Financial Data and Key Metrics Changes - In Q3 2025, the company achieved revenue of $74.9 million, a 30% increase from the same quarter last year, which was $57.7 million [13] - The company reported a gross loss of $4.3 million compared to a gross profit of $8.9 million in Q3 2024 [14] - Net income for Q3 2025 was $3.9 million, a significant improvement from a net loss of $5 million in the same period last year [15] - Year-to-date net income for 2025 reached $60 million, compared to $19.5 million during the same period last year [15] - The total company backlog stood at $3.9 billion as of September 30, 2025, extending to 2040 [16] Business Line Data and Key Metrics Changes - The LEU segment generated $44.8 million in Q3 2025, an increase of 29% or $10 million compared to Q3 2024, driven by increased uranium sales volume [13] - The technical solutions segment delivered revenue of $30.1 million in Q3 2025, a 31% increase over Q3 2024, attributed to LEU sales to the DOE [13] Market Data and Key Metrics Changes - The published spot price for LEU SWU soared to $220, near historic levels, indicating strong demand for U.S.-owned enrichment capacity [19] - The Nuclear Energy Institute identified over 8 gigawatts of expected additional generation from the existing fleet, indicating a growing market for nuclear power [18] Company Strategy and Development Direction - The company is focused on strengthening its operational preparations and capitalizing on growth opportunities, including a $1 billion at-the-market program to raise funds ahead of planned expansion [10][11] - The company aims to secure funding through public-private partnerships, leveraging potential task order awards under its LEU enrichment contract [6][8] - The company is actively pursuing readiness initiatives to prepare for large-scale deployment of its technology [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growing demand for nuclear power, driven by investments from technology giants and government initiatives [18] - The company anticipates a tight market for enrichment in the late 2020s and early 2030s, reinforcing its business model [36] - Management highlighted the importance of securing commitments from customers to support future expansion plans [65] Other Important Information - The company closed an oversubscribed convertible senior note transaction, increasing its unrestricted cash balance to over $1.6 billion [8] - The company has signed agreements with KHNP and POSCO International for potential investment in its enrichment capacity [9] Q&A Session Summary Question: National security opportunity and NNSA's Notice of Intent - Management acknowledged the NNSA's intent to sole source award and expressed readiness to support national security missions [23][24] Question: Readiness efforts at Piketon - Management confirmed that readiness efforts for planned build-out are progressing rapidly, including hiring and operational studies [28][29] Question: Impact of waivers for 2026 and 2027 on political commentary - Management indicated no official updates on the January 1, 2028 deadline for Russian imports but emphasized the growing demand for enrichment [34][36] Question: Dynamics of SWU prices - Management noted that SWU prices are expected to rise due to increasing demand and limited new capacity [46][47] Question: Korean investment and third-party capital - Management confirmed ongoing discussions with private sector investors and emphasized the importance of maximizing public-private partnerships [58][59] Question: Expansion signals and SWU pricing - Management stated that further expansion will depend on market commitments and highlighted the current favorable SWU pricing environment [62][65]

Group 1 - The core viewpoint is that the "de-Russification" policies in Europe and the United States are creating restructuring opportunities in the nuclear power industry, particularly in the demand for enrichment services [1][2]. - The global supply of enriched uranium is highly concentrated, and the geopolitical restructuring is leading to structural opportunities, with non-Russian suppliers like Urenco and Orano experiencing increased orders and prices [2][3]. - The commercialization of Small Modular Reactors (SMRs) and the increase in enrichment concentration are expected to significantly boost the demand for Separative Work Units (SWU), with HALEU requiring substantially more SWU compared to conventional LEU [3][4]. Group 2 - The U.S. government is accelerating the reconstruction of its domestic uranium supply chain through various legislative and administrative measures, with Centrus positioned as a key beneficiary due to its capabilities in HALEU production [4]. - The Inflation Reduction Act of 2022 allocated $700 million to support HALEU supply plans, and an additional $2.7 billion is earmarked for expanding LEU and HALEU production capacity in 2024 [4]. - Centrus has received multiple contracts from the Department of Energy (DOE) and is restarting centrifuge manufacturing, aligning closely with U.S. policy directions for nuclear fuel self-sufficiency [4].