Uranium Energy Corp.

What they do

UEC extracts uranium using in-situ recovery (ISR) mining, processing loaded resin into uranium concentrate (U3O8, or yellowcake) at its Hobson Processing Facility in South Texas and its Irigaray Central Processing Plant in Wyoming. The company operates a hub-and-spoke model, with central processing facilities acting as hubs for satellite ISR mines. It also holds development and exploration projects including Roughrider in Saskatchewan, Ludeman, Reno Creek, and Sweetwater, and is advancing a uranium refining and conversion venture called UR&C.

Revenue drivers

• Sales of purchased uranium inventory — The primary revenue source in recent years, generating $164.4 million in Fiscal 2023 and $66.84 million in Fiscal 2025. The company buys and resells uranium rather than relying solely on its own production.
• Toll processing services — During Fiscal 2023, toll processing services contributed to the $164.4 million total revenue alongside purchased uranium sales. No separate breakdown is provided in the excerpts.
• Extracted uranium sales — Historically, UEC sold uranium it extracted, generating $3.1 million in Fiscal 2015, $9.0 million in Fiscal 2013, and $13.8 million in Fiscal 2012. No recent extracted uranium revenue is reported separately.
• U3O8 production from ISR operations — The company's only sales product is U3O8, produced at its Hobson and Irigaray facilities. At July 31, 2025, UEC had no uranium supply or off-take agreements in place.

Recent performance

For the third quarter of Fiscal 2026, UEC reported $20.2 million in revenue, with production of 32,195 pounds of uranium concentrate at a Total Cost per Pound of $54.61 (Cash Cost per Pound of $46.69). Since commissioning, UEC reports a Total Cost per Pound of $39.30 and a Cash Cost per Pound of $32.40 across 276,516 pounds. The company held $794 million in liquid assets, including $488 million in cash, with no debt. Uranium inventory stood at 1,456,000 pounds of U3O8 valued at $127 million at market prices, excluding 276,516 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray CPP. Fiscal 2025 annual revenue was $66.8 million with a net loss of $87.7 million and operating cash flow of negative $64.5 million.

Strategy

UEC is scaling its ISR production by restarting and expanding operations at Christensen Ranch in Wyoming and commencing production at Burke Hollow in South Texas, described as America's largest greenfield ISR uranium project in over a decade. The company is advancing the Ludeman project as its planned third ISR mine and completing delineation drilling at Sweetwater. It is also progressing a pre-feasibility study for the Roughrider project in the Athabasca Basin, with core drilling over 80% complete. UEC is building what it describes as America's only vertically integrated uranium fuel supply chain from mining through refining and conversion via its UR&C venture, which has received an NRC docket number for a planned conversion facility. The company maintains a 100% unhedged uranium inventory strategy to preserve pricing optionality.

Risks

• History of negative cash flow and net losses — UEC has a history of significant negative cash flow and net losses, and does not expect to achieve consistent profitability or positive cash flow from operations in the near term.
• Reliance on external financing — The company has relied primarily on equity and debt financings and expects this reliance to continue, with availability dependent on factors beyond its control such as uranium prices and global financial markets.
• Early-stage UR&C project risks — The uranium refining and conversion project is at an early stage and is subject to uncertainties regarding potential benefits, U.S. government engagement, and capital requirements.
• No off-take agreements — At July 31, 2025, UEC had no uranium supply or off-take agreements in place, exposing the company to spot uranium price volatility.

Outlook

Management expects production rates to increase in the fourth fiscal quarter of 2026 as new header houses at Christensen Ranch and Burke Hollow operate for the full quarter. The company is advancing the Ludeman project toward construction as its planned third ISR mine and continues the Roughrider pre-feasibility study. UR&C is working with Fluor Corporation on engineering and siting for a uranium conversion facility, with a shortlist of candidate locations identified. UEC states it is building a vertically integrated uranium fuel supply chain from mining through refining and conversion.