Financial Position - Total current assets as of September 30, 2023, are $531.9 million, a decrease from $587.1 million as of December 31, 2022[28] - Cash and cash equivalents increased to $183.3 million from $179.9 million[28] - Accounts receivable decreased significantly from $38.1 million to $9.4 million[28] - Total liabilities decreased to $668.7 million from $779.6 million[28] - Current liabilities decreased from $449.2 million to $337.3 million[28] - Long-term debt decreased to $89.6 million from $95.7 million[28] - Stockholders' deficit improved to $(24.0) million from $(74.1) million[28] - Deferred revenue and advances from customers remained stable at $272.7 million compared to $273.2 million[28] Revenue and Profitability - Total revenue for Q3 2023 was $51.3 million, a 54.1% increase from $33.2 million in Q3 2022[29] - Separative work units revenue reached $40.5 million, up from $7.7 million year-over-year, representing a 426.0% increase[29] - Gross profit for the nine months ended September 30, 2023, was $62.3 million, compared to $69.5 million for the same period in 2022, reflecting a decrease of 10.3%[29] - Operating loss for Q3 2023 was $(2.9) million, an improvement from $(12.8) million in Q3 2022[29] - Net income for the nine months ended September 30, 2023, was $28.1 million, down from $30.9 million in the same period of 2022[31] - Cash used in operating activities for the nine months ended September 30, 2023, was $(8.8) million, compared to $(35.1) million in 2022, indicating a significant improvement[31] - The company reported a basic net income per share of $0.53 for Q3 2023, compared to a loss of $(0.42) per share in Q3 2022[29] - Total cost of sales for the nine months ended September 30, 2023, was $154.3 million, an increase from $98.1 million in the same period of 2022[29] Operational Developments - Centrus began enrichment operations in Piketon, Ohio, on October 11, 2023, and made its first delivery of HALEU to the DOE on November 7, 2023[47] - The HALEU Operation Contract has a base contract value of approximately $150 million, with Phase 1 expected to produce 20 kilograms of HALEU UF by December 31, 2023[47] - The expected contract value for Phase 2 of the HALEU Operation Contract is approximately $90 million, subject to Congressional appropriations[48] - Centrus anticipates an annual production rate of 900 kilograms of HALEU UF under Phase 2 of the HALEU Operation Contract[48] - The Company received additional funding of $5.5 million for infrastructure and facility repairs under the HALEU Operation Contract on October 19, 2023[49] Customer and Contractual Relationships - The Order Book as of September 30, 2023, was approximately $1.0 billion, which includes about $306 million of Deferred Revenue and Advances from Customers[43] - Previously deferred sales and advances from customers recognized in revenue totaled $23.6 million for the nine months ended September 30, 2023[42] - Major customers in the LEU segment contributed $14.9 million, $12.5 million, and $8.7 million in revenue during Q3 2023, highlighting significant customer reliance[97] - The Company has entered into the Orano Supply Agreement for the long-term supply of SWU through 2030, allowing for flexible adjustments in purchase volumes[87] - The TENEX Supply Contract allows the company to reschedule certain quantities of SWU through 2028, with minimum purchase obligations each year[84] Risks and Uncertainties - The company faces risks related to geopolitical conflicts, particularly the war in Ukraine, which could impact operations and supply chains[19] - The company is dependent on government funding and demand for HALEU, with uncertainties regarding future contracts and operational capabilities[19] Legal and Regulatory Matters - The Company is involved in various legal proceedings, but it does not expect these matters to have a material adverse effect on its financial condition[94] - The Company continues to develop advanced enrichment technology under the 2002 DOE-USEC Agreement, which includes milestones for deploying a commercial American Centrifuge Plant[88] Pension and Employee Benefits - The net periodic benefit costs for defined benefit pension plans for the three months ended September 30, 2023, were $(1.0) million, compared to $(3.6) million for the same period in 2022, reflecting a decrease of 72.2%[65] - The defined benefit obligations for the pension plans were $527.3 million as of December 31, 2022, with $30.6 million related to a specific plan that triggered a remeasurement resulting in a net actuarial gain of $0.9 million for the three and nine months ended September 30, 2023[66] - On October 12, 2023, the company transferred approximately $186.5 million of its pension plan obligations to an insurer, funded by approximately $171.4 million in plan assets, with an estimated income of $15.1 million related to the pension settlement expected in Q4 2023[67] Stock and Financing Activities - The company sold 722,568 shares of Class A Common Stock for a total of $24.4 million in Q1 2023, with net proceeds of $23.4 million after expenses[73] - The company filed a shelf registration statement allowing it to offer and sell up to $200 million in securities, effective July 10, 2023, for general corporate purposes[75] - The Fifth Amendment to the Rights Agreement increased the purchase price for preferred stock from $18.00 to $160.38 and extended the expiration date to June 30, 2026[77] Shareholder Information - Basic net income for the three months ended September 30, 2023, was $8.2 million, resulting in a basic net income per share of $0.53, compared to a net loss of $(6.1) million and a loss per share of $(0.42) in the same period of 2022[72] - The average common shares outstanding for basic calculations increased to 15,374 thousand in Q3 2023 from 14,623 thousand in Q3 2022[72]

