Centrus Energy Corp (LEU) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Centrus Energy Corp. second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I'd now like to turn the call over to your host, Mr. Neal Nagarajan, Head of Investor Relations for Centrus Energy Corp. Thank you. You may begin.

大家好，歡迎參加 Centrus Energy Corp. 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在，我想將電話轉給主持人、Centrus Energy Corp. 投資者關係主管 Neal Nagarajan 先生。謝謝。你可以開始了。

Good morning. Thank you all for joining us. Today's call will cover the results for the second quarter 2025 ended June 30. Today, we have Amir Vexler, President and Chief Executive Officer; and Kevin Harrill, Chief Financial Officer. Before turning the call over to Amir, I'd like to welcome all of our callers as well as those listening to our webcast.

早安.感謝大家的參與。今天的電話會議將討論截至 6 月 30 日的 2025 年第二季的業績。今天，我們邀請到了總裁兼執行長 Amir Vexler 和財務長 Kevin Harrill。在將電話轉給阿米爾之前，我想歡迎所有來電者以及收聽我們網路廣播的人。

This conference call follows our earnings news release issued yesterday. We expect to file our report for the second quarter on Form 10-Q later today. All of our news releases and SEC filings, including our 10-K, 10-Qs, and 8-Ks are available on our website. A replay of this call will also be available later this morning on the Centrus website.

本次電話會議是繼我們昨天發布的收益新聞稿之後召開的。我們預計將於今天稍晚提交 10-Q 表第二季報告。我們的所有新聞稿和 SEC 文件（包括我們的 10-K、10-Q 和 8-K）均可在我們的網站上查閱。這次通話的重播也將在今天上午晚些時候在 Centrus 網站上提供。

I would like to remind everyone that certain information we may discuss on this call today may be considered forward-looking information that involves risks and uncertainty, including assumptions around the future performance of Centrus.

我想提醒大家，我們今天在電話會議上討論的某些資訊可能被視為前瞻性訊息，涉及風險和不確定性，包括對 Centrus 未來表現的假設。

Our actual results may differ materially from those in our forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in our forward-looking statements is contained in our filings with the SEC, including our Annual Report on Form 10-K and quarterly reports on Form 10-Q.

我們的實際結果可能與前瞻性陳述中的結果有重大差異。有關可能導致實際結果與我們的前瞻性陳述大不相同的因素的更多信息，包含在我們向美國證券交易委員會提交的文件中，包括我們的 10-K 表年度報告和 10-Q 表季度報告。

Finally, the forward-looking information provided today is time-sensitive and accurate only as of today, August 6, 2025, unless otherwise noted. This call is the property of Centrus Energy. Any transcription, redistribution, retransmission, or rebroadcast of the call in any form without the expressed written consent of Centrus is strictly prohibited.

最後，除非另有說明，今天提供的前瞻性資訊具有時效性，並且僅截至今天（2025 年 8 月 6 日）準確。此通話歸 Centrus Energy 所有。未經 Centrus 明確書面同意，嚴禁以任何形式轉錄、重新分發、重新傳輸或重新廣播該通話。

Thank you for your participation. And now I'll turn the call over to Amir.

感謝您的參與。現在我將把電話轉給阿米爾。

Thank you, Neal, and thank you to everyone on the call today, both long-time listeners and a growing number of those joining us for the first time. In the second quarter, we again witnessed the continued rapid growth of the nuclear industry driven by both government actions and private industry investments, providing us with great confidence in the mounting and lasting need for nuclear fuel in both the United States as well as abroad.

謝謝你，尼爾，也感謝今天參加電話會議的所有人，包括長期聽眾和越來越多第一次加入我們的人。在第二季度，我們再次見證了在政府行動和私營行業投資的推動下核工業的持續快速增長，這使我們對美國國內外對核燃料日益增長和持久的需求充滿信心。

Simply put, on the road to energy dominance, nuclear energy is being unleashed and the critical fuel required to power this growth is at the center of this nuclear renaissance. Both the existing market for the commercial LEU and the future market for commercial HALEU continue to expand at robust rates, backed by public actions and an increase in private financing sources. Similarly, we are witnessing a potentially significant expansion in our already large national security addressable market with the growing number of announcements around potential micro and small modular reactor deployments on DOD sites.

簡而言之，在邁向能源主導地位的道路上，核能正在被釋放，而推動這項成長所需的關鍵燃料是核能復興的核心。在公共行動和私人融資來源增加的支持下，現有的商用低濃鈾市場和未來的商用高濃縮鈾市場都持續強勁擴張。同樣，隨著國防部站點上有關微型和小型模組化反應器部署的公告越來越多，我們也見證了我們已經非常龐大的國家安全目標市場潛在的顯著擴張。

These military reactors would likely require the use of US origin enrichment technology for which Centrus is the only commercially ready technology that can meet these demands. At a macro level, through the turmoil and uncertainty in global trade environment, we continue to receive shipments of enriched uranium and our operations have not been significantly impacted by macroeconomic events. Furthermore, as a reminder to our listeners, as we look to expanding our enrichment capacity, we manufacture our centrifuges in the United States by relying upon a secure, growing domestic manufacturing supply chain. Turning to our results.

這些軍用反應器可能需要使用美國原產的濃縮技術，而 Centrus 是唯一能夠滿足這些需求的商業化技術。從宏觀層面來看，儘管全球貿易環境動盪且不確定，我們仍繼續接收濃縮鈾，我們的營運並未受到宏觀經濟事件的重大影響。此外，提醒我們的聽眾，當我們尋求擴大我們的濃縮能力時，我們依靠安全、不斷增長的國內製造供應鏈在美國製造離心機。轉向我們的結果。

As many of you know, there can be a significant amount of variability quarter-to-quarter due to the nature of our business. Customers in the LEU segment, which currently generate the majority of our revenue, generally have multiyear contracts to take delivery of a given quantity at a given price each year. But these customers choose when to take the delivery within the year and do not always choose the same quarter every year. Revenues and margins fluctuate depending on how many deliveries happen to fall into a particular quarter and whether those deliveries come from higher-priced or lower-priced contracts. And as such, we believe our annual results are more indicative of our progress.

正如你們許多人所知，由於我們業務的性質，每個季度之間可能會出現很大的差異。目前，低濃縮鈾領域的客戶為我們帶來了大部分收入，他們通常簽訂多年期合同，每年以固定價格接收固定數量的燃料。但這些客戶選擇在一年內何時提貨，並不總是選擇每年的同一季度。收入和利潤的波動取決於特定季度的交付數量以及這些交付來自高價合約還是低價合約。因此，我們相信我們的年度業績更能反映我們的進步。

We again achieved robust financial results in the second quarter, including $154.5 million in revenue, a gross profit of $53.9 million and an operating income of $33.5 million. Kevin will discuss the results and their respective drivers in more depth in a few minutes. We are currently awaiting the DOE's decision on how they plan to allocate the $3.4 billion appropriated to jumpstart domestic nuclear fuel production and how the awards will be structured.

我們在第二季再次取得了強勁的財務業績，包括 1.545 億美元的收入、5,390 萬美元的毛利和 3,350 萬美元的營業收入。幾分鐘後，凱文將更深入地討論結果及其各自的驅動因素。我們目前正在等待美國能源部決定如何分配用於啟動國內核燃料生產的 34 億美元撥款以及如何建立獎勵結構。

Given the administration's urgency and focus on energy dominance, we remain optimistic that a decision will be made soon. Consistent with this agenda, we believe that the only way to achieve nuclear energy dominance is to have a fully American technology and supply chain. We remain confident in our compelling investment case as the only publicly traded proven enricher that can meet commercial and national security needs, thereby maximizing the government's return on its investment. Our goal is to secure sufficient public and private capital to expand our enrichment capacity. As we await the DOE's decision, we continue to pursue our readiness initiatives to strengthen our investment case.

鑑於政府的緊迫性和對能源主導地位的關注，我們仍然樂觀地認為很快就會做出決定。與此議程一致，我們認為實現核能主導地位的唯一途徑是擁有完全美國化的技術和供應鏈。我們對我們的投資案例充滿信心，因為我們是唯一一家公開交易的、經過驗證的濃縮公司，能夠滿足商業和國家安全需求，從而最大限度地提高政府的投資回報。我們的目標是確保有足夠的公共和私人資本來擴大我們的濃縮能力。在等待能源部決定的同時，我們將繼續推行準備舉措，以加強我們的投資案例。

First, we again grew our cash balance, ending the quarter with a healthy $833 million cash balance on our balance sheet. As we have previously noted, we will continue to look for ways to optimize our capital structure and strengthen our position ahead of government funding announcements to put Centrus in the best possible position once funding decisions have been made.

首先，我們的現金餘額再次增加，本季末我們的資產負債表上的現金餘額達到健康的 8.33 億美元。正如我們之前所指出的，我們將繼續尋找方法來優化我們的資本結構並在政府資助公告之前加強我們的地位，以便在做出資助決定後使 Centrus 處於最佳位置。

Second, as announced in late November 2024, we launched a $60 million investment in our supply chain using Centrus' funds to lay the groundwork for the future large-scale deployment of our technology. To date, we have invested in facility readiness, procuring long lead items and completing engineering designs. We also continue to hire and expand our talented workforce to make sure we are ready to start once an award is made.

