Uranium Energy Corp. — FY2026 Form 10-K
Reporting period: Fiscal year ended July 31, 2026. UEC is a uranium mining and development company with U.S. ISR operations in Wyoming and Texas, development and exploration assets in North America and Paraguay, a purchased-uranium trading program, and plans to evaluate a U.S. uranium conversion facility. Financial amounts below are U.S. dollars.
Business context and operating progress
- UEC produced 229,294 pounds of precipitated uranium and dried and drummed U3O8 in FY2026: 211,942 pounds at Christensen Ranch, Wyoming, and 17,352 pounds at Burke Hollow, Texas. Both operations are ramping up; no company-produced uranium was sold in FY2026.
- Licensed production capacity across the company’s platforms is approximately 12.1 million pounds annually; licensed capacity is not equivalent to current production.
- The company held 1.256 million pounds of purchased uranium inventory at year-end. It sold 400,000 pounds during FY2026 under its Physical Uranium Program.
- UEC reports no mineral reserves for any project under SEC Regulation S-K 1300. Its resource estimates and preliminary economic assessments do not establish economic viability.
Key financial metrics
| Metric | FY2026 | FY2025 |
|---|---|---|
| Sales and service revenue | $37.25 million | $66.84 million |
| Gross profit | $16.90 million | $24.48 million |
| Gross margin | 45.4% | 36.6% |
| Operating loss | $133.15 million | $73.32 million |
| Net loss | $137.31 million | $87.66 million |
| Basic and diluted loss per share | $0.28 | $0.20 |
| Net cash used in operating activities | $98.56 million | $64.46 million |
| Net cash used in investing activities | $89.09 million | $157.03 million |
| Net cash provided by financing activities | $526.88 million | $284.84 million |
| Cash and cash equivalents at year-end | $495.46 million | $148.93 million |
| Working capital | $547.61 million | $207.58 million |
- Revenue came from purchased uranium sales, not UEC’s mine production. Sales were 400,000 pounds at a weighted average $93.13 per pound, versus 810,000 pounds at $82.52 in FY2025. Lower sales volume reduced revenue and gross profit.
- Mineral property expenditures rose to $102.37 million from $66.06 million, including $57.80 million of development and $23.23 million of exploration spending. General and administrative expense increased to $34.47 million from $27.26 million. UEC also incurred $6.28 million in conversion-project expenditures.
- Non-GAAP Adjusted EBITDA loss was $118.11 million, compared with $62.83 million in FY2025. Production cost per pound, a non-GAAP measure during ramp-up, was $39.94 versus $36.41; management cautions this may not represent steady-state costs.
- No conventional borrowings are presented on the balance sheet; total liabilities were $136.11 million, including $43.14 million of asset retirement obligations and $59.15 million of deferred tax liabilities. Reclamation surety bonds totaled $64.27 million, with $1.89 million held as restricted cash collateral.
- Financing was primarily equity: FY2026 net proceeds from share issuances and related activity were $529.96 million. Shares outstanding increased from 454.0 million to 495.6 million during the year.
Material changes versus FY2025
- Production increased from 129,966 pounds to 229,294 pounds, reflecting continued Christensen Ranch operations and Burke Hollow’s April 2026 start.
- Revenue and gross profit declined as purchased-uranium sales volume fell, despite a higher average selling price. Operating and net losses widened, mainly alongside higher project spending and corporate costs.
- Cash increased substantially, supported by equity financing, while operating cash outflow also increased. Investing outflow was lower than FY2025, which included the Sweetwater acquisition.
- UEC expanded development work at Christensen Ranch, Burke Hollow, Ludeman, Sweetwater and Roughrider. It also invested $40 million in Uranium Royalty Corp. subscription receipts, which converted into shares in July 2026.
Outlook, commentary and key risks
- For FY2027, management plans continued ramp-up and new production-area construction at Christensen Ranch and Burke Hollow, development of the Ludeman ion-exchange facility and wellfield, further Sweetwater permitting and refurbishment assessment, and continued Roughrider studies. The filing gives no specific FY2027 production or revenue guidance.
- Sweetwater’s federal environmental assessment is anticipated on the FAST-41 dashboard in March 2027, with Plan of Operations approval anticipated in May 2027; these are expected dates, not guaranteed approvals. Roughrider still requires extensive assessment, Indigenous engagement, permits and licensing.
- UEC is evaluating a proposed conversion facility with conceptual initial capacity of 10,000 metric tonnes of uranium annually. The project remains early-stage and depends on further studies, site selection, government commitments, contracts, approvals and market conditions.
- Management says operations are capital intensive, with continued losses and negative operating cash flow; future financing may be needed. UEC is unhedged to uranium prices and had no uranium purchase or sale agreements in place at year-end.
- Material uncertainties include production ramp-up and cost performance, the absence of mineral reserves, uranium-price and equity-investment volatility, permitting delays or challenges, reclamation funding, and the ability to finance planned growth. Certain Goliad permits remain challenged; Paraguay concessions face regulatory disputes over extension or continuation.
- FY2026 included a $9.9 million loss on revaluation of Uranium Royalty Corp. subscription receipts and $17.51 million of fair-value losses on equity securities. The company also reported a $7.09 million gain from equity-accounted investments and $15.58 million of interest income.
- The estimated undiscounted reclamation obligation was $93.92 million, payable over one to 35 years. Surety arrangements may require additional cash collateral if terms change or the bonds become unacceptable.
Most important facts for investors to verify
- Whether Christensen Ranch and Burke Hollow achieve planned ramp-up, throughput and sustainable production costs—and how much production is ultimately sold.
- Cash burn, remaining ATM capacity, equity issuance and dilution, and the timing and terms of any additional financing.
- Actual permitting milestones and costs for Sweetwater, Ludeman and Roughrider, including resolution of Goliad challenges and Paraguay concession matters.
- How uranium inventory is valued and monetized, and the effect of spot-price changes on inventory, revenue and cash flow.
- Reclamation cost estimates, surety-bond terms and potential collateral calls; and whether the proposed conversion facility advances beyond feasibility and site-selection work.