Ur-Energy Inc. reported its financial results for the nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period. The company, engaged in uranium mining and recovery operations primarily in Wyoming, experienced a notable increase in cash and cash equivalents, rising to $118.5 million from $54.6 million in the same period of 2023. Total assets also increased significantly to $201.4 million from $128.4 million.
For the three months ended September 30, 2024, Ur-Energy's sales were $13,000, a sharp decline from $6.4 million in Q3 2023. Over the nine-month period, sales totaled $5.8 million, down from $12.2 million in the prior year. The gross profit for Q3 2024 was $787,000, a decrease from $897,000 in Q3 2023, while the nine-month gross profit improved to $974,000 from a gross loss of $2.1 million in 2023. However, operating losses increased, with Q3 2024 reporting a loss of $11.9 million compared to $10.4 million in Q3 2023, and a nine-month operating loss of $39.6 million, up from $22.4 million.
The net loss for Q3 2024 was $8.0 million, a significant improvement from $17.2 million in Q3 2023. For the nine months, the net loss increased to $33.1 million from $25.2 million in the previous year. Basic loss per share improved to $(0.02) in Q3 2024 from $(0.07) in Q3 2023, while the nine-month loss per share slightly worsened to $(0.11) from $(0.10).
Strategically, Ur-Energy has been active in financing, raising $97.6 million through the issuance of common shares during the nine months ended September 30, 2024, compared to $46.6 million in the same period of 2023. The company also closed a public offering in July 2024, generating approximately $69.0 million in gross proceeds.
Operationally, Ur-Energy captured 75,075 pounds of U3O8 in Q3 2024, with production anticipated to be between 240,000 and 280,000 pounds for the year. The company is also progressing with the construction of a satellite facility at the Shirley Basin Project, expected to nearly double annual production capacity.
Overall, while Ur-Energy faced challenges in sales and profitability, it demonstrated resilience through increased cash reserves and strategic financing efforts, positioning itself for future growth in the uranium market.
About UR-ENERGY INC
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