Ur-Energy Inc. (URG): Business Model Canvas [Dec-2025 Updated]

You're analyzing Ur-Energy Inc. (URG) right now, and what you see is a domestic uranium producer in a genuine pivot year, balancing the current output from Lost Creek with major investment into the Shirley Basin site for 2026 production. This strategy is all about delivering that secure, low-impact In-Situ Recovery (ISR) supply to US utilities, underpinned by a competitive Q3 2025 cash cost hovering around $43.00 per pound. They are banking on long-term contracts, projecting roughly $27.2 million in revenue this year from selling about 440,000 pounds of U3O8. This is a classic resource play: high upfront CapEx now for contracted stability later. Dive into the full Business Model Canvas below to see exactly how they structure this bet.

Ur-Energy Inc. (URG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Ur-Energy Inc. moving uranium from the ground to the power grid. These aren't just casual acquaintances; these are binding, multi-year commitments that define the near-term revenue visibility for Ur-Energy Inc.

Major US and European Nuclear Utility Companies for Long-Term Contracts

Ur-Energy Inc. has built a solid foundation with its utility customers. As of late 2025, the company has secured eight multi-year sales agreements. These contracts lock in a significant portion of future production, providing revenue certainty in a volatile commodity market. The total committed sales volume under these agreements is 6.0 million pounds of U₃O₈, scheduled for delivery between 2025 through 2033. While the primary focus is on domestic buyers, Ur-Energy Inc. also supplies a small portion to utilities in Europe. This strategy insulates the company, as its CEO noted, from potential US tariffs on uranium imports since nearly 100% of current deliveries are within the US.

Here's a look at the committed sales volume:

Constellation Energy, a Key Customer Under Multi-Year Sales Agreements

Constellation Energy stands out as a critical customer. Ur-Energy Inc. is an established, long-term supplier to them. The eighth sales contract, announced in August 2025, specifically targets future delivery years with Constellation Energy or another utility. This new agreement secures the annual sale and delivery of 100,000 pounds of U₃O₈ per year across 2028, 2029, and 2030 at an escalated fixed price.

Contract Drill Rig Operators for Wellfield Development and Expansion

To support production ramp-up at the Lost Creek facility and the ongoing development of Shirley Basin, Ur-Energy Inc. relies on contracted services. At the start of 2025, the company had 20 drill rigs turning at Lost Creek, which management deemed adequate for their immediate development and 2025 exploration plans. The Shirley Basin construction is advancing, with startup anticipated in Q1 2026, which will require scaling up these service contracts.

US Government Agencies for Potential Future Uranium Reserve Sales or Grants

While direct sales or grant partnerships with US government agencies weren't detailed as a current key partnership, Ur-Energy Inc.'s position as the largest domestic uranium producer in H1 2024 puts it in a strategic position. The company is positioned to benefit from supportive measures that might arise from the Section 232 investigation into critical minerals, which includes uranium. Ur-Energy Inc. is focused on being a reliable supplier to US utilities, aligning with national energy security objectives.

Institutional Investors and Maxim Group LLC for Capital Market Engagement

Maintaining access to capital is essential for funding the Shirley Basin development. Ur-Energy Inc. actively engages the capital markets. The company participated in the 2025 Maxim Growth Summit on October 23rd, meeting with institutional investors and senior analysts from Maxim Group LLC. Maxim Group LLC is a full-service investment banking firm headquartered in New York. This engagement follows a recent capital raise, where the company raised approximately $69 million through an underwritten public offering. The company's cash position remains a focus for operations, standing at $52.0 million as of September 30, 2025.

Key capital market activities include:

• Meeting with institutional investors at the October 2025 Maxim Summit.
• Engaging with senior analysts from Maxim Group LLC.
• Recent capital raise of about $69 million.
• Cash balance of $52.0 million as of September 30, 2025.

The CEO, John Cash, participated in a panel discussion on the Critical Mineral Supply Chain Development at the Maxim event. Finance: review Q4 2025 cash burn against current $52.0 million balance by next Tuesday.

Ur-Energy Inc. (URG) - Canvas Business Model: Key Activities

You're looking at the core engine room of Ur-Energy Inc. (URG) as of late 2025, which is all about getting that domestic uranium out of the ground and into the supply chain. The key activities revolve around maximizing output from the established Lost Creek facility while pushing the Shirley Basin project to the starting line.

