Uranium Energy (UEC) Q1 2026 earnings summary

Executive summary

• Established the only vertically integrated U.S. uranium company, spanning mining, processing, refining, and conversion, with the launch of United States Uranium Refining & Conversion Corp (UR&C).

• Maintained and expanded low-cost ISR production, advancing growth projects in Wyoming and South Texas, with Burke Hollow and Ludeman nearing operational status.

• Achieved major construction milestones at Burke Hollow, Roughrider, and Sweetwater, and expanded workforce to support operational growth.

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

• Benefiting from strong U.S. policy support for nuclear energy and uranium as a critical mineral.

Financial highlights

• Cash cost per pound of uranium was $29.90 in Q1, with total cost per pound at $34.35, based on 68,612 pounds produced.

• $234 million public offering completed to accelerate growth, fund UR&C, and strengthen liquidity.

• Uranium inventory at 1,356,000 lbs U3O8 as of October 31, 2025, with an additional 300,000 lbs to be purchased at $37.05/lb.

• No debt and maintained a 100% unhedged inventory position in a tightening market.

• Net loss for the quarter was $10.34 million ($0.02 per share), with cash and cash equivalents at $454.72 million and working capital of $523.42 million.

Outlook and guidance

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

• Feasibility study for UR&C targeted for completion by mid-2026, with modest capital requirements in the near term.

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

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