Centrus Energy Corp (LEU) 2025 Q4 法說會逐字稿

Greetings. Welcome to Centrus Energy fourth quarter and full year 2025 earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Neal Nagarajan, Senior Vice President, Investor Relations. Thank you. You may begin.

大家好。歡迎參加Centrus Energy 2025年第四季及全年財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給投資人關係資深副總裁Neal Nagarajan先生。謝謝。您可以開始了。

Good morning. Welcome, and thank you to all of our callers as well as those listening to our webcast. Today's call will cover the results for the fourth quarter and full year 2025 ended December 31. Today, we have Amir Vexler, President and Chief Executive Officer; and Todd Tinelli, Chief Financial Officer, Senior Vice President and Treasurer.

早安.歡迎各位來電者以及收聽網路直播的各位，感謝你們的參與。今天的電話會議將介紹截至2025年12月31日的第四季和全年業績。今天出席會議的有總裁兼執行長Amir Vexler先生，以及財務長、資深副總裁兼財務主管Todd Tinelli先生。

This conference call follows our earnings news release issued yesterday. We filed our report for the fourth quarter and full year on Form 10-K earlier 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日發布獲利新聞稿之後召開的。我們已於今日稍早提交了第四季及全年10-K表格報告。所有新聞稿和提交給美國證券交易委員會（SEC）的文件，包括10-K、10-Q和8-K表格，均可在我們的網站上查閱。本次電話會議的錄音回放也將於今天上午稍晚在Centrus網站上提供。

I would like to remind everyone that certain information we may include on this call today may be considered forward-looking information that involves risk and uncertainty, including assumptions around the future performance of Centrus. Our actual results may differ materially from those in our forward-looking statements.

我想提醒各位，我們今天電話會議上可能包含的某些信息屬於前瞻性信息，涉及風險和不確定性，包括對Centrus未來業績的假設。我們的實際業績可能與前瞻性聲明中的內容有重大差異。

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.

有關可能導致實際結果與我們的前瞻性聲明中的結果存在重大差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。

Finally, the forward-looking information provided today is time-sensitive and accurate only as of today, February 11, 2026, 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 express written consent of Centrus is strictly prohibited. Thank you for your participation.

最後，除非另有說明，今天提供的前瞻性資訊僅截至2026年2月11日有效且具有時效性。本次電話會議的錄音版權歸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本次電話會議的內容。感謝您的參與。

And I'll now turn the call over to Amir.

現在我將把電話交給阿米爾。

Thank you, Neal, and thank you to everyone on today's call. 2025 was a milestone year for Centrus, punctuated by December announcement to begin commercial centrifuge manufacturing to address the commercial LEU market and our substantial backlog. Shortly thereafter, in January, the Department of Energy selected Centrus for a $900 million HALEU enrichment award. Our build-out officially ushers in America's return to domestic commercial uranium enrichment, with a derisked, deployment-ready technology that can service both commercial and national security needs. Our first new cascade of centrifuges is expected to come online in 2029, with subsequent cascades to come thereafter.

謝謝尼爾，也謝謝今天參加電話會議的各位。 2025年是Centrus的里程碑之年，12月宣布開始商業離心機製造，以滿足商業低濃縮鈾市場需求並處理我們大量的積壓訂單。此後不久，1月，美國能源部授予Centrus一項價值9億美元的高濃縮鈾濃縮計畫。我們的擴建工程正式標誌著美國重返國內商業鈾濃縮領域，我們採用的是風險可控、可部署的技術，能夠滿足商業和國家安全需求。我們的首批新型離心機預計於2029年投入使用，後續離心機也將陸續投入使用。

We are continuing to identify and implement opportunities to reduce both our lead time and the unit cost. This effort is being implemented day one. But first, let me turn to our results. There can be a significant amount of quarterly variability in our results due to the nature of our business, and we therefore believe our annual results are more indicative of our progress. For the full year 2025, we achieved $448.7 million in revenue, a gross profit of $117.5 million and a net income of $77.8 million.

我們正持續尋找並實施各種機會，以縮短交貨週期並降低單位成本。這項工作從一開始就在推進。但首先，我想談談我們的業績。由於我們業務的特殊性，季度業績可能會出現較大波動，因此我們認為年度業績更能反映我們的進展。 2025 年全年，我們實現了 4.487 億美元的收入、1.175 億美元的毛利和 7,780 萬美元的淨利。

The majority of our current revenue is derived from our LEU business, and during the third quarter, Centrus received waivers from the Department of Energy to continue to import LEU for all currently committed deliveries to US customers in 2026 and 2027. This announcement provided greater clarity and helps derisk that side of our business. Now turning to our future commercial enrichment business and our go-forward roadmap. Our base case build-out will address our substantial commercial LEU enrichment backlog of $2.3 billion and the requirements to the Department of Energy under the HALEU enrichment award.

我們目前的大部分收入來自低濃縮鈾（LEU）業務。第三季度，Centrus 獲得了美國能源部的豁免，可以繼續進口低濃縮鈾，以滿足 2026 年和 2027 年所有已承諾交付給美國客戶的訂單。這項消息提高了業務的透明度，並有助於降低該業務的風險。接下來，我們將展望未來的商業濃縮業務和發展路線圖。我們的基本方案將滿足高達 23 億美元的商業低濃鈾濃縮訂單需求，並滿足美國能源部根據高豐度低濃縮鈾（HALEU）濃縮計畫授予的要求。

Considering all factors, our base case will include 12 metric tons of HALEU. Further capacity additions will be progressive and depend on both our offtake demand and our capital resources. Importantly, I am pleased to announce that as we continue to pursue additional low-cost capital, our base case build-out is expected to be sufficient to reach our nth-of-a-kind cost. We initially launched our commercial centrifuge manufacturing to address the growing demand for commercial LEU, where we have time to market advantage. Demand for LEU from existing and growing electrification needs will only continue to increase ahead of any AI data center advanced manufacturing or hyperscaler demand, while LEU supply is rapidly becoming more constrained.

綜合考慮所有因素，我們的基本產能計劃將包括12公噸高濃縮鈾（HALEU）。後續產能的增加將循序漸進，並取決於我們的市場需求和資金狀況。值得一提的是，我很高興地宣布，隨著我們持續尋求低成本資金，預計我們的基本產能建設將足以達到我們獨創的低成本目標。我們最初啟動商用離心機生產是為了滿足日益增長的商用低濃縮鈾（LEU）需求，我們在該領域擁有上市時間優勢。現有且不斷增長的電氣化需求對低濃縮鈾的需求將持續增長，遠超人工智慧資料中心、先進製造或超大規模資料中心的需求，而低濃鈾的供應正迅速趨於緊張。

Near-term domestic LEU demand alone is set to increase by approximately 6.5 million SWUs, stemming from Russia's exiting the market and the additional demand from restarts, uprates and new pledged reactors. The LEU pricing curve, which has experienced a 24% compound annual growth rate from 2019 to 2025, is an indicator of this increasingly constrained market and pent-up latent demand. National security is another potentially important market. We are currently the only production-ready option for the national security establishment. And in the fourth quarter, we were notified by the National Nuclear Security Administration of its intent to sole-source certain uranium enrichment activities from Centrus.

光是近期國內低濃縮鈾需求就將增加約650萬標準單位，主要源自於俄羅斯退出市場以及重啟、升級和新建反應器帶來的額外需求。低濃鈾價格曲線在2019年至2025年間經歷了24%的複合年增長率，顯示市場供給日益緊張，潛在需求被壓抑。國家安全是另一個潛在的重要市場。目前，我們是國家安全機構唯一具備生產能力的供應商。第四季度，我們收到國家核安管理局的通知，其有意將某些鈾濃縮活動完全委託給Centrus公司。

This could represent another source of low-cost capital. Speaking of funding, the $900 million HALEU enrichment award has the potential to exceed $1 billion, and still needs to be finalized through negotiations. This potential funding, which comes through a procurement and involves neither debt nor equity, would serve two important points. First, it would be another pool of low-cost capital, and we are grateful to our government for recognizing the importance of Centrus to the market. And second, it is supporting the 12 metric tons of HALEU capacity ahead of a commercially-viable advanced reactor market.

