Uranium Energy (UEC) Q1 2026 earnings summary

Executive summary

• Launched United States Uranium Refining & Conversion Corp, establishing the only U.S. supplier with both uranium and UF6 production capabilities and achieving vertical integration across mining, processing, refining, and conversion.

• Maintained and expanded low-cost ISR production, advancing growth projects in Wyoming and South Texas, with Burke Hollow and Ludeman nearing production and Christensen Ranch ramping up output.

• Robust financial position with $698 million in cash, inventory, and equities at market prices, and no debt as of October 31, 2025.

• Strategic inventory buildup ahead of the Section 232 decision, with 1,356,000 pounds of uranium in inventory and additional production and purchases expected.

• Major construction milestones achieved at Burke Hollow, Roughrider, and Sweetwater, with new subsidiaries incorporated to manage uranium assets and pursue refining/conversion facilities.

Financial highlights

• Cash, inventory, and equities at market prices totaled $698 million as of quarter-end, with no debt.

• Completed a $234 million public offering to accelerate new business line growth and bolster the balance sheet.

• Cash cost per pound of uranium produced was $29.90 for 68,612 pounds of U3O8; total cost per pound was $34.35.

• Uranium inventory at 1,356,000 lbs U3O8 as of October 31, 2025, with an additional 300,000 lbs expected by year-end through purchase contracts at $37.05/lb.

• Net loss for the quarter was $10.34 million ($0.02 per share), improved from a $20.16 million loss year-over-year.

Outlook and guidance

• Anticipates a step change in production cadence in fiscal Q3 and Q4 as Burke Hollow and new header houses at Christensen Ranch come online.

• Remains 100% unhedged to benefit from potential higher uranium prices amid a tightening global market.

• Feasibility study for the new conversion facility targeted for mid-2026, with more details expected in fiscal Q2.

• Proceeds from recent financings to support U.S. uranium refining/conversion facility and project advancement.

• Strategic inventory buildup ahead of Section 232 decision and projected supply deficits.