0001104659-26-057462
SEC filingUr-Energy began uranium sales in Q1 2026 with 55,000 lbs at $70.98/lb, but net loss widened to $28.8M due to development costs and mark-to-market losses.
Ur-Energy reported its first uranium sales in Q1 2026, generating $3.9 million in revenue from 55,000 pounds sold at an average price of $70.98 per pound. This compares to no sales in Q1 2025. Gross profit was $1.2 million, reflecting a 31.2% gross margin on produced pounds, a significant improvement from the 14.0% margin in Q4 2025 due to higher realized prices and lower production costs ($48.85 per pound vs $54.35 in Q4 2025). However, operating costs more than doubled to $21.6 million (from $13.2 million), driven by increased exploration ($2.3M), development ($14.9M, +$5.2M, primarily at Shirley Basin), and general administrative expenses ($3.9M, +$1.8M). Interest expense rose to $2.9 million (from $0.3 million) due to the new Convertible Notes. A mark-to-market loss of $6.4 million (vs a gain of $4.3 million in Q1 2025) further widened the net loss to $28.8 million ($0.07 per share), compared to a loss of $10.9 million ($0.03 per share) in the prior year.
Ur-Energy operates a single segment: uranium production. In Q1 2026, all sales were from produced pounds at Lost Creek. The company also held 417,231 pounds in conversion facility inventory at quarter-end, including 240,000 purchased pounds. Production at Lost Creek captured 110,314 pounds, up 41% from Q4 2025, but drumming and shipping volumes declined due to intentional flow rate reductions in late 2025 for plant modifications. The Shirley Basin project remained in the development stage, with $7.8 million in mine unit development costs expensed as the company prepared for initial operations. In April 2026, Shirley Basin commenced uranium extraction, with first resin shipments expected in summer 2026. Lost Creek continues to face operational challenges from fine particles, being addressed with a sand filtration system expected online in Q2 2026.
Management expects 2026 to be a pivotal year with Shirley Basin's first production. Full-year 2026 guidance calls for 1.3 million pounds sold at an average price of approximately $63 per pound, generating $82 million in revenue. Deliveries are heavily weighted to Q4 (840,000 lbs). The company anticipates that Lost Creek production will continue to increase, while initial Shirley Basin production will have higher per-pound costs until rates ramp up. Capital expenditures for 2026 are estimated at $25.5 million, including the Shirley Basin water treatment system and Lost Creek sand filters. As of April 30, 2026, cash and restricted cash stood at $107.5 million. The company has no immediate plans for additional financing beyond expected operating cash flow, though it may adjust delivery schedules or borrow uranium if production shortfalls occur.
As of March 31, 2026, Ur-Energy held $122.8 million in cash and cash equivalents, down slightly from $123.9 million at December 31, 2025. Restricted cash and cash equivalents increased to $12.9 million from $11.5 million, primarily for reclamation bonding. Total assets were $291.6 million, up from $272.5 million, driven by increases in capital assets ($61.2 million vs. $49.7 million) and mineral properties ($45.5 million vs. $43.9 million). Shareholders' equity rose to $82.9 million from $77.5 million, despite a net loss of $28.8 million, due to warrant exercises adding $33.0 million to share capital.
The company has significant asset retirement obligations (ARO) totaling $47.4 million, up from $44.5 million at year-end 2025, reflecting changes in estimated reclamation costs and accretion. Restricted cash of $12.8 million collateralizes $50.4 million in surety bonds for reclamation. The company also has an inventory derivative obligation (uranium loan) with a net fair value of $17.3 million, due November 30, 2026. Financing lease liabilities total $1.7 million.
Ur-Energy issued $120.0 million in convertible senior notes in December 2025, with a net carrying value of $67.6 million after debt discount and issuance costs. The notes bear 4.75% interest and mature January 2031. Capital expenditures were $12.3 million in Q1 2026, up from $3.8 million in Q1 2025, primarily for development at Shirley Basin. No dividends or share buybacks were reported. The company received $28.7 million from warrant and stock option exercises.
The company operates as a single reportable segment. All revenues are earned in the U.S., and all long-lived assets are located in the U.S. The segment generated $3.9 million in sales (first uranium sales) in Q1 2026, compared to zero in Q1 2025. Operating loss was $20.3 million, driven by $14.9 million in development costs and $3.9 million in G&A.
Net loss widened to $(28.8M) in Q1 2026 versus $(10.9M) in the prior-year quarter, yet CFO fell more dramatically to $(16.5M) from $2.8M. The divergence reflects large non-cash charges (mark-to-market loss of $6.4M, accretion, amortization, stock compensation) and unfavorable working capital moves, particularly a $6.7M increase in payables partially offset by inventory build (-$3.7M) and receivables drawdown (-$20k). The mark-to-market loss is a significant non-cash swing from a $4.3M gain a year ago.
Capex (purchase of capital assets) jumped to $12.3M, triple the prior year’s $3.8M, reflecting ongoing development at Shirley Basin. No free cash flow was disclosed; with a large CFO deficit and elevated capex, FCF would be deeply negative. Financing provided $28.4M, almost entirely from warrant/option exercises ($28.7M), offset by small convertible note costs and lease payments. No share repurchases or dividends were paid.
Working capital swings were notable: accounts payable rose $6.7M (likely deferred payment terms), while inventory increased $3.7M (production ramp-up). The overall cash position ended at $135.7M, up slightly from $135.3M at period start.