# enCore Energy Corp. (EU)

> Source: Nexqual · https://nexqual.com/EU · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, enCore Energy Corp. (EU), nexqual.com/EU" · informational, not investment advice.

**Price:** USD 0.7 (-9.31% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 0.77 · day 0.7–0.77 · 52w 0.7–3.68 · market cap $136M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $55.2M, net income -$62.3M (-112.8% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $29K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 7 Form 4 filings, $659K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 2.91 (range 1.42–4.23).
- Total return with dividends: 1Y -76.7% vs S&P 500 +13.4%; 5Y -83.1% vs S&P 500 +76.9%.
- Next earnings: 2026-11-16, EPS estimate USD -0.16, revenue estimate $17.5M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $4.2M | $22.1M | $58.3M | $43.2M | $55.2M |
| Gross profit | $1.6M | $2.6M | -$7.2M | $9.7M | — |
| Operating income | -$25.9M | -$40.7M | -$72.2M | -$65.8M | -$50.4M |
| Net income | -$23.2M | -$25.6M | -$61.4M | -$56.9M | -$62.3M |
| EPS (diluted) | -$0.22 | -$0.18 | -$0.34 | -$0.30 | — |
| Free cash flow | -$21.3M | -$30.7M | -$56.6M | -$45.0M | — |
| Gross margin | 37.4% | 11.6% | -12.4% | 22.5% | — |
| Operating margin | -610.4% | -183.9% | -123.7% | -152.4% | -91.2% |
| Net margin | -545.5% | -115.6% | -105.2% | -131.7% | -112.8% |
| Revenue growth | — | +421.7% | +163.4% | -26.0% | — |
| Cash + short-term investments | $57.1M | $24.4M | $63.7M | — | — |
| Total debt | — | $19.2M | $20.1M | $110M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.5x · P/B 0.6x · Earnings yield -45.77%

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-12 | Hoxie-Key Susan | Director | 30,648 | $29K | 33.5% | Yes | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
7 purchases, $659K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-21 | Little Richard H | Chief Executive Officer | 10,000 | $11K | 1.06 | Too little history (no open-market trades in 2023–2025) |
| 2026-09-18 | Sheriff William M | Executive Chairman | 125,000 | $101K | 0.81 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-14…2026-09-15 | Sheriff William M | Executive Chairman | 175,000 | $150K | 0.86 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-12 | Heili Wayne W. | Director | 35,000 | $50K | 1.44 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11…2026-06-12 | Pelizza Mark S | Director | 99,905 | $137K | 1.37 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-09 | Little Richard H | Chief Executive Officer | 50,000 | $64K | 1.28 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18…2026-05-19 | Sheriff William M | Executive Chairman | 100,000 | $146K | 1.46 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 2.91 (low 1.42, high 4.23).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-03 | Jefferies | Initiated | Buy | $1.44 |
| 2026-08-14 | HC Wainwright & Co. | Target lowered | Buy | $3.75 → $3.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -76.7% | -83.1% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -76.9% | -29.9% |
| Volatility (annualized) | 83.7% | 69.6% |
| Max drawdown | -80.8% (Jan 2026→Oct 2026) | -85.6% (May 2024→Oct 2026) |

## Peers (Uranium)
URG (Ur Energy Inc) USD 0.81 -1.12% · ISOU (IsoEnergy Ltd.) USD 7.91 -1.37% · UROY (Uranium Royalty Corp.) USD 3.43 +1.48% · DNN (Denison Mines Corp) USD 2.17 +0.46% · UUUU (Energy Fuels Inc) USD 7.52 -2.21% · LEU (Centrus Energy Corp.) USD 102.45 -1.63%

## More
Full page: https://nexqual.com/EU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EU's own 10-K filed 2026-03-31 (https://www.sec.gov/Archives/edgar/data/1500881/000162828026022507/encr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Alta Mesa | "•risks related to our Alta Mesa joint venture;" |
| Partner | CAMECO CORP (CCJ) | "•Westinghouse Electric Company, Cameco Corporation, and Brookfield Asset Management have announced that the U.S. Government has entered into a strategic partnership to accelerate the deployment of nuclear power pursuant …" |
| Partner | Verdera Energy Corp. (VUECF) | "On April 8, 2025, the Company completed a sale of NM Energy Canada that holds the Crownpoint and Hosta Butte projects pursuant to a Purchase Agreement with Verdera." |

## Customer concentration

Period ended 2025-12-31: 63%, 25%, 11% of revenue from unnamed direct customers (10-K, filed 2026-03-31).

## Company outlook (8-K filed 2026-08-13)

- "The Project entered State of South Dakota permitting on June 15, 2026, which is under review by the Department of Agriculture & Natural Resources."
- "Although we anticipate development in 2028, this is subject to receiving permits from the state; • Reduction in Expenses: In July 2026, management executed on its plan for reducing costs with a reduction in workforce following a rationalization of staffing needs across the Company."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.16 | $-0.11 | +45.0% | $17.5M | 2 |
| Next quarter (ends 2026-12-31) | $-0.15 | $-0.12 | +17.7% | $31.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.58 | $-0.36 | +58.3% | $96.3M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.23 | $-0.31 | -26.2% | $119.3M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-16): ±35.2%; last 7 reports averaged ±9.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 126.4% | ±35.2% |
| 2027-01-15 | 84 | 274.1% | ±81.0% |
| 2027-04-16 | 175 | 262.7% | ±88.0% |