Centrus announces rise in Q1 revenue

Centrus Energy, headquartered in Bethesda, Maryland, experienced an upsurge in revenue during the first quarter, thanks to resolved contracts and supply orders. The company reported net earnings of $27.2 million, or $1.60 per share, for the quarter ended, a significant increase from $6.1 million, or $0.38 per share, in the same period the previous year. Quarterly revenue also saw a substantial rise to $73.1 million, up from $43.7 million in the year-ago quarter, as announced in Centrus’ earnings report on Wednesday.

The company saw an increase in revenue from its low-enriched uranium (LEU) segment, which includes uranium fuel and natural uranium sales, reaching approximately $51.3 million in the first three months of the year compared to about $23.6 million a year prior. This surge in sales was attributed to higher volume and composition of contracts, according to the earnings report. Revenue from the Technical Solutions segment, the enrichment-technology business focusing on high-assay low-enriched uranium (HALEU) enrichment and deconversion contracts with the Department of Energy, also increased to about $21.8 million from $20.1 million the previous year. The growth was primarily driven by the HALEU Operative Contract, which contributed to a $2 million revenue increase.

While facing a brief supply interruption in November 2024 due to a decree by the Russian Federation, Centrus has since rectified the situation, allowing the company to fulfill its pending orders. On a conference call with Wall Street analysts, Centrus CEO Amir Vexler confirmed that a delayed order from the fourth quarter of 2024 was processed in the first quarter of the current year. Additionally, an unresolved lower-margin contract from the first quarter of 2024 was resolved, leading to improved financial results for the first quarter of this year.

Vexler also addressed the impact of tariffs on the company’s business operations, noting that they have not been affected as of yet. He expressed optimism about Centrus’ performance, stating, “This was a strong first quarter for Centrus as we delivered robust financial results.” Vexler highlighted the company’s resilience in the face of challenges and its preparedness to expand operations pending federal funding decisions.

Centrus continues to produce HALEU at its American Centrifuge Plant in Piketon, Ohio, under the HALEU operative contract with the Department of Energy. To date, the company has delivered approximately 670 kilograms of HALEU to the DOE utilizing storage cylinders provided by the department. The company’s earnings call can be accessed via a link on their website.