Ur-Energy (URG) Q3 2025 earnings summary

Executive summary

• Operations focused on uranium recovery at Lost Creek and development at Shirley Basin, both in Wyoming, with Lost Creek producing and Shirley Basin under construction for 2026 start-up.

• Q3 2025 saw continued ramp-up at Lost Creek, with 93,523 pounds of U3O8 dried and packaged and 110,000 pounds sold at an average price of $57.48 per pound, generating $6.3 million in revenue.

• Shirley Basin construction is well advanced, fully staffed, and on track for uranium production startup in Q1 2026.

• Eight multi-year sales agreements in place, projecting 6.0 million pounds of U3O8 sales from 2025 to 2033.

• Management transition announced: new CEO and VP Finance appointed to support growth and operational ramp-up.

Financial highlights

• Revenue for the nine months ended September 30, 2025, was $16.8 million, up from $11.1 million year-over-year.

• Net loss for the nine months was $59.3 million, compared to a $33.1 million loss in the prior year.

• Gross loss of $1.4 million for the nine months, compared to a gross profit of $1.0 million in 2024.

• Cash and cash equivalents at September 30, 2025, were $52.0 million, down from $76.1 million at year-end 2024.

• Q3 2025 cash costs per pound of produced inventory decreased to $43.00 from $43.61 in Q2.

Outlook and guidance

• Projected 2025 sales of 440,000 pounds U3O8 at an average price of $61.77 per pound, with expected revenue of $27.2 million.

• Shirley Basin construction and development on track for 2026 production start; $35.6 million in total 2025 construction and equipment costs anticipated.

• Additional $4.0 million in Shirley Basin development costs expected in 2025.

• Q4 2025 delivery of 165,000 pounds at an average price of $63.20 expected from produced inventory.

• Exploration in the Great Divide Basin aims to expand the uranium resource base, with a 120-drillhole program at LC South planned for Q1 2026.