43.8%. Operating costs exceeded revenue by $14.0M, an operating margin of -158.2%. The fastest-growing cost line was General & admin (+27%). The quarter ended with a net loss of $6.4M, narrower than the previous quarter's $8.8M loss. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $4.8M. Non-operating items added $7.7M, -122% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$20.3M. Non-cash charges added back $1.2M of depreciation and amortization and $477K of share-based compensation. Working capital and other items used $15.6M. Capital expenditures of $6.0M exceeded it, leaving free cash flow of −$26.3M.
Questions
What was enCore Energy's revenue in the third quarter 2025?
enCore Energy (EU) reported revenue of $8.9M for the third quarter 2025 (Q3 2025), -4% from a year earlier and +142% from the quarter before.
Was enCore Energy profitable in the third quarter 2025?
Operating loss was $14.0M (-158.2% of revenue) and net loss $6.4M.
Source: enCore Energy 10-Q on SEC EDGAR.