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What were the key takeaways from Centrus Energy's earnings call?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LEU

LEU fundamentals

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