Key Highlights

  • Sales Revenue doubled to $151.1 million in FY26 from $75.6 million in FY25, at an average realised price of $111 per pound.
  • Net profit after tax was $2.5 million, a $36.7 million improvement from the FY25 net loss of $34.2 million.
  • Cash and Liquid assets stood at $207.3 million at Book Value at 30 June 2026, with no debt, though this was $17.0 million lower than the prior year.
  • FY27 guidance points to production of 1.25 to 1.30 million pounds of U3O8 at a higher AISC of $83-92 per pound, up from $61 per pound in FY26.

Boss Energy Limited (ASX:BOE) reported a net profit after tax of $2.5 million for the financial year ended 30 June 2026 (FY26), a $36.7 million improvement from the FY25 net loss of $34.2 million. The Group generated revenue of $151.1 million, up from $75.6 million in FY25, reflecting the sale of 1,400,000 pounds of U3O8 at an average realised price of $111 per pound (US$74.4), including a $15.5 million uranium Loan repayment. Profit before income tax was $1.8 million, compared with a loss of $31.6 million in the prior year.

The result reflected the first full year in which sales were predominantly sourced from Honeymoon production. The Operating Margin from the sale of 1,000,000 pounds of produced uranium was $31.9 million, while the sale of purchased uranium generated an operating loss of $0.4 million. Operating costs for the year were $122.0 million, up from $87.6 million in FY25, comprising $42.3 million relating to purchased uranium and $79.7 million relating to produced uranium, the latter mainly reflecting production costs of $69.7 million.

Cost Base and Expense Movements

FY26 C1 cash cost was $39 per pound (US$26 per pound) and AISC was $61 per pound (US$41 per pound), both within revised guidance. Honeymoon Capital Expenditure of $66.6 million was also within revised guidance for the year. Total expenses for the year rose to $27.3 million from $19.5 million in FY25, driven by corporate costs of $14.6 million, a $7.7 million Fair Value movement in financial assets and liabilities mainly reflecting mark-to-market write-downs in listed Equity investments, and exploration and evaluation expenditure of $3.3 million.

Net financing costs of $1.7 million compared with net financing income of $3.8 million in FY25, primarily reflecting realised and unrealised foreign exchange losses of $2.6 million, compared with a $0.3 million gain in the prior year. The company's income tax benefit for the year was primarily driven by the utilisation of tax losses, with $52.6 million of carried-forward transferred tax losses remaining available, subject to an available fraction rate.

Cash Flow and Financial Position

Unrestricted cash and cash equivalents increased by $13.1 million during the year to $49.7 million, driven by receipts of $149.4 million from uranium sales and the $15.5 million uranium loan repayment from enCore Energy, received in full on 25 August 2025. These inflows were partially offset by cash operating costs of $73.9 million, up from $58.7 million in FY25, and continued Investment of $66.8 million in the Honeymoon and Alta Mesa operations.

Total cash and liquid assets stood at $207.3 million at book value at 30 June 2026, down $17.0 million from $224.3 million at 30 June 2025, primarily reflecting a reduction in the weighted average cost of inventory from $85.4 per pound to $73.6 per pound. Despite this decline in book value, the spot-price value of uranium inventory increased by $26 million to $195 million, reflecting both higher physical inventory, which rose from 1.409 million pounds to 1.581 million pounds, and a higher uranium Spot Price at year end. The company remained debt-free throughout the period.

FY27 Guidance Reflects Wellfield Transition

Boss Energy issued FY27 production guidance of 1.25 to 1.30 million pounds of U3O8, alongside C1 cash cost guidance of $51-56 per pound (US$35-39) and AISC guidance of $83-92 per pound (US$58-64), both materially higher than FY26 actuals. The company said the short-term production and cost profile reflects mine-development uncertainty experienced since July 2025 and a disciplined decision to limit further investment in legacy wellfields where expected returns did not support additional capital.

This approach prioritises long-term value and Balance Sheet strength while the company transitions to a wide-spaced wellfield design that commenced in January 2026. Management said the strategy is intended to preserve balance sheet strength while enabling continued investment in plant infrastructure and new value-accretive wellfields to support an expected production ramp-up, prioritising long-term value over short-term headline production figures.

Conclusion

Boss Energy's FY26 results show a marked improvement from the prior year's loss, supported by a doubling of revenue and the first full year of predominantly Honeymoon-sourced sales. The company maintains a debt-free balance sheet with meaningful cash and liquid assets, though the year also saw a decline in book value of cash and liquid assets and a reduction in the weighted average cost of inventory. FY27 guidance signals a period of transition, with both production costs and all-in sustaining costs expected to rise materially as the company shifts to its wide-spaced wellfield design at Honeymoon.