In-Situ Recovery (ISR) uranium mining at the Lost Creek facility remains the primary revenue driver. Ur-Energy Inc. is proud to note that Lost Creek was the largest uranium producer in the US according to the US Energy Information Administration's (EIA) Domestic Uranium Production Report for Third Quarter 2024. Lost Creek's life of mine production exceeded 3.0 million pounds of U3O8 by Q3 2024. The facility is being optimized, with the ramp-up continuing through 2025. By Q3 2025, the team dried and packaged 93,523 pounds of U3O8 at Lost Creek. The licensed annual mine capacity at Lost Creek is cited as 1.2 million pounds per year, with the plant capacity at 2.2 million pounds per year.

The next major activity is the construction and development of the Shirley Basin ISR project. This is a significant near-term growth lever, with production startup targeted for Q1 2026, following commissioning expected to start in January 2026. The addition of Shirley Basin is set to increase Ur-Energy Inc.'s total licensed production capacity by approximately 83%, aiming for a combined capacity of 2.2 million pounds per year. Construction momentum is clear: as of the Q3 2025 update, the team had poured nearly 900 of the required 1,100 total cubic yards of concrete for the processing building foundation.

Managing the order book is a critical, non-mining activity. Ur-Energy Inc. has eight multi-year sales agreements in place with major nuclear and utility companies as of Q2 2025, totaling sales of approximately 6.0 million pounds of U3O8 with delivery timeline flexibility. For the full year 2025, total sales are projected at 440,000 pounds of U3O8, which is expected to generate revenues of $27.2 million at an average price per pound sold of $61.77. That's how you lock in future cash flow, you know?

Here's a quick look at the sales and cost metrics from the recent quarters:

The company is also actively working to expand its resource base through exploration drilling in the Great Divide Basin. Ur-Energy Inc. controls over 2,000 unpatented mining claims and three State of Wyoming mineral leases, covering approximately 41,000 acres in the region. Exploration work is focused on expanding the resource base, with specific targets identified for drilling:

• Lost Soldier: 18 aquifer test wells planned.
• North Hadsell: 50 drillholes planned.
• LC South: 120 drillholes planned.

Finally, the physical conversion of the recovered uranium involves processing, drying, and packaging U3O8 (yellowcake) for delivery. This is where the operational efficiency really shows up in the numbers. The Q3 2025 cost for produced inventory was $43.00 per pound, a decrease from $43.61 in Q2 2025. The cash profit margin on produced pounds sold in Q2 2025 was approximately 36%. Ur-Energy Inc. shipped 70,190 pounds to the conversion facility in Q3 2025, and as of September 30, 2025, held 278,150 pounds of U3O8 at the conversion facility.

Ur-Energy Inc. (URG) - Canvas Business Model: Key Resources

You're looking at the core assets Ur-Energy Inc. (URG) relies on to execute its uranium production strategy. These are the tangible and financial foundations supporting their operations in Wyoming.

The primary physical asset is the Lost Creek ISR mine and its processing plant. This facility is licensed for a total annual plant production limit of 2.2 million pounds U3O8, which includes wellfield production up to 1.2 million pounds U3O8 and toll processing capacity up to one million pounds U3O8.

The second major production asset is the Shirley Basin project, a fully permitted ISR site currently under construction, with uranium production startup on track for Q1 2026. This project has a licensed annual mine capacity of 1 million pounds. The Shirley Basin resource estimate confirms 8.816 million pounds U3O8 in the Measured and Indicated categories.

Ur-Energy Inc. controls a significant land position across Wyoming, which is a critical long-term resource. This includes over 2,000 unpatented mining claims and three State of Wyoming mineral leases, totaling approximately 41,000 acres in the Great Divide Basin. This land position is separate from the approximately 3,700 acres held at Shirley Basin.

The company maintains finished inventory at the conversion facility, which is essential for meeting sales obligations when mine production is ramping up. Here's a look at the inventory figures reported near the end of the third quarter of 2025:

Financial liquidity is another key resource, particularly during the construction phase at Shirley Basin. As of June 30, 2025, Ur-Energy Inc. reported Cash and Cash Equivalents of $57.6 million. This figure represented a decrease from $76.1 million at the end of fiscal year 2024. More recently, the cash position was reported at $52.0 million as of September 30, 2025, and further decreased to $35.4 million by October 30, 2025. The company projects total sales for 2025 at 440,000 pounds of U3O8, expecting revenues of $27.2 million.

