Uranium Energy Corp. (UEC) FY2026 Earnings: Revenue $37M (-44.3%)
UEC — FY2026 Annual Financial Report Analysis
Full Year · Fiscal year 2026 · Published by Pham Hop
Uranium Energy's FY2026 (to July 31) net loss widened to $137.3M as $102.4M of mine-building spending was expensed; own-mine output rose 76% to 229,294 lb but none was sold, and revenue fell 44% to $37.3M from stockpile resales.
Revenue
$37M
-44.3% YoY
Net income
-$137M
Diluted EPS
$-0.28
This period vs a year ago
Same period last year
This period
Revenue▼-44.3%
≈$67M
$37M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Overview
Uranium Energy Corp. (UEC) mines uranium in Wyoming and Texas and is developing projects in Saskatchewan, Canada. In the fiscal year ended July 31, 2026, its net loss widened to $137.3 million ($0.28 per share) from $87.7 million ($0.20) a year earlier. Revenue fell 44% to $37.3 million. The main reason for both is that UEC spent much more on building mines: mineral property spending rose from $66.1 million to $102.4 million, and under the accounting rules that apply to UEC, that money counts as an expense in the year it is spent. The company's own mines produced 229,294 pounds of uranium concentrate, up 76% (Christensen Ranch in Wyoming made 211,942 pounds and Burke Hollow in Texas, which started in April 2026, made 17,352 pounds). None of those pounds were sold. All of the year's revenue came from reselling uranium that UEC had bought on the market. UEC also raised about $530 million from new shares during the year, so it closed with $495.5 million in cash.
At a glance
$102.4 million of mine-building spending went straight into the loss. That is 75% of the $137.3 million net loss. UEC has not declared "proven or probable reserves" (the SEC's standard for ore that is shown to be economic to mine), so it must expense wellfield construction and drilling instead of recording them as assets.
229,294 pounds produced at a total cash cost of $34.24 per pound, up from $27.63. For comparison, UEC sold uranium at an average of $93.13 per pound and the spot price at year-end was $86.45. The spread per pound is wide, but production is still too small to cover the company's costs.
$495.5 million cash, up from $148.9 million. New shares, not operations, paid for this: $530.0 million of net share proceeds, while operations used $98.6 million of cash. The weighted-average share count rose 13%.
Key terms
U3O8 (uranium concentrate, or "yellowcake"): the dried uranium oxide powder that miners sell. Prices are quoted in dollars per pound.
ISR (in-situ recovery) mining: instead of digging ore out, the miner pumps a water-based solution through underground sandstone via a field of wells (a "wellfield"). The solution dissolves the uranium and is pumped back up, and a processing plant strips the uranium from it. All of UEC's current US production uses this method.
Hub-and-spoke: several wellfields (the spokes) send uranium-loaded resin to one central processing plant (the hub). In Wyoming the hub is the Irigaray plant, licensed for 4 million pounds a year. In Texas it is the Hobson plant, which can physically handle 2 million pounds a year.
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Physical Uranium Program: a stockpile of uranium concentrate that UEC bought on the market to resell later. So far, every sale UEC has made came from this stockpile, not from its own mines.
Results
Metric
FY2026 (to Jul 31, 2026)
FY2025
YoY Change
Revenue (sales of purchased uranium)
$37.25M
$66.84M
-44.3%
Gross profit
$16.90M
$24.48M
-31.0%
Gross margin on uranium sales
45.4%
36.6%
+8.8 pts
Mineral property expenditures
$102.37M
$66.06M
+55.0%
Loss from operations
-$133.15M
-$73.32M
Loss widened 81.6%
Net loss
-$137.31M
-$87.66M
Loss widened 56.6%
Loss per share (diluted)
-$0.28
-$0.20
Loss widened 40.0%
Adjusted EBITDA (non-GAAP)
-$118.11M
-$62.83M
Loss widened 88.0%
Pounds sold (purchased inventory)
400,000
810,000
-50.6%
Average realized price per pound
$93.13
$82.52
+12.9%
Pounds produced (own mines)
229,294
129,966
+76.4%
Total cash cost per pound produced (non-GAAP)
$34.24
$27.63
+23.9%
Operating cash flow
-$98.56M
-$64.46M
Burn up 52.9%
Cash and cash equivalents (year-end)
$495.46M
$148.93M
+232.7%
An operating margin figure is left out here on purpose. With $37 million of revenue and $150 million of operating costs, most of which is mine construction, the ratio would not say anything useful about how the business performs.
