Uranium's Troubled Math enCore Energy's struggles to turn a profit have been well documented, but the latest numbers from the uranium miner are a stark reminder that even a rising tide of demand can't lift all boats.
The company reported a net loss per share of $0. 19 for the six months ended June 30, a widening of its previous loss. Despite increasing sales volume to 485,000 pounds of U3O8 at an average price of $70.
10 per pound, enCore's production costs are rising faster than its revenue. The weighted average cost of delivered U3O8 climbed to $75. 54 per pound in the first half of 2026, above the company's actual selling price.