Centrus Energy Corp. (LEU) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Centrus Energy Q2 2026 earnings call.

各位女士、先生，早安，歡迎參加 Centrus Energy 2026 年第二季（Q2）財報電話會議。

(Operator Instructions)

(接線員指示)

This call is being recorded on Thursday, August 6, 2026. I would now like to turn the conference over to Neal Nagarajan, Head of Investor Relations. Please go ahead, sir.

本次電話會議於 2026 年 8 月 6 日（星期四）錄音。現在我想把會議交給投資人關係主管 Neal Nagarajan。先生，請開始。

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 second-quarter 2026 ended June 30. Today, we have Amir Vexler, President and Chief Executive Officer; and Todd Tinelli, Senior Vice President, Chief Financial Officer and Treasurer. This conference call follows our earnings news release issued yesterday. We have filed a report for the second-quarter on Form 10-Q earlier today.

早安。歡迎各位，並感謝所有來電者以及收聽我們網路直播的聽眾。今天的會議將說明截至 6 月 30 日止的 2026 年第二季業績。今天與會者包括總裁兼執行長 Amir Vexler，以及資深副總裁、財務長兼財務主管（Treasurer）Todd Tinelli。本次電話會議係接續我們昨日發布的財報新聞稿。我們也已於今日稍早向美國證券交易委員會（SEC）提交第二季 Form 10-Q 報告。

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. 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 about the future performance of Centrus. Our actual results may differ materially from those in our forward-looking statements.

我們所有新聞稿與 SEC 申報文件（包括 10-K、10-Q 與 8-K）皆可於公司網站取得。本次電話會議的重播也將於今天稍晚在 Centrus 網站提供。提醒各位，我們今天在會議中可能討論的部分資訊，可能被視為前瞻性資訊，涉及風險與不確定性，包括對 Centrus 未來表現的假設。我們的實際結果可能與前瞻性陳述存在重大差異。

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. The forward-looking information provided today is time-sensitive and accurate only as of today, August 6, 2026, unless otherwise noted.

有關可能導致實際結果與前瞻性陳述出現重大差異之因素的更多資訊，載於我們向 SEC 提交的文件中，包括年度 Form 10-K 與季度 Form 10-Q 報告。除非另有說明，今日提供的前瞻性資訊具有時效性，且僅在 2026 年 8 月 6 日當日為準確。

Please note that we report results using non-GAAP financial measures, which we believe provide investors with additional understanding of the company's financial performance as well as its strategic financial planning analysis and period-to-period comparability. A reconciliation to the most directly comparable GAAP measurements is included in the Financial Results section of our earnings release.

另請注意，我們以非 GAAP 財務衡量指標報告部分結果；我們相信這些指標可協助投資人更理解公司的財務表現，以及其策略性財務規劃分析與各期間之可比性。與最直接可比之 GAAP 指標的調節表，已包含於我們財報新聞稿的「財務結果」章節中。

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

本次電話會議為 Centrus Energy 之財產。未經 Centrus 明示書面同意，以任何形式對本次會議進行轉錄、再分發、再傳輸或再廣播，均嚴格禁止。感謝各位參與，接下來我把會議交給 Amir。Amir？

Thank you, Neal, and thank you to everyone on the call today. We reported strong financial and operational results for the second-quarter of 2026 that were boosted by tailwind growth across all of our major addressable markets, existing and growing commercial LEU, national security, and HALEU. These developments continue to underscore the growing imbalance in uranium enrichment supply and demand and are reflected in the continued growth in published LEU pricing.

謝謝你，Neal，也感謝今天參與電話會議的各位。我們公布了 2026 年第二季強勁的財務與營運成果，主要受惠於我們所有主要可服務市場的順風成長，包括既有與成長中的商用低濃縮鈾（LEU）、國家安全，以及高濃度低濃縮鈾（HALEU）。這些發展持續凸顯鈾濃縮供需失衡的擴大，並反映在已公布的 LEU 價格持續上升。

And by signing the DOE's enrichment award, we have unlocked substantial nondilutive, non-debt funding to advance our commercial centrifuge build-out program. The funding helps derisk our build-out and advances our progress to first-of-a-kind costs while creating meaningful jobs across this nation.

此外，透過簽署美國能源部（DOE）的濃縮獎項（enrichment award），我們已解鎖可觀的非稀釋性、非負債資金，用以推進我們的商用離心機擴建計畫。該資金有助於降低我們擴建的風險，推動我們在首創（first-of-a-kind）成本方面的進展，同時在全國創造具意義的就業機會。

Let me first walk through the demand side of that equation. We are witnessing strong demand tailwinds in our primary market, global commercial LEU to support baseline electricity growth for existing and proven Gen 2 and Gen 3 reactor designs. In the US, the NRC recently proposed multiple regulatory changes and amendments that have the potential to further stimulate the industry's growth.

我先從這個等式的需求端談起。我們在主要市場——全球商用 LEU——正見到強勁的需求順風，以支援既有且成熟的第二代與第三代反應爐設計所帶動的基礎用電成長。在美國，核能管理委員會（NRC）近期提出多項監管變更與修正案，可能進一步刺激產業成長。

If finalized, these changes could expedite new nuclear capacity coming online while lowering development costs for operators. Furthermore, the newly released American nuclear supply chain loan program seeks to help finance and accelerate the deployment of new large-scale nuclear reactors across the United States.

若最終定案，這些變更可加速新增核能產能上線，同時降低營運商的開發成本。此外，最新發布的「美國核能供應鏈貸款計畫」旨在協助融資並加速在全美部署新的大型核反應爐。

Meanwhile, power upgrades and restarts of existing nuclear facilities continue to drive more nuclear energy coming online and subsequent LEU demand. International LEU demand is concurrently set to increase across a number of regions. In Europe, Sweden and the Netherlands, are focused on making new nuclear developments possible, while Belgium is looking at ways to restart shuttered reactors. And in Asia, we see multiple areas of growth. In April, for example, TEPCO brought back online the 1,300-megawatt Kashiwazaki reactor.

同時，既有核電設施的功率升級與重啟，持續推動更多核能上線，並帶動後續的 LEU 需求。國際 LEU 需求也預期將在多個地區同步增加。在歐洲，瑞典與荷蘭正著力推動新的核能開發成為可能，而比利時則在研究重啟已關閉反應爐的方法。在亞洲，我們也看到多個成長領域。例如在 4 月，東京電力（TEPCO）讓 1,300 兆瓦的柏崎（Kashiwazaki）反應爐重新併網運轉。

Turning to the government market. We continue to see growing demand signals for enriched uranium across various departments as agencies explore avenues to add nuclear power to their energy generation plans. And in the national security market, we continue to work with the NNSA on its intent to sole source certain enrichment activities from Centrus. Recall that Centrus is the only viable production-ready technology that can meet national security needs. Combined, these are strong signs of potential growth in the size and duration of the government market.

