Executive Summary
Uranium Energy Corp (0LJQ.L) reported Q2 2025 revenue of $49.75 million, up 27.7% year-over-year and 191.2% quarter-over-quarter, with a gross margin of 36.6% and gross profit of $18.23 million. Despite top-line growth, the quarter produced a net loss of $10.23 million and an EBITDA of $-10.33 million, driven by operating and non-operating costs as well as a material acquisition outlay. Operating income was negative at $3.63 million, underscoring margin pressure even as the company expands its asset base. The investing cash flow reflects a substantial acquisition-related outflow (acquisitionsNet of approximately $177.3 million across the four quarters), contributing to a negative free cash flow of about $10.02 million for the period. The company finished the quarter with approximately $70.7 million in cash and equivalents and a net cash position of about $61.5 million, supported by $70.6 million in net financing activities. On the balance sheet, Uranium Energy Corp holds a sizable PPE base and inventory with no long-term debt, signaling a strong liquidity profile and a capital-light balance sheet relative to scale. However, ongoing profitability hinges on uranium price cycles, successful integration of acquisitions, and the company’s ability to convert its asset base into near-term earnings. Management commentary is not included in the provided transcript data, so explicit earnings-call quotes are not available in this dataset. Investors should monitor uranium market dynamics, project execution, and any further capital allocation signals as key near-term drivers of value.
Key Performance Indicators
QoQ: 191.16% | YoY:27.73%
QoQ: 191.57% | YoY:606.70%
QoQ: 72.48% | YoY:-199.02%
QoQ: 49.23% | YoY:-2 079.50%
QoQ: 50.51% | YoY:-1 828.57%
Key Insights
Revenue: $49.75m in Q2 2025; YoY +27.73%, QoQ +191.16%. Gross Profit: $18.226m; Gross Margin 36.64%; YoY +606.70%, QoQ +191.57%. Operating Income: $(3.634)m; Operating Margin -7.30%; YoY -199.02%, QoQ +72.48%. Net Income: $(10.234)m; Net Margin -20.57%; YoY -2079.50%, QoQ +49.23%. EBITDA: $(10.328)m; EBITDARatio -0.208; Operating Cash Flow: $(8.808)m. Earnings Per Share (EPS): $(0.0242); Diluted EPS: $(0.0242); Weighted Avg Shares: 423.20m. Balance sheet highlights: Current Ratio 9.44; Quick Rat...
Financial Highlights
Revenue: $49.75m in Q2 2025; YoY +27.73%, QoQ +191.16%. Gross Profit: $18.226m; Gross Margin 36.64%; YoY +606.70%, QoQ +191.57%. Operating Income: $(3.634)m; Operating Margin -7.30%; YoY -199.02%, QoQ +72.48%. Net Income: $(10.234)m; Net Margin -20.57%; YoY -2079.50%, QoQ +49.23%. EBITDA: $(10.328)m; EBITDARatio -0.208; Operating Cash Flow: $(8.808)m. Earnings Per Share (EPS): $(0.0242); Diluted EPS: $(0.0242); Weighted Avg Shares: 423.20m. Balance sheet highlights: Current Ratio 9.44; Quick Ratio 4.39; Cash Ratio 4.10. No long-term debt; Net Debt: $(61.51)m (net cash). Free Cash Flow: $(10.02)m. Cash at end of period: $70.7m; Cash and equivalents on balance sheet: $61.5m. Investing activities include AcquisitionsNet: $(177.29)m over four quarters, and net cash used in investing: $(188.95)m. Financing activities provided: $70.64m. Total assets: $982.0m; Total liabilities: $104.7m; Total stockholders’ equity: $877.2m. Current assets: $141.44m; Inventory: $75.69m; PPE (net): $760.11m; Inventory turnover: 0.618x; Days of inventory outstanding: 145.53 days. Valuation context (peer landscape): price-to-book around mid-teens to 3.5x range; price-to-sales highly elevated at ~$62x, reflecting capture of strategic assets and/or commodity pricing through the cycle.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
49.75M |
27.73% |
191.16% |
| Gross Profit |
18.23M |
606.70% |
191.57% |
| Operating Income |
-3.63M |
-199.02% |
72.48% |
| Net Income |
-10.23M |
-2 079.50% |
49.23% |
| EPS |
-0.02 |
-1 828.57% |
50.51% |
Key Financial Ratios
operatingProfitMargin
-7.36%
operatingCashFlowPerShare
$-0.02
freeCashFlowPerShare
$-0.02
priceEarningsRatio
-75.36
Management Commentary
Note: The earnings-transcript field is empty in the provided dataset, so no direct management quotes or themes can be extracted. In lieu of transcript content, highlights focus on the quantitative backdrop and typical topics investors would expect in a call (growth strategy, capital allocation, commodity pricing exposure, and project execution). - Management focus themes (anticipated in typical calls): capital allocation efficiency, progress of US uranium projects, cost control, and sensitivity to uranium pricing. - Implication: In the absence of transcript data, investors should seek the formal call transcript for precise management commentary on acquisition rationale, synergy expectations, production targets, and guidance for the remainder of 2025.
Forward Guidance
No explicit forward guidance is contained in the provided QQ2 2025 quarterly filing data. Based on the data, the company is pursuing growth via acquisitions and asset expansion while maintaining strong liquidity and negligible leverage. The absence of stated targets should be interpreted as a need for management to update investors on: (1) near-term production guidance and ore grade expectations for key U.S. projects (e.g., Palangana, Goliad, Longhorn, Reno Creek) and associated capex trajectory; (2) anticipated integration milestones and cost synergies from acquisitions; (3) potential uranium price assumptions and hedging strategies; (4) any debt or equity financing plans to support growth. Investors should monitor commodity price cycles, regulatory developments affecting U.S. uranium projects, and progress on inventory realization to translate this liquidity into earnings.