Free cash flow has deteriorated to a -$27.1M deficit in 2026Q2, representing a -188.6% FCF margin, as operating cash flow remains persistently negative and capital expenditures have surged to $15.1M.
Ur-Energy Inc. (URG) cash flow statement — 21-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | -62.25M | -43.13M | -71.92M | -16.98M | -18.09M | -11.7M | -8.44M | 3.99M | -5.36M | 5.63M | 3.33M | 5.37M | 1.94M | -27.77M | -10.88M | -12.68M | -13.47M | -16.2M | -8.67M | -5.81M | -2.56M | -1.57M |
| Operating CF Margin % | - | -158.51% | -213.37% | -96.06% | -95215.79% | -73112.5% | -101.53% | 12.36% | -22.83% | 14.66% | 12.21% | 12.82% | 6.6% | -364.63% | - | - | - | -1.93% | - | - | - | - |
| Operating CF Growth % | -759.46% | 40.03% | -323.5% | 6.13% | -54.65% | -38.55% | -311.76% | 174.34% | -195.33% | 68.8% | -37.93% | 177.23% | 106.98% | -155.25% | 14.19% | 5.9% | 16.83% | -86.93% | -49.26% | -126.52% | -63.28% | - |
| Net Income | -88.51M | -74.9M | -53.19M | -30.66M | -17.14M | -22.94M | -14.79M | -8.42M | 4.53M | 76K | -3.01M | -795K | -8.75M | -30.35M | -13.13M | -15.92M | -16.42M | -17.89M | -14.67M | -7.13M | -4.34M | -624.65K |
| Depreciation & Amortization | 8.88M | 5.69M | 3.12M | 2.98M | 3.02M | 3.83M | 4.26M | 4.99M | 3.6M | 5.42M | 5.68M | 6.5M | 7.64M | 537K | 517K | 465.81K | 525.96K | 502.87K | 423.29K | 76.81K | 29.9K | 0 |
| Stock-Based Compensation | 2.88M | 1.9M | 2.39M | 1.03M | 1.14M | 1.08M | 951K | 0 | 915K | 891K | 857K | 893K | 928K | 1.15M | 2.44M | 2.4M | 702.65K | 908.1K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 5.45M | 664K | 0 | -538K | 51K | -17K | -3.35M | -463K | 2.28M | -535.53K | 128.32K | 1.56M | -351.87K | 0 | -2.56M | -440.98K | -238.5K |
| Other Non-Cash Items | 12.18M | 10.88M | 15.8M | 12.5M | 5.57M | 7.53M | 8.45M | 10.59M | -2.9M | 111K | 1.48M | 247K | -2.07M | 6.38M | -88.07K | 122.61K | 343.65K | 1.61M | 4.3M | 5.75M | 2.32M | -414.84K |
| Working Capital Changes | 2.32M | 13.29M | -40.04M | -2.83M | -10.68M | -6.65M | -7.99M | -3.18M | -10.98M | -920K | -1.66M | 1.87M | 4.65M | -7.77M | -80.74K | 127.04K | -192.93K | -983.35K | 1.28M | -761.58K | 24.88K | -291.87K |
| Change in Receivables | 431.31K | 17.28M | -16.51M | -290.23K | -4K | -4K | 22K | 9K | 2K | -17K | -7K | 19K | 5.77M | -5.72M | -499 | 3.44K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.87M | -6.25M | -24.18M | -3.42M | -8.84M | -7.11M | -8.19M | -3M | -10.18M | -406K | -765K | 1.82M | -3.12M | -1.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.86M | 1.47M | 2.1M | 1.01M | -1.7M | 544K | 108K | -196K | -706K | -606K | -803K | -131K | 1.74M | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -41.87M | -23.62M | -9.05M | -2.04M | -709K | -1.19M | -25K | -243K | 3.45M | -204K | -210K | -60K | -3.01M | -25.73M | -9.93M | -3.09M | 2.81M | 25.12M | 6.01M | -64.17M | 3.18M | -17.87M |
