Financial Data and Key Metrics Changes - Centrus Energy reported revenue of $73.1 million for Q1 2025, an increase of $29.4 million compared to Q1 2024 [19][20] - The company achieved a net income of $27.2 million, a significant improvement from a net loss of $6.1 million in the same quarter last year [19][20] - Gross profit for the quarter was $32.9 million, compared to $4.3 million in Q1 2024 [19][20] - The cash balance at the end of Q1 2025 was $685.7 million, including $32.7 million of restricted cash [24] Business Line Data and Key Metrics Changes - The LEU segment generated $51.3 million in SWU revenue, an increase of $27.7 million year-over-year, driven by higher volume and average price per SWU sold [20] - The LEU cost of sales for SWU decreased from $23.1 million in Q1 2024 to $20.1 million in Q1 2025, reflecting a 48% decrease in average unit cost [20] - The Technical Solutions segment reported revenue of $21.8 million, up $1.7 million from the previous year, but gross profit decreased to $1.7 million due to delays in obtaining storage cylinders [21][22] Market Data and Key Metrics Changes - The total company backlog was $3.8 billion as of March 31, 2025, with the LEU segment backlog at approximately $2.8 billion [22] - The LEU segment backlog includes $700 million of future SWU and uranium deliveries and $2.1 billion in contingent LEU sales commitments [22] Company Strategy and Development Direction - Centrus aims to secure sufficient public and private capital to expand its enrichment capacity and restore America's uranium enrichment capability [11][19] - The company is pursuing four parallel readiness initiatives, including strengthening its balance sheet and expanding centrifuge manufacturing capacity [12][13] - Centrus emphasizes the importance of reducing dependency on foreign nations and increasing competition in the market for enriched uranium [26][28] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing uncertainty in the global trade environment but reported no impact on operations from tariffs [8][10] - The company is optimistic about the Department of Energy's plans to award $2.7 billion for fuel awards, indicating a positive momentum [31][32] - There is a clear market demand for enriched uranium, particularly for national security purposes and the upcoming advanced reactor markets [18][19] Other Important Information - Centrus is the only company currently enriching uranium with U.S.-owned technology and has a domestic supply chain [7][26] - The company has received political support for its initiatives, with bipartisan backing from local and federal officials [16][17] Q&A Session Summary Question: Update on Department of Energy activity - Management indicated that the DOE is moving quickly and plans to award $2.7 billion, with a lot of activity and momentum observed [31][32] Question: Status of Russian shipment activity - Management confirmed that the process for Russian shipments remains unchanged, with normal business operations continuing [33] Question: Licensing for HALEU production - Management explained that obtaining a HALEU license is a lengthy and costly process, taking years and requiring significant investment [36][37] Question: Timing of SWU and uranium sales - Management noted that customer reloads typically occur every 18 to 24 months, which drives revenue timing [67] Question: Impact of tariffs on customer discussions - Management stated that there have been no disruptions from tariffs, and their supply chain is fully domesticated, reducing exposure compared to competitors [57][58] Question: Dynamics of SWU cost decrease - Management clarified that the 48% decrease in SWU costs was influenced by increased volume and average costing practices [75][77] Question: Competitive landscape for HALEU production - Management highlighted that Centrus is the only facility with a CAT II license for HALEU enrichment, emphasizing their first-mover advantage [80][82]

Financial Data and Key Metrics Changes - Centrus reported revenue of $73.1 million for Q1 2025, an increase of $29.4 million compared to Q1 2024 [18] - The company achieved a net income of $27.2 million, compared to a net loss of $6.1 million in the same quarter last year [18] - Gross profit for the quarter was $32.9 million, significantly up from $4.3 million in Q1 2024 [19] - The cash balance at the end of Q1 2025 was $685.7 million, including $32.7 million of restricted cash [23] Business Line Data and Key Metrics Changes - The LEU segment generated $51.3 million in SWU revenue, an increase of $27.7 million year-over-year [19] - The LEU cost of sales for SWU decreased from $23.1 million in Q1 2024 to $20.1 million in Q1 2025, driven by a 48% decrease in the average unit cost of SWU sold [19][20] - The Technical Solutions segment reported revenue of $21.8 million, up $1.7 million from the previous year, but gross profit decreased to $1.7 million due to delays in obtaining storage cylinders [20][21] Market Data and Key Metrics Changes - The total company backlog was $3.8 billion as of March 31, 2025, with the LEU segment backlog at approximately $2.8 billion [21] - The LEU segment backlog includes $700 million of future SWU and uranium deliveries and $2.1 billion in contingent LEU sales commitments [21] Company Strategy and Development Direction - Centrus aims to secure sufficient public and private capital to expand its enrichment capacity and restore America's uranium enrichment capability [11][24] - The company is pursuing four parallel readiness initiatives, including strengthening its balance sheet and expanding centrifuge manufacturing capacity [12][13] - Centrus emphasizes the importance of reducing dependency on foreign nations and increasing competition in the nuclear energy market [24][26] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing uncertainty in the global trade environment but reported no impact on operations from tariffs [7][10] - The company is confident in its investment case as the only publicly traded enricher capable of meeting commercial and national security needs [11][24] - There is a growing market for enriched uranium, particularly for national security purposes and advanced reactor markets [17] Other Important Information - Centrus has received political support for its initiatives, with bipartisan advocacy for funding to support American jobs and technology [15][16] - The company has a strong first mover advantage in domestic centrifuge production, with all manufacturing conducted in the U.S. [25] Q&A Session Summary Question: Update on Department of Energy activity - Management reported that the DOE is moving quickly and planning to award $2.7 billion, indicating positive momentum [31] Question: Status of Russian shipment activity - There have been no changes in the process, and shipments are proceeding normally without impediments [32] Question: Licensing for HALEU production - Obtaining a HALEU license is a lengthy and costly process, taking years and requiring significant investment [36] Question: Timing of SWU and uranium sales - Management indicated that customer reloads typically occur every 18 to 24 months, which drives revenue timing [68] Question: Impact of tariffs on customer discussions - To date, there have been no impacts from tariffs, and the supply chain remains fully domesticated [57] Question: Competitive landscape for HALEU production - Centrus is currently the only facility with a CAT II license for HALEU enrichment, providing a significant competitive advantage [84]