BETHESDA, Maryland — Centrus Energy Corp., a key player in the nuclear fuel industry, released its first-quarter results for 2024. The company reported a net loss of $6.1 million for the period ending March 31, 2024, a shift from the $7.2 million net income reported in the same period of 2023. This change occurred alongside a revenue decrease from $66.9 million in 2023 to $43.7 million. However, Centrus maintains a cash balance of $209.3 million.
HALEU Program and Expansion Efforts
Centrus continues to advance its High Assay Low-Enriched Uranium (HALEU) program, producing approximately 135 kilograms of HALEU at its Piketon, Ohio facility. CEO Amir Vexler emphasizes HALEU’s importance for both commercial and national security applications, including fueling advanced nuclear reactors.
In line with recent federal legislation allocating $2.7 billion for domestic enrichment, Centrus aims to expand its production capabilities. The company has signed roughly $900 million in contingent sales commitments for Low-Enriched Uranium (LEU), intended to support the potential construction of new LEU production capacity alongside its HALEU operations. These commitments are dependent on Centrus securing additional public and private funding.
Changing Market Conditions, Legislative Impact, and Calls for Compensation
Centrus navigates a dynamic market landscape, contending with fluctuations in LEU demand and pricing. Additionally, the company awaits the enactment of the Prohibiting Russian Uranium Imports Act (H.R. 1042). This ban on Russian uranium imports could impact future LEU supply chains. While the act includes provisions for waivers through 2027, Centrus intends to apply for waivers to ensure it can continue serving its customers.
Amidst the push for commercial expansion in Piketon, there are ongoing calls for Pike and Scioto County to receive compensation for alleged radiation exposure related to the site’s historical operations. The Piketon facility has a decades-long history of uranium enrichment, and concerns about past contamination have led to lawsuits and ongoing community advocacy for remediation and redress.