10-Q · June 9, 2026
Uranium Energy Corp (UEC) reported a challenging quarter for Q3 2026, with $20 million in revenue, a decrease from the previous quarter and a significant drop compared to $66.84 million for the same period last year,…
Earnings analysis · 10-K
UEC earnings analysis
Filed September 29, 2026 · Our reading of the company's report
The latest report
UEC made meaningful strategic progress, including commencing Burke Hollow extraction, producing 229,294 pounds across Christensen Ranch and Burke Hollow, and advancing its refining and conversion initiative. However,…
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UEC made meaningful strategic progress, including commencing Burke Hollow extraction, producing 229,294 pounds across Christensen Ranch and Burke Hollow, and advancing its refining and conversion initiative. However, the financial trajectory deteriorated: Fiscal 2026 revenue fell to $37.25 million, net loss widened to $137.31 million, operating cash use reached $98.56 million, and adjusted EBITDA loss expanded to $118.11 million. Strong liquidity of $495.46 million in cash and approximately $752.8 million in liquid assets supports continued development, but the company remains dependent on equity financing, has no proven or probable reserves, and faces uncertain ramp-up economics and spot uranium pricing exposure.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.28
What stood out
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Production ramp-up advanced
The company commenced uranium extraction at Burke Hollow in April 2026 and produced 17,352 pounds there, while Christensen Ranch produced 211,942 pounds. Management expects ramp-up to continue during 2026 and 2027 as new production areas are constructed.
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Strong purchased-uranium margin
Fiscal 2026 revenue was $37.25 million from sales of 400,000 pounds of purchased uranium at a weighted average price of $93.13 per pound, generating $16.90 million of gross profit. Gross margin was approximately 45.4%, up from approximately 36.6% in Fiscal 2025 based on reported annual figures.
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Balance sheet significantly strengthened
Liquidity strengthened materially: cash and cash equivalents rose from $148.93 million to $495.46 million, while working capital increased from $207.58 million to $547.61 million. Management also reported approximately $752.8 million of liquid assets, including cash, equities and uranium inventories.
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Vertical integration roadmap progressed
The company progressed its vertically integrated strategy by launching UR&C and spending $6.28 million on planning and evaluating a U.S. uranium refining and conversion facility. More than 50 potential sites were reviewed, resulting in a shortlist of three sites for detailed analysis.
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Project development spending accelerated
Growth investment accelerated, with mineral property expenditures rising to $102.37 million from $66.06 million in Fiscal 2025 and $32.38 million in Fiscal 2024. Fiscal 2026 project development capital was $89.81 million, including $36.28 million at Christensen Ranch and $16.99 million at Burke Hollow.
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Investment income provided offset
The company reported a $7.09 million gain from equity-accounted investments in Fiscal 2026, including $6.83 million of URC share income and a $5.24 million gain on dilution, partially offsetting operating losses.
What to watch
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No proven or probable reserves
The company remains an exploration-stage issuer because it has not established proven or probable reserves for any uranium project, including its ISR mines. It cautions that mineralized material extracted without proven or probable reserves carries greater uncertainty regarding whether it can be economically extracted as planned; mineral rights and properties totaled $708.01 million at July 31, 2026.
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Persistent losses and equity dependence
Operating cash consumption worsened as net cash used in operating activities increased to $98.56 million from $64.46 million in Fiscal 2025, while net loss expanded to $137.31 million from $87.66 million. The company received $529.96 million of net equity-financing proceeds and states that reliance on equity financing is expected to continue, creating ongoing dilution and market-access risk.
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Ramp-up and uranium-price exposure
Production economics remain exposed during the ramp-up phase: total cost per pound increased to $39.94 in Fiscal 2026 from $36.41 in Fiscal 2025, while management says ramp-up costs are not necessarily indicative of steady-state results. No uranium purchase or sale agreements were in place at July 31, 2026, so future concentrate sales are expected to rely generally on the spot market.
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Reclamation funding shortfall
Estimated reclamation costs increased to $93.92 million, backed by $64.27 million of surety bonds. The company may be required to fund the remaining $62.38 million, or any portion thereof, if surety terms change, the bonds default or become unacceptable to regulators, or the surety encounters financial difficulties.
Management's outlook
No numeric revenue or EPS guidance is provided in the filing. Management expects the Christensen Ranch and Burke Hollow ramp-up phase to continue while new production areas are constructed in 2026 and 2027, with additional personnel and expanded extraction planned for Fiscal 2027.
Earlier filings 4
10-Q · March 10, 2026
UEC reported quarterly sales of $20,200 (thousands), down from $49,750 in the year-ago quarter, while gross margin expanded to 49.6% from 36.6%. Operating losses widened (loss from operations of $(23,563) vs $(3,634)…
10-Q · March 12, 2025
UEC reported quarterly sales of $49,750 (thousands) and a gross profit of $18,226, materially increasing revenue and gross margin versus the prior quarter. The company still recorded a net loss of $(10,234) (thousands)…
10-K · September 27, 2024
UEC positions itself as a North American-focused, low-cost uranium supplier using ISR “hub-and-spoke” platforms in South Texas and Wyoming, supported by Hobson and Irigaray processing capacity. The company is building a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.