Centrus Energy Corp. (NYSE:LEU) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Dan Leistikow - VP, Corporate Communications Dan Poneman - President and CEO Philip Strawbridge - CFO Conference Call Participants Rob Brown - Lake Street Capital Markets Joseph Reagor - ROTH MKM Operator Greetings and welcome to the Centrus Energy First Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal pre ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (IRS Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301) 564-3200 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbo ...

Centrus Energy Corp. (NYSE:LEU) Q4 2022 Earnings Conference Call February 22, 2023 8:30 AM ET Company Participants Dan Leistikow - Vice President Corporate Communications Dan Poneman - President and Chief Executive Officer Philip Strawbridge - Chief Financial Officer Conference Call Participants Rob Brown - Lake Street Capital Joseph Reagor - ROTH Capital Partners Operator Greetings. Welcome to the Centrus Energy Fourth Quarter Year-End 2022 Earnings Call. At this time, all participants are in a listen-only ...

Centrus Energy Corp. (NYSE:LEU) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET Company Participants Dan Leistikow - Vice President, Corporate Communications Dan Poneman - President & Chief Executive Officer Philip Strawbridge - Chief Financial Officer Conference Call Participants Rob Brown - Lake Street Capital Joseph Reagor - ROTH Capital Partners Operator Greetings and welcome to the Centrus Energy Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (I.R.S. Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301) 564-3200 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (I.R.S. Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301) 56 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (IRS Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301) 564-3200 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbo ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements and accompanying notes for the period ended September 30, 2021 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows total assets of $487.2 million and a significant reduction in the total stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $414.2 | $406.1 | | **Total Assets** | $487.2 | $486.3 | | **Total Current Liabilities** | $335.2 | $366.1 | | **Total Liabilities** | $716.3 | $806.9 | | **Total Stockholders' Deficit** | $(229.1) | $(320.6) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net income of $42.1 million in Q3 2021, a major turnaround driven by a substantial revenue increase Statement of Operations Highlights (in millions, except per share data) | Metric | Q3 2021 | Q3 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $91.3 | $33.6 | $209.3 | $154.3 | | **Gross Profit (Loss)** | $49.5 | $(0.8) | $78.3 | $62.6 | | **Operating Income (Loss)** | $38.2 | $(9.5) | $46.6 | $30.4 | | **Net Income (Loss)** | $42.1 | $(7.0) | $58.8 | $38.0 | | **Diluted EPS** | $2.95 | $(0.83) | $3.66 | $3.12 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash from operations was $0.8 million for the nine-month period, with an overall $19.0 million increase in cash and cash equivalents Cash Flow Summary (in millions) | Cash Flow Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $0.8 | $5.2 | | **Cash (used in) investing activities** | $(0.7) | $(0.9) | | **Cash provided by financing activities** | $18.9 | $17.8 | | **Increase in cash, cash equivalents and restricted cash** | $19.0 | $22.1 | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail revenue disaggregation, the HALEU contract status, the LEU order book, and a subsequent tender offer - The LEU segment's sales order book was approximately **$1 billion** as of September 30, 2021, extending to 2030[22](index=22&type=chunk) - Technical solutions revenue for Q3 and YTD 2021 includes **$43.5 million** from a settlement with the DOE for past pension and postretirement benefits costs[32](index=32&type=chunk)[66](index=66&type=chunk) - The HALEU Contract is experiencing increased costs of approximately **$10 million** and delays, with production now expected to begin in mid-2022[29](index=29&type=chunk) - Subsequent to the quarter end, on October 20, 2021, the company commenced a tender offer to purchase all outstanding **Series B Senior Preferred Stock**[75](index=75&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes performance across its LEU and technical solutions segments, focusing on revenue drivers and capital structure [Overview](index=24&type=section&id=Overview) The company operates in LEU and technical solutions, with a focus on the HALEU demonstration contract and capital structure improvements - Centrus operates two business segments: **low-enriched uranium (LEU)** and **technical solutions**[80](index=80&type=chunk) - The company is deploying a