fiscal 2026
Filed Sep 29, 2026Uranium Energy Corp reports fiscal 2026 results with 229,294 pounds of production, $37.3 million of revenue, $753 million in liquid assets and no debt.
UEC doubled its production footprint to two operating mines, sold inventory at a weighted average realized price of $93.13 per pound, reported $16.9 million of gross profit and ended the fiscal year with $753 million in liquid assets and no debt. Fiscal 2026 Total Cost per Pound of $39.94 was above fiscal 2025's $36.41, while fourth-quarter production increased 157% sequentially and combined Total Cost per Pound declined 33% sequentially.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Fiscal 2026 revenueGAAP | $37.3M | – | – |
| Fiscal 2026 gross profitGAAP | $16.9M | – | – |
| Fiscal 2026 uranium sold from inventoryother | 400,000 pounds | – | – |
| Fiscal 2026 weighted average realized sales priceother | $93.13 per pound | – | – |
| Fiscal 2026 combined precipitated uranium and dried and drummed uranium concentrate productionother | 229,294 pounds | – | – |
| Fiscal 2026 combined cash production costs (in thousands of dollars)other | $6.34M | – | – |
| Fiscal 2026 combined total production-based royalties and taxes (in thousands of dollars)other | $1.51M | – | – |
| Fiscal 2026 combined total cash costs (in thousands of dollars)other | $7.85M | – | – |
| Fiscal 2026 combined depreciation, depletion and amortization (in thousands of dollars)other | $1.31M | – | – |
| Fiscal 2026 combined total costs (in thousands of dollars)other | $9.16M | – | – |
| Fiscal 2026 combined cash production costs per poundnon-GAAP | $ 27.64 | – | – |
| Fiscal 2026 combined production-based royalties, ad valorem and severance tax per poundnon-GAAP | $ 6.60 | – | – |
| Fiscal 2026 combined Total Cash Cost per Poundnon-GAAP | $ 34.24 | – | – |
| Fiscal 2026 combined Total Non-Cash Cost per Poundnon-GAAP | $ 5.70 | – | – |
| Fiscal 2026 combined Total Cost per Poundnon-GAAP | $ 39.94 | – | – |
| Fourth quarter combined precipitated uranium and dried and drummed U3O8 productionother | 82,744 pounds | up 157% | – |
| Fourth quarter combined Total Cash Cost per Poundnon-GAAP | $30.01 | – | – |
| Fourth quarter combined Total Cost per Poundnon-GAAP | $36.54 | Down 33% | – |
| Fourth quarter Christensen Ranch precipitated uranium and dried and drummed U3O8 productionother | 65,392 pounds | doubled | – |
| Fourth quarter Christensen Ranch Total Cash Cost per Poundnon-GAAP | $28.38 | – | – |
| Fourth quarter Christensen Ranch Total Cost per Poundnon-GAAP | $35.63 | Down 35% | – |
| Fourth quarter Burke Hollow precipitated uranium and dried and drummed U3O8 productionother | 17,352 pounds | – | – |
| Fourth quarter Burke Hollow Total Cash Cost per Poundnon-GAAP | $36.13 | – | – |
| Fourth quarter Burke Hollow Total Cost per Poundnon-GAAP | $39.93 | – | – |
| U3O8 inventory as of July 31, 2026other | 1,256,000 pounds of U₃O₈ | – | – |
| U3O8 inventory market value as of July 31, 2026other | $109M | – | – |
| Cumulative production since commissioning through fiscal year-endother | 359,260 pounds | – | – |
fiscal 2027 and longer-term project milestones outlook
- NoteUR&C’s Class IV cost estimate is expected to be completed by mid-2027.
- NoteThe FAST-41 Permitting Dashboard expects completion of the Sweetwater Environmental Assessment in March 2027.
- NoteThe FAST-41 Permitting Dashboard expects approval of the Sweetwater Plan of Operations in May 2027.
- NoteProduction is expected to commence at four newly approved Christensen Ranch header houses in the coming weeks.
What drove it
- Sales of 400,000 pounds from inventory at a weighted average realized price of $93.13 per pound generated fiscal 2026 revenue of $37.3 million and gross profit of $16.9 million.
- Christensen Ranch production reached 65,392 pounds in the fourth quarter after three new header houses began production late in the third fiscal quarter.
- Burke Hollow began operations in April and Hobson CPP began operations in May; Burke Hollow produced 17,352 pounds in its first full quarter of operation.
- UEC had 17 drill rigs operating in the Powder River Basin, 21 drill rigs operating in South Texas and two drill rigs operating in the Great Divide Basin at fiscal year-end.
- UR&C completed core execution plans, established a combined dedicated 63-member project team and began preparing its U.S. Nuclear Regulatory Commission license application.
Concerns
- Fiscal 2026 combined Total Cost per Pound was $39.94, compared with $36.41 in fiscal 2025.
