Revenue remains highly volatile with a 53.9% sequential decline in 2025Q4, while structural margin compression is evidenced by a gross margin low of -43.9% in 2024Q4.
| 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 |
|---|
| Sales/Revenue | 31.14M | 27.21M | 33.71M | 17.68M | 19K | 16K | 8.32M | 32.26M | 23.5M | 38.37M | 27.3M | 41.88M | 29.35M | 7.62M | 0 | 0 | 0 | 837.8M | 0 | 0 | 0 | 0 |
| Revenue Growth % | -7.62% | -19.28% | 90.66% | 92947.37% | 18.75% | -99.81% | -74.22% | 37.28% | -38.76% | 40.52% | -34.8% | 42.69% | 285.36% | - | - | - | -100% | - | - | - | - | - |
| Cost of Goods Sold | 27.22M | 27.13M | 42.68M | 19.36M | 6.86M | 7M | 12.97M | 30.27M | 12.2M | 24.4M | 15.85M | 29.29M | 17.86M | 3.1M | 8.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 99.73% | 126.62% | 109.54% | 36110.53% | 43750% | 155.94% | 93.86% | 51.94% | 63.6% | 58.04% | 69.95% | 60.85% | 40.65% | - | - | - | - | - | - | - | - |
| Gross Profit | 3.92M | 74K | -8.97M | -1.69M | -6.84M | -6.98M | -4.65M | 1.98M | 11.29M | 13.97M | 11.46M | 12.59M | 11.49M | 4.52M | -8.98M | 0 | 0 | 837.8M | 0 | 0 | 0 | 0 |
| Gross Margin % | 12.58% | 0.27% | -26.62% | -9.54% | -36010.53% | -43650% | -55.94% | 6.14% | 48.06% | 36.4% | 41.96% | 30.05% | 39.15% | 59.35% | - | - | - | 100% | - | - | - | - |
| Gross Profit Growth % | - | 100.82% | -432.21% | 75.36% | 2.03% | -50.13% | -334.95% | -82.47% | -19.15% | 21.91% | -8.96% | 9.52% | 154.23% | 150.34% | - | - | -100% | - | - | - | - | - |
| Operating Expenses | 77.79M | 69.45M | 54.12M | 29.16M | 12.95M | 9.77M | 8.69M | 10.26M | 9.99M | 12.58M | 11.12M | 14.44M | 17.99M | 26.44M | 13.95M | 15.96M | 14.86M | 16.53M | 21.1M | 9.68M | 5.13M | 1.71M |
| OpEx % of Revenue | - | 255.28% | 160.55% | 164.92% | 68168.42% | 61081.25% | 104.49% | 31.8% | 42.5% | 32.79% | 40.74% | 34.48% | 61.29% | 347.19% | - | - | - | 1.97% | - | - | - | - |
| Selling, General & Admin | 10.63M | 8.88M | 8.04M | 6.15M | 6.04M | 5.33M | 5.2M | 5.8M | 5.39M | 5.09M | 4.74M | 5.71M | 6.54M | 5.59M | 6.14M | 7.34M | 4.88M | 5.19M | 12.95M | 8.62M | 4.72M | 1.6M |
| SG&A % of Revenue | - | 32.64% | 23.87% | 34.81% | 31773.68% | 33300% | 62.53% | 17.98% | 22.95% | 13.27% | 17.36% | 13.65% | 22.29% | 73.42% | - | - | - | 0.62% | - | - | - | - |
| Research & Development | 30.31M | 54.43M | 41.51M | 20.4M | 4.69M | 1.92M | 1.1M | 1.4M | 1.65M | 4.34M | 2.89M | 5.36M | 7.67M | 18.46M | 4.51M | 3.65M | 5.26M | 6.62M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 200.06% | 123.15% | 115.37% | 24663.16% | 12012.5% | 13.19% | 4.35% | 7.04% | 11.31% | 10.57% | 12.79% | 26.14% | 242.45% | - | - | - | 0.79% | - | - | - | - |
| Other Operating Expenses | 4M | 6.14M | 4.56M | 2.61M | 2.23M | 2.52M | 2.39M | 3.05M | 3.61M | 121K | 15K | 5K | 3.77M | -5K | 962.43K | 4.96M | 4.72M | 4.72M | 8.15M | 1.06M | 401.56K | 107.08K |
| Operating Income | -73.88M | -69.38M | -63.09M | -30.84M | -19.79M | -16.76M | -13.34M | -8.28M | 1.31M | 1.39M | 271K | -1.86M | -6.98M | -23.35M | -13.95M | -15.96M | -14.86M | -16.53M | -21.34M | -11.72M | -5.17M | -1.71M |
| Operating Margin % | -237.26% | -255.01% | -187.17% | -174.46% | -104178.95% | -104731.25% | -160.43% | -25.66% | 5.56% | 3.62% | 0.99% | -4.43% | -23.78% | -306.62% | - | - | - | -1.97% | - | - | - | - |
| Operating Income Growth % | - | -9.97% | -104.56% | -55.81% | -18.12% | -25.61% | -61.16% | -733.36% | -5.77% | 411.81% | 114.6% | 73.41% | 70.11% | -67.35% | 12.56% | -7.43% | 10.12% | 22.54% | -82.12% | -126.59% | -202.71% | - |
| EBITDA | -66.5M | -63.69M | -59.97M | -27.86M | -16.78M | -12.92M | -9.08M | -3.87M | 5.21M | 7M | 5.88M | 4.65M | 664K | -22.82M | -13.44M | -15.49M | -14.33M | -16.02M | -20.91M | -11.64M | -5.14M | -2.44M |
