Breaking Down Ur-Energy Inc. (URG) Financial Health: Key Insights for Investors

You're looking at Ur-Energy Inc. (URG) right now, trying to map its pivot from a developer to a full-scale producer, so let's cut straight to the numbers: the company is forecasting a 2025 full-year revenue of approximately $27.2 million, driven by the delivery of 440,000 pounds of uranium (U3O8) at an average price of about $61.77 per pound. But here's the quick math on the cash burn: the cash and equivalents balance dropped sharply from $52.0 million on September 30, 2025, to $35.4 million just a month later, reflecting heavy capital investment. This spending is funding the ramp-up at Lost Creek and the crucial construction at Shirley Basin, which is set for a Q1 2026 production startup, and honestly, that near-term liquidity pressure is the biggest risk to watch as they position to capitalize on the massive U.S. government push for new nuclear power.

Revenue Analysis

You need a clear picture of where Ur-Energy Inc. (URG)'s money is coming from, and the direct takeaway for 2025 is a projected full-year revenue of $27.2 million, entirely from uranium sales under long-term contracts. This figure, though substantial, represents a projected decline from the prior year's actual revenue, which is a critical point to understand.

Breaking Down Primary Revenue Sources

Ur-Energy Inc.'s revenue stream is singularly focused: the sale of uranium concentrate, or triuranium octoxide (U3O8), the yellowcake commodity. There are no other significant business segments like consulting or equipment sales to diversify the top line. All revenue is generated from delivering U3O8 under multi-year contracts, which were strategically negotiated in 2022 and 2023 when the long-term price was between $43 and $57 per pound.

The company's operations are centered in Wyoming, primarily at the Lost Creek in-situ recovery (ISR) uranium facility, with the Shirley Basin project advancing to a second production center. So, while the revenue is all U3O8, the operational base is expanding from a single-mine to a two-mine model, which is a major long-term driver.

• Source: Uranium Concentrate (U3O8) Sales.
• Region: Primarily US-based contracts with nuclear companies.
• Key Asset: Lost Creek ISR facility (currently producing).

Year-over-Year Revenue Growth and Volatility

The revenue narrative for Ur-Energy Inc. in 2025 is complex, showing high recent growth but a projected fiscal year contraction. The trailing twelve months (TTM) revenue ending September 30, 2025, hit $39.41 million, which reflects a massive year-over-year growth rate of over 138% compared to the previous TTM period.

But when you look at the full fiscal year, the company projects 2025 revenue at $27.2 million from selling 440,000 pounds of U3O8 at an average price of $61.77 per pound. Here's the quick math: that $27.2 million projection is actually a decline of about 19.3% from the 2024 annual revenue of $33.71 million.

This difference is a classic example of a 'lumpy' sales profile in a commodity business. You can't just look at the TTM number; you have to see the contract delivery schedule. The high 2024 number and the lower 2025 projection simply mean more contracted pounds were delivered in 2024 than are scheduled for 2025, even with the ramp-up at Lost Creek. That's a scheduling issue, not a demand problem.

Analysis of Significant Revenue Changes

A significant change in 2025 is the composition of the sales mix, which directly impacts gross profit (revenue minus cost of goods sold). In Q3 2025, Ur-Energy Inc. reported $6.3 million in revenue from selling 110,000 pounds of U3O8 at an average price of $57.48/lb. The catch? This uranium was sourced from previously purchased inventories (non-produced), which carried a higher cost basis.

This means the company sold non-produced inventory at a unit loss in Q3 to meet a delivery obligation. The good news is the Q4 2025 delivery of 165,000 pounds is expected to be sold at a higher average price of $63.20/lb and, crucially, will be sourced from produced inventory from the Lost Creek facility. This shift back to selling lower-cost, produced material should be margin-accretive, meaning it will improve profitability even if the revenue dollars stay flat. The operational ramp-up is defintely working, but the inventory mix temporarily depressed Q3 results.