第二，正如 2024 年 11 月下旬宣布的那樣，我們利用 Centrus 的資金對我們的供應鏈進行了 6000 萬美元的投資，為我們未來大規模部署技術奠定基礎。到目前為止，我們已經在設施準備、採購長週期產品和完成工程設計方面進行了投資。我們也將繼續聘用和擴大我們的優秀員工隊伍，以確保我們在獲得獎項後能夠立即開始工作。

Third, we continue to successfully operate our HALEU cascade at our Piketon, Ohio facility under our contract with the US Department of Energy, delivering HALEU that the DOE urgently needs to help test the next generation of advanced reactors. Centrus achieved the 900-kilogram production milestone for Phase 2, and to date has produced close to a metric ton of HALEU for the department. In the quarter, the department also exercised an option to extend our contract through June 30, 2026. Our track record of successfully and safely meeting our targets on budget as well as to receive the department's option to extend the contract further validates our derisked technology.

第三，我們根據與美國能源部簽訂的合同，繼續在俄亥俄州派克頓工廠成功運行我們的 HALEU 級聯，為美國能源部提供急需的 HALEU，以幫助測試下一代先進反應器。Centrus 在第二階段實現了 900 公斤的生產里程碑，迄今已為該部門生產了近一公噸的 HALEU。在本季度，該部門還行使了將合約延長至 2026 年 6 月 30 日的選擇權。我們成功且安全地按預算實現了目標，並且獲得了部門延長合約的選擇權，這進一步證明了我們的無風險技術。

Our technology has been proven with nearly 3 million machine hours and can meet the full range of America's commercial and national security enrichment requirements, including, but not limited to, LEU, LEU+ and HALEU. Furthermore, there is little cost differential to deploy and operate any of those cascades. Fourth, as we continue to successfully engage with key stakeholders to articulate our value proposition, we are also seeing clear signals at both the federal and state level that governments are looking to accelerate the deployment of civil nuclear energy to meet the growing demand for stable electricity.

我們的技術已經經過近300萬機時驗證，可以滿足美國商業和國家安全的所有濃縮要求，包括但不限於LEU、LEU+和HALEU。此外，部署和運行這些級聯的成本差異很小。第四，隨著我們繼續成功地與主要利益相關者合作，闡明我們的價值主張，我們也看到聯邦和州兩級政府發出的明確信號，即政府正在尋求加快民用核能的部署，以滿足日益增長的穩定電力需求。

We are also seeing an increase in the pace of private market investments in securing nuclear power to fuel their future growth. There is a strong consensus among customers as well as policymakers that there is a need for another enricher to bring new supply and new competition to the market that is otherwise dominated by foreign state-owned enterprises.

我們也看到私人市場對核電的投資步伐正在加快，以確保核電能夠推動其未來成長。客戶和政策制定者都一致認為，需要另一家濃縮廠來為由外國國有企業主導的市場帶來新的供應和新的競爭。

Centrus is proud to offer the free market, a publicly traded American source of enrichment services for commercial and national security needs. With that, I will turn the call over to Kevin to walk through the numbers. Kevin?

Centrus 很榮幸能夠為自由市場提供美國公開交易的濃縮服務來源，以滿足商業和國家安全需求。說完這些，我會把電話交給凱文來介紹這些數字。凱文？

Thank you, Amir. Good morning, everyone. We're pleased to report another quarter of strong financial performance, fueled by solid execution across our operations and enhanced gross margins. This reflects continued discipline in cost management and the successful delivery of key contractual commitments. Total revenue for the second quarter was $154.5 million, a decrease of $34.5 million compared to the same quarter last year.

謝謝你，阿米爾。大家早安。我們很高興地報告，本季財務業績再創佳績，這得益於我們各項營運的穩健執行和毛利率的提高。這體現了成本管理的持續嚴謹和關鍵合約承諾的成功履行。第二季總營收為1.545億美元，較去年同期減少3,450萬美元。

Despite the revenue decrease, gross margin improved to 35%, up from 19% in the prior year's quarter, reflecting our focus on operational efficiency and a favorable shift in contractual mix. Total gross profit for the second quarter was $53.9 million compared to $36.5 million in the same quarter last year. Turning to the bottom line. Net income for the second quarter was $28.9 million compared to $30.6 million in the same quarter last year. We also generated $114.7 million in net proceeds under our ATM program during the quarter.

儘管收入下降，但毛利率從去年同期的 19% 上升至 35%，這反映了我們對營運效率的關注以及合約組合的有利轉變。第二季總毛利為 5,390 萬美元，去年同期為 3,650 萬美元。回到底線。第二季淨收入為 2,890 萬美元，而去年同期為 3,060 萬美元。本季度，我們也透過 ATM 計畫獲得了 1.147 億美元的淨收益。

As of June 30, our cash and cash equivalents stood at $833 million, underscoring our strong liquidity and balance sheet discipline. This elevated cash position continues to generate considerable investment income, particularly in today's high rate environment. In Q2, investment income reached $8 million, tripling the prior year reported amount. The income meaningfully contributed to our bottom line and reflects our commitment to maximizing returns on idle capital while maintaining flexibility for future growth opportunities. Our LEU business generated $125.7 million in revenue, which was a decrease of $43.9 million compared to the same quarter last year.

截至 6 月 30 日，我們的現金和現金等價物為 8.33 億美元，凸顯了我們強大的流動性和資產負債表紀律。這種高額的現金狀況持續產生可觀的投資收益，特別是在當今的高利率環境下。第二季度，投資收入達到 800 萬美元，是去年同期的三倍。這些收入對我們的獲利做出了重大貢獻，反映了我們致力於最大化閒置資本回報，同時保持未來成長機會的靈活性。我們的低濃縮鈾業務創造了 1.257 億美元的收入，與去年同期相比減少了 4,390 萬美元。

The decrease in revenue for the second quarter was primarily driven by a reduction in SWU sales volume as well as the absence of any sales from uranium during the period. LEU cost of sales for the second quarter was $75 million, a 45% decrease from $136.6 million in the same quarter last year. The decrease was primarily driven by a 27% reduction in SWU sales volume for the quarter. Customers typically operate under multiyear contracts with annual purchase commitments rather than quarterly obligations. As a result, quarterly sales volumes can vary significantly year-over-year depending on the timing of deliveries even when annual volumes remain stable.

第二季收入的下降主要是由於 SWU 銷售量的減少以及該期間鈾的銷售量減少。第二季低濃縮鈾銷售成本為 7,500 萬美元，較去年同期的 1.366 億美元下降 45%。下降的主要原因是本季 SWU 銷量下降了 27%。客戶通常簽訂多年合約，承諾年度購買，而不是季度購買。因此，即使年度銷售量保持穩定，季度銷售量也可能因交貨時間的不同而與去年同期相比出現很大差異。

For the six months ended June 30, overall SWU sales volume is relatively on par with the prior year. Despite the lower volume in Q2, gross profit increased to $50.7 million, up from $33 million in the prior quarter. Variability in revenue and gross profit within our LEU business reflects the influence of market pricing at the time contracts are signed, coupled with the cost basis of inventory at the point of delivery. In our Technical Solutions segment, revenue for the second quarter totaled $28.8 million compared to $19.4 million in the same quarter last year. Revenue increased by $9.4 million or 48%, primarily due to LEU feedstock and cylinder costs incurred to complete our contractual delivery under our HALEU operation contract Phase 2.

截至 6 月 30 日的六個月內，SWU 整體銷售與上年基本持平。儘管第二季銷量較低，但毛利從上一季的 3,300 萬美元增至 5,070 萬美元。我們的低濃鈾業務的收入和毛利的變化反映了簽訂合約時市場定價的影響，以及交貨時的庫存成本基礎。在我們的技術解決方案部門，第二季的收入總計 2,880 萬美元，而去年同期的收入為 1,940 萬美元。收入增加了 940 萬美元，即 48%，主要原因是根據我們的 HALEU 營運合約第二階段完成合約交付而產生的 LEU 原料和氣瓶成本。

Cost of sales for the second quarter of 2025 was $25.6 million, an increase of $9.7 million or 61% compared to the same quarter in the prior year. Cost of sales increased in line with revenues. Gross profit for the Technical Solutions segment was $3.2 million in the second quarter, a decrease of $0.3 million compared to the prior year's quarter. As previously disclosed, due to the delay in completing Phase 2 of the HALEU operation contract, the Department of Energy extended the Phase 2 performance period to June 30, 2025, effective November '24. However, the fee for the Phase 2 extension has not yet been definitized and is currently under negotiation with the Department of Energy.

2025 年第二季的銷售成本為 2,560 萬美元，比去年同期增加 970 萬美元，即 61%。銷售成本隨收入增加而增加。第二季技術解決方案部門的毛利為 320 萬美元，與去年同期相比減少 30 萬美元。如前所述，由於 HALEU 營運合約第 2 階段完成延遲，能源部將第 2 階段的履行期延長至 2025 年 6 月 30 日，自 2024 年 11 月起生效。但第二階段延期的費用尚未確定，目前正在與能源部協商。

As Amir mentioned earlier, in June 2025, we announced that we had successfully achieved the Phase 2 production target under the HALEU operation contract, contractually delivering 900 kilograms of HALEU UF6. The DOE amended the HALEU operation contract and exercised the first option period of Phase 3, which extended the contract through June 30, 2026.

