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, supporting staged production growth and vertical integration.

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

• 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, preserving uranium inventory for pricing flexibility.

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.

• Produced 32,195 pounds of uranium concentrate in Q3 at a total cost per pound of $54.61 and a cash cost per pound of $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 margin of 49.6%.

• Cash and cash equivalents increased to $488.05 million as of April 30, 2026, with working capital at $563.83 million.

• No uranium sales this quarter, preserving inventory in line with the unhedged strategy.

Outlook and guidance

• Production rates expected to increase in Q4 as new header houses at Christensen Ranch and Burke Hollow operate for the full quarter, likely reducing total cost per pound.

• Additional drilling and development at Sweetwater and Roughrider are planned, with further regulatory milestones expected.

• Roughrider pre-feasibility study targeted for completion by end of calendar year; UR&C Class 4 cost study expected in the first half of 2027.

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