這可能代表另一種低成本資金來源。說到資金，9億美元的HALEU濃縮計畫合約金額有可能超過10億美元，目前仍需透過談判最終敲定。這筆潛在的資金將透過採購方式籌集，不涉及債務或股權，其意義有二。首先，這將是另一筆低成本資金，我們感謝政府認可Centrus公司對市場的重要性。其次，在商業化先進反應器市場出現之前，這筆資金將支持12噸HALEU產能的建設。

We are positioned to capitalize on these opportunities because we have been laying the groundwork over the previous 12-plus months. More specifically, these operational efforts include. First, our November 2024 supply chain readiness program. Second, successfully completing phase two of the HALEU operations contract by contractually delivering 900 kilograms of HALEU UF6 to the Department of Energy and producing well over 1 metric ton of HALEU UF6 for the department as of end of 2025. Third, adding approximately $300 million to our $2.3 billion contingent LEU backlog and making strong progress towards removing these contingencies. Fourth, announcing that we are creating more than 300 new jobs at our Piketon facility, and then hiring more than 50 of those new hires in Q4.

我們已做好充分準備，把握這些機遇，因為過去一年多來，我們一直在為此奠定基礎。具體而言，這些營運措施包括：首先，我們於2024年11月啟動了供應鏈準備計畫；其次，我們成功完成了高豐度低濃縮鈾（HALEU）營運合約的第二階段，按合約規定向美國能源部交付了900公斤HALEU UF6，並預計到2025年底，將為能源部生產超過1噸HALEU UF6；第三，我們新增了約3億美元的低濃縮鈾（LEU）訂單，使其總額達到23億美元，並在消除這些不確定因素方面取得了顯著進展；第四，我們宣布將在位於皮克頓的工廠創造300多個新的就業崗位，並在第四季度完成了其中50多個新員工的招聘。

In 2025, we added over 140 employees combined in Piketon and Oak Ridge. Fifth, initiating design work on our training, operations and maintenance facility in Piketon, which will include the significant renovation and rehabilitation of existing facility. And sixth, continuing to identify and implementing opportunities to reduce our lead time and unit cost, a day one activity. Likewise, from a financial standpoint, these efforts include. First, uplifting to the New York Stock Exchange to attract a more diversified set of institutional investors. Second, validating foreign direct investment is another potential source of low-cost capital by signing an MOU with KHNP and POSCO International.

2025年，我們在皮克頓和橡樹嶺兩地共新增員工140餘人。第五，啟動皮克頓訓練、營運和維護設施的設計工作，其中包括對現有設施進行大規模翻新和改造。第六，持續尋找並實施縮短交付週期和降低單位成本的機會，這是我們工作的首要任務。同樣，從財務角度來看，這些努力包括：首先，在紐約證券交易所上市，以吸引更多元化的機構投資者；其次，透過與KHNP和浦項國際簽署諒解備忘錄，驗證外國直接投資是另一種潛在的低成本資金來源。

And third, raising capital to support the build-out, ending the year with a cash balance of approximately $2 billion. Todd will discuss this in greater depth shortly. Moving forward, we will continue to capitalize on our time-to-market advantage in the domestic LEU market and our first mover advantage in the global HALEU market. Operational excellence is nonnegotiable. Our first cascades time line includes a significant amount of time, effort and investment at both our facilities to build on our operational momentum.

第三，籌集資金以支持擴建，年底現金餘額約20億美元。 Todd稍後將對此進行更深入的討論。展望未來，我們將繼續發揮在國內低濃縮鈾市場的上市時間優勢和在全球高濃縮鈾市場的先發優勢。卓越營運是我們的首要任務。我們的首批產品投放計畫將在兩家工廠投入大量時間、精力和資金，以鞏固我們的營運動能。

And as part of this effort, it is with great pleasure that I'm able to announce that we just recently entered into an agreement with a best-in-class partner, Fluor, who will serve as our primary EPC in Piketon. In an effort to provide stakeholders with greater clarity, we are prepared to provide the following full year 2026 guidance. From a financial perspective, for the year, we are providing the following guidance. Total company revenue of $425 million to $475 million and total capital spend of $350 million to $500 million. And from an operational standpoint, we are providing the following guidance.

作為這項工作的一部分，我非常高興地宣布，我們最近與業內領先的合作夥伴福陸公司（Fluor）達成協議，福陸公司將成為我們在皮克頓的主要工程總承包商（EPC）。為了讓利害關係人更清楚了解情況，我們準備提供以下2026年全年業績指引。從財務角度來看，我們預計全年公司總收入為4.25億美元至4.75億美元，總資本支出為3.5億美元至5億美元。從營運角度來看，我們也提供以下指引。

First, finalizing contracts with our most critical partners, with a focus on those who will require long-lead procurements, significant scale items and complex parts. These will be suppliers for either parts or equipment at either facility. Second, workforce additions across both facilities to total at least 150 net new employees. At least 100 new employees in Oak Ridge or roughly 25% of the announced 400, and at least 50 new employees in Piketon. Jobs across both locations will include engineers, assembly technicians, maintenance technicians, enrichment operators, lab technicians, project management and project controls.

首先，我們將與最重要的合作夥伴敲定合同，重點關注那些需要長週期採購、大批量採購和複雜部件的合作夥伴。這些合作夥伴將為兩家工廠提供零件或設備。其次，我們將在兩家工廠增加員工，淨增加至少150名員工。其中，橡樹嶺工廠至少新增100名員工，約佔先前宣布的400名員工總數的25%；皮克頓工廠至少新增50名員工。兩地工廠的職位將包括工程師、組裝技師、維修技師、濃縮操作員、實驗室技師、專案管理人員和專案控制人員。

And finally, and this will be a big achievement from a design perspective, we will be releasing our first Certified for Construction work package in Piketon. This is where the design for a key plant system has completed necessary reviews and is formally signed and stemmed for used by construction crews. We additionally expect to have the majority of our construction partners mobilization completed in Ohio by the end of the year. We expect to be able to provide more details as we continue to make progress, including a time line for the completion of our first centrifuge produced by our commercial scale manufacturing process. This will be another groundbreaking milestone as it represents the supply chain coming together and its ability to produce a centrifuge.

最後，從設計角度來看，這將是一項重大成就：我們將在皮克頓發布首個「施工認證」工作包。這意味著關鍵工廠系統的設計已完成必要的審核，並正式簽署生效，可供施工團隊使用。此外，我們預計到年底，俄亥俄州的大部分施工合作夥伴將完成進場準備。隨著專案的不斷推進，我們將提供更多細節，包括我們首台採用商業規模生產流程製造的離心機的完成時間表。這將是另一個具有里程碑意義的事件，它標誌著供應鏈的整合以及離心機生產能力的提升。

With that, I will turn the call over to Todd, and then come back with some final thoughts. Todd?

好了，我把電話交給托德，稍後再回來補充一些想法。托德？

Thank you, Amir, and good morning to everyone on today's call. Let me first walk you through our results, before providing more detail on some of what Amir discussed as well as our financial guidance. 2025 was another great year of execution both on the operational and financial fronts as we fortify and prepare the business ahead on this industrial build-out. Total revenue for 2025 was $448.7 million, a $6.7 million or a 1.5% increase over full year 2024. The LEU segment generated $346.2 million in 2025, relatively flat versus $349.9 million over 2024 levels.

謝謝Amir，各位早安。首先，讓我先向大家介紹一下我們的業績，然後再詳細說明Amir剛才提到的一些內容以及我們的財務預測。 2025年，我們在營運和財務方面都取得了顯著的進展，為工業建設的推進和業務發展做好了充分準備。 2025年總營收為4.487億美元，比2024年全年增長670萬美元，增幅為1.5%。低濃縮鈾（LEU）業務在2025年創造了3.462億美元的收入，與2024年的3.499億美元基本持平。

Importantly, while uranium revenue decreased 54% year-over-year to $55.6 million, due in part to a large onetime uranium sale in the fourth quarter of 2024, SWU revenue increased 21% year-over-year or $51.9 million, driven by a 23% increase in the volume of SWUs sold. The Technical Solutions segment delivered $102.5 million in 2025, an increase of $10.4 million or 11% over 2024 levels, driven by a $10.5 million increase in the revenue generated by the HALEU operations contract. Total gross profit for 2025 was $117.5 million, a $6 million or roughly 5% increase over 2024 gross profit. The LEU segment's full year 2025 cost of sales decreased $21.3 million or 8% to $234.7 million. The 2025 LEU segment gross profit increased $17.6 million or roughly 19% to $111.5 million in 2025, driven primarily by an increase in the volume of SWUs sold and the increase in the margin on SWU sales due to contract and pricing mix, partially offset by a decrease in uranium gross profit.

