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What factors drove the changes in Centrus Energy's revenue and profit?

- **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

Low-Enriched Uranium Segment

Technical Solutions Segment

Elimination of Intersegment Revenue

LEU

LEU fundamentals

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