Ur-Energy (URG) Q1 2026 earnings summary

Executive summary

• Strong uranium market fundamentals driven by global nuclear momentum, U.S. policy support, and multi-year sales agreements with eight global nuclear energy companies for 1.3 million pounds in 2026 and 5.75 million pounds through 2033.

• Significant operational progress at Lost Creek and Shirley Basin, with production ramping up, new milestones achieved, and Shirley Basin commencing initial operations in April 2026.

• Exploration and development activities advanced across Wyoming, including Great Divide Basin, North Hadsell, and Lost Soldier.

• Focus remains on increasing production rates, optimizing operations, and addressing flow rate challenges at Lost Creek.

Financial highlights

• Q1 2026 revenue was $3.9 million from the sale of 55,000 pounds of U3O8 at an average price of $70.98 per pound; gross profit was $1.2 million, with a net loss of $28.8 million due to higher operating and development costs.

• 110,314 pounds of uranium captured in Q1 2026, up 41% quarter-over-quarter and 48% year-over-year; 95,599 pounds drummed, 103,956 pounds shipped, and finished inventory at conversion facility increased to 417,231 pounds.

• Average cash cost per pound sold dropped 13% quarter-over-quarter to $37.51; average sales price rose to $70.98 per pound.

• Cash and cash equivalents at March 31, 2026, were $122.8 million; total assets were $291.6 million.

Outlook and guidance

• 2026 uranium sales commitments total 1.3 million pounds, with expected realized price of $82–83.2 million for the year at an average price of $63 per pound.

• Majority of 2026 deliveries scheduled for the latter part of the year to align with ramp-up at Lost Creek and Shirley Basin.

• Shirley Basin expected to achieve commercial production in summer 2026, pending final regulatory approval; first resin shipments to Lost Creek expected in summer.

• Construction of a wastewater treatment facility at Lost Creek planned for H2 2026, with completion in 2027.