Why revenue fell while the price rose
Revenue depends on how many pounds UEC chose to sell from its stockpile, not on how much it mined. The 10-K says the decrease "resulted from lower sales volumes": 400,000 pounds sold against 810,000 the year before. The price was better, at an average of $93.13 per pound against $82.52, and so was the margin on each sale. Gross margin (the share of sales left after the cost of the uranium sold) rose from 36.6% to 45.4%. Management says sales from the stockpile depend on "our cash position, prevailing market prices and the liquidity of the uranium market". With $495 million of new cash, UEC had less need to sell. At July 31, 2026 it had no uranium purchase or sale agreements in place, and it expects future sales to go mainly through the spot market (the market for immediate delivery at the day's price). It does not hedge.
The stockpile fell by only 100,000 pounds, from 1,356,000 to 1,256,000, even though 400,000 pounds were sold. That means about 300,000 pounds were added during the year. It is carried at $63.77 million, or about $51 per pound.
Where the money went
The loss grew because of spending on mine development, not because the existing operations got worse. Mineral property expenditures of $102.37 million broke down as follows:
Development: $57.80M (from $33.89M). Most of it went to Christensen Ranch ($36.28M, up from $17.19M), where header houses for wellfields 10-extension, 11 and 12 were completed and extraction from wellfield 11 began. Burke Hollow received $16.99M and Ludeman $3.87M.
Exploration: $23.23M (from $11.14M). This was led by the Roughrider project in Saskatchewan ($13.51M, up from $5.68M), where a 36,000-metre drill program supports a planned pre-feasibility study (a detailed engineering and cost study done before a mine is approved).
Permitting and land: $9.30M (from $5.93M). Sweetwater in Wyoming alone took $3.78M, up from $0.65M.
Extraction readiness and site maintenance: $12.04M (from $15.11M). This fell because Christensen Ranch is in its second year of operation and no longer needs restart work ($4.27M, down from $10.68M).
General and administrative costs rose 26% to $34.47M. Salaries were $12.43M, up from $9.96M, which the 10-K attributes to a larger operations team. Stock-based pay was $8.04M. A new line of $6.28M covered planning for a proposed US uranium refining and conversion plant, run through a new subsidiary set up in September 2025.
What the headline numbers hide
The accounting rules make the loss look bigger than the day-to-day spending. Because UEC has declared no SEC-standard reserves, it remains an "exploration stage issuer" even though it now produces uranium. Wellfield construction that an established miner would record as an asset and depreciate over time is expensed immediately. Of the $102.37M in mineral property spending, management counts $81.03M as growth investment (exploration plus development). Without that, the operating loss would be much smaller. It is still real cash spent, though, and it will keep being spent as more wellfields are built.
Investment swings added noise in both directions. UEC holds shares in other uranium companies. It lost $17.51M on the market value of those holdings, including $7.03M on its 32.6% stake in Anfield Energy, and $9.89M on converting subscription receipts from its $40M purchase of Uranium Royalty Corp. (URC) shares in April 2026. On the positive side, it recorded $7.09M of income from equity-accounted investments, mostly its share of URC's result plus a $5.24M "gain on dilution" booked as URC issued new shares. Interest income on the cash pile jumped to $15.58M from $4.02M. Adding up these four items gives about -$4.7M, so they explain little of the $49.7M wider loss.
