Uranium Energy (UEC) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 marked a transformation into a multi-mine U.S. uranium producer with vertically integrated operations, now operating in two states and advancing a third mine at Ludeman.

• Fourth quarter production rose 157% year-over-year, driven by scale and operational expansion, with significant economies of scale and cost reductions.

• Maintained an unhedged strategy, achieving a peer-leading realized price of $93.13 per pound.

• Workforce doubled to over 250, drill rig count doubled to 40, and new header houses and processing capacity brought online.

• Positioned as the only U.S. company advancing a fully integrated uranium fuel supply chain, meeting growing U.S. government demand for unobligated U.S.-origin uranium and conversion services.

Financial highlights

• Sold 400,000 pounds of uranium at a weighted average realized price of $93.13/lb, generating $37.3 million in revenue and $16.9 million in gross profit for fiscal 2026.

• Ended the year with $753 million in liquid assets, including $495 million in cash, and no debt.

• Maintained a strategic inventory of 1.26 million pounds of U3O8 valued at $109 million as of July 31, 2026.

• Fourth quarter production rose 157% sequentially, with total cost per pound falling by 33%.

• Fiscal 2026 total production: 229,294 pounds at a cash cost of $34.24/lb and total cost of $39.94/lb.

Outlook and guidance

• Fiscal 2027 expected to see further scaling, with additional header houses at Christensen Ranch and expansion at Burke Hollow and Ludeman.

• Advancing U.S. Uranium Refining & Conversion Corp toward a Class IV cost estimate by mid-2027 and preparing for NRC license application.

• Positioned to supply growing U.S. government demand for unobligated U.S. origin uranium, with potential for long-term contracts and 4 million pounds/year required starting in 2030.

• Regulatory approval cadence improving, supporting more predictable ramp-up and future guidance.

• Entering fiscal 2027 debt-free with strong liquidity to fund ongoing growth and expansion.