正如阿米爾之前提到的，2025年6月，我們宣布成功實現了HALEU營運合約第二階段的生產目標，並按合約交付了900公斤HALEU六氟化鈾。美國能源部修改了HALEU營運合同，並行使了第三階段的第一個選擇期，將合約延長至2026年6月30日。

The amendment also sets a target cost and fee for the first option period at approximately $99.3 million and $8.7 million, respectively. DOE has the ability to exercise additional optional periods for up to eight additional years of production. As of June 30, 2025, our total company backlog stood at approximately $3.6 billion, extending through 2040.

該修正案還將第一個選擇期的目標成本和費用分別設定為約 9,930 萬美元和 870 萬美元。能源部有權行使額外的選擇期，最多可延長八年的生產時間。截至 2025 年 6 月 30 日，我們公司的總積壓訂單約為 36 億美元，將持續到 2040 年。

The LEU segment backlog was approximately $2.7 billion, which includes $0.6 billion in future SWU and uranium deliveries, primarily under medium- and long-term contracts with fixed commitments and $2.1 billion in contingent LEU sales commitments tied to the potential construction of LEU production capacity at our Piketon, Ohio facility. We have now entered into definitive agreements for $1.7 billion of the $2.1 billion in contingent LEU sales commitments.

低濃縮鈾部門的積壓訂單約為 27 億美元，其中包括 6 億美元的未來低濃鈾和鈾交付，主要根據具有固定承諾的中長期合同，以及 21 億美元的或有低濃鈾銷售承諾，這些承諾與我們在俄亥俄州派克頓工廠的潛在低濃鈾生產能力建設有關。目前，我們已經就 21 億美元或有低濃縮鈾銷售承諾中的 17 億美元達成了最終協議。

The remaining contingent commitments are subject to our ability to secure significant public and private investment to support the development of LEU production capacity. Furthermore, this July, we secured an additional $0.1 billion in LEU contingent sales commitments under a definitive agreement. This brings our total contingent LEU sales commitments to $2.2 billion with $1.8 billion being under definitive agreements.

其餘的或有承諾取決於我們是否有能力獲得大量公共和私人投資來支持低濃縮鈾生產能力的發展。此外，今年 7 月，我們根據最終協議獲得了額外 1 億美元的低濃縮鈾緊急銷售承諾。這使得我們的低濃縮鈾銷售承諾總額達到 22 億美元，其中 18 億美元屬於最終協議金額。

Our Technical Solutions segment backlog was approximately $0.9 billion and includes funded amounts, unfunded amounts, and unexercised options. The unexercised options pertain to the HALEU operation contract and represent potential future work subject to DOE direction and funding availability. In addition, the company has continued to pursue initiatives aimed at strengthening its capital structure, enhancing financial flexibility to support both near-term operations and long-term growth objectives.

我們的技術解決方案部門積壓訂單約為 9 億美元，包括已註資金額、未註入資金額和未行使的選擇權。未行使的選擇權屬於 HALEU 營運合同，代表著受 DOE 指導和資金可用性約束的潛在未來工作。此外，該公司也持續採取旨在加強資本結構、提高財務靈活性的舉措，以支持近期營運和長期成長目標。

As noted earlier, in the second quarter of 2025, our ATM program generated an additional $114.7 million in net proceeds. These proceeds, along with gross margin contributions resulted in an ending cash balance of $847 million as of June 30, 2025, which includes $14 million of restricted cash.

如前所述，2025 年第二季度，我們的 ATM 計畫又產生了 1.147 億美元的淨收益。這些收益加上毛利率貢獻導致截至 2025 年 6 月 30 日的期末現金餘額為 8.47 億美元，其中包括 1,400 萬美元的受限現金。

The company's continued strong cash position furthers to support the execution of near-term contractual obligation and enable strategic investments in our long-term future. As previously announced, this includes a planned investment of approximately $60 million for manufacturing readiness at our Piketon, Ohio plant, laying the foundation for a potential large-scale expansion of uranium enrichment capabilities.

公司持續強勁的現金狀況進一步支持了近期合約義務的履行，並使我們能夠對長期未來進行策略性投資。正如先前宣布的那樣，這包括計劃投資約 6000 萬美元用於我們位於俄亥俄州派克頓工廠的生產準備，為潛在的大規模擴大鈾濃縮能力奠定基礎。

These achievements build on the momentum established in 2024 and the first quarter of 2025 as we continue to successfully operate our HALEU cascade under the contract with the Department of Energy. At the same time, we are actively pursuing investments in our manufacturing capabilities while awaiting the DOE's decision on the allocation of $3.4 billion appropriated to jumpstart domestic nuclear fuel production. This quarter's accomplishments and initiatives have further strengthened Centrus' position to execute its long-term strategy of securing sufficient public and private funding.

這些成就建立在我們於 2024 年和 2025 年第一季建立的勢頭之上，我們將繼續根據與能源部簽訂的合約成功運營我們的 HALEU 級聯。同時，我們正在積極尋求對製造能力的投資，同時等待美國能源部就撥款 34 億美元用於啟動國內核燃料生產做出決定。本季的成就和舉措進一步加強了 Centrus 執行其確保足夠公共和私人資金的長期策略的地位。

The goal is to deploy our advanced technology at scale and help restore America's domestic uranium enrichment capability. With that, let me turn things back over to Amir.

我們的目標是大規模部署我們的先進技術，幫助恢復美國國內的鈾濃縮能力。說完這些，讓我把事情交還給阿米爾。

Thanks, Kevin. I'd like to close by reminding our investors and listeners of the imperative need to both reduce our dependence on foreign nations and to inject more competition into the market to provide customers with more alternatives. This is especially important given recent announcements from both the public and private sectors on their respective goals for near-term nuclear deployment. The public and private markets are arguably more aligned today than they ever have been. At the federal level, the administration's May executive orders clearly served a strong tailwinds for an already robust and growing nuclear market.

謝謝，凱文。最後，我想提醒我們的投資人和聽眾，我們既要減少對外國的依賴，又要為市場注入更多競爭，為客戶提供更多選擇。鑑於公共和私營部門最近宣布了各自的近期核部署目標，這一點尤其重要。可以說，如今公共市場和私人市場比以往任何時候都更加協調。在聯邦層面，政府五月的行政命令顯然為本已強勁且不斷成長的核能市場提供了強勁的推動力。

These included reducing the time to market required to deploy both large and small modular reactors as well as raising the bar and setting a goal of quadrupling nuclear output by 2050. We also expect to see an increase in demand for nuclear assets as a direct result of the administration's identification of artificial intelligence as a national security imperative.

這些措施包括縮短部署大型和小型模組化反應器所需的上市時間，以及提高標準並設定到 2050 年將核電產量翻兩番的目標。我們也預計，由於政府將人工智慧確定為國家安全的當務之急，對核資產的需求將會增加。

The President recently unveiled a $70 billion AI and energy plan, which will likely require nuclear power. More recently, the House passed the GENIUS Act to regulate stablecoins. As many know, stablecoins and cryptocurrency mining require a vast amount of computational power.

總統最近宣布了一項價值 700 億美元的人工智慧和能源計劃，其中很可能需要核電。最近，眾議院通過了《GENIUS法案》來監管穩定幣。眾所周知，穩定幣和加密貨幣挖礦需要大量的運算能力。

These are but some of the examples that are driving an ever-growing need for safe, reliable nuclear energy and therefore, a domestic source of nuclear fuel, and Centrus stands ready to meet this demand. The push to expand nuclear isn't just coming at the federal level. In New York, Governor Hochul directed the state's power authority to build their first new nuclear plant in decades. In Wisconsin, Governor Evers signed legislation to begin identifying sites for new reactors. And in Texas, Governor Abbott signed legislation establishing a $350 million fund to support nuclear construction projects.

這些只是推動對安全、可靠核能以及國內核燃料來源日益增長的需求的一些例子，而 Centrus 隨時準備滿足這一需求。擴大核能的動力不僅來自聯邦層級。在紐約州，州長霍楚爾指示該州電力部門建造數十年來第一座新核電廠。在威斯康辛州，州長埃弗斯簽署了法案，開始確定新反應爐的選址。在德州，州長阿博特簽署了一項法案，設立了3.5億美元的基金來支持核電建設計畫。

These mandates further underscore the need for resilient domestic fuel supply chain. Finally, we are seeing private industry stepping in and making strong commitments to as well as putting hard dollars behind nuclear investments.

這些規定進一步強調了建立有彈性的國內燃料供應鏈的必要性。最後，我們看到私人企業介入並做出堅定承諾，為核能投資投入大量資金。

Announcements and agreements like Amazon and Talen Energy's 1.9-gigawatt long-term power purchase agreement, Microsoft's Three Mile Island agreement, Meta's 20-year agreement to buy nuclear power from Constellation Energy, and Westinghouse's commitment to build 10 large reactors in the US, demonstrate that the barriers that previously impeded nuclear assets deployments are being broken. Furthermore, they underscore how private financing can serve as a bridge in the funding gap, representing an exciting new avenue to access private capital that previously did not exist. In short, our addressable market for domestic commercial LEU and HALEU continues to grow.

