Boss Energy in Strong Position Ahead of Anticipated Uranium Market Turnaround
Boss Energy (ASX: BOE) has delivered its first full year of production results, reporting A$75.6 million in revenue for the 12 months to 30 June 2025.
The uranium producer generated A$17.4m in positive operating cash flow from its Honeymoon and Alta Mesa operations.
Despite a net loss after tax of A$34.2m, the company closed the year with A$224.3m in cash and liquid assets and remains debt-free.
Stronger Financial Performance
Boss generated revenue of A$75.6m in FY2025 from sales of 650,000 pounds of purchased uranium at an average realised price of US$75/lb, with the company directing all its produced uranium for the year to inventory.
Gross profit rose 57% to A$2.05m, underpinned by the high-margin nature of the uranium sector, despite an EBITDA loss of A$16.9m vs the A$42.6m profit Boss posted in FY2024.
Total cash receipts of A$92.3m featured an A$16.2m loan repayment from Alta Mesa partner enCore Energy, along with an additional A$2.9m in associated interest.
Boss invested A$29.6m at Honeymoon to complete the final three NIMCIX columns as part of its restart plan, and reduced its loan receivable balance by A$15.5m after the enCore repayment.
Building Inventory for Growth
Boss closed the financial year holding 1.41Mlb of uranium oxide, a 130,000lb increase on 2024 that reflects the combination of 872,000lb produced at Honeymoon and 108,000lb received from Alta Mesa, offset by sales of 650,000lb and the repayment of 200,000lb.
Management said the company had made the decision to retain a significant portion of produced inventory because it felt that prevailing market prices did not capture uranium’s long-term fundamentals.
With operations now established at both Honeymoon in South Australia and Alta Mesa in Texas, Boss has created a diversified production base in two major uranium jurisdictions and remains under-contracted, a strategy that allows it to capture potential upside from strengthening market conditions.
Looking ahead, Boss anticipates stronger performance in the second half of calendar 2025, supported by a backlog of client deliveries and seasonal demand from September and December tax deadlines across multiple jurisdictions.