UUUUENERGY FUELS INC

Mining & Quarrying Of Nonmetallic Minerals (no Fuels)

Revenue: $66M; 16% YoY
Operating margin: -153.4%; 152% YoY
EBITDA: −$96M; 116% YoY
Market cap: $1.9B
Employees: 1,069; $62K revenue each
Net debt / EBITDA: —; −$58M net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 6 years
3+ of last 5 years
High CEO pay despite TSRNo
$2M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
19% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 3 of 4

Low revenue per employeeYes
$62K · 0th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 24th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3M	$13M	$38M	$78M	$66M	16%
Operating income	−$35M	−$45M	−$32M	−$48M	−$101M	113%
Net income	$1K	−$60K	$100K	−$48K	−$86K	80%
Operating cash flow	−$29M	−$50M	−$15M	−$44M	−$89M	103%
Capex	$1M	$2M	$15M	$22M	$19M	13%
Stock-based comp	$2M	$5M	$5M	$5M	$13M	133%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $8M · 24
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$3M	$9M	341	221
FY2024	$2M	$1M	120	147
FY2023	$2M	$1M	169	175
FY2022	$3M	$1M	146	149
FY2021	$1M	$6M	179	181