Financial Data and Key Metrics Changes - The company reported total revenue of $51.3 million for Q3 2023, an increase from $33.2 million in the same quarter last year [56] - Net income for the quarter was $8.2 million, compared to a loss of $6.1 million in the prior year [57] - Cash on the balance sheet at quarter end was $183.3 million, providing liquidity for strategic investments [57] - The company achieved a reduction of over 75% in unfunded pension liability, down to approximately $42.2 million as of September 30, 2023 [1] Business Line Data and Key Metrics Changes - The LEU business generated revenue of $40.5 million with a gross profit of $10.1 million [56] - The Technical Solutions segment, which includes the HALEU contract with the DOE, generated $10.8 million in revenue and a segment profit of approximately $1.2 million [56] Market Data and Key Metrics Changes - The company noted that 100% of the world's uranium enrichment capacity is currently held by foreign state-owned enterprises, with Russia alone accounting for 44% [49] - The demand for enrichment not of Russian origin has driven up prices in the uranium market [16][27] Company Strategy and Development Direction - The company aims to expand its production capabilities for HALEU to meet increasing demand, with plans to add a second HALEU cascade six months after the first [52] - The company signed memorandums of understanding with TerraPower and Oklo to establish a cost-competitive source of enrichment capacity [54] - The company is focused on rebuilding America's domestic nuclear supply chain and enhancing its technological capabilities [46][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing investor interest in sustainability and clean energy, which is expected to benefit the nuclear sector [78] - The company highlighted the importance of government investment and private capital to restore domestic uranium enrichment capabilities [53] - Management noted that the current geopolitical climate has underscored the need for a robust domestic supply chain for nuclear fuel [66][67] Other Important Information - The company completed Phase 1 of its HALEU contract with the DOE, delivering 20 kilograms ahead of schedule and under budget [40] - The company has a backlog of approximately $1 billion in LEU contracts through 2030 [75] - An agreement was reached to purchase a group annuity contract that will cover approximately 1,400 retirees, settling over 40% of outstanding pension liabilities [76] Q&A Session Summary Question: What is the timeline for government support to continue production of HALEU? - Management indicated that there is significant bipartisan support for funding, with the House of Representatives passing a bill that includes $2.4 billion for enrichment over three years [82][95] Question: What challenges might arise during the ramp-up of HALEU production? - Management acknowledged potential bottlenecks in scaling up production and emphasized the need for a robust supply chain [86][106] Question: What approvals are needed from the DOE to transition into Phase 2? - Management stated that they are in communication with the DOE and are prepared to move into Phase 2, which involves producing 900 kilograms of HALEU [87][95] Question: How does the company view the visibility on SEU deliveries for Q4? - Management expressed confidence in meeting delivery expectations for SEU units in Q4 and into 2024 [88][100] Question: What is the impact of rising uranium prices on the HALEU facility? - Management noted a correlation between rising uranium prices and production costs, which could affect the overall economics of HALEU production [107]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (301) 564-3200 Centrus Energy Corp. ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Delaware 52-2107911 (State of incorporation) (I.R.S. Employer Identification No.) OR 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1- ...

Centrus Energy Corp. (NYSE:LEU) Q2 2023 Earnings Call Transcript August 4, 2023 8:30 AM ET Company Participants Dan Leistikow - Vice President of Corporate Communications Dan Poneman - CEO, President and Director Philip Strawbridge - Senior VP, CFO, Chief Administrative Officer and Treasurer Kevin Harrill - Controller and Chief Accounting Officer Conference Call Participants Rob Brown - Lake Street Capital Markets Joseph Reagor - The ROTH MKM Operator Greetings, and welcome to Centrus Energy Second Quarter ...