- Burke Hollow's initial production phase was limited to a small section of the first production area consisting of 126 injection and recovery wells as operating parameters are established.
- Sweetwater remains in the federal permitting process, with the Environmental Assessment expected in March 2027 and Plan of Operations approval expected in May 2027.
- UR&C is advancing toward a Class IV cost estimate expected by mid-2027; the release does not provide a project cost estimate, construction schedule or financing requirement.
- The company states that forward-looking outcomes are subject to risks including project execution, permitting, demand, capital availability, regulatory changes and mining-industry risks.
What to watch
- Startup of production at four newly approved Christensen Ranch header houses and construction of three additional header houses.
- Burke Hollow expansion across the first production area following the initial operating-parameter phase.
- Construction and mechanical-integrity testing of Ludeman's first wellfield and procurement of long lead-time equipment for the satellite ion-exchange plant.
- Sweetwater permitting milestones expected in March 2027 and May 2027.
- Completion of UR&C's Class IV cost estimate by mid-2027 and progress on its U.S. Nuclear Regulatory Commission license application.
- Progress of the Roughrider pre-feasibility study following completion of 36,000 meters of core drilling.
Balance sheet and cash flow
- $753 million in liquid assets as of July 31, 2026.
- Cash of $495 million as of July 31, 2026.
- No debt.
- 1,256,000 pounds of U₃O₈ as of July 31, 2026, valued at $109 million at current market prices, excluding 359,260 pounds of precipitated uranium and dried and drummed U3O8 at the Irigaray CPP and Hobson CPP.
Analysis
UEC's fiscal 2026 release centers on the transition to two producing ISR mines. Combined production totaled 229,294 pounds of precipitated uranium and dried and drummed uranium concentrate, compared with 129,966 pounds in fiscal 2025. Fourth-quarter production was 82,744 pounds, up 157% from 32,195 pounds in the third quarter. Christensen Ranch produced 65,392 pounds in the fourth quarter and Burke Hollow, which began operations in April, added 17,352 pounds in its first full quarter of operation.
The financial results presented in the release reflect inventory sales rather than production volumes. UEC sold 400,000 pounds from inventory at a weighted average realized price of $93.13 per pound, generating fiscal 2026 revenue of $37.3 million and gross profit of $16.9 million. The release describes the company as maintaining a 100% unhedged uranium strategy and states it continues to hold most of its inventory. Its reported U3O8 inventory was 1,256,000 pounds, valued at $109 million at current market prices as of July 31, 2026.
Unit costs improved sharply during the fourth quarter as Christensen Ranch output increased. Combined fourth-quarter Total Cash Cost per Pound was $30.01 and Total Cost per Pound was $36.54, with the latter down 33% sequentially. Christensen Ranch's fourth-quarter Total Cost per Pound was $35.63, compared with $54.61 in the third quarter. For the full fiscal year, however, combined Total Cash Cost per Pound was $34.24 versus $27.63 in fiscal 2025, while Total Cost per Pound was $39.94 versus $36.41.
Balance-sheet capacity remains a central part of the release. UEC reported $753 million in liquid assets, including cash of $495 million, and no debt. The company is funding mine development at Ludeman, advancing Sweetwater permitting and pursuing a uranium conversion facility through UR&C. The key disclosed timing markers are a mid-2027 Class IV cost estimate for UR&C, completion of the Sweetwater Environmental Assessment expected in March 2027 and approval of the Sweetwater Plan of Operations expected in May 2027.
The reported period also highlights potential demand for unobligated U.S.-origin uranium and conversion services. UEC cited an NNSA Request for Information outlining requirements for 4 million pounds of U3O8 and 1,500 metric tonnes of uranium as UF6 per year, with deliveries as early as 2030. These are government requirements cited by the company, not UEC sales guidance. The release contains no revenue, earnings, production-volume or cost guidance for fiscal 2027.
Management, verbatim
In fiscal 2026, UEC became a multi-mine uranium producer.
Amir Adnani, President and CEO
Our unhedged sales strategy delivered a weighted average realized price of $93.13 per pound, which we believe is the highest among publicly traded uranium producers.
Amir Adnani, President and CEO
We enter fiscal 2027 debt-free with an exceptional balance sheet and the ability to fund our ongoing growth.
Amir Adnani, President and CEO
Not in the filing
stated, not guessed- GAAP operating income or loss
- GAAP net income or loss
- GAAP diluted EPS
- Non-GAAP earnings or EPS
- Fiscal 2025 revenue and gross profit
- Quarterly revenue and gross profit
- Operating cash flow
- Free cash flow
- Capital expenditures
- Share repurchases
- Dividends
- Total debt amount, beyond the statement of no debt
- Segment revenue
- Fiscal 2027 financial guidance for revenue, gross margin, operating expenses, tax rate, earnings, production or costs
- Prior outlook for comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.