| Capital Expenditures | -41.96M | -23.62M | -9.05M | -2.04M | -709K | -1.19M | -43K | -280K | -86K | -199K | -296K | -77K | -501K | -29.31M | -11.18M | -898.57K | -1.78M | -1.73M | -2.02M | -12.32M | -5.22M | -6.15M |
| CapEx % of Revenue | 119.63% | 86.82% | 26.84% | 11.53% | 3731.58% | 7437.5% | 0.52% | 0.87% | 0.37% | 0.52% | 1.08% | 0.18% | 1.71% | 384.83% | - | - | - | 0.21% | - | - | - | - |
| Acquisitions | 136K | 0 | 0 | 0 | 0 | 0 | 18.95K | 18K | -5K | -5K | -5K | -8K | -7K | -9K | -1.37M | 146 | 17.77K | 1.03M | 21.65K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2K | 0 | 0 | 0 | 0 | 0 | -950 | 19K | 3.54M | 5K | 96K | -1K | -2.5M | -3M | 2.23M | -432.87K | -1.1M | -699.98K | -879.42K | -1.36M | -39.51K | -3.27M |
| Cash from Financing | 143.87M | 114.93M | 99.89M | 46.09M | 5.89M | 54.87M | 5.33M | -2.42M | 4.42M | -3.1M | -3.04M | -6.96M | 2.58M | 43.79M | 16.36M | 3.29M | 8.24M | 1.33K | 2.24M | 67.53M | 23.32M | 16.12M |
| Debt Issued (Net) | 114.67M | 114.32M | -5.34M | -5.41M | -1.3M | 0 | 893K | -2.55M | -4.89M | -4.62M | -8.68M | -7.37M | 1.42M | 38.67M | -28K | 0 | 0 | 0 | 0 | -12.11M | -4.82M | 0 |
| Equity Issued (Net) | 46.52M | 17.34M | 97.57M | 52.51M | 3.77M | 48.84M | 4.8M | 203K | 10M | 1.17M | 5.62M | 0 | 0 | 5.48M | 16.35M | 0 | 5M | 0 | 2.33M | 79.85M | 28.38M | 17.56M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -142K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -17.32M | -16.73M | 7.66M | -1.01M | 3.42M | 6.03M | -371K | -70K | -688K | 355K | 12.47K | 268K | 1.16M | -366K | -64.6K | 3.29M | 3.24M | 1.33K | -126.49K | -207.55K | -239.91K | -1.44M |
| Net Change in Cash | 37.88M | 47.81M | 18.83M | 27.11M | -13.02M | 42.03M | -3.09M | 1.38M | 2.39M | 2.33M | 109K | -1.66M | 1.48M | -9.91M | -4.69M | -12.29M | -3.74M | 6.36M | -421.55K | -2.44M | 23.94M | -3.33M |
| Free Cash Flow | -104.21M | -66.75M | -80.96M | -19.02M | -18.8M | -12.89M | -8.49M | 3.71M | -5.45M | 5.43M | 3.04M | 5.29M | 1.44M | -57.08M | -22.06M | -13.58M | -15.25M | -17.93M | -10.69M | -18.13M | -7.79M | -7.72M |
| FCF Margin % | -297.1% | -245.33% | -240.21% | -107.59% | -98947.37% | -80550% | -102.04% | 11.49% | -23.19% | 14.14% | 11.12% | 12.64% | 4.89% | -749.46% | - | - | - | -2.14% | - | - | - | - |
| FCF Growth % | -44.78% | 17.56% | -325.66% | -1.18% | -45.87% | -51.87% | -328.92% | 168.03% | -200.41% | 78.7% | -42.62% | 268.59% | 102.52% | -158.72% | -62.49% | 10.98% | 14.96% | -67.77% | 41.03% | -132.76% | -0.94% | - |
| FCF per Share | -0.26 | -0.18 | -0.25 | -0.07 | -0.09 | -0.07 | -0.05 | 0.02 | -0.04 | 0.04 | 0.02 | 0.04 | 0.01 | -0.47 | -0.19 | -0.13 | -0.16 | -0.19 | -0.11 | -0.21 | -0.13 | -0.14 |
| FCF Conversion (FCF/Net Income) | 1.18x | 0.58x | 1.35x | 0.55x | 1.06x | 0.51x | 0.57x | -0.47x | -1.18x | 74.03x | -1.11x | -6.75x | -0.22x | 0.91x | 0.83x | 0.80x | 0.82x | 0.91x | 0.59x | 0.81x | 0.59x | 2.51x |
| Interest Paid | 0 | 1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 74.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying URG stock.