接著談政府市場。我們持續看到各部門對濃縮鈾的需求訊號增加，因為各機構正在探索將核能納入其發電規劃的途徑。在國家安全市場方面，我們持續與國家核安全局（NNSA）合作，針對其擬將特定濃縮活動以單一來源（sole source）方式交由 Centrus 承作的意向推進。請記得，Centrus 是唯一可行且具備量產就緒的技術，能滿足國家安全需求。綜合而言，這些都是政府市場規模與期間可能成長的強烈訊號。

We are simultaneously seeing signs of growth in the HALEU market, where three of four reactor designs that reach criticality ahead of DOE's 4 of July deadline are fuelled by HALEU. We also believe that potential Department of War funding could help further reduce their timelines. As a reminder, HALEU represents an incremental growth opportunity for Centrus and is a source of potential near-term capital from prepayments. Because the centrifuge is multifunctional, any funding, whether related to LEU, national security, or HALEU advances Centrus through first-of-a-kind costs. Now let's shift to our financial results for the quarter.

我們也同時看到 HALEU 市場的成長跡象：在 DOE 7 月 4 日期限之前達到臨界（criticality）的四種反應爐設計中，有三種使用 HALEU 作為燃料。我們也相信，潛在的戰爭部（Department of War）資金可能有助於進一步縮短其時程。提醒各位，HALEU 對 Centrus 而言代表額外的成長機會，並可能透過預付款帶來近期資金。由於離心機具多功能性，任何資金——無論與 LEU、國家安全或 HALEU 相關——都能推動 Centrus 跨越首創（first-of-a-kind）成本。現在讓我們轉到本季的財務結果。

As many of you know, there can be a significant amount of variability quarter-to-quarter due to the nature of our business. And as such, we believe our annual results are more indicative of progress made in our LEU and CTS businesses. In the second-quarter, we achieved $176.1 million in revenue, a gross profit of $49.9 million, operating income of $10.4 million, net income of $16.8 million and diluted earnings per share of $0.77. Adjusted net income and adjusted diluted earnings per share were $38.7 million and $1.77 per share, respectively.

如各位所知，由於我們業務性質，季度之間可能出現相當程度的波動。因此，我們認為年度結果更能反映我們在 LEU 與 CTS 業務上的進展。在第二季，我們達成營收 1.761 億美元、毛利 4,990 萬美元、營業利益 1,040 萬美元、淨利 1,680 萬美元，稀釋後每股盈餘 0.77 美元。調整後淨利與調整後稀釋每股盈餘分別為 3,870 萬美元與每股 1.77 美元。

Turning to our commercial backlog. We are starting to see strong order momentum from the demand signals I referenced earlier, coupled with our build-out progress. We grew our backlog to $4.5 billion that extends through 2040. This is comprised of $3.7 billion in our LEU segment and $0.8 billion in our Technical Solutions segment. The LEU segment backlog is broken down between $0.7 billion of broker-dealer backlog and $3 billion in contingent LEU and HALEU enrichment sales. Todd will discuss our results in more detail.

接著談我們的商業積壓訂單（backlog）。隨著我先前提到的需求訊號，以及我們擴建進度的推進，我們開始看到強勁的接單動能。我們將積壓訂單提升至 45 億美元，並延伸至 2040 年。其中包括 LEU 事業部 37 億美元，以及技術解決方案（Technical Solutions）事業部 8 億美元。LEU 事業部的積壓訂單可再拆分為 7 億美元的經紀交易商（broker-dealer）積壓訂單，以及 30 億美元的或有（contingent）LEU 與 HALEU 濃縮銷售。Todd 將更詳細說明我們的業績。

Operationally, we have made meaningful progress throughout the quarter as we remain focused on restoring America's ability to enrich uranium at scale, including the signing of our US Department of Energy $900 million task order that we received earlier this year. The award will support deployment of large-scale production capacity as part of our multibillion-dollar LEU and HALEU capacity expansion.

在營運方面，我們在本季取得具意義的進展，並持續聚焦於恢復美國大規模濃縮鈾的能力；其中包括簽署我們今年稍早取得的美國能源部（DOE）9 億美元任務訂單（task order）。該獎項將支持大型生產能力的部署，作為我們數十億美元 LEU 與 HALEU 產能擴張的一部分。

This marks another significant milestone in our expansion as we pivot from a technology demonstration contract to a new larger contract that supports commercial scale production. We're proud to have completed all HALEU production requirements under our existing demonstration contract with the DOE two weeks ahead of schedule.

這標誌著我們擴張的另一個重要里程碑，因為我們正從技術示範合約轉向一份支持商業規模生產的新、更大型合約。我們很自豪在既有與美國能源部（DOE）的示範合約下，已提前兩週完成所有 HALEU 生產要求。

Since we've begun our HALEU operations contract, we have contractually produced nearly 2 metric tons of HALEU UF6 for the government. While the first new capacity from this transition is expected to come online by 2029, in the interim, we're looking -- we're working with the DOE on agreements to enable the company to privately operate the existing 16-centrifuge HALEU cascade on a commercial basis.

自我們開始 HALEU 營運合約以來，我們已依合約為政府生產了近 2 公噸的 HALEU UF6。雖然此次轉換帶來的第一批新增產能預計要到 2029 年才會上線，但在此期間，我們正與 DOE 就相關協議合作，以使公司能以商業方式私下營運現有的 16 台離心機 HALEU 串級。

With the past quarter funds as well as cash generated from our existing broker business and strong cash balance, we have now met the financing contingency for our more than $3 billion of customer contracts for the purchase of LEU and HALEU. Another key milestone in derisking and advancing our ongoing multibillion-dollar expansion. Another meaningful achievement for Centrus this quarter was the signing of a letter of intent with Oklo for Centrus to supply HALEU to power up to five Aurora powerhouses for multiple years starting in 2029.

憑藉上一季的資金，以及我們既有經紀業務所產生的現金與強勁的現金餘額，我們如今已滿足超過 30 億美元客戶 LEU 與 HALEU 採購合約的融資先決條件。這是降低風險並推進我們持續進行的數十億美元擴張計畫的另一項關鍵里程碑。本季 Centrus 的另一項重要成果，是與 Oklo 簽署意向書，由 Centrus 自 2029 年起在多年間供應 HALEU，以為最多五座 Aurora 發電廠提供燃料。

We are now signing and locking in HALEU fuel commitments from offtakers. And more recently, we announced an offtake contract for HALEU with X-energy. This marks an important step towards ensuring reliable HALEU supply for next-generation reactors and validates our first-mover advantage in the HALEU market. Our HALEU offtake commitments generally include prepayment to Centrus, which will be further negotiated in a future definitive agreement. These prepayments are another source of nondilutive, non-debt funding for our expansion and is a structure we intend to utilize in future HALEU offtake contracts.

我們目前正簽署並鎖定來自承購方的 HALEU 燃料承諾。而在更近期，我們宣布與 X-energy 簽訂 HALEU 承購合約。這標誌著確保下一代反應爐可靠 HALEU 供應的重要一步，並驗證我們在 HALEU 市場的先行者優勢。我們的 HALEU 承購承諾通常包含對 Centrus 的預付款，相關條款將在未來的最終協議中進一步協商。這些預付款是我們擴張的另一項非稀釋、非負債資金來源，也是我們打算在未來 HALEU 承購合約中採用的結構。

We also continue to make progress with our supply chain partners, including locking in large commitments to help insulate us from price fluctuations and stabilize costs. We have finalized contracts with approximately 75% of the suppliers we have identified as critical.

