Executive Summary

Q3 2025 missed Street on both revenue and EPS: revenue $6.32M vs S&P Global consensus $7.79M (–19%); EPS –$0.07 vs –$0.024; misses driven by selling previously purchased (non‑produced) inventory at negative unit margins while Lost Creek ramp continued . Estimates marked with ; values retrieved from S&P Global.
Operations advanced: 93,523 lbs U3O8 dried/packaged; cash cost per lb of produced inventory improved slightly to $43.00 (from $43.61 in Q2); Shirley Basin construction “well advanced” and on track for Q1 2026 startup .
FY25 sales outlook nudged up: total 440,000 lbs unchanged, average 2025 realized price raised to $61.77 (from $61.56) and revenue to $27.2M (from $27.1M); Q4 delivery of 165,000 lbs expected at $63.20/lb from produced inventory, a favorable mix vs Q3 non‑produced sales .
Balance sheet usage remains a watch item: cash and equivalents $52.0M at 9/30/25 and $35.4M at 10/30/25 amid capex and ramp; leadership succession announced in October (CEO to retire Dec 12; President Matthew Gili to become CEO) .

What Went Well and What Went Wrong

What Went Well

Lost Creek production ramp: 93,523 lbs dried/packaged in Q3; average production grade 66 ppm while plant optimization progressed. “The continued ramp‑up and plant optimization at Lost Creek… position Ur‑Energy to capitalize on the resurgence of… nuclear power” — President Matthew Gili .
Cost discipline on produced inventory: cash cost per lb of produced inventory improved to $43.00 in Q3 from $43.61 in Q2, supporting future margins when produced inventory is delivered .
Project execution: Shirley Basin teams fully staffed; processing building foundation substantially complete; 11 ion exchange columns delivered (two set). Startup/commissioning anticipated Q1 2026 .

What Went Wrong

Negative unit economics on Q3 sales mix: 110,000 lbs sold (all non‑produced) at $57.48/lb vs non‑produced cost $64.21/lb → –$6.72/lb unit loss; depressed gross contribution and EPS .
Consensus miss: revenue $6.32M vs $7.79M* and EPS –$0.07 vs –$0.024*; prior quarter also missed EPS, indicating estimate risk remains near term. Estimates marked with ; values retrieved from S&P Global.
Liquidity draw: cash fell to $52.0M at 9/30 and further to $35.4M by 10/30, reflecting operating costs and construction spend (watch runway vs 2026 Shirley Basin startup) .

Financial Results

Income statement vs prior quarters and estimates

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue (USD $M)	— (no U3O8 product sales)	$10.44M*	$6.32M
Primary EPS (USD)	–$0.03*	–$0.06*	–$0.07*
Revenue Consensus Mean (USD $M)	$1.54M*	$9.40M*	$7.79M*
EPS Consensus Mean (USD)	–$0.02*	–$0.0167*	–$0.024*
Revenue YoY (Q3 only)			$6.40M YoY comp (Q3’24)

Values with * retrieved from S&P Global.

Margins

Margin	Q1 2025	Q2 2025	Q3 2025
EBITDA Margin %	n/a*	–136.53%*	–280.67%*
Gross Profit Margin %	n/a*	–116.17%*	–239.11%*
EBIT Margin %	n/a*	–151.06%*	n/a*

Values with * retrieved from S&P Global.

Operating KPIs and unit economics

KPI	Q1 2025	Q2 2025	Q3 2025
U3O8 pounds drummed (lbs)	83,066	112,033	93,523
U3O8 pounds shipped to conversion (lbs)	106,301	105,316	70,190
U3O8 pounds sold – Produced (lbs)	—	165,000	—
U3O8 pounds sold – Non‑produced (lbs)	—	—	110,000
Avg realized price – Produced ($/lb)	—	$63.20	—
Avg realized price – Non‑produced ($/lb)	—	—	$57.48
Cost per lb sold – Produced ($/lb)	—	$50.89	—
Cost per lb sold – Non‑produced ($/lb)	—	—	$64.21
Profit (loss) per lb – Produced ($/lb)	—	$12.31	—
Profit (loss) per lb – Non‑produced ($/lb)	—	—	–$6.72
Conversion inventory – Produced (lbs, end of period)	118,540	65,607	138,150
Conversion inventory – Non‑produced (lbs, end of period)	250,000	250,000	140,000
Cash & cash equivalents (USD $M)	$86.0 (3/31/25)	$57.6 (6/30/25)	$52.0 (9/30/25); $35.4 (10/30/25)

Note: Per‑lb cost/profit measures are non‑GAAP and not standardized; management uses them to assess performance .

Guidance Changes

Metric	Period	Previous Guidance (Q2 2025)	Current Guidance (Q3 2025)	Change
Total U3O8 sales volume	FY 2025	440,000 lbs	440,000 lbs	Maintained
Avg realized price	FY 2025	$61.56/lb	$61.77/lb	Raised (slightly)
Sales revenue	FY 2025	$27.1M	$27.2M	Raised (slightly)
Q4 delivery volume	Q4 2025	165,000 lbs expected	165,000 lbs expected	Maintained
Q4 avg realized price	Q4 2025	n/a disclosed	$63.20/lb; from produced inventory	New detail
Shirley Basin startup	Startup timing	Early/Q1 2026	Q1 2026	Maintained

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was available on the company site or common aggregators as of this writing; Q3 investor materials comprised the press release and 10‑Q filing . Thematic progression is summarized from Q1–Q3 press releases.

