# Ur-Energy Inc. (URG)

> Source: Nexqual · https://nexqual.com/URG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ur-Energy Inc. (URG), nexqual.com/URG" · informational, not investment advice.

**Price:** USD 0.82 (-7.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 0.88 · day 0.79–0.87 · 52w 0.79–2.15 · market cap $324M · ASE

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $35.1M, net income -$88.5M (-252.3% margin), free cash flow -$104M (SEC filings).
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $838K; 7 not under a Rule 10b5-1 plan ($838K); 5 by opportunistic insiders (5 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $222K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -46.8% vs S&P 500 +14.9%; 5Y -56.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD -0.03, revenue estimate $13.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16K | $19K | $17.7M | $33.7M | $27.2M | $35.1M |
| Gross profit | -$7.0M | -$6.8M | -$1.7M | -$9.0M | $74K | — |
| Operating income | -$16.8M | -$19.8M | -$30.8M | -$63.1M | -$69.4M | -$76.6M |
| Net income | -$22.9M | -$17.1M | -$30.7M | -$53.2M | -$74.9M | -$88.5M |
| EPS (diluted) | -$0.12 | -$0.08 | -$0.12 | -$0.17 | -$0.20 | — |
| Free cash flow | -$12.9M | -$18.8M | -$19.0M | -$81.0M | -$66.7M | -$104M |
| Gross margin | -43650.0% | -36010.5% | -9.5% | -26.6% | 0.3% | — |
| Operating margin | -104731.3% | -104178.9% | -174.5% | -187.2% | -255.0% | -218.2% |
| Net margin | -143362.5% | -90210.5% | -173.4% | -157.8% | -275.3% | -252.3% |
| Revenue growth | -99.8% | +18.8% | +92947.4% | +90.7% | -19.3% | — |
| Cash + short-term investments | $46.2M | $33.0M | $59.7M | $76.1M | $124M | — |
| Total debt | $12.4M | — | — | — | $66.4M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 9.3x · EV/Sales 8.5x · P/B 4.7x · FCF yield -32.19% · Earnings yield -27.28% · Net cash $26.3M · EV $298M

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-25 | Parker Thomas H | Director | 87,858 | $130K | 13.1% | No | Too little history (no open-market trades in 2025) |
| 2026-08-25 | Huber Gary C | Director | 87,858 | $130K | 13.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24 | Cash John | Director | 77,751 | $110K | 10% | No | Too little history (no open-market trades in 2024) |
| 2026-08-24 | Chang Robby Sai Kit | Director | 75,588 | $107K | 43.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24 | Smith Roger L. | CHIEF FINANCIAL OFFICER | 103,536 | $148K | 13.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | Walker Kathy E | Director | 72,838 | $101K | 11% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | Hatten Steven M. | Chief Operating Officer | 81,576 | $113K | 19.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $222K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-24 | Walle Jade | VICE PRESIDENT FINANCE | 96,556 | $110K | 1.14 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-11 | Walle Jade | VICE PRESIDENT FINANCE | 75,581 | $97K | 1.29 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-24 | Ritchie David A. | GENERAL COUNSEL/CORP SECRETARY | 10,000 | $14K | 1.42 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-17 | RBC Capital | Target lowered | Outperform | $1.75 → $1.6 |
| 2026-08-11 | HC Wainwright & Co. | Target lowered | Buy | $2.3 → $2.2 |
| 2026-07-14 | RBC Capital | Initiated | Outperform | $1.75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -46.8% | -56.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -46.9% | -15.2% |
| Volatility (annualized) | 70.9% | 60.6% |
| Max drawdown | -61.0% (Jun 2026→Oct 2026) | -70.2% (Jan 2024→Mar 2025) |

## Peers (Uranium)
ISOU (IsoEnergy Ltd.) USD 8.02 -5.87% · UROY (Uranium Royalty Corp.) USD 3.38 -1.17% · DNN (Denison Mines Corp) USD 2.16 -7.30% · UUUU (Energy Fuels Inc) USD 7.69 -6.22% · LEU (Centrus Energy Corp.) USD 104.15 -4.37% · UEC (Uranium Energy Corp.) USD 7.48 -5.32%

## More
Full page: https://nexqual.com/URG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-10)

- "Lost Creek Production Growth and Continued Optimization At Lost Creek, Ur-Energy's flagship uranium ISR mining project, the Company drummed 140,873 pounds of U₃O₈, an increase of 47.4% over the first quarter of 2026 and 25.7% over the second quarter of 2025."
- "Subject to regulatory approval, the Company expects to commence wellfield construction and installation in the fifth mine unit by year-end 2026, where 15 header houses are planned from late 2026 through 2028."
- "Additionally, the Company expects to complete implementation of an enhanced maintenance program and improvements to the reverse osmosis system by year-end 2026."
- "Various additional plant construction activities are expected to continue through 2026 as the Company continues to deliver on its optimization strategy. ​ Exploration Activities in the Great Divide Basin Lost Creek South : Totaling approximately 16-square miles immediately adjacent to the Lost Creek operation, Lost Creek South has clear potential as a low-cost, near-mine expansion opportunity."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.03 | $-0.05 | -36.2% | $13.6M | 5 |
| Next quarter (ends 2026-12-31) | $-0.02 | $0.01 | -399.9% | $33.3M | 6 |
| Current fiscal year (ends 2026-12-31) | $-0.16 | $-0.15 | +10.4% | $66.1M | 9 |
| Next fiscal year (ends 2027-12-31) | $-0.01 | $0.06 | -122.9% | $119.0M | 7 |