0001104659-25-105672
SEC filingUr-Energy's Q3 2025 net loss widened to $27.5M on lower sales price and higher costs, with nine-month loss of $59.3M.
For the nine months ended September 30, 2025, Ur-Energy reported revenue of $16.8 million, up 51.6% from $11.1 million in the prior-year period, driven by higher sales volume (275,000 lbs vs 175,000 lbs). However, gross profit swung to a loss of $1.4 million from a profit of $1.0 million, as cost of sales per pound rose to $56.22 (vs $45.82) due to the sale of non-produced pounds purchased at higher spot prices. Net loss widened to $59.3 million ($0.16 per share) from $33.1 million ($0.11 per share), primarily due to a $13.6 million swing in mark-to-market losses (warrant liability and inventory derivative) and a $2.4 million increase in gross loss.
In Q3 2025 alone, revenue was $6.3 million (110,000 lbs at $57.48/lb) versus $6.4 million (100,000 lbs at $61.65/lb) in Q3 2024. Gross loss of $0.7 million compared to a $0.8 million profit in the prior-year quarter, as non-produced pounds sold at $64.21/lb cost drove negative margins. Operating costs increased 50.7% to $19.1 million, reflecting accelerated development at Shirley Basin ($5.2 million in Q3) and higher exploration expenses.
The company operates a single reportable segment: uranium production and sales. Within this segment, the mix shifted from produced pounds (165,000 lbs in H1 2025) to non-produced pounds (110,000 lbs in Q3). Produced pounds generated a profit of $12.31/lb in Q2 2025, while non-produced pounds lost $6.72/lb in Q3. Development expenses at Shirley Basin totaled $9.4 million year-to-date, with another $4.0 million expected in Q4, as the project advances toward first production in 2026. Lost Creek mine unit development costs were $28.6 million year-to-date, reflecting ongoing drilling and wellfield construction.
For full-year 2025, management expects to deliver 440,000 lbs at an average price of $61.77/lb, generating $27.2 million in revenue. Q4 deliveries of 165,000 lbs will be sourced from produced pounds. The company completed an eighth multi-year sales agreement covering 2028-2030, bringing total contracted base deliveries to 6.0 million lbs through 2033. At Shirley Basin, construction is on track for initial production in Q1 2026, with expected 2025 capital spend of $35.6 million and development costs of $13.4 million. Cash position as of October 30 was $35.4 million. The company remains focused on resolving plant throughput issues at Lost Creek and advancing Shirley Basin to diversify production sources.
As of September 30, 2025, Ur-Energy held $52.0M in cash and cash equivalents, down from $76.1M at December 31, 2024. Total current assets were $76.6M, and total assets were $170.9M. Current liabilities were $9.8M, with non-current liabilities of $70.5M, largely driven by a $16.9M inventory derivative obligation (non-current), $9.0M warrant liability, $40.5M asset retirement obligations, and $2.7M stock option liabilities. The company's working capital position (current assets minus current liabilities) stood at $66.9M.
Inventory of $19.2M consisted of in-process inventory ($0.6M), plant inventory ($2.3M), and conversion facility inventory ($16.3M). A lower-of-cost-or-NRV adjustment of $2.7M was recorded for the nine months ended September 30, 2025. The reconciliation of restricted cash and cash equivalents ($11.4M) supported $42.8M in reclamation surety bonds.
The notes disclose an inventory derivative obligation (net) of $16.9M as of September 30, 2025, related to a 250,000-pound uranium loan agreement originally due November 30, 2025, subsequently extended to November 30, 2026. The loan carries interest at 5.25% per annum plus 1.5% on undrawn amounts. A separate facility allows borrowing up to an additional 150,000 pounds (none yet borrowed).
Subsequent to period end, on October 23, 2025, the company purchased 100,000 pounds of U3O8 for $8.2M to increase base inventory for 2026.
Asset retirement obligations of $40.5M represent estimated future reclamation costs for the Lost Creek and Shirley Basin projects, with expected payments extending through 2040. The change in estimated reclamation costs during the period was $2.7M, and accretion expense was $0.9M.
Capital expenditures for the nine months ended September 30, 2025, totaled $14.2M, primarily for capital assets (rolling stock, enclosures, machinery). The company did not repurchase shares, pay dividends, or issue/repay debt during the period. There were no buyback authorizations disclosed.
Financing activities included $15.2M from issuance of common shares under the At Market facility (net proceeds $14.8M after $0.4M costs), $0.5M from exercise of warrants, and $0.5M from exercise of stock options. Lease principal payments were $0.4M.
The company operates as a single reportable segment. All revenues are earned within the United States, and all long-lived assets are within the U.S. For the nine months ended September 30, 2025, total sales were $16.8M, consisting of $16.8M U3O8 sales (two customers: Customer A $10.4M, Customer B $6.3M) and $7K in disposal fees. Operating costs were $50.0M, split between exploration and evaluation ($3.7M), development ($38.2M), general and administration ($7.2M), and accretion ($0.9M).
For the nine months ended September 30, 2025, Ur-Energy reported a net loss of $59.3M, while operating cash flow used $24.3M. The significant difference is due to non-cash charges such as stock-based compensation ($2.2M), net realizable value adjustments ($2.7M), amortization ($2.7M), accretion ($0.9M), and mark-to-market losses ($9.2M). Additionally, working capital changes provided cash, notably trade receivables decreasing by $14.4M. Compared to the prior year, operating cash flow improved from a use of $32.5M, driven by lower net loss and favorable working capital movements.
Capital expenditures (capex) totaled $14.2M, up from $5.7M in the prior period, reflecting increased investment in mining assets. Financing activities provided $14.9M, primarily from common share issuances ($15.2M) and warrant exercises ($0.6M), partially offset by share issue costs ($0.4M) and finance lease payments ($0.4M). There were no share repurchases or dividends.
Overall, the company remains in a cash consumption phase, with operating and investing activities using $38.6M, funded by financing activities and existing cash reserves ($87.1M at period start). The increase in capex signals ongoing development, but the lack of positive free cash flow indicates reliance on external funding.