Uranium Energy Corp. (UEC): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at Uranium Energy Corp.'s setup as of late 2025, you see a company that has successfully transitioned from just holding assets to becoming a serious domestic producer. The foundation is rock solid: they closed FY2025 with $66.84 million in sales from their strategic inventory and sit on $321 million in liquid assets with zero debt. This financial muscle is fueling their aggressive push for vertical integration, from mining low-cost pounds-initial costs were near $36.41-to building out their own conversion facility. If you want the full, clear-eyed breakdown of how this strategy translates across all nine building blocks, check out the canvas below; it shows exactly where the near-term leverage is.

Uranium Energy Corp. (UEC) - Canvas Business Model: Key Partnerships

Uranium Energy Corp. relies on several key external relationships to execute its strategy of becoming America's only vertically integrated uranium company from mining to planned conversion.

U.S. Government for the Strategic Uranium Reserve and Critical Mineral Designation

The relationship with the U.S. Government is central to Uranium Energy Corp.'s national security alignment and resource strategy.

• Uranium Energy Corp. applauded the U.S. Government's designation of Uranium as a Critical Mineral on November 7, 2025.
• The Sweetwater Project received designation from the U.S. Government for fast-track permitting to add In-Situ Recovery (ISR) capability, creating the largest dual-feed uranium facility in the U.S.
• In a prior engagement supporting the Strategic Uranium Reserve program, Uranium Energy Corp. received $17.85 million from the DOE-NNSA to supply 300,000 pounds of U.S. origin uranium concentrates at $59.50 per pound.

Next-Generation Reactor Developers like Radiant Industries

Partnerships with advanced reactor developers secure a future domestic buyer for Uranium Energy Corp.'s production.

• Uranium Energy Corp. entered a memorandum of understanding with Radiant Industries to supply U.S.-origin uranium concentrates for Radiant's Kaleidos Portable Nuclear Microreactor program.
• This agreement supports Radiant Industries' production target of 50 portable microreactors annually.
• Radiant plans to test its first reactor in 2026, with initial customer deployments beginning in 2028.

Rio Tinto (Seller of the Sweetwater Complex)

The acquisition of Rio Tinto's Wyoming assets established a third major U.S. hub-and-spoke production platform for Uranium Energy Corp.

Engineering Firms for the Burke Hollow ISR Mine Construction

While specific engineering firm contracts aren't detailed, the progress at Burke Hollow in South Texas indicates active, partnership-supported construction activity.

• Construction at Burke Hollow was reported as 90% complete as of the Fiscal 2025 year-end report, targeting operational start-up in December 2025.
• The South Texas workforce supporting Burke Hollow construction and operations grew to 56 personnel by the end of fiscal 2025.
• The project involves major equipment installation at the satellite ion exchange plant and disposal well development.

Uranium Energy Corp. (UEC) - Canvas Business Model: Key Activities

You're looking at the core engine of Uranium Energy Corp.'s strategy, which is all about securing and expanding domestic U.S. production while building out the back-end of the fuel cycle. The key activities are centered on operational execution at their existing assets and advancing their major development projects.