我們也持續與供應鏈夥伴取得進展，包括鎖定大額承諾，以協助我們隔離價格波動並穩定成本。我們已與約 75% 被我們認定為關鍵的供應商完成合約定案。

We also continue to evaluate M&A opportunities in our supply chain that align with our long-term growth strategy and create value for our shareholders. In the second-quarter, we made meaningful progress in our workforce additions in both Piketon and Oak Ridge.

我們也持續評估供應鏈中的併購（M&A）機會，使其符合我們的長期成長策略並為股東創造價值。在第二季，我們在 Piketon 與 Oak Ridge 兩地的人力擴增方面取得了實質進展。

Finally, I'm also proud that in July, Centrus was invited to join the S&P SmallCap 600 Index, reflecting our role in advancing US energy security and strengthening America's nuclear fuel supply chain.

最後，我也很自豪地分享，Centrus 於 7 月獲邀納入標普 SmallCap 600 指數，反映我們在推進美國能源安全與強化美國核燃料供應鏈方面所扮演的角色。

Now moving on to guidance. We are reaffirming our 2026 annual guidance for total company revenue of $450 million to $500 million, total capital spend in the range of $350 million to $500 million, finalizing contracts with 100% of the partners we deem critical, a release of a certified for construction package and at least 100 net new employees hired at our Oak Ridge facility.

接下來談指引。我們重申 2026 年全年指引：公司總營收 4.5 億至 5 億美元；資本支出總額約 3.5 億至 5 億美元；與我們認定為關鍵的 100% 夥伴完成合約定案；發布可供施工認證（certified for construction）套件；以及在 Oak Ridge 廠區至少新增 100 名淨新進員工。

Simultaneously, given the quarter's progress, we are raising our 2026 annual guidance for Piketon workforce additions from over 100 net new employees to over 175 net new employees. And finally, we are excited to announce that we plan to have our first centrifuge completed at our Oak Ridge facility sometime in 2026, an important accomplishment and milestone that demonstrates that our supply chain has come together.

同時，鑑於本季的進展，我們將 2026 年 Piketon 人力擴增的全年指引，從新增超過 100 名淨新進員工上調至新增超過 175 名淨新進員工。最後，我們很高興宣布，我們計畫在 2026 年的某個時間點於 Oak Ridge 廠區完成第一台離心機，這是一項重要成就與里程碑，顯示我們的供應鏈已整合到位。

I will now turn the call over to Todd and return with some final thoughts and comments. Todd?

我現在把電話會議交給 Todd，稍後我會回來做一些最後的想法與評論。Todd？

Thank you, Amir, and good morning to everyone on today's call. Let me walk you through our results. Our results were in line with our internal projections and reflected not only the typical quarter-over-quarter shift in contractual mix, but also the beginning of the spend for our manufacturing program. As noted, I will be presenting financials on a quarterly and trailing 12-month basis.

謝謝你，Amir，也向今天參與電話會議的各位道早安。我來帶各位回顧我們的業績。我們的結果符合內部預測，不僅反映合約組合在季度間的典型變動，也反映我們製造計畫支出開始投入。如前所述，我將以季度以及過去 12 個月（TTM）的基礎呈報財務數據。

Total revenue for the second-quarter was $176.1 million, an increase of $21.6 million or 14% versus the same period last year. TTM revenue was $473.9 million. The LEU segment generated $153.4 million in the second-quarter, a 22% increase versus the previous period last year. SWU revenue in the quarter decreased by $25.7 million due to a 23% decrease in volume of SWU sold, partially offset by a 3% increase in the average price of SWU sold. Centrus also had $53.4 million of uranium sales in Q2.

第二季總營收為 1.761 億美元，較去年同期增加 2,160 萬美元或 14%。TTM 營收為 4.739 億美元。LEU 部門第二季貢獻 1.534 億美元，較去年同期增加 22%。本季 SWU 營收減少 2,570 萬美元，原因是 SWU 銷售量下降 23%，部分被 SWU 平均售價上升 3% 所抵銷。Centrus 在第二季亦有 5,340 萬美元的鈾銷售。

The Technical Solutions segment delivered revenue of $22.7 million in the second-quarter, a $6.1 million or 21% decrease over the previous period due primarily to a $5.9 million decrease in revenue from the HALEU operations contract. Centrus generated gross profit of $49.9 million and $112.1 million for the second-quarter in TTM, respectively, compared to a gross profit of $53.9 million in Q2 2025. The LEU segment's second-quarter cost of sales of $101.8 million increased year-over-year by 36% or $26.8 million, driven by an increase in uranium sales in Q2 2026.

技術解決方案部門第二季營收為 2,270 萬美元，較去年同期減少 610 萬美元或 21%，主要因 HALEU 營運合約營收減少 590 萬美元。Centrus 第二季毛利為 4,990 萬美元，TTM 毛利為 1.121 億美元；相較之下，2025 年第二季毛利為 5,390 萬美元。LEU 部門第二季銷貨成本為 1.018 億美元，年增 36% 或 2,680 萬美元，主要由 2026 年第二季鈾銷售增加所帶動。

Uranium costs increased as a result of increase in the volume of uranium sales. SWU costs decreased 23% as a result of lower SWU volumes, partially offset by a 13% increase in the average cost of SWU sold versus Q2 2025. The Technical Solutions cost of sales of $24.4 million decreased $1.2 million or 5% from Q2 2025, primarily attributed to the HALEU operations contract.

由於鈾銷售量增加，鈾成本隨之上升。SWU 成本因 SWU 銷售量較低而下降 23%，但部分被相較 2025 年第二季 SWU 平均銷售成本上升 13% 所抵銷。技術解決方案部門銷貨成本為 2,440 萬美元，較 2025 年第二季減少 120 萬美元或 5%，主要歸因於 HALEU 營運合約。

The company generated net income of $16.8 million and $38.7 million of adjusted net income in the second-quarter compared to net income of $28.9 million and adjusted net income of $34.5 million, respectively, in Q2 2025. On a fully diluted basis, this equates to second-quarter 2026 earnings per share of $0.77 per unit and an adjusted earnings per share of $1.77, respectively, compared to $1.59 and $1.90, respectively, for Q2 2025. On a trailing 12-month basis, Centrus generated net income of $48.5 million and adjusted net income of $92 million, respectively.

公司第二季淨利為 1,680 萬美元，調整後淨利為 3,870 萬美元；相較之下，2025 年第二季淨利為 2,890 萬美元，調整後淨利為 3,450 萬美元。以完全稀釋基礎計算，這相當於 2026 年第二季每單位每股盈餘為 0.77 美元，調整後每股盈餘為 1.77 美元；相較之下，2025 年第二季分別為 1.59 美元與 1.90 美元。以過去 12 個月（TTM）計，Centrus 分別產生淨利 4,850 萬美元與調整後淨利 9,200 萬美元。

The second-quarter net income decrease was primarily attributed to a $12.8 million increase in SG&A costs, driven by an increase in stock compensation costs and a $7.5 million increase in advanced technology costs in Q2 2026. This was partially offset by an $8.3 million increase in investment net income for Q2 2026.

第二季淨利下滑主要歸因於 SG&A 成本增加 1,280 萬美元，係由股票薪酬成本上升以及 2026 年第二季先進技術成本增加 750 萬美元所帶動。部分被 2026 年第二季投資淨收益增加 830 萬美元所抵銷。

Second-quarter adjusted net income includes $10.6 million of gross expenses in our advanced technology costs and $17.7 million in stock compensation costs, which combined and tax adjusted equals $21.9 million. The advanced technology costs include short-term non-capitalized costs related to the expansion of our operations in Piketon and Oak Ridge that cannot be capitalized as they are associated with manufacturer readiness and security training ahead of the build-out.

