Ur-Energy Inc. reported significant financial results for the second quarter of 2025, with revenues reaching $10.4 million, a substantial increase from $4.7 million in the same period of 2024. This growth was driven by the sale of 165,000 pounds of uranium oxide (U3O8) at an average price of $63.20 per pound, compared to 75,000 pounds sold at $61.65 per pound in the prior year. Despite the increase in sales, the company recorded a net loss of $20.96 million for the quarter, widening from a loss of $6.58 million in Q2 2024. The loss per share for the quarter was $0.06, compared to $0.02 in the previous year.
In the first half of 2025, Ur-Energy's total revenues were $10.4 million, up from $4.7 million in the first half of 2024. However, the company also faced increased costs, with total operating costs rising to $30.94 million from $27.88 million year-over-year. The gross profit for the first half of 2025 was a loss of $0.66 million, compared to a profit of $0.19 million in the same period of 2024. The increase in costs was attributed to higher production and operational expenses, particularly related to the development of the Shirley Basin Project.
Operationally, Ur-Energy has made strides in its projects, particularly at the Lost Creek facility, where production rates have improved. The company has also expanded its workforce, adding 17 new senior site management and construction staff to support ongoing development activities. The Shirley Basin Project is progressing, with construction activities underway for a satellite processing facility, expected to be operational in early 2026. The company anticipates total capital expenditures of approximately $35.6 million for 2025, primarily for construction and equipment purchases at Shirley Basin.
Looking ahead, Ur-Energy has secured eight multi-year sales agreements, projecting total sales of 440,000 pounds of U3O8 for 2025, with expected revenues of $27.1 million. The company is also preparing for an exploration program in the Great Divide Basin, aiming to discover new uranium resources. As of June 30, 2025, Ur-Energy's cash position stood at $57.6 million, providing a solid foundation for its ongoing projects and operational needs. The company remains focused on maintaining safe and compliant operations while advancing its strategic growth initiatives in the uranium market.
About UR-ENERGY INC
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