In-Situ Recovery (ISR) Uranium Extraction and Processing in Wyoming and Texas

Uranium Energy Corp. is executing a hub-and-spoke In-Situ Recovery (ISR) strategy across its licensed platforms in the U.S. As of the fiscal year ended July 31, 2025, the company achieved initial production milestones, transitioning from a pure developer to a producer. The Wyoming operations saw the commissioning of Header House 10-7 at the Christensen Ranch ISR Mine, which feeds the Irigaray Central Processing Plant (CPP). The Irigaray CPP itself had process upgrades initiated in Q4 to support 24/7, two-shift operations, building on its refurbishment earlier in the year. In Texas, the Burke Hollow ISR Mine construction reached 90% completion, targeting an operational start-up in December 2025. The company operates three licensed hub-and-spoke production platforms across Texas and Wyoming, boasting a combined licensed production capacity of 12.1 million pounds of U3O8 annually. The acquisition of the Sweetwater Complex from Rio Tinto America Inc. was transformational, adding 4.1 million pounds U3O8 per year of licensed capacity to the platform. The Irigaray Plant specifically has a licensed capacity that was expanded to 4.0 million pounds of U3O8 per year. The initial production ramp-up from Wyoming yielded approximately 130,000 pounds of precipitated uranium and dried and drummed U3O8 as of July 31, 2025. The total cost per pound for this initial production was reported at $36.41, broken down into a cash cost per pound of $27.63 and a non-cash cost per pound of $8.78. To be fair, the actual output for the full fiscal year 2025 from the Irigaray Plant was based on 26,421 pounds of U3O8 dried and drummed.

Here are the key production capacity metrics:

Strategic Management of 1.36 Million Pounds of Physical Uranium Inventory

A major activity is managing a significant physical uranium inventory, which provides immediate revenue leverage in the current market. As of the fiscal year-end on July 31, 2025, Uranium Energy Corp. held 1,356,000 pounds of U3O8 in inventory, valued at $96.6 million at market prices. This figure excludes the initial Wyoming production. The company actively sold from this portfolio; in the first half of fiscal 2025, they sold 810,000 pounds of U3O8 at an average realized price of $82.52 per pound, generating $66.8 million in revenue and $24.5 million in gross profit. Furthermore, the U.S. warehoused physical uranium program was slated for expansion by an additional 300,000 pounds through purchase contracts signed for December 2025 at a price of $37.05 per pound. This strategy allows Uranium Energy Corp. to capture near-term pricing without relying solely on immediate production output.

The physical inventory and sales activity for the first half of Fiscal 2025 looked like this:

Advancing the Roughrider Project Pre-Feasibility Study in Canada

Uranium Energy Corp. is actively advancing the high-grade Roughrider conventional project in the Athabasca Basin, Saskatchewan, toward a formal Pre-Feasibility Study (PFS). Metallurgical test work, which began in January 2025, was significantly advanced, including the completion of bulk solvent extraction and yellowcake precipitation. The project's economics, based on the November 2024 Initial Assessment Report, are compelling, projecting a post-tax Net Present Value (NPV) of $946 million using an 8% discount rate. The projected Internal Rate of Return (IRR) stands at 40%, with an after-tax payback period of 1.4 years. The project is estimated to produce 61.2 million pounds of U3O8 over a nine-year Life of Mine (LOM). The estimated initial capital expenditure (CAPEX) is $545 million, and the estimated All-in Sustaining Cost (AISC) is $20.48 per pound U3O8, which positions it competitively. The historic resource estimate underpinning the study included approximately 27.86 million lbs of U3O8 in the Indicated category and 33.38 million lbs in the Inferred category.

Key projected economics from the Roughrider Initial Assessment Report include:

• Post-tax NPV (at 8% discount rate): $946 million
• Internal Rate of Return (IRR): 40%
• Post-tax Payback Period: 1.4 years
• Estimated LOM Production: 61.2 million pounds U3O8
• Estimated Initial CAPEX: $545 million
• Estimated AISC: $20.48 per pound

Developing the United States Uranium Refining & Conversion Corp (UR&C)

Uranium Energy Corp. launched its wholly owned subsidiary, United States Uranium Refining & Conversion Corp (UR&C), as a strategic necessity to build out the domestic nuclear fuel supply chain. This key activity aims to position Uranium Energy Corp. as the only vertically integrated U.S. company covering mining, processing, refining, and planned conversion. The facility is intended to produce Uranium Hexafluoride (UF6), which is critical for both traditional nuclear reactors and next-generation Small Modular Reactors (SMRs). This initiative gained formal federal recognition when uranium was added to the U.S. Geological Survey Final 2025 Critical Minerals List on November 7, 2025. The company has initiated discussions on potential siting options, evaluating logistics, workforce availability, and local incentives to advance this development.