The operational capabilities and permitting status are also vital resources:

• Lost Creek ISR Facility: Operating, with four additional header houses brought online in 2025 for the second mine unit (MU2).
• Shirley Basin Project: Construction advancing, with the foundation for the processing building started in early August 2025, pouring nearly 900 of the required 1,100 total cubic yards of concrete.
• Lost Creek Production Grade (Q3 2025): Averaged 66 ppm.

The total licensed production capacity for Ur-Energy Inc. across both sites, once Shirley Basin is operational, will be 2.2 million pounds per year.

Ur-Energy Inc. (URG) - Canvas Business Model: Value Propositions

You're looking at what Ur-Energy Inc. offers its customers-the core value they bring to the uranium market as of late 2025. It's all about reliable domestic supply, cost control, and using a specific, less disruptive mining method.

Reliable, secure domestic US supply of uranium (U3O8).

Ur-Energy Inc. positions itself as a key domestic supplier, especially with policy tailwinds favoring U.S. production. They operate the Lost Creek ISR Uranium Facility in Wyoming and are advancing the fully permitted Shirley Basin Project, targeting startup by early 2026. Since commencing operations at Lost Creek in 2013, the company has produced approximately 3.0M lbs. U3O8. As of August 2025, Ur-Energy had eight uranium sales agreements in place.

The company's commitment to the domestic supply chain is underscored by its production history and near-term expansion plans. Here's a look at the scale of their contracted future deliveries:

• Total contracted sales across eight agreements: 6.0 million pounds of U3O8 plus flex.
• Delivery timeline for these contracts extends through 2033.
• Projected total sales for the full fiscal year 2025: 440,000 pounds of U3O8.

Long-term price stability through fixed-price, escalating sales contracts.

Securing revenue streams through long-term contracts helps insulate Ur-Energy from short-term spot price volatility. Many of these agreements feature escalated fixed prices, which are noted as being well above current spot and term prices. For instance, the eighth sales contract executed in Q2 2025 secures 100,000 pounds of U3O8 annually for 2028, 2029, and 2030 at an escalated fixed price.

The pricing structure for the 2025 sales volume of 440,000 pounds is based on contracts negotiated in 2022 and 2023, when the long-term price ranged between $43 and $57 per pound. The projected average realized price for 2025 sales is $61.56 per pound, targeting revenues of $27.1 million.

Here is a snapshot of the sales commitments and associated pricing context:

Low-impact, environmentally-preferred In-Situ Recovery (ISR) mining technology.

Ur-Energy Inc. relies on In-Situ Recovery (ISR) mining, which is generally considered less environmentally disruptive than conventional mining methods. The Lost Creek facility has proven this technology since 2013. The company is focused on operational efficiency improvements at Lost Creek, with the Q3 2025 production grade averaging 66 ppm.

Cost-competitive production with Q3 2025 cash costs around $43.00 per pound.

Cost discipline on produced inventory is a key value driver. The cash cost per pound of produced inventory showed improvement into the third quarter of 2025. This metric is crucial because it directly impacts the profitability when that produced material is eventually sold under contract.

The cost performance trend is clear:

• Q2 2025 Cash Cost per Produced Pound Sold: $50.89.
• Q2 2025 Cash Costs per Pound Sold (including taxes): $42.83.
• Q3 2025 Cash Costs per Pound of Produced Inventory: $43.00.

This cost of $43.00 per pound in Q3 2025 compares favorably to the Q3 sales price of $57.48 per pound for the inventory sold that quarter, though that specific sale was from purchased inventory. The estimated operating cost at full production for the Shirley Basin project is cited as $24.40 per pound.

Ur-Energy Inc. (URG) - Canvas Business Model: Customer Relationships

Direct, long-term contractual relationships with nuclear utilities form the bedrock of Ur-Energy Inc.'s revenue stability.

Ur-Energy Inc. now has eight multi-year sales agreements in place with major nuclear and utility companies, including Constellation Energy. These agreements lock in substantial revenues, with the total sales commitment reaching 6.0 million pounds of U3O8 across the delivery timeline extending from 2025 through 2033.

