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- **Revenue Surge**: Q3 revenue up 30% YoY to $74.9M, with year-to-date net income of $60M.
- **Capital Strength**: $805M convertible notes and $1B ATM program enhance liquidity for expansion.
- **Market Leadership**: SWU prices at $220, near record highs, driven by U.S. nuclear build-out and data center demand.
- **Strategic Moves**: Ohio hiring, DOE readiness, and partnerships with KHNP/POSCO to secure private capital.
- **HALEU Growth**: 2-year HALEU cascade milestone; SMR deployments signal future demand for advanced fuel.

**【Management Opening Remarks】**
- Neal Nagarajan welcomed participants and highlighted the earnings release and 10-Q filing. He emphasized forward-looking statements and the importance of the call's content.

**【CEO Commentary】**
- **Revenue Growth**: Q3 revenue of $74.9 million, up 30% YoY, driven by LEU and technical solutions segments. Year-to-date net income reached $60 million.
- **Capital Raises**: Issued $805M convertible senior notes with $782.4M net proceeds. Announced $1B at-the-market (ATM) program for future expansion.
- **Strategic Initiatives**: Hired Todd Tinelli as CFO, strengthened Ohio operations with job creation, and advanced readiness for LEU/HALEU production.
- **Market Momentum**: SWU prices hit $220, near historic highs, driven by U.S. nuclear expansion and data center investments.

**【CFO Financial Commentary】**
- **Financial Performance**: Q3 gross loss of $4.3M, operating loss of $16.6M, and net income of $3.9M. Year-to-date backlog stands at $3.9B, extending to 2040.
- **Capital Structure**: Convertible notes and ATM program enhance liquidity and flexibility for industrial build-out.
- **Segment Breakdown**: LEU segment revenue $44.8M (+29%), technical solutions $30.1M (+31%), driven by DOE contracts and SWU sales.

**【Q&A Highlights】**
- **National Security Contracts**: NNSA's intent to sole-source LEU enrichment; Centrus awaits further details on public-private partnerships.
- **Readiness for Expansion**: Ohio hiring and supply chain readiness reflect preparation for DOE awards and private sector demand.
- **SWU Pricing Dynamics**: Spot price at $220, near all-time highs, driven by tight supply and U.S. nuclear build-out.
- **Private Sector Investment**: Discussions with KHNP/POSCO and hyperscalers for off-take agreements; capital structure diversification underway.
- **HALEU Demand**: HALEU cascade milestone (2 years of continuous operation); SMR deployments (e.g., TVA, U.S. Army) signal growing need for advanced fuel.


Centrus Energy Corp. (LEU) Q3 2025 Earnings Call Transcript

- **Q2 Financial Strength**: $154.5M revenue, 35% gross margin, $833M cash balance.
- **DOE HALEU Progress**: 900kg milestone met, Phase 3 extension to 2026 with $99.3M cost target.
- **Manufacturing Readiness**: $60M investment in centrifuge production capacity.
- **Backlog Growth**: $3.6B total backlog, $2.2B contingent LEU sales commitments.
- **Strategic Positioning**: Only U.S.-based commercial HALEU producer with proven centrifuge technology.

**【CEO Summary Section】**
- Q2 2025 revenue of $154.5 million, gross profit $53.9 million, operating income $33.5 million.
- HALEU production milestone: 900 kg delivered, total near 1 metric ton for DOE.
- $60 million investment in manufacturing readiness for potential DOE funding.
- Cash balance $833 million, emphasizing liquidity and strategic flexibility.
- National security market expansion with U.S.-origin enrichment for DOD micro reactors.

**【CFO Financial Commentary】**
- Total revenue down 19% YoY, but gross margin improved to 35% (vs. 19% prior year).
- Investment income $8 million (3x prior year), driven by high-rate environment.
- LEU segment revenue $125.7 million (-26% YoY), but gross profit $50.7 million (+50% YoY).
- Technical Solutions segment revenue $28.8 million (+48% YoY), cost of sales $25.6 million (+61% YoY).
- Backlog $3.6 billion through 2040, including $2.2 billion contingent LEU sales commitments.
- ATM program generated $114.7 million in Q2, ending cash at $847 million.

**【Q&A Highlights】**
- DOE funding decision expected soon for $3.4 billion nuclear fuel production.
- Manufacturing readiness initiative progressing with long-lead item procurement.
- LEU contingent backlog expanded to $2.2 billion, with $1.8 billion in definitive agreements.
- HALEU Phase 3 contract extension to 2026 with $99.3 million target cost.
- SWU sales variability due to customer delivery timing, annual volumes stable.
- Centrus' centrifuge technology uniquely positioned for U.S. nuclear dominance.
- Private sector investments in nuclear power (e.g., Amazon, Microsoft, Meta) driving demand for domestic fuel supply.