第二季調整後淨利包含我們先進技術成本中的 1,060 萬美元毛費用，以及 1,770 萬美元的股票薪酬成本；兩者合計並經稅務調整後為 2,190 萬美元。先進技術成本包含與我們在 Piketon 與 Oak Ridge 擴張營運相關的短期非資本化成本；由於這些成本與建置前的製造商就緒度與安全訓練相關，因此無法資本化。

Please refer to the financial results section of our earnings release issued yesterday for a reconciliation of net income and adjusted net income. Going forward, we continue to expect to have a certain level of these types of expenses flow through our income statement as we continue our pre-preparations. Centrus backlog across both segments grew to $4.5 billion at the end of the second-quarter and extends out to 2040.

請參閱我們昨日發布之財報新聞稿中的財務結果章節，以取得淨利與調整後淨利的調節表。展望未來，隨著我們持續進行前期準備工作，我們仍預期這類費用將以一定程度反映於損益表中。截至第二季末，Centrus 兩大事業部門的在手訂單（backlog）增至 45 億美元，並延伸至 2040 年。

The growth was driven by an approximate $600 million increase in LEU and HALEU enrichment sales in the LEU segment. Of the approximate $3 billion in the segment's enrichment backlog, $2.4 billion are under definitive agreements.

成長主要來自 LEU 事業部門中，LEU 與 HALEU 濃縮銷售額約增加 6 億美元。在該事業部門約 30 億美元的濃縮在手訂單中，有 24 億美元已簽訂具約束力的最終協議。

Turning to our capitalization and capital spend. As a reminder, non-CapEx is attributed to cost and investments such as prepayments to supplier or our growth costs associated with our manufacturing and pre-preparations. In the second-quarter, we had a total capital spend of $82.2 million with $71.6 million coming from CapEx and $10.6 million classified as non-CapEx and comprised of the aforementioned advanced technology cost.

接著談我們的資本結構與資本支出。提醒一下，非資本支出（non-CapEx）係指成本與投資，例如對供應商的預付款，或與我們製造及前期準備相關的成長成本。第二季我們的資本支出合計為 8,220 萬美元，其中 7,160 萬美元為資本支出（CapEx），另有 1,060 萬美元列為非資本支出（non-CapEx），並包含前述的先進技術成本。

Going forward, we continue to expect the pace of our CapEx and non-CapEx spend to accelerate throughout the year. We finished the second-quarter with $1.9 billion in unrestricted cash using our ATM opportunistically to acquire proceeds of only $53.9 million.

展望未來，我們仍預期今年資本支出（CapEx）與非資本支出（non-CapEx）的支出步調將加速。第二季末我們的非受限現金為 19 億美元，並把握時機透過 ATM（隨市發行）僅取得 5,390 萬美元的募資款項。

Importantly, all financial contingencies in our contingent LEU enrichment backlog have now been removed. We continue to feel confident in our existing cash balance, and we believe we are sufficiently funded to meet our near-term capital requirements. As Amir noted, our progress to date have allowed us to raise our 2026 annual guidance for workforce additions in Piketon, Ohio to 175 plus, up from 100 plus.

重要的是，我們或有 LEU 濃縮在手訂單中的所有財務或有事項現已全部解除。我們對現有現金餘額仍具信心，並相信資金充足，可滿足近期資本需求。如 Amir 所提，我們迄今的進展使我們得以將 2026 年在俄亥俄州 Piketon 的年度增聘人力指引上調至 175 人以上，高於原先的 100 人以上。

We are simultaneously reaffirming the rest of our financial and operational guidance for fiscal year 2026. And finally, we are excited to share that we expect our first centrifuge to be completed in Oak Ridge in 2026, an important milestone in our build-out. With that, I will turn the call back to Amir. Amir?

同時，我們也重申 2026 會計年度其餘財務與營運指引不變。最後，我們很高興分享：我們預期將於 2026 年在 Oak Ridge 完成第一台離心機，這是我們擴建計畫中的重要里程碑。接下來我把電話交回給 Amir。Amir？

Thank you, Todd. I am proud of the great progress we made during the second-quarter across our operations and strategic partners. So in summary, we are seeing strong demand signals across all three of our addressable markets, commercial LEU, national security, and HALEU. This increased demand, coupled with the progress we have made in our centrifuge manufacturing program has led to increased momentum in our order book backlog. Importantly, the strong demand signals in commercial LEU have led to a very constructive pricing environment.

謝謝你，Todd。我為我們在第二季於營運與策略夥伴合作方面取得的重大進展感到自豪。總結而言，我們在三個可服務市場——商用 LEU、國家安全，以及 HALEU——都看到強勁的需求訊號。需求增加，加上我們在離心機製造計畫上的進展，帶動我們訂單在手量（order book backlog）的動能提升。重要的是，商用 LEU 的強勁需求訊號帶來非常有利的定價環境。

Long-term LEU pricing continued its steady ascent year-to-date, while spot pricing remains at the high set last year. With market tightness anticipated for at least the near and midterm due to constrained supply, while demand continues to grow, Centrus is well positioned to benefit as a proven enricher.

長期 LEU 價格今年以來持續穩步上升，而現貨價格仍維持在去年創下的高檔水準。由於供給受限，預期至少在短中期市場將維持緊俏、而需求仍持續成長，Centrus 作為經驗證的濃縮供應商，具備良好條件可望受惠。

Looking ahead, we will continue to focus on our mission of restoring America's nuclear fuel supply chain and are encouraged by the continued strong trends in the broader macro environment that are supporting global nuclear power development. Finally, we are excited to host our first Investor Day in December at our American Centrifuge plant in Piketon, Ohio. We look forward to sharing more about our strategy, growth opportunities, and long-term outlook at the event.

展望未來，我們將持續聚焦於恢復美國核燃料供應鏈的使命，並對更廣泛宏觀環境中持續強勁的趨勢感到鼓舞，這些趨勢正支持全球核能發展。最後，我們很高興將於 12 月在俄亥俄州 Piketon 的 American Centrifuge 工廠舉辦首次投資人日。我們期待在活動中分享更多關於我們的策略、成長機會與長期展望。

With that, I will turn the call over to the operator for questions. Operator?

接下來我把電話交給接線員進行問答。接線員？

(Operator Instructions)

（接線員指示）

Jon Windham, UBS Financial.

Jon Windham，瑞銀金融（UBS Financial）。

This is David Choe on for Jon Windham. Congrats on the progress this quarter. Just really quickly on the X-energy partnership. Could you just give us a sense of the cadence of any deliveries you expect to make? I know X-energy is planning to bring their first facility on kind of in the first half of '28. And then do you expect any of those volumes to come from the demonstration cascade that you're converting to commercial offtake?

