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Centrus Energy Corp. (NYSE American: LEU) is a trusted supplier of enriched uranium fuel for both domestic and international nuclear power plants. For over 50 years, Centrus has maintained a tradition of reliability, ensuring all customer shipments are made on time and within specification.
The company operates through two main segments: Low-Enriched Uranium (LEU) and Technical Solutions. The LEU segment covers the sale of separative work units and uranium, forming the majority of the company's revenue. The Technical Solutions segment offers engineering, design, and manufacturing services to both government and private sector customers.
Centrus is also at the forefront of deploying American Centrifuge Technology to support U.S. energy and national security. This includes their latest initiative to produce High-Assay Low-Enriched Uranium (HALEU) at their American Centrifuge Plant in Piketon, Ohio, ahead of schedule and under budget. This plant, the first new U.S.-owned uranium enrichment facility to begin production since 1954, is a significant milestone in restoring domestic uranium enrichment capabilities. HALEU is a critical component for next-generation reactors, making Centrus a key player in the future of nuclear energy.
Since 1998, Centrus has provided utility customers with more than 1,750 reactor years of fuel, equivalent to 7 billion tons of coal, further cementing their role in offering clean, affordable, carbon-free electricity. Their advancements in centrifuge technologies ensure the U.S. can sustain its nuclear energy capabilities and meet growing global energy demands.
Among its notable achievements, between 1995 and 2013, Centrus participated in the Megatons to Megawatts program, which recycled 500 metric tons of weapons-grade uranium from dismantled Russian nuclear warheads, equivalent to 20,000 warheads, into low-enriched uranium for electricity generation.
Financially, Centrus has demonstrated solid performance, with significant revenue contributions from both its LEU and Technical Solutions segments. The company's recent financial results include a net income of $8.2 million for Q3 2023, a net income of $84.4 million for the year 2023, and strong contingent LEU sales commitments worth approximately $900 million.
Centrus' leadership team, including newly appointed CEO Amir Vexler, remains dedicated to strengthening the company's position and expanding production to meet both commercial and national security needs.
With a firm commitment to innovation and reliability, Centrus Energy continues to play a crucial role in supporting the nuclear power industry and contributing to global clean energy objectives.
Centrus Energy Corp. reported a net loss of $7.0 million for Q3 2020, a significant drop compared to a net income of $22.8 million in Q3 2019. The loss per share was $0.83, down from $2.18. Total revenue fell to $33.6 million, down $71.1 million year-over-year, with no SWU deliveries contributing to a 79% decline in this segment. However, the company anticipates higher revenue in Q4 2020. Cash balance at the end of Q3 was $152.8 million. Despite challenges, Centrus is on schedule for its HALEU demonstration plant completion in 2022.
Centrus Energy Corp. (NYSE: LEU) will host a quarterly conference call on November 13, 2020, at 8:30 a.m. ET, to discuss its third quarter earnings report for 2020, which will be released post-market on November 12, 2020. The call will be accessible via the Company’s website, with a playback available until November 23, 2020. Centrus has been a key supplier of nuclear fuel, providing over 1,750 reactor years of fuel since 1998, equivalent to 7 billion tons of coal. For more details, visit www.centrusenergy.com.
Centrus Energy Corp. (NYSE American: LEU) announced a tender offer to purchase up to $60 million of its Series B Senior Preferred Stock at $954.59 per share, expiring on November 17, 2020. The tender offer is not contingent on financing and will be conducted on a pro rata basis if over $60 million is tendered. As of September 30, 2020, 104,574 Series B shares were outstanding, with an aggregate liquidation preference of approximately $133.1 million. Shareholders are advised to review the tender offer documents and consult their advisors.
Terrestrial Energy USA and Centrus Energy Corp have signed a memorandum of understanding to secure fuel supply for Integral Molten Salt Reactor (IMSR) power plants. The collaboration will evaluate the logistical, regulatory, and transportation requirements for using standard-assay low-enriched uranium (LEU) fuel. The IMSR technology promises affordable, reliable, carbon-free electricity, generating 195 MW with high thermal efficiency. This partnership aims to establish a supply chain necessary for the commercial deployment of these innovative reactors.
Centrus Energy Corp. (NYSE American: LEU) is partnering with TerraPower to establish domestic production of high-assay, low-enriched uranium (HALEU), essential for next-generation reactors. This initiative supports TerraPower's application for the Department of Energy's Advanced Reactor Demonstration Program (ARDP), aiming for operational reactors in the next 5-7 years. The project includes a new metal fuel fabrication facility and aims to enhance U.S. nuclear capabilities, crucial for the Natrium Power Storage System. The initiative is backed by a $115 million contract with the Department of Energy.
Centrus Energy Corp. (NYSE American: LEU) has priced an underwritten public offering of 2,350,000 shares of Class A Common Stock at $10.00 per share, aiming to raise approximately $21.5 million after expenses. The company plans to utilize the funds for general working capital, technology development, and debt repayment, including for its Series B Senior Preferred Stock. The offering is set to close around August 25, 2020. Roth Capital Partners is the sole book-running manager for this offering.
Centrus Energy Corp. (LEU) reported a net income of $33.7 million for Q2 2020, reversing a net loss of $15.6 million from the previous quarter. Revenue surged to $75.7 million, driven by a significant increase in LEU segment sales. The company realized a gross profit of $43.8 million, a stark contrast to the gross loss of $4.3 million in Q2 2019. However, selling, general and administrative expenses rose by 35%. With a solid cash balance of $119.3 million, Centrus continues to advance its HALEU program despite COVID-19 challenges.
Centrus Energy Corp. (NYSE American: LEU) will hold a quarterly conference call on August 5, 2020, at 8:30 a.m. ET. The call is expected to discuss the company’s second quarter earnings report, which will be released after market close on August 4, 2020. Interested parties can access the call through the company’s website, with a replay available until August 15, 2020. Centrus is a key supplier of nuclear fuel for the power industry, having provided over 1,750 reactor years of fuel since 1998, equivalent to 7 billion tons of coal.
Centrus Energy Corp. (NYSE: LEU) announced that its application to produce High-Assay Low-Enriched Uranium (HALEU) has been accepted by the Nuclear Regulatory Commission (NRC) for review. This approval is crucial for advanced reactor designs and the future of U.S. nuclear energy. The company is on track with a previously established contract worth $115 million with the U.S. Department of Energy to demonstrate HALEU production. Centrus aims to increase its uranium enrichment capacity, targeting up to 20% U-235, addressing the industry's needs for advanced fuels.
Centrus Energy Corp. (NYSE American: LEU) held its 2020 annual meeting of shareholders on June 17, where 87.67% of the 8,783,189 outstanding shares were represented. All four proposals were approved, including the election of nine director nominees for a one-year term, approval of the Section 382 Rights Agreement, an advisory vote on executive compensation, and ratification of PricewaterhouseCoopers LLP as independent auditors for 2020. Tina W. Jonas was newly elected to the board, bringing extensive experience from government and the private sector.
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