The structure of these contracts provides revenue visibility, with pricing components that include escalation clauses to protect against rising costs. For the 2025 fiscal year, total sales are projected at 440,000 pounds of U3O8 at an average price per pound sold of $61.77, expecting revenues of $27.2 million. The deliveries for 2025 are committed to two customers for a base amount of 400,000 pounds of U3O8.

Ur-Energy Inc. maintains dedicated investor relations functions to support capital market confidence and transparency, which is critical in the specialized uranium sector.

The company provides access to its financial filings, including the Form 10-Q for the quarter ended September 30, 2025, and the Annual Report on Form 10-K for the year ended December 31, 2024, via SEC EDGAR and SEDAR+. Investor engagement is evidenced by participation in industry events, such as the B. Riley Securities, Convergence Conference on December 4, 2025, and the Goldman Sachs Energy, CleanTech & Utilities Conference scheduled for January 5 - January 7, 2026. The Investor Relations Director is Valerie Kimball.

The cash position reflects ongoing investment, standing at $57.6 million as of June 30, 2025, down from $76.1 million at December 31, 2024; the cash position as of October 30, 2025, was $35.4 million.

Operating in a small, specialized nuclear fuel industry necessitates high-touch engagement with customers and stakeholders.

The operational focus in 2025 involved ramping up Lost Creek production, with 112,033 pounds of U3O8 dried and packaged in Q2 2025. The cost per produced pound sold decreased to $50.89 in Q2 2025 from $62.06 in Q4 2024. By Q3 2025, cash costs per pound of produced inventory were $43.00. The company is advancing its second mine, Shirley Basin, toward production startup in Q1 2026.

• Q2 2025 Cash Profit Margin on Produced Pound Sold: approx. 36%
• Q2 2025 Cash Cost per Produced Pound Sold: $42.83
• Q2 2025 Average Selling Price: $63.20 per pound
• Drummed Inventory at Conversion Facility (July 31, 2025): 351,148 pounds
• U3O8 Inventory at Conversion Facility (Sept 30, 2025): 278,150 pounds

The company's strategy is to increase its licensed and constructed plant capacity to 2.2 million pounds per year upon Shirley Basin completion.

Ur-Energy Inc. (URG) - Canvas Business Model: Channels

The physical product channel for Ur-Energy Inc. (URG) centers on the direct delivery of U3O8 (uranium oxide) to the facilities of nuclear utility customers for conversion.

Ur-Energy Inc. has secured eight multi-year sales agreements with major nuclear and utility companies, one of which is Constellation Energy. These agreements total sales of 6.0 million pounds of U3O8, offering delivery timeline flexibility. The annual delivery base amount is set to range between 440,000 to 1,300,000 pounds of U3O8 for the period spanning 2025 through 2033. Furthermore, a recent eighth agreement locks in an additional 100,000 pounds of U3O8 per year for delivery in 2028, 2029, and 2030.

The sales execution for the 2025 fiscal year is committed to two customers for a base amount of 400,000 pounds of U3O8, with both buyers electing to flex up the annual base delivery quantity by 10%.

Here's a look at the U3O8 sales and inventory flow for 2025:

The company's cash position, which supports these operations, was $52.0 million as of September 30, 2025, and $35.4 million as of October 30, 2025.

For equity capital access, Ur-Energy Inc. maintains a dual listing structure. This is a key channel for attracting a broader base of investors across North America. You can find the company trading on two major exchanges:

• NYSE American under the ticker symbol URG.
• Toronto Stock Exchange under the ticker symbol URE.

As of December 5, 2025, the market capitalization on the TSX was reported at $728.06 million, with 376.21 million shares outstanding. The company reported having no financial debt as of the Q2 2025 reporting period.

Market access and investor relations are managed through direct engagement channels. Ur-Energy Inc. actively participates in industry events to connect with potential and current shareholders. For instance, the company presented at the July 23 & 24 Metals & Mining Virtual Investor Conference. Additionally, Ur-Energy Inc. released a comprehensive corporate presentation on August 20, 2025, detailing its U.S. uranium production and growth plans, including the Shirley Basin ISR Facility construction progress.

The company's corporate office is in Littleton, Colorado, and its registered office is in Ottawa, Ontario.

