Uranium Energy Corp now produces uranium from two US mines, and its output jumped 157% in the last quarter of its fiscal year. Its shares rose 6% even though revenue fell and losses widened.
At a glance
- The company mined 229,294 pounds of uranium in the year to July 31, with 82,744 pounds coming in the final quarter alone.
- It sold 400,000 pounds of previously purchased uranium at an average $93.13 a pound, which it says leads its listed peers.
- It ended the year with no debt and $753 million in cash, securities and uranium inventory.
Background
Uranium Energy Corp (UEC) is a US uranium miner with projects in Wyoming and Texas. It uses in-situ recovery, which pumps a solution underground to dissolve uranium and brings it to the surface without digging a conventional mine. The product is uranium oxide concentrate, often called yellowcake, which is later processed into nuclear reactor fuel.
What happened
UEC produced 229,294 pounds of uranium in its fiscal year ended July 31, 2026. Output rose 157% in the fourth quarter to 82,744 pounds, from 32,195 pounds in the third. The uranium came from Christensen Ranch in Wyoming and Burke Hollow in Texas.
"UEC became a multi-mine uranium producer" during the year, chief executive Amir Adnani said, having started with a single Wyoming mine twelve months earlier. A third mine, Ludeman in Wyoming, is under construction. The shares rose 6% after the results.
Why revenue fell anyway
UEC's sales did not come from the uranium it mined. It sold 400,000 pounds of uranium it had bought earlier, at an average $93.13 a pound. That brought in $37.3 million, down from $66.84 million a year earlier, when it sold 810,000 pounds at $82.52.
The net loss widened to $137.3 million from $87.7 million. Instead of selling its own output, UEC is holding it. It had 1,256,000 pounds of uranium in inventory at year-end, valued at $109 million, alongside $495 million in cash.
What it means
Holding uranium rather than selling it on long-term contracts is a bet that prices will keep rising. That bet has paid off so far, with its average selling price up more than $10 a pound in a year.
Costs are falling as output grows. At Christensen Ranch, fourth-quarter cash costs were $28.38 a pound, far below the $93.13 the company realised. If that gap holds as Ludeman comes online, UEC's own mines could become a steady source of profit, not just inventory.
Our read
Outlook: neutral. UEC's output is small against global supply, so its results do little to move uranium prices. They do show a US producer holding metal back, betting on higher prices.
What to watch
- Construction progress at the Ludeman mine in Wyoming.
- Federal permits for the Sweetwater project, with an environmental assessment expected by March 2027.
- Whether UEC starts selling its own mined uranium rather than purchased inventory.
For information only, not investment advice.
Uranium price in India
metalscost.com India reference price as of 2026-10-03.
Detailed analysis
Timeline
- 2026-07-31: UEC's fiscal 2026 ends with 229,294 pounds of uranium produced for the year.
- 2026-09-29: UEC reports fiscal 2026 results and its shares rise 6%.
Inventory Drivers
UEC is keeping its mined uranium in inventory, holding 1,256,000 pounds at year-end rather than selling it.
Mining Production
UEC's fourth-quarter output rose 157% to 82,744 pounds as its Texas mine joined Wyoming.
What could lift prices
- A US producer holding back its output keeps that uranium off the spot market.
- UEC's average selling price rose from $82.52 to $93.13 a pound in a year.
What could weigh on prices
- UEC's growing stockpile could be sold quickly if the company needs cash or prices peak.
- New US production from Ludeman and Sweetwater would add supply over time.
Country impact
| Country | Impact | Reason |
|---|---|---|
| United States | Medium | UEC is adding domestic uranium output from mines in Wyoming and Texas. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Nuclear Fuel Cycle | Positive | More US uranium production adds a domestic source of reactor fuel feed. |
Who gains, who loses
- UEC shareholders: The shares rose 6% as production scaled up and costs fell.
- Utilities buying uranium on the spot market: Producers holding back output leave less uranium available to buy today.
Other ways this could play out
- If uranium prices keep rising, UEC's unsold inventory would gain value and justify its strategy.
- If prices fall, UEC would be left holding costly inventory while still reporting losses.
Price risks
- A large inventory sale by UEC could weigh on the spot price.
- Faster US production growth than expected would add supply.
Historical comparison
- Fiscal 2025: UEC sold 810,000 pounds of purchased uranium at $82.52 a pound for $66.84 million of revenue.
Technical view
Price is trading above both its 20-period and 50-period moving averages, a bullish alignment.
Computed from metalscost.com's own stored price history.
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United States