Ur-Energy's Q3 Loss Widens on Mark-to-Market Hit, Rising Costs

TL;DR

**URG's widening losses and cash burn mean more dilution is likely coming, so tread carefully.**

AI Summary

UR-ENERGY INC. reported a significant net loss of $27.46 million for the three months ended September 30, 2025, a substantial increase from the $8.00 million loss in the same period of 2024. For the nine months ended September 30, 2025, the net loss widened to $59.32 million, compared to $33.13 million in 2024. Revenue remained relatively stable at $6.32 million for the three months ended September 30, 2025, a slight decrease from $6.40 million in 2024, but increased to $16.76 million for the nine-month period in 2025 from $11.05 million in 2024. A key factor contributing to the increased loss was a mark-to-market loss of $7.85 million in Q3 2025, contrasting with a $2.97 million gain in Q3 2024, and a $9.17 million loss for the nine months ended September 30, 2025, compared to a $4.44 million gain in 2024. Operating costs also rose significantly, reaching $19.07 million in Q3 2025 from $12.65 million in Q3 2024, and $50.01 million for the nine-month period in 2025 from $40.53 million in 2024. The company's cash and cash equivalents decreased from $76.06 million at December 31, 2024, to $52.03 million at September 30, 2025, while total assets declined from $194.13 million to $170.95 million over the same period. Share capital increased by $16.98 million due to shares issued for cash and warrant/stock option exercises, indicating ongoing financing activities.

Why It Matters

Ur-Energy's escalating net losses and declining cash position are critical for investors, signaling potential capital needs and operational challenges in a competitive uranium market. The significant mark-to-market losses on inventory derivatives and warrant liabilities, totaling $9.17 million for the nine months ended September 30, 2025, highlight the volatility inherent in the uranium sector and the company's financial instruments. For employees, sustained losses could impact job security and future growth prospects. Customers might face supply uncertainties if production ramp-up at Lost Creek and Shirley Basin is delayed or underfunded. The broader market will watch if URG can effectively scale its Lost Creek Project and bring Shirley Basin online, as its success or failure could influence sentiment for other junior uranium miners.

Risk Assessment

Risk Level: high — The company reported a net loss of $59.32 million for the nine months ended September 30, 2025, a significant increase from $33.13 million in the prior year. Cash and cash equivalents decreased by $24.02 million from $76.06 million at December 31, 2024, to $52.03 million at September 30, 2025, indicating substantial cash burn from operations. The mark-to-market loss of $9.17 million on inventory derivatives and warrant liabilities further exacerbates financial instability.

Analyst Insight

Investors should exercise extreme caution and thoroughly evaluate URG's liquidity and future financing plans. Given the substantial losses and cash burn, further equity dilution or debt financing appears probable, which could pressure share price. Monitor progress on production ramp-up at Lost Creek and Shirley Basin closely, as operational improvements are crucial for profitability.

Financial Highlights

revenue

$16.76M

total Assets

$170.95M

net Income

-$59.32M

cash Position

$52.03M

revenue Growth

+51.6%

Key Numbers

• $59.32M — Net Loss (for the nine months ended September 30, 2025, widened from $33.13M in 2024)
• $27.46M — Net Loss (for the three months ended September 30, 2025, widened from $8.00M in 2024)
• $52.03M — Cash and Cash Equivalents (as of September 30, 2025, down from $76.06M at December 31, 2024)
• $9.17M — Mark-to-Market Loss (for the nine months ended September 30, 2025, compared to a $4.44M gain in 2024)
• $50.01M — Operating Costs (for the nine months ended September 30, 2025, up from $40.53M in 2024)
• 376,213,626 — Common Shares Outstanding (as of October 30, 2025, indicating recent dilution)
• $15.17M — Shares Issued for Cash (for the nine months ended September 30, 2025)
• $170.95M — Total Assets (as of September 30, 2025, down from $194.13M at December 31, 2024)
• $90.68M — Total Shareholders' Equity (as of September 30, 2025, down from $132.80M at December 31, 2024)
• $16.76M — Sales (for the nine months ended September 30, 2025, up from $11.05M in 2024)

