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Ur-Energy cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$27.1M in Q2 2026 · −$104M over twelve months

Operating cash flow−$12.0M
Capital spending−$15.1M
Free cash flow−$27.1M

Analysis

In Q2 2026, Ur-Energy generated −$12.0M of operating cash flow and spent $15.1M on capital projects, leaving free cash flow of −$27.1M. That is $9.9M less than in Q2 2025 (−$17.2M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$62.3M; the largest uses were operating cash flow ($62.3M), capital spending ($42.1M), net borrowing (+) / repaid (−) ($730K); besides operations, cash came from other financing ($114M), shares issued ($30.8M); the cash balance rose by $39.4M.

Operating cash flow was −$12.0M against net income of −$16.7M. The largest differences: inventory +$5.3M, payables −$3.5M, depreciation & amortization +$1.1M.

Free cash flow

Ur-Energy: free cash flow by quarterUr-Energy: free cash flow by quarter−$10.7MQ3 2024−$42.8MQ4 2024−$1.0MQ1 2025−$17.2MQ2 2025−$20.4MQ3 2025−$28.2MQ4 2025−$28.8MQ1 2026−$27.1MQ2 2026
Operating cash flow less capital spending.
Ur-Energy: operating cash flow against capital spendingUr-Energy: operating cash flow against capital spendingOperating cash flowCapital spending−$6.8M$3.8MQ3 2024−$39.4M$3.3MQ4 2024$2.8M$3.8MQ1 2025−$12.1M$5.1MQ2 2025−$15.0M$5.3MQ3 2025−$18.8M$9.4MQ4 2025−$16.5M$12.3MQ1 2026−$12.0M$15.1MQ2 2026
Latest (Q2 2026): Operating cash flow −$12.0M, Capital spending $15.1M.

Capital allocation, year by year

Ur-Energy: where the cash came from (up) and went (down), by fiscal yearUr-Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$11.7MFY2021: Shares issued $57.3MFY2021: Capital spending −$1.2M$57.3MFY2021FY2022: Operating cash flow −$18.1MFY2022: Net borrowing −$1.3MFY2022: Shares issued $7.5MFY2022: Capital spending −$709K$7.5MFY2022FY2023: Operating cash flow −$17.0MFY2023: Net borrowing −$5.4MFY2023: Shares issued $54.7MFY2023: Asset sales $4.2MFY2023: Capital spending −$2.0M$58.9MFY2023FY2024: Operating cash flow −$71.9MFY2024: Net borrowing −$5.9MFY2024: Shares issued $110MFY2024: Capital spending −$9.0M$110MFY2024FY2025: Operating cash flow −$43.1MFY2025: Net borrowing $119MFY2025: Shares issued $17.7MFY2025: Capital spending −$23.6M$137MFY2025
Over these 5 years operating cash flow totalled −$162M; the largest uses were operating cash flow ($162M) and capital spending ($36.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$95.6M
Debtnone
Net cash$95.6M
Cash runway11 months

Ur-Energy is burning cash: its operations consume cash, a free cash flow of −$104M a year at the current rate against $95.6M of cash and investments: a runway of about 11 months before any new financing.

Where the cash came from and went

Ur-Energy: sources (+) and uses (−) of cash, Q2 2026Ur-Energy: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)$27.5MCapital spending−$15.1MOperating cash flow−$12.0MExchange rates−$591KShares issued$469KNet borrowing (+) / repaid (−)−$135KOther financing−$65KOther investing−$44KAsset & business sales$2K
Ur-Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Ur-Energy: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$114MOperating cash flow−$62.3MCapital spending−$42.1MCash drawn (+) / kept (−)−$39.4MShares issued$30.8MNet borrowing (+) / repaid (−)−$730KOther investing$94KExchange rates$76K

From profit to cash

Ur-Energy: net income to operating cash flow, Q2 2026Ur-Energy: net income to operating cash flow, Q2 2026Net income−$16.7MDepreciation & amortization$1.1MStock-based pay$582KGains on disposals−$2KInventory$5.3MPayables−$3.5MPrepaid and other assets$275KOperating cash flow−$12.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$12.0M−$15.1M−$135K$469K$27.5M−$27.1M
Q1 2026−$16.5M−$12.3M−$125K$28.7M−$351K−$28.8M
Q4 2025−$18.8M−$9.4M−$251K$2.0M−$71.9M−$28.2M
Q3 2025−$15.0M−$5.3M−$219K$368K$5.5M−$20.4M
Q2 2025−$12.1M−$5.1M−$74K—$17.1M−$17.2M
Q1 2025$2.8M−$3.8M−$156K$205K$1.1M−$1.0M
Q4 2024−$39.4M−$3.3M—$173K$42.3M−$42.8M
Q3 2024−$6.8M−$3.8M$86K$71.8M−$57.3M−$10.7M

Ur-Energy: income statement and cash flow

Ur-Energy, Q2 2026: revenue $14.4M (+38% year over year), operating margin -128.3%. The chart follows the revenue to costs, profit and cash.

Ur-Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.