Uranium Energy (UEC) Q2 2026 earnings summary

Executive summary

• Completed construction at Burke Hollow, the newest ISR uranium mine in the U.S., and achieved operational readiness, pending regulatory approvals.

• Expanded ISR production capacity at Christensen Ranch and commenced 24/7 operations at Irigaray Central Processing Plant.

• Maintained a robust balance sheet with $818 million in liquid assets and no debt as of January 31, 2026.

• Achieved uranium sales at $101 per pound, over 25% above the average spot price, demonstrating the strength of the unhedged strategy.

• Advanced development of a vertically integrated U.S. uranium fuel supply chain, including mining, refining, and conversion, with major progress at Sweetwater, Roughrider, and Ludeman projects.

Financial highlights

• Generated $20.2 million in revenue and $10 million in gross profit from sales of 200,000 pounds of U3O8 at $101 per pound, significantly above the average spot price of $80.76.

• Held 1,456,000 pounds of U3O8 in inventory, valued at $144 million, plus 244,321 pounds at Irigaray CPP.

• Fiscal Q2 production was 45,743 pounds of U3O8 at a total cost of $44.14/lb and cash cost of $39.66/lb.

• Since restart, total cost per pound was $37.28 and cash cost per pound was $30.52 on 244,321 pounds produced.

• Cash and cash equivalents at January 31, 2026, were $486.35 million, with working capital of $576.85 million.

Outlook and guidance

• Production volumes expected to be weighted toward the second half of the fiscal year, with ramp-up contingent on regulatory approvals.

• Advancing feasibility, siting, and licensing for domestic uranium refining and conversion capabilities, with more updates expected during the calendar year.

• Ongoing expansion of ISR production in Wyoming and South Texas, with Sweetwater and Roughrider projects progressing.

• Well-capitalized to respond to evolving U.S. policy initiatives, including potential Section 232 remedies and national security procurement requirements.