Exchange: LSE | Sector: Energy | Industry: Oil Gas Energy
Q4 2025
Published: Sep 24, 2025
Earnings Highlights
EPS of $-0.06 decreased by 59.7% from previous year
Net income of -27.05M
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Uranium Energy Corp (0LJQ.L) QQ4 2025 Results – US Uranium Portfolio Under Volatile Pricing; Revenue Uptick Yet Persisting Losses
Executive Summary
Uranium Energy Corp (0LJQ.L) reported a mixed QQ4 2025 performance illustrated by a clear revenue ramp in the year-to-date sequence but persistent cash losses and negative EBITDA driven by a heavy cost base. The company posted a Q2 2025 revenue of $49.75 million with a stable gross margin around 36.6%, followed by quarters where reported revenue was not disclosed and where EBITDA and net income remained negative. Across the four quarters in the current year, net income declined YoY by roughly 79% while EPS deteriorated by approximately 60% over the same period. The combination of ongoing fixed-cost structure, a volatile uranium price environment, and a pipeline of US-based uranium projects suggests upside potential if price conditions improve and production scales, but material profitability remains contingent on cost discipline and sustained revenue visibility.
Key takeaway: the company is transitioning from a period of top-line variability toward a more consistent production profile, but the near-term earnings trajectory remains challenged by structural costs and commodity-cycle sensitivity. Investors should monitor uranium market dynamics, project development milestones (and related capex), and any debt/capital-structure actions that could influence liquidity and optionality in a volatile sector.
Key Performance Indicators
Operating Income
-33.02M
QoQ: -40.73% | YoY:-73.27%
Net Income
-27.05M
QoQ: 10.46% | YoY:-78.97%
EPS
-0.06
QoQ: 13.66% | YoY:-59.74%
Revenue Trend
Margin Analysis
Key Insights
Q1 2025: Revenue $17.09m; Gross Profit $6.25m; Operating Income -$13.20m; EBITDA -$21.24m; Net Income -$15.12m; EPS -$0.0380.
Q2 2025: Revenue $49.75m; Gross Profit $18.23m; Operating Income -$3.63m; EBITDA -$10.33m; Net Income -$10.23m; EPS -$0.0242.
Q3 2025: Revenue not disclosed; Gross Profit -$1.40m; Operating Income -$23.46m; EBITDA -$27.97m; Net Income -$30.21m; EPS -$0.0703.
Q4 2025: Revenue not disclosed; Gross Profit -$1.43m; Operating Income -$33.02m; EBITDA -$25.66m; Net Income -$27.05m; EPS -$0.0607.
Gross Profit: YoY -153.29%, QoQ -1.49% (gross margin deteriorated sharply on a year-over-year basis, with marginal sequential fluctuation in quarters with visible revenue).
Financial Highlights
Revenue and profitability dynamics:
- Q1 2025: Revenue $17.09m; Gross Profit $6.25m; Operating Income -$13.20m; EBITDA -$21.24m; Net Income -$15.12m; EPS -$0.0380.
- Q2 2025: Revenue $49.75m; Gross Profit $18.23m; Operating Income -$3.63m; EBITDA -$10.33m; Net Income -$10.23m; EPS -$0.0242.
- Q3 2025: Revenue not disclosed; Gross Profit -$1.40m; Operating Income -$23.46m; EBITDA -$27.97m; Net Income -$30.21m; EPS -$0.0703.
- Q4 2025: Revenue not disclosed; Gross Profit -$1.43m; Operating Income -$33.02m; EBITDA -$25.66m; Net Income -$27.05m; EPS -$0.0607.
YoY and QoQ comparisons (from reported metrics):
- Gross Profit: YoY -153.29%, QoQ -1.49% (gross margin deteriorated sharply on a year-over-year basis, with marginal sequential fluctuation in quarters with visible revenue).
- Operating Income: YoY -73.27%, QoQ -40.73% (operating losses widened in the latest reporting periods despite revenue uptick in Q2).
- Net Income: YoY -78.97%, QoQ +10.46% (net losses widened YoY but saw a modest QoQ improvement in the latest quarter with no revenue disclosure in Q4).
- EPS: YoY -59.74%, QoQ +13.66% (diluted share count expansion contributed to persistent negative EPS despite some quarterly improvements).
Income Statement
Metric
Value
YoY Change
QoQ Change
Gross Profit
-1.43M
-153.29%
-1.49%
Operating Income
-33.02M
-73.27%
-40.73%
Net Income
-27.05M
-78.97%
10.46%
EPS
-0.06
-59.74%
13.66%
Key Financial Ratios
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Note: Transcript data is not provided in the supplied input. The following themes reflect the likely focal points management would address given the quarter structure and industry context:
- Operational execution and cost discipline in a volatile uranium pricing environment.
