What happened

Shares of uranium mining concern Uranium Energy Corp (NYSEMKT:UEC) are climbing in the hours following its filing of a 10-Q report on fiscal first-quarter 2021 "earnings" this morning. I'm using the term loosely, however, because Uranium Energy didn't actually earn anything...and to be perfectly honest, I'm not really sure why its shares are going up today.  

So what

According to Yahoo! Finance, analysts were expecting Uranium Energy to report about a $0.02 per-share loss for Q1, but in fact, the 10-Q filing shows that Uranium Energy lost $0.03 per share. Losses were a given as Uranium Energy had no revenues whatsoever during the quarter. (The last time it did have revenues was in 2015.)  

On the plus side, net losses declined 3% in comparison to last year's fiscal Q1 results. It's also good to see that cash burn decreased significantly from $4.7 million a year ago to just $2.6 million this past quarter.

The words "Fallout Shelter" printed on yellow sign against brick wall.

Image source: Getty Images.

Now what

Still, when you consider that earnings missed estimates and that Uranium Energy didn't actually sell anything at all (did I mention that?), I have to say that this stock is still pretty speculative to me. Granted, analysts forecast that in fiscal 2021, Uranium Energy will finally begin producing appreciable amounts of uranium and will record its first revenues in more than five years. These same analysts also predict, however, that Uranium Energy's losses will grow to $0.10 per share this year.

Bear that in mind before you decide to invest in it.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.