10-Q · May 8, 2026
Ur-Energy's Q1 2026 results show improved revenue and reduced operating loss compared to the previous quarters. The company generated $3.9 million in revenue from selling 55,000 pounds of U3O8, a significant rise from…
Earnings analysis · 10-Q
URG earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Ur-Energy delivered Q2 product sales revenue of $14.4 million, exceeding the $13.546 million consensus estimate, while drumming and shipments reached 140,873 pounds and 149,747 pounds, respectively. Liquidity was…
Read full summary
Ur-Energy delivered Q2 product sales revenue of $14.4 million, exceeding the $13.546 million consensus estimate, while drumming and shipments reached 140,873 pounds and 149,747 pounds, respectively. Liquidity was supported by $95.3 million of unrestricted cash, but the company reduced base 2026 delivery expectations to 1.0 million pounds from 1.3 million pounds previously. The principal incremental risk is operational: Lost Creek continues to face production challenges while Shirley Basin ramps up under a satellite-processing model, with initial production costs expected to be higher than at Lost Creek.
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.
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.
What stood out
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Revenue Beat Consensus
Q2 product sales revenue was $14.4 million, above the $13.546 million consensus estimate.
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Production and Shipments Accelerated
Production and logistics activity improved, with 140,873 pounds drummed and 149,747 pounds shipped during the quarter.
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Strong Cash and Inventory Base
Liquidity remained substantial at June 30, 2026, with $95.3 million of unrestricted cash and cash equivalents and $22.6 million of inventory.
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Shirley Basin Fully Authorized
The company received final regulatory authorization for full operations at Shirley Basin in late June 2026, following initial operations that commenced in April 2026.
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Receivables-Free Working Capital
The company reported no trade receivables at June 30, 2026, while current financial liabilities totaled $30.2 million, including $12.1 million of payables and accrued liabilities, $0.6 million of current lease liabilities, and a $17.5 million inventory-loan repayment.
What to watch
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Lower 2026 Delivery Outlook
Base 2026 deliveries were reduced to 1.0 million pounds from 1.3 million pounds previously, with 150,000 pounds deferred to 2027 and another 150,000 pounds deferred to 2029.
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Production Ramp-Up and Commissioning Risk
The updated risk factor highlights continuing operational challenges at Lost Creek and ramp-up risks at Shirley Basin. Initial Shirley Basin production costs are expected to be higher than at Lost Creek, while certain construction activities are expected to continue through 2026 and wastewater-treatment equipment installation is planned for 2027.
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Cash Concentration Exposure
Approximately $98.0 million of deposited funds was not covered by deposit insurance or similar protection as of June 30, 2026, versus approximately $10.2 million covered, creating meaningful financial-institution concentration risk.
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Inventory Loan and Liquidity Obligations
Liquidity obligations included a $17.5 million inventory-loan repayment and $12.1 million of accounts payable and accrued liabilities against $95.3 million of unrestricted cash and $22.6 million of inventory.
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Uranium Price Volatility
Future sales remain exposed to uranium-price volatility; the average spot market price was $86.38 per pound as of July 31, 2026.
Management's outlook
The company expects 1.0 million pounds of base 2026 U3O8 deliveries, down from prior guidance of 1.3 million pounds. It deferred 150,000 pounds to 2027 and 150,000 pounds to 2029; no quantitative revenue or EPS outlook was provided.
Earlier filings 4
10-K · March 10, 2026
Ur‑Energy reports operational progress at Lost Creek with production rising to 370,893 pounds captured and 410,440 pounds drummed/packaged in 2025 and sales of 440,000 pounds U3O8 in 2025, while advancing Shirley Basin…
10-Q · August 5, 2025
Ur‑Energy reported quarterly sales of $10,435,000 (Q2 2025) versus $4,653,000 in Q2 2024, driving a YoY revenue increase but the company still reported a net loss of $20,956,000 for the quarter (six‑month loss…
10-Q · May 8, 2025
Ur‑Energy’s 10-Q for the quarter ended March 31, 2025 shows no sales (Sales = $0) and a GAAP net loss of $10,898,000 (basic loss per share $0.03), an improvement versus the prior-year quarter net loss of $18,541,000…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.