Centrus Energy Corp. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 30, 2024, Centrus generated total revenue of $57.7 million, a 12% increase from $51.3 million in the same period of 2023. The nine-month revenue also rose to $290.4 million, up 34% from $216.6 million year-over-year. The increase was primarily driven by the Technical Solutions segment, which saw revenue surge to $22.9 million from $10.8 million, largely due to the transition from Phase 1 to Phase 2 of the HALEU Operation Contract. However, revenue from Separative Work Units (SWU) decreased to $34.8 million from $40.5 million in the same quarter of 2023, attributed to a 71% drop in the volume sold despite a significant increase in average prices.
Despite the revenue growth, Centrus reported a net loss of $(5.0) million for the three months ended September 30, 2024, compared to a net income of $8.2 million in the prior year. This shift was influenced by a decrease in gross profit, which fell to $8.9 million from $11.3 million, and a significant increase in operating loss to $(7.6) million from $(2.9) million. For the nine months, net income decreased to $19.5 million from $28.1 million, reflecting a 31% decline.
Total current assets decreased to $516.9 million as of September 30, 2024, down from $685.4 million at the end of 2023, while total liabilities also fell to $514.6 million from $763.9 million. Notably, total stockholders’ equity increased to $76.4 million from $32.3 million, indicating improved financial stability.
Centrus has been actively involved in strategic developments, including the HALEU Operation Contract with the Department of Energy (DOE), which has a base value of approximately $150 million. The company has also entered into various memoranda of understanding (MOUs) with partners like TerraPower and Oklo Inc. to enhance domestic production capabilities for HALEU.
The company’s cash and cash equivalents stood at $194.3 million as of September 30, 2024, with a significant portion of its revenue derived from long-term contracts, providing a degree of stability amid market uncertainties. Centrus is also navigating challenges related to supply chain issues and regulatory changes, particularly concerning uranium imports from Russia, which may impact future operations and revenue streams.
About CENTRUS ENERGY CORP
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