Q1 2024 Centrus Energy Corp Earnings Call Transcript
Key Points
- Centrus Energy Corp (LEU) reported a productive quarter with new sales and milestones in high assay, low enriched uranium (Halo) production.
- The company has secured approximately $900 million in conditional sales commitments to support the return to production of LEU.
- Centrus Energy Corp (LEU) is well-positioned to benefit from federal investments aimed at stimulating Halo production, with potential long-term awards up to $3.5 billion.
- The company maintains a strong cash position of $241.9 million, enabling strategic investments and operational management.
- Centrus Energy Corp (LEU) is the only American owned company with U.S. technology for uranium enrichment, uniquely positioned to meet U.S. national security needs.
- Centrus Energy Corp (LEU) reported a net loss of $6.1 million for the first quarter of 2024.
- Revenue and gross profit for the quarter were significantly lower compared to the previous year, with a decrease in LEU gross profit from $23.9 million to $0.5 million.
- The company faces challenges with supply chain issues, particularly delays in receiving Halo storage cylinders, although this is expected to resolve by fall.
- The LEU market's dependency on public and private investment for scaling up production poses a risk of volatility and uncertainty in funding.
- The need for waivers due to the ban on Russian uranium imports could potentially disrupt operations if not managed efficiently.
Greetings. Welcome to the Centrus Energy First Quarter 2024 earnings call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Dan Lifeco, Vice President, Corporate Communications. Thank you. You may begin.
Good morning. Thank you all for joining us today will cover the results for the first quarter of 2024 ended March 31st. Today, we have Amir Wexler, President and Chief Executive Officer, and Kevin Harris, our Chief Financial Officer.
Before turning the call over to Amir, Wexler. I'd like to welcome all of our callers as well as those listening to our webcast. This conference call follows our earnings news release issued yesterday. We expect to file our report for the first quarter on Form 10
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