Uranium Energy Corp (UEC) delivered a materially higher Q2 2025 revenue base of $49.75 million, up 27.7% year over year and 191.2% quarter over quarter, driven by stronger sales and project activity in its U.S. uranium portfolio. Gross margins remained healthy at 36.6%, with gross profit of $18.23 million. However, the company continued to report a net operating loss and net loss for the quarter (-$3.63 million and -$10.23 million, respectively), reflecting ongoing fixed cost leverage challenges and a significant acquisition outlay that weighed on near-term profitability. EBITDA was negative at -$10.33 million, and the EBITDA margin stood at -20.8%. The cash flow profile shows operating cash flow of -$8.81 million and free cash flow of -$10.02 million, with capital expenditures of only $1.21 million but a substantial investing activity outflow (-$188.95 million) driven by acquisitions (net acquisitions of -$177.29 million). Financing activities provided $70.64 million, primarily from equity issuance, leaving a net cash burn of $127.13 million for the period and ending cash of $70.72 million. The balance sheet remains solid at $982.0 million in total assets and $877.2 million in shareholders’ equity, with no long-term debt and a net cash position of approximately -$61.5 million. Liquidity metrics are strong (current ratio 9.44; quick ratio 4.39; cash ratio 4.10), but near-term profitability will hinge on uranium prices, contract wins, and successful integration of the acquired assets. Overall, UEC appears well positioned from a balance sheet standpoint, but faces profitability and earnings visibility challenges until price and volume catalysts materialize.