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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. (NYSE American: LEU) announced the final results of its tender offer to purchase all outstanding Series B Senior Preferred Stock at $1,145.20 per share, concluding on November 18, 2021. A total of 36,867 shares were tendered, representing 97.4% of the outstanding shares, amounting to an aggregate purchase price of $42.2 million. The company also received the required consent for the Series B Preferred Amendment. Payment for the shares was completed on November 23, 2021. Centrus will redeem any remaining Series B Preferred Shares.
Centrus Energy Corp. (NYSE American: LEU) announced preliminary results of its tender offer to acquire its Series B Senior Preferred Stock at $1,145.20 per share. A total of 36,867 shares were tendered, accounting for 97.4% of outstanding Series B shares as of September 30, 2021. The total expected expense for this acquisition is $42.2 million. With over 90% consent obtained for the Series B Preferred Amendment, Centrus plans to redeem remaining preferred shares post-offer. Payment for shares is expected around November 23, 2021.
Oklo Inc. and Centrus Energy Corp. have entered into a non-binding Letter of Intent to collaborate on establishing a High-Assay, Low-Enriched Uranium (HALEU) production facility. This initiative aims to meet the growing demand for advanced fuel materials for existing and next-generation fission power plants. Centrus is currently developing the first NRC-licensed HALEU production facility in Piketon, Ohio, expected to begin operations in 2022. This partnership signifies a vital step towards building a domestic supply chain for HALEU, essential for Oklo's upcoming advanced fission power plant deployments.
Centrus Energy Corp. (NYSE American: LEU) reported a net income of $42.1 million for Q3 2021, reversing a $7.0 million loss from Q3 2020. Revenue reached $91.3 million, with a $57.7 million increase year-over-year. Key factors include $43.5 million from pension cost settlements and a 126% increase in SWU sold, although uranium sales decreased by $10.5 million. The gross profit soared to $49.5 million from a loss of $0.8 million, with a cash balance of $171.0 million at quarter's end.
Centrus Energy Corp. (NYSE American: LEU) will host its quarterly conference call on November 11, 2021, at 8:30 a.m. ET, following the release of its third quarter earnings report for 2021 on November 10, 2021. The earnings report covers the period ending September 30, 2021. Investors can access the call via the Company's website, with a replay available until November 21, 2021. Centrus Energy supplies nuclear fuel and services, ensuring reliable energy for the nuclear power industry and advancing uranium enrichment technology.
On November 2, 2021, Centrus Energy Corp. (NYSE American: LEU) announced the completion of the preliminary design for X-energy's TRISO-X Fuel Fabrication Facility. This development is a significant step in the commercialization of high-assay low-enriched uranium (HALEU) for advanced reactors. Centrus will continue its work under a new contract backed by the DOE, aiming to finalize the detailed design of the facility. The TRISO-X facility aims to support the XE-100 power plant in Washington State by 2027, enhancing nuclear fuel technology and production capabilities.
Centrus Energy Corp. (NYSE American: LEU) has initiated a tender offer to purchase all its outstanding Series B Senior Preferred Stock at $1,145.20 per share, including any unpaid dividends. As of September 30, 2021, 37,847 shares were outstanding, with an aggregate liquidation preference of approximately $51.0 million. The tender offer will expire on November 18, 2021. Concurrently, the company is soliciting consents to amend the terms of the Series B Preferred Shares, which would allow for the cessation of dividend payments and permit redemption within 90 days. Stockholders must consent to the amendment for the changes to take effect.
Centrus Energy Corp. (NYSE American: LEU), a key player in the nuclear energy sector, will present at the Lake Street 5th Annual Best Ideas Growth (BIG5) Conference on September 14-15, 2021. The company's leaders, Daniel B. Poneman and Philip Strawbridge, will share insights about their ongoing High-Assay, Low-Enriched Uranium (HALEU) enrichment demonstration program for the U.S. Department of Energy. Centrus has supplied over 1,750 reactor years of fuel since 1998, showcasing its commitment to providing reliable, clean energy solutions.
Centrus Energy Corp. (NYSE American: LEU) reported a net income of $11.6 million for Q2 2021, down from $33.7 million in Q2 2020, largely due to a one-time bankruptcy payment in the prior period. Total revenue was $62.4 million, an 18% decrease year-over-year. While SWU revenue increased by $19 million when excluding the one-time payment, overall SWU sales volume rose by 106%. Gross profit for Q2 fell to $17.1 million from $43.8 million. Centrus ended the quarter with $176 million in cash.
Centrus Energy Corp. (NYSE American: LEU) will host a quarterly conference call on August 12, 2021, at 8:30 a.m. ET. This call will discuss the company's second-quarter earnings for 2021, which will be released post-market on August 11. Listeners can access the call via the Centrus website, where a replay will also be available until August 22, 2021. Centrus is a key supplier in the nuclear power sector, committed to providing reliable, carbon-free energy solutions.
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