Ur-Energy Inc. reported its financial results for the third quarter of 2025, revealing a revenue of $6.3 million, a slight decrease from $6.4 million in the same period last year. For the nine months ending September 30, 2025, the company generated $16.8 million in revenue, a significant increase from $11.1 million in the prior year. Despite the revenue growth, the company faced a net loss of $27.5 million for the quarter, compared to a loss of $8.0 million in Q3 2024. The nine-month net loss also widened to $59.3 million from $33.1 million year-over-year.
The financial performance reflects a notable increase in costs, with total operating costs rising to $19.1 million in Q3 2025 from $12.7 million in Q3 2024. This increase was primarily driven by higher development expenses associated with the Shirley Basin Project and increased staffing levels. The cost of sales also rose significantly, totaling $7.1 million in Q3 2025 compared to $5.6 million in the same quarter last year, largely due to the sale of higher-cost purchased uranium to meet delivery commitments.
Strategically, Ur-Energy has made significant progress in its operations, particularly at the Shirley Basin Project, where construction activities are advancing. The company has completed the foundation for the processing building and is on track to begin operations in 2026. Additionally, Ur-Energy has secured eight multi-year sales agreements, projecting total sales of 440,000 pounds of U3O8 for 2025, with an average price of $61.77 per pound. The company also reported a finished inventory of 278,150 pounds of U3O8 at the conversion facility as of September 30, 2025.
Operationally, Ur-Energy's workforce has expanded, with a total employee count now at 376,213,626 shares outstanding as of October 30, 2025. The company is focused on enhancing production rates at its Lost Creek Project, where it has implemented plans to address operational challenges and improve safety measures. The anticipated ramp-up of production at both Lost Creek and Shirley Basin is expected to diversify the company’s production sources and strengthen its position in the U.S. uranium market.
Looking ahead, Ur-Energy remains optimistic about its future, with plans to continue its development activities and operational improvements. The company expects to fund its ongoing projects through operating cash flow and existing cash reserves, although it may consider additional financing if necessary. The outlook for 2026 is particularly pivotal, as the company aims to commence operations at Shirley Basin and increase production at Lost Creek, positioning itself as a leading uranium producer in the U.S.
About UR-ENERGY INC
Ur-Energy Inc. is a uranium exploration, development, and production company focused on in situ recovery (ISR) operations in the U.S. Wyoming projects. Its core assets include the Lost Creek and Shirley Basin properties, producing and selling uranium oxide (yellowcake) primarily to utilities and government agencies. The company emphasizes environmentally responsible mining, leveraging low-cost ISR techniques and advanced groundwater restoration methods. It operates through subsidiaries managing exploration, permitting, and processing activities.
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