Uranium Energy (UEC) Q3 2026 earnings summary

Executive summary

• Commenced production at Burke Hollow, the largest greenfield ISR uranium project in the U.S. in over a decade, and ramped up output at Christensen Ranch with new header houses coming online.

• Now operating two of three U.S. hub-and-spoke ISR production platforms, anchored by the largest uranium resource base in the country and significant workforce expansion.

• Advanced major projects at Ludeman, Sweetwater, and Roughrider, with significant drilling, engineering, and permitting milestones achieved.

• Achieved a key NRC licensing milestone for the U.S. Uranium Refining & Conversion Corp (UR&C), with site selection and engineering progressing.

• Maintained a robust balance sheet with $794 million in liquid assets and no debt, supporting a 100% unhedged uranium inventory strategy.

Financial highlights

• Ended the quarter with $794 million in liquid assets, including $488 million in cash and 1.46 million pounds of U3O8 in inventory as of April 30, 2026, with no debt.

• Produced 32,195 pounds of uranium concentrate in Q3 at a total cost per pound of $54.61 (cash cost $46.69); cumulative cost since commissioning is $39.30 per pound.

• Revenue for the nine months ended April 30, 2026 was $20.20 million, with a net loss of $76.62 million and gross profit of $10.03 million.

• Working capital stood at $563.83 million as of April 30, 2026.

• About $90 million in quarterly mark-to-market volatility attributed to changes in fair market value of equity securities.

Outlook and guidance

• Production rates expected to increase in Q4 and beyond as new header houses and Burke Hollow operate for a full quarter, likely reducing unit costs.

• Regulatory delays that impacted Q3 production have been resolved, supporting improved outlook for the remainder of 2026.

• Ongoing ramp-up at multiple ISR projects and continued development of conversion capabilities to support future growth.

• UR&C conversion study targeted for first half of 2027, with ongoing updates as engineering and siting progress.

• Roughrider pre-feasibility study estimated for completion by end of calendar year.