Centrus Energy (LEU) Q1 2025 earnings summary

Executive summary

• Achieved $73.1 million in revenue and $27.2 million net income in Q1 2025, reversing a $6.1 million loss in Q1 2024, driven by shipment timing, higher LEU segment sales, and improved contract mix.

• Gross profit surged to $32.9 million from $4.3 million year-over-year, with operating income of $20.5 million.

• Ended Q1 with $653 million in cash, supporting growth and expansion plans.

• Redeemed all 8.25% Notes, recording an $11.8 million gain and reducing interest expense.

• Backlog reached $3.8 billion, extending to 2040, with $2.8 billion in the LEU segment.

Financial highlights

• Revenue increased by 67% year-over-year to $73.1 million, with LEU segment revenue up 117% to $51.3 million and Technical Solutions revenue up 8% to $21.8 million.

• Gross profit rose to $32.9 million from $4.3 million, and LEU segment gross profit surged to $31.2 million from $0.5 million.

• Operating income was $20.5 million, compared to a $10.6 million loss in Q1 2024.

• Cash provided by operating activities was $36.5 million, up from $5.3 million.

• Technical Solutions gross profit declined to $1.7 million from $3.8 million due to increased costs and contract delays.

Outlook and guidance

• Positioned to expand uranium enrichment operations pending DOE and Congressional funding decisions, with $3.4 billion in potential federal support.

• Backlog of $3.8 billion extends to 2040, with $2.8 billion in LEU and $0.9 billion in Technical Solutions.

• No formal financial guidance provided; revenue timing driven by customer reload cycles and contract awards.

• Capital expenditures of $23.3 million planned over the next 12 months, including $60 million for Oak Ridge expansion.

• Confident in investment case as the only proven, publicly traded U.S. enricher ready to meet commercial and national security needs.