Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Cameco (CCJ), the Canada-based uranium refiner, reported third-quarter earnings and revenue that fell short of analyst expectations on Wednesday. Despite the financial miss, CEO Tim Gitzel emphasized the company’s strategic position in what he described as a “global nuclear resurgence,” bolstered by long-term contracts and a recent partnership with the U.S. government involving its stake in Westinghouse.
Third-Quarter Financials
For the third quarter, Cameco posted earnings per share of 5 cents, an increase from a slight loss in the same period a year ago. Revenue for the quarter declined 16% to $436.7 million, according to FactSet data. Analysts had projected quarterly earnings of 20 cents per share on revenue of $547.2 million.
Tim Gitzel reiterated the company’s strong market standing, stating, “Driven by disciplined long-term contracting and management of our supply sources, alongside strategic partnerships that can add significant future value, we are positioned at the forefront of the global nuclear resurgence.” He added that nuclear energy is on a path towards “robust expansion and meaningful transformation” as the global energy landscape evolves.
Westinghouse Partnership and Nuclear Push
Last week, Cameco announced a strategic partnership with the U.S. government, where its 49% ownership of Westinghouse is expected to play a crucial role in accelerating the deployment of nuclear power. This initiative follows executive orders on nuclear energy issued earlier this year by President Donald Trump.
The agreement involves the construction of at least $80 billion worth of new Westinghouse nuclear reactors across the United States. Cameco reported that its share of Westinghouse recorded a net loss of $32 million for the third quarter, an increase from a loss of $57 million in the year-ago period. However, over the first nine months of the year, Westinghouse reported net earnings of $32 million, contrasting with a loss of $227 million in the same period of the prior year, according to Cameco.
Market Reaction and Industry Overview
Following the earnings announcement, Cameco stock dipped more than 2% in pre-market trading on Wednesday, building on a 3.9% decline to 96.95 on Tuesday.
The broader nuclear sector is also seeing significant activity. S&P 500 nuclear companies Constellation Energy (CEG) and Vistra (VST) are scheduled to release their third-quarter earnings this week. BWX Technologies (BWXT), a key supplier for the U.S. Navy’s nuclear reactors, reported better-than-expected third-quarter earnings on Monday and subsequently raised its full-year profit outlook.
In the emerging Small Modular Reactor (SMR) segment, startup Oklo (OKLO) has seen its stock slump more than 42% since reaching a record high on October 15. Despite this recent decline, Oklo’s stock remains up approximately 428% in the 2025 stock market. Oklo aims to bring its first commercial SMR online in late 2027 or early 2028, with SMR technology designed to offer more localized and cost-efficient power generation.
Other SMR-focused companies, NuScale Power (SMR) and Nano Nuclear Energy (NNE), have also retreated from their all-time highs last month. However, NuScale has gained 99% this year, and NNE is up 67%. Uranium miner Centrus Energy (LEU), which is due to report Q3 earnings after Wednesday’s market close, has soared 392% in 2025 but is down 29% from its October peak. Other companies in the sector, including GE Vernova (GEV), Uranium Energy (UEC), Lightbridge (LTBR), and Energy Fuels (UUUU), are also being monitored by investors.
Outlook
Despite Cameco’s recent earnings miss and stock performance, the company remains optimistic about its role in the expanding nuclear energy market. The industry continues to garner attention amid global energy transitions, with significant developments in reactor technology and government initiatives.