值得注意的是，儘管鈾收入年減54%至5,560萬美元（部分原因是2024年第四季一筆金額較大的一次性鈾銷售），但SWU營收年增21%至5,190萬美元，主要得益於SWU銷售量成長23%。技術解決方案部門2025年營收達1.025億美元，較2024年成長1,040萬美元，成長 11%，主要得益於HALEU營運合約帶來的1,050萬美元營收成長。 2025年總毛利為1.175億美元，較2024年成長600萬美元，增幅約5%。 LEU部門2025年全年銷售成本下降2,130萬美元，降幅為8%，至2.347億美元。 2025 年低濃縮鈾業務毛利成長 1,760 萬美元，增幅約 19%，達到 1.115 億美元，主要得益於 SWU 銷量增加以及由於合約和定價組合而導致 SWU 銷售利潤率提高，但部分被鈾毛利潤下降所抵消。

The Technical Solutions segment's 2025 cost of sales increased $22 million or 30% to $96.5 million, driven primarily to a $22.8 million increase in costs incurred under the HALEU operations contract, partially offset by a decrease in costs related to other contracts. That segment's 2025 gross profit decreased $11.6 million or 66%, to $6 million, due to the aforementioned factors. Phase two costs incurred subsequent to November 2024 have not been subject to a fee as this portion of the contract remains undefinitized and is subject to final resolution. Importantly, we had a schedule and permitted fourth quarter shipment from Russia that did not leave as expected due to a shipping issue. That shipment, which was pushed out to the first quarter of 2026, would have driven down the average cost per SWU and positively impacted gross margin and net income.

技術解決方案業務板塊2025年的銷售成本增加了2,200萬美元，增幅30%，達到9,650萬美元，主要原因是HALEU營運合約項下的成本增加了2,280萬美元，部分被其他合約相關成本的下降所抵銷。受上述因素影響，該業務板塊2025年的毛利下降了1,160萬美元，下降66%，至600萬美元。由於合約的這一部分尚未最終確定，2024年11月之後產生的第二階段成本尚未計入費用。值得注意的是，我們原計劃在第四季度從俄羅斯發貨，但由於運輸問題未能如預期進行。這批貨物已推遲至2026年第一季發貨，如果按計劃進行，將降低每SWU的平均成本，並對毛利率和淨利潤產生積極影響。

In addition, in the year, we experienced non-reoccurring G&A costs of $3.6 million and $1.1 million related to voluntary tax withholdings and CFO transition costs, respectively. To provide a better picture of our earnings and account for potential variances and future shipments as well as our quarterly earnings fluctuations, next quarter we will begin to present financials in both a quarterly as well as a trailing 12-month format. Turning to our backlog. As of December 31, 2025, the total company backlog stood at $3.8 billion and extends to 2040. The LEU segment backlog was approximately $2.9 billion.

此外，本年度我們分別產生了360萬美元和110萬美元的非經常性一般及行政費用，其中自願預扣稅款和首席財務官過渡費用為主要支出。為了更清晰地反映我們的獲利情況，並考慮到潛在的差異、未來的出貨量以及季度獲利波動，下個季度我們將開始同時以季度和過去12個月的財務報表形式呈現財務數據。接下來談談我們的積壓訂單。截至2025年12月31日，公司總積壓訂單為38億美元，訂單期限至2040年。低濃縮鈾業務的積壓訂單約29億美元。

This includes future SWU and uranium deliveries, primarily under medium and long-term contract fixed commitments, as well as the $2.3 billion in contingent LEU sale contracts and commitments with $2.1 billion of the total under definitive agreements and $200 million of the total subject to entering into definitive agreements. Our Technical Solutions segment backlog is approximately $900 million as of December 31, 2025, which includes funded amounts, unfunded amounts and unexercised options. The options relate to the company's HALEU operations contract. Turning to our capitalization. In 2025, we raised gross proceeds of $533.6 million through two ATM programs.

這包括未來的SWU和鈾交付，主要依據中長期合約固定承諾，以及23億美元的低濃縮鈾(LEU)或有銷售合約和承諾，其中21億美元已達成最終協議，2億美元尚待最終協議。截至2025年12月31日，我們的技術解決方案部門積壓訂單約為9億美元，包括已支付金額、未支付金額和未行使的選擇權。這些選擇權與公司的HALEU營運合約相關。接下來談談我們的資本狀況。 2025年，我們透過兩項ATM計畫籌集了5.336億美元的總收益。

We raised gross proceeds of $390.4 million through our recently announced November 2025 ATM program at an average of $269.21 per share. Combined with our cash generated by our business and oversubscribed August convertible senior note issuance, we ended the year with an unrestricted cash balance of $2 billion. And as Amir noted, we were recently selected for the $900 million HALEU enrichment award, which could increase to just over $1 billion with $170 million of additional options. We are still in the process of negotiating our final contract with the DOE, which will be based on milestone payments. With our funding and our line of sight to customer demand, as of now, we plan to have HALEU production online before the end of the decade and to produce 12 metric tons of HALEU per year thereafter.

我們透過近期宣布的2025年11月ATM計畫籌集了3.904億美元的資金，平均每股價格為269.21美元。加上我們業務產生的現金以及8月超額認購的可轉換優先票據發行，我們年底的非限制性現金餘額為20億美元。正如Amir所指出的，我們最近中標了價值9億美元的HALEU濃縮項目，該項目還擁有1.7億美元的額外選擇權，最終金額可能略高於10億美元。我們仍在與美國能源部就最終合約進行談判，該合約將基於里程碑付款。憑藉目前的資金和對客戶需求的清晰認識，我們計劃在本世紀末之前實現HALEU的投產，並在此後每年生產12公噸HALEU。

Our war chest provides Centrus with the ability to begin funding our operations to stand up our supply chain while making the necessary investments in our facilities, machinery, partners and workforce as part of the build-out. Going forward, we will continue to prudently shape our balance sheet to support this large first-of-a-kind industrial build-out of one-of-a-kind centrifuge technology that can meet both commercial and national security requirements.

我們的資金儲備使Centrus能夠啟動運營，建立供應鏈，同時對設施、設備、合作夥伴和員工進行必要的投資，以推進專案建設。展望未來，我們將繼續審慎地調整資產負債表，以支持這項規模龐大、史無前例的工業建設，該建設將採用獨一無二的離心機技術，滿足商業和國家安全需求。

We believe we are sufficiently funded to meet our near-term capital requirements, and our current LEU backlog and potential HALEU enrichment award should allow us to meet our milestone of reaching nth-of-a-kind cost. We are simultaneously pursuing other avenues of low cost of capital to continue to strengthen our capital stack, including national security-related funding, future prepayment or offtake arrangements and potential foreign direct investments. Maintaining a healthy cash balance provides additional flexibility to negotiate with any of these potential partners while also moving us to removing the contingency around our LEU enrichment backlog.

我們相信，我們目前的資金足以滿足近期資本需求，現有的低濃縮鈾訂單和潛在的高濃縮鈾訂單應該能夠幫助我們實現成本低於同類產品這一里程碑式的目標。同時，我們也積極尋求其他低成本融資管道，以持續增強我們的資本實力，包括國家安全相關資金、未來的預付款或承購協議以及潛在的外國直接投資。保持健康的現金餘額能夠讓我們在與任何潛在合作夥伴談判時擁有更大的靈活性，同時也有助於我們消除低濃縮鈾訂單積壓帶來的不確定性。

Turning to guidance. As Amir discussed, we are providing both financial and operational guidance. Let me dive deeper into the financial points he discussed. For 2026, we are providing the following financial guidance. Total company revenue of $425 million to $475 million, with the midpoint of $450 million representing flat year-over-year growth.