Ur-Energy Inc. (URG) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Ur-Energy Inc. (URG) as of late 2025. These are the entities that need the U₃O₈ (triuranium octoxide) that Ur-Energy Inc. produces from its Lost Creek and soon-to-be-operational Shirley Basin facilities in Wyoming.

Major US nuclear power generation utilities seeking long-term fuel security

The primary focus for Ur-Energy Inc. remains securing long-term offtake agreements with domestic US utilities, which value the security of supply from a US-based producer. This segment is critical for stabilizing future revenues, especially given the ongoing development at the Shirley Basin Project, which is on target for construction completion late this year and online by early 2026, aiming to bring licensed mine capacity up to 2.2 million pounds per year.

The current contractual backbone for 2025 is heavily weighted toward these domestic buyers:

• Deliveries for 2025 are committed to two major customers for a base amount of 400,000 pounds of U₃O₈.
• Ur-Energy Inc. now has eight multi-year sales agreements in place with major nuclear and utility companies, one of which is Constellation Energy.
• The total sales under these eight agreements amount to 6.0 million pounds of U₃O₈.
• The annual delivery base commitment ranges from 440,000 to 1,300,000 pounds of U₃O₈ spanning from 2025 through 2033.

European nuclear utility companies with long-term supply needs

While the US market is central, Ur-Energy Inc. serves a broader international utility base, supporting the global push for low-carbon baseload power. The company markets its uranium concentrates to customers in North America, Europe and Asia. The existing contract book, which secures substantial future volume, reflects this international reach, even if the majority of the base volume is US-centric.

Here's a look at the committed sales volume across the term structure, which includes these international buyers:

The pricing structure on these contracts is important; the vast majority have base prices with inflation escalation provisions, offering protection against rising costs and ensuring stable cash flow, so the company isn't solely reliant on the volatile spot market. Defintely, this de-risks the revenue stream.

Financial institutions and investors focused on critical mineral supply chains

This segment represents the capital providers and market participants who value Ur-Energy Inc. based on its strategic position as a domestic producer of a critical mineral, rather than solely on immediate profitability. The company's market capitalization as of Q2 2025 was approximately $430.79 million.

Investor interest is demonstrated by the ownership structure and analyst sentiment:

• Institutional ownership stands at 70.73%.
• The company's cash and cash equivalents were $49.1 million as of July 31, 2025.
• The most recent analyst rating is a Buy with a price target of $1.90.
• The company used $9.3 million for operating activities in the first half of 2025.

Ur-Energy Inc. (URG) - Canvas Business Model: Cost Structure

You're looking at Ur-Energy Inc.'s (URG) cost base as they ramp up Lost Creek and bring Shirley Basin online. Honestly, this is where the rubber meets the road for a growth-focused miner; capital deployment needs to be sharp.

Significant capital expenditures for Shirley Basin development are a major cost driver right now. For the six months ended June 30, 2025, Ur-Energy Inc. reported using $8.9 million specifically for investing activities, which includes the ongoing construction and development at the Shirley Basin Project. This is a critical pre-production outlay aimed at increasing licensed capacity by approximately 83% once Shirley Basin starts production, which is targeted for Q1 2026. This investment is in addition to the $3.8 million used on investing activities just in Q1 2025.

The operating costs for ISR production are being closely managed as Lost Creek ramps up. For the second quarter of 2025, the cash cost per pound sold, which includes ad valorem and severance taxes, was $42.83 per pound. This compares favorably to the average selling price realized in that quarter of $63.20 per pound. For Q3 2025, the cash cost per pound of produced inventory was slightly lower at $43.00 per pound. These costs cover the essential inputs for In-Situ Recovery (ISR) like labor for drilling and plant operation, chemicals for the leaching process, and power for the pumps.

Exploration and development costs for new wellfields and resource expansion are substantial, reflecting the company's growth strategy. Total development costs included in operating expenses for the full year 2024 reached $41,509 thousand ($41.51 million), with Lost Creek mine unit development accounting for $33,975 thousand ($33.98 million) of that total. Exploration and evaluation expense also rose by $1.7 million in 2024, driven by additional staffing and outside service costs for pre-production evaluation work.

