Uranium Energy Corp (0LJQ.L) reported Q2 2025 revenue of $49.75 million, up 27.7% year-over-year and 191.2% quarter-over-quarter, with a gross margin of 36.6% and gross profit of $18.23 million. Despite top-line growth, the quarter produced a net loss of $10.23 million and an EBITDA of $-10.33 million, driven by operating and non-operating costs as well as a material acquisition outlay. Operating income was negative at $3.63 million, underscoring margin pressure even as the company expands its asset base. The investing cash flow reflects a substantial acquisition-related outflow (acquisitionsNet of approximately $177.3 million across the four quarters), contributing to a negative free cash flow of about $10.02 million for the period. The company finished the quarter with approximately $70.7 million in cash and equivalents and a net cash position of about $61.5 million, supported by $70.6 million in net financing activities. On the balance sheet, Uranium Energy Corp holds a sizable PPE base and inventory with no long-term debt, signaling a strong liquidity profile and a capital-light balance sheet relative to scale. However, ongoing profitability hinges on uranium price cycles, successful integration of acquisitions, and the company’s ability to convert its asset base into near-term earnings. Management commentary is not included in the provided transcript data, so explicit earnings-call quotes are not available in this dataset. Investors should monitor uranium market dynamics, project execution, and any further capital allocation signals as key near-term drivers of value.