BETHESDA, Md., Nov. 18, 2024 /PRNewswire/ -- Centrus Energy (NYSE American: LEU) today announced that it has appointed Neal Nagarajan as Senior Vice President and Head of Investor Relations effective today.In this role, Nagarajan will be responsible for maintaining and expanding relationships in the investment community while communicating the company's business model, long-term strategy, governance, and financial performance."Neal is an experienced leader and investor relations professional who will be an ...

Investment Strategy - Michael Wiggins De Oliveira is an inflection investor, focusing on buying cheap companies when their narrative is changing and they are on a path to becoming significantly more profitable within the next year [1] - The investment strategy is concentrated, with a portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] Industry Focus - The investment focus is on the tech sector and "the Great Energy Transition," which includes uranium [1] Professional Experience - Michael has over 10 years of experience analyzing companies, with significant expertise in tech and energy [2] - He has a following of over 40K on Seeking Alpha [2] Investment Group - Michael leads the investing group Deep Value Returns, which provides insights through a concentrated portfolio of value stocks, timely updates on stock picks, a weekly webinar for live advice, and support for both new and experienced investors [2] - The group has an active, vibrant, and kind community accessible via chat [2] Affiliation - Seeking FCF is an associate of Michael Wiggins De Oliveira [3]

BETHESDA, Md. , Nov. 5, 2024 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) ("Centrus") today announced the pricing of $350 million aggregate principal amount of 2.25% Convertible Senior Notes due 2030 (the "Notes") in a private offering (the "Offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In connection with the Offering, Centrus has granted the initial purchasers of the Note ...

BETHESDA, Md., Nov. 4, 2024 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) ("Centrus") today announced its intention to offer, subject to market conditions and other factors, $350 million aggregate principal amount of Convertible Senior Notes due 2030 (the "Notes") in a private offering (the "Offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In connection with the Offering, Cent ...