接下來談談業績指引。正如Amir所提到的，我們提供財務和營運兩方面的指引。讓我更深入地探討他所提到的財務要點。對於2026年，我們提供以下財務指引：公司總收入預計在4.25億美元至4.75億美元之間，其中4.5億美元的中位數代表與上年持平。

And total capital deployment of $350 million to $500 million. 2026 capital deployment will also include prepaid expenses that do not appear as CapEx, but impact free cash flow as we invest in our partners as they scale up ahead of our production.

總資本投入為 3.5 億至 5 億美元。 2026 年的資本投入還將包括一些預付費用，這些費用不計入資本支出，但由於我們將投資於合作夥伴以幫助他們在我們生產之前擴大規模，因此這些費用會影響自由現金流。

With that, I will turn it back to Amir.

這樣，我就把麥克風交還給阿米爾了。

Thanks, Todd. Our strategy to build both LEU and HALEU capacity is a clear signal to potential customers that Centrus has achieved an important inflection point and is prepared to meet future enrichment needs. Absent Centrus, the market must rely on the duopoly of state-backed competitors with a shared signal point of failure centrifuge manufacturing risk. Providing Centrus with orders derisks customers' businesses and provides us with the clarity needed to stand up our operations. On the LEU side, the technology was already proven, and so too now is our role in the LEU enrichment supply chain.

謝謝托德。我們同時建立低濃縮鈾（LEU）和高濃縮鈾（HALEU）產能的策略，向潛在客戶清楚地表明，Centrus 已達到一個重要的轉折點，並已準備好滿足未來的濃縮需求。如果沒有 Centrus，市場將不得不依賴兩家國有背景的競爭對手，而這兩家公司都面臨離心機製造故障風險這一共同的信號點。客戶向 Centrus 下訂單可以降低其業務風險，並為我們建立營運體系提供所需的清晰方向。在低濃鈾方面，相關技術已經過驗證，我們在低濃鈾濃縮供應鏈中的角色也已確立。

The projected gap between supply and demand for both domestic and foreign utilities continues to widen. In the US, we continue to see signs from the administration, through regulators and through utilities, that demand will only increase as they seek to unleash American energy dominance and energy security. On the HALEU side, we are now going to build out capacity and capitalize on our first mover advantage. We're already in conversation with hyperscalers for future prepayment or offtake-like agreements, another potential source of low-cost capital financing. Here, we demonstrate that we expect to have at least some capacity ready before the end of the decade and ahead of the advanced reactor market maturing.

預計國內外公用事業的供需缺口將持續擴大。在美國，我們從政府、監管機構和公用事業公司處不斷看到跡象表明，隨著美國尋求釋放其能源主導地位和保障能源安全，需求只會不斷增長。在HALEU方面，我們將擴大產能，並充分利用我們的先發優勢。我們已與超大規模能源業者洽談未來的預付款或類似承購協議，這是另一個潛在的低成本融資來源。在此，我們表明，我們預計在本十年末之前，甚至在先進反應器市場成熟之前，至少能夠建成部分產能。

And for our government, we thank you again for the award and look forward to supporting the national security establishment to our fullest ability. We are embarking on a vital industrial build-out to support the global nuclear industry's growth and America's energy independence. We look forward to updating you with more as we embark on this exciting new step. With that, I will turn the call over to the operator for questions. Operator?

對於我國政府，我們再次感謝您頒發的獎項，並期待竭盡全力支持國家安全機構。我們正在啟動一項至關重要的工業建設項目，以支持全球核能工業的發展和美國的能源獨立。隨著我們邁出這激動人心的新步伐，我們將期待向您報告更多進展。接下來，我將把電話交給接線員，請各位提問。接線生？

(Operator Instructions)

（操作說明）

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Maybe we could talk about the time line a little bit more. It sounds like you're looking to improve on the 42-month forecast that you've talked about in the past. Could you talk about some of the potential initiatives that might help pull that forward, whether it's more funding, other federal programs or anything else we should be aware of?

或許我們可以再詳細討論時間表。聽起來您似乎想改進之前提到的42個月的預測。您能否談談有哪些潛在的措施有助於加快進度，例如增加資金、其他聯邦計畫或其他我們應該注意的事項？

Ryan, appreciate your question. Thank you for calling today. You're pointing to an area that is increasingly important to us, obviously, as we now embark on actual manufacturing of centrifuges and fulfilling some of our commitments. Execution is becoming and has become a priority for us. And so the -- as I've stated earlier in the remarks, continuous improvement and the ability to reduce unit cost and go faster is paramount as we build out our capacity.

瑞恩，感謝你的提問。謝謝你今天來電。你指出的這一點對我們來說顯然越來越重要，因為我們現在正著手實際生產離心機，並履行一些承諾。執行力變得越來越重要，而且已經成為我們的首要任務。因此，正如我之前所說，隨著我們產能的提升，持續改進、降低單位成本和提高生產效率至關重要。

We have to do it in parallel. And I will tell you that we have quite a few folks dedicated to this, and we're dedicating resources to this. And it is evident to me that we already have a good list of opportunities that we're executing on. We have a good list of partners that we've announced, for example, Fluor, which we're very proud of that partnership, they're best-in-class, and others that we're working with that we have not announced and in the future we'll make announcement related to that. All this to say that being able to go more efficiently, reducing unit cost and going faster is a priority for us, as I said, day one, and we're executing on it in parallel. And stay tuned for more updates as we continue with the process.

我們必須並行推進。我可以告訴大家，我們為此投入了相當多的人力物力。而且很明顯，我們已經掌握了一系列正在執行的優質專案。我們已經公佈了一些合作夥伴，例如我們引以為傲的福陸公司（Fluor），他們是業界翹楚。此外，我們還有一些正在合作但尚未公佈的伙伴，未來我們會發布相關資訊。總而言之，提高效率、降低單位成本和加快生產速度是我們的首要任務，正如我之前所說，從一開始就如此，我們正在並行推進。請繼續關注我們後續的更新。

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

Congratulations on all the progress. On the commercialization side of the -- LEU commercialization, is that capacity ramp sort of similar time line with the HALEU ramp? And when does that kind of reach a point where you have that backlog turn from contingent to sort of final?

祝賀你們取得的所有進展。關於低濃縮鈾（LEU）的商業化方面，產能提升的時間表是否與高濃縮鈾（HALEU）的產能提升時程類似？何時才能達到訂單積壓從待定變成最終交付的階段？

Thanks for calling in and for the question. Let me just maybe repeat the question and make sure that I'm answering the right one. Your question, first of all, is around the contingency associated with our sales and when does that turn into a firm commitment? Did I get it right?

感謝您的來電和提問。我再重複一次您的問題，確保我回答正確。首先，您的問題是關於銷售中的附加條款，以及這些條款何時會轉化為正式承諾？我理解對了嗎？

Yes, correct.

是的，沒錯。

Yes. So this is not something that at this point we will get into a lot of contractual details. Needless to say that we, as I stated before, we have the intention and the plan and we're progressing towards fulfilling our commitments. This backlog of LEU commitments that we've announced, it's extremely important to us. And again, I will not comment specifically on the details of the contractual arrangements, but this is exactly what we're executing towards. And we have every intention to meet our commitments.

是的。所以目前我們不打算深入探討合約細節。毋庸置疑，正如我之前所說，我們有履行承諾的意願和計劃，並且正在朝著這個方向努力。我們先前宣布的低濃縮鈾（LEU）供應承諾的積壓對我們來說至關重要。再次強調，我不會具體評論合約安排的細節，但這正是我們正在努力的方向。我們一定會履行我們的承諾。

Eric Stine, Craig-Hallum Capital Group.

Eric Stine，Craig-Hallum Capital Group。

So maybe just on the CapEx, I appreciate the CapEx guidance for '26. If you could talk about, if possible, maybe the linearity of that CapEx expected throughout the year. And then also, as we think about the number that you gave, is that kind of a representative number on an annual basis as you work towards that initial 2029 operational date? Or I mean, is this a number that is more representative, it's the first year and you likely -- it either increases from there or is lower going forward?

