The surging demand for electricity, driven largely by the rapid expansion of AI data centers, is reshaping the global energy landscape and bringing nuclear power back into the spotlight. As nuclear energy emerges as a key solution for meeting this growing demand sustainably, Wall Street analysts and investors are taking notice of high-potential companies in the industry.
Against this backdrop, we turned to Barchart’s nuclear energy-themed stock list, which highlights top-rated stocks in the sector. Among them, four stand out as particularly compelling investment opportunities in February 2025: ASP Isotopes (ASPI), enCore Energy (EU), NANO Nuclear Energy (NNE), and Ur-Energy (URG). These companies span various segments of the nuclear energy sector, from advanced reactor development to uranium supply and enrichment, making them well-positioned to capitalize on the nuclear renaissance.
With that, let’s take a closer look at these stocks.
Nuclear Energy Stock #1: ASP Isotopes
ASP Isotopes (ASPI), a development-stage advanced materials company with a market cap of $377.7 million, is focused on the production, distribution, and marketing of isotopes. It targets the nuclear medicine, semiconductor, and nuclear energy industries.
The company’s unique value proposition stems from its proprietary technologies, specifically the Quantum Laser Enrichment and Aerodynamic Separation Process. More precisely, its Aerodynamic Separation Process isolates isotopes from gaseous elements, while Quantum Laser Enrichment uses lasers to separate isotopes based on their transition energies, achieving high selectivity and cost efficiency.
Shares of ASPI have climbed 7.8% on a year-to-date basis.
On Jan. 13, ASPI stock surged over 10% after the company provided updates on Silicon-28, Ytterbium-176, and Carbon-14 facilities. The company presented results from its Quantum Enrichment process, demonstrating an enrichment factor of up to 678, far exceeding the initial expectations of over 50. Also, ASPI said that the commissioning of its Silicon-28 and Ytterbium-176 facilities is progressing ahead of schedule, with commercial production anticipated to begin in the first quarter of 2025, earlier than the previously expected first half of 2025. In addition, it announced that the first shipment of Carbon-14 feedstock was expected to arrive in South Africa in January, with the second shipment anticipated in February/March. This schedule sets the stage for the expected commercial production and sales of enriched Carbon-14 in the first half of 2025.
In terms of the company’s financials, its revenue stood at $2.95 million for the nine months ending Sept. 30, 2024. Following the acquisition of a 51% stake in PET Labs, the company recognized revenue from the sale of nuclear medical doses for PET scanning. Notably, operating expenses for the nine-month period totaled $1.72 million for R&D and nearly $18 million for SG&A. As a result, ASPI’s loss from operations was $18.7 million. Its net loss came in at $0.50 per share, compared to a net loss of $0.40 per share in the same period last year.
Meanwhile, in a December letter to shareholders, management announced the signing of two new contracts for supplying highly enriched Silicon-28 for quantum computing semiconductors and large AI data centers. Another positive sign was that the company raised approximately $84 million through a mix of debt and equity transactions and ended Q3 with about $51 million in cash on its balance sheet. “The Company’s balance sheet has never been stronger,” said Chairman and CEO Paul Mann.
Analysts tracking the company expect its GAAP net loss to narrow by 66.67% year-over-year to $0.08 per share for fiscal 2025, while revenue is projected to jump 491.92% year-over-year to $24.27 million.
In terms of valuation, the company’s forward EV/Sales and Price/Sales ratios are 89.10x and 92.11x, respectively. This represents a substantial premium compared to the sector’s median levels of 1.69x and 1.34x, respectively.
ASP Isotopes’ stock has a unanimous “Strong Buy” rating from the two analysts covering it. The mean price target for ASPI stock is $6.50, which is 22.9% above the Feb. 14 closing price.
Nuclear Energy Stock #2: enCore Energy
enCore Energy (EU) specializes in processing uranium in the United States using proven In-Situ Recovery technology, supplying essential fuel for the generation of clean, reliable, and carbon-free nuclear energy. Its market cap currently stands at $521 million.
In 2024, enCore began operations at the South Texas Alta Mesa CPP, establishing itself as the only uranium processing company in the U.S. with multiple facilities in operation. EU aims to increase its production capacity to 3 million pounds of uranium yellowcake per year by 2026 and to 5 million pounds of uranium yellowcake per year by 2028.
Shares of enCore have dropped 17.9% year-to-date.