亞馬遜與塔倫能源簽署的1.9千兆瓦長期購電協議、微軟的三哩島協議、Meta與Constellation Energy簽署的20年期核電購買協議、西屋電氣承諾在美國建造10座大型反應堆等公告和協議表明，此前阻礙核資產部署的障礙正在被打破。此外，他們強調私人融資如何成為彌補資金缺口的橋樑，代表著一條獲取以前不存在的私人資本的令人興奮的新途徑。簡而言之，我們國內商用低濃縮鈾和高濃縮鈾的目標市場持續成長。

Our addressable national security market is potentially growing, and we are now seeing private markets stepping in with creative solutions to secure their access to nuclear power, something that could be consequential for Centrus as part of our public-private partnership plan. It is an exciting time in the nuclear industry, and Centrus is positioned to meet the market's, the nation's and our taxpayers' need with a proven technology and a domestic supply chain. I would like to close by thanking our growing list of investors, analysts, and listeners, without whom none of this would be possible. We look forward to updating you on our progress on our next earnings call. With that, we are happy to take questions.

我們可尋址的國家安全市場潛力正在增長，我們現在看到私人市場介入並提供創造性的解決方案來確保他們獲得核電，這對於作為我們公私合作計劃一部分的 Centrus 來說可能具有重要意義。這是核能產業令人興奮的時刻，Centrus 憑藉成熟的技術和國內供應鏈，致力於滿足市場、國家和納稅人的需求。最後，我要感謝我們不斷成長的投資人、分析師和聽眾，沒有他們，這一切都不可能實現。我們期待在下次財報電話會議上向您通報我們的進度。我們很樂意回答您的問題。

Operator?

操作員？

(Operator Instructions)

（操作員指示）

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券。

Hey guys, thanks for taking my questions. The first one is, do you expect to see federal programs stemming from May's executive orders that would be incremental to the DOE's enrichment awards that you were selected for last year that could help fund or otherwise support your capacity expansion?

嘿夥計們，謝謝你們回答我的問題。第一個問題是，您是否希望看到源自梅伊的行政命令的聯邦計劃，這些計劃將增加您去年被選中的能源部濃縮獎，以幫助資助或以其他方式支持您的產能擴張？

Good question, Thank you for that. We really don't have any information. I will say that the executive orders, as you pointed out, are a strong, strong support for what we do, not only for the industry, but specifically for nuclear fuel. So although I don't know if there's anything incremental that is in play, we don't have any information on that. But just the fact that these orders were out there are providing huge support for what we do.

好問題，謝謝你。我們確實沒有任何資訊。我想說的是，正如你所指出的，這些行政命令對我們的工作提供了強大的支持，不僅對工業，而且對核燃料。因此，儘管我不知道是否有任何增量正在發揮作用，但我們對此沒有任何資訊。但事實上，這些訂單已經為我們的工作提供了巨大的支持。

Got it, thanks for that, Amir and then for the $60 million investment in centrifuge manufacturing activities and supply chain readiness that you mentioned. Curious how that's progressing? And when might we see that show up in earnest in the financial statements?

明白了，謝謝你，阿米爾，還有你提到的對離心機製造活動和供應鏈準備的 6000 萬美元投資。好奇進展如何？我們什麼時候才能在財務報表中看到這一點呢？

I'll answer the first part of your question, and I'll let Kevin maybe answer the second part of the question. So things are going well. As you know, we have kicked off this effort towards the end of last year. I'm really glad that we did. We are going through the process of ordering long lead items, making sure that we fine-tune in our cycle times, as required, all in preparation of a large centrifuge build.

我將回答您問題的第一部分，然後讓凱文回答問題的第二部分。一切進展順利。正如你們所知，我們從去年年底就開始了這項工作。我很高興我們這麼做了。我們正在經歷訂購長交貨期物品的過程，確保我們根據需要微調週期時間，為大型離心機的建造做好準備。

And so we're also going through first article manufacturing as part of it as well. All in all, it's progressing well. The team is reporting regularly on it. And I will let Kevin answer the question around where and when it may show up.

因此，我們也正在進行首件製造。整體來說，進展順利。該團隊正在定期報告此事。我會讓凱文來回答它會在何時何地出現的問題。

Yes. And as a reminder, this was an 18-month initiative that we announced late last year. So it's actually running through our financials today through our CapEx as well as increases associated with advanced technology costs. There are other aspects that we are working associated with building up the workforce in anticipation of the larger build. And so we also have some costs that are actually running through other avenues within our financial statements today.

是的。提醒一下，這是我們在去年年底宣布的一項為期 18 個月的計劃。因此，它實際上透過我們的資本支出以及與先進技術成本相關的增加貫穿了我們今天的財務狀況。為了迎接更大規模的建設，我們也正在進行其他與勞動力建設相關的工作。因此，我們今天的財務報表中也有一些成本實際上是透過其他途徑產生的。

But as noted, we do see this as an 18-month project. So we'll continue to have variability in costs in all of the three categories that I just outlined.

但正如所指出的，我們確實認為這是一個為期 18 個月的計畫。因此，我剛才概述的所有三個類別的成本將繼續改變。

That detail. I'll turn it back.

那個細節。我會把它轉回去。

Absolutely, thank you, Ryan.

絕對的，謝謝你，瑞安。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

Hi, good morning and congratulations on the progress. I wondered if you make a little more color on the -- I think there's some new commitments for the LEU contingent backlog of $100 million. What's sort of the opportunity there in terms of additional customer commitments? And $1.8 billion backlog is pretty good. But how do those -- what's the opportunity for additional commitments as you kind of ramp in your LEU production?

嗨，早安，恭喜你取得進展。我想知道您是否能對此做更多的說明——我認為對於 1 億美元的低濃縮鈾應急儲備有一些新的承諾。就額外的客戶承諾而言，存在什麼樣的機會？18 億美元的積壓訂單相當不錯。但是，隨著低濃縮鈾產量的增加，有哪些機會可以做出額外的承諾呢？

Let me give you a general answer on this. Obviously, as in the past, all these agreements cover on the nondisclosures. We're not really revealing it. And I don't think you're asking about the identity of any specific utility. So obviously, that's not anything we have disclosed before, and we're not going to disclose that.

讓我給你一個大致的答案。顯然，與過去一樣，所有這些協議都涉及保密條款。我們實際上並沒有透露這一點。我認為您並不是在詢問任何特定實用程式的身份。顯然，我們之前沒有披露過這個消息，而且我們也不會透露這個消息。

But to your question, these agreements are important to us as we size up our plant, as we build out our capability to enrich, customer commitments are crucial. As you pointed out correctly, we've added some, and we are continually working with other customers to continue growing that backlog. I'm not sure there's anything else I could add to it other than just reemphasizing again that, that is a business imperative for us.

但對於您的問題，這些協議對我們很重要，因為我們正在擴大工廠規模，增強我們的濃縮能力，而客戶承諾至關重要。正如您正確指出的那樣，我們已經增加了一些，我們正在不斷與其他客戶合作以繼續增加積壓訂單。我不確定我還能補充什麼，除了再次強調這是我們的業務當務之急。

And then on the HALEU Phase 3 extension, do you expect to continue producing sort of the same rate of fiscal production there until some DOE decisions are made? Or how do you sort of see that fitting in with the DOE kind of next step?

那麼，關於 HALEU 第三階段的延期，您是否預計在 DOE 做出一些決定之前，將繼續保持相同的財政生產力？或者您認為這與 DOE 的下一步有何關聯？

Yes. So we -- to answer your first question, yes, we -- it's business as usual. As far as enrichment goes, the plant is operating. We're enriching at a certain rate. We'll continue to enrich at that rate.

是的。因此，我們——回答您的第一個問題，是的，我們——一切照常。就濃縮而言，該工廠仍在運作。我們正在以一定的速度進行濃縮。我們將繼續以這樣的速度進行充實。

I hope I answered your question. Please let me know if I haven't.

我希望我回答了你的問題。如果還沒有，請告訴我。

Yeah, that was great. I'll turn it. Over thank you.

是的，太棒了。我會轉一下。非常感謝。

Joseph Reagor, ROTH Capital Partners.

羅仕證券資本合夥公司的約瑟夫·里格。

Hi Amir and team, thanks for taking the questions. So just some questions on the balance sheet and just kind of general thoughts. The balance sheet is pretty robust at this point. Is there any opportunity for you guys to start moving forward with, say, a smaller build-out of a low-enriched facility using your existing funds and maybe whatever is left on the ATM while you wait for the government to make a decision or in the event that the government decides to appropriate less funds than necessary to you guys or less than you expect?

嗨，阿米爾和團隊，感謝你們回答這些問題。這只是一些關於資產負債表的問題和一些一般性的想法。目前資產負債表相當穩健。在等待政府做出決定時，或者在政府決定撥給你們的資金少於必要數額或少於你們預期數額時，你們是否有機會開始推進，比如說，使用現有資金和 ATM 機上剩餘的資金，建造一個規模較小的低濃縮鈾設施？

Good question. What you described is exactly the sort of things that we're continually evaluating based on Department of Energy's decision, based on our conversations with our customers. I can't really point one way or the other, but these are the things that we evaluate regularly.