Profitability Metrics

You're looking at Ur-Energy Inc. (URG) and seeing a lot of operational activity, but the bottom line is still deep in the red. The direct takeaway? Ur-Energy Inc. (URG) is firmly in a pre-profit, capital-intensive expansion phase, with its trailing twelve-month (TTM) margins showing significant losses that starkly contrast with profitable industry peers like Cameco Corporation.

For the third quarter of 2025 (Q3 2025), Ur-Energy Inc. (URG) reported revenue of only $6.3 million, which translated into a net loss of $27.46 million. This loss is a sharp increase from the Q3 2024 loss of $8.00 million, largely driven by higher costs of sales and operating expenses of $19.07 million as the company ramps up its Lost Creek and Shirley Basin projects. Honestly, this is a development story, not a profitability story yet.

Here's the quick math on the core profitability ratios, using the most recent TTM data ending Q3 2025 and Q3 2025 figures:

• Gross Profit Margin: The TTM Gross Margin is -22.2%. This means the cost of goods sold (COGS) is higher than the revenue generated. To be fair, Q2 2025 saw a positive gross profit of $1.9 million, but the Q3 2025 gross profit was negative -$0.76 million, showing volatility as they work through inventory and ramp up production.
• Operating Profit Margin: The TTM Operating Margin is a staggering -150%. This reflects the high selling, general, and administrative (SG&A) and development costs (operating expenses) of $19.07 million in Q3 2025, far outweighing the modest revenue.
• Net Profit Margin: The TTM Net Margin is -173.8%. This is the ultimate measure of unprofitability right now, showing a massive loss for every dollar of sales.

When you look at operational efficiency, there's a positive signal hiding in the cash costs. Ur-Energy Inc. (URG)'s cash costs per pound of produced inventory in Q3 2025 decreased slightly to about $43.00/lb. This is a crucial metric in in-situ recovery (ISR) mining, as it shows their production is becoming more efficient. This is the one clean one-liner: Lower cash costs are the first step toward positive gross margins.

The company's profitability ratios are a world away from established, integrated uranium producers. For context, look at the industry leaders for Q3 2025:

The comparison is stark. Ur-Energy Inc. (URG)'s negative margins place it significantly below the broader 'Other Precious Metals & Mining' industry average, which has a Gross Margin of 42.7% and a Net Margin of -5.2% as of November 2025. What this estimate hides is that Ur-Energy Inc. (URG) is spending heavily on capital projects like the Shirley Basin construction, which is slated for production startup in Q1 2026. These are long-term investments, not operational failures.

So, the current lack of profitability is a function of aggressive capital expenditure (capex) and operational ramp-up, not a lack of market demand. Your investment decision here hinges on your confidence in their ability to translate that low $43.00/lb cash cost into sustained positive gross margins once Shirley Basin is fully online and sales volumes increase. For a more complete picture, check out the full analysis: Breaking Down Ur-Energy Inc. (URG) Financial Health: Key Insights for Investors. Your next step is to model the impact of the Shirley Basin production forecast on the 2026 Gross Profit line.

Debt vs. Equity Structure

Ur-Energy Inc. (URG) has one of the cleanest balance sheets you will see in the capital-intensive mining sector. The direct takeaway is this: the company is overwhelmingly financed by equity, not debt. This low-leverage approach significantly reduces financial risk, but it also means growth is often funded through stock issuance, which can dilute shareholder value.

Looking at the most recent data, Ur-Energy's overall debt load is minimal. As of the second quarter of 2025, the company reported total debt of just over $2.294 million. To put that in perspective, their cash and equivalents were a healthy $57.6 million as of June 30, 2025, meaning they could pay off their entire debt several times over with cash on hand. The long-term debt component is also extremely low, recorded at only $0.93 million at the end of fiscal year 2024.

This minimal borrowing is clearly reflected in the Debt-to-Equity (D/E) ratio, which measures a company's financial leverage (how much debt it uses to finance its assets). Ur-Energy's D/E ratio is reported as low as 0.01 in recent analysis, though some models place it slightly higher around 0.21. Either way, this is defintely a non-issue. For context, the broader Basic Materials sector often sees an average D/E ratio ranging from 0.20 to 1.29, and even uranium peers often carry a sector-average net debt-to-EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of 1.14x. Ur-Energy is barely using any debt.

