Uranium Energy (UEC) - 2025 Q2 - Quarterly Report

Uranium Production and Acquisitions - The company completed the acquisition of Kennecott Uranium Company and Wyoming Coal Resources Company for $175.4 million in cash plus$4.2 million in acquisition-related costs [87]. - The company acquired 107,142,857 common shares of Anfield Energy Inc. for a total consideration of $10.5 million, representing approximately 17.8$74.98 per pound for the three months ended January 31, 2025, and $83.98 per pound for the twelve months ended January 31, 2025 [102]. - The uranium market is projected to face a structural deficit, with a mid-case gap between production and requirements exceeding 43 million pounds of U3O8 in 2025 and 2026 [103]. - Cumulative uncommitted demand for uranium through 2035 is more than 1 billion pounds U3O8, indicating strong fundamentals supporting the uranium market [107]. - The total nuclear generating capacity for the world's 439 operable reactors as of January 7, 2025, stands at 398 GWe, with 70 new reactors connected to the grid from 2014 to December 2024 [106]. Financial Performance - For the three and six months ended January 31, 2025, the company recorded revenue of$49.75 million and $66.84 million, respectively, compared to$0.12 million and $0.22 million for the same periods in 2024 [109]. - The company reported a net loss of$10.23 million ($0.02 per share) and$30.39 million ($0.07 per share) for the three and six months ended January 31, 2025, compared to net income of$2.25 million ($0.01 per share) and$5.57 million ($0.01 per share) for the same periods in 2024 [110]. - Sales and service revenue for the quarter ended January 31, 2025, was$49.75 million, a significant increase from $17.09 million in the previous quarter [122]. - The net loss for the quarter ended January 31, 2025, was$(10.23) million, compared to a net loss of $(20.16) million in the previous quarter [122]. - General and administrative expenses for the six months ended January 31, 2025, totaled$11.92 million, an increase from $10.10 million in the same period in 2024 [116]. - Interest income for the three and six months ended January 31, 2025, was$1.20 million and $2.33 million, respectively, compared to$0.35 million and $0.57 million for the same periods in 2024 [121]. Cash Flow and Assets - Total assets increased to$981.96 million as of January 31, 2025, up from $917.80 million as of October 31, 2024 [122]. - Cash and cash equivalents were$61.51 million as of January 31, 2025, down from $87.53 million as of July 31, 2024 [123]. - The company reported net cash used in operating activities of$20.26 million for the six months ended January 31, 2025, compared to $81.41 million for the same period in 2024 [137]. - Net cash provided by financing activities totaled$132.65 million for the six months ended January 31, 2025, primarily from ATM offerings [138]. - Total cash proceeds from ATM offerings during the six months ended January 31, 2025, were $135.29 million, compared to$131.16 million in the same period of 2024 [123]. - The company had an accumulated deficit balance of $349.29 million as of January 31, 2025 [124]. Future Outlook and Expenditures - The company expects substantial future capital expenditures to fund operations, including exploration and extraction activities [127]. - The company holds mineral rights in multiple states and countries, with annual land-related payments totaling$5.89 million [128]. - The company is focused on low-cost ISR mining, which is expected to reduce environmental impact compared to conventional mining methods [96]. - The company refers to Item 7A in its Annual Report on Form 10-K for Fiscal 2024 regarding quantitative and qualitative disclosures about market risk [148].