Uranium Energy (UEC) Q2 2026 earnings summary

Executive summary

• Achieved significant milestones in building a vertically integrated uranium fuel supply chain, including mining, refining, and conversion, with the largest uranium resource base in the U.S.

• Completed construction at Burke Hollow, now the newest ISR uranium mine in the U.S., and expanded ISR production capacity in Wyoming and South Texas, pending regulatory approvals.

• Maintained a robust balance sheet with $818 million in liquid assets and no debt at quarter-end.

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

• Advanced development at Sweetwater, Roughrider, and Ludeman projects, including drilling, engineering, and permitting milestones.

Financial highlights

• Generated $20.2 million in revenue and $10.0 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 approximately $144 million, plus 244,321 pounds of additional uranium at the processing plant.

• Produced 45,743 pounds of uranium concentrate at a total cost per pound of $44.14 and cash cost per pound of $39.66 during the quarter.

• Since commissioning, total cost per pound has been $37.28 and cash cost per pound $30.52 across 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 potential ramp-up in Q4 pending regulatory approvals.

• Ongoing engagement with regulators and industry peers to address permitting backlogs and support efficient approvals.

• Advancing feasibility, siting, and licensing for domestic uranium refining and conversion capabilities.

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

• Proceeds from recent financings will support development of a new uranium refining and conversion facility and general corporate purposes.