Geopolitical and Supply Chain Risks - Risks related to the war in Ukraine and geopolitical conflicts, including potential sanctions or bans impacting the company's ability to obtain, deliver, or sell LEU under the TENEX Supply Contract[12] - Risks related to laws banning imports of Russian LEU into the United States, including the Import Ban Act, and transactions with Rosatom or its subsidiaries[12] - Risks related to the company's dependence on suppliers like TENEX and Orano, and potential negative impacts on liquidity due to supply chain disruptions[14] - Risks related to increasing quantities of LEU being imported into the U.S. from China, impacting future sales and financing for enrichment capacity expansion[14] Government Funding and Contract Risks - Risks related to government funding or demand for HALEU for government or commercial uses, and uncertainties around funding for American Centrifuge technology[14] - Risks related to DOE not issuing task orders under HALEU or Deconversion contracts, or not providing adequate funding for the company's expansion plans[15][16] - The HALEU Operation Contract has a base value of approximately $150 million, with Phase 1 completed and Phase 2 expected to produce 900 kilograms of HALEU UF6 annually[44] - The DOE modified the HALEU Operation Contract to include an additional $6.2 million for infrastructure and facility repairs[46] Financial Performance and Liquidity - Total revenue for the nine months ended September 30, 2024, was $290.4 million, compared to $216.6 million in the same period in 2023, representing a 34.1% increase[25] - Net income for the nine months ended September 30, 2024, was $19.5 million, compared to $28.1 million in the same period in 2023, a decrease of 30.6%[25] - Gross profit for the nine months ended September 30, 2024, was $49.7 million, compared to $62.3 million in the same period in 2023, a decrease of 20.2%[25] - Cash and cash equivalents decreased to $194.3 million as of September 30, 2024, from $201.2 million as of December 31, 2023, a decrease of 3.4%[24] - Cash used in operating activities for the nine months ended September 30, 2024, was $20.9 million, compared to $8.8 million in the same period in 2023, indicating a significant increase in cash outflow[27] - Capital expenditures for the nine months ended September 30, 2024, were $3.4 million, compared to $1.1 million in the same period in 2023, showing a 209% increase[27] - Cash provided by financing activities for the nine months ended September 30, 2024, was $17.4 million, compared to $13.9 million in the same period in 2023, reflecting a 25.2% increase[27] Legal and Regulatory Risks - Risks related to legal proceedings, government investigations, and potential claims or litigation arising from past activities at operational sites[21] - The Company is assessing DOE's claim of approximately $9.6 million related to the Joppa Power Plant D&D costs[103] - The Company believes that any liability from legal proceedings should be indemnified under the Price-Anderson Act[105][106][107][109] Pension and Postretirement Benefits - Risks related to the company's long-term liabilities, including unfunded pension plan obligations and postretirement health and life benefit obligations[17] - Net periodic benefit costs for defined benefit pension plans were $0.4 million for the three months ended September 30, 2024, compared to $(1.0) million for the same period in 2023[69] - Net periodic benefit costs for the postretirement health and life benefit plan were $1.1 million for the three months ended September 30, 2024, unchanged from the same period in 2023[70] - The company's defined benefit obligations for its pension plans was $527.3 million at December 31, 2022, with $30.6 million related to a specific plan, resulting in a net actuarial gain of $0.9 million for the three and nine months ended September 30, 2023[71] - The company transferred $186.5 million of pension plan obligations to an insurer, funded by $171.4 million of pension plan assets, resulting in a transfer of liabilities for approximately 1,400 participants and recording $28.6 million in income in Q4 2023[72] - In Q2 2024, the company transferred $234 million of pension plan obligations to an insurer, funded by $224 million of pension plan assets, affecting over 1,000 participants[73] - In Q3 2024, the company transferred $15.4 million of pension plan assets and related obligations, affecting over 400 participants, resulting in net actuarial gains of $0.2 million and $16.8 million for the three and nine months ended September 30, 2024[74][75] Revenue and Segment Performance - Revenue from SWU and uranium sales in the United States for the three months ended September 30, 2024, was $16.9 million, compared to $34.8 million in foreign markets[37] - Total revenue from SWU and uranium sales for the nine months ended September 30, 2024, was $228.0 million, compared to $186.9 million for the same period in 2023[37] - Revenue from the LEU segment for the nine months ended September 30, 2024, was $228.0 million, compared to $186.9 million in the same period in 2023[111] - Revenue from the Technical Solutions segment for the nine months ended September 30, 2024, was $62.4 million, compared to $29.7 million in the same period in 2023[111] - Gross profit for the LEU segment for the nine months ended September 30, 2024, was $38.7 million, compared to $60.8 million in the same period in 2023[111] - Gross profit for the Technical Solutions segment for the nine months ended September 30, 2024, was $11.0 million, compared to $1.5 million in the same period in 2023[111] - One customer in the LEU segment represented $34.8 million of revenue in the three months ended September 30, 2024[113] - Four customers in the LEU segment represented $69.3 million, $42.3 million, $35.4 million, and $30.2 million of revenue in the nine months ended September 30, 2024[113] - One customer in the Technical Solutions segment represented $21.6 million and $60.3 million of revenue in the three and nine months ended September 30, 2024, respectively[113] Inventory and Asset Management - Inventories decreased to $190.7 million as of September 30, 2024, from $306.4 million as of December 31, 2023, a decrease of 37.8%[24] - The Company borrowed UF valued at $22.5 million in March 2023, recorded to inventory based on estimated fair market value[59] - Inventories, net increased to $222.1 million as of December 31, 2023, from $189.9 million as of September 30, 2024[58] - Intangible assets decreased to $32.2 million as of September 30, 2024, from $39.4 million as of December 31, 2023[61] Debt and Equity - Long-term debt decreased to $83.5 million as of September 30, 2024, from $89.6 million as of December 31, 2023, a decrease of 6.8%[24] - Total debt for 8.25% Notes decreased to $89.6 million as of December 31, 2023, from $83.5 million as of September 30, 2024[63] - The carrying value of 8.25% Notes decreased to $89.6 million as of September 30, 2024, from $95.7 million as of December 31, 2023[67] - Total stockholders' equity increased to $76.4 million as of September 30, 2024, from $32.3 million as of December 31, 2023, an increase of 136.5%[24] - Issuance of common stock for the nine months ended September 30, 2024, totaled $24.0 million, compared to $23.2 million in the same period in 2023[27][30] - The company sold 115,661 and 567,491 shares of Class A Common Stock in Q3 and nine months ended September 30, 2024, respectively, generating $4.6 million and $24.5 million in proceeds[83] Tax and Compensation - The company released $7.7 million of the valuation allowance against federal net deferred taxes in Q3 2023 due to increased forecasted future income in the LEU segment[78] - The company withheld $1.9 million of shares in Q1 2023 and $0.1 million in Q1 2024 to fund tax withholding obligations under its stock-based compensation plan[92][93] - Stock-based compensation for the nine months ended September 30, 2024, was $1.1 million, compared to $2.0 million in the same period in 2023, reflecting a 45% decrease[27] Competitive and Industry Risks - Risks related to the competitive environment for the company's products and services, including potential changes in the nuclear energy industry[20] - The Orano Supply Agreement provides flexibility to adjust purchase volumes, with annual minimums and maximums in fixed amounts that vary year by year[99] Cybersecurity Risks - Risks related to cybersecurity incidents that may impact the company's business operations and ability to perform under government contracts[16] Customer Concentration - One customer in the LEU segment represented $34.8 million of revenue in the three months ended September 30, 2024[113] - Four customers in the LEU segment represented $69.3 million, $42.3 million, $35.4 million, and $30.2 million of revenue in the nine months ended September 30, 2024[113] - One customer in the Technical Solutions segment represented $21.6 million and $60.3 million of revenue in the three and nine months ended September 30, 2024, respectively[113] Remaining Performance Obligations - The company's remaining performance obligations as of September 30, 2024, were $0.8 billion, extending to 2030[49] Tax Benefits and Agreements - The company entered into a Sixth Amendment to the Section 382 Rights Agreement on May 28, 2024, to preserve the long-term value of its NOL carry-forwards and other tax benefits[87][89] Financial Assurance and Deposits - Total deposits for financial assurance increased to $32.4 million as of December 31, 2023, compared to $30.0 million as of September 30, 2024[55] Net Income and Earnings Per Share - Net income (loss) per share for Q3 2024 was $(0.30) (basic) and $(0.30) (diluted), while for the nine months ended September 30, 2024, it was $1.21 (basic) and $1.20 (diluted)[81] Accounts Receivable and Deferred Revenue - Accounts receivable as of September 30, 2024, were $19.1 million, down from $49.4 million as of December 31, 2023[39] - Deferred revenue for the current period as of September 30, 2024, was $189.8 million, a decrease of $62.6 million from December 31, 2023[40]