所以，就資本支出而言，我很欣賞您提供的2026年資本支出指引。如果您能談談全年資本支出的預期線性成長情況，那就太好了。另外，考慮到您之前給出的數字，這個數字在你們朝著2029年初始營運日期邁進的過程中，是否具有年度代表性？或者說，這個數字更具代表性，畢竟這是第一年，未來可能會增加，也可能減少？

Yes. What I would say is, looking past 2026, obviously, our CapEx spend manufacturing process gets more linear. Currently, right now, this -- the number that we have provided for guidance is capital spend. So that does include some long-lead procurement, potential prepayments on supplier agreements and also engineering work at our Piketon facility. So the first year is not indicative of the linear spend that I anticipate seeing in '27 through '29 period due to those factors.

是的。我想說的是，展望2026年以後，顯然，我們的資本支出生產流程將會更加線性。目前，我們提供的指導數字指的是資本支出。這其中包含了一些長週期採購、供應商協議的潛在預付款以及我們在皮克頓工廠的工程項目。因此，由於這些因素，第一年的數據並不能代表我預期在2027年至2029年期間看到的線性支出模式。

What I will say is as we move through the year, any time that we see an adjustment, we'll reflect that in the guidance and we'll try to keep you -- that's why we want to inform the investors the best way we can on where we're going to be over the next 12 months, but also on what demand shakes out to be from a plant standpoint at both manufacturing and Piketon, and we'll work towards fine-tuning that guidance. But initial year does include some prepayments and long-lead procurement.

我想說的是，隨著年內業績的推進，一旦出現任何調整，我們都會及時反映在業績指引中，並盡力讓各位投資者了解——這就是為什麼我們希望盡可能清晰地向投資者說明未來12個月的業績目標，以及工廠（包括生產製造和皮克頓工廠）的實際需求情況，並努力對業績指引進行微調。但第一年的業績指引確實包含一些預付款和長週期採購。

Jed Dorsheimer, William Blair.

傑德·多爾斯海默，威廉·布萊爾。

Congrats on the progress. I guess for my one question, just the -- achieving the nth-of-a-kind, I'm just wondering if I'm reading into this correctly. I had always assumed that maybe it took the 3.5 million SWU to achieve that. And it sounds like that's not the case, that you can achieve that target with less capacity. And so I'm just curious if you might be able to give a little bit more framework on the relative capacity to achieving the nth-of-a-kind target.

恭喜取得的進展。關於“第n個同類目標”，我有個疑問，想確認一下我的理解是否正確。我一直以為需要350萬SWU才能實現這個目標，但現在看來並非如此，似乎可以用更少的容量來實現這個目標。所以我想請教一下，能否就實現「第n個同類目標」所需的相對容量提供更詳細的解釋？

Yes. Jed, thanks for calling in. Good question. The nth-of-a-kind move will be achieved way before the 3 million SWUs, as you mentioned. I would have to say that, in my view, that this is an important announcement to make to the analysts here, to shareholders and investors.

是的，傑德，謝謝你的來電。問得好。正如你所說，這項史無前例的舉措將在300萬SWU目標之前就實現。我認為，這對這裡的分析師、股東和投資者來說都是一個重要的公告。

As you know, one of the greatest obstacles for any new entrant into the market is the nth-of-a-kind cost. And the fact that we are commencing, we're building towards a certain volume and capacity, and the fact that we are able to get through the first-of-a-kind in this short period of time, I think, is remarkably important. As always, I'm very careful. We're not disclosing full cost. And so I will -- I'll stop there. But I believe I answered your question. And like I said, the fact that we're crossing the nth-of-a-kind cost is a big announcement and a big achievement for us.

如您所知，對於任何新進入市場的企業來說，最大的障礙之一就是首創成本。而我們能夠啟動項目，並朝著一定的產量和產能邁進，能夠在如此短的時間內克服首創成本的挑戰，我認為這意義非凡。一如既往，我非常謹慎，我們不會透露全部成本。所以我就說到這裡吧。但我相信我已經回答了您的問題。正如我所說，我們能夠克服首創成本的挑戰，對我們來說是一個重大的宣布，也是一項巨大的成就。

You did.

你做到了。

Joseph Reagor, ROTH Capital.

Joseph Reagor，ROTH Capital。

Most of my questions have been answered, but just to kind of touch on looking forward a couple of years. Has the government started to come around on this January 1, 2028 cutoff for Russian imports? Has there been any willingness to discuss that given domestically you guys should be first to market, that there isn't really going to be supply in 2028, 2029 domestically?

我的大部分問題都已得到解答，但還是想簡單談談未來幾年的情況。政府是否開始考慮2028年1月1日俄羅斯進口的截止日期？鑑於你們國內市場應該率先進入，2028年、2029年國內市場供應不足的問題，政府願不願意討論？

Yes. Well, another good question, and thank you for calling in as well. I can give you my perspective from interfacing with customers, potential customers, be they on the LEU side or on the HALEU side, in other words, the existing commercial fleet or the advanced reactors that are being built. It seems like there's a lot of demand that is being stacked up in around those years towards the end of the decade. We are seeing a lot of demand there.

是的。又是一個好問題，也感謝您的來電。我可以從與客戶和潛在客戶的接觸角度談談我的看法，無論他們是低濃鈾（LEU）用戶還是高濃鈾（HALEU）用戶，換句話說，無論是現有商業反應器還是正在建造中的先進反應器用戶。似乎在十年末期，市場需求會大幅成長。我們確實看到了這方面的巨大需求。

On the government side, I really can't report anything because there's nothing really to report. We're not -- there's nothing out there in the public domain that expresses any concerns. But as you know, the real concerns and the real push will come from the customers, the industry, the utilities themselves if and when the problem presents itself. Some of the leading indicators, as I mentioned earlier, we are already experiencing in the form of intense discussions and discussions around HALEU. As you know, we're bringing HALEU supply ahead of advanced reactors being commercially viable.

政府方面，我真的沒什麼好報告的，因為目前沒有什麼好報告的。我們沒有——沒有任何公開資訊表達任何擔憂。但如您所知，真正的擔憂和真正的推動力將來自客戶、行業以及公用事業公司本身，一旦問題出現，就會隨之而來。正如我之前提到的，一些先行指標我們已經看到了，例如圍繞高低濃鈾（HALEU）的激烈討論。您也知道，我們是在先進反應器實現商業可行性之前就著手解決高低濃縮鈾的供應問題。

And so that creates a lot of demand as well. Just as a reminder, HALEU is not only enrichment of HALEU, it requires a significant enrichment of LEU and LEU capacity as well. So you have a force multiplier there that will only kind of reveal itself in the next few years. But back to your original question, nothing to report from the government side. And if the government will take note of it, it would most definitely will have to start from the utilities and the customers themselves pointing it out as a problem.

因此，這也催生了大量的需求。需要提醒的是，高濃縮鈾（HALEU）的純化並非僅指高濃縮鈾的純化，它還需要大幅提升低濃縮鈾（LEU）的提純能力和產能。所以，這其中存在著一種倍增效應，其影響將在未來幾年逐漸顯現。回到你最初的問題，政府方面目前沒有任何消息。如果政府要關注此事，那肯定需要從電力公司和用戶本身開始，讓他們指出這個問題。

David Choe, UBS.

David Choe，瑞銀集團。

I guess really quick, the '26 guide is flat year-over-year for revenue. Just wondering if you could kind of remind us of some of the contract dynamics for your long-term supply arrangements, and then also if and when we should expect to see any kind of step-up in line with some of the changes we've seen in long-term SWU prices in line with some of the indices.

我想簡單提一下，2026年的業績指引顯示，營收與前一年持平。我想請您簡要介紹長期供應安排的合約動態，以及我們是否應該以及何時會看到任何形式的漲價，以配合我們觀察到的長期SWU價格與某些指數的變動。

Yes. So our guidance is flat. We picked the midpoint. And obviously, there's a number of factors, obviously, around that guidance. As we mentioned on the call, we did have one shipment that obviously impacted our year-end results for gross profit all the way down to net income and earnings per share.

