Uranium Energy Corp. (AMEX:UEC) shares are trading lower Tuesday after the company reported third-quarter financial results today before the market opened.
- Uranium Energy stock is among today’s weakest performers. What’s pressuring UEC stock?
Q3 Highlights
Uranium Energy reported a loss of 11 cents per share, down from a loss of 7 cents per share year-over-year.
The company commenced production at Burke Hollow in South Texas — America’s largest greenfield in-situ recovery uranium project to enter production in more than a decade. During the quarter, 32,195 pounds of uranium concentrate were produced at a total cost of $54.61 per pound, up from $44.14 in the prior quarter, primarily due to timing of regulatory approvals for new header houses and an increase in state taxes. Production is expected to increase in the fourth fiscal quarter as new header houses at both Christensen Ranch and Burke Hollow come online for a full quarter.
Uranium Energy ended the quarter with $794 million in liquid assets, including $488 million in cash, and no debt. The company held 1,456,000 pounds of uranium inventory valued at $127 million at market prices, maintaining its 100% unhedged strategy to preserve pricing optionality in a tightening market.
The company also received a docket number from the U.S. Nuclear Regulatory Commission for its planned uranium conversion facility — a key milestone on its path to becoming America’s only vertically integrated nuclear fuel supplier from mining through conversion.
“During the quarter, we achieved a series of defining milestones that reflect both the strength of our execution along with the depth and scale of our asset base,” said Amir Adnani, President and CEO.
Uranium Energy Shares Edge Lower
UEC Price Action: At the time of publication, Uranium Energy shares are trading 1.59% lower at $12.41, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