Financial Data and Key Metrics - Revenue for Q3 2024 was $57.7 million, a $6.4 million increase compared to the same quarter in the prior year [28] - Gross profit for Q3 2024 was $8.9 million, a slight decrease from $11.3 million in the prior year [30] - Net loss for Q3 2024 was $5 million, compared to net income of $8.2 million in the prior year [28] - LEU segment revenue was $34.8 million, a decrease of $5.7 million compared to Q3 2023, due to a decrease in SWU volume sold, partially offset by an increase in average SWU price [28] - Technical Solutions segment revenue was $22.9 million, an increase of $12.1 million compared to Q3 2023 [30] Business Line Data and Key Metrics - LEU segment gross profit was $5.2 million, down from $10.1 million in Q3 2023, due to lower sales volume and higher average SWU cost [29] - Technical Solutions segment gross profit was $3.7 million, an improvement of $2.5 million compared to Q3 2023 [29] - The company has a total backlog of $3.8 billion as of September 30, 2024, extending to 2040 [32] - LEU segment backlog is approximately $2.8 billion, including future SWU and uranium deliveries under medium and long-term contracts [32] - Technical Solutions segment backlog is approximately $0.9 billion, including funded amounts, unfunded amounts, and unexercised options [33] Market Data and Key Metrics - The company is the only licensed and operating HALEU production facility in the Western world, located in Piketon, Ohio [13] - The Department of Energy selected the company for a 10-year HALEU production award with a total contract ceiling of $2.7 billion [14] - The company has secured $2 billion in customer commitments to support new LEU production capacity in Piketon, contingent on final contracts and securing public and private investment [19][31] Company Strategy and Industry Competition - The company is focused on restoring America's nuclear fuel supply chain, leveraging its American technology, workforce, and supply chain [39][40] - The company is the only publicly-traded uranium enrichment company with American technology, competing against foreign, government-owned entities [18][39] - The company is positioning itself to capitalize on the $3.4 billion appropriated by Congress for domestic nuclear fuel production [38] Management Commentary on Operating Environment and Future Outlook - The company sees growing momentum in the nuclear energy sector, driven by investments from major tech companies and government commitments to nuclear energy [8][9] - The company believes its annual results are more indicative of progress due to the nature of its contract cycles, which cause quarter-to-quarter fluctuations [10][11] - The company is optimistic about the future, given the increasing demand for nuclear fuel from both LEU and HALEU reactors [25][26] Other Important Information - The company raised $4.5 million through its ATM program in Q3 2024, bringing total year-end proceeds to $23.8 million [34] - The company ended Q3 2024 with $194.3 million in cash and $32.6 million in restricted cash, totaling $226.9 million [34] - The company reduced its pension plan obligations by $21 million in Q3 2024, leaving $29 million remaining [35][36] Q&A Session Summary Question: Next steps and timing for HALEU contracts - The timing for next steps on HALEU contracts is uncertain and depends on the Department of Energy's discretion [44][45] Question: Impact of new demand sources on the market - The company views the growing demand for nuclear energy favorably, as it strengthens its business case and unique market positioning [46][47] Question: Structure of newly awarded contracts - The newly awarded contracts could be structured as fixed price, cost reimbursable, or other types, depending on the Department of Energy's discretion [50][51] Question: LEU segment margin trends - LEU segment margins have been lower due to the roll-off of high-margin contracts signed in previous years, but the company expects solid margins going forward [52][53][54] Question: Details on new contingent LEU sales commitments - The company has secured $2 billion in contingent LEU sales commitments, including an agreement with KHNP, but most customer identities remain confidential [57][58][60] Question: Timeline for LEU and HALEU production at Piketon - The company will provide further details on the timeline for LEU and HALEU production at Piketon, as it depends on funding and alignment of both projects [61] Question: Status of the current HALEU contract - The current HALEU contract expires in November 2024, and the company is working with the Department of Energy to extend it [63][64]