Financial Performance - Total revenue for Q1 2023 was $66.9 million, a significant increase from $35.3 million in Q1 2022, representing an increase of 89%[27] - Revenue from separative work units was $58.8 million in Q1 2023, compared to $12.8 million in Q1 2022, indicating a growth of 359%[27] - Gross profit for Q1 2023 was $23.0 million, up from $6.3 million in Q1 2022, reflecting a gross margin improvement[27] - Net income for Q1 2023 was $7.2 million, compared to a net loss of $0.4 million in Q1 2022, marking a turnaround in profitability[27] - Basic net income per share for Q1 2023 was $0.49, compared to a loss of $0.03 per share in Q1 2022[27] - Revenue from SWU and uranium sales increased significantly to $58.8 million in Q1 2023, up from $17.7 million in Q1 2022, with U.S. sales contributing $58.7 million[35] - The LEU segment generated revenue of $58.8 million in Q1 2023, compared to $17.7 million in Q1 2022, marking a growth of 232%[84] - Major customers in the LEU segment contributed $41.6 million and $8.4 million to revenue in Q1 2023, while a customer in the Technical Solutions segment contributed $8.0 million[85] Assets and Liabilities - Total current assets decreased to $577.0 million as of March 31, 2023, from $587.1 million as of December 31, 2022[26] - Total liabilities decreased to $733.5 million as of March 31, 2023, from $779.6 million as of December 31, 2022[26] - The company reported a stockholders' deficit of $44.5 million as of March 31, 2023, improving from a deficit of $74.1 million as of December 31, 2022[26] - The company has significant long-term liabilities, including $84.1 million in postretirement health and life benefit obligations[26] - The total liability of borrowed inventory as of March 31, 2023, was $83.2 million, up from $58.6 million at December 31, 2022[51] - The Company holds inventories valued at $209.4 million as of March 31, 2023, compared to $192.2 million at December 31, 2022[49] Cash Flow and Expenditures - Cash used in operating activities improved to $(9.7) million in Q1 2023 from $(12.6) million in Q1 2022[29] - The company's cash, cash equivalents, and restricted cash increased to $221.3 million at the end of Q1 2023, up from $180.9 million at the end of Q1 2022[29] - Capital expenditures for Q1 2023 were $(0.3) million, slightly higher than $(0.1) million in Q1 2022[29] - The company issued common stock, generating proceeds of $22.0 million in Q1 2023[29] - As of March 31, 2023, the Company reported total cash, cash equivalents, and restricted cash of $221.3 million, an increase from $212.4 million as of December 31, 2022[47] Segment Performance - The Technical Solutions segment revenue is recognized over the contractual period as services are rendered, contributing to the overall financial performance[42] - The Technical Solutions segment reported revenue of $8.1 million in Q1 2023, a decrease from $17.6 million in Q1 2022, indicating a decline of 54%[84] - The Technical Solutions segment experienced a gross loss of $0.9 million in Q1 2023, down from a gross profit of $3.4 million in Q1 2022[84] - The LEU segment's gross profit was $23.9 million in Q1 2023, compared to $2.9 million in Q1 2022, showing an increase of 726%[84] Legal and Regulatory Matters - The company is involved in ongoing legal proceedings related to environmental contamination claims, with the case currently in the discovery stage[80] - The Company believes that its operations at the Portsmouth GDP site were fully compliant with NRC regulations, despite ongoing legal proceedings related to alleged radiation releases[82] - The Company has invoked indemnification under the Price-Anderson Act regarding ongoing legal claims[82] - Risks related to geopolitical conflicts and economic conditions could impact future operations and financial performance[18] Future Contracts and Commitments - The Order Book for future SWU and uranium deliveries is approximately $1.0 billion as of March 31, 2023, with contracts extending to 2029[40] - The Company has received aggregate cash payments of $171.1 million under the HALEU Demonstration Contract through March 31, 2023[43] - The HALEU Operation Contract awarded by the DOE has a base contract value of approximately $150 million, with Phase 1 requiring a cost share contribution of about $30 million from both the Company and the DOE[44] - Phase 2 of the HALEU Operation Contract includes an annual production rate of 900 kilograms of HALEU UF by December 31, 2024, with an expected contract value of approximately $90 million[44] - The company has commitments under the TENEX Supply Contract that could extend through 2028 due to rescheduling rights exercised[71] - The Orano Supply Agreement for SWU runs through 2030, providing flexibility to adjust purchase volumes[74] Pension and Benefit Costs - Interest costs for defined benefit pension plans rose to $7.0 million in Q1 2023 from $4.8 million in Q1 2022[58] - Net periodic benefit credits for defined benefit pension plans improved to $(0.1) million in Q1 2023 from $(3.4) million in Q1 2022[58] - Interest costs for postretirement health and life benefit plans increased to $1.2 million in Q1 2023 from $0.9 million in Q1 2022[59] Market Risks - There have been no material changes to market risks from those discussed in the Annual Report for the year ended December 31, 2022[165]

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 ...

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 September 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 ...

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 ...