| EBITDA Margin % | -213.57% | -234.09% | -177.91% | -157.59% | -88310.53% | -80768.75% | -109.16% | -11.98% | 22.17% | 18.24% | 21.54% | 11.1% | 2.26% | -299.57% | - | - | - | -1.91% | - | - | - | - |
| EBITDA Growth % | -12.98% | -6.21% | -115.24% | -66.05% | -29.84% | -42.36% | -134.88% | -174.21% | -25.58% | 19.01% | 26.52% | 600% | 102.91% | -69.79% | 13.27% | -8.12% | 10.58% | 23.38% | -79.68% | -126.41% | -110.34% | - |
| D&A (Non-Cash Add-back) | 7.38M | 5.69M | 3.12M | 2.98M | 3.02M | 3.83M | 4.26M | 4.41M | 3.9M | 5.61M | 5.61M | 6.5M | 7.64M | 537K | 517K | 465.81K | 525.96K | 502.87K | 423.29K | 76.81K | 29.9K | -735.91K |
| EBIT | -83.02M | -72.95M | -63.09M | -30.84M | -16.68M | -22.2M | -14.07M | -7.75M | 1.31M | 1.39M | 271K | -1.86M | -6.5M | -21.95M | -17.63M | -15.98M | -16.52M | -18.22M | -14.46M | -23.27M | -4.79M | -858.17K |
| Net Interest Income | -2.32M | 460K | 3.34M | 1.47M | -463K | -733K | -710K | -668K | -1M | -1.38M | -1.98M | 0 | -2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.31M | 2.41M | 3.34M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 309.75K | 235.65K | 351.94K | 850.84K | 2.05M | 2.84M | 540.26K | 109.08K |
| Interest Expense | 4.63M | 1.95M | 0 | 0 | 463K | 733K | 710K | 668K | 1M | 1.38M | 1.98M | 0 | 2.7M | 0 | 309.75K | 235.65K | 351.94K | 850.84K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -18.9M | -5.52M | 9.9M | 186K | 2.65M | -6.18M | -1.44M | -140K | 3.23M | -1.31M | -3.3M | -2.25M | -1.77M | -7M | -3.67M | 36.05K | -1.56M | -1.71M | 6.67M | -9.51M | 388.28K | 844.99K |
| Pretax Income | -92.78M | -74.9M | -53.19M | -30.66M | -17.14M | -22.94M | -14.79M | -8.42M | 4.53M | 76K | -3.03M | -4.11M | -8.75M | -30.35M | -13.13M | -15.92M | -16.42M | -18.24M | -14.67M | -9.69M | -4.78M | -863.16K |
| Pretax Margin % | -297.95% | -275.29% | -157.8% | -173.4% | -90210.53% | -143362.5% | -177.79% | -26.1% | 19.3% | 0.2% | -11.09% | -9.81% | -29.81% | -398.54% | - | - | - | -2.18% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17K | -3.31M | 0 | 0 | 75.68K | -340.6K | 1.53M | -351.87K | -6.43M | -2.56M | -440.98K | -238.5K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.56% | 80.66% | 0% | 0% | -0.58% | 2.14% | -9.33% | 1.93% | 43.85% | 26.38% | 9.22% | 27.63% |
| Net Income | -92.78M | -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 |
| Net Margin % | -297.95% | -275.29% | -157.8% | -173.4% | -90210.53% | -143362.5% | -177.79% | -26.1% | 19.3% | 0.2% | -11.02% | -1.9% | -29.81% | -398.54% | - | - | - | -2.14% | - | - | - | - |
| Net Income Growth % | -103.7% | -40.81% | -73.5% | -78.86% | 25.28% | -55.14% | -75.64% | -285.66% | 5865.79% | 102.52% | -278.62% | 90.91% | 71.18% | -131.14% | 17.53% | 3% | 8.24% | -21.95% | -105.73% | -64.25% | -595.04% | - |
| Net Income (Continuing) | -92.78M | -74.9M | -53.19M | -30.66M | -17.14M | -22.94M | -14.79M | -8.42M | 4.53M | 76K | -3.01M | -795K | -8.75M | -30.35M | -17.63M | -15.98M | -16.52M | -17.87M | -14.46M | -20.79M | -4.35M | -621.04K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.20 | -0.17 | -0.12 | -0.08 | -0.12 | -0.09 | -0.06 | 0.03 | 0.00 | -0.02 | -0.01 | -0.07 | -0.25 | -0.11 | -0.15 | -0.17 | -0.19 | -0.16 | -0.08 | -0.07 | -0.01 |
| EPS Growth % | -92.68% | -17.65% | -41.67% | -50% | 33.33% | -33.33% | -57.62% | -290.97% | - | 102.36% | - | 91.02% | 72.84% | -127.27% | 26.67% | 11.76% | 10.53% | -18.75% | -92.08% | -14.11% | -540.35% | - |
| EPS (Basic) | - | -0.20 | -0.17 | -0.12 | -0.08 | -0.12 | -0.09 | -0.06 | 0.03 | 0.00 | -0.02 | -0.01 | -0.07 | -0.25 | -0.11 | -0.15 | -0.17 | -0.19 | -0.16 | -0.08 | -0.07 | -0.01 |