UR&C development milestones include:

• Subsidiary launched: United States Uranium Refining & Conversion Corp (UR&C)
• Target Product: Uranium Hexafluoride (UF6)
• Strategic Goal: Vertical integration from mining to planned conversion
• Policy Alignment: Uranium added to USGS Final 2025 Critical Minerals List on November 7, 2025

Uranium Energy Corp. (UEC) - Canvas Business Model: Key Resources

You're looking at the core assets that make Uranium Energy Corp. a major player in the domestic nuclear fuel cycle right now. These aren't just plans; these are permitted, operational, or fully quantified resources as of their Fiscal 2025 year-end, July 31, 2025.

The first thing that stands out is the sheer scale of their permitted operations. Uranium Energy Corp. claims the title of America's largest uranium company based on licensed capacity. They have a combined licensed production capacity across their U.S. platforms totaling 12.1 million pounds U3O8 annually. That's a significant ceiling they can hit without needing new major regulatory hurdles for processing.

Financially, the company is set up to be nimble, which is key when you're dealing with commodity prices. As of July 31, 2025, their balance sheet reflects zero debt. They held $321 million in liquid assets, which includes cash, inventory, and equities at market prices. This debt-free status is a massive advantage; it means they aren't forced to sell into a weak market to service loans. They can afford to hold their physical uranium inventory, which stood at 1,356,000 pounds valued at $96.6 million at that date.

The resource base underpins all of this. Uranium Energy Corp. controls substantial, quantified uranium resources across its portfolio. Here's the breakdown of what they report:

To be fair, you need to note that the 175 million pounds are classified as historical estimates, not current mineral resources under modern standards. Still, the 230.1 million pounds in M&I is solid, proven material to feed their licensed mills. Plus, they've demonstrated they can produce at a competitive cost, achieving a Total Cost per Pound of $36.41 and a Cash Cost per Pound of $27.63 based on initial fiscal 2025 production runs.

Operationally, their strategy centers on a hub-and-spoke model using In-Situ Recovery (ISR) technology in the U.S. This structure gives them flexibility to scale up satellite projects (spokes) feeding central processing plants (hubs).

Uranium Energy Corp. has three distinct U.S. hub-and-spoke ISR production platforms:

• Wyoming Hub: Anchored by the Irigaray Central Processing Plant, which received initial production from the Christensen Ranch ISR Mine starting in August 2024.
• Texas Hub: Includes the Burke Hollow project, which was targeting construction completion by November 2025 for a December operational start.
• Third Platform: Established via the acquisition of Rio Tinto's Sweetwater Complex, which is planned to be adapted for ISR resin processing and will be the largest dual-feed facility in the U.S. upon permitting completion.

This physical infrastructure-the three licensed hubs-is what allows them to claim the largest licensed capacity in the country.

Finance: review the Q1 2026 cash flow projections against the current $321 million liquid asset base by next Tuesday.

Uranium Energy Corp. (UEC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Uranium Energy Corp. is positioning itself as a critical domestic supplier, and the numbers back up the strategy.

Secure, domestic, U.S.-origin uranium supply for national energy security.

Uranium Energy Corp. is building out its production footprint across the United States to directly address national security concerns regarding the nuclear fuel cycle. The company's licensed capacity is substantial, supporting its role as a key domestic provider.

• Combined licensed production capacity across U.S. platforms: 12.1 million pounds U₃O₈ annually.
• Initial production ramp-up in Wyoming for fiscal year ended July 31, 2025: Approximately 130,000 pounds of concentrate.
• Acquisition of Sweetwater Plant added 4.1 million pounds U₃O₈ per year of licensed capacity.

Low-cost production potential; initial Wyoming production cost was $36.41 per pound.

The company's in-situ recovery (ISR) operations in Wyoming are demonstrating a competitive cost structure right out of the gate. Here's the quick math on that initial production run, which is key for margin capture when prices rise.

