Uranium Energy Corp (0LJQ.L) reported QQ1 2025 revenue of $17.09 million with gross profit of $6.25 million, yielding a gross margin of approximately 36.6%. Despite top-line growth, the quarter generated an operating loss of $13.20 million and a negative EBITDA of $21.24 million, culminating in a net loss of $20.16 million and an earnings per share of −$0.049. The year-over-year revenue surge (as reported in the metrics) reflects a very small base in the prior-year period, underscoring how early-stage uranium developers can show outsized YoY percentage changes even as the company remains in a near-term loss position. The quarter’s cash flow was characterized by a negative operating cash flow of $11.45 million and negative free cash flow of $12.67 million, with capital allocation skewed toward investing activities (notably maturities of investments and capex), yet the balance sheet remains cash-rich with $190.6 million in cash and equivalents and no material debt.
Beyond liquidity, Uranium Energy Corp sits on a sizeable US-focused uranium asset base (Palangana, Goliad, Burke Hollow, Longhorn, Salvo, and related projects) that provides optionality to scale production as uranium prices and contract activity improve. The company posted a strong current ratio (~20.6) and substantial liquidity, offering flexibility to fund ongoing exploration, development, and potential strategic initiatives. However, the near-term investment thesis hinges on uranium price stabilization or upside, execution of production ramp plans, and ongoing cost discipline to move toward sustained profitability. The lack of an explicit quarterly guidance in the data set necessitates a scenario-driven approach focused on commodity cycles and project execution as the primary drivers of earnings reversals. Investors should monitor uranium market dynamics, planned production steps at US sites, capex cadence, and any monetization prospects for non-core assets.