Uranium Energy Corp (NYSEAMERICAN: $UEC) is an American company that aims to be the key domestic supplier of uranium fuel in the US. It utilizes low-impact In-Situ Recovery (ISR) mining in Wyoming and Texas, plus conventional projects in Canada. It is currently positioning itself as the only vertically integrated uranium fuel supplier from mining to conversion in the US.
On Wednesday, December 10, 2025, it released its Q1 fiscal 2026 earnings report. Let us take a deep dive into those results.
Uranium Energy Q1 Results
For the quarter, Uranium Energy reported an EPS loss of $0.02 per share, basic and diluted, on a net loss of around $10.34 million. This was slightly worse than some analyst expectations, which had looked for a narrower loss of around $0.01 per share.
Production And Cost Profile
The company produced 68,612 lbs of precipitated uranium and dried and drummed U₃O₈ in Q1 FY26. Cash production costs came in at $1.61 million, while production-based royalties and taxes were $0.44 million. That translated to total cash production costs of $2.05 million for the quarter, or roughly $2.36 million when non-cash depreciation, depletion, and amortization are included.
Its cash production cost per pound was $23.50, while royalties, ad valorem, and severance taxes per pound were $6.40. Its total cash cost per pound was $29.90. It reports a non-cash cost per pound of $4.45, for a total cost per pound of $34.35.
Balance Sheet
The company ended the quarter highlighting $698 million in total liquidity, including cash, uranium inventory, and equity holdings at market values, with no debt.
Within that figure, cash and cash equivalents stood at about $454.7 million, a huge increase from the $148.9 million reported in the previous quarter. Working capital came in at $523.4 million, compared to $207.6 million at the end of the last financial year.
To support this step-change, the company raised $234.4 million in capital from a public offering and $102 million from at-the-market (ATM) share sales. It also raised $8.6 million via a Canadian flow-through private placement. At the end of the quarter, it had approximately $454.7 million in cash and cash equivalents and $523.4 million in working capital, with no debt.
Uranium Inventory And Commitments
Its physical U₃O₈ inventory (purchased) stood at 1,356,000 lbs of U₃O₈ as of October 31, 2025, valued at $111.9 million at spot prices, excluding on-site produced material.
It also had about 199,000 lbs of precipitated/dried and drummed U₃O₈ at the Irigaray Central Processing Plant (CPP), which is produced but not yet included in that inventory number. Uranium Energy plans to add a further 300,000 lbs of U₃O₈ by the end of December 2025 at $37.05/lb, for around $11.1 million in purchase commitments.
Spending And Cash Flow
UEC remains in an exploration and development phase, posting a $29.8 million operating loss as it ramps up spending on mineral properties and G&A. However, gains on its equity holdings and rising interest income helped narrow the bottom-line loss to about $10.3 million.
Operational Scale
Uranium Energy has a workforce of 84 personnel in Wyoming and 86 personnel in South Texas for a total workforce of around 171 employees across its core US operations.
Market Performance
Following the EPS loss that came in wider than some forecasts, UEC shares dipped 7.45% at the close of trading on Wednesday, December 10, 2025, to $12.92.
Even after that pullback, the stock is up 93.12% year to date. Over the past six months, its value has risen by 108.72%, while over the past month the stock has slipped 0.15%.
The last closing price sits below its 50-day moving average of roughly $13.35 but remains above its 200-day moving average near $8.87. The current price is still at a noticeable discount to its 52-week high of $17.80.
Analysts remain optimistic about the future of $UEC, with a Strong Buy consensus rating. The average 12-month price target stands at $17.04, implying about 22% upside from the last closing price. Price targets range from a high of $19.75 to a low of $14.00.
Is Uranium Energy A Buy in December 2025?
Despite the recent loss per share, Uranium Energy is uniquely positioned in the US nuclear energy sector as the only company aiming to offer a fully vertically integrated uranium fuel chain, from ISR mining and conventional production through to planned conversion capacity.
The macro and policy backdrop has also turned more supportive. In March 2025, President Trump signed an Executive Order on “Immediate Measures to Increase American Mineral Production,” aimed at accelerating domestic mining and processing of critical minerals, including uranium. Later, on August 1, 2025, Uranium Energy’s Sweetwater Uranium Complex was designated as a FAST-41 transparency project, granting it fast-track federal permitting treatment under that same policy framework. That follows UEC’s acquisition of Sweetwater and associated Wyoming uranium assets from Rio Tinto in late 2024 for roughly $175 million in cash, giving the company a third US hub-and-spoke production platform centered on a large conventional mill.
Taken together, UEC now combines a growing ISR production base in Wyoming and South Texas, strategic warehoused uranium inventory, a strengthened balance sheet with no debt, and a potentially transformative Sweetwater platform moving through an accelerated permitting pathway.
With the Trump administration signaling strong support for nuclear power and domestic uranium production, the long-term setup for UEC is constructive. As such, adding the stock to a diversified portfolio could potentially be beneficial for investors who are bullish on uranium prices and are comfortable with the execution and permitting risks that come with a fast-growing, still-unprofitable producer.
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