是的。所以我們的業績指引保持不變。我們選擇了中間值。當然，這個指引顯然受到許多因素的影響。正如我們在電話會議上提到的，我們有一批貨物的交付對我們全年的毛利、淨利潤和每股盈餘都產生了影響。

And these are some of the challenges that we face just with normal shipping delays. I would say this was not due to any permitting or any waivers that had to go along with any Russian material. But we see upside to our potential guidance. The market continues to improve itself. We've seen some record-high spot prices in SWU.

這些都是我們面臨的正常運輸延誤所帶來的挑戰。我認為這並非由於任何俄羅斯原材料的許可或豁免問題。但我們預期業績指引將有所上調。市場持續好轉，我們看到SWU現貨價格創下歷史新高。

We hope those dynamics continue. And a lot of our supply is contracted, both from two foreign sources. We feel comfortable with our -- on our supply side. Our goal is to maximize the margin on the revenue side and sales to our customer.

我們希望這種趨勢能夠持續下去。我們的大部分供應都是透過合約獲得的，其中兩家都來自國外。我們對自身的供應狀況感到滿意。我們的目標是最大化收入和銷售額方面的利潤率，以便更好地服務客戶。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，北地資本市場。

My question is regarding the time line that you guys have put out to initial enrichment capacity. I'm curious, are there more important milestones or roadblocks that would more tangibly derisk the time line that you guys have put out that you could communicate along the way? And what might those be? Just kind of wondering how you guys are able to communicate publicly progress towards derisking that time line.

我的問題是關於你們公佈的初始濃縮能力時間表。我很好奇，是否存在更重要的里程碑或障礙，能夠更切實地降低你們公佈的時間表的風險，並且你們可以在過程中及時溝通？這些里程碑或障礙是什麼？我只是想知道你們是如何公開溝通降低時間表風險的進展情況的。

Yes. Well, thanks for calling in. Another great question on execution here. So if you think about lead times to production, a lot of it has to do with our own cycle times, our supplier cycle times, the lead times that we can get our suppliers to commit to, how we configure our supply chain. All of these are being worked on, as I said, as we speak right now and in parallel with our actual initial build of the centrifuges.

是的。謝謝您的來電。關於執行方面，您又提出了一個很好的問題。說到生產週期，很大程度上取決於我們自己的生產週期、供應商的生產週期、供應商承諾的交貨週期，以及我們如何配置供應鏈。正如我剛才所說，所有這些問題我們都在著手解決，而且與我們離心機的初始生產同步進行。

We do, as I said earlier, we do look at different partners, different ways that we can be more efficient and faster. I foresee that when those mature and there's something to report, we certainly will be very transparent in how we announce them. We will uncover efficiencies that -- as we go through the process, and I'm sure that there will be more announcements that will be made. I believe I answered the question. I think it's important to note that we do see demand peaking around the time of when we are bringing our capacity.

正如我之前所說，我們確實在尋找不同的合作夥伴，探索提高效率和速度的各種途徑。我預計，當這些合作成熟並取得進展時，我們一定會以非常透明的方式公佈。隨著專案的推進，我們會不斷發現提高效率的方法，我相信之後還會發布更多公告。我想我已經回答了這個問題。我認為需要指出的是，我們預期需求高峰將出現在我們產能投入使用前後。

And to the earlier question by the earlier analyst around issues around misalignment of supply and demand, we're predicting that that would be the case. We predict that there would be issues around supply and the ability to meet the demand. And so we're doing everything in our power to be able to expedite that to the market.

至於先前那位分析師提出的供需不匹配問題，我們預測確實如此。我們預測供應方面會出現問題，難以滿足需求。因此，我們正在盡一切努力加快產品上市速度。

And again, the example that I used there, if we start seeing real committing demand for HALEU, which we're already in discussions with several OEMs and we're starting to see that happen -- especially after we got the announcement out on the award for the $900 million from the DOE, we're seeing great engagement from a lot of the OEMs. Once those start becoming reality, and I predict they will very soon, then that creates a huge demand for LEU as well. And so I think all of that is going to become a lot clearer as we step through the major milestones this year and in the next few years.

再說一次我剛才舉的例子，如果我們開始看到對高低鈾（HALEU）的真正需求，而我們已經在與幾家原始設備製造商（OEM）進行洽談，並且已經開始看到這種趨勢——尤其是在我們宣布獲得美國能源部9億美元的撥款之後，我們看到很多OEM廠商都表現出了極大的積極性。一旦這些需求開始轉化為現實（我預測很快就會實現），那麼對低鈾（LEU）的需求也將隨之大幅增加。因此，我認為隨著我們在今年和未來幾年逐步完成各項重要里程碑，所有這些都將變得更加清晰。

And I just will add that the importance of our supply chain is critical. We're working very diligently on making sure our supply chain meets national security needs. So those steps in order to meet that supply chain requirements, we have to be careful with. We have to be prudent and make sure that we cover all of our bases. Once we achieve those supply chain requirements for national security, it allows us to move a little quicker. And so we'll continue to provide updates throughout the year and in future quarters on how those milestones can be tracked, and we'll hold ourselves accountable.

我還要補充一點，我們的供應鏈至關重要。我們正竭盡全力確保供應鏈符合國家安全需求。為了滿足這些供應鏈要求，我們必須謹慎行事，確保萬無一失。一旦我們滿足了國家安全的供應鏈要求，就能加快推進速度。因此，我們將持續更新全年及未來幾季的進展情況，並將嚴格履行責任。

Vikram Bagri, Citigroup.

Vikram Bagri，花旗集團。

It's Ted on for Vik. Could you talk about the HALEU production target that you have? On a metric ton basis, it looks like it's roughly enough for an initial load for one of the advanced reactors. So could you just confirm whether that quantity includes both an assumption of market demand as well as the demand that you see from the DOE task orders?

這裡是Ted，請問Vik，你能談談你們的HALEU生產目標嗎？以公噸計算，這個數量似乎足夠一座先進反應器的初始裝機量。您能否確認一下，這個數量是否既包含了市場需求，也包含了您從美國能源部任務訂單中了解到的需求？

Yes. Thank you for that question. The way I read your question is around the capacity and what that capacity actually means for the industry in terms of the ability to satisfy some of the initial courses or what they may be. We got to remember the intent of the DOE program was to stimulate the market. So here, we had a market where there was not necessarily demand that anybody could commit to, and the Department of Energy had wisely said, well, what we're going to do is we're going to invest, we're going to create the capacity, and then we're going to allow the OEMs to contract for that capacity. And exactly as they planned, we're starting to see that.

是的，謝謝你的提問。我理解你的問題是關於產能的，以及這種產能對產業來說究竟意味著什麼，例如能否滿足一些初期課程的需求。我們必須記住，能源部這項計畫的目的是刺激市場。當時市場需求並不旺盛，沒有企業能真正承諾滿足需求。能源部明智地決定投資，創造產能，然後允許原始設備製造商（OEM）簽訂合約。正如他們計劃的那樣，我們現在已經開始看到成效了。

We're seeing the OEMs now lining up and having discussions and conversations for the capacity that's going to become available. More specifically to what does that number represent, it depends on the design. It depends on the specific OEM, the size of the reactor. It depends on how they're going to configure their supply chain and what enrichment they would require. I will point out two things to you, that, number one, we did say that it is our full intention to have both LEU and HALEU capacity, and we're progressing on those fronts.

我們看到各原始設備製造商（OEM）正在積極洽談，商討即將開放的產能。具體來說，這個數字代表什麼，取決於設計方案、具體的OEM廠商、反應爐的規模、供應鏈的配置以及所需的濃縮程度。我想強調兩點：第一，我們確實說過，我們完全有信心同時擁有低濃縮鈾（LEU）和高濃縮鈾（HALEU）的產能，我們正在朝著這個方向努力。

And it is our intention to serve the commercial and national security needs, and we're progressing on those two fronts as well. And so there's really no specific answer to that other than the fact that we will continue expanding our plans if need be. And we're pushing as hard as we can to be -- to get as much offtake as possible and then demand as possible. And if need be, our plans would be expanded accordingly. This is a good kickoff and starting point for us in terms of our capacity assumptions.