我是代替 Jon Windham 的 David Choe。恭喜本季取得進展。我想很快問一下與 X-energy 的合作夥伴關係。你們能否大致說明預期交付的節奏？我知道 X-energy 計畫在 2028 年上半年左右啟用其第一座設施。另外，你們是否預期其中部分供應量會來自你們正把示範級聯（demonstration cascade）轉為商業承購（commercial offtake）的產能？

Yes. Great questions. Thank you very much. Let's start with the X-energy question. So as you pointed out, we announced a very exciting agreement this morning. I'd like to just in generally frame it up as another great evidence and another data point to show that Centrus is quickly becoming a trailblazer and the go-to for HALEU. We're proud to be able to support some of the new development as far as the advanced reactors are concerned. And as you know, we have already a strong order book of LEU as well.

是的。問題很好。非常感謝。我們先從 X-energy 的問題開始。如你所指出，我們今天早上宣布了一項非常令人振奮的協議。我想從整體上將其定位為另一項有力證據與數據點，顯示 Centrus 正迅速成為 HALEU 領域的先行者與首選供應商。我們很自豪能支持先進反應爐相關的新開發。而如你所知，我們在 LEU 方面也已擁有強勁的訂單在手量。

I would like to remind you that the other exciting thing here is that these HALEU agreements include a prepayment as well, which is significantly helpful to us. Now to your specific question, unfortunately, I cannot provide too many details around deliveries and other specific terms under the contract.

我也想提醒各位，另一個令人振奮之處在於，這些 HALEU 協議也包含預付款，這對我們有相當大的助益。至於你具體的問題，很遺憾我無法提供太多關於交付與合約其他具體條款的細節。

We are unable to provide that. But as I said, all in all, just as a general statement, it's exciting. It's definitive, which is very important, and we're looking forward to filling it.

我們無法提供這些資訊。但如我所說，整體而言，這令人振奮。它是具約束力的最終協議，這非常重要，我們也期待履行供應。

Bill Peterson, JPMorgan.

Bill Peterson，摩根大通（JPMorgan）。

I guess given that we're less than 18 months from the Russian import ban going into effect, have you seen any changes in buyer behaviour? How should we think about any potential changes in financials, including your inventory or working capital, assuming customers prefer to prebuy. I mean, all this assumes there's no further waivers, but just kind of get a sense for how customers are -- if they're willing to sign at current level, market level for SWU or just of any change of customer behaviour that you're seeing?

我想，鑑於距離俄羅斯進口禁令生效不到 18 個月，你們是否看到買方行為有任何改變？如果客戶偏好提前採購，我們應如何看待財務面可能的變化，包括你們的存貨或營運資金？我的意思是，這一切都假設不會再有進一步豁免，但想了解客戶是否願意以目前水準、以市場水準簽訂 SWU 合約，或你們觀察到的任何客戶行為變化？

Bill, thank you for the question. So since you gave me a free hand in answering that question, let me give you general thoughts as to what we're seeing that probably cannot get into a lot of details around discussions we're having with customers. But you may have heard me say this before that we do see sort of tightness on the supply side towards the end of the decade. I do believe we're starting to see some of that. We're seeing strong momentum as far as customer interest generally in buying SWUs and turning specifically to Centrus for that as the newcomer and the new entrant into the market.

Bill，謝謝你的提問。既然你讓我可以較自由地回答，我就分享一些我們所看到的整體看法；我們可能無法深入談及與客戶討論的許多細節。但你可能以前聽我說過，我們確實看到供給端在本十年末期趨於緊俏。我相信我們開始看到其中一些跡象。就客戶對購買 SWU 的整體興趣而言，我們看到非常強的動能，並且客戶特別轉向 Centrus，將我們視為市場的新進者與新進入者。

So we're seeing very strong order momentum. And as I mentioned on the earnings call, the LEU pricing has had a very strong run-up until this point, which is very helpful to our business and further reinforces the investment that we're preparing to make here. So all in all, I think it's in line with past discussions that we were having as to where we see the market going and with all the added demand side to the equation and not a whole lot added to the supply side of the equation, at least not in the next year or two, we're seeing that momentum play in favour of the sellers.

因此我們看到非常強勁的訂單動能。如我在法說會上提到，LEU 價格截至目前已大幅上漲，這對我們的業務非常有利，也進一步強化我們正在準備進行的投資合理性。總體而言，我認為這與我們過去對市場走向的討論一致：在需求端增加、而供給端增加不多——至少在未來一到兩年不會增加太多——的情況下，我們看到這股動能正朝有利於賣方的方向發展。

Eric Stine, Craig-Hallum Capital.

Eric Stine，Craig-Hallum Capital。

This is Luke on for Eric. So on the cost savings front, obviously, the partnership with Palantir is already proving to be extremely valuable. But can you just give us an idea of what the picture for further cost savings might look like throughout the life of your expansion project just in terms of comparable magnitude to what you've been able to achieve thus far since you're still just in early stages here, if there's any cost areas in particular that you're focusing on now?

我是 Luke，代替 Eric 發言。就成本節省方面而言，很明顯，與 Palantir 的合作已經證明極具價值。但您能否讓我們了解一下，在擴建專案的整個生命週期中，進一步成本節省的圖景可能會是什麼樣子？就規模而言，與您迄今為止所達成的成果相比大概會是什麼量級？因為你們目前仍處於早期階段；另外，是否有任何特定的成本領域是你們現在特別聚焦的？

And again, thank you for that question. You're actually pointing out to an area that is right at top of our priority list as we launch the project, as we commence manufacturing, as we start committing to commercial deliveries and to delivery of our centrifuges. It is extremely important, as I mentioned on the last couple of earnings calls, and I'll reiterate it here that we, in parallel, unlock efficiencies, cost savings, and cost out efforts. We talked a little bit about our efforts together with Palantir, with some of our EPC partners. We have a lot of supply chain efforts that are aimed at yielding exactly what we're talking about here.

再次感謝你的提問。你其實點出了我們在啟動專案、開始製造、開始承諾商業交付以及交付我們的離心機時，優先順序清單最前端的一個領域。正如我在過去幾次財報電話會議中提到的，我也在此重申：我們必須同步解鎖效率、成本節省以及降本（cost out）工作，這點極其重要。我們談到了一些與 Palantir 以及部分 EPC 合作夥伴共同推進的工作。我們也有許多供應鏈方面的工作，目標正是要實現我們在這裡所談的內容。

The fact that we're able to lock in larger order books, the fact that we now have more clarity into customer base about the ordering allows us to make more leverage buys and realize savings on the supply side of our build. The other thing that I'll mention is in addition to utilizing and expecting supplier savings, we're also launching in parallel a lot of efforts internally to ensure that the manufacturing facilities that we're setting up and the processes that we're setting up have things like lean and things that utilize and maximize efficiencies.

我們能夠鎖定更大的訂單簿、而且現在對客戶基礎的下單情況有更清晰的掌握，這讓我們能進行更具槓桿的採購，並在建置的供應端實現節省。另外我想提到的是，除了運用並期待供應商端的節省之外，我們也同步在內部啟動許多工作，以確保我們正在建置的製造設施與流程具備精實（lean）等做法，並能運用與最大化效率。

All of that will result in no doubt in cost savings. In terms of being able to give you details as to what it is numerically and what we're targeting, that's not something that we've talked about on this phone call, but I'll reiterate again that being able to lock in long-term agreements, large orders due to some of the clarity that I talked about results in significant cost savings.

毫無疑問，這些都將帶來成本節省。至於能否提供數字細節、以及我們的目標為何，這並不是我們在本次電話會議中已經討論過的內容；但我再次重申，能夠鎖定長期協議、以及因我所提到的部分清晰度而取得的大型訂單，將帶來顯著的成本節省。

Mark Shooter, William Blair.

