Ur-Energy Inc. reported its financial results for the first quarter of 2026, revealing a significant increase in revenue compared to the same period last year. The company generated $3.9 million in sales, primarily from the sale of 55,000 pounds of U3O8 at an average price of $70.98 per pound. This marks a notable shift from the previous year, where the company reported no sales. The gross profit for the quarter was $1.2 million, a substantial improvement from a gross loss of $2.6 million in the first quarter of 2025.
Despite the positive revenue figures, Ur-Energy experienced a net loss of $28.8 million for the quarter, compared to a loss of $10.9 million in the prior year. The increase in losses was attributed to higher operating costs, which rose to $21.6 million from $13.2 million year-over-year. This increase was driven by elevated exploration and development expenses, particularly related to the Shirley Basin project, which commenced initial operations in April 2026. The company also incurred significant interest expenses due to its recent issuance of convertible notes.
Operationally, Ur-Energy has made strides in its projects, particularly at the Lost Creek and Shirley Basin sites. The company has ramped up production at Lost Creek, where it processed and shipped 103,956 pounds of U3O8 to a conversion facility. At Shirley Basin, the company is advancing wellfield development and plant construction, with plans to transport U3O8-loaded resin to Lost Creek for processing in the summer of 2026. The company’s total licensed capacity across both projects is 4.2 million pounds of U3O8 per year.
Looking ahead, Ur-Energy anticipates delivering 1.3 million pounds of U3O8 in 2026, with a projected revenue of approximately $82 million based on an average price of $63 per pound. The company has secured multi-year sales agreements with eight global nuclear energy companies, which will support its revenue stream. Ur-Energy remains focused on optimizing production at Lost Creek and advancing operations at Shirley Basin, while also exploring additional projects to enhance its uranium resource base. As of March 31, 2026, the company reported cash and cash equivalents of $122.8 million, positioning it well for ongoing operations and capital expenditures.
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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