Centrus Energy (LEU) is expected to register year-over-year improvement in both its top and bottom lines in its upcoming first-quarter 2024 results.Q1 EstimatesThe Zacks Consensus Estimate for LEU’s first-quarter sales is pegged at $72.7 million, suggesting 8.7% growth from the prior-year quarter’s reported figure. The consensus mark for earnings is pegged at 50 cents per share, indicating a year-over-year rise of 6.4%. Earnings estimates have remained unchanged in the past 30 days.Q4 PerformanceIn the last ...

BETHESDA, Md., April 24, 2024 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) will broadcast its quarterly conference call with shareholders and the financial community over the Internet on Wednesday, May 8, 2024, at 8:30 a.m. ET. The Company will release its first quarter earnings report for 2024, which ended March 31, 2024, after the close of markets on Tuesday, May 7. The conference call will be open to listeners who log in through the Company's website, www.centrusenergy.com. A link to the cal ...

Monty Rakusen Our coverage of Centrus (NYSE:LEU) dates back to 2021. It was indeed the very first article we published on Seeking Alpha, and before the stock went on a wild run with gains of more than 100%. Today, 3 years after that analysis, we find that the momentum behind the trends we were expecting is accelerating, and the stock is still cheap. We think there is an overall upside potential of around 35% to $58 per share. The double play: long-term HALEU projects paired with the spot LEU business Wh ...

For the fiscal year ended December 31, 2023 Commission file number 1-14287 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 centruslogocolora15 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 c ...

Financial Data and Key Metrics Changes - The company achieved $320.2 million in revenue for 2023, the highest in eight years, with a net income of $84.4 million, representing a 66% increase from 2022 [65] - Gross profit for the LEU segment was $105.1 million in 2023, down from $130.6 million in 2022, while the overall gross profit was $112.1 million, slightly down from $117.9 million in the prior year [15][60] - The cash balance at year-end was $201.2 million, with an additional $32.6 million in restricted cash, totaling $233.8 million [16] Business Line Data and Key Metrics Changes - The LEU business generated $269 million in revenue in 2023, an increase of $33.4 million compared to the prior year, driven by higher sales volumes for both SWU and uranium [60] - Technical solutions revenue for 2023 was $51.2 million, down from $58.2 million in the prior year, primarily due to a one-time expense recognized in 2022 [70] Market Data and Key Metrics Changes - The company noted that the market for uranium enrichment is urgent, with a significant need for a new American source of uranium enrichment due to geopolitical factors [55][58] - The Department of Energy has made a multi-billion-dollar commitment to support the deployment of HALEU-fueled reactors, indicating strong governmental support for domestic enrichment capabilities [11][28] Company Strategy and Development Direction - The company is positioned to compete effectively in the market as the only U.S. owned technology provider, with a focus on large-scale production of LEU and HALEU [6][10] - There is a strong emphasis on public-private partnerships to restore domestic uranium enrichment capabilities, reflecting the national security and energy security needs [27][59] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of restoring domestic uranium enrichment capabilities to enhance energy security and reduce reliance on foreign sources [86] - The company anticipates resolving supply chain delays related to HALEU storage cylinders, which are expected to improve production capabilities in the future [57][89] Other Important Information - The company completed Phase 1 of the HALEU contract, delivering the first 20 kilograms of HALEU to the Department of Energy [25] - The company has a robust order book of approximately $1 billion, providing visibility into future revenues through 2030 [43] Q&A Session Summary Question: What are the plans for the remaining pension obligation? - Management indicated ongoing evaluations of the pension obligations and potential de-risking strategies, but no definitive plans were in place [19][20] Question: How will current market prices affect margins going forward? - Management explained that both supply and sale contracts are influenced by market prices, but specific forward-looking guidance could not be provided [38][40] Question: Were there any additional contracts added for 2024? - Management confirmed a robust order book and highlighted $189 million in new sales contracts, but did not provide specifics on contracts rolling off in 2024 [43][44] Question: What is the status of the HALEU operations contract? - Management noted that the delivery of HALEU is contingent on the availability of storage cylinders, with no anticipated economic impact from the delays [88][89]

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]