Uranium Energy reported lower revenue over the year and raised more money than it generated from operations.
Revenue fell 44.3% to $37.2 million in the twelve months ended July 31, 2026. Gross profit also declined, to $16.9 million from $24.5 million, while the operating loss widened to $133.1 million from $73.3 million.
The cash balance went the other way, rising to $495.5 million from $148.9 million. That was not the result of stronger cash generation. Operating cash outflow reached $98.6 million, and the company brought in $526.88 million through financing, mostly by selling shares.
Management attributes the operating swing to the economics of purchased uranium inventory, where sales volume, selling prices, and unit costs can change the result. The company put it this way:
"This increase was primarily attributable to the fluctuation in gross profit, which was $0.04 million in Fiscal 2024, $24.48 million in Fiscal 2025, and $16.90 million in Fiscal 2026, driven mainly by variations in the sales volume, selling price and unit cost of sales of purchased uranium inventory."
Uranium Energy Corp., 10-K, September 29, 2026
The plain-English version is that the lower revenue line does not tell the whole operating story, but it does tell the most important part: revenue fell, and the gross profit pool shrank with it.
The funding receipt is harder to miss. UEC said the new capital came from its ATM offerings, a public offering, a private placement of FT shares, and exercises of stock options. Diluted shares rose 13.3% to 484.4 million over the comparable period.
"Financing Activities During Fiscal 2026, net cash provided by financing activities totaled $526.88 million, comprised primarily of net proceeds of $529.96 million from our common stock sold under the 2024 ATM Offering Agreement and 2025 ATM Offering Agreement, public offering and private placement of FT shares, as well as from the exercises of stock options, partially offset by payments of $3.08 million for tax and withholdings upon settlement of equity awards on a forfeiture basis."
Uranium Energy Corp., 10-K, September 29, 2026
That leaves UEC with more cash, but also a larger share count and a business that consumed cash during the year. The company spent $69.63 million on uranium concentrates, alongside mineral property spending and general expenses. Capex rose 60.3% to $8.8 million, equal to 23.6% of annual revenue.
The balance between operating scale and financial support matters because UEC's stated funding capacity depends partly on the uranium price and its own share price. Its latest available EV-to-sales figure was 56.5x, a number attached to a business whose latest annual sales were down sharply from the prior year. Shares closed at $9.18 on September 28, down 2.5% that day.
The next quarter's report will give readers one clean comparison point: whether operating cash flow is still near the latest annual outflow of $98.6 million, before the financing line gets another chance to affect the cash balance.
Source: Uranium Energy Corp.'s 2026 10-K and comparable 2025 annual filing.