Ur-Energy (URG) Q4 2025 earnings summary

Executive summary

• U3O8 production increased 65% year-over-year to 410,440 pounds, with inventory rising to 406,089 pounds at year-end 2025, positioning for production growth in 2026.

• Significant progress at Shirley Basin, with plant construction nearly complete, all ion exchange columns installed, and 469 wells drilled by February 2026; regulatory approvals pending.

• Workforce expanded 55% to 157 employees to support growth and new projects.

Financial highlights

• Ended 2025 with $123.9 million in cash, up $47.8 million from 2024; $115.3 million as of March 4, 2026.

• Positive gross profit of $74,000 for the year, with U3O8 product sales totaling $27.2 million in 2025.

• Net loss widened to $74.9 million from $53.2 million year-over-year; EPS was $(0.20) compared to $(0.17) in 2024.

• All outstanding warrants exercised, raising $28.7 million; Convertible Senior Notes offering raised $120 million in December 2025.

• Average cash cost per pound sold was $42.89, with U3O8 price per pound sold averaging $63.20.

Outlook and guidance

• Contracted to deliver 1.3 million lbs in 2026, covered by inventory and new production.

• Ramp-up at Lost Creek and Shirley Basin expected to meet delivery targets, with Shirley Basin to commence resin transport and production in summer 2026, pending regulatory approvals.

• Focused on expanding resource base, optimizing operations, and continuing exploration at Lost Soldier, North Hadsell, and LC South, with a 120-hole program planned for LC South in summer 2026.