Uranium Energy (UEC +8.76%) stock tumbled 7.2% through 12:20 p.m. ET Wednesday after missing badly on earnings this morning.
Analysts already weren't overly optimistic, forecasting the start-up uranium miner would lose $0.01 per share -- but the news was twice as bad as feared. According to a 10-Q filing with the SEC, Uranium Energy lost $0.02 per share in Q1 2026 -- and would have lost even more if it hadn't grown its share count by 13.5% (spreading losses around among more shares outstanding).
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Uranium Energy's Q1 losses
Uranium Energy went from $17.1 million in revenue in last year's Q1 to... $0 in revenue so far this year. While revenue dried up, though, costs continued. Operating expenses totaled $29.8 million, up more than $10 million year over year.
In the absence of good numbers to report, Uranium Energy focused on telling its story. Uranium Energy, says the company, is busy "building America's only vertically integrated uranium fuel supply chain, from mining to conversion, [and] supporting U.S. enrichment" of uranium. It's expanding existing mining sites and opening new ones, and produced 68,612 pounds of precipitated uranium and uranium concentrate in the quarter, at a total cost of $34.35 per pound.
With uranium selling for about $76.50 per pound on the spot market today, that should make for a profitable business. Yet Uranium Energy lost money instead.
NYSEMKT: UEC
Key Data Points
What's Uranium Energy up to?
Uranium Energy did note that it has substantial inventory of uranium for sale, however -- 1.4 million pounds of uranium concentrate as of Oct. 31, worth $111.9 million, not counting 199,000 pounds of precipitated uranium and 300,000 pounds bought elsewhere at attractive prices.
Presumably, it plans to sell this uranium at some point and recoup the cost of mining and purchasing it.