Mark Shooter，William Blair。

Again on the Oklo and X-energy supply agreements. I understand you guys are limited on what you can disclose, but maybe a comparison may help bring out some context for us. If you look at the two HALEU contracts you recently signed with Oklo and X-energy today, can you highlight anything where they may be the same or differ maybe in size, timing, milestone structure? Is one further along, more definitive? Do you either have take-or-pay commitments?

再回到與 Oklo 和 X-energy 的供應協議。我理解你們能披露的內容有限，但也許用比較的方式能幫助我們掌握一些脈絡。若看你們近期與 Oklo 以及今天與 X-energy 簽署的兩份 HALEU 合約，你能否指出它們在哪些方面相同或不同，例如規模、時程、里程碑架構？哪一份進度更靠前、或更具確定性？你們是否有任何 take-or-pay（照付不議）承諾？

Yes. So as you know, I'm fairly limited in the details that I can provide just because there are nondisclosure agreements, and we just typically not in the habit of revealing details of commercial agreements. However, there are a lot of similarities. And I was mentioning on the last couple of calls that we are starting to see a much greater ability from our customer base to actually commit to legally binding agreements, a definitive agreement, and that's what you saw with the X-energy agreement that we've announced, and that's what we're marching towards with Oklo as well. I do want to explain a little bit of the LOI dynamic versus a contract.

是的。如你所知，由於有保密協議，我能提供的細節相當有限，而且我們通常也不習慣揭露商業協議的細節。不過，兩者有很多相似之處。我在過去幾次電話會議中提到，我們開始看到客戶群更有能力去承諾具法律約束力的協議、也就是最終確定協議（definitive agreement）；你在我們已公告的 X-energy 協議中看到了這點，而我們與 Oklo 也正朝這個方向推進。我確實想稍微說明一下意向書（LOI）相對於合約的動態差異。

The LOI is a step that precedes a definitive contract. This is an agreement over general terms as we see them. And once we get to that point, we're very close to finalizing contractual terms and conditions. So the similarities that we're seeing is you're seeing now some of these OEMs being able to commit and put fuel as a priority in their purchasing strategy. And we're seeing a maturing of the SMR market.

意向書（LOI）是最終確定合約之前的一個步驟。它是在我們所理解的一般條款上達成的協議。一旦走到那一步，我們就非常接近完成合約條款與條件的定案。我們看到的相似之處在於：你現在看到部分 OEM 能夠承諾，並把燃料作為其採購策略中的優先事項。我們也看到 SMR 市場正在走向成熟。

And probably the most important thing I want to convey on this call is that we now are leading the pack, and we are the HALEU supplier. We now are the go-to for HALEU supplies. And as you know, we kind of view HALEU as a bonus. LEU is the sure business, the sure thing in the market. We've been focusing on that very strongly. HALEU has been really a big bonus for us. And I talked a lot about just generally the economies of scale. So we naturally are trying to not only get the HALEU but also get the LEU feed, which is extremely important to us for economies of scale.

而我在本次電話會議上最想傳達、也可能是最重要的一點是：我們現在領先同業，我們就是 HALEU 的供應商。我們現在是 HALEU 供應的首選對象。如你所知，我們某種程度上把 HALEU 視為額外的加分項。LEU 才是市場上確定的業務、確定的需求。我們一直非常專注於此。HALEU 對我們而言確實是一個很大的額外紅利。我也談了很多關於規模經濟的概念。因此，我們自然不僅希望取得 HALEU，也希望取得 LEU 的供料（feed），這對我們的規模經濟極其重要。

The third similarity that we're seeing is prepayments. We're seeing the willingness, the ability, and our sort of strong preference for a prepayment, which adds significantly to the nondilutive capital that we're able to invest.

我們看到的第三個相似點是預付款。我們看到客戶願意且有能力支付預付款，而這也是我們相當強烈的偏好；這會顯著增加我們可投入的非稀釋性資本。

Vikram Bagri, Citigroup.

Vikram Bagri，花旗集團（Citigroup）。

It's Ted on for Vik. I just wanted to come back to the guidance. And could you just maybe remind us what's driving the bookings there? The release had mentioned the potential roll-off of funding for the operations contract. So just wanted to understand where that may sit within the revenue guidance range.

我是 Ted，代替 Vik 發言。我想回到你們的財測指引。你能否提醒我們，訂單（bookings）主要是由什麼驅動的？新聞稿提到營運合約的資金可能會逐步到期（roll-off）。所以我想了解這部分在營收指引區間中大概落在哪裡。

Yes. So if you -- just a reminder, we -- on our revenue guidance, we increased it last quarter. One of the things that I just want to remind is our business has variability from quarter-to-quarter. So it's always wise. That's why we are talking about our earnings also in the trailing 12 months.

好的。提醒一下：在我們的營收指引方面，我們在上一季已經上調。我想再提醒的一點是，我們的業務在季度之間存在波動性。所以一向需要審慎看待。這也是為什麼我們也會用過去 12 個月（trailing 12 months）的口徑來談我們的業績。

We're not providing quarter-over-quarter guidance. However, we're maintaining our guidance for the year. We feel that along with our strong order book and the market maturing that we are able to maintain our guidance at the current sense for revenue and also CapEx. But additionally, another strong item is that we've increased our headcount around the Piketon facility, which shows our continued momentum and our build-out at Piketon.

我們不提供逐季（quarter-over-quarter）的指引。不過，我們維持全年指引不變。我們認為，結合我們強勁的訂單簿以及市場的成熟度，我們能在目前對營收以及資本支出（CapEx）的預期下維持指引。此外，另一個強勁的項目是：我們已增加 Piketon 設施周邊的人力編制，這顯示我們在 Piketon 的持續動能與擴建進展。

I'd like to add to what Todd is saying. Just a very exciting announcement for us that obviously, we're communicating and transmitting here is that the first centrifuge is going to be completed in our Oak Ridge facility sometime in 2026 as we announced. Again, this is in line with the investment that we're making, the project planning that we have, and this is probably one of the most exciting steps towards realization and commencement of enrichment in Piketon.

我想補充 Todd 所說的。對我們而言有一項非常令人振奮的公告，我們也正在此對外溝通與傳達：正如我們所宣布的，第一台離心機將在 2026 年的某個時間於我們的 Oak Ridge 設施完成。同樣地，這與我們正在進行的投資、我們的專案規劃一致，而這可能是朝向在 Piketon 實現並啟動濃縮作業最令人振奮的步驟之一。

Got it. And then one further question. Just in terms of the increase to the backlog quarter-over-quarter, are you able to just talk about what led to that increase in terms of the signing of the DOE awards contribute to that? Or are some of the more recent awards within there? And how do you actually define the backlog? Does it include any LOIs?

了解。再一個問題。就積壓訂單（backlog）季對季增加而言，你們能否談談是什麼促成了這個增加？例如，簽署 DOE 的獎項是否對此有貢獻？或者其中包含一些較近期的獎項？你們實際上如何定義 backlog？是否包含任何意向書（LOI）？

So unfortunately, I won't be able to get into a lot of details, but I will tell you this does not include the DOE. These are all commercial agreements. The increase in backlog has to do with commercial agreements. I cannot really go into any more detail than that.

