Filing Flows › Ur-Energy (URG) › Q4 2025
Ur-Energy (URG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Ur-Energy (URG) reported revenue of $10.4M for the fourth quarter 2025 (Q4 2025), -54% from a year earlier and +65% from the quarter before. Operating margin was -172.0%, net loss $15.6M (149.1% of revenue).
Ur-Energy, Q4 2025: revenue $10.4M (-54% year over year), operating margin -172.0%, net loss $15.6M, operating cash flow −$18.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $10.4M | +65% | -54% |
| Operating profit | −$18.0M | — | — |
| Net earnings | −$15.6M | — | — |
| Operating cash flow | −$18.8M | — | — |
What changed
Revenue was $10.4M in Q4 2025, down 54% year over year and up 65% from the previous quarter.
Gross margin was 14.1%. Operating costs exceeded revenue by $18.0M, an operating margin of -172.0%. The fastest-growing cost line was Other operating costs (+62%). The quarter ended with a net loss of $15.6M, narrower than the previous quarter's $27.5M loss.
Operating cash flow was −$18.8M. Non-cash charges added back $1.1M of depreciation. Working capital and other items used $4.3M. Capital expenditures of $9.4M exceeded it, leaving free cash flow of −$28.2M.
Questions
What was Ur-Energy's revenue in the fourth quarter 2025?
Ur-Energy (URG) reported revenue of $10.4M for the fourth quarter 2025 (Q4 2025), -54% from a year earlier and +65% from the quarter before.
Was Ur-Energy profitable in the fourth quarter 2025?
Operating loss was $18.0M (-172.0% of revenue) and net loss $15.6M.
Source: Ur-Energy 10-K on SEC EDGAR.