Uranium Energy (US:UEC)2025-05-30 23:23Uranium Production and Acquisition - As of April 30, 2025, the company had 1,356,000 pounds of uranium and agreements to purchase an additional 300,000 pounds at an average price of approximately $37.05 per pound[93]. - 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[84]. - The company acquired 107,142,857 common shares of Anfield Energy Inc. for a total consideration of $10.46 million, representing approximately 17.8% of the outstanding shares on a non-diluted basis[85]. - The Irigaray central processing plant's licensed production capacity was increased to 4.0 million pounds of U3O8 annually as of October 16, 2024[80]. - The company restarted uranium extraction at the Christensen Ranch Mine in August 2024, with ramp-up expected to continue into 2025[79]. - The company has commenced uranium extraction at the Christensen Ranch Mine in August 2024, with ongoing ramp-up activities expected throughout 2025[109]. - The company aims to become a leading low-cost North American uranium supplier by expanding extraction activities and acquiring additional projects[87]. Financial Performance - For the nine months ended April 30, 2025, the company recorded revenue of $66.84 million and a gross profit of $24.48 million, primarily from sales of purchased uranium inventory[107]. - The company reported a net loss of $60.60 million ($0.14 per share) for the nine months ended April 30, 2025, compared to a net loss of $14.11 million ($0.04 per share) for the same period in 2024[108]. - For the three months ended April 30, 2025, the company reported sales and service revenue of $49,750, compared to $116 for the same period in 2024, indicating a significant increase[123]. - The net loss for the three months ended April 30, 2025, was $30,212, compared to a net loss of $19,677 for the same period in 2024, reflecting a worsening financial position[123]. - The company recorded a fair value loss of $22.58 million on equity securities for the nine months ended April 30, 2025, compared to a gain of $23.59 million for the same period in 2024[120]. - The company’s general and administrative expenses for the nine months ended April 30, 2025, were $18.29 million, an increase from $14.31 million in the same period in 2024[115]. - During the nine months ended April 30, 2025, the company generated interest income of $2.90 million, up from $1.56 million in the same period in 2024[122]. - The company reported net cash used in operating activities of $41.00 million for the nine months ended April 30, 2025, a decrease from $93.87 million in the same period in 2024[138]. - Net cash provided by financing activities totaled $165.39 million during the nine months ended April 30, 2025, compared to $159.29 million in the same period in 2024[139]. - The company had an accumulated deficit balance of $379.51 million as of April 30, 2025, indicating ongoing financial challenges[126]. - The company issued 11,516,375 shares under the 2022 ATM Offering for gross cash proceeds of $94.40 million during the nine months ended April 30, 2025[136]. - Total comprehensive loss for the three months ended April 30, 2025, was $19,796, compared to a total comprehensive loss of $25,527 for the same period in 2024[123]. Market Conditions and Demand - Uranium prices averaged $65.53 and $74.38 per pound U3O8 for the three and nine months ended April 30, 2025, respectively[100]. - The global uranium market has shown improvement, with spot prices rebounding from a low of $63.45 per pound U3O8 in March 2025 to above $70.00 per pound in May 2025[100]. - Cumulative uncommitted demand for uranium through 2035 is projected to exceed 950 million pounds U3O8, indicating strong future demand[105]. - The global nuclear energy industry is experiencing growth, with 68 new reactors connected to the grid from 2015 to March 2025 and 61 reactors currently under construction[104]. - The geopolitical landscape, including sanctions on Russian nuclear fuel and instability in Niger, is impacting uranium supply dynamics and market conditions[102]. Assets and Liabilities - Total assets as of April 30, 2025, were $1,007,810, an increase from $878,268 as of April 30, 2024[124]. - The company has significant payment obligations totaling $102,412 over the next five years, including asset retirement obligations of $88,856[143]. - Subsequent to April 30, 2025, the company received additional net cash proceeds of $54.82 million under its 2024 ATM Offering[147]. Accounting and Reporting - For a complete summary of significant accounting policies, refer to Note 2 in the Annual Report on Form 10-K for Fiscal 2024[145]. - The company discusses recently issued accounting pronouncements in note 2 of the interim condensed consolidated financial statements contained in the Quarterly Report[145]. - Refer to Item 7A for quantitative and qualitative disclosures about market risk in the Annual Report on Form 10-K for Fiscal 2024[148]. - Management's Discussion and Analysis of Financial Condition and Results of Operations is detailed in Item 7 of the Annual Report on Form 10-K for Fiscal 2024[146].