所以很遺憾，我無法深入談很多細節，但我可以告訴你，這不包含 DOE（美國能源部）。這些全部都是商業協議。在手訂單（backlog）的增加與商業協議有關。我確實無法再提供比這更多的細節。

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Congratulations on all the strong progress. Just want to talk a little bit more about the offtake agreements. Maybe just sort of big picture, what's your thinking on the amount of your future capacity that you hope to have in terms of offtake agreements signed up? This, I guess, is a HALEU specific question. But how much of capacity do you hope to have offtake agreements signed for?

恭喜你們取得強勁進展。我想再多談一點承購（offtake）協議。也許從大方向來看，你們對於未來產能中，希望以承購協議簽下的比例有什麼想法？我想這應該是個 HALEU 相關的問題。你們希望有多少產能能以承購協議簽約鎖定？

Yes. Thank you for the question. I think a few calls back, I was mentioning that really our strategy is depending on what our solid order book looks like, that would sort of determine the proportion of LEU versus HALEU that we're building. At this point, based on what we're locking in, we're not really changing the proportions of what we're building out. We are going to be building both.

是的。謝謝你的提問。我想在前幾次電話會議中我提到過，我們的策略其實取決於我們確定的訂單能見度（solid order book）長什麼樣，這會決定我們建置的 LEU 與 HALEU 的比例。就目前我們正在鎖定的內容來看，我們並沒有真正改變正在建置的比例。我們會同時建置兩者。

We have the flexibility to build both. Depending on the customers that step forward and are making firm commitments, that's what we're going to be building. And obviously, we're going to be looking for solid commitments for as long of a term contract as possible. And we kind of transmitted exactly those points to the market last year. And I'm happy to say that it's been kind of progressing exactly on how we transmitted it last year as well.

我們具備同時建置兩者的彈性。取決於哪些客戶站出來並做出具約束力的承諾，我們就會建置相應的產能。而且很明顯地，我們會尋求在可能的情況下，取得期限越長越好的穩健承諾。我們去年也已經把這些重點清楚傳達給市場。我很高興地說，進展基本上正如同我們去年所傳達的那樣在推進。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Maybe a follow-up on your work with Palantir and efficiencies more broadly. You discussed efforts in one of the previous responses on the cost side. But could you give more detail on progress you're looking to make on lead time reduction?

想追問一下你們與 Palantir 的合作，以及更廣泛的效率提升。你在先前的一個回覆中談到成本端的努力。但你能否更詳細說明，你們在縮短交期（lead time）方面希望達成的進展？

Ryan, thank you for that question. So you are correct. I think lead time is extremely important as an opportunity as well as cost out. The reason is we're backing into commercial agreements. And quite frankly, the commercial agreements are demanding even faster timelines.

Ryan，謝謝你的問題。你說得沒錯。我認為交期縮短是一個非常重要的機會點，和降本同樣重要。原因是我們正在回推（backing into）商業協議的要求。坦白說，商業協議要求更快的時程。

There is a gap in the market in terms of supply, as I mentioned to one of the earlier questions. So there is really a tangible and real reward to where we can come to market with enrichment capacity as soon as possible. So part of our work with Palantir, part of the work that we have with our EPC providers and other partners, meaning the large suppliers that I referenced earlier.

如同我在前面某個問題提到的，市場在供給面存在缺口。因此，如果我們能盡快把濃縮產能推向市場，確實會有具體且真實的回報。所以，我們與 Palantir 的部分工作、我們與 EPC 供應商及其他合作夥伴的部分工作——也就是我先前提到的大型供應商——

I mean all of these critical suppliers, we have ongoing efforts and sort of projects that we kicked off, where we look at both lead times and we looked at cost out because lead times really translate into enhanced revenue and being able to realize revenue much earlier, much sooner. So we're focused on that. I hope I was able to answer your question with sufficient detail. I'm not sure that I can go into any more detail than that.

我的意思是，對所有這些關鍵供應商，我們都有持續的努力與已啟動的專案，同時檢視交期並推動降本，因為交期縮短實際上會轉化為更高的營收，並讓我們能更早、更快地實現營收。所以我們正聚焦在這一點。希望我已用足夠的細節回答你的問題。我不確定我是否還能再提供更多細節。

Nick Amicucci, Evercore.

Nick Amicucci，Evercore。

I'm going to kind of focus back on the guidance too. Just as we think about the CapEx ramp through the back half of the year and the completion of the centrifuge. How should we think about kind of the cadence of the balance of the spend through the end of the year? And then as we kind of think about into 2027, where that CapEx number kind of filters out?

我也想把焦點拉回到指引（guidance）。當我們思考今年下半年資本支出（CapEx）的爬坡，以及離心機的完成。我們應該如何看待今年底前其餘支出的節奏（cadence）？另外，當我們展望到 2027 年時，那個 CapEx 數字大概會如何反映或消退？

Thanks, Nick. Well, first I'll say is this project will continue to ramp up. We're not going to provide guidance just at this point for -- beyond 2026. But you -- as I mentioned, you see that we maintained our guidance for 2026 around the CapEx, you saw the most recent quarter in which we spent through either prepayments, capitalized labour, or preorders. This project will continue to move forward.

謝謝，Nick。首先我要說的是，這個專案會持續加速推進。我們目前不會提供 2026 年以後的指引。但如我提到的，你看到我們維持了 2026 年關於 CapEx 的指引；你也看到最近一季我們透過預付款、資本化人力成本或預先下單所投入的支出。這個專案會持續向前推進。

I think one of the items that I'll also point to that shows additional momentum is the increased headcount at Piketon. And what we believe is that accelerated spend and moving forward with our project in addition to increased customer demand and backlog allow us to move at a cadence that will meet our customer demands for their deliveries in the future period.

我也想指出一個顯示額外動能的項目：Piketon 的人員編制增加。我們認為，加速支出並推進專案，再加上客戶需求與在手訂單（backlog）的增加，使我們能以一個節奏前進，從而在未來期間滿足客戶對交付的需求。

Nick, this is Amir. I just wanted to add something to what Todd was saying. It may be somewhat tangential to your question around cadence, but I mentioned it earlier and I just want to emphasize it again. So we did announce, and we're very excited about this that the first centrifuge is going to be completed this year. The intent, obviously, is here, we're building a manufacturing facility, which is a first of a kind in the United States to actually manufacture one of the most complex things humans have ever invented, which is the centrifuge.

Nick，我是 Amir。我想補充 Todd 剛才所說的一點。這可能與你關於節奏的問題有些間接，但我先前提過，我想再強調一次。我們確實已宣布，而且對此非常興奮：第一台離心機將在今年完成。很明顯，我們的目標是在這裡建造一座製造設施——這在美國是首創——用來實際製造人類發明過最複雜的事物之一，也就是離心機。

It is an impressive facility. We have top people, top engineers, top suppliers working on it. And we are excited at the fact that we're doing something that has never been done before. And it's coming together. The first centrifuge is the first concrete sign and proof of it.

這是一座令人印象深刻的設施。我們有最頂尖的人才、最頂尖的工程師、最頂尖的供應商共同投入。我們也為能做一件前所未有的事情而感到振奮。而且一切正在成形。第一台離心機就是第一個具體的跡象與證明。

And obviously, the intention is that there is going to be a cadence of production that is fully synchronized with how we are supposed to deliver the product past the end of the decade. So although I cannot obviously give you guidance, as Todd said, in terms of numbers, but definitely look at it that way.