What this estimate hides is that the $36.41 figure is based on a smaller initial volume of 26,421 pounds processed in fiscal 2025.

Maximum exposure to rising spot prices via a 100% unhedged sales policy.

Uranium Energy Corp. maintains a deliberate strategy to capture the full upside of market price increases. The company is 100% unhedged, meaning its physical inventory and future production are not locked into long-term, lower-priced contracts. This flexibility is supported by a growing physical inventory position.

• Average sales price in the first half of fiscal 2025: $82.52 per pound.
• U₃O₈ held in inventory as of July 31, 2025: 1,356,000 pounds, valued at $96.6 million at market prices.
• Additional inventory expected via purchase contracts by December 2025: 300,000 pounds at a price of $37.05 per pound.

Planned vertical integration from mining to conversion (UR&C) for supply chain control.

The launch of the United States Uranium Refining & Conversion Corp. (UR&C) subsidiary signals a major step toward controlling the entire fuel production chain, from mining to the critical conversion stage (U₃O₈ to UF₆). This addresses a major bottleneck in the U.S. supply chain.

• Planned designed capacity for the new UF₆ conversion facility: Approximately 10,000 metric tonnes uranium (MtU) per year.
• This planned capacity represents a substantial share of the U.S. annual demand, estimated at 18,000 MtU per year.

Finance: draft 13-week cash view by Friday.

Uranium Energy Corp. (UEC) - Canvas Business Model: Customer Relationships

You're looking at how Uranium Energy Corp. (UEC) manages its relationships with the entities that buy its product or support its strategic direction. It's a mix of traditional utility sales, heavy government alignment, and new-age reactor partnerships. Honestly, the government angle is the loudest part of the story right now.

Long-term, direct supply agreements with major nuclear utilities

While Uranium Energy Corp. (UEC) is positioning itself as a key domestic supplier, the direct, long-term supply agreements with major nuclear utilities are mentioned as a factor for future project progression, alongside securing strategic government commitments and regulatory approvals. The company's unhedged strategy allows maximum exposure to rising prices, which is a relationship dynamic in itself, enabling opportunistic sales from its physical inventory.

Here's a look at the physical inventory and sales activity that underpins these potential relationships:

The company also holds the option for possible sales to the U.S. Uranium Reserve. The total licensed production capacity across its three hub-and-spoke platforms is 12.1 million pounds U3O8 per year.

Collaborative engagement with government on domestic supply chain initiatives

The relationship with the U.S. government is highly strategic, focusing on rebuilding the domestic fuel cycle. This engagement is a core driver of near-term value. Uranium was added to the U.S. Geological Survey's Final 2025 Critical Minerals List on November 7, 2025, formalizing its strategic role.

Key government alignment points include:

• Federal policy targets expanding U.S. nuclear capacity from ~100 Gigawatts in 2024 to 400 GW by 2050.
• The Department of Energy (DOE) is tasked with having 10 new large reactors under construction by 2030.
• Projected annual U.S. uranium requirements are expected to rise from 47 million pounds to approximately 190 million pounds per year due to this build-out.
• U.S. production in 2024 was only 0.7 million pounds, with a projection of 3.1 million pounds in 2025.
• The Sweetwater Plant received a FAST-41 designation in August 2025 to expedite ISR permitting.
• Uranium Energy Corp. is advancing its subsidiary, United States Uranium Refining & Conversion Corp. (UR&C), to establish end-to-end capabilities aligned with the Defense Production Act authorities.

Investor relations focused on the growth and geopolitical security narrative

Investor relations centers on Uranium Energy Corp. (UEC) being America's largest and fastest-growing supplier, capitalizing on geopolitical risk and energy security needs. The company's financial strength and unhedged status are key talking points. The stock reached an all-time high of $15.09 USD on October 10, 2025.

