Energy Fuels announced $725 million in U.S. government support for its rare earth separation and processing buildout, making it one of the largest federal commitments to domestic critical minerals infrastructure to date. The company posted FY revenue of $65.9M (down 15.6% YoY) with a deeply negative net margin of -130.6% and diluted EPS of -$0.38, reflecting the pre-revenue nature of its rare earth ambitions layered on top of its uranium core.

The federal backing substantially reduces the equity dilution risk that has haunted UUUU's rare earth pivot, but the company still needs to execute on a complex multi-stage processing buildout. Key watch items include the structure and conditionality of the $725M (grants vs. loans vs. offtake commitments), timeline to cash flow positivity, and whether the news triggers a sustained re-rating or a sell-the-news fade after an initial gap.