Ur-Energy Inc. (URG) generated $-43.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ur-Energy Inc. (URG) reported negative free cash flow of $66.7M in 2025, indicating capital requirements exceeded cash from operations.
Ur-Energy Inc. (URG) spent $23.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Sustained negative cash flow from operations
Metrics are mathematically derived from official filings.
Persistent Negative Operating Cash Flow
Operating cash flow has been negative in nine of the last ten quarters, with the OCF/NI ratio frequently below 1.0, indicating that net losses are not being converted into cash generation and the business is consuming cash to operate.
The consistent negative operating cash flow, even in quarters with smaller net losses, suggests that the company's core operations are not self-sustaining. The working capital dynamics, such as the large $39.4M outflow in 2024Q4, appear to be a significant driver of this cash burn, indicating potential inefficiencies in managing receivables, inventory, or payables. This pattern implies that the company's reported losses are likely understating the true cash cost of its operations.
Deepening Free Cash Flow Deficit
Free cash flow has deteriorated significantly, with the most recent 2026Q2 deficit of $27.1M representing a 188.6% negative FCF margin, a stark contrast to the near-breakeven performance seen in early 2025.
The FCF trajectory shows a clear worsening trend, with deficits expanding from approximately $10-15M per quarter in early 2024 to over $27M in the latest two quarters. This deterioration is driven by both persistent operating losses and a sharp increase in capital expenditures, which surged to $15.1M in 2026Q2. The widening gap between net income and FCF indicates that the company's cash consumption is accelerating, raising concerns about its ability to fund operations without external financing.
Escalating Capital Intensity
Capital expenditures have surged to $15.1M in 2026Q2, representing 105.1% of revenue, a dramatic increase from the $3-5M range seen in mid-2025, suggesting a major investment cycle is underway.
The sharp rise in CapEx, particularly the jump from $5.3M in 2025Q3 to $15.1M in 2026Q2, indicates a significant shift towards growth or expansion spending. However, this level of capital intensity is unsustainable given the company's negative operating cash flow and minimal revenue base. The high CapEx relative to revenue suggests that the company is investing heavily in future capacity, but the current financials do not support the ability to generate returns on this investment in the near term.
Volatile Working Capital Swings
Working capital changes have been highly erratic, with a massive $39.4M outflow in 2024Q4 followed by a $14.3M inflow in 2025Q1, indicating unpredictable cash conversion cycles and potential operational instability.
The extreme volatility in working capital, swinging from a $39.4M drain to a $14.3M source within two quarters, suggests that the company's cash flow is heavily influenced by timing of collections, inventory builds, or payment terms rather than underlying operational performance. This unpredictability makes cash flow forecasting difficult and indicates that the company may be struggling to manage its short-term assets and liabilities efficiently. The recent positive working capital contributions in 2025Q3 and Q4 are a modest improvement but do not offset the larger historical drains.
Cash Flow Statement Obscures True Burn
The cash flow statement may understate the true cash burn due to stock-based compensation add-backs, which totaled $582K in 2026Q2, and the capitalization of costs that are not fully reflected in operating cash flow.
While stock-based compensation is a non-cash expense, its add-back to operating cash flow can mask the true economic cost to shareholders through dilution. More importantly, the significant capital expenditures, particularly the $15.1M in 2026Q2, may include amounts for growth projects that are capitalized rather than expensed, potentially inflating operating cash flow relative to the true cash cost of maintaining the business. Investors should monitor the composition of CapEx to distinguish between maintenance and growth spending, as the latter does not contribute to near-term cash generation.