Filing Flows › enCore Energy (EU) › Q4 2025
enCore Energy (EU) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
enCore Energy (EU) reported revenue of $12.4M for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and +39% from the quarter before. Operating margin was -135.9%, net loss $22.4M (181.1% of revenue).
enCore Energy, Q4 2025: revenue $12.4M (-7% year over year), operating margin -135.9%, net loss $22.4M, operating cash flow $12.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.4M | +39% | -7% |
| Operating profit | −$16.8M | — | — |
| Net earnings | −$22.4M | — | — |
| Operating cash flow | $12.9M | — | 33× |
| Free cash flow | $7.2M | — | — |
What changed
Revenue was $12.4M in Q4 2025, down 7% year over year and up 39% from the previous quarter.
Gross margin was 37.9%. Operating costs exceeded revenue by $16.8M, an operating margin of -135.9%. The fastest-growing cost line was General & admin (+159%). The quarter ended with a net loss of $22.4M, wider than the previous quarter's $6.4M loss. Minority interests bore $887K of it: to shareholders the quarter was a loss of $21.5M.
Operating cash flow was $12.9M (up 3242% year over year). Non-cash charges added back $1.8M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $31.4M. Capital expenditures of $5.8M left free cash flow of $7.2M.
Questions
What was enCore Energy's revenue in the fourth quarter 2025?
enCore Energy (EU) reported revenue of $12.4M for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and +39% from the quarter before.
Was enCore Energy profitable in the fourth quarter 2025?
Operating loss was $16.8M (-135.9% of revenue) and net loss $22.4M.
Source: enCore Energy 10-K on SEC EDGAR.