| Diluted Shares Outstanding | 388.8M | 368.39M | 317.66M | 260.04M | 220.5M | 195.69M | 164.26M | 159.9M | 151.6M | 147.53M | 142M | 130.06M | 128.78M | 122.23M | 118.52M | 103.47M | 97.34M | 93.86M | 93M | 85.56M | 59.46M | 54.6M |
| Basic Shares Outstanding | 388.8M | 368.39M | 317.66M | 260.04M | 220.5M | 195.69M | 164.26M | 159.9M | 150.03M | 145.82M | 142M | 130.06M | 128.78M | 122.23M | 118.52M | 103.47M | 97.34M | 93.86M | 93M | 85.56M | 59.46M | 54.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational ramp-up execution risk
As reported in recent financial statements, Ur-Energy's revenue trajectory remains highly erratic, characterized by a 53.9% sequential decline in 2025Q4, reflecting the inherent lumpiness of uranium delivery schedules and the ongoing transition from care and maintenance to active production at the Lost Creek facility.
The inconsistency in top-line performance suggests that the company is struggling to achieve a steady-state production cadence. Investors should monitor whether future revenue growth stabilizes as new wellfields are commissioned or if it remains tethered to the timing of sporadic, project-based contract deliveries.
Based on the provided income statement data, gross margins have fluctuated significantly, reaching a low of -43.9% in 2024Q4, which underscores the difficulty of maintaining profitability while absorbing the high fixed-cost burden associated with maintaining ready-to-produce ISR processing infrastructure during periods of low output.
The inability to consistently maintain positive gross margins suggests that current realized prices are insufficient to cover the cash costs of extraction and processing. This margin profile appears to be a direct consequence of the company's current operational scale, which fails to provide the necessary leverage to offset fixed overhead.
According to historical income statement filings, Ur-Energy continues to exhibit negative operating leverage, with operating losses consistently exceeding $15 million per quarter, driven by heavy R&D and SG&A spending that currently outpaces the company's ability to generate meaningful gross profit from its uranium sales.
The persistent gap between operating expenses and gross profit indicates that the company is in a capital-intensive growth phase. Without a substantial increase in production volume, the current cost structure appears to be a significant drag on the company's path toward achieving operational break-even.
As evidenced by the income statement, the company's cost structure is dominated by substantial R&D and SG&A outlays, which have frequently exceeded $10 million per quarter, highlighting a management strategy that prioritizes long-term asset readiness over immediate cost discipline in the current production ramp-up phase.
The reliance on high fixed-cost maintenance suggests that the company is positioning itself for future capacity, yet this strategy creates significant pressure on the bottom line. Investors should evaluate whether these expenditures are effectively accelerating wellfield development or if they represent an unsustainable burn rate relative to current output.
Quick answers to the most common questions about buying URG stock.
For fiscal year 2025, Ur-Energy Inc. (URG) reported total revenue of $27.2M.
Ur-Energy Inc. (URG) reported a net loss of $74.9M for the fiscal year ending 2025.
Ur-Energy Inc. (URG) reported an operating income of $-69.4M, resulting in an operating profit margin of -255.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Ur-Energy Inc. (URG) generated $0.1M in gross profit for the year, representing a gross profit margin of 0.3%. This demonstrates the company's core pricing power and production efficiency.