Cameco Q3 adjusted loss reaches CA$2 million as uranium output falls

Cameco Corporation (NYSE:CCJ) reported third-quarter 2026 revenue of CA$619 million, up 1% year over year, but recorded an adjusted net loss of CA$2 million as uranium production declined.

Revenue increased from CA$615 million in Q3 2025, while adjusted net earnings of CA$32 million in the prior-year quarter turned into a loss, missing analyst expectations of approximately CA$0.23 per share.

The company attributed lower uranium production to extended maintenance at its Key Lake mill, while lower equity earnings from Westinghouse also affected its financial performance.

Cameco produced 3.5 million pounds of uranium, down 20% year over year, and delivered 5.6 million pounds at an average realized price of US$91.76 per pound, while adjusted EBITDA declined 14% to CA$267 million.

Westinghouse contributed CA$143 million in adjusted EBITDA, while Cameco ended September with CA$860 million in cash and CA$1 billion in total debt, and reported gross profit of CA$122 million, down 28% from CA$170 million.

The company narrowed its 2026 uranium production guidance to 19.5–20.5 million pounds and sales guidance to 29.5–30.5 million pounds, while declaring an annual dividend of CA$0.24 per share payable December 15, 2026.

Cameco supplies uranium and nuclear fuel services and holds an ownership interest in Westinghouse Electric Company, giving it exposure to uranium mining, nuclear fuel production and nuclear power technology.