This is a pure equity play.

Since Ur-Energy Inc. is not relying on debt, it funds its operational expansion-like the development at Shirley Basin and the Lost Creek expansion-primarily through equity. This is why you see a year-over-year increase in shares outstanding of 24.41%, which is the cost of a debt-free balance sheet. Still, the market seems to like the strategy; we saw President Matthew D. Gili purchase 155,000 shares of stock in November 2025, a strong signal of insider confidence in the company's future.

Here is the quick math on their capital structure:

So, the company's capital structure offers significant safety from interest rate risk and debt covenants, but investors need to monitor the pace of share issuance. To understand who is absorbing this new equity, you should be Exploring Ur-Energy Inc. (URG) Investor Profile: Who's Buying and Why?

• Monitor share count growth against production ramp-up.
• The low debt means no credit rating worries.
• Future growth relies on cash flow or equity, not borrowing.

Liquidity and Solvency

Ur-Energy Inc. (URG) shows exceptionally strong, almost defensive, liquidity on its balance sheet, but you need to watch the underlying cash burn. The company's current and quick ratios are far above industry norms, giving it a massive buffer, but the cash balance is declining rapidly due to heavy capital spending on its growth projects.

As of the most recent quarter, Ur-Energy Inc.'s liquidity positions look stellar. The Current Ratio is a robust 7.85 and the Quick Ratio (acid-test ratio), which excludes inventory, stands at 5.61. Here's the quick math: a ratio above 1.0 means current assets can cover current liabilities, so these numbers suggest Ur-Energy Inc. can meet its near-term obligations many times over. This is defintely a strength, but it's largely a function of a high cash balance and inventory, not high operating cash flow.

Working Capital and Cash Flow Trends

The company's working capital has been significant, reported at $79.28 million as of June 2025. However, the trend in cash and cash equivalents tells the real story of a company in a heavy growth and ramp-up phase. Cash and equivalents dropped from $76.1 million at the end of 2024 to $52.0 million by September 30, 2025, and further to $35.4 million by October 30, 2025. That's a draw of over $40 million in less than 10 months. This is a crucial metric to monitor, and it is the primary driver of the working capital trend.

The cash flow statement overview for the Trailing Twelve Months (TTM) through Q3 2025 reveals where the cash is going. The company is spending money to transform into a major producer, which is typical for a mining company in this stage.

• Operating Cash Flow (TTM): Negative $63.77 million. This shows the core business, while ramping up, is not yet generating enough cash to cover its daily costs.
• Investing Cash Flow (TTM): Negative $17.58 million. This is primarily capital expenditure (capex) for the Lost Creek ramp-up and the Shirley Basin project construction, which is on track for a Q1 2026 startup.
• Financing Cash Flow: Generally flat or slightly negative, with less than $0.1 million used in Q1 2025. This indicates minimal reliance on new debt or equity, though the company did raise capital in 2024.

Liquidity Strengths and Near-Term Concerns

The current liquidity ratios are a massive strength, providing a safety net to fund the current expansion. But, honestly, the cash burn rate is the near-term risk. The company is projecting total 2025 revenue of $27.2 million from selling 440,000 pounds of U3O8 at an average price of $61.77/lb. This revenue stream helps, but it is not enough to offset the capital demands of a two-mine operation ramp-up.

The key is the expected production start at Shirley Basin in Q1 2026. Once that project is generating revenue, the cash flow picture should change dramatically. Until then, you need to monitor the cash balance closely against the capital expenditure schedule. The company currently has sufficient produced inventory to meet its remaining 2025 sales obligation of 165,000 pounds. That's a good sign for immediate operational liquidity.