Financial execution in fiscal 2025 supported this narrative:

• Revenue for Fiscal 2025 was $66.8 million.
• Gross Profit from uranium sales was $24.5 million.
• The balance sheet as of July 31, 2025, showed $321 million in cash, inventory, and equities, with no debt.
• The company raised approximately $203,825,000 in gross proceeds from a public offering in October 2025.
• The cash cost per pound produced in H1 2025 was a competitive $27.63.

The narrative emphasizes that this strong financial position, coupled with zero debt, maximizes upside from rising uranium prices.

Direct transactions with next-gen nuclear developers

Uranium Energy Corp. (UEC) is actively engaging with advanced reactor developers to secure future demand for its U.S.-origin product. This is a direct relationship focused on securing off-take for emerging technologies.

Specific developer engagements include:

• A 2025 Memorandum of Understanding (MOU) with Radiant Industries to supply U.S.-origin uranium concentrates for their Kaleidos Portable Nuclear Microreactor program.
• This partnership supports Radiant's goal of scaling production to 50 units annually.
• Uranium Energy Corp. (UEC) also has an existing collaboration with TerraPower for its Natrium reactor development in Wyoming.

The company's acquisition of the Sweetwater Plant for $175 million added approximately 175 million pounds of historic resources, which will support these future supply needs.

Uranium Energy Corp. (UEC) - Canvas Business Model: Channels

You're looking at how Uranium Energy Corp. moves its product-the physical uranium concentrate (U3O8) and future refined product-to the end-user. This is all about getting the material from the mine or inventory into the nuclear fuel cycle pipeline for domestic and allied utilities.

Direct sales and deliveries to U.S. and international nuclear utilities

Uranium Energy Corp. generated revenue directly from sales of its physical portfolio during the first half of fiscal 2025. The company sold a total of 810,000 pounds of U3O8 at an average realized price of $82.52 per pound. This activity resulted in $66.8 million in revenue and a $24.5 million gross profit for that period. Uranium Energy Corp. maintains a 100% unhedged position, which means these sales channels are fully exposed to the current rising uranium price environment, maximizing upside capture.

Sales to the U.S. Government for the Strategic Uranium Reserve

While specific sales figures to the U.S. Uranium Reserve for fiscal 2025 aren't explicitly detailed as completed transactions in the latest reports, the company's strategy is explicitly aimed at this channel. Uranium Energy Corp. is committed to building strategic inventory to supply the U.S. Strategic Uranium Reserve, alongside other government programs. This is a key strategic objective enabled by the company's unhedged posture and inventory accumulation efforts.

Physical market sales from the warehoused strategic inventory

A significant portion of Uranium Energy Corp.'s channel activity involves monetizing its substantial physical inventory, which acts as a readily available supply source. As of July 31, 2025, the company held 1,356,000 pounds of U3O8 in inventory, valued at $96.6 million based on market prices at that date. This figure excludes approximately 130,000 pounds of initial production from the Christensen Ranch mine in Wyoming that was also ready as of the fiscal year-end. Furthermore, the company planned to increase its warehoused inventory by another 300,000 pounds through purchase contracts priced at $37.05 per pound, expected to close by December 2025.

Here's a quick look at the inventory and production status as of the fiscal year-end:

Future distribution through the planned domestic conversion facility

Uranium Energy Corp. is establishing United States Uranium Refining & Conversion Corp. (UR&C) to create a future distribution channel for refined product, Uranium Hexafluoride (UF6). The planned facility has a designed capacity to produce approximately 10,000 metric tonnes uranium (MtU) per year as UF6. This planned output represents a substantial share of the USA's total annual demand, which is cited at 18,000 tU per year. This downstream capability is intended to provide a secure, geopolitically reliable source of UF6 feedstock to enrichment plants for Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU) production.

Key planned capacity metrics for the UR&C conversion facility include:

• Designed UF6 Production Capacity: Approx. 10,000 MtU/year.
• Alignment with US Demand: Covers more than half of US yearly demand.
• US Annual Demand Benchmark: 18,000 tU/year.
• Project Status: Result of work initiated with Fluor Corporation in July 2024 and supported by a completed AACE Class 5 conceptual study.

