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REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition and Contracts with Customers REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
All revenue recognized is a result of contracts with customers by way of uranium, vanadium, REE and HMS sales contracts, Alternate Feed Materials processing contracts and/or byproduct disposal agreements with other ISR facilities. As of September 30, 2026 and December 31, 2025, the Company’s receivables from its contracts with customers were $25.36 million and $15.99 million, respectively. As of September 30, 2026 and December 31, 2025, the Company’s contract liabilities from its contracts with customers were $3.01 million at each date, which are expected to be recognized as revenue upon transfer of control. Many of the Company’s contracts with major U.S. utilities have terms greater than one year. Under these contracts, each product delivered to the customer represents a separate performance obligation. Therefore, the Company applies the optional exemption not to disclose the remaining transaction price that is variable and allocated to wholly unsatisfied future quantities.
Disaggregation of Revenue
The table set forth below presents revenue disaggregated by type and the reportable segment to which it relates:
Three Months Ended September 30,Nine Months Ended September 30,Reportable
2026202520262025Segment
Uranium$28,449 $17,370 $89,120 $21,220 Uranium
Heavy mineral sands— — — 15,821 HMS
Metals and alloys436 — 436 — REE
Alternate Feed Materials, processing and other295 340 570 1,779 Uranium
Total revenues$29,180 $17,710 $90,126 $38,820 
Remaining Performance Obligations
Minimum future revenues to be received by the Company under long-term non-cancellable contracts with customers as of September 30, 2026 are as follows:
Remainder of the year ending December 31, 2026$— 
Year ending December 31, 202748,385 
Year ending December 31, 202840,465 
Year ending December 31, 202924,710 
Year ending December 31, 203024,710 
Thereafter11,820 
Total$150,090 
Deferred Revenue
Deferred revenue consists of government grants assumed in connection with the ASM Acquisition. The South Korean government grant supports the development of the KMP. Amounts received under these grants are recognized as income on a systematic basis over the periods in which the related eligible costs are incurred. If the applicable grant conditions are not satisfied, a portion of the grants may be subject to repayment.
The table set forth below presents changes in deferred revenue:
Balance as of December 31, 2025$— 
Deferred revenue acquired from ASM2,985 
Foreign currency translation adjustments19 
Balance as of September 30, 2026$3,004