Boss Energy Swings to A$2.5m Profit, Guides FY27 Output

Boss Energy Limited (ASX:BOE) reported a net profit after tax of A$2.5 million for the year ended 30 June 2026, an improvement of A$36.7 million on the FY2025 net loss of A$34.2 million, which it attributed to an increase in total sales and a higher proportion of sales from produced inventory. Revenue doubled to A$151.1 million from A$75.6 million, reflecting the sale of 1.4 million pounds of U3O8, and the company recorded a profit before income tax of A$1.8 million after operating costs of A$122.0 million and expenses of A$27.3 million. Boss said the result reflects the first full year in which sales were predominantly sourced from Honeymoon production. The operating margin on the sale of 1.0 million pounds of produced uranium was A$31.9 million, a figure the release footnotes as comprising revenue of A$109.1 million and operating costs of A$79.7 million and as excluding a A$1.4 million asset write-off and A$1.0 million of Alta Mesa production royalties; the sale of purchased uranium generated an operating loss of A$0.4 million. Boss stated an average realised price of A$111.0 a pound (US$74.4), which its highlights say includes the A$15.5 million uranium loan repayment, alongside receipts from customers of A$149.4 million. FY2026 C1 cost of A$39 a pound (US$26), all-in sustaining cost of A$61 a pound (US$41) and Honeymoon capital expenditure of A$66.6 million were each within revised guidance. Boss reports in Australian dollars and gives US dollar equivalents alongside them.

Unrestricted cash and cash equivalents rose A$13.1 million over the year to A$49.7 million, a balance the release states excludes a fully cash-backed environmental bond for the Honeymoon operation of A$16.3 million. Total cash and liquid assets at book value fell A$17.0 million to A$207.3 million, or A$171.9 million net of working capital, with no debt. Boss attributed the decline primarily to a reduction in the weighted average cost of uranium inventory from A$85.4 a pound (US$56.0) to A$73.6 a pound (US$50.5), which more than offset an increase in inventory on hand from 1.409 million to 1.581 million pounds. The company said the spot-price value of that inventory rose A$26 million to A$195 million, struck on a UxC spot rate of US$84.85 a pound and an AUD:USD rate of 0.6869 at 30 June 2026. For FY2027 Boss guided production of 1.25 to 1.30 million pounds of U3O8, a C1 cash cost of A$51 to A$56 a pound (US$35 to US$39), an all-in sustaining cost of A$83 to A$92 a pound (US$58 to US$64) and total capital expenditure of A$58 million to A$65 million. The company said the near-term production and cost profile reflects mine-development uncertainty experienced since July 2025 and its decision to limit further investment in legacy wellfields where the expected returns did not support additional capital, during the transition to the wide-spaced wellfield design that commenced in January 2026, and that FY2027 will be a transition year as new wellfields are progressively commissioned and water-treatment capacity is expanded.