uec20251031_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-33706

URANIUM ENERGY CORP.

(Exact name of registrant as specified in its charter)

Nevada		98-0399476
(State or other jurisdiction of incorporation of organization)		(I.R.S. Employer Identification No.)

500 North Shoreline, Ste. 800, Corpus Christi, Texas, U.S.A.		78401
(U.S. corporate headquarters)		(Zip Code)

1830 – 1188 West Georgia Street Vancouver, British Columbia, Canada (Canadian corporate headquarters)		V6E 4A2 (Zip Code)

(Address of principal executive offices)

	(361) 888-8235
	(Registrant’s telephone number, including area code)

	Not applicable
	(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	UEC	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

☒ Large accelerated filer ☐ Accelerated filer

☐ Non-accelerated filer ☐ Smaller reporting company

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 483,377,402 shares of common stock outstanding as of December 9, 2025.

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URANIUM ENERGY CORP.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		4

Item 1.	Financial Statements	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37

Item 4.	Controls and Procedures	37

PART II – OTHER INFORMATION		38

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

SIGNATURES		40

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three months ended October 31, 2025

(Unaudited – Expressed in thousands of U.S. dollars unless otherwise stated)

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited – Expressed in thousands of U.S. dollars)

	*Notes*	*October 31, 2025*			July 31, 2025

CURRENT ASSETS
Cash and cash equivalents		$	454,718		$	148,930
Inventories	3		81,662			79,279
Prepaid expenses and other receivables			6,632			5,807
TOTAL CURRENT ASSETS			543,012			234,016

MINERAL RIGHTS AND PROPERTIES	4		707,113			709,651
PROPERTY, PLANT AND EQUIPMENT	5		67,758			67,513
RESTRICTED CASH	6		7,657			9,207
EQUITY-ACCOUNTED INVESTMENTS	7		55,916			55,825
INVESTMENT IN EQUITY SECURITIES	8		44,491			28,470
OTHER NON-CURRENT ASSETS			2,561			2,971
TOTAL ASSETS		$	1,428,508		$	1,107,653

CURRENT LIABILITIES
Accounts payable and accrued liabilities		$	13,887		$	20,560
Asset retirement obligations - current	9		5,017			5,160
Other current liabilities			688			713
TOTAL CURRENT LIABILITIES			19,592			26,433

ASSET RETIREMENT OBLIGATIONS	9		34,434			33,904
OTHER NON-CURRENT LIABILITIES			1,239			1,293
DEFERRED TAX LIABILITIES			60,760			62,123
TOTAL LIABILITIES			116,025			123,753

STOCKHOLDERS’ EQUITY
Capital stock
Common stock $0.001 par value: 750,000,000 shares authorized, 483,209,225 shares issued and outstanding (July 31, 2025 - 454,015,855)	10		483			454
Additional paid-in capital			1,745,847			1,404,420
Accumulated deficit			(416,898	)		(406,557	)
Accumulated other comprehensive loss			(16,949	)		(14,417	)
TOTAL EQUITY			1,312,483			983,900
TOTAL LIABILITIES AND EQUITY		$	1,428,508		$	1,107,653

COMMITMENTS	3
SUBSEQUENT EVENTS	3, 10

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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URANIUM ENERGY CORP.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited – Expressed in thousands of U.S. dollars, except share and per share data)

			*Three Months Ended*
			*October 31,*
	*Notes*		*2025*			2024
SALES		12	$	-		$	17,087
COST OF SALES		12		-			(10,836	)
GROSS PROFIT				-			6,251

OPERATING COSTS
Mineral property expenditures		4		20,920			13,514
General and administrative				7,423			5,342
Depreciation, amortization and accretion		4,5,9		1,479			598
TOTAL OPERATING COSTS				29,822			19,454
LOSS FROM OPERATIONS				(29,822	)		(13,203	)

SEC Form 10-Q filed by Uranium Energy Corp.