Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • Boss Energy generated AUD 75.6 million in revenue during FY25, marking its first sales milestone.
  • The company ended FY25 with AUD 224 million in cash and liquid assets, maintaining zero debt.
  • Despite reporting a net loss after tax of AUD 34.2 million in FY25, Boss Energy expects to achieve positive cash flow in FY26.

Boss Energy Limited (ASX:BOE) is an Australian uranium producer with operations in Australia and the United States. The flagship asset of BOE is Honeymoon Uranium Project in South Australia. In the year ended 30 June 2025 (FY25), the company recorded revenue of AUD 75.6 million from its first sales of uranium, generated through production at the Honeymoon and Alta Mesa projects. This milestone reflects the sale of approximately 650,000 pounds of uranium at an average realised price of USD 75 per pound.

Despite this achievement, Boss Energy reported a net loss after tax of AUD 34.2 million, primarily due to significant non-cash costs tied to inventory valuation and uranium sales. Capital investments during the year totaled AUD 56.5 million, down 38% compared to FY24.

The balance sheet remained resilient, with AUD 224 million in cash and liquid assets and no debt.

Business Updates

In August 2025, Boss Energy confirmed that its uranium loan agreement with enCore Energy U.S. Corp. had been fully repaid. The final repayment amounted to USD 10.6 million, including accrued interest. The original agreement involved the loan of 200,000 pounds of uranium, which enCore has now fully returned, concluding the arrangement.

Boss Energy and enCore will continue their collaboration through their joint venture in the Alta Mesa Uranium Project in Texas, where enCore holds a 70% stake and Boss retains 30% ownership along with its share of uranium production.

FY26 Outlook

Boss Energy has set a production target of 1.6 million pounds of U₃O₈ from its Honeymoon Uranium Project. The company expects C1 cash costs in the range of AUD 41–45 per pound (USD 27–29/lb), while AISC are forecasted at between AUD 64–70 per pound (USD 41–45/lb).

Management anticipates cash flow to become positive during FY26.

Completion of plant installations and optimisation of in-situ recovery processes are expected to improve production rates and reduce costs.

Share performance of BOE

Boss Energy shares dropped 3.29% to close at AUD 1.910 per share on 3 September 2025. In one year, BOE has lost 29.26% and is down 20.08% over six months, 28.20% over nine months, and 53.07% over the past three months.

The 52-week high for BOE is AUD 4.750, recorded on 27 June 2025, while the 52-week low is AUD 1.570, reached on 21 August 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 03 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.