Executive Summary
Uranium Energy Corp (UEC) reported QQ4 2023 results characterized by strong operating cash flow and a net cash position, even as reported gross profit was negative for the quarter. Revenue for the quarter was $38.95 million, down 18.74% year over year but up sharply from the prior quarter, reflecting a volatile uranium market and timing of shipments and sales. The company delivered $28.80 million of net cash from operating activities and finished the period with $52.87 million in cash and equivalents, supporting a net cash position of approximately -$44.33 million in net debt terms. Despite a negative gross profit of approximately $3.60 million, UEC posted operating income of $3.67 million and net income of $0.52 million, underscoring the importance of non-operating items and cost management in the quarter. Free cash flow stood at about $28.53 million, highlighting the company’s ability to convert operating performance into liquidity while maintaining a robust balance sheet.
Key Performance Indicators
QoQ: 33 476.72% | YoY:-18.74%
QoQ: -19 031.58% | YoY:-134.51%
QoQ: 130.28% | YoY:-27.87%
QoQ: -77.02% | YoY:-95.25%
QoQ: -75.44% | YoY:-95.25%
Key Insights
Revenue: $38.95m (YoY -18.74%, QoQ +33,476.72% per data).
Gross Profit: -$3.60m (Gross margin -9.24%).
Operating Income: $3.67m (Operating margin 9.42%).
Net Income: $0.52m (Net margin 1.33%).
EPS: $0.0014 (Diluted $0.0014).
EBITDA: $2.88m (EBITDA margin 7.39%).
Cash Flow: Operating cash flow $28.80m; Free cash flow $28.53m.
Capital Expenditures: $(0.27)m.
Net cash from operations: $28.80m; Net change in cash: $28.15m; Cash at end of period: $52.87m.
Balance sheet health: Cash and equiv...
Financial Highlights
Revenue: $38.95m (YoY -18.74%, QoQ +33,476.72% per data).
Gross Profit: -$3.60m (Gross margin -9.24%).
Operating Income: $3.67m (Operating margin 9.42%).
Net Income: $0.52m (Net margin 1.33%).
EPS: $0.0014 (Diluted $0.0014).
EBITDA: $2.88m (EBITDA margin 7.39%).
Cash Flow: Operating cash flow $28.80m; Free cash flow $28.53m.
Capital Expenditures: $(0.27)m.
Net cash from operations: $28.80m; Net change in cash: $28.15m; Cash at end of period: $52.87m.
Balance sheet health: Cash and equivalents $45.61m; Total assets $737.59m; Total liabilities $105.76m; Total stockholders’ equity $631.83m; Net debt (cash) position of approximately -$44.33m.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
38.95M |
-18.74% |
33 476.72% |
| Gross Profit |
-3.60M |
-134.51% |
-19 031.58% |
| Operating Income |
3.67M |
-27.87% |
130.28% |
| Net Income |
517.00K |
-95.25% |
-77.02% |
| EPS |
0.00 |
-95.25% |
-75.44% |
Key Financial Ratios
operatingProfitMargin
9.42%
operatingCashFlowPerShare
$0.08
freeCashFlowPerShare
$0.08
priceEarningsRatio
658.82
Management Commentary
No QQ4 2023 earnings-call transcript data was provided in the materials. As a result, there are no management quotes or theme-by-theme highlights to extract. If a full transcript is supplied, a themes-based synthesis (strategy, operations, market conditions) with direct quotes would be appended here.
Forward Guidance
Explicit forward guidance was not disclosed in the supplied materials. Given Uranium Energy Corp’s asset base in the United States (e.g., Palangana, Goliad, Longhorn, Salvo) and the broader uranium market dynamics, the forward outlook hinges on: (i) uranium price trajectory and term/sales mix for UEC’s upcoming production window, (ii) progress on permitting and development of Texas-based assets, and (iii) ongoing capital discipline and working capital efficiency. Investors should monitor uranium price signals, project development progress, capex cadence, and any strategic updates on mine production ramp or ore inventory positioning. The company’s balance sheet creates liquidity to fund development, with net cash position and limited near-term leverage; execution and price environment will be the key drivers of the next 12–18 months.