Centrus Energy said Thursday its net loss decreased and its revenue grew during the third quarter ended Sept. 30.
The Bethesda, Md.-based uranium enrichment company reported a net loss of $8.5 million for the quarter, well below the $41.3 million net loss for the third quarter of 2016. Net loss connected to common stockholders was $10.5 million, or $1.15 per basic and diluted share, Centrus said.
Third-quarter revenue was $50.3 million, a 135 percent jump of $28.9 million on a year-over-year basis, the company said in its news release. But revenue for the first nine months of 2017 declined $73.3 million, or 42 percent, to $101.5 million.
Centrus has been seeking to diversify its business, including signing a new partnership with X-energy, a company in the emerging field of small-scale nuclear reactors.
Centrus said it expects decontamination and decommissioning at the retired advanced centrifuge demonstration site in Piketon, Ohio, to be substantially complete by the end of this year. Costs for advanced technology and D&D dropped $17.4 million, or 79 percent, from $21.9 million to $4.5 million in the third quarter compared to one year earlier, Centrus said. That’s in part because the prior period included a $15 million charge.
The technology/D&D costs declined 61 percent, or $23.6 million, in first nine months of 2017, compared to the corresponding period in 2016. The costs dropped from $38.6 million in the first nine months of last year to $15 million in the first nine months of 2017.
The company added that it expects to meet its 2017 guidance of $200 million-to-$225 million in revenue Centrus lined up contracts for its nuclear fuel business and extended an agreement with the Energy Department for enrichment technology research.
On Oct. 30, Centrus announced that it had signed a $16 million contract to continue for another year its research and development of advanced gas centrifuge uranium enrichment technology at the Oak Ridge National Laboratory (ORNL) in Tennessee. However, the company’s time in at least one Oak Ridge facility is nearing its end as DOE cleans up the site.
The contract with lab management and operations prime UT-Battelle runs through Sept. 30, 2018.
