Episode Details

Cameco’s Q1 2026 reveals a brilliant supply chain arbitrage and an unprecedented government alliance, overshadowing a messy cash flow print.

In this episode:

• Borrowing 750k lbs of uranium internally to avoid open market prices ☢️

• How the U.S. government could secure an 8% equity cut of Westinghouse

• Why standard $91 pricing metrics completely ignore new $150+ contract ceilings

• The seasonal tax payments that drove a massive negative cash flow swing

Despite a 30% sequential drop in revenue, gross margins expanded to almost 36% thanks to Cameco's unique supply chain flexibility and storage moats. Management fully reiterated full-year guidance, confident that temporary working capital crunches won't derail the underlying global nuclear expansion.

Company: Cameco Corporation (CCJ) | Q1 FY2026

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