UECNYSEMiscellaneous Metal OresUS GAAP · USD

Uranium Energy Corp

Uranium Energy Corp is a U.S.-based uranium mining company focused on acquiring, developing, and operating uranium projects in the United States, Canada, and Paraguay. Its business centers on in-situ recovery (ISR) uranium mining, uranium processing capacity, and physical uranium inventory held to support future sales and project development.

Revenue37.3m USD
−44.3 %y/y
Operating profit (EBIT)-133m USD
−81.6 %y/y
EBIT margin-357.4%
−247.7 ppy/y
Net income-137m USD
−56.6 %y/y
Free cash flow-107m USD
−53.5 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-200-1000100200m USD2021: 0.00 m USD2021: EBIT -18 m USD20212022: 23 m USD2022: EBIT -23 m USD20222023: 164 m USD2023: EBIT 8.9 m USD20232024: 0.22 m USD2024: EBIT -56 m USD20242025: 67 m USD2025: EBIT -73 m USD20252026: 37 m USD2026: EBIT -133 m USD202637-133
RevenueOperating profit (EBIT)

Business

Share of revenue
ISR uranium mining55 %

Development and operation of in-situ recovery uranium projects and related extraction readiness activities.

Uranium inventory sales35 %

Sales of purchased uranium inventory and uranium concentrate into the spot market.

Processing services5 %

Toll processing services related to uranium handling and conversion support.

Project development and permitting5 %

Permitting, exploration, property maintenance, and pre-extraction work on uranium assets.

Customers

UEC sells primarily into the uranium market, where buyers include utilities, traders, financial entities, and government-related programs. Its sales are tied to spot-market conditions and future contracting opportunities, while its project pipeline is aimed at supplying nuclear fuel customers that prefer domestic or U.S.-origin uranium.

Nuclear utilities

Buy uranium concentrate for reactor fuel and long-term supply security.

Spot market counterparties

Purchase purchased uranium inventory when market pricing and liquidity are favorable.

Government and strategic programs

May buy or source domestic uranium for reserve or policy-driven supply needs.

Financial entities and traders

Participate in uranium inventory and market transactions for exposure or arbitrage.

Strategy

UEC’s strategy is to build a low-cost ISR uranium platform, maintain licensed processing capacity, and hold physical uranium inventory to support future sales and balance sheet flexibility. It also seeks to benefit from domestic uranium supply opportunities, including U.S.-origin demand and potential participation in strategic government programs.

Scale ISR mining and processing platformMedium term

ISR can lower operating complexity and support competitive uranium supply.

Build and manage physical uranium inventoryShort term

Inventory can support future sales, pricing leverage, and balance sheet flexibility.

Pursue domestic supply opportunitiesMedium term

U.S.-origin uranium may command strategic value and support government programs.

Advance refining and conversion optionalityLong term

Downstream capability could broaden the company’s role in the nuclear fuel cycle.

Geography

Q1/2024

UEC operates a U.S.-centered uranium platform with extraction-ready ISR hubs in South Texas and Wyoming, anchored by processing plants in those regions. It also holds uranium assets and employees in Canada and Paraguay, which broadens its operating footprint and exposes the company to multiple permitting, regulatory, and logistics regimes.

United States100 %

Risks

UEC is exposed to uranium price volatility, financing dependence, and the regulatory intensity of the nuclear fuel cycle. Its project pipeline also carries execution risk because ISR mining, permitting, and early-stage refining or conversion initiatives require technical success, approvals, and capital before they can contribute meaningfully.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Uranium price volatility1Financing dependence2Regulatory and political risk3Project execution risk4Competitive acquisition risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Uranium price volatilityImpact: HighLikelihood: High

    Spot-market sales and inventory valuation are highly sensitive to uranium pricing.

    Exposure: Sales of purchased uranium inventory and future U3O8 sales

  2. Financing dependenceImpact: HighLikelihood: High

    Project development and inventory strategy rely on continued access to equity and debt.

    Exposure: All uranium projects and corporate liquidity

  3. Regulatory and political riskImpact: HighLikelihood: Medium

    Uranium mining, transport, and marketing are heavily regulated and policy-driven.

    ExposurePermitsTradeNuclear power policy
  4. Project execution riskImpact: MediumLikelihood: High

    ISR projects and refining/conversion initiatives require technical and regulatory success.

    Exposure: Development timelines and capital deployment

  5. Competitive acquisition riskImpact: MediumLikelihood: Medium

    Larger uranium companies may outbid UEC for projects and resources.

    Exposure: Growth through acquisitions

Accounting

Judgemental items
Mineral rights and exploration costs

Acquisition costs are capitalized while exploration and pre-extraction costs are expensed until reserves are established.

Impact: Affects asset values, operating expenses, and timing of project economics

Uranium inventory valuation

Purchased uranium and concentrate are carried as inventory and exposed to market price changes.

Impact: Can affect working capital and future gross profit recognition

Asset retirement obligations

Long-lived mining assets require estimates for reclamation and closure costs.

Impact: Affects liabilities and periodic accretion expense

Inventory purchase commitments

Committed uranium purchases create fixed future cash obligations.

Impact: Affects liquidity planning and balance sheet commitments

Operating leases

Office and facility leases create recognized right-of-use assets and liabilities.

Impact: Affects leverage presentation and fixed-cost structure

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026