Cameco Corporation announced robust first-quarter 2025 financial and operating results, with revenue increasing 24% to $789 million from $634 million in Q1 2024. The company reported net earnings attributable to equity holders of $70 million, or $0.16 per diluted share, a significant turnaround from a $7 million loss in the prior-year quarter. Adjusted net earnings also rose 52% to $70 million.
Operational performance was strong, with uranium production volume up 3% to 6.0 million pounds and fuel services production volume up 5% to 3.9 million kgU. The average realized uranium price increased 9% to $62.55 (US) per pound, demonstrating the benefit of Cameco's long-term contracting strategy even as the average uranium spot price fell 30% year-over-year.
Cameco made the final $200 million (US) repayment of the $600 million (US) term loan used to finance the Westinghouse acquisition. The company also received an $87 million (US) dividend from JV Inkai, based on 2024 results. The 2025 outlook remains unchanged, with JV Inkai targeting 8.3 million pounds for 2025, though deliveries are not expected until the second half of the year due to ongoing challenges.
Westinghouse, in which Cameco holds a 49% interest, reported a net loss of $62 million (Cameco's share) in Q1 2025 due to normal quarterly variations and acquisition-related amortization. However, Westinghouse's adjusted EBITDA improved 19% to $92 million (Cameco's share) compared to Q1 2024, and its annual adjusted EBITDA is still expected to be between $355 million (US) and $405 million (US).
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