Ur-Energy (URG) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw strong operational progress with production ramping up at Lost Creek and the commencement of initial operations at Shirley Basin, including first U3O8 extraction and capture.

• Multi-year sales agreements are in place with eight global nuclear energy companies, with 1.3 million pounds of U3O8 scheduled for delivery in 2026 and 5.75 million pounds through 2033.

• Major infrastructure at Shirley Basin is substantially complete, with resin shipments to Lost Creek for processing expected to begin in summer 2026.

• Exploration advanced at Great Divide Basin, with promising results at North Hadsell and ongoing aquifer testing at Lost Soldier.

• The company is well-positioned to meet growing demand for domestic uranium, supported by a robust project pipeline and healthy balance sheet.

Financial highlights

• Q1 2026 revenue was $3.9 million from the sale of 55,000 pounds of U3O8 at an average price of $70.98 per pound, up $7.78 from Q4 2025.

• Gross profit for Q1 2026 was $1.2 million, compared to a gross loss of $2.6 million in Q1 2025.

• Net loss for Q1 2026 was $28.8 million, driven by higher operating and development costs.

• Cash cost per pound sold decreased 13% quarter-over-quarter to $37.5/lb.

• Ended Q1 with $122.8 million in unrestricted cash and over 417,000 pounds in inventory.

Outlook and guidance

• Most contracted deliveries are scheduled for later in 2026 to align with ramp-up at Lost Creek and Shirley Basin.

• Plans to achieve commercial production at Shirley Basin in summer 2026 and continue ramping up Lost Creek.

• Sand filtration system and other optimizations at Lost Creek are expected to further improve flow rates and production.

• Capital projects at Shirley Basin and Lost Creek expected to be funded by cash on hand and operating cash flow.

• Confident in meeting 2026 sales commitments from existing inventory and production.