Centrus Reports Third Quarter 2025 Results

Core Insights - Centrus Energy Corp. reported a net income of $3.9 million for Q3 2025, compared to a net loss of $5.0 million in Q3 2024, indicating a significant turnaround in financial performance [13] - The company generated total revenue of $74.9 million in Q3 2025, a 30% increase from $57.7 million in Q3 2024, driven by growth in both the LEU and Technical Solutions segments [4][6] - Centrus is making substantial progress in its enrichment build-out and has secured U.S. government import waivers for committed deliveries in 2026 and 2027 [2][3] Financial Performance - Total revenue for Q3 2025 was $74.9 million, up $17.2 million (30%) from $57.7 million in Q3 2024 [4] - Revenue from the LEU segment increased to $44.8 million, a rise of $10.0 million (29%) compared to $34.8 million in Q3 2024 [5] - The Technical Solutions segment revenue grew to $30.1 million, reflecting a $7.2 million (31%) increase from $22.9 million in Q3 2024 [6] Cost and Profitability - Cost of sales for the LEU segment rose to $52.6 million, an increase of $23.0 million (78%) from $29.6 million in Q3 2024, primarily due to higher uranium sales volume [7] - The company reported a gross loss of $4.3 million in Q3 2025, compared to a gross profit of $8.9 million in Q3 2024, marking a change of $13.2 million (148%) [8] - Gross profit for the LEU segment was a loss of $7.8 million, a decline of $13.0 million (250%) from a profit of $5.2 million in Q3 2024 [9] Backlog and Future Prospects - Centrus has a backlog of $3.9 billion as of September 30, 2025, with the LEU segment backlog approximately $3.0 billion, indicating strong future revenue potential [12] - The Technical Solutions segment backlog stands at about $0.9 billion, which includes both funded and unfunded amounts [12] - The company plans to expand its operations and has begun hiring in anticipation of this growth [3][13] Capital Structure and Financing - On August 18, 2025, Centrus issued $805 million of 0% convertible senior notes, with net proceeds of approximately $782.4 million intended for general working capital and corporate purposes [11] - The unrestricted cash balance increased to $1.6 billion following the successful convertible senior notes offering [13] - The company has strengthened its leadership team, including the appointment of a new Chief Financial Officer [13]