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what it is
Ur-Energy mines and processes uranium in the United States, mainly in Wyoming.
how it gets paid
Last year Ur-Energy reported about $27M in sales (consolidated revenue in its year-end results table).
why growth slowed
Revenue fell about 19% vs 2024. Gross profit was effectively breakeven on that sales base; operating costs drove the net loss.
what just happened
Full-year 2025 diluted EPS was about ($0.20); the company filed its Form 10-K for the year ended Dec 31, 2025 and posted a year-end summary on its site.
At a glance
B balance sheet — gets the job done, barely
45/100 earnings predictability — expect surprises
($0.20) fy2025 diluted eps
$27M fy2025 sales (consolidated)
~$69.4M fy2025 operating loss
xvary composite: 40/100 — below average
What they do
Ur-Energy mines and processes uranium in the United States, mainly in Wyoming.
Lost Creek has been producing since 2013. That gives you a real mine, not a slide deck. ISR means in situ recovery, or pumping uranium out of underground water, so you avoid a giant open pit. After a Dec 2025 convertible notes issuance (about $120M principal), leverage matters more than the old “almost no debt” story—cash was still about $124M at Dec 31, 2025 per the year-end release.
How they make money
$27M
annual revenue · revenue declined -19.3% last year
total revenue
$27M
19.3%
The products that matter
uranium mining and recovery
lost creek
supports the current revenue base
this asset supports the current $27M business, even if asset-level output is not broken out in the snapshot data we have.
current engine
development and future production
shirley basin
not yet material to $27M revenue
this is the growth project. for now, it matters more to the future case than the present income statement, because current annual revenue is still only $27M.
future watch
the investment case itself
uranium exposure
100% of current revenue
all $27M of revenue ties back to uranium. if you want diversification, this is not that stock.
single-commodity bet
Key numbers
$27M
annual sales
That is the whole top line. It is tiny next to a business that lost money on every dollar of sales.
19.3%
revenue change
Sales moved in the wrong direction. That makes the revenue base smaller before fixed costs get a vote.
~$69M
fy2025 operating loss
Operating loss (~$69.4M) exceeded full-year sales (~$27.2M) before interest and other items—stated as dollars in the year-end results table, not a stylized margin percent.
~$120M
convertible notes
Dec 2025 closed $120M aggregate principal of 4.75% convertible senior notes due 2031 (plus overall balance-sheet detail in the 10-K).
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt ~$120M convertible notes (2025) + other liabilities (see 10-K)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for URG right now.
source: institutional data · return history unavailable
What just happened
filed year-end 2025
Year ended Dec 31, 2025: consolidated sales ~$27.2M and net loss ~$74.9M (diluted EPS ($0.20)).
The year-end results table shows sales of $27,207 thousand, gross profit of $74 thousand (essentially flat), operating loss of $(69,380) thousand, and net loss of $(74,898) thousand—all in thousands of U.S. dollars. Headcount reached 157 at year-end 2025 per the same release.
$27M
fy2025 sales
($0.20)
diluted eps
~0%
gross margin
the number that mattered
Net loss scale vs a tiny revenue line: you are underwriting execution at Lost Creek and Shirley Basin, not a mature cash engine.
P0: Ur-Energy year-end 2025 results & 10-K (filed Mar 2026) — ur-energy.com press release · 10-K HTML
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What could go wrong
the #1 risk is uranium exposure hitting before the income statement is fixed.
high
persistent losses
full-year 2025 diluted eps was about ($0.20) per the year-end filing. this is not one ugly quarter—it is the current shape of the business relative to a small revenue line.
losses absorb cash and make every production plan more fragile.
high
single-commodity dependence
all $27M of revenue comes from uranium. there is no second segment, no midstream fee stream, and no diversified fuel mix to soften a bad pricing or production period.
100% of current revenue sits on one commodity.
med
shirley basin has to become more than a slide
shirley basin matters to the future story, but it is not yet a material contributor to the current $27M revenue base. if development slips, the stock gets pulled back to the weak present tense.
the growth narrative gets thinner fast when the existing business is still losing money.
med
estimate volatility
q4 eps came in at -$0.04 versus -$0.03 expected, and revenue was $6.32M versus $8.04M expected. price stability is 10 / 100, so small misses often become large reactions.
when expectations are carrying the upside, each miss makes the rerating case harder to defend.
all $27M of revenue comes from one commodity, and last year's -199.8% gross margin leaves almost no room for execution mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number
revenue versus the $34M full-year estimate
the street is looking for $34M versus the last reported $27M. if that gap does not close, the turnaround case is still just a presentation.
calendar
q1 2026 earnings report
estimated between may 27 and june 5, 2026. the question is simple: are losses narrowing, or just moving around the page.
risk
uranium pricing and nuclear policy
with 100% of revenue tied to uranium, price moves and policy support hit this income statement fast.
trend
fy2026 eps range
estimates run from -$0.06 to $0.04, with consensus at -$0.01. that spread tells you conviction is still thin.
Analyst rankings
earnings predictability
45 / 100
this score is below average. in human-speak, analysts do not have a clean read on the next few quarters.
beta
1.35
beta measures how much a stock tends to move versus the market. at 1.35, URG usually moves more.
median target vs. price
$2.15 vs. $1.60
the sell-side sees upside on paper. the current income statement has not earned that optimism yet.
source: institutional data
Institutional activity
institutional ownership data for URG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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