Finance: review the capital allocation plan for UR&C development by the end of Q1 2026.

Uranium Energy Corp. (UEC) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Uranium Energy Corp. as of late 2025. The company's strategy is clearly focused on capitalizing on the massive domestic fuel security push, which means their customer base is segmented across the entire nuclear fuel lifecycle, from power producers to government stockpiles.

U.S. and Global Nuclear Power Generation Utilities

This segment represents the direct consumers of the physical uranium concentrate (U3O8) that Uranium Energy Corp. is producing from its Wyoming and Texas operations. The demand picture is strong, with the U.S. being the world's largest consumer.

For the first half of fiscal 2025, Uranium Energy Corp. generated $66.8 million in revenue from selling 810,000 pounds of U3O8 from its physical portfolio, achieving an average selling price of $82.52 per pound. The company's total cost per pound for production was reported at $36.41. Uranium Energy Corp. is holding a significant inventory position, with 1,356,000 pounds of U3O8 in inventory as of July 31, 2025, valued at $96.6 million at market prices. Furthermore, an additional 300,000 pounds is expected to be added through December 2025 purchase contracts at $37.05 per pound.

Here's a look at the market context driving this segment's need for domestic supply:

U.S. Government Agencies (DOE, Defense) Focused on Domestic Fuel Security

The push for energy independence directly targets agencies like the Department of Energy (DOE) and the Department of Defense (DOD). Uranium Energy Corp. is positioning its domestic production and conversion efforts to meet these strategic needs. The company applauds the U.S. Government's decision to add uranium to the U.S. Geological Survey's Final 2025 Critical Minerals List, which recognizes its essential role in national security.

The company's unhedged inventory strategy preserves flexibility for future sales, including anticipated purchases for the U.S. Uranium Reserve. To address the conversion gap, Uranium Energy Corp. launched the United States Uranium Refining & Conversion Corp (UR&C) to explore building a state-of-the-art refining and UF6 conversion facility in the U.S.

Advanced Nuclear Technology and Microreactor Developers

While direct sales figures to this segment aren't itemized, the policy environment Uranium Energy Corp. is aligned with explicitly targets this growth area. Executive Orders signed in May 2025 were designed to expedite commissioning for new reactors, including updating regulations for microreactors and small modular reactors (SMRs). The overall goal is to expand U.S. nuclear capacity to 400 gigawatts (GW) by 2050, up from about 100 GW today, which necessitates fuel for these next-generation technologies.

Institutional and Retail Investors Seeking Exposure to Uranium Price Leverage

This segment provides the capital base that allows Uranium Energy Corp. to execute its production ramp-up and acquisitions, such as the $175 million Sweetwater Acquisition. The company's financial strength, reported as $321 million in cash, inventory, and equities with no debt as of July 31, 2025, is a key selling point to this group. They are looking for leverage to the rising uranium price, which is supported by the company's 100% unhedged positioning.

Investor composition data as of late 2025 shows significant professional interest:

• Institutional investors and hedge funds own 62.28% of the company's stock.
• The market capitalization stood at $5.81 billion as of December 4, 2025.
• The stock has a 52-week range of $3.85-$17.80.

Finance: draft 13-week cash view by Friday.

Uranium Energy Corp. (UEC) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drain the cash reserves to build out Uranium Energy Corp.'s production platform. It's all about upfront investment in assets and getting those wells drilled and running.

Significant capital expenditures for mine construction and ramp-up are a major cost driver, especially for greenfield projects. For instance, the Roughrider Project in Canada has an estimated initial capital expenditure of \$545 million, which includes the mill and underground mine infrastructure. In the U.S., the Burke Hollow ISR Mine in South Texas was reported as 90% complete by late September 2025, targeting operational start-up in December 2025. While the specific final capex for Burke Hollow ramp-up isn't itemized separately here, the industry context shows that new ISR projects can require development costs in the range of \$50-150 million.

