Shares of Energy Fuels (NYSE: UUUU) swung sharply this week after the U.S. uranium producer said it exceeded prior guidance for 2025 production and locked in new long-term sales deals with domestic nuclear operators.
The stock jumped early Monday following the announcement, then reversed course Tuesday as investors digested the update and broader nuclear stocks pulled back. Energy Fuels fell 5.7 per cent Tuesday to USD$14.21, after touching an intraday high near 16 on Monday. However, the stock remains up roughly 177 per cent in 2025.
Energy Fuels said it now expects to sell about 360,000 pounds of uranium concentrate, known as yellowcake, in the fourth quarter. That figure represents a 50 per cent increase from the same period last year. Additionally, the company projected fourth-quarter gross uranium sales revenue of about USD$27 million.
The producer said its weighted average sales price for the quarter should reach roughly USD$74.93 per pound. Meanwhile, uranium futures prices have been trading above USD$80 per pound in December. Consequently, investors focused on how much upside the company retains if prices stay elevated.
Management said stronger domestic uranium output supports both economic and national security goals. The company framed its expanding production as part of a broader effort to rebuild a U.S.-based uranium supply chain. Furthermore, executives positioned Energy Fuels as a key beneficiary of rising nuclear demand tied to power-hungry technologies.
In addition to the production update, Energy Fuels said it finalized two new long-term uranium sales contracts with U.S. nuclear power generators. These agreements extend deliveries into the 2027 through 2032 period. Moreover, the contracts use hybrid pricing structures rather than fixed rates.
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Interest in nuclear energy has intensified
Under the hybrid model, part of each contract price follows an escalated base level, while the remainder tracks spot uranium prices at delivery. However, the structure includes floors and ceilings that limit extreme price swings. As a result, Energy Fuels maintains partial exposure to higher uranium prices without taking on full market risk.
Despite the upbeat announcement, Energy Fuels shares pulled back after Monday’s initial rally. The stock closed Monday up 3 per cent at USD$15.07, after retreating from session highs. Subsequently, selling pressure returned Tuesday alongside weakness across several uranium and nuclear names.
Even with the recent pullback, Energy Fuels remains well above earlier levels. However, the stock has fallen about 48 per cent since peaking at USD$27.33 on Oct. 15. That marked the company’s highest share price since 2011.
Interest in nuclear energy has intensified as major technology companies search for reliable power sources for artificial intelligence data centers. Meanwhile, nuclear power offers steady output without carbon emissions, making it attractive for long-term infrastructure planning. However, the United States still imports most of the uranium used by its reactors.
President Donald Trump has pushed to revive domestic uranium mining after decades of decline. In May, Trump signed four executive orders aimed at expanding U.S. nuclear energy capacity. Additionally, the orders target uranium mining, conversion, and enrichment to reduce reliance on foreign suppliers, particularly Russia.
Trump has also called for sweeping changes at the Nuclear Regulatory Commission. Furthermore, his administration set a goal of boosting U.S. nuclear capacity to 400 gigawatts by 2050. That would represent a substantial increase from current levels and could reshape uranium demand.
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Uranium sector had variable growth in 2025
The broader uranium sector has shown extreme volatility during 2025. Centrus Energy (NYSE: LEU) has slipped about 4.7 per cent in December, yet remains up roughly 270 per cent for the year. Conversely, Canada-based Cameco Corporation (NYSE: CCJ) (TSE: CCO) has gained more than 3 per cent this month and is up about 80 per cent in 2025.
Cameco also owns a 49 per cent stake in nuclear reactor builder Westinghouse. Meanwhile, Uranium Energy (NYSEAMERICAN: UEC) dropped 3.5 per cent Tuesday to 11.77. Additionally, advanced nuclear fuel developer Lightbridge Corp (NASDAQ: LTBR) fell 2.5 per cent to 12.74.
Large-cap nuclear power operators also retreated in December. Constellation Energy (NASDAQ: CEG) declined about 2 per cent this month, though it remains up roughly 60 per cent for the year. However, Vistra (NYSE: VST) slid nearly 19 per cent in December, even as it holds an 18 per cent gain in 2025.
Among independent power producers, Talen Energy (NASDAQ: TLN) has surged about 88 per cent this year. Meanwhile, small modular reactor developers have faced steep corrections. Oklo Inc (NYSE: OKLO) has dropped nearly 22 per cent in December and sits about 63 per cent below its October high, though it remains up 238 per cent in 2025.
Similarly, Nano Nuclear Energy (NASDAQ: NNE) has fallen around 24 per cent this month and is down 59 per cent from October peaks. NuScale Power (NYSE: SMR) has retreated roughly 75 per cent from its highs and now shows a 20 per cent decline for the year.
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