Uranium Energy Corp.

UEC reported fiscal 2026 revenue of $37.3 million and gross profit of $16.9 million from sales of 400,000 pounds at a weighted average realized price of $93.13 per pound. Full-year production was more than 229,000 pounds, with cash cost of about $34 per pound and total cost of $39.94 per pound. In the fourth quarter, combined production at Christensen Ranch and Burke Hollow was nearly 83,000 pounds, up 157% sequentially, at a cash cost of about $30 per pound and total cost of about $36.50 per pound. Christensen Ranch produced more than 65,000 pounds in the quarter, while Burke Hollow produced more than 17,000 pounds. The company ended the year with 1.26 million pounds of uranium inventory, $753 million in liquid assets, including $495 million in cash, and no debt. Management did not provide formal production guidance, but said it is confident about a strong fiscal 2027 as more header houses come online and development advances.

Amir Adnani framed fiscal 2026 as the year UEC built its platform, saying the company moved from one mine in one state to two producing mines in two states, with a third mine under development. His tone was highly optimistic and strategic, centered on UEC becoming a vertically integrated U.S. uranium company from U3O8 to UF6. He repeatedly pointed to tightening U.S. government demand, the Russian import ban taking full effect in December 2027, and UEC’s unhedged inventory strategy as reasons the company chose to keep optionality rather than lock in legacy-priced contracts.

Josephine Man did not provide a detailed prepared financial readout in the transcript, but the financial points discussed included $37.3 million of revenue, $16.9 million of gross profit, 1.26 million pounds of inventory worth about $109 million at current market prices, and $753 million in liquid assets with no debt. Management said the unhedged approach was deliberate, allowing UEC to hold inventory into a stronger market rather than sell more volumes at lower prices. No formal next-quarter or full-year financial guidance was given, and management said production guidance remains difficult because of regulatory timing.

Analysts focused on whether UEC would sell more in fiscal Q1 as uranium prices hovered around $90 per pound, and management said customer engagement has increased, with more off-market utility discussions, RFQs, and RFPs. Questions on government demand centered on the NNSA request for 4 million pounds of U3O8 and 1,500 metric tons of uranium as UF6 starting in 2030, and management said UEC can directly serve the U3O8 portion now while UR&C is being advanced for future UF6 supply. Analysts also pressed on conversion timing, off-take, financing, and competition; management said the Class 4 cost estimate is expected by mid-2027, final investment decision would follow that, and the company believes only a vertically integrated U.S. solution can meet the national security need.