On Jan. 16, enCore announced that it had filed a new S-K 1300 Technical Report Summary for its Dewey-Burdock Project in South Dakota with the U.S. Securities and Exchange Commission. This filing revealed an updated mineral resource and preliminary economic assessment for the company’s key In-Situ Recovery uranium project located in South Dakota. Paul Goranson, enCore’s CEO, said, “This S-K 1300 Technical Report Summary for our Dewey-Burdock Project continues to demonstrate the Project’s robust economics for supporting enCore’s uranium production pipeline. At a time when continued and unprecedented geopolitical events demonstrate the value of domestically produced uranium to support America’s increasing demand for energy, we expect that the Dewey-Burdock Project has the potential to become a significant supplier of fuel for clean and reliable nuclear power.”
On Nov. 14, enCore reported its financial results for the three-month and nine-month periods ending Sept. 30, 2024. The company generated $45 million in revenue from yellowcake sales over the nine-month period. Notably, the revenue was derived from the sale of 530,000 pounds of yellowcake, sourced from both purchased and processed pounds at its Rosita In-Situ Recovery Uranium Central Processing Plant. EU posted a loss per share of $0.17 for the nine-month period, which is wider than the $0.04 loss per share from the same period a year ago.
Meanwhile, in Q3, the company secured its eighth uranium supply contract with a U.S. nuclear utility, agreeing to deliver a total of 300,000 pounds of yellowcake in 2028 and 2029 at prices above the current long-term rates. Its loss from operations came in at $31.18 million.
Management stated that the company’s outlook is positive, citing significant and increasing revenue from Alta Mesa that has contributed to financial results throughout the first nine months of 2024. They expect further revenue growth as additional production and extraction wells become operational. They also noted that the outlook for the nuclear industry is extremely positive, with demand projections outpacing supply for the foreseeable future, partly driven by increased electrical demand from AI and the commitment across various sectors of the economy to achieve zero carbon emissions.
Analysts tracking the company anticipate it will post its first GAAP profit of $0.11 per share in FY25. They also expect the company’s revenue to grow 60.56% year-over-year to $92.78 million.
In terms of valuation, the company’s forward EV/Sales and Price/Sales ratios are 8.9x1 and 9.04x, respectively, which are significantly higher than the sector median.
Wall Street analysts are highly optimistic about enCore’s future prospects. All five analysts covering the stock have assigned it a “Strong Buy” rating. The average price target of $6.29 indicates a substantial upside potential of 124.6% from the Feb. 14 closing price.
Nuclear Energy Stock #3: NANO Nuclear Energy
With a market cap of $1.2 billion, NANO Nuclear Energy (NNE) is a vertically integrated nuclear energy company. It operates several subsidiaries such as HALEU Energy Fuel, Advanced Fuel Transportation, and American Uranium. Through these subsidiaries, the company engages in uranium extraction, refining, and transportation, along with the manufacturing and operation of nuclear reactors.
Notably, NNE is a pre-revenue company primarily focused on the development of microreactors. It is developing ZEUS, a solid core battery reactor, and ODIN, a low-pressure salt coolant reactor. The company aims to bring one of these products to market by 2030-2031. Also, NANO Nuclear recently acquired the patented Pylon Transportable Reactor Platform and the patented Micro Modular Reactor Energy System. In addition, NNE is expanding several other business lines expected to start generating revenue in the near term.
Shares of NANO Nuclear Energy have rallied 29% on a year-to-date basis.
On Feb. 13, NANO Nuclear announced its inclusion in the MSCI USA Index, effective Feb. 28, 2025, following the February index review by MSCI Inc. “Our addition to the MSCI US Index is a validation of our business approach and trajectory as we continue to build upon a great 2024, during which our company was the top-performing initial public offering in the U.S.,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy.
On Jan. 23, NNE stock surged more than 17% after the company highlighted the recent acquisition of a portfolio of patents designed to protect its portable and modular microreactor designs. The company said it had secured related international patents in Canada, Russia, Japan, China, and South Korea. These patents are intended to protect its Zeus and Odin microreactors, as well as its Kronos MMR and Loki MMR reactors, which are currently under development.
NANO Nuclear is focused on miniaturizing nuclear power, specifically targeting the development of the smallest types of nuclear reactors - microreactors. These reactors, which fit on semi-truck flatbeds, are easily transportable and movable, a feature almost unique among power solutions. Their purpose is to serve as low-footprint and easy-to-operate power generation stations that can be deployed in various locations. Use cases range from ultra-rural settlements and natural disaster emergencies to space, naval craft, construction sites, and beyond. According to NNE, its ZEUS reactor can generate between 1-20MW of power and requires fuel replacement only once every 10 years. With that, I believe the data center market offers tremendous potential for the company, given that power demand is expected to soar by the end of the decade.
