Ur-Energy (URG) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly uranium production of 140,873 pounds in Q2 2026, up 47% sequentially and 26% year-over-year, with 149,747 pounds shipped and full operations commenced at Shirley Basin.

• Q2 2026 revenue reached $14.4 million, up from $10.4 million in Q2 2025, driven by higher uranium sales volumes and prices.

• Maintained strong liquidity with $95.3 million in unrestricted cash at quarter-end.

• Net loss for Q2 2026 was $16.7 million, an improvement from a $21.0 million loss in Q2 2025.

• Positioned as the largest U.S. ISR uranium producer, leveraging a hub-and-spoke model for scalable growth.

Financial highlights

• Q2 2026 sales revenue was $14.4 million from 215,000 pounds delivered under contract, with an average sales price of $66.85 per pound.

• Cash cost per pound sold was $40.20, up from $37.51 in Q1 2026 but down from $42.83 in Q2 2025.

• Ended Q2 2026 with 348,292 pounds of finished inventory, a 16.5% decrease from Q1 2026.

• Gross profit for Q2 2026 was $1.9 million; net loss narrowed to $16.7 million.

• Shareholders' equity at quarter-end was $68.9 million.

Outlook and guidance

• 2026 sales guidance revised to 1,000,000 pounds of U3O8 at an average price of $64/lb, with some deliveries deferred to 2027 and 2029 to optimize inventory and production schedules.

• Wellfield construction for Lost Creek’s fifth mine unit planned by year-end 2026; wastewater treatment facility at Lost Creek expected to be operational in Q1 2027.

• Optimization initiatives at Shirley Basin to continue through 2027 to enhance long-term operating performance.

• Capital projects at Shirley Basin and Lost Creek expected to be funded by cash on hand and operating cash flow.

• Lost Creek South exploration and Lost Soldier technical report expected to advance growth pipeline in late 2026.