HALEU demonstration cascade under a cost-share contract with the DOE, but is experiencing increased costs of approximately **$10 million** and supply chain delays, pushing the start of production to mid-2022[88](index=88&type=chunk)[89](index=89&type=chunk) - In the nine months ended Sep 30, 2021, the company raised **$27.6 million in net proceeds** from the sale of 1.24 million shares of Class A Common Stock[97](index=97&type=chunk) - On October 20, 2021, the company launched a tender offer to purchase all outstanding **Series B Senior Preferred Stock**[99](index=99&type=chunk) [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q3 2021 revenue grew 172% to $91.3 million, boosted by a $43.5 million DOE settlement in the technical solutions segment Segment Revenue and Gross Profit (in millions) | Segment | Metric | Q3 2021 | Q3 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **LEU** | Revenue | $32.0 | $18.7 | $115.3 | $112.8 | | | Gross Profit (Loss) | $8.3 | $(0.9) | $39.2 | $61.0 | | **Technical Solutions** | Revenue | $59.3 | $14.9 | $94.0 | $41.5 | | | Gross Profit | $41.2 | $0.1 | $39.1 | $1.6 | | **Total** | Revenue | $91.3 | $33.6 | $209.3 | $154.3 | | | Gross Profit (Loss) | $49.5 | $(0.8) | $78.3 | $62.6 | - Technical solutions revenue in Q3 2021 included a **$43.5 million settlement** with the DOE; excluding this, revenue for the segment increased due to more work on the HALEU and X-energy contracts[134](index=134&type=chunk) - LEU segment gross profit for YTD 2021 was $39.2 million, compared to $61.0 million in YTD 2020; the 2020 period included a one-time **$32.4 million revenue recognition** from a customer bankruptcy settlement[140](index=140&type=chunk) - SG&A expenses increased by $2.3 million in Q3 2021, mainly due to a **$2.2 million remeasurement** of long-term incentive compensation obligations tied to the company's stock price[145](index=145&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q3 with a $171.0 million cash balance and believes it has adequate liquidity for the next twelve months - The company ended Q3 2021 with a consolidated cash balance of **$171.0 million**[159](index=159&type=chunk) Working Capital Summary (in millions) | Component | Sep 30, 2021 | Dec 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $171.0 | $152.0 | | Inventories, net | $73.0 | $59.9 | | **Working capital** | **$79.0** | **$40.0** | - The company commenced a tender offer to purchase all outstanding Series B Preferred Shares at $1,145.20 per share, with a potential aggregate cost of **$43.3 million**[178](index=178&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective with no material changes in internal controls - Based on an evaluation as of September 30, 2021, the CEO and CFO concluded that the Company's disclosure controls and procedures were **effective**[186](index=186&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended September 30, 2021[187](index=187&type=chunk) [PART II – OTHER INFORMATION](index=47&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 11 of the financial statements for information regarding the company's legal proceedings - For details on legal proceedings, the report refers to **Note 11, Commitments and Contingencies — Legal Matters**, in Part I of the financial statements[190](index=190&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) This section highlights material risks related to the HALEU contract, including future funding and operational uncertainties - A key risk is the uncertainty of obtaining the full benefit of the HALEU Contract and being able to operate the enrichment facility after the **contract's completion in 2022**[192](index=192&type=chunk) - The DOE is considering moving the operational portion of the HALEU demonstration to a new, **competitively-awarded contract**, and there is no assurance Centrus will win this contract[193](index=193&type=chunk) - **Failure to secure U.S. government or other funding** to continue operating the Piketon facility could have a material adverse effect on the company's business and financial condition[194](index=194&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists key exhibits filed with the Form 10-Q, including agreements, amendments, and required certifications - Exhibits filed include compensation agreements, the **DOE settlement agreement** dated September 7, 2021, a lease amendment with the DOE, and CEO/CFO certifications[195](index=195&type=chunk)