好問題。您所描述的正是我們根據能源部的決定以及與客戶的對話不斷評估的。我無法真正指出這一點，但這些都是我們定期評估的事情。

The $60 million readiness that we have kicked off is obviously -- has been done with ensuring that we can execute quickly and rapidly should a decision like that be made. So apologies that I can't give you a more specific answer. I would just repeat again that you're asking exactly the same things that we are continually evaluating.

我們啟動的 6000 萬美元的準備工作顯然是為了確保一旦做出這樣的決定，我們能夠迅速執行。因此很抱歉我無法給您更具體的答案。我只想再次重申，你所問的問題與我們一直在評估的問題完全相同。

And then on the ATM, can you remind us what's remaining on your current ATM?

然後關於 ATM，您能提醒我們您目前的 ATM 上還剩多少錢嗎？

So there's nothing remaining on the ATM. We have exhausted what was currently out there. And certainly, I think the follow-up question, I assume, will be what are we evaluating at a go-forward perspective. And I think what I would tell you is, we're very encouraged by the progress within the market, and we're evaluating what's next steps. We can't directly comment on any potential transactions.

因此 ATM 機上什麼都沒有剩下。我們已經用盡了現有的一切。當然，我認為後續的問題將是我們從未來的角度評估什麼。我想告訴你們的是，我們對市場內部的進展感到非常鼓舞，我們正在評估下一步的行動。我們無法直接評論任何潛在交易。

But I would say we're definitely doing what is necessary to maintain our financial flexibility and be in a position to execute on our strategy as we look forward to potential DOE announcements.

但我想說，我們肯定會採取必要措施來保持我們的財務靈活性，並能夠執行我們的策略，我們期待美國能源部的潛在公告。

Okay, fair enough. I'll turn it over. Thanks.

好的，很公平。我把它翻過來。謝謝。

Thank you.

謝謝。

Vikram Bagri, Citi.

花旗銀行的 Vikram Bagri。

Good morning, everyone. I wanted to follow up on the last question. It sounds like you're strengthening the balance sheet ahead of government funding enough that whatever the IDIQ capital is and whatever the capital required for 96 cascades is, you can fill the gap using your own balance sheet. I was wondering if you can highlight what the target amount of capital is on the balance sheet that you want over the next three, six months or one year. What's the sort of like the target cash and balance sheet if there is a target?

大家早安。我想繼續回答最後一個問題。聽起來，您在政府資助之前就已經在加強資產負債表，無論 IDIQ 資本是多少，無論 96 個級聯所需的資本是多少，您都可以使用自己的資產負債表來填補缺口。我想知道您是否可以強調您希望在未來三個月、六個月或一年內資產負債表上的資本目標金額是多少。如果有目標，目標現金和資產負債表是什麼樣的？

Yes, that's a great question. Unfortunately, we don't get into details as it relates to what the costs are from a capital build perspective for a lot of reasons, including just the aspect that it's highly sensitive from a business proprietary perspective.

是的，這是一個很好的問題。不幸的是，由於許多原因，我們無法詳細討論從資本建設角度來看的成本，包括從企業專有角度來看它非常敏感。

But what I would say is, we do have a fulsome business strategy that we have outlined with a variety of sensitivity analyses as it relates to what we need from the government to build out using a public-private partnership. And you mentioned the 96 cascades. It's important to note that what we have right now from an infrastructure perspective is we can build out 48. We would need to expand in order to double that. So our main focus is to build out the existing building and marry both public and private funds in order to facilitate a positive return for investors.

但我想說的是，我們確實有一個全面的商業策略，我們已經概述了各種敏感性分析，因為它涉及我們需要政府透過公私合作夥伴關係進行建設。您提到了 96 個級聯。值得注意的是，從基礎設施角度來看，我們現在可以建造 48 個。我們需要擴大規模才能將其翻倍。因此，我們的主要重點是擴大現有建築，並將公共和私人資金結合起來，以促進投資者獲得正回報。

And so we're balancing what we will ultimately need based upon the incoming funds coming from the government through a variety of potential opportunities. Was that helpful, Vikram?

因此，我們根據政府透過各種潛在機會提供的資金來平衡我們最終的需求。這有幫助嗎，維克拉姆？

That's very helpful. Yes, that's very helpful. As a follow-up, two quarters of pretty meaningful beat on the results. I appreciate the comment about timing of SWU sales and pricing impacting earnings. We have different contracts with different customers. I appreciate that full year view provides a more holistic picture of profitability.

這非常有幫助。是的，這非常有幫助。作為後續行動，兩季的業績都取得了相當有意義的突破。我很欣賞關於 SWU 銷售時機和定價對收益影響的評論。我們與不同的客戶簽訂了不同的合約。我很欣賞全年觀點能夠提供更全面的獲利情況。

Can you share directionally where the profitability of the entire portfolio as a whole is currently? I saw the pricing increased 24% year-on-year. Cost is down 8%. As we stand today, when you look at the portfolio, the SWU portfolio, the backlog that you have, what's the sort of the profitability of those contracts given current pricing?

能否分享一下目前整個投資組合的獲利方向？我發現價格年增了 24%。成本下降了8%。就我們今天的立場而言，當您查看投資組合、SWU 投資組合和您積壓的訂單時，考慮到當前價格，這些合約的盈利能力如何？

Yes. So what we've spoken about in the past is that much of the backlog that we have ranges from when the SWU market from a commodity pricing perspective was low as well as at its highest point. And we are now at a point in time where we sell into a higher market with our customers, but we also have impacts as it relates to our cost structure. What I would say is, as you noted, we did have a very strong quarter with profit at approximately 40%. So I think what this demonstrates is that we continue to realize good margins within this market.

是的。因此，我們過去談到的是，從商品定價的角度來看，我們的積壓訂單大部分是在 SWU 市場處於低點和最高點時產生的。現在，我們正處於與客戶一起向更高市場銷售產品的時刻，但這也會對我們的成本結構產生影響。我想說的是，正如您所說，我們確實度過了一個非常強勁的季度，利潤約為 40%。所以我認為這表明我們在這個市場中繼續實現良好的利潤率。

But I wouldn't say that should be interpreted as an indication of future margin realization. We do not provide earnings guidance or disclose the mix of the contracts, so I can't get into details on what future quarters or even future years will look like. But I will tell you, it is reasonable to expect margin levels to remain within the range we've seen over the past few years. But from a quarterly perspective, you will see variability, but we are on target with regards to our own internal annual outlook. And obviously, we don't disclose that with not providing future guidance, but we are on track with regards to our own internal projections.

但我不會說這應該被解讀為未來獲利實現的指標。我們不提供獲利預測或揭露合約組合，所以我無法詳細說明未來幾季甚至未來幾年的情況。但我要告訴你，預計利潤率水準將保持在過去幾年的範圍內是合理的。但從季度角度來看，你會看到變化，但就我們自己的內部年度展望而言，我們是達到了目標的。顯然，我們不會透露這一點，也不會提供未來的指導，但就我們自己的內部預測而言，我們的進展是正常的。

Thank you. Bye.

謝謝。再見。

Sameer Joshi, H.C. Wainwright.

薩米爾喬希、H.C. 溫賴特。

Hey, good morning, guys, Congrats on the good progress. Many of the questions have been addressed, but just a few questions. In the first two quarters, there have been no uranium sales. And of course, we understand it depends on timing of customers when they put their orders. But should we expect the next two quarters to show some level of uranium sales to come on par annual levels that you have seen in the past?

嘿，大家早安，祝賀你們取得了良好的進展。許多問題已經得到解答，但只有幾個問題。前兩個季度，沒有鈾銷售。當然，我們知道這取決於客戶下訂單的時間。但是，我們是否應該預期未來兩季鈾的銷售量將達到過去的年度水準？

Yeah. Thanks for the question. Again, unfortunately, we don't provide any guidance or details on individual shipments, whether it's SWU or uranium. But what I would say and reiterate my previous point is, from an overall perspective, as it relates to our revenue, we believe that we're on track with our internal projections. So I couldn't -- but I couldn't get into any specifics as it relates to any uranium sales and when we would be able to or desire to execute those as it relates to the remaining inventory that we have on hand for UF6.

是的。謝謝你的提問。再次遺憾的是，我們沒有提供關於單一貨物的任何指導或詳細信息，無論是 SWU 還是鈾。但我想說的是，並重申我先前的觀點，從整體角度來看，就我們的收入而言，我們相信我們的內部預測是符合預期的。所以我無法——但我無法透露與鈾銷售有關的任何具體細節，以及我們何時能夠或希望執行這些銷售，因為這與我們手頭上剩餘的 UF6 庫存有關。

That that's fair, and I understand. So coming to the HALEU operations contract, you have sort of visibility, of course, for the next year, but also the Option 1b could give you another two years. It falls in this -- around $263 million, so around $80 million to $90 million annual run rate. This year, it might be over $100 million. Is there expectation of that contract increasing and for you to increasing your HALEU processing capabilities? And is there any CapEx planned or anticipated for that in future years?

這很公平，我理解。因此，談到 HALEU 營運合同，您當然可以預見到明年的情況，但選項 1b 還可以再給您兩年的時間。其金額約為 2.63 億美元左右，因此年運行率約為 8,000 萬至 9,000 萬美元。今年，這一數字可能會超過 1 億美元。您是否期望該合約能夠增加，並提高您的 HALEU 處理能力？未來幾年是否有任何資本支出計畫或預期？

I'll give you an answer. And Kevin, chime in if there's anything you want to add. Obviously, the answer is, we are working to the contract with the Department of Energy. We really don't have any insights beyond what's been publicly announced. I will remind you, though, that we are the only Western HALEU producer of virgin HALEU right now.