我們的目標是滿足商業和國家安全需求，並且在這兩個方面都取得了進展。因此，除了我們會根據需要繼續擴大計劃之外，目前沒有其他具體答案。我們正在竭盡全力爭取盡可能多的承購量和需求量。如有必要，我們的計劃將相應擴大。就我們的產能預期而言，這是一個好的開始和起點。

Got it. Very helpful. I have one follow-up, just in terms of the guidance. Could you just remind us how pricing is set in the contracts? Are you able to talk about what portion of the planned deliveries for 2026 already have the cost of supply fixed?

明白了，很有幫助。我還有一個後續問題，是關於指導方面的。您能否再提醒一下合約中的價格是如何決定的？您能否說明一下2026年計畫交付的貨物中，有多少部分的供應成本已經固定？

Yes. So in our guidance, we don't comment on the contractual makeup of our contracts. What we have said is we do have secure supply from two foreign sources, and that allows us to get comfort around our guidance and secured that we have everything in place, both waivers and, as I said, normal shipping channels to move forward.

是的。因此，在我們的指導方針中，我們不會對合約的具體條款發表評論。我們所說的是，我們確實有來自兩個海外供應商的穩定供應，這讓我們對指導意見充滿信心，並確保一切就緒，包括豁免條款以及我剛才提到的正常運輸管道，以便順利推進專案。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

I was curious what you could tell us on this front. When we think about the CapEx you're spending to build out capacity over the next decade, how do you think about the evolution of SWU prices to sort of support the economics behind it? And I know you're not going to give me an exact number, but like how do we think about SWU for HALEU and LEU? And just in your mind, like how does that dynamic play out?

我很好奇您能否就此方面提供一些資訊。考慮到您未來十年為擴大產能而投入的資本支出，您如何看待固體鈾價格的演變，以支撐其背後的經濟效益？我知道您不會給我一個確切的數字，但您如何看待高濃鈾和低濃縮鈾的固體鈾價格？在您看來，這種動態變化會如何發展？

Yes. Good. Thanks for that question, Stephen. Thanks for calling in today. I think it's an important topic to discuss because we talk a lot about cost, which is a very important part of the project and the elements that we're considering.

是的，很好。謝謝你的提問，史蒂芬。感謝你今天打電話來。我認為這是一個值得討論的重要主題，因為我們經常談到成本，而成本是專案和我們所考慮的因素中非常重要的一部分。

Likewise, the SWU prices out there and our ability to contract for higher SWU prices or more favorable SWU prices is a major consideration for us. So I think the question of how do you see the SWU prices sort of momentum in the market, I think, is something we discuss and debate and monitor very closely internally. The SWU prices, in my view, are going to adjust down only if one of two things happen. Well, if one of two things happens. Either demand goes down, in other words, we're going to start shutting down reactors, or basically the supply side is going to outpace the demand.

同樣，SWU價格以及我們能否以更高或更優惠的價格簽訂合同，是我們重點考慮的因素。因此，我認為，您如何看待SWU價格的市場趨勢，是我們內部密切討論、辯論和監控的問題。在我看來，SWU價格只有在以下兩種情況下才會下調：要么需求下降，換句話說，我們將開始關閉反應器；要么供應超過需求。

I sure hope that the former does not happen. There's no indications of that. And for the latter, most of the announced expansions, either it's us or our competitors, is based on contracted SWUs. So there is really nobody out there that is building what I'd call just-in-case or ready-to-serve SWUs that they will be eager to get off and sell on the market. All this to say that my view is that as supply becomes tighter towards the end of the decade and as utilities start going out for bids, I think that would continue to apply upward pressure on SWU prices.

我當然希望前者不會發生。目前沒有任何跡象表明會發生這種情況。至於後者，無論是我們還是我們的競爭對手，大多數已宣布的擴建項目都是基於已簽訂合約的限電單元（SWU）。因此，實際上沒有人會建造我所謂的「以備不時之需」或「隨時可用」的限電單元，然後急於將其交付市場出售。總而言之，我認為隨著本十年末供應趨緊，以及公用事業公司開始公開招標，限電單元價格將繼續面臨上漲壓力。

And so that obviously strengthens our business case. That strengthens our investments and our case for our shareholders. And that really is how I view the situation. Now this doesn't even include some of the some of the extra and bonus and opportunities that are out there. So if advanced reactors become a dominant force in the market, somebody comes out and announce a major build of advanced reactors, that is going to apply even further pressure on not only HALEU, and as I mentioned earlier, on LEU SWU capacity as well.

因此，這顯然增強了我們的商業論證，也增強了我們的投資和對股東的說服力。這正是我對當前局勢的看法。當然，這還不包括一些額外的收益和機會。如果先進反應器成為市場主導力量，有人宣布大規模建造先進反應堆，這將對高濃縮鈾（HALEU）以及我之前提到的低濃鈾（LEU）SWU產能造成更大的壓力。

I think that that would be a big upside and a big opportunity as well. We went through a major geopolitical event where the largest producer of enrichment in the world has really been -- not going to be trading in the Western market. And I think the ramifications and the ripples of that are not going to be settled for a long time in my view.

我認為這將是一個巨大的利好，也是一個巨大的機會。我們經歷了一場重大的地緣政治事件，世界上最大的鈾濃縮生產國實際上已經——不再——在西方市場進行交易。而且我認為，在我看來，這場事件的影響和餘波在很長一段時間內都不會平息。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Congrats on the good progress. The question is about the $900 million from the task order -- DOE task order. Given that advanced reactors are likely to come online towards the end of the decade, should we expect this 10-year contract to be really be five-year contract and like to get the money up front-loaded?

祝賀取得良好進展。問題在於能源部任務訂單中的9億美元。鑑於先進反應器很可能在本十年末投入使用，我們是否應該預期這份為期十年的合約實際上會變成五年合同，並且資金會提前到位？

Thank you for calling, and a really good topic to talk about. So we, as I mentioned earlier, we now are in discussions with numerous folks about their needs, what we can supply, and some commercial discussions are taking place as well. The way I view it is we will be looking to maximize the commitments from suppliers. Obviously, longer-term commitments are more favorable to us. That would be reflected in the pricing as well.

感謝您的來電，這的確是一個很好的話題。正如我之前提到的，我們目前正在與許多客戶洽談他們的需求、我們能夠提供的產品和服務，同時也正在進行一些商務洽談。我認為，我們會盡力爭取供應商的長期承諾。顯然，長期承諾對我們更有利，這一點也會反映在價格上。

I mean when you look at contract pricing, it takes all of that into account. Your question was about front-loading some of these contracts from a cash perspective. I mean, obviously, these are all the things that we constantly try to optimize and we will continue to try to optimize in the best interest of our shareholders, particularly that most of the SWUs that we're selling is what I call expansion SWUs. These are SWUs that we're investing capital in. And so absolutely, we will be looking to optimize all of these things. Beyond that, comments about any specific contracts or terms and conditions, I'll refrain from discussing here.

我的意思是，合約定價時，所有這些因素都已考慮在內。您的問題是關於從現金角度來看，提前支付部分合約款項的問題。顯然，這些都是我們一直在努力優化的方面，我們將繼續努力，以最大程度地維護股東利益，尤其考慮到我們銷售的大部分SWU（服務單元）都是我所說的「擴展型SWU」。這些SWU是我們投入資金的項目。因此，我們肯定會努力優化所有這些方面。除此之外，關於任何具體合約或條款和條件，我在此不做評論。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Amir and Todd, thanks for all the details, including the guidance primers for the year. I was wondering if you can double-click on what opportunities you have to pull in the 42-month time frame you spoke of, as well as, I'd say, to build out more broadly? I guess what I'm getting at is, what's under your control versus suppliers or other third parties? How much is contingent on additional financing, negotiations with suppliers and partners, or, I think you alluded to earlier, government approvals related to national security?

Amir 和 Todd，感謝你們提供的所有細節，包括今年的指導文件。我想請教一下，在你們提到的 42 個月的時間框架內，有哪些機會可以把握？另外，我想說的是，如何更廣泛地拓展業務？我的意思是，哪些因素在你們的掌控之中，哪些因素取決於供應商或其他第三方？有多少取決於額外的融資、與供應商和合作夥伴的談判，或者，正如你們之前提到的，與國家安全相關的政府批准？

Yes. Bill, thanks for that question. I think that what you're double-clicking on is exactly the areas of the most important conversations we're having internally right now. As I said, execution is paramount, meeting our commitments is paramount. In parallel with that, we got to be able to generate opportunities and do better than what we committed to.

