What are the investment strengths of Ur-Energy Inc (URG)?

Near-zero leverage (0.03 D/E) and 67M working capital provide runway flexibility that peers lack. Uranium price tailwinds could accelerate path to breakeven. Heavy R&D spend (48M) building production capabilities; if uranium prices rise, operating leverage could flip margins positive rapidly.

What are the investment risks for Ur-Energy Inc (URG)?

Negative gross margin (-29%) means every sale destroys value. Cost of revenue 129% of sales indicates structural unprofitability at current scale. P/S of 11.6x for money-losing miner vs industry median 6.1x - paying premium for unproven production ramp.

Ur-Energy Inc

URG

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Ur-Energy Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-11

Snapshot

Burning 81.4M FCF TTM with only 52M cash remaining - 7-8 months runway without capital raise at current burn rate.[Free Cash Flow TTM]
R&D of 48M TTM exceeds revenue of 39.4M - spending 122% of sales on development while operating at -190% margin.[Research and Development TTM]
Debt/equity of 0.03 vs industry median provides balance sheet flexibility for inevitable dilutive financing.[Debt to Equity]

Watch Triggers

Gross Margin TTM: Turns positive (>0%) — First signal of production economics working; currently -29% means cash burn accelerates with sales.
Cash and Equivalents: Falls below 30M — Would signal imminent dilutive financing within 3-4 months at current burn rate.
Total Revenue TTM: Exceeds 60M quarterly run-rate — Scale needed to absorb 51M cost base; current 39M insufficient for breakeven path.

Bull Case

Near-zero leverage (0.03 D/E) and 67M working capital provide runway flexibility that peers lack. Uranium price tailwinds could accelerate path to breakeven.

Debt to EquityWorking CapitalTotal Revenue 3Y Growth TTM

Heavy R&D spend (48M) building production capabilities; if uranium prices rise, operating leverage could flip margins positive rapidly.

Research and Development TTMPPEGross Margin TTM

Bear Case

Negative gross margin (-29%) means every sale destroys value. Cost of revenue 129% of sales indicates structural unprofitability at current scale.

Gross Margin TTMCost of Revenue TTMOperating Margin TTM

P/S of 11.6x for money-losing miner vs industry median 6.1x - paying premium for unproven production ramp.

PS RatioNet Margin TTMEPS TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

30%

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Forward Thesis

URG requires capital raise within 12 months; dilution risk is near-certain at current burn.

3-12mhigh

52M cash vs 81M annual FCF burn
15M equity issuance TTM signals ongoing need
No path to profitability at current scale

FCF TTM: -81.4MCash: 52MIssuance of Capital Stock TTM: 15.2M

Production ramp success is binary - either achieves scale economics or faces existential cash crisis.

1-3ymed

Gross margin -29% requires volume leverage
PPE of 81M signals production buildout
Revenue 3Y CAGR 11.8% shows growth trajectory

Gross Margin TTM: -28.8%PPE: 80.9MRevenue 3Y Growth: 11.8%

Valuation Context

Caveats

Public Strategies Rankings

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URG Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$565.7M		—
Enterprise Value	$510.05M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$27.21M	-19.3%	—
Earnings Per Share (diluted) - TTM	$-0.20		—
Operating Margin - TTM	-255%	-67.8%	—
Net Margin - TTM	-275%	-117.5%	—
Free Cash Flow - TTM	$-66.75M		—
Return on Common Equity - TTM	-71.3%	-20.0%	—
Beta 5Y (Monthly)	unknown		—