我會給你答案。凱文，如果您還有什麼要補充的話，請儘管說。顯然，答案是，我們正在按照與能源部的合約開展工作。除了已公開宣布的內容之外，我們確實沒有任何見解。不過，我要提醒大家，目前我們是西方唯一一家生產原始 HALEU 的 HALEU 生產商。

The Department of Energy is set to provide HALEU to the OEMs, the advanced reactors. So that is HALEU that's needed. Unfortunately, I don't have any information on what's been publicly communicated. No further insights into what other exercises there could be. But again, like I said, reiterating HALEU, Centrus is the only one that enriches HALEU right now, and it is needed.

能源部將向原始設備製造商（OEM）提供先進反應器 HALEU。這就是所需要的 HALEU。不幸的是，我沒有任何關於已公開傳達的訊息。沒有進一步了解可能還有哪些其他練習。但是，就像我再次重申 HALEU 一樣，Centrus 是目前唯一能夠豐富 HALEU 的，而且是必要的。

Understood. Maybe I can squeeze in one more on the LEU, LEU, expansion. I think you just mentioned, or Kevin did, the 48 cascade possibility in your current footprint right now. Do we have any estimate on the CapEx required to expand the facility and then deploy the cascades to get to 96? And is there a time line for that, that you are targeting?

明白了。也許我可以在 LEU、LEU 擴展上再擠一點。我想您剛才提到過，或者凱文提到過，您目前的足跡中存在 48 個級聯的可能性。我們是否對擴建設施並部署級聯以達到 96 個所需的資本支出有任何估計？您對此有設定時間表嗎？

Yes. So as mentioned earlier, we don't provide information as it relates to our CapEx numbers. What we have publicly announced throughout the past few years is that the first cascade will take 42 months, the second cascade will take six months, and the third and each successive cascade will take two-month increments.

是的。如同前面所提到的，我們不提供與我們的資本支出數字相關的資訊。我們在過去幾年中公開宣布的是，第一級將需要 42 個月，第二級將需要 6 個月，第三級和後續每級將需要兩個月的增量。

We are currently working, especially through our manufacturing readiness initiative, to focus in on the potential of pulling those timelines in. However, as of today, that is what we've established. And with regards to the project initiative we announced last year, we've been getting ahead of many of the long lead items that we needed to establish, building up our workforce as well as establishing key critical tooling components that will enable us to maintain and manage our facility at what we expect from a baseline perspective and potentially evaluate what we can do from an acceleration vantage point. So I think all of those are good points of what we're trying to accomplish, but I couldn't get into any more details as it relates to cost or time line outside of that, but I think that frames it very well. Was that helpful?

我們目前正在努力，特別是透過我們的製造準備計劃，專注於縮短這些時間表的潛力。然而，截至今天，我們已經確定了這一點。關於我們去年宣布的項目計劃，我們已經領先於我們需要建立的許多長期項目，建立了我們的員工隊伍，並建立了關鍵的工具組件，這將使我們能夠按照我們的預期從基線角度維護和管理我們的設施，並可能從加速的有利位置評估我們可以做什麼。所以我認為所有這些都是我們正在努力實現的很好的點，但我無法透露更多與成本或時間表相關的細節，但我認為這很好地概括了這一點。這樣有幫助嗎？

Yes. So just a clarification or maybe just to get some insight. The first cascade of 42 months, is that mainly capital constrained? Or is it mainly technology or resource constrained? How should we look at that? How quickly can we pull it in if you get $1 billion additional dollars?

是的。所以只是為了澄清一下或只是為了獲得一些見解。第一個 42 個月的階段，主要是受到資本限制嗎？或主要是技術或資源的限制？我們該如何看待這個問題？如果獲得 10 億美元的額外資金，我們能多快實現這一目標？

We are manufacturing the centrifuges ourselves, as you know, in Oak Ridge, Tennessee. We have a supply chain that is tapped into providing materials and subcomponents to this. To your question, what paces that 42 months is, obviously, in any manufacturing cycle, there's cycle times that are associated with manufacturing each component and assembly, and that really is what's spacing it. I won't get into any specifics what specifically is spacing it. Just a general comment, costs and things of that nature, if we get into a lot of details, there -- it's information that we guard very, very tightly due to competitive nature.

如您所知，我們在田納西州橡樹嶺自行生產離心機。我們擁有一個供應鏈，可以為此提供材料和子組件。對於您的問題，42 個月的週期是怎麼樣的？顯然，在任何製造週期中，都有與製造每個組件和組件相關的周期時間，而這實際上就是間隔的時間。我不會詳細解釋間隔的具體含義。只是一個一般性的評論，成本和諸如此類的事情，如果我們深入了解很多細節，那麼由於競爭性質，我們會非常嚴格地保護這些資訊。

However, just so I can give you an answer, it really has to do with manufacturing and our ability to manufacture within the cycle times and improve those cycle times, as Kevin alluded, in general, just stating that we're exploring opportunities that are out there. So sorry, I could not give you a very specific answer, but I believe I kind of answered the general theme of where you were going with this, Sameer.

然而，為了給你一個答案，它確實與製造以及我們在周期時間內製造和改善這些週期時間的能力有關，正如凱文所暗示的那樣，總的來說，只是說我們正在探索存在的機會。很抱歉，我無法給你一個非常具體的答案，但我相信我已經回答了你想要表達的大致意思，薩米爾。

Yeah, no, yes, I'm here and Kevin, thanks for, the color you provided, and I understand the constraints. Thanks a lot for taking my question.

是的，不，是的，我在這裡，凱文，謝謝你提供的顏色，我理解其中的限制。非常感謝您回答我的問題。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指示）

Eric Stine, Craig-Hallum Capital Group.

艾瑞克‧史坦 (Eric Stine)，Craig-Hallum 資本集團。

Good morning, everyone.

大家早安。

Good morning.

早安.

Hey, so most of the relevant questions have been asked, but maybe just high level, just on kind of the overall enrichment backdrop. Obviously, centrifuges is the established, more mature technology, but have seen a number of announcements on gas diffusion, laser enrichment. So I mean, maybe your thoughts on kind of the role that each has to play, maybe how you expect -- well, this is asking about the IDIQ, but how you expect things to kind of shake out going forward by technology?

嘿，大多數相關問題都已經被問過了，但可能只是高層次的問題，只是關於整體豐富背景的問題。顯然，離心機是既定的、更成熟的技術，但也出現了許多關於氣體擴散、雷射濃縮的公告。所以我的意思是，也許您對每個人所扮演的角色有什麼看法，也許您期望如何——好吧，這是在問 IDIQ，但是您期望事情在未來如何透過技術發生變化？

Good question, very relevant to our times, particularly in trying to understand the competitive landscape. As in past practice and in policy, we typically do not talk about any company specifically or any technology specifically. A lot of these technologies are classified, and we really don't have access to them as much as others don't have access to our technology. But in very general terms, I think it's important for the investors and the listeners to understand that, there's really only three Western enrichers right now that are enriching uranium and Centrus is one of them, and all three of them are centrifuge enrichment technology. It took us decades and billions of dollars to get to where we are.

好問題，與我們這個時代息息相關，特別是在試圖了解競爭格局時。與過去的實踐和政策一樣，我們通常不會專門談論任何公司或任何技術。許多技術都是機密的，我們實際上無法接觸到它們，就像其他人無法接觸到我們的技術一樣。但總的來說，我認為投資者和聽眾必須明白，目前實際上只有三家西方濃縮廠在濃縮鈾，Centrus 就是其中之一，而這三家濃縮廠都採用離心濃縮技術。我們花了幾十年的時間和數十億美元才達到今天的水平。

We have successfully completed a -- or in the midst of completing a demonstration program with the Department of Energy, that is a monumental task that was achieved over many years. And so, as to where do I see other technologies, I just looking at public information, they're not at that stage. And so we remain to feel confident that the world will have to continue to rely on centrifuge enrichment for the foreseeable future.

我們已經成功完成了——或者說正在與能源部完成一項示範計劃，這是一項歷經多年才完成的艱鉅任務。至於我看到的其他技術在哪裡，我只是查看了公開信息，它們還沒有達到那個階段。因此，我們仍然堅信，在可預見的未來，世界將不得不繼續依賴離心濃縮技術。

Okay, that's what I was getting at. Thank you very much.

好的，這就是我要說的。非常感謝。

Thank you.

謝謝。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德。

Thank you very much, operator. Good morning, Amir and Kevin. Thank you so much for the update and nice quarter. If I could, I'd like to follow back up on some of the commentary and discussion around the contracting. And so as per your LEU backlog or the contingent LEU sales, contract book appears to have remained relatively stable since later last year. What we're hearing from other nuclear fuel participants, are that utilities today are focused primarily on securing enrichment? And so we've been kind of anticipating a bit of a pickup in enrichment contracting activity.

