The uranium producer reported $3.5 billion in revenue for 2023, driven by rising nuclear power demand amid AI data center expansion.
Cameco (NYSE: CCJ), a leading uranium supplier, generated $3.5 billion in revenue last year, an 11% increase from 2022. The company sold 33 million pounds of uranium, supporting nuclear power plants globally, and reported $590 million in net income.
Nuclear power demand is rebounding as AI-driven data centers require more electricity, reducing reliance on renewables alone. Cameco’s growth aligns with industry projections for prolonged uranium demand, contrasting with earlier expectations of decline.
The company also holds a minority stake in Westinghouse, a nuclear plant builder and servicer, further positioning it in the sector’s expansion.