URG Dividend History

No dividends

URG Stock Splits

No stock splits

URG SEC Filings

Filing Date	Report Date	Report Type	Filing Link
03/10/26	12/31/25	10-K	0001104659-26-025923
11/03/25	09/30/25	10-Q	0001104659-25-105672
08/05/25	06/30/25	10-Q	0001558370-25-010170
05/08/25	03/31/25	10-Q	0001558370-25-007006
04/11/25	12/31/24	Unknown	0001558370-25-004728
11/06/24	09/30/24	10-Q	0001654954-24-013836
08/09/24	06/30/24	10-Q	0001654954-24-010255
05/06/24	03/31/24	10-Q	0001654954-24-005635
03/06/24	12/31/23	10-K	0001654954-24-002673
10/30/23	09/30/23	10-Q	0001654954-23-013556
08/07/23	06/30/23	10-Q	0001654954-23-010220
05/01/23	03/31/23	10-Q	0001654954-23-005510
03/06/23	12/31/22	10-K	0001654954-23-002437
11/01/22	09/30/22	10-Q	0001654954-22-014458
08/02/22	06/30/22	10-Q	0001654954-22-010468
05/02/22	03/31/22	10-Q	0001654954-22-005745
03/09/22	12/31/21	10-K	0001654954-22-002811
11/01/21	09/30/21	10-Q	0001654954-21-011528
08/03/21	06/30/21	10-Q	0001654954-21-008443
05/07/21	03/31/21	10-Q	0001654954-21-005299
02/26/21	12/31/20	10-K	0001654954-21-002132
10/30/20	09/30/20	10-Q	0001654954-20-011664
08/05/20	06/30/20	10-Q	0001558370-20-009288
05/08/20	03/31/20	10-Q	0001558370-20-006045
02/28/20	12/31/19	10-K	0001558370-20-001802
11/01/19	09/30/19	10-Q	0001558370-19-009719
08/02/19	06/30/19	10-Q	0001558370-19-006974
05/03/19	03/31/19	10-Q	0001558370-19-003989
03/01/19	12/31/18	10-K	0001558370-19-001434
10/26/18	09/30/18	10-Q	0001558370-18-007937
07/27/18	06/30/18	10-Q	0001558370-18-005834
05/04/18	03/31/18	10-Q	0001558370-18-004053
03/02/18	12/31/17	10-K	0001558370-18-001465
10/27/17	09/30/17	10-Q	0001558370-17-007654
07/28/17	06/30/17	10-Q	0001558370-17-005463
05/05/17	03/31/17	10-Q	0001558370-17-003655
03/03/17	12/31/16	10-K	0001558370-17-001345
10/28/16	09/30/16	10-Q	0001558370-16-008865
07/29/16	06/30/16	10-Q	0001558370-16-006978
05/06/16	03/31/16	10-Q	0001558370-16-005558
02/26/16	12/31/15	10-K	0001558370-16-003622
10/30/15	09/30/15	10-Q	0001558370-15-002071
07/31/15	06/30/15	10-Q	0001558370-15-001308
05/04/15	03/31/15	10-Q	0001558370-15-000690
03/02/15	12/31/14	10-K	0001558370-15-000251
11/03/14	09/30/14	10-Q	0001558370-14-000266
08/01/14	06/30/14	10-Q	0001144204-14-046482
04/30/14	03/31/14	10-Q	0001144204-14-026141
03/03/14	12/31/13	10-K	0001144204-14-012910
10/28/13	09/30/13	6-K	0001144204-13-057211
07/30/13	06/30/13	6-K	0001144204-13-041892
05/14/13	03/31/13	6-K	0001144204-13-028586
03/01/13	12/31/12	40-F	0001144204-13-012297
10/31/12	09/30/12	6-K	0001144204-12-058580
07/27/12	06/30/12	6-K	0001144204-12-041333
04/27/12	03/31/12	6-K	0001144204-12-024396
03/05/12	12/31/11	40-F	0001144204-12-012976
10/25/11	09/30/11	6-K	0001144204-11-059261
07/29/11	06/30/11	6-K	0001199073-11-000768
04/29/11	03/31/11	6-K	0001199073-11-000431
03/18/11	12/31/10	40-F	0001199073-11-000284
11/01/10	09/30/10	6-K	0001199073-10-000949
07/30/10	06/30/10	6-K	0001199073-10-000672
04/30/10	03/31/10	6-K	0001199073-10-000367
03/12/10	12/31/09	20-F	0001199073-10-000158
10/30/09	09/30/09	6-K	0001199073-09-000849
08/05/09	06/30/09	6-K	0001199073-09-000630
04/30/09	03/31/09	6-K	0001199073-09-000338
03/27/09	12/31/08	20-F	0001199073-09-000227
09/30/08	09/30/08	6-K	0001199073-08-000900
06/30/08	06/30/08	6-K	0001199073-08-000663
03/31/08	03/30/08	Unknown	--
12/31/07	12/31/07	Unknown	--
09/30/07	09/30/07	Unknown	--
06/30/07	06/30/07	Unknown	--
03/31/07	03/30/07	Unknown	--
12/31/06	12/31/06	Unknown	--
09/30/06	09/30/06	Unknown	--
06/30/06	06/30/06	Unknown	--
03/31/06	03/30/06	Unknown	--