Here is a snapshot of the core liquidity metrics based on 2025 data:

For a deeper dive into the company's strategic position, including the impact of the Shirley Basin project, check out Breaking Down Ur-Energy Inc. (URG) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at Ur-Energy Inc. (URG) and trying to figure out if the current price makes sense, which is the right question for a growth-focused uranium stock. The short answer is that traditional valuation metrics suggest it's expensive, but analyst consensus points to a strong upside, reflecting a bet on future uranium prices and production ramp-up.

The company is in a pre-profitability phase, so metrics like Price-to-Earnings (P/E) are negative, which is normal for a developer. The P/E ratio is currently around -7.65, based on a recent stock price and the trailing twelve months (TTM) earnings per share (EPS) of approximately -$0.22. This just tells us they are losing money, not whether the stock is cheap. Their Enterprise Value-to-EBITDA (EV/EBITDA) is also negative, at roughly -6x, because the TTM EBITDA is around -$66.29 million. You can't use a negative multiple to value a company, so we pivot to asset and revenue-based metrics.

Here's the quick math on the key valuation ratios based on the latest 2025 data:

The Price-to-Book (P/B) ratio of roughly 4.75x is high. What this estimate hides is the value of their uranium reserves, which aren't fully captured by the book value of their current assets. For a mining company, P/B is often elevated when the market anticipates a major shift to full production capacity.

Stock Trend and Analyst View

The stock price trend over the last 12 months shows significant volatility, which is typical for the uranium sector. The 52-week low was around $0.55 in April 2025, and the price spiked to a 52-week high of $2.35 in October 2025. As of November 2025, the stock has settled back down, trading in the $1.14 to $1.30 range. That's a huge swing, so you need a strong stomach for this one.

Ur-Energy Inc. (URG) does not pay a dividend, so the dividend yield is 0%, and the payout ratio is not applicable. This is standard for a growth company focused on reinvesting all capital into development projects like their Lost Creek facility.

Despite the current unprofitability, the analyst community is defintely bullish. The consensus rating from a pool of analysts is a 'Strong Buy' or 'Buy.' The average 12-month price target is in the range of $2.41 to $2.52, suggesting a significant upside from the current November 2025 price. This optimism is tied directly to the projected increase in uranium prices and the company's expected ramp-up in production capacity over the next few years. It's a forward-looking bet, not a current-earnings valuation.

Before making a move, you should look deeper into who is driving the stock's volume and sentiment. Exploring Ur-Energy Inc. (URG) Investor Profile: Who's Buying and Why?

Risk Factors

You're looking at Ur-Energy Inc. (URG) and seeing the upside potential in the nuclear sector, but you need to map the risks clearly before making a move. The core takeaway is this: Ur-Energy Inc. is in a high-burn development phase, so its near-term financial health is fragile despite solid long-term contract coverage.

The company's biggest risk right now is its cash position and the path to sustained profitability. Here's the quick math: Cash and equivalents dropped from $76.1 million at the end of 2024 to just $35.4 million by October 30, 2025, reflecting significant capital expenditure and operating losses. That's a serious cash drain, and it's why the company's Altman Z-Score-a measure of financial distress-sits precariously low at 1.65. Anything below 1.81 is a red flag for potential bankruptcy within two years. Honestly, the company has a 39.0% probability of financial distress in the near future, which is something you defintely can't ignore.

The operational and financial risks highlighted in the Q3 2025 filings are clear:

• Negative Margins: Despite Q3 2025 revenue of $6.3 million, the company continues to post deep losses. The Q2 2025 net loss was $(21.0) million, and the trailing twelve months show an Operating Margin of -185.9%. They are spending far more than they are bringing in.
• Production Shortfalls: Uranium mining is complex, and operational challenges could result in production shortfalls or elevated unit costs, impacting their ability to meet future contracts.
• Inventory Reliance: Current sales, like the 110,000 pounds sold in Q3 2025, are partly sourced from previously purchased inventories, not just current production, which can skew the realized margins.

External factors also create a headwind. Uranium price volatility is a perpetual sector-specific risk, plus potential changes in US legislation regarding uranium mining could adversely affect the value of their long-lived assets. You're investing in a commodity producer, so market swings are part of the deal.

