Centrus Energy Corp., Bethesda, Md., had a net loss in the first quarter, which the uranium broker and enrichment technology developer attributed to the timing of uranium fuel orders by its customers.
The quarterly net loss was about $6 million, or $0.38 a share, down from net earnings of more than $7 million, or $0.47 a share, in the year-ago quarter. Total quarterly revenue was about $43.5 million, down year-over-year from about $67 million, Centrus reported Tuesday evening in a press release.
Revenue from the flagship LEU segment, which includes sales of uranium fuel and natural uranium, was about $23.5 million in the three months ended March 31, down from almost $59 million a year ago. Orders from Centrus’ customers, which are mostly U.S. utilities, are irregular and the company typically has up-and-down results for this segment in the course of a year.
Quarterly revenue from Centrus’ Technical Solutions segment, the enrichment-technology business that includes a Department of Energy contract to produce high assay low enriched uranium (HALEU), was about $20 million, up from about $8 million last year, at which time the company had not yet started producing HALEU hexafluoride under the contract.
Centrus has delivered 135 kilograms of HALEU hexafluoride to DOE so far under the contract, the company wrote in its earnings press release. The agency wants the material to help develop and commercialize non-light-water nuclear reactors that require it.
Meanwhile, in a key development for Centrus’ flagship business, Congress on April 30 passed a bill to ban imports of Russian uranium, which Centrus brokers to U.S. utilities and for which the company relies for much of its revenue.
President Joe Biden (D) has not signed the bill yet but his administration supports it. Under the bill, companies can get waivers to continue importing Russian uranium until 2028, when the ban comes into full force.
“When the legislation is enacted, we will apply for waivers from the Secretary of Energy and other applicable government agencies to request permission to continue supplying LEU to our customers,” Centrus wrote in its earnings press release on Tuesday. “The Company anticipates having adequate liquidity to support its business operations for at least the next 12 months.”