Centrus Energy Corp. (LEU) Q2 2025 Earnings Call Transcript

- **Record Q1 Performance**: $73.1M revenue (+63% YoY), $32.9M gross profit, $27.2M net income
- **Government Momentum**: DOE $3.4B funding allocation expected soon; bipartisan support solidifies
- **Market Leadership**: Sole U.S.-built enrichment provider with 19-month operational track record
- **Strong Cash Position**: $685.7M cash to pursue growth opportunities
- **Key Risk Mitigation**: 100% U.S. supply chain; no tariff impact on operations

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $73.1 million, up 63% YoY, driven by higher SWU volumes and pricing. Gross profit of $32.9 million reflected improved margin realization.
- Centrus is the sole U.S.-owned, U.S.-built enrichment provider, with a 19-month operational track record at Piketon. DOE has awarded $3.4B in funding to jumpstart domestic nuclear fuel production.
- Key initiatives: 
  1. $60M investment to expand centrifuge manufacturing capacity in Oak Ridge
  2. Secured $800M of $2.1B contingent LEU sales commitments
  3. Delivered 670kg of HALEU to DOE, meeting all milestones
  4. Strong political support from bipartisan lawmakers
- Cash balance of $685.7M provides flexibility for strategic investments.

**【CFO Financial Highlights】**
- LEU segment generated $51.3M in SWU revenue (vs. $23.6M Q1 2024), with SWU cost down 48% YoY
- Technical Solutions segment delivered $21.8M in revenue, despite HALEU production delays
- Net income of $27.2M vs. $6.1M loss YoY; operating cash flow of $68.5M
- Repaid $74.3M of 8.25% notes, reducing interest expense by $1.8M annually
- Backlog stands at $3.8B, extending to 2040

**【Q&A Key Takeaways】**
1. DOE Funding: Secretary Wright confirmed $2.7B in awards will be issued soon; Centrus awaits DOE's allocation decision
2. Supply Chain: 100% U.S.-based centrifuge manufacturing vs. European competitors' foreign reliance
3. HALEU Competition: Only U.S.-licensed HALEU producer; new entrants would require 4+ years and $100M+ to replicate
4. Tariffs: No impact on operations; Russian suppliers continue to secure export approvals
5. 5B Cylinders: Sourcing delays resolved; production unaffected
6. Market Demand: $2.1B in contingent LEU commitments from utilities, signaling long-term fuel security needs

Centrus Energy (LEU)-8 May 25-2025 Q1 Earnings call transcript

- **$3.7B Backlog Growth**: 2024 revenue up 38% to $442M, driven by LEU segment expansion and DOE contracts.
- **Strategic Investments**: $60M centrifuge manufacturing spend accelerates 42-month timeline for U.S. enrichment deployment.
- **Financial Strength**: $671M cash, reduced pension liabilities, and $62M tax credits support long-term capital needs.
- **Market Leadership**: Only U.S. company with HALEU enrichment license; $2B contingent sales commitments validate utility demand for domestic supply.

**【CEO Summary Section】**
- **Annual Achievements**: 2024 revenue reached $442 million, with $3.7 billion backlog through 2040. Secured three DOE contracts totaling $3.4B in appropriations for HALEU enrichment/deconversion and LEU restart.
- **Operational Milestones**: Delivered 545 kgs of HALEU under DOE Phase II, issued $402.5M convertible notes, and announced $60M centrifuge manufacturing investment.
- **Market Position**: Only U.S.-based company with NRC-licensed enrichment up to 20% HALEU. Secured $2B in contingent LEU sales commitments for Piketon plant.

**【CFO Financial Commentary】**
- **Revenue Growth**: 2024 revenue up 38% YoY to $442M, driven by LEU segment ($350M, +30%). Gross profit $111.5M, operating income $48M.
- **Cost Management**: Reduced pension obligations by $280M, ending cash balance $671.4M. Issued 2.25% convertible notes to fund manufacturing expansion.
- **Profitability**: LEU gross margin improved 10% YoY due to higher SWU/uranium prices. Technical Solutions segment contributed $17.6M gross profit.

**【Q&A Key Highlights】**
- **DOE Contract Progress**: Task orders timing uncertain, but DOE movement encouraging. $60M investment de-risks supply chain ahead of potential 2025-2026 task orders.
- **TENEX Supply Chain**: Received 3 Russian export licenses, using majority for delayed customer deliveries. Actively managing 2026-2027 DOE import waivers.
- **Investment Tax Credits**: Secured $62.4M IRC 48C credits for Oak Ridge facility, contingent on $200M+ investment over 4 years. Supports 42-month timeline for first cascade deployment.
- **2025 Outlook**: Opportunistic uranium sales in rising market; no guidance but expect continued SWU/uranium price support.

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