Still, the company has a clear mitigation strategy tied to its development pipeline. Their strategic plan hinges on bringing the Shirley Basin Project online, which is expected to start production in Q1 2026. This is the key catalyst for revenue stabilization. Plus, they have secured long-term sales contracts, including an agreement to deliver 100,000 pounds of U3O8 annually from 2028 to 2030 at a fixed price above current market rates, which provides a valuable revenue floor. They also have multi-year sales agreements anticipated to yield 6 million pounds of U3O8 between 2025 and 2033. This contract book is a huge asset. The company is also seeing some operational efficiency improvements, with cash costs per pound decreasing slightly to $43.00 in Q3 2025.

Here is a snapshot of the financial trade-off:

Your next step should be to monitor the Q4 2025 cash balance and the progress updates on the Shirley Basin Project commencement. If you want a deeper dive into the financials, you can read the full analysis here: Breaking Down Ur-Energy Inc. (URG) Financial Health: Key Insights for Investors.

Growth Opportunities

You're looking for a clear map of where Ur-Energy Inc. (URG) is headed, and the path is simple: it's a story of production ramp-up and strategic contracts. The company is actively transforming from a single-mine operator to a two-mine powerhouse, which is the primary driver for a forecast annual revenue growth rate of 59.84% through 2027, well ahead of the US Uranium industry average.

For the current fiscal year, Ur-Energy projects sales of 440,000 pounds of uranium concentrate (U3O8) at an average price of $61.56 per pound, which translates to expected 2025 revenue of approximately $27.1 million. Here's the quick math: that revenue is crucial for funding the next phase of growth, even as analysts forecast a consensus Earnings Per Share (EPS) of around -$0.13 for the year, reflecting the heavy capital investment cycle.

Key Growth Drivers and Expansion

The company's near-term growth is tied to two concrete operational fronts in Wyoming, plus a smart contract strategy. First, the Lost Creek in-situ recovery (ISR) facility is ramping up, having received final EPA approval for its expansion in May 2025. This boost in operational efficiency is already showing: in Q2 2025, the cash cost per produced pound sold dropped to $42.83, yielding a solid cash profit margin of roughly 36% on those sales.

Second, the Shirley Basin Project is the next major catalyst. Ur-Energy is actively developing and constructing this new site, with the goal of becoming a two-mine operation. This move is defintely the biggest swing for future production, with initial output anticipated to begin in early 2026. That's a clear, definable milestone you can track.

• Accelerate Lost Creek expansion following May 2025 EPA approval.
• Develop Shirley Basin into a second, producing mine by early 2026.
• Launch 2025 Great Divide Basin exploration to expand resource base.

Strategic Positioning and Competitive Edge

Ur-Energy's competitive advantage is rooted in its low-cost production method-in-situ recovery (ISR)-and its forward-looking sales strategy. ISR is a cost-effective, lower-impact mining technique that helps keep their operating costs among the lowest in the industry.

Plus, the company has locked in a substantial contract book. They now have eight multi-year sales agreements with major nuclear and utility companies, totaling 6.0 million pounds of U3O8 deliveries through 2033. This contract visibility provides a stable revenue floor, and importantly, some of these agreements are priced well above current market rates. For instance, in Q3 2025, a portion of their sales was at an average contract price of $59.96 per pound, a 92% premium over the spot price at the time. This is a huge advantage.

The company's position as a US domestic uranium producer also aligns with government initiatives focused on energy security and critical mineral supply chains, giving them a strategic edge in the growing nuclear energy market. You can dive deeper into the institutional interest in the sector here: Exploring Ur-Energy Inc. (URG) Investor Profile: Who's Buying and Why?

What this estimate hides is the potential for a significant re-rating if the Shirley Basin project hits its early 2026 production timeline without major capital overruns. The market will reward a successful transition to a two-mine operation with a much higher valuation multiple.

Next step: Check the latest Q3 2025 capital expenditure report to gauge the cost-to-completion risk for Shirley Basin.