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Mar 31
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Cameco Q1 2025 Earnings Report
Cameco reported solid Q1 results driven by higher realized prices and strong performance across fuel services and uranium, with improved profitability year over year.
Key Takeaways
Cameco posted strong Q1 2025 results with significant improvements in revenue and net income, supported by disciplined long-term contracting and higher realized prices across segments.
Revenue grew 24% year-over-year to CAD 789 million.
Net income rose to CAD 70 million from a net loss of CAD 7 million in Q1 2024.
Fuel services saw a 200% increase in adjusted EBITDA due to higher volumes and pricing.
Westinghouse significantly narrowed its loss and improved adjusted EBITDA by 19%.
Cameco
Cameco
Cameco Revenue by Segment
Revenue by Segment
Uranium Revenue
CapyFin.comFuel Services Revenue
CapyFin.com Forward Guidance
Cameco reaffirmed its 2025 outlook, expecting strong cash flows, stable uranium and fuel services production, and a gradual ramp-up in Westinghouse performance through the year.
Positive Outlook
- Uranium and fuel services production on track for 2025 guidance.
- Long-term contracting strategy continues to capture market upside.
- Stable cash generation expected through disciplined operations.
- Improved pricing environment for fuel services and uranium.
- Positive full-cycle nuclear demand fundamentals remain intact.
Challenges Ahead
- Westinghouse expected to post weaker results in first half of 2025.
- Delays in deliveries from JV Inkai until at least H2 2025.
- Macroeconomic and trade policy uncertainties slowing contract activity.
- Higher production costs at Cigar Lake impacting margins.
- Global geopolitical tensions affecting downstream service demand.
Revenue & Expenses
Visualization of income flow from segment revenue to net income