Uranium Energy Corp
ConvictionWeak
Unhedged US uranium miner-developer: low-capex in-situ recovery (ISR) hub-and-spoke production (Hobson/South Texas + Irigaray-Sweetwater/Wyoming) feeding utility offtake + a held physical-uranium inventory; commodity-price taker, no fixed-margin contract book yet, funded largely by equity (ATM) rather than debt.
Revenue
$20.2M9M FY2026, ended Apr 30, 2026); $0 in Q3 FY2026 — deliberately held inventoryRev growth
n/m — early-revenueUEC sold no uranium for 2 consecutive quarters, electing to hold inventory for stronger pricesGross margin
negative — current cash cost/lb$46.69 Q3) below spot (~$85.75) but ramp-stage costs + $0 sales drive operating lossesOp margin
negativenet loss ~$0.11/sh Q3 FY2026; accumulated deficit ~$483MCapex intensity
high relative to revenue — multi-platform buildoutChristensen Ranch wellfields, Burke Hollow satellite plant, Sweetwater, Roughrider PFS drillingMarket cap
~$5.28BJun 27, 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-09-24. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’19
$0
FY’22
$23M
FY’23
$164M+610%
FY’24
$224,000-100%
FY’25
$67M+29738%
Margins & balance sheet — FY’25
Gross margin36.6%
Operating margin-109.7%
Net margin-131.1%
Net cash$487M
The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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