非常感謝，接線生。早上好，阿米爾和凱文。非常感謝您的更新和美好的季度。如果可以的話，我想跟進一些有關承包的評論和討論。因此，根據您的低濃縮鈾積壓訂單或或有低濃縮鈾銷售情況，自去年年底以來，合約量似乎保持相對穩定。我們從其他核燃料參與者那裡聽說，如今公用事業主要關注的是確保濃縮鈾的安全嗎？因此，我們一直預期濃縮鈾承包活動會回升。

And so given the stability and the expectation that it might have grown, do you see any hesitation from the utilities today on either pricing or contract duration? And then looking at it from another way, is there any scope to take a different approach to the contingent sales and for example, structure these as traditional commodity offtake? So rather than just setting them up as contingent sales, getting payment from customers upfront to help fund construction and then in turn, deliver those SWU in the future?

那麼，考慮到穩定性和可能成長的預期，您是否看到公用事業公司今天在定價或合約期限方面有任何猶豫？然後從另一個角度來看，是否有可能採取不同的方法來處理附帶銷售，例如，將其建構成傳統的商品承購？那麼，與其僅將它們設定為或有銷售，不如先從客戶那裡獲得付款來幫助資助建設，然後在未來交付這些 SWU？

Yeah. I'm just jotting down. It's a two-part question. So let me address the first part of your question around the steady backlog and the momentum around the backlog. I think I cannot speak for the utilities, obviously.

是的。我只是記下來。這是一個由兩部分組成的問題。因此，讓我來回答您問題的第一部分，關於穩定的積壓和積壓的動力。顯然，我認為我不能代表公用事業部門發言。

They have their own strategy around securing supply chain. Getting LEU is critical to powering reactors, and I mean, they have entire departments of people that are tasked with ensuring that they can get the right deals and that can secure long-term deals as well. It is my strong belief based on discussions and what we're seeing that the customers do want to see more competition in the market. These deals take a while to negotiate. I would not conclude anything based on it appearing to be a steady state at a certain point in time.

他們有自己的確保供應鏈安全的策略。取得低濃縮鈾對於反應爐的動力至關重要，我的意思是，他們有專門的部門負責確保他們能夠達成正確的交易，並且能夠確保長期交易。根據討論和我們所看到的情況，我堅信客戶確實希望看到市場上有更多的競爭。這些交易需要一段時間來談判。我不會根據它在某個時間點呈現的穩定狀態得出任何結論。

We're in constant discussions. And as I mentioned earlier to the first question, I think it was, this is an imperative for us. And so competition is critical. And as the -- as TENEX, as the Russians sort of exit the market at the end of the decade, I think utilities understand that in order for the market to continue to thrive, they have to have more competitors in the market. And so to your second question around the contingent nature of the sales and if there's other ways to contract, we're exploring that all the time.

我們一直在討論。正如我之前在第一個問題中提到的那樣，我認為這對我們來說是當務之急。因此競爭至關重要。隨著俄羅斯在 TENEX 等公司在本世紀末退出市場，我認為公用事業公司明白，為了讓市場繼續繁榮，他們必須在市場上擁有更多的競爭對手。因此，對於您提出的第二個問題，即銷售的偶然性以及是否有其他簽訂合約的方式，我們一直在探索這個問題。

We are utilizing every possible option we have to make sure that we answer the call for the customers. At the end of the day, I believe we have a common goal. We are a new entrant, and the customer is looking for more competition.

我們正在利用一切可能的選擇來確保我們能夠滿足客戶的需求。最終，我相信我們有一個共同的目標。我們是新進入者，客戶正在尋求更多的競爭。

So I don't know that I can say beyond that, but you are raising good questions beyond which I cannot provide details. But we're exploring every type of mechanism to make the customers feel comfortable and for us to get what we need to get into the market.

所以我不知道我還能說什麼，但你提出的問題很好，我無法提供更多細節。但我們正在探索各種機制，讓客戶感到舒適，並讓我們獲得進入市場所需的一切。

Okay, fantastic. Thank you very much, Amir.

好的，太棒了。非常感謝，阿米爾。

Nick Amicucci, Evercore ISI.

尼克‧阿米庫奇 (Nick Amicucci)，Evercore ISI。

Hey, good morning guys. How are you?

嘿，大家早安。你好嗎？

Good morning, Nick.

早安，尼克。

Just wanted to touch upon one kind of big one that Amir kind of alluded to before. So with the Russian contract kind of culminating over the next couple of years and only three Western enrichers that are currently enriching. I mean, how should we be thinking about -- how should the investors kind of be thinking about -- obviously, the demand is there from the nuclear side and the nuclear fuel side.

我只是想談談阿米爾之前提到的一個大問題。因此，隨著俄羅斯合約在未來幾年內達到頂峰，目前只有三家西方濃縮廠在進行濃縮。我的意思是，我們應該如何思考——投資者應該如何思考——顯然，核能和核燃料方面存在需求。

How should we be thinking about filling that gap and where that capacity come online just given that it is a 42-month kind of lead time before once we get the allocation that you guys will be really up and running in earnest?

鑑於在我們獲得分配之後你們才能真正開始認真運行，這需要 42 個月的準備時間，我們應該如何考慮填補這一空白以及如何讓這些產能上線？

Yeah. Good question, Nick. I think what you're alluding to is, if I paraphrase your question, please tell me if I don't do a good job paraphrasing it, is you're saying there may be a time gap in there where there may be insufficient Western capacity to backfill sort of the Russians pulling out of the market. If that is the question, we obviously are working as hard as we can and working with the customers, with the utilities to get everything we can to come online as quickly as possible. And we talked about it many times, LEU is a market that's here, that's now, that's the market that we're pursuing.

是的。問得好，尼克。我認為你暗示的是，如果我解釋你的問題，請告訴我如果我沒有很好地解釋它，你是說可能存在一個時間間隔，西方可能沒有足夠的能力來填補俄羅斯退出市場的空缺。如果這是問題所在，那麼我們顯然正在盡最大努力與客戶、與公用事業公司合作，盡快讓一切恢復正常。我們多次討論過這個問題，低濃縮鈾是一個現有的市場，也是我們追求的市場。

HALEU is -- we're positioning ourselves for HALEU as well, but we all realize that there is going to be an issue in terms of LEU capacity the years that you mentioned. I don't know if I can add anything else to it other than, we're working very hard through this public-private partnership that we've identified. I think the Department of Energy understands that there's going to be a gap as well. I think Congress understood that as well. And there's a general realization that there is going to be an issue.

HALEU 是——我們也在為 HALEU 做準備，但我們都意識到，在您提到的幾年裡，LEU 容量方面將會出現問題。我不知道我是否還能補充什麼，除了我們正在透過我們確定的這種公私合作夥伴關係努力工作。我認為能源部也明白其中有差距。我認為國會也明白這一點。人們普遍意識到將會出現一個問題。

And we hope to be a big part of the solution, maybe not for the earlier years or -- but definitely be part of the solution.

我們希望成為解決方案的重要組成部分，也許不是早年，但絕對是解決方案的一部分。

Right. No, that was perfect, thanks Amir, and then if I can try and pry on kind of the balance sheet a little bit more and just kind of ask the question, I guess, a little bit differently. So with $833 million in cash on hand, how -- I guess, we're waiting for the actual allocation number, but then presumably, that starts the clock. And then there's inevitably a lag from the government between actual allocation and then deployment of cash. So I guess, how far can that $833 million of cash kind of take you guys given that you still have the brokerage business to run?

正確的。不，那太好了，謝謝阿米爾，然後如果我可以嘗試進一步探究資產負債表，並以稍微不同的方式提出問題。那麼，手頭上有 8.33 億美元現金，我想，我們正在等待實際的分配數字，但據推測，這將開始計時。因此，政府在實際分配和部署現金之間不可避免地會出現滯後。那我想，考慮到你們仍要經營經紀業務，這 8.33 億美元現金能幫助你們走多遠？

How far -- sorry, just to clarify, how far it can take us with regards to meeting our obligations for financial deployments.

抱歉，只是想澄清一下，在履行財務部署義務方面我們能走多遠。

Before you really need to -- before you're in need of the deployment of the capital. So the difference between the allocation of the DOE funds and the deployment of the DOE funds, given that -- if you're able to start, presumably once you get the allocation, how far -- I mean, how much runway do you have before the allocation becomes necessary -- sorry, the deployment becomes necessary?

在您真正需要部署資金之前。因此，能源部資金的分配和能源部資金的部署之間的區別在於——如果你能夠開始，大概一旦你獲得分配，那麼——我的意思是，在分配變得必要之前你有多少跑道——抱歉，部署變得必要？

Yeah. It's a difficult question to answer because there's a lot of variables that are still on the table, specifically associated with what comes down from the DOE. So it would be hard to speculate on how long it would last us as it relates to capital deployment, which I think is your question. I think it -- what I would say is, it's a fairly robust number. And if you look at some of our competitors, and I know many of the folks on this call have heard us mention a competitor in Europe who has announced that they're expanding roughly 2.5 million SWU for the equivalent of USD2 billion, roughly, I think it's a little bit less than that, but I think that gives you a sense of $833 million, putting us in a positive position as it relates to being able to not only sustain but grow our business once we receive the allocation from the government.

