Revenue rose at Centrus, Bethesda, Md., in the fourth quarter, which the uranium broker and enrichment technology developer attributed to the low-enriched uranium segment and higher uranium prices, even though net income was down.
For the full year, Centrus experienced a rise in revenue at $442 million compared to $320.2 million in the prior year, suffered a loss in net income at $73.2 million compared to the prior year’s net income of $84.4 million. That is according to the earnings press release issued Thursday.
Net earnings for the fourth quarter ended Dec. 31 were $53.7 million, or $3.20 a share, down from $56.3 million, or $3.58 a share, in the year-ago quarter. Quarterly revenue was $151.6 million, up year-over-year from $103.6 million.
Quarterly segment revenue for the uranium segment, which includes sales of uranium fuel and natural uranium, was $73.2 million, up from $21.3 million in the year-ago period, which Kevin Harrill, Centrus senior vice president and chief financial officer, attributed on the conference call with investors Friday morning to “an opportunity in the market” and higher uranium prices.
Quarterly segment revenue for the technical solutions segment, the enrichment-technology business with high-assay low-enriched uranium (HALEU) enrichment and deconversion contracts with the Department of Energy, was $29.7 million, up from $21.5 million in the year-ago period.
On the conference call, Centrus CEO Amir Vexler and Harrill touted the Centrus selection in October and December for a Department of Energy contract award for low-enriched uranium (LEU) and HALEU production and HALEU deconversion.
Also in December, Vexler said the National Nuclear Security Administration issued a request for information for an AC-100M centrifuge machine to support defense missions requiring enriched uranium.
A spokesperson for Centrus also told the Exchange Monitor last week Centrus is participating in the process for three requests for proposals (RFPs) for HALEU and HALEU deconversion. The spokesperson, Vexler and Harrill did not know if the RFPs were affected by the Donald Trump administration’s freeze on DOE RFPs.
“I would not speculate on timing,” Harrill said, before adding, “we know there is movement.”
When asked about the waivers Centrus is seeking to import Russian uranium up until a total U.S. ban kicks in Jan. 1, 2028, Harrill said it’s a “shipment by shipment basis.”
A Centrus spokesperson also told the Monitor “nothing has changed” on the status of that process. The Department of Energy already approved the waiver governing deliveries for 2024 and 2025, but has still deferred a decision on shipments for 2026 and 2027.
In an unprompted comment about the new administration and the newly confirmed Secretary of Energy Chris Wright, Vexler said “there is a long record of bipartisan support when it comes to nuclear power,” but that said the new administration and Wright are “particularly bullish about” domestically enriching uranium.
“Our nation cannot afford to squander it,” Vexler concluded, referring to the “domestic market as well as our global customers.”