Key Players & Entities

• UR-ENERGY INC. (company) — registrant
• Lost Creek Project (company) — uranium production site
• Shirley Basin Project (company) — uranium development project
• NYSE American (regulator) — stock exchange
• TSX (regulator) — stock exchange
• Canada Business Corporations Act (regulator) — incorporation statute
• Chief Executive Officer (person) — chief operating decision maker
• Chief Financial Officer (person) — chief operating decision maker
• Wyoming (company) — primary location of operations
• Bloomberg (company) — publisher

FAQ

Risk Factors

• Significant Net Loss and Widening Deficit [high — financial]: The company reported a net loss of $27.46 million for Q3 2025, a substantial increase from $8.00 million in Q3 2024. For the nine months ended September 30, 2025, the net loss widened to $59.32 million from $33.13 million in the prior year. This trend is exacerbated by a significant mark-to-market loss of $7.85 million in Q3 2025, compared to a gain in the prior year, and rising operating costs.
• Decreasing Cash Position [high — financial]: Cash and cash equivalents decreased from $76.06 million at December 31, 2024, to $52.03 million at September 30, 2025. This reduction in liquidity, coupled with increasing operating expenses and net losses, could impact the company's ability to fund its operations and growth initiatives.
• Increased Operating Costs [medium — financial]: Operating costs rose significantly to $19.07 million in Q3 2025 from $12.65 million in Q3 2024. For the nine-month period, operating costs increased to $50.01 million from $40.53 million. This escalation in operational expenses directly contributes to the widening net loss.
• Mark-to-Market Volatility [medium — financial]: The company experienced a mark-to-market loss of $7.85 million in Q3 2025, a significant swing from a $2.97 million gain in Q3 2024. For the nine months, the loss was $9.17 million compared to a gain of $4.44 million. This volatility in derivative valuations introduces uncertainty into earnings.
• Dilution from Share Issuances [medium — financial]: Share capital increased by $16.98 million due to shares issued for cash and warrant/stock option exercises. This indicates ongoing financing activities that may lead to dilution for existing shareholders.
• Commodity Price Fluctuations [high — market]: As a uranium producer, Ur-Energy is subject to the volatility of uranium prices. Fluctuations in market prices can significantly impact revenue, profitability, and the company's ability to execute its business plan.
• Uranium Mining Regulations [medium — regulatory]: The uranium mining industry is subject to stringent environmental, health, and safety regulations. Changes in these regulations or non-compliance could lead to increased costs, operational disruptions, or penalties.
• Asset Retirement Obligations [medium — operational]: The company has significant asset retirement obligations totaling $40.47 million as of September 30, 2025. Managing these long-term liabilities and ensuring compliance with environmental standards is crucial.

Industry Context

Ur-Energy operates in the uranium mining sector, a market characterized by cyclical commodity prices and significant regulatory oversight. The industry is influenced by global energy policies, demand for nuclear power, and geopolitical factors affecting supply chains. Competition exists from both established producers and emerging projects, with a constant need for efficient extraction and responsible environmental stewardship.

Regulatory Implications

The company faces stringent regulatory requirements related to uranium extraction, environmental protection, and mine safety. Compliance with these regulations is critical to maintaining operational licenses and avoiding penalties. Any changes in environmental standards or permitting processes could impact operational costs and timelines.

What Investors Should Do

1. Monitor operating cost trends closely to assess management's ability to control expenses and improve profitability.
2. Evaluate the impact of mark-to-market fluctuations on earnings and assess the company's hedging strategies.
3. Analyze the company's cash burn rate and future financing needs given the declining cash position and ongoing losses.
4. Assess the long-term demand for uranium and its potential impact on Ur-Energy's future revenue and profitability.
5. Review the company's strategy for managing its asset retirement obligations and other long-term liabilities.

Glossary

Mark to market gain (loss)

The change in the value of an asset or liability based on current market prices. For financial instruments, it reflects unrealized gains or losses. (Significant mark-to-market losses are negatively impacting Ur-Energy's net income, highlighting the volatility of its derivative instruments.)

Accumulated deficit

The total cumulative net losses of a company since its inception that have not been offset by net income. (Ur-Energy's accumulated deficit has increased to $363.42 million, indicating a history of net losses that have not been overcome by profits.)