是的。這個問題很難回答，因為還有很多變數尚未確定，特別是與能源部發布的政策相關的變數。因此，很難推測它在資本部署方面能持續多久，我認為這是你的問題。我認為——我想說的是，這是一個相當強勁的數字。如果你看看我們的一些競爭對手，我知道這次電話會議上的很多人都聽我們提到過歐洲的一個競爭對手，他們宣布將擴大約 250 萬 SWU，相當於 20 億美元，大概來說，我認為比這個數字要少一點，但我認為這相當於 8.33 億美元，這讓我們處於一個積極的地位，因為一旦我們收到政府的撥款，我們不僅能夠發展業務。

Was that helpful? I know I didn't answer it directly, but I think I did it in a way that gives you a sense of what that money can do for us on a go-forward basis when we actually get an announcement from the Department of Energy.

這樣有幫助嗎？我知道我沒有直接回答這個問題，但我認為我這樣做是為了讓你了解當我們真正收到能源部的公告時，這筆錢在未來能為我們做些什麼。

We'll say it's close enough for government work, Kevin.

我們會說這對政府工作來說已經足夠了，凱文。

Excellent, thank you.

非常好，謝謝。

Jed Dorsheimer, William Blair.

傑德·多斯海默、威廉·布萊爾。

Hi, thanks for taking my question and congratulations on a fantastic quarter, guys. I guess, yes, Amir, and maybe, Kevin, too, just sort of a higher level structural. A lot of the questions have been asked around capital. But I'm wondering, if we look at what the Department of Defense did with MP Materials and setting a market structure in terms of pricing of neodymium. It seems like the government -- the Department of Energy understands the challenges with HALEU quite well, but it hasn't necessarily trickled over to LEU.

嗨，感謝你們回答我的問題，恭喜你們取得如此出色的季度業績。我想，是的，阿米爾，也許還有凱文，只是更高層次的結構。許多問題都是圍繞著資本提出的。但我想知道，如果我們看看國防部對 MP Materials 採取的措施以及在釹定價方面設定的市場結構。看起來政府——能源部非常了解高濃縮鈾 (HALEU) 所面臨的挑戰，但不一定會將其擴展到低濃縮鈾 (LEU)。

So I'm just wondering, do you see that is kind of the pathway forward in terms of government intervention to setting a floor on the market or a structure that's similar? I'm curious your thoughts on that.

所以我只是想知道，您是否認為這是政府乾預設定市場底線或類似結構的前進道路？我很好奇你對此的想法。

Interesting question, Jed. I do not really wish to go into speculating too far as to how and in what matter the Department of Energy or the government in general will impact the market. I honestly have no insight into this. It would be interesting to watch how things unfold with the awards. And I'll remind you that they have substantial awards to make, not only LEU, but also HALEU, there's national security and there's the deconversion.

有趣的問題，傑德。我實際上並不想過多地猜測能源部或整個政府將如何以及在何種程度上影響市場。說實話我對此沒有任何見解。觀察獎項的進展將會很有趣。我要提醒你們的是，他們有大量的獎項要頒發，不僅是低濃縮鈾，還有高濃縮鈾，還有國家安全和脫離宗教信仰。

So I think you're asking a very relevant question is whether this size of awards will sort of be enough to sway and influence the market. Honestly, I do not know. It will depend how the agreements, contracts will be structured and how they will flow down to the award recipients. But nonetheless, a good question to keep in mind and keep an eye on.

所以我認為你問的是一個非常相關的問題是，這種規模的獎項是否足以動搖和影響市場。說實話，我不知道。這將取決於協議、合約如何建構以及如何流向獲獎者。但無論如何，這是一個值得牢記並關注的好問題。

Great, thanks. I'll jump back in the queue, and, nice to see the quarters.

太好了，謝謝。我會重新回到隊列中，很高興看到宿舍。

Pretty straightforward. Thank you, Jed.

非常簡單。謝謝你，傑德。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks. Good morning, everybody. Just one for me. Outside of sort of the expectations on the centrifuge side over time, are there any other areas of the supply chain that interest you over time?

謝謝。大家早安。對我來說只有一個。除了對離心機的長期期望之外，供應鏈中還有哪些領域讓您感興趣？

I guess, I'm trying to understand the question, Stephen, a little more holistically. Obviously, the supply chain.

我想，我正在嘗試更全面地理解這個問題，史蒂芬。顯然是供應鏈。

Yes. So when we think about the life from mining through Fuel Fab, are there any other pieces outside of what you're currently focused on, on the centrifuge technology side that you think would be additive or strategically important for Centrus to be involved in?

是的。因此，當我們考慮從採礦到 Fuel Fab 的生命時，除了您目前關注的離心機技術方面之外，您認為還有其他部分對於 Centrus 的參與具有附加性或戰略重要性嗎？

Yes. Now I understand your question. So the -- our focus right now, and we're very laser-focused on reindustrializing and commercializing our centrifuge technology. And as you know, where we kick started our readiness, as we mentioned numerous times, could vertical integration using my words be helpful? I would not want to speculate or say anything at this point.

是的。現在我明白你的問題了。所以——我們現在的重點是，我們非常專注於重新工業化和商業化我們的離心機技術。如您所知，我們開始做好準備，正如我們多次提到的那樣，用我的話來說，垂直整合是否有幫助？我現在不想猜測或發表任何言論。

I can see just in general terms, not speaking for Centrus, but -- I mean, there's obviously advantages in certain level of vertical integration and the efficiency that it brings. So I'm not really revealing or announcing anything here. But I do want to say that we're always evaluating opportunities, we're always evaluating possibilities on how to become more efficient, more cost efficient, more competitive, but our goal and primary mission right now is the enrichment. But nonetheless, good question.

我只是從總體上看，不代表 Centrus 發言，但是——我的意思是，一定程度的垂直整合及其帶來的效率顯然具有優勢。所以我實際上並沒有在這裡透露或宣布任何事情。但我想說的是，我們一直在評估機會，我們一直在評估如何變得更有效率、更具成本效益、更具競爭力的可能性，但我們現在的目標和主要任務是豐富。但無論如何，這是一個好問題。

Okay, thank you, Amir.

好的，謝謝你，阿米爾。

Jeff Grampp, Northland Capital Markets.

傑夫‧格蘭普 (Jeff Grampp)，北國資本市場 (Northland Capital Markets)。

Good morning. I want to go back to the Phase 3 HALEU contract that you guys are currently underway with. Given that the volume targets, I believe, are fairly consistent with levels that you guys have already kind of proven out or demonstrated, what would you say are kind of the main goals or objectives of Phase 3 relative to what you demonstrated in Phase 2?

早安.我想回到你們目前正在進行的第三階段 HALEU 合約。鑑於我相信數量目標與您已經證明或展示的程度相當一致，您認為第三階段相對於第二階段所展示的主要目標是什麼？

Okay. So I'm assuming you are talking about the HALEU contract. The goals are to continue producing at our rates and fulfilling the stated deliveries and the production rates that we've committed to. And we're well positioned to do that.

好的。所以我假設你正在談論 HALEU 合約。我們的目標是繼續以我們的速度生產，並完成規定的交貨量和我們承諾的生產力。我們已做好充分準備來做到這一點。

Okay. Just to peel that onion back a little bit more. Would you say, I guess, the objective is to continue to demonstrate the, I guess, consistency or longevity to produce at these levels? Or is there anything that's particularly, I guess, different in any meaningful way relative to the operations of the past year or so?

好的。再把洋蔥剝開一點。我想，您認為目標是繼續展示在這些水平上生產的一致性或長壽性嗎？或者我猜想，與過去一年左右的營運相比，有什麼特別有意義的不同嗎？

I see what you mean. So just from my perspective, it is termed as a demo program, and we're very thankful and grateful for the opportunity to be engaged in a long-term demonstration. As you know, we have been already demonstrating and continuously enriching for over 1.5 years now. And as we stated publicly before, the performance of our machines have been meeting our expectations as designed. It is a bit awkward because the material that is used during this demo program is actually useful and it's going to be used for useful purposes.

我明白你的意思。因此，從我的角度來看，它被稱為一個演示程序，我們非常感謝並感激有機會參與長期演示。如您所知，我們已經進行了一年半的展示並不斷豐富。正如我們之前公開聲明的那樣，我們機器的性能一直符合我們的設計預期。這有點尷尬，因為這個演示程式中使用的材料實際上是有用的，而且它將用於有用的目的。

So it's sort of like a dual-use program. We will continue learning as much as we can out of that demonstration. And as I mentioned earlier, the equipment and the centrifuges, everything runs as designed and as we expect them to -- within the parameters we expect them to. So we will continue the production.

所以它有點像是雙重用途計劃。我們將繼續從這次示威活動中盡可能多地學習。正如我之前提到的，設備和離心機的一切都按照設計運行，也按照我們的預期運行——在我們預期的參數範圍內。因此我們將繼續生產。

Understood. Thank You. Appreciate the time.

明白了。謝謝。珍惜時間。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Nagarajan for any final comments.

女士們、先生們，我們的問答環節到此結束。我將把發言權交還給 Nagarajan 先生，請他發表最後的評論。

Thank you, operator. This will conclude our investor call for the second quarter of 2025. As always, I want to extend a thank you to our listeners online and our analysts who called in. We look forward to speaking with you again next quarter.

謝謝您，接線生。我們的 2025 年第二季投資者電話會議就此結束。像往常一樣，我要向我們的線上聽眾和來電分析師表示感謝。我們期待下個季度再次與您交談。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。