Uranium Energy Corp. (NYSE:UEC) announced on Friday that it has generated record fiscal year 2023 revenue of $164 million, up from $23 million in 2022, as the miner sold 3.15 million pounds of uranium inventory in the spot market at a weighted average sales price of $52.05 per pound.
A year ago, the company sold 500,000 pounds of uranium at a weighted average price of $45.90 a pound.
"We continued to make accretive acquisitions and advance our projects with resource expansions and extraction/production restart programs," Uranium Energy CEO Amir Adnani said in a statement.
"Our strategy is aimed at a robust uranium supply from the stable and secure jurisdictions of the US and Canada, with near term US ISR (in-situ recovery) production and a pipeline of high-grade Canadian projects with exceptional growth potential," he added.
Uranium Energy generated a gross profit of $49.6 million for the year, noting proceeds from realized gains materially reduced capital requirements for accretive acquisitions.
During the year, the company completed $340 million in acquisitions and now holds an estimated 226.2 million pound Measured and Indicated uranium resource as well as a 102.7-million-pound Inferred resource.
Uranium Energy had $192.3 million of cash and liquid assets, with no debt, as of September 28, 2023.
Shares of Uranium Energy fell 4% to $5.36 in early Friday trading but have gained 43% year to date.
Contact Sean at sean@proactiveinvestors.com