Share capital

The total amount of capital raised by a company through the issuance of shares. (The increase in share capital by $16.98 million suggests the company is raising funds through equity, potentially diluting existing shareholders.)

Asset retirement obligations

The costs associated with the retirement of tangible long-lived assets, such as the closure of a mine. (Ur-Energy has a substantial asset retirement obligation of $40.47 million, which represents a future liability that needs to be managed.)

Inventory derivative obligation

A financial instrument used to hedge against price fluctuations in inventory, often related to commodity prices. (The company had a current portion of an inventory derivative obligation of $14.41 million in the prior year, which has been settled or matured, impacting current liabilities.)

Year-Over-Year Comparison

Ur-Energy Inc. has seen a significant deterioration in its financial performance compared to the prior year. Revenue for the nine months ended September 30, 2025, increased by 51.6% to $16.76 million from $11.05 million in 2024. However, this top-line growth has been overshadowed by a substantial increase in net loss, which widened from $33.13 million to $59.32 million for the same period. Operating costs have also risen considerably, and a shift from a mark-to-market gain to a significant loss has further impacted profitability. The company's cash position has decreased, and total assets have declined, indicating financial pressures.

Filing Documents

• urg-20250930x10q.htm (10-Q) — 2469KB
• urg-20250930xex31d1.htm (EX-31.1) — 12KB
• urg-20250930xex31d2.htm (EX-31.2) — 13KB
• urg-20250930xex32d1.htm (EX-32.1) — 7KB
• urg-20250930xex32d2.htm (EX-32.2) — 7KB
• 0001104659-25-105672.txt ( ) — 9770KB
• urg-20250930.xsd (EX-101.SCH) — 77KB
• urg-20250930_cal.xml (EX-101.CAL) — 71KB
• urg-20250930_def.xml (EX-101.DEF) — 190KB
• urg-20250930_lab.xml (EX-101.LAB) — 513KB
• urg-20250930_pre.xml (EX-101.PRE) — 396KB
• urg-20250930x10q_htm.xml (XML) — 1891KB

– 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 24 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 44

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosure 45 Item 5. Other Information 45 Item 6. Exhibits 46

SIGNATURES

SIGNATURES 47 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 and Shirley Basin, including whether our safety record will continue to improve and support our production operations; (ii) our ability to reach and sustain steady state higher production levels at Lost Creek in a cost-effective manner, including whether Mine Unit 1 Phase 2 comes online as projected in 2025 Q4; (iii) the timing to resolve remaining maintenance and staffing issues, and the ability of the planned wastewater treatment facility to facilitate more consistent plant processes; (iv) whether our current projections for buildout o

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, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents 3 52,033 76,055 Trade receivables 4 2,083 16,511 Inventory 5 19,179 20,744 Prepaid expenses and other current assets 2,663 1,597 Current portion of lease receivables (net) 6 654 354 Total current assets 76,612 115,261 Non-current assets Lease receivables (net) 6 2,028 1,127 Restricted cash and cash equivalents 7 11,373 11,023 Mineral properties (net) 8 40,877 39,380 Capital assets (net) 9 40,057 27,337 Total non-current assets 94,335 78,867 Total assets 170,947 194,128 Liabilities and shareholders' equity Current liabilities Accounts payable and accrued liabilities 10 8,611 4,474 Current portion of inventory derivative obligation (net) 11 — 14,408 Current portion of financing lease liabilities 12 1,025 309 Environmental remediation accrual 122 63 Total current liabilities 9,758 19,254 Non-current liabilities Inventory derivative obligation (net) 11 16,908 — Financing lease liabilities 12 1,390 931 Warrant liability 13 9,011 2,529 Asset retirement obligations 14 40,469 36,857 Stock option liabilities 15 2,736 1,758 Total non-current liabilities 70,514 42,075 Commitments and contingencies - Shareholders' equity Share capital 15 430,219 413,242 Contributed surplus 19,539 19,468 Accumulated other comprehensive income 4,334 4,189 Accumulated deficit ( 363,417 ) ( 304,100 ) Total shareholders' equity 90,675 132,799 Total liabilities and shareholders' equity 170,947 194,128 5 Table of Contents Ur-Energy Inc. Interim Condensed Consolidated Sta

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