The cost of acquiring and developing mineral properties is highlighted by the major strategic move to secure licensed facilities. Uranium Energy Corp. paid \$175 million in cash to acquire Rio Tinto's Wyoming assets, which included the fully-licensed Sweetwater Plant. This transaction also requires Uranium Energy Corp. to arrange to replace approximately \$25 million in surety bonds securing future reclamation costs for those acquired assets.

Operating expenses for ISR wellfield development and processing are where the ongoing cash burn happens before steady revenue kicks in. For the initial production ramp-up in Wyoming, the company achieved a Total Cost per Pound of \$36.41, broken down into a Cash Cost per Pound of \$27.63 and a Non-Cash Cost per Pound of \$8.78, based on the first 26,421 pounds dried and drummed in fiscal 2025. This is on the lower end of the industry spectrum, as established ISR operations generally see cash costs in the \$35-45/lb range.

Exploration and permitting costs for future projects are embedded in the overall development spend, though specific annual exploration line items aren't explicitly broken out in the latest reports. However, the economics of future projects dictate the scale of these costs. The Roughrider Project, for example, has an All-in Sustaining Cost (AISC) estimated at \$20.48/pound $\text{U}_3\text{O}_8$.

Here's a look at the cost structure elements with available data:

You should also keep in mind the general cost differentials for the ISR method Uranium Energy Corp. favors:

• Capital costs for ISR are approximately 30-50% lower than conventional mining.
• Conventional mine development can require \$400 million to \$3 billion in Tier-1 jurisdictions.
• Conventional processing plant construction can range from \$500 million to \$1.5 billion.

Finance: draft 13-week cash view by Friday.

Uranium Energy Corp. (UEC) - Canvas Business Model: Revenue Streams

Uranium Energy Corp.'s revenue streams are fundamentally tied to the sale of physical uranium and the aggressive development of its production assets, positioning the company to capture value across the nuclear fuel cycle.

The most immediate and realized revenue stream for Uranium Energy Corp. stems from the sales from physical uranium inventory. For Fiscal Year 2025, the company generated $66.84 million in sales revenue, which was entirely derived from the sale of purchased uranium inventory. This figure represents a substantial increase from the $0.22 million recorded in Fiscal Year 2024. The first half of FY2025 saw the sale of 810,000 pounds of U₃O₈ at an average price of $82.52 per pound, generating $24.5 million in gross profit.

You can see the snapshot of the inventory and sales activity below:

The second key revenue component is future revenue from In-Situ Recovery (ISR) production, marking the company's transition from a developer to an active producer. Uranium Energy Corp. successfully commissioned the Irigaray Central Processing Plant and achieved initial production at the Christensen Ranch ISR Mine in Wyoming.

• Christensen Ranch produced approximately 130,000 pounds of concentrate as of July 31, 2025.
• Initial production cost at Christensen Ranch was reported at $36.41 per pound total cost.
• Construction at the Burke Hollow ISR Project in Texas reached 90% completion, targeting operational start-up in December 2025.
• The company is targeting an annual production rate approaching one million pounds over 12 months from its ramp-up, with a longer-term goal of 5 to 7 million pounds annually by 2030.

The company's financial structure directly supports opportunistic sales from the strategic inventory. Uranium Energy Corp. maintains a 100% unhedged position. This strategy maximizes exposure to rising spot prices, allowing for flexibility to execute sales when market conditions are most favorable, including potential sales to the U.S. Uranium Reserve.

Finally, a significant factor for potential future revenue is the planned vertical integration through refining and conversion services. Uranium Energy Corp. launched the United States Uranium Refining & Conversion Corp (UR&C) subsidiary. This initiative aims to position Uranium Energy Corp. as the only vertically integrated U.S. company covering mining, processing, refining, and conversion into Uranium Hexafluoride (UF₆). The planned facility targets a capacity of 10,000 tons. Early discussions with federal authorities, utilities, and investors are in progress to advance this strategic capability.