是的，比爾，謝謝你的提問。我認為你雙擊的那些正是我們目前內部討論的重點領域。正如我所說，執行力至關重要，履行承諾至關重要。同時，我們還要能夠創造機會，而且做得比我們承諾的更好。

If you look at what are those opportunities, and I'm just going to use general terms and general themes, we're very unique in that we are building our own centrifuges. We have the capability, obviously, to build our centrifuges. We have partners that are suppliers. And so a lot of what we do is really within our control and we have a pretty wide range of motion in being able to generate the opportunities. So for example, things like cycle time around some of the components that we manufacture, working, incentivizing and structuring contracts and relationship with suppliers, to incentivize them for shorter lead times, and ensuring that we structure our oversight, ensuring that we structure our own processes to yield best quality first time, best yield that we can.

如果仔細分析這些機遇，我在這裡只用一些概括性的術語和主題，我們會發現我們非常獨特，因為我們自己生產離心機。顯然，我們有能力製造自己的離心機。我們也有供應商夥伴。因此，我們很多工作都完全由我們掌控，我們在創造機會方面擁有相當大的自主權。例如，我們可以優化某些零件的生產週期，透過與供應商合作、激勵和建立合約關係，激勵他們縮短交貨週期，並確保我們建立完善的監管體系，確保我們自身的流程能夠一次性實現最佳品質和最高產量。

To me, this is fundamental, elementary manufacturing excellence. And we are partnering, bringing people that specialize in it, utilizing every piece of knowledge and experience that are out there to come and help us. And so far, we have been pleased with the progress.

對我而言，這才是製造卓越性的根本所在。我們正在與相關領域的專家合作，匯集各方知識與經驗，幫助我們提升製造水準。到目前為止，我們對所取得的進展感到滿意。

And as I said earlier, we are really looking forward to making more announcements around how we're doing, who we're partnering with and what value that brings to the project and the shareholder. I don't know that I will be able to go more specific than that. But in general, these are the themes that we're attacking. And as I said numerous times, I think this is one of the most important topics that we're applying energy into at the present time.

正如我之前所說，我們非常期待就我們的進展、合作夥伴以及這些舉措能為專案和股東帶來的價值發布更多公告。我目前還無法透露更多細節。但總的來說，這些都是我們正在著手解決的問題。正如我多次強調的，我認為這是我們目前投入精力的最重要的議題之一。

And I'll just add, one of the important factors on deploying capital is having a well-capitalized balance sheet. Our line of sight to our spend, not only over the next 12 months, but 24 months, allows us to make sure that we can deploy capital without slowing down that time line regardless of market conditions. We do not want to be forced in any downward market conditions to be raising expensive capital and negatively impacting our shareholders. So we'll be optimistic and opportunistic with our balance sheet to make sure we're capitalized to cover ourselves, that we do not slow down that time line in deploying capital to meet our manufacturing rates.

我還要補充一點，資本部署的關鍵因素之一是擁有足夠的資本。我們對未來24個月的支出計畫有著清晰的規劃，這不僅能讓我們預見未來12個月的支出，還能確保無論市場狀況如何，我們都能按計畫部署資本，而不會拖慢進度。我們不希望在市場下行時被迫籌集高成本資金，進而對股東造成負面影響。因此，我們將保持樂觀並抓住機遇，合理利用資產負債表，確保資本充足，從而確保我們能夠按時部署資本，滿足生產需求。

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Amir and Todd, thank you for today's update. I'd like to also say congratulations on the $900 million to support your HALEU build-out. In that vein, I'd like to just dig down on something that might be a really obvious question, but I'm just not totally clear on it. And that is, longer term, what is your sourcing strategy for the LEU feed for the HALEU? And maybe put another way, how much of your LEU production will be captive to your HALEU production?

Amir 和 Todd，感謝你們今天的報告。我也想祝賀你們獲得了 9 億美元的資金支持，用於高濃縮鈾 (HALEU) 項目的建設。說到這裡，我想深入探討一個可能很顯而易見的問題，但我還是不太明白。那就是，從長遠來看，你們為 HALEU 提供低濃縮鈾 (LEU) 原料的採購策略是什麼？換句話說，你們的 LEU 產量中有多少將用於 HALEU 的生產？

And how much of that 3.5 million SWU then will be available to satisfy LEU primary demand? And then further, if the LEU capacity isn't available to meet the HALEU feed, what are the options, particularly given that the Russian supply will be going away after 2028?

那麼，這350萬SWU中有多少可用於滿足低濃縮鈾（LEU）的初級需求？此外，如果低濃縮鈾產能不足以滿足高濃縮鈾（HALEU）的供應，還有哪些選擇，特別是考慮到俄羅斯的供應將在2028年後停止？

Good question. I'm going to answer your question very generally, and please let me know if there is more specific details that I can provide. From a general perspective, it is our intention, our plan, our goal, our strategy to maximize the capacity of the facility that we're building. As I said, we kicked off with a certain base case from which we're going to build progressively. And that would depend on customer commitments, which we are actively soliciting and getting great engagement as of the announcement of the $900 million.

問得好。我先概括地回答一下，如果您需要更具體的細節，請告訴我。總的來說，我們的目標、計劃和策略是最大限度地提高我們正在建造的設施的產能。正如我所說，我們一開始就設定了一個基本方案，並將在此基礎上逐步前進。而這取決於客戶的承諾，自從宣布9億美元的投資以來，我們正在積極爭取客戶，並且獲得了很高的參與。

Those commitments would be able to drive our continued volume expansion of LEU and/or HALEU depending on the contract type. For our HALEU customers, just from general terms, it would be my intention to would want to optimize the SWUs that we provide, which means that I would try to have a contract that includes providing HALEU and providing the LEU and, obviously, to be able to enrich both.

這些承諾將能夠推動我們持續擴大低濃縮鈾（LEU）和/或高濃縮鈾（HALEU）的供應量，具體取決於合約類型。就我們的高濃縮鈾客戶而言，就一般條款而言，我的目標是優化我們提供的固體燃料單位（SWU），這意味著我會努力達成一份既包含高濃縮鈾也包含低濃縮鈾的合同，並且顯然能夠對兩者都進行濃縮。

So I'm not really commenting on any specific contract or any specific discussion or negotiation that we have in play, but it is our intention to be able to provide both LEU enrichment and HALEU enrichment to the optimal and maximum capacity that we can. And to your second part of the question, if, for example, hypothetically speaking, if you have a HALEU contract for which you don't have sufficient LEU feed, I mean, that usually, contractually speaking, is not an issue. There is contracting mechanisms either by ourselves or the customers that are able to utilize other suppliers for that.

所以，我並不打算對任何具體的合約、討論或談判發表評論，但我們的目標是盡可能以最佳和最大產能提供低濃縮鈾 (LEU) 和高濃縮鈾 (HALEU) 服務。至於你問題的第二部分，例如假設你簽訂了一份高濃縮鈾合同，但沒有足夠的低濃縮鈾原料，我的意思是，通常情況下，從合約角度來看，這不是問題。我們或客戶都有相應的合約機制，可以利用其他供應商來解決這個問題。

Now I earlier said that I foresee that there's going to be tightness towards the end of the decade. So notwithstanding that comment, we have the ability -- or the customers have the ability to contract feed should that be needed. But to my overall theme, we're going to try to optimize and maximize both because economies of scale for the facility are important.

我之前說過，我預見十年末期飼料供應會比較緊張。所以，儘管如此，我們——或者說客戶——仍然有能力在必要時簽訂飼料合約。但總的來說，我們將努力優化並最大化雙方的投入，因為規模經濟對工廠來說至關重要。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Neal for closing remarks.

我們的問答環節到此結束。現在我將會議交還給尼爾，請他作閉幕致詞。

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

謝謝接線生。本次2025年第四季及全年投資者電話會議到此結束。一如既往，感謝各位線上聽眾和撥入電話的分析師。我們期待下個季度再次與您交流。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。您可以斷開連接了，感謝您的參與。