UR-Energy Q3 Revenue Drops Significantly
Ticker: URG · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 1375205
Sentiment: bearish
Topics: uranium, revenue-decline, financials, q3-earnings
TL;DR
UR-Energy revenue CRASHED from $39M to $1.5M YTD. Big trouble ahead?
AI Summary
UR-Energy Inc. reported its Q3 2024 results, with total revenues of $1.50 million for the nine months ended September 30, 2024, compared to $39.04 million in the same period of 2023. The company's net income for the nine months was $641,910, a significant decrease from the prior year. UR-Energy Inc. is involved in the exploration and development of uranium properties.
Why It Matters
This filing indicates a substantial decline in UR-Energy's revenue, which could impact its financial stability and future operational capacity in the uranium mining sector.
Risk Assessment
Risk Level: high — The dramatic decrease in revenue and net income suggests significant financial challenges and potential operational issues for UR-Energy Inc.
Key Numbers
- $1.50M — Revenue (9 months ended 09/30/2024) (Significant decrease from prior year)
- $39.04M — Revenue (9 months ended 09/30/2023) (Prior year revenue for comparison)
- $641,910 — Net Income (9 months ended 09/30/2024) (Reflects reduced profitability)
Key Players & Entities
- UR-ENERGY INC (company) — Filer
- 20240930 (date) — Reporting Period End Date
- $1.50 million (dollar_amount) — Revenue for nine months ended September 30, 2024
- $39.04 million (dollar_amount) — Revenue for nine months ended September 30, 2023
- $641,910 (dollar_amount) — Net income for nine months ended September 30, 2024
FAQ
What caused the significant drop in revenue for UR-Energy Inc. in the first nine months of 2024 compared to 2023?
The filing does not explicitly state the cause for the revenue drop, but it shows a decrease from $39.04 million in the first nine months of 2023 to $1.50 million in the same period of 2024.
What was UR-Energy Inc.'s net income for the nine months ended September 30, 2024?
UR-Energy Inc. reported a net income of $641,910 for the nine months ended September 30, 2024.
What is UR-Energy Inc.'s primary business activity?
UR-Energy Inc. is involved in the exploration and development of uranium properties, as indicated by its Standard Industrial Classification code for Gold & Silver Ores.
What is the reporting period for this 10-Q filing?
This 10-Q filing covers the period ended September 30, 2024.
What was the company's revenue in the third quarter of 2023?
The filing provides year-to-date figures, showing $39.04 million in revenue for the nine months ended September 30, 2023. Specific Q3 2023 revenue is not directly itemized in the provided snippet.
Filing Stats: 4,441 words · 18 min read · ~15 pages · Grade level 14.7 · Accepted 2024-11-06 17:06:09
Filing Documents
- urg_10q.htm (10-Q) — 1621KB
- urg_ex311.htm (EX-31.1) — 11KB
- urg_ex312.htm (EX-31.2) — 9KB
- urg_ex321.htm (EX-32.1) — 4KB
- urg_ex322.htm (EX-32.2) — 4KB
- 0001654954-24-013836.txt ( ) — 5737KB
- urg-20240930.xsd (EX-101.SCH) — 61KB
- urg-20240930_lab.xml (EX-101.LAB) — 294KB
- urg-20240930_cal.xml (EX-101.CAL) — 51KB
- urg-20240930_pre.xml (EX-101.PRE) — 247KB
- urg-20240930_def.xml (EX-101.DEF) — 128KB
- urg_10q_htm.xml (XML) — 881KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 39 Item 4.
Controls and Procedures
Controls and Procedures 40
– OTHER INFORMATION
PART II – OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 41 Item 1A.
Risk Factors
Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosure 41 Item 5. Other Information 41 Item 6. Exhibits 42
SIGNATURES
SIGNATURES 43 2 Table of Contents When we use the terms "Ur-Energy," "we," "us," or "our," or the "Company" we are referring to Ur-Energy Inc. and its subsidiaries, unless the context otherwise requires. Throughout this document we make statements that are classified as "forward-looking." Please refer to the "Cautionary Statement Regarding Forward-Looking Statements" section below for an explanation of these types of assertions. Cautionary Statement Regarding Forward-Looking Information This report on Form 10-Q contains "forward-looking statements" within the meaning of applicable United States ("U.S.") and Canadian securities laws, and these forward-looking statements can be identified by the use of words such as "expect," "anticipate," "estimate," "believe," "may," "potential," "intends," "plans" and other similar expressions or statements that an action, event or result "may," "could" or "should" be taken, occur or be achieved, or the negative thereof or other similar statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Such statements include, but are not limited to: (i) the ability to maintain safe and compliant operations at Lost Creek; (ii) the continued schedule for ramp-up at Lost Creek to reach budgeted production, including the ability to overcome continuing challenges of ramp-up and to meet our production guidance; (iii) our ability to reach and sustain steady state higher production levels at Lost Creek in a timely and cost-effective manner; (iv) development and construction priorities and timelines for Shirley Basin, and whether our current projections for buildout can to be achieved with respect to budget and timelines; (v) the ability to complete additio
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS Ur-Energy Inc. Interim Condensed Consolidated Balance Sheets (Unaudited) (expressed in thousands of U.S. dollars) (the accompanying notes are an integral part of these condensed consolidated financial statements) Note September 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents 3 118,460 59,700 Trade receivables 27 - Current portion of lease receivable (net) 207 77 Inventory 4 4,246 2,571 Prepaid expenses 2,075 1,321 Total current assets 125,015 63,669 Non-current assets Lease receivable (net) 598 208 Restricted cash and cash equivalents 5 10,897 8,549 Mineral properties 6 39,359 34,906 Capital assets 7 25,502 21,044 Total non-current assets 76,356 64,707 Total assets 201,371 128,376 Liabilities and shareholders' equity Current liabilities Accounts payable and accrued liabilities 8 7,107 2,366 Current portion of notes payable 9 - 5,694 Current portion of warrant liability 10 - 1,743 Current portion of lease liability 281 162 Environmental remediation accrual 63 69 Total current liabilities 7,451 10,034 Non-current liabilities Warrant liability 10 3,646 11,549 Asset retirement obligations 11 36,412 31,236 Lease liability 948 687 Total non-current liabilities 41,006 43,472 Shareholders' equity Share capital 12 412,606 302,182 Contributed surplus 20,270 19,881 Accumulated other comprehensive income 4,076 3,718 Accumulated deficit ( 284,038 ) ( 250,911 ) Total shareholders' equity 152,914 74,870 Total liabilities and shareholders' equity 201,371 128,376 5 Table of Contents Ur-Energy Inc. Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (expressed in thousands of U.S. dollars, except share data) (the accompanying notes are an integral part of these condensed consolidated financial statements)