- Production ramp and capex plans across the US-based project portfolio (Palangana, Goliad, Longhorn, Salvo, Reno Creek, etc.).
- Projected timing for near-term cash-flow improvements and balance-sheet resilience.
- Market backdrop for uranium demand (nuclear energy growth, supply constraints, and price recovery signals).
- Capital allocation strategy, including potential financing options to sustain development while navigating losses.
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Forward Guidance
Explicit management forward guidance for QQ4 2025 is not provided in the supplied data. Given the industry backdrop and the company’s quarterly results, a hypothetical forward-looking assessment would hinge on:
- Uranium price trajectory and potential upcycles that could improve sales realizations and profitability; sensitivity to price movements remains high.
- Timelines for advancing US-based projects and their capex profiles (and whether those capex plans can be monetized without disproportionately increasing per-ounce costs).
- Ability to achieve cash-flow breakeven through cost reductions, productivity improvements, and potential byproduct credits.
- Liquidity and capital structure actions to support ongoing development. Investors should monitor key catalysts such as project milestones, ore grade and recovery improvements, and any debt or equity financing announcements.
Key factors to monitor: uranium price trends, project development milestones, capex cadence, working capital dynamics, and potential refinancing or equity issuance that could impact share count and dilution.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
0OCQ.L
0.00%
-1,837.17%
-1.15%
-1.29%
0R3M.L
0.00%
0.00%
-88.90%
-1.84%
0RU5.L
1.00%
-49.23%
-23.30%
-2.79%
0JSY.L
24.80%
6.93%
1.78%
33.56%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Bottom line: Uranium Energy Corp operates in a volatile, cyclically sensitive commodity space with a US-focused asset base. The QQ4 2025 results show a meaningful revenue uptick in Q2 2025 but continuing unprofitability driven by high operating costs and a substantial fixed-cost base. The key to a more favorable investment thesis lies in two pillars: (1) sustained uranium price strength or price recovery that improves realized margins, and (2) successful execution of the company’s project pipeline with disciplined capex, enabling a credible path to cash-flow breakeven and potential profitability. Investors should monitor project milestones, capex plans, uranium price trajectories, and any capital-raising actions that could affect liquidity or dilution. Given the current data, the stock represents a higher-risk, high-reward exposure to the uranium cycle, with meaningful upside if price and project execution align, but with significant downside if costs remain elevated or price weakness persists.
Key Investment Factors
Growth Potential
Moderate: A US-focused uranium asset base with multiple development opportunities (e.g., Longhorn, Salvo, Reno Creek) supports optionality for production growth if prices recover and operating costs stay under control.
Profitability Risk
High: Company remains loss-making with negative EBITDA across multiple quarters; revenue visibility is uneven; uranium price volatility and regulatory/operational risks impact profitability; dilution risk from rising share count; project execution risk across a diversified asset portfolio.
Financial Position
Weak-to-moderate liquidity signal in the near term given negative EBITDA and net losses; limited visible cash flow from operations in the reported quarters; balance-sheet details are not provided in the data, requiring scrutiny of the 10-K for debt levels, liquidity runway, and capital commitments.
SWOT Analysis
Strengths
US-based uranium asset portfolio with defined projects (Palangana, Goliad, Burke Hollow, Longhorn, Salvo, Reno Creek, etc.) and near-term development potential.
Vertical integration opportunities across the uranium value chain in the US, potentially enabling margin capture as production scales.
Strategic exposure to a nuclear demand backdrop as countries seek energy security and low-carbon baseload power.
Weaknesses
Persistent net losses and negative EBITDA across quarters, signaling an unsustainable near-term cost structure without price-led top-line improvements.
Revenue visibility is uneven across quarters, limiting predictability of cash flow.
Escalating share count (dilution) over the reported periods, impacting per-share profitability and shareholder value.
Opportunities
Uranium price upcycles could unlock revenue and margin expansion if production scales efficiently.
Advancement of US-based pipeline assets offers optionality for future revenue streams and potential partnerships or strategic financings.
Operational improvements and cost controls could translate into cash-flow improvement as projects advance.
Threats
Commodity price volatility and the cyclicality of the uranium market can dramatically affect realized prices and project economics.
Execution risk across a broad project portfolio, including capex intensity and development timelines.
Regulatory, environmental, and permitting risks in multiple jurisdictions could delay production and increase costs.