Executive Summary
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.
Key Performance Indicators
QoQ: 191.16% | YoY:27.73%
QoQ: 191.57% | YoY:606.70%
QoQ: 72.48% | YoY:-199.02%
QoQ: 49.23% | YoY:-2 079.50%
QoQ: 50.51% | YoY:-1 828.57%
Key Insights
Revenue: $49.75M (YoY +27.7%, QoQ +191.2%)
Gross Profit: $18.226M; Gross Margin: 36.6% (YoY +606.7%, QoQ +191.6%)
Operating Income: -$3.634M; Operating Margin: -7.30%
EBITDA: -$10.328M; EBITDARatio: -0.208
Net Income: -$10.234M; Net Margin: -20.57%; EPS: -$0.0242
Cash Flow: Operating cash flow -$8.808M; Free cash flow -$10.018M
Investing: Investments in property, plant and equipment -$1.21M; Acquisitions net -$177.288M; Net cash used in investing -$188.953M
Financing: Common stock issued +$70.64...
Financial Highlights
Revenue: $49.75M (YoY +27.7%, QoQ +191.2%)
Gross Profit: $18.226M; Gross Margin: 36.6% (YoY +606.7%, QoQ +191.6%)
Operating Income: -$3.634M; Operating Margin: -7.30%
EBITDA: -$10.328M; EBITDARatio: -0.208
Net Income: -$10.234M; Net Margin: -20.57%; EPS: -$0.0242
Cash Flow: Operating cash flow -$8.808M; Free cash flow -$10.018M
Investing: Investments in property, plant and equipment -$1.21M; Acquisitions net -$177.288M; Net cash used in investing -$188.953M
Financing: Common stock issued +$70.642M; Net cash provided by financing activities +$70.642M
Liquidity & Balance Sheet: Cash at end of period $70.72M; Beginning cash $197.85M; Total current assets $141.44M; Inventory $75.69M; PPE net $760.11M; Total assets $981.96M; Total liabilities $104.74M; Total stockholders’ equity $877.21M; Net debt / cash position -$61.51M; Current ratio 9.44; Quick ratio 4.39; Inventory turnover 0.42x; Days inventory outstanding ~216 days
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
49.75M |
27.73% |
191.16% |
| Gross Profit |
18.23M |
606.70% |
191.57% |
| Operating Income |
-3.63M |
-199.02% |
72.48% |
| Net Income |
-10.23M |
-2 079.50% |
49.23% |
| EPS |
-0.02 |
-1 828.57% |
50.51% |
Key Financial Ratios
operatingProfitMargin
-7.3%
operatingCashFlowPerShare
$-0.02
freeCashFlowPerShare
$-0.02
priceEarningsRatio
-72.99
Management Commentary
Note: The earnings transcript data were not provided in the supplied material. As such, no management quotes or theme-based highlights could be extracted from a QQ2 2025 call. If a transcript becomes available, a thematically grouped synthesis (strategy, operations, market conditions, guidance) with direct quotes will be added.
Forward Guidance
No formal guidance was disclosed in the provided data. The outlook for UEC will plausibly depend on: (i) uranium price trajectory and contract wins, (ii) execution of the US-focused asset base (e.g., Palangana, Goliad, Longhorn, Burke Hollow, etc.) and any ramp-up in production or processing capacity, and (iii) capital allocation efficiency given the sizable acquisitions completed in the period. Investors should monitor: uranium market fundamentals and spot prices, term contract mix and secured volumes, progress on permitting and mine development timelines, and the company’s ability to integrate acquired assets without eroding margins. Given no debt and a solid liquidity position, UEC retains financial flexibility to pursue growth opportunities, though near-term profitability hinges on price-driven topline growth and cost-out measures.