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
Lost Creek ramp (flow/grade/throughput)	Q1: flow >2,800 gpm; plant reliability improving . Q2: 18 rigs; head grade above expectations; additional header houses online .	Q3: controlled ~2,100 gpm during maintenance to remove solids; grade 66 ppm; maintenance substantially complete, plan to increase flows .	Operational optimization; controlled then increasing
Unit costs on produced inventory	Q1: inventory cash cost $43.43/lb (conversion) . Q2: cost per produced lb sold $50.89; cash profit $22.99/lb .	Q3: produced inventory cash cost improved to $43.00/lb .	Slight improvement
Sales contracting/market exposure	Q2: 8th sales agreement; 6.0M lbs through 2033; 23–30% market‑linked pricing elements .	Q3: 2025 sales plan reiterated; Q4 delivery $63.20 from produced inventory .	Stable book with favorable Q4 mix/price
Shirley Basin construction	Q1: mobilization; modular office build; hiring plan . Q2: foundation work initiated; well installs; staffing ramp .	Q3: processing building foundation substantially complete; 11 IX columns delivered; first header house fabricated; Q1’26 startup on track .	Advancing to commissioning
Regulatory milestones	Q1: EPA aquifer exemption received May 1 enabling Lost Creek expansion .	No new approvals disclosed.	Completed key step in Q1
Leadership/succession	—	CEO retirement announced (effective Dec 12); President M. Gili to become CEO (Dec 13) .	Transition planned
Great Divide Basin exploration	Q2: planned H2 programs (North Hadsell, LC South, Lost Soldier) .	Q3: 18 aquifer test wells at Lost Soldier; next drills at North Hadsell; 120‑hole LC South in Q1’26 .	Initiated and expanding

Management Commentary

“The continued ramp‑up and plant optimization at Lost Creek, together with the advanced construction status at Shirley Basin, position Ur‑Energy to capitalize on the resurgence of both the U.S. and global nuclear power industry…” — President Matthew Gili .
“Cash costs were $42.83 per pound sold (including ad valorem and severance taxes of $2.62 per pound), well below our average selling price in Q2 of $63.20 per pound.” — President Matthew Gili (on Q2 profitability on produced lb) .
“The issuance of the aquifer exemption… is the final approval required to mine within the specified geologic horizons.” — CEO John Cash (Q1) .

Q&A Highlights

No Q3’25 earnings call transcript was available; no Q&A content to summarize. Company’s Q3 investor materials list only the press release and 10‑Q filing .

Estimates Context

Q3 vs S&P Global consensus: Revenue $6.32M vs $7.79M* (–19% miss); EPS –$0.07 vs –$0.024* (miss). Q2: Revenue $10.44M* vs $9.40M* (beat), EPS –$0.06 vs –$0.0167* (miss). Q1: EPS –$0.03 vs –$0.02* (miss) with no product sales . Estimates marked with *; values retrieved from S&P Global.
Implications: Q3 shortfall tied to non‑produced sales at $57.48/lb below non‑produced cost $64.21/lb; mix shifts to produced pounds in Q4 at $63.20/lb should be margin‑accretive versus Q3 .

Estimates table (S&P Global)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue Actual (USD $M)	—	$10.44M*	$6.32M
Revenue Consensus (USD $M)	$1.54M*	$9.40M*	$7.79M*
Primary EPS Actual (USD)	–$0.03*	–$0.06*	–$0.07*
EPS Consensus (USD)	–$0.02*	–$0.0167*	–$0.024*

Revenue actual for Q3 from company press release . All values with * retrieved from S&P Global.

Key Takeaways for Investors

Q3 headline miss was mix‑driven: selling non‑produced inventory at –$6.72/lb unit loss (price $57.48, cost $64.21) pressured gross profit and EPS despite steady operational progress .
Near‑term margin setup improves in Q4: 165,000 lbs scheduled at $63.20/lb from produced inventory, with Q2 produced cost reference of $50.89/lb indicating more favorable economics versus Q3 .
Execution remains solid: Lost Creek production ramp and plant optimization continued; Shirley Basin construction milestones achieved; Q1 2026 startup re‑affirmed .
Contract book provides floor with upside: 440,000 lbs FY25 deliveries locked; average realized price raised to $61.77; multi‑year sales agreements include market‑linked components for 2026–2033 .
Liquidity is adequate but trending down due to ramp and capex; cash $52.0M at 9/30 and $35.4M at 10/30 — monitor spend vs milestones and potential financing needs ahead of Shirley Basin commissioning .
Leadership transition set for December; continuity supported as President Matthew Gili (engineering/operator background) becomes CEO; aligns with ramp and project delivery phase .
Exploration optionality: GDB programs initiated (Lost Soldier aquifer tests; North Hadsell next; LC South 120‑hole in Q1’26), targeting resource expansion near existing assets .

Additional Primary Documents Referenced

Q3 2025 8‑K, Item 2.02 and Exhibit 99.1 press release (earnings/operations) .
Q2 2025 8‑K and Exhibit 99.1 (results/contracting/operations) .
Q1 2025 8‑K and Exhibit 99.1 (operations, aquifer exemption) .
Leadership updates: CEO retirement and succession (Oct 13, 2025 press) ; VP Finance appointment (Sept 23, 2025 press) .

UR-ENERGY INC (URG)·Q3 2025 Earnings Summary