Cash burn is close to the reported loss. Operations used $98.56M of cash against a $137.31M net loss. The difference comes from non-cash items: $17.51M of investment write-downs, the $9.89M receipts loss, $8.04M of stock-based pay and $6.92M of depreciation, partly offset by the $7.09M equity-investment income.
The balance sheet was paid for with new shares. Net proceeds were $529.96M: at-the-market sales of shares on the stock exchange raised $292.6M gross, a public offering at $13.15 per share raised $234.4M gross, and Canadian flow-through shares raised $8.63M. The weighted-average share count rose 13.3% to 484.4M. That dilution is why the loss per share widened 40%, less than the 57% increase in the total loss.
The stockpile is worth more than its book value. The 1,256,000 pounds are recorded at cost, $63.77M. At the July 31 spot price of $86.45, they would be worth roughly $108.6M, so the balance sheet understates their market value by about $45M. That gain would only show up in the results if UEC sold. Separately, $9.77M of uranium from UEC's own mines was sitting in inventory, unsold, at year-end.
Production costs per pound rose. Total cash cost went from $27.63 to $34.24 per pound. Royalties and state taxes on production make up $6.60 of that. The filing says costs during the ramp-up phase are "not necessarily indicative" of costs at steady-state output. Still, the cost moved up, not down, even though production rose 76%.
Reclamation obligations are backed by surety bonds rather than cash. Estimated clean-up costs total $93.92M. $64.27M is backed by surety bonds (a guarantee from an insurer), but only $1.89M of that is posted as cash collateral. The surety could require UEC to fund the remaining $62.38M under certain conditions.
Takeaway: UEC is still a development company that happens to produce some uranium. Its two operating mines made 229,294 pounds in the year and sold none of them. All $37M of revenue came from reselling bought-in inventory. The $137M loss comes mostly from $102M of mine-building spending that accounting rules force it to expense, and new shares paid for that spending, not cash from mining. What will show whether the business can support itself is how fast Christensen Ranch and Burke Hollow grow output, and when UEC starts selling what it mines, not the size of the loss.
Outlook
UEC gives no numerical production or sales guidance. The 10-K says the ramp-up at both operating mines "will continue while new production areas are being constructed in 2026 and 2027", and that UEC will hire more staff to expand extraction at Christensen Ranch and Burke Hollow in fiscal 2027. Other plans for the coming year:
Ludeman (Wyoming): continue building a satellite ion-exchange plant (a small plant that captures uranium from the well solution onto resin before trucking it to the main plant) and the first wellfield. Uranium from there will go to Irigaray for final processing.
Sweetwater (Wyoming): this project is on a fast-tracked federal permitting schedule (FAST-41). The US permitting dashboard shows the environmental assessment finishing in March 2027 and plan approval in May 2027. More drilling is planned for fiscal 2027.
Burke Hollow (Texas): the second production area (PAA-2) is in permitting.
Roughrider (Canada): the pre-feasibility study continues. Palangana (Texas) stays on reduced activity.
Our read: Fiscal 2027 will likely look similar, with heavy development spending expensed through the income statement. The cash pile covers roughly five years of operating burn at this year's rate, before project capital, so the company has no near-term need to raise money. Two numbers to watch in the quarterly filings: (1) quarterly pounds produced, and whether the cash cost per pound starts falling as new wellfields come online, and (2) the first sales of UEC's own production. Once UEC sells its own pounds, revenue will depend on what it mines rather than on stockpile resale decisions. It is fully exposed to the uranium price, with no hedges and no sales contracts. That helps when prices rise, as they did this year (a fiscal-year average of $82.32 per pound against $73.59, per the 10-K's UxC data), and hurts just as directly when they fall.
Source: Uranium Energy Corp. Form 10-K for the fiscal year ended July 31, 2026, filed with the SEC on September 29, 2026. The cost per pound, Adjusted EBITDA and "growth investment" split are UEC's own non-GAAP measures as reconciled in the 10-K.