Financial Performance - Total revenue for the three months ended June 30, 2021, was $62.4 million, a decrease of 17.8% compared to $75.7 million for the same period in 2020[12]. - Gross profit for the six months ended June 30, 2021, was $28.8 million, down 54.6% from $63.4 million in the same period of 2020[12]. - Net income for the three months ended June 30, 2021, was $11.6 million, a decrease of 65.5% compared to $33.7 million for the same period in 2020[12]. - Total revenue for the three months ended June 30, 2021, was $62.4 million, a decrease from $75.7 million in the same period of 2020, representing a decline of 17.8%[67]. - The LEU segment generated revenue of $45.2 million in Q2 2021, down from $58.6 million in Q2 2020, reflecting a decrease of 22.9%[67]. - Gross profit for the three months ended June 30, 2021, was $17.1 million, compared to $43.8 million in Q2 2020, indicating a decline of 61.0%[67]. - For the six months ended June 30, 2021, total revenue was $118.0 million, slightly down from $120.7 million in the same period of 2020, a decrease of 1.4%[67]. - The LEU segment's total revenue for the first half of 2021 was $83.3 million, down from $94.1 million in the first half of 2020, a decline of 11.5%[67]. - The technical solutions segment's revenue increased to $34.7 million in the first half of 2021 from $26.6 million in the same period of 2020, representing a growth of 30.4%[67]. Assets and Liabilities - Total current assets increased to $425.9 million as of June 30, 2021, compared to $406.1 million as of December 31, 2020, reflecting a growth of 4.4%[11]. - Cash and cash equivalents rose to $176.0 million, up from $152.0 million, indicating a 15.8% increase[11]. - Total liabilities decreased to $772.0 million from $806.9 million, a reduction of 4.3%[11]. - The accumulated deficit improved to $(398.6) million from $(407.7) million, showing a positive change of 2.2%[11]. - The company reported a total stockholders' deficit of $(271.4) million, an improvement from $(320.6) million, indicating a positive change of 15.3%[11]. - Long-term debt slightly decreased to $104.9 million from $108.0 million, a reduction of 2.9%[11]. - Accounts receivable decreased to $19.0 million from $29.6 million, a decline of 35.6%[11]. - Deferred revenue and advances from customers were $276.0 million, slightly down from $283.2 million, a decrease of 2.5%[11]. - Total cash, cash equivalents, and restricted cash amounted to $181.9 million as of June 30, 2021, compared to $125.2 million as of June 30, 2020, reflecting an increase of approximately 45%[31]. - Accounts receivable decreased to $19.0 million as of June 30, 2021, from $29.6 million as of December 31, 2020, indicating a reduction of approximately 36%[21]. - Deferred revenue decreased by $22.6 million year-to-date, from $281.7 million as of December 31, 2020, to $259.1 million as of June 30, 2021[22]. Cash Flow - Cash provided by operating activities for the six months ended June 30, 2021, was $2.9 million, compared to cash used in operating activities of $8.4 million in the same period of 2020[13]. - Cash, cash equivalents, and restricted cash at the end of the period on June 30, 2021, totaled $181.9 million, an increase from $125.2 million at the end of June 30, 2020[13]. - The company recognized $27.2 million in proceeds from the sale of common stock during the six months ended June 30, 2021[13]. - The company sold 1,238,637 shares of Class A Common Stock for a total of $28.7 million during the six months ended June 30, 2021, resulting in net proceeds of $27.6 million[45]. Operational Challenges - The company continues to face risks related to market conditions and customer payment capabilities, which could impact future financial performance[9]. - The Company has experienced increased costs of approximately $8.8 million for the HALEU Contract due to COVID-19 related delays and supply chain issues[29]. - The company does not anticipate that ongoing legal proceedings will have a material adverse effect on its financial condition[65]. Segment Performance - The technical solutions segment reported a gross loss of $1.1 million in Q2 2021, compared to a loss of $0.7 million in Q2 2020[67]. - Major customers in the LEU segment contributed $14.5 million, $11.2 million, and $10.4 million to revenue in Q2 2021, while a customer in the technical solutions segment contributed $15.2 million[68]. - The company continues to focus on segment reporting based on gross profit as a key measure for performance evaluation[67]. Legal and Regulatory Matters - The Company is involved in a legal claim against DOE for $42.8 million related to pension and postretirement benefits, with a tentative settlement of $43.5 million pending approval[59][60]. - The Company has not accrued any potential liability of approximately $9.6 million asserted by DOE regarding decontamination costs due to uncertainty[56]. - The Company believes its operations at the Portsmouth GDP site comply with Nuclear Regulatory Commission regulations and seeks indemnification under the Price-Anderson Act for potential liabilities[61][64].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14287 Centrus Energy Corp. Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be submitted pursuant to ...