While the company has indicated that it will be several years before any of its reactors can be produced and sold, it has outlined several plans to generate revenue in the interim. Its first revenue opportunity lies in providing nuclear service support and consulting for domestic and international customers. The company can also generate revenue by transporting nuclear fuel to SMR companies, national laboratories, military installations, and DOE programs. Finally, NNE plans to develop a CAT II facility for non-TRISO HALEU fuel production, capable of handling U-235 enrichment up to 20%. This could serve as an additional revenue stream until its microreactors are ready for market launch.
When it comes to NNE’s financials, the company recently released its quarterly report for the three months ending Dec. 31, 2024. NANO reported no revenues, only expenses. Its loss from operations was $3.9 million, a substantial increase from $1.35 million in the previous year. This resulted from increased research and development expenses and general and administrative costs as the company ramped up R&D for its microreactors and incurred additional office and staff expenses to support these activities. As a result, NNE posted a net loss of $0.09 per share. As of Dec. 31, 2024, the company held $123.3 million in cash, with a cash burn rate of $3.2 million in the most recent quarter. This solid liquidity position suggests no need for further dilution in the foreseeable future.
According to Wall Street estimates, the company is expected to generate its first revenue of $2.36 million in FY25. Additionally, analysts anticipate NANO will record its first profit of $0.81 per share in FY31.
In terms of valuation, the stock’s P/B ratio (TTM) currently stands at 9.18x, which is 197.26% higher than the sector median of 3.09x. The valuation appears reasonable given the long-term potential of NANO’s technology and market positioning.
NANO Nuclear’s stock holds a unanimous “Strong Buy” rating from the two analysts who cover it. The mean price target for NNE stock is $58, which suggests upside potential of 78.5% from the Feb. 14 closing price.
Nuclear Energy Stock #4: Ur-Energy
Ur-Energy (URG) specializes in the acquisition, exploration, development, and operation of uranium mineral properties. The company has interests in 12 projects across the United States. Its flagship property, the Lost Creek project, consists of roughly 1,800 unpatented mining claims and three Wyoming mineral leases, spanning an area of about 35,400 acres in the Great Divide Basin, Wyoming. URG’s market cap is $355 million.
Notably, the company is still in its early stages and is classified as an “exploration stage issuer” in its 10-Q filing.
Shares of URG have fallen 17% year-to-date.
On Feb. 10, Ur-Energy provided production and construction updates on its leading U.S. production portfolio. The company said it anticipates the build-out of its Shirley Basin Project in 2025, with commissioning expected to begin in January 2026. Operations at Shirley Basin are expected to boost Ur-Energy’s licensed production capacity by approximately 83%. URG pointed out that ongoing global support for nuclear energy and initial measures taken by President Donald Trump administration’s in the U.S. suggest an increasing acceptance of nuclear energy.
On Nov. 6, Ur-Energy released its third-quarter results. During the quarter, the company sold 100,000 pounds of U3O8 at an average price of $61.65 per pound, generating proceeds of $6.2 million. Notably, the average cost per pound sold was $48.91, resulting in an average gross profit of $12.74 per pound and a gross profit margin of 20.7%. Its GAAP EPS stood at a loss of $0.02.
Meanwhile, Ur-Energy reported a strong cash balance of $129.4 million, an increase from $68.2 million in December 2023. With a cash burn of $32.5 million over the nine months ending Sept. 30, 2024, the company appears to have a cash runway of at least a couple of years, by which time it is expected to generate substantial revenue and reduce its reliance on external funding.
Ur-Energy CEO John Cash said: “The uranium market fundamentals remain strong, and, despite some volatility, we expect to see continued price support based on a slow response by suppliers to growing demand. We estimate this imbalance will take many years to correct and could be exacerbated by geopolitical events.”
Looking ahead, Ur-Energy projects revenue of $33.1 million from its U3O8 sales in FY24. The company also expects to deliver 740,000 pounds of U3O8 under three of its term sales agreements in 2025.
Analysts tracking Ur-Energy project its GAAP net loss to narrow by 92.86% year-over-year to $0.01 per share for FY25, with expectations for the company to achieve profitability in FY26. Its 2025 revenue is estimated to grow 65.33% from the previous year to $52.36 million.
URG’s valuation appears pricey. The stock’s forward EV/Sales multiple is 7.75x, reflecting a 266.14% premium over the sector median.
Ur-Energy stock has a consensus “Strong Buy” rating, with a mean target price of $2.27, which indicates upside potential of 132.3% from the Feb. 14 closing price. All four analysts covering the stock have assigned it a “Strong Buy” rating.
