Ur-Energy Sales Jump 72.7% Year Over Year to 190,000 Pounds in Third Quarter
Key Facts
Ur-Energy sold about 190,000 pounds of uranium in the third quarter of 2026, up 72.7% from 110,000 pounds in the same period of 2025, according to results published by the company via ACCESS Newswire. However, the volume fell 11.6% from 215,000 pounds in the second quarter of 2026, putting annual growth alongside a quarterly slowdown in sales. The average selling price was $64.95 per pound, up 13.0% from $57.48 a year earlier. But it fell 2.8% from $66.85 in the previous quarter. The company said all third-quarter sales were made under long-term contracts, so realized prices reflect the terms of those contracts.
Cash cost per pound sold was $40.40 in the third quarter, compared with $40.20 in the second quarter, the company said. The comparison shows that unit cash cost rose slightly quarter over quarter, alongside declines in the average selling price and sales volume from the previous quarter. Year over year, the amount of uranium captured during the quarter rose 73.3% to 154,667 pounds of U₃O₈. In the first nine months of 2026, the total captured volume was 369,997 pounds, up 26.4% from the corresponding period. The amount dried during the quarter was 104,586 pounds, down 25.8% quarter over quarter but up 11.8% from the third quarter of 2025.
For the year to date, the company reported sales of 460,000 pounds and revenue of $30.6 million in the first nine months of 2026, compared with 275,000 pounds and $16.8 million in the same period of 2025. The company attributed the increases in volume and price to the terms of its sales contracts, according to its filing with the U.S. Securities and Exchange Commission. But third-quarter sales did not all come from production during the period: the company sold 10,000 pounds it had produced and 180,000 pounds from inventory that had not been produced. Sales of the latter category resulted in an average loss of $5.60 per pound. In the first nine months, gross profit turned to $1.8 million from a gross loss of $1.4 million a year earlier. The company attributed the improvement mainly to higher sales volumes and lower cost per pound, while labor, services and depreciation costs weighed in the opposite direction.
Despite the improvement in gross profit, the net loss widened in the first nine months to $63.201 million from $59.317 million in the corresponding period of 2025, according to the filing with the commission. Cash and cash equivalents totaled $50.165 million on September 30, 2026, compared with $52.033 million on the corresponding date a year earlier. This coincided with the company starting full operations at Shirley Basin in August 2026 and sending the mine’s first shipment to Lost Creek for processing. The company captured 14,697 pounds there in the quarter and sent 9,379 pounds to Lost Creek. It said production activity was limited to a small area of the first mine unit, which has 158 injection and production wells, and processing remained limited while it completed improvements to the transfer system and maintenance on the processing systems.
The company acknowledged that the production ramp-up at Shirley Basin and improvements to uranium transfers to Lost Creek proceeded more slowly than expected in the third quarter. It cited ongoing operational and logistical challenges and higher initial production costs at Shirley Basin until production rates increase. The combined licensed capacity of the Lost Creek and Shirley Basin facilities is about 4.2 million pounds a year, according to the company’s disclosure. Ur-Energy also has multiyear sales agreements with 12 companies, including base delivery commitments of 6.4 million pounds from 2026 to 2033. Progress in ramping up production and transferring volumes to the processing facility is an important operational factor in meeting these commitments.
Ur-Energy expects to sell 700,000 pounds of U₃O₈ during 2026 at an average of about $67.00 per pound, generating sales revenue of about $46.9 million. It said it deferred contractual deliveries of 150,000 pounds to 2027 and 150,000 pounds to 2029. In October 2026, the company also deferred an additional 300,000 pounds of fourth-quarter deliveries to 2029. The new wastewater treatment facility at Lost Creek is scheduled for completion and startup in the second quarter of 2027, while the company expects to receive approval to begin production in the fifth mine unit in the first quarter of 2027. A conference call to discuss the results was scheduled for November 10, 2026, at 11:00 a.m. Eastern Time.