Centrus Energy Corp. (LEU) came out with a quarterly loss of $0.30 per share versus the Zacks Consensus Estimate of $0.18. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -266.67%. A quarter ago, it was expected that this company would post earnings of $0.77 per share when it actually produced earnings of $1.89, delivering a surprise of 145.45%. Over the last four quarters, the company has su ...

EXHIBIT 99.1 FOR IMMEDIATE RELEASE: October 28, 2024 Centrus Reports Third Quarter 2024 Results • Selected by the U.S. Department of Energy ("DOE") as an awardee for High Assay Low-Enriched Uranium ("HALEU") production and HALEU deconversion contracts • Signed $1.1 billion in new contingent commitments to support deployment of Low-Enriched Uranium ("LEU") production, for a total of $2.0 billion year-to-date • Net loss of $5.0 million on $57.7 million in revenue, compared to net income of $8.2 million on $51 ...

Selected by the U.S. Department of Energy ("DOE") as an awardee for High Assay Low-Enriched Uranium ("HALEU") production and HALEU deconversion contracts Signed $1.1 billion in new contingent commitments to support deployment of Low-Enriched Uranium ("LEU") production, for a total of $2.0 billion year-to-date Net loss of $5.0 million on $57.7 million in revenue, compared to net income of $8.2 million on $51.3 million in revenue in Q3 2023 Consolidated cash balance of $194.3 million as of September 30, 2024 ...

BETHESDA, Md., Oct. 23, 2024 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) will broadcast its quarterly conference call with shareholders and the financial community over the Internet on Tuesday, October 29, 2024, at 8:30 a.m. ET. The Company will release its third quarter earnings report for 2024, which ended September 30, 2024, after the close of markets on Monday, October 28.The conference call will be open to listeners who log in through the Company's website, www.centrusenergy.com. A link t ...