Corporate overhead and general administrative expenses are the fixed costs of running the business. In 2024, General and Administration (G&A) expenses increased by $1.9 million, primarily due to higher labor costs, stock-based compensation, and professional fees. These expenses relate to the administration, finance, investor relations, land, and legal functions. For the nine months ended September 30, 2025, G&A is bundled within the overall operating expenses, which contributed to a net loss of $(59,317 thousand) for the same nine-month period.

Finally, you have the costs tied to regulatory compliance and site reclamation. These are long-term liabilities that require current period accounting charges. The accretion of asset retirement obligations (ARO) for the nine months ended September 30, 2025, totaled $902 thousand. The company maintains restricted cash and cash equivalents related to surety bonds provided to governmental agencies to cover these reclamation obligations.

Here's a quick look at how some of these costs stack up against recent operational metrics:

The G&A increase in 2024 was $1.9 million. The company is focused on bringing Shirley Basin online, which is why the investing cash outflow was significant in H1 2025.

• Lost Creek Mine Unit Development Cost (2024): $33,975 thousand.
• Shirley Basin Mine Development Cost (2024): $3,274 thousand.
• Exploration and Evaluation Expense Increase (2024): $1.7 million.

To be defintely clear, the cash burn from operations is still a factor; Ur-Energy used $9.3 million for operating activities in H1 2025.

Ur-Energy Inc. (URG) - Canvas Business Model: Revenue Streams

You're looking at the core of Ur-Energy Inc.'s near-term cash generation, which is almost entirely tied to delivering on existing, pre-priced uranium sales agreements. This is the bedrock that supports the capital expenditure for bringing the Shirley Basin Project online, which is defintely a major step for the company.

The primary revenue stream is the sale of uranium oxide ($\text{U}_3\text{O}_8$) under long-term contracts. For the 2025 fiscal year, Ur-Energy Inc. projects total sales of $\text{440,000}$ pounds of $\text{U}_3\text{O}_8$, which is expected to generate approximately $\text{27.2}$ million in revenue. This projection is based on an average realized price of $\text{\$61.56}$ per pound for the committed 2025 volumes.

It's important to see how that average price compares to actual quarterly performance. For example, in the third quarter of 2025, Ur-Energy Inc. sold $\text{110,000}$ pounds of $\text{U}_3\text{O}_8$ at an average price of $\text{\$57.48}$ per pound, while Q2 sales were at a higher $\text{\$63.20}$ per pound. The contracts underpinning the 2025 sales were negotiated in 2022 and 2023, when the long-term price was in the range of $\text{\$43}$ to $\text{\$57}$ per pound.

Here's the quick math on the main 2025 sales commitment:

The revenue visibility extends beyond the immediate year, thanks to a growing book of agreements. Ur-Energy Inc. has eight multi-year sales agreements in place with major nuclear and utility companies.

The current contract structure provides significant forward visibility:

• Total sales under the eight agreements amount to $\text{6.0}$ million pounds of $\text{U}_3\text{O}_8$.
• Annual delivery base amounts range from $\text{440,000}$ to $\text{1,300,000}$ pounds of $\text{U}_3\text{O}_8$ from 2025 through 2033.
• Potential additional deliveries of $\text{100,000}$ pounds exist in both 2032 and 2033.
• A new eighth contract secures $\text{100,000}$ pounds per year for 2028, 2029, and 2030 at an escalated fixed price.

Furthermore, the existing agreements include flexibility, allowing buyers to adjust volumes. For instance, the two main customers for the 2025 base amount of $\text{400,000}$ pounds elected to flex up their annual delivery quantity by $\text{10}$%. This optionality allows Ur-Energy Inc. to potentially sell additional pounds at market-related pricing if the buyers exercise their options, providing upside beyond the base revenue projection.

A significant future revenue opportunity lies in the excess plant capacity at the Lost Creek facility. The current license allows for annual plant production up to $\text{2.2}$ million pounds of $\text{U}_3\text{O}_8$, which includes wellfield production and toll processing. Specifically, the license allows for toll processing of up to one million pounds of $\text{U}_3\text{O}_8$ annually. As Ur-Energy Inc. brings the Shirley Basin Project online, which is expected to start production in Q1 2026, the company will transform into a multi-site producer, creating excess capacity that can be monetized through toll processing for other companies, adding a distinct, non-production-volume-dependent revenue stream.