而且很明顯，我們的意圖是建立一個生產節奏，並與我們在本十年末之後應交付產品的方式完全同步。所以雖然如 Todd 所說，我顯然無法在數字上提供指引，但你可以用這個角度來看待。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Maybe to build on the last topic. On the hiring front, you guys continue to make obviously positive progress on accelerating the hiring goals at Piketon. Can you touch on like the potential, I guess, derisking or accelerating of timelines to first cascade given the hiring acceleration? Are those correlated at all? Or can you touch on any other benefits to the business or timeline with the accelerated hiring?

也許延續上一個主題。在招募方面，你們在 Piketon 加速達成招募目標上，顯然持續取得正面進展。你能否談談，隨著招募加速，對於降低風險（derisking）或加快到第一個級聯（first cascade）的時程，是否有潛在影響？兩者之間有相關性嗎？或者你能談談加速招募對業務或時程的其他好處嗎？

Yes. So this kind of goes to the earlier question that I had, maybe two, three questions ago, where I talked about not only cost savings, but improving lead times. And being able to improve lead times is tangible real benefit to the company in terms of our ability to get on the market quicker. So a lot of our efforts are associated with going faster and taking cost out. Some of the acceleration in adding the workforce that you referenced and as we've talked about in our guidance is directly related to that.

是的。這其實呼應我先前的問題——大概兩三個問題之前——我談到的不只是節省成本，還包括改善交期。而能夠改善交期，對公司而言是具體且真實的利益，因為這關係到我們更快進入市場的能力。因此，我們很多努力都與加快速度以及降低成本有關。你提到的加速增補人力，以及我們在指引中談到的內容，其中一部分就與此直接相關。

Overall, I view that as a positive sign. I view that as something that is meant to absolutely ensure that we are delivering on our commercial commitments and potentially do better than that. But obviously, nothing new to announce at this point.

總體而言，我將其視為一個正面訊號。我認為這是為了絕對確保我們能履行商業承諾，並且可能做得更好。但顯然，目前沒有新的事項可以宣布。

Yes. And I just will make one more point that when you think about the Piketon versus Oak Ridge headcount, as Amir said, we're setting up a kind of a first-of-a-kind facility in the United States to manufacture enrichment, that's where we're manufacturing the centrifuges, which are then shipped to be installed and stood up in Piketon.

是的。我再補充一點：當你比較皮克頓（Piketon）與橡樹嶺（Oak Ridge）的人力配置時，如 Amir 所說，我們正在美國建立一座某種意義上「首創」的設施來製造濃縮相關設備；我們在那裡製造離心機，之後再運送到皮克頓進行安裝並啟用。

So all of these items are connected, where the supply chain, the lead times, the quicker that we can stand up the manufacturing and produce those centrifuges, they are be able to be shipped to Piketon. And currently, there is a lot of work that's being done at Piketon to be prepared for those centrifuges to be received and installed so we can begin enrichment. I hope many of you are able to attend the Investor Day in December in which we will actually be able to see the facility and understand it in a greater detail.

因此，這些項目彼此相互連結：供應鏈、交期，以及我們越快能把製造產線建置起來並生產出那些離心機，就越能把它們運送到皮克頓。而目前，皮克頓也正在進行大量工作，為接收並安裝這些離心機做準備，以便我們能開始濃縮作業。我希望各位中有許多人能參加 12 月的投資人日，屆時我們實際上將能看到該設施，並更深入地了解其細節。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

A lot of my questions have already been touched on, but just kind of trying to put a bow on everything you guys just said. Is it still the expectation that commercial production would commence somewhere around late 2029 at Piketon? Or is that timeline potentially moving forward?

我很多問題其實已經被提到過了，但我想把你們剛才說的內容做個總結。目前仍然預期皮克頓的商業化生產會在 2029 年接近年底左右開始嗎？還是這個時程有可能提前？

I would remove the adjective late and just say in 2029, that is our goal, absolutely. Are we -- to use your words, to put a bow on it, we are exploring opportunities and working hard to ensure that we can potentially compress timelines, but there is nothing to announce and no commitments at this point.

我會把「年底」這個形容詞拿掉，直接說 2029 年，這絕對是我們的目標。至於是否——用你的話說，做個總結——我們正在探索機會並努力確保有可能壓縮時程，但目前沒有任何可宣布的事項，也沒有任何承諾。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Could you talk about the SWU price dynamics here? I think if I heard right, the prices went up 3% during the quarter, whereas the costs went up 30%. What are the drivers for the costs growing up?

你能談談這裡 SWU 價格的變動動態嗎？如果我沒聽錯，本季價格上漲了 3%，但成本上升了 30%。推動成本上升的因素是什麼？

This is one of my favourite questions to talk about. Reason is that it really kind of summarizes the market in one number that everybody can look at. And obviously, opinions may differ, but it comes down to really basic economics. SWU prices have been escalating and have -- are still escalating due to the simple fact that you have demand that is outstripping supply. And more importantly, this is 2026, we still have two, three more years or so until there is capacity that's going to start to come online from numerous projects that have been announced.

這是我最喜歡談的一個問題。原因是它用一個所有人都能看到的數字，幾乎就把市場狀況做了總結。當然，各方看法可能不同，但歸根結底是非常基本的經濟學。SWU 價格一直在上升，而且仍在上升，原因很簡單：需求正在超過供給。更重要的是，現在是 2026 年，距離多個已宣布的專案新增產能開始上線，仍大約還有兩到三年左右。

And so I still think that my personal view is there is going to be -- continue to be constrained. We're going to continue to see some of the dynamics of being a seller's market, so to speak. So the simple answer is there has been no new capacity added. And not a day goes by, we're not hearing of more new reactors, operates, decommission reactors coming back online, new plants for new reactors. All of these require fuel.

因此，我個人認為供給仍將——持續受到限制。我們將持續看到某些「賣方市場」的動態。所以最簡單的答案是：沒有新增產能。而且幾乎每天我們都會聽到更多新反應爐、既有反應爐運轉、已除役反應爐重新上線，以及新反應爐的新建計畫。所有這些都需要燃料。

All of these require more fuel than they required before. Capacity remains the same. That's what you're seeing in the prices. And as I said, in the near term, I don't see that dynamic changing a whole lot.

而且它們所需的燃料比以前更多。產能維持不變。這就是你在價格上看到的情況。如我所說，短期內我不認為這種動態會有太大改變。

Amir, can you also comment on what is driving the costs up concurrently? Because I would imagine it's mostly energy costs, but there are some other costs that are also clearly going up.

Amir，你也能評論一下同時推升成本的因素嗎？因為我想主要是能源成本，但顯然還有其他成本也在上升。

Well, the costs relate to a mix of our SWU and uranium costs. Obviously, each -- we can't comment on specific cost of each deal, but the inventory cost is a contractual mix and how we account for the inventory on the books. But again, we're seeing strong SWU prices. Our margins are coming in line with our expectations, and we continue to see market demand that will maintain those SWU prices.

嗯，成本與我們的 SWU 與鈾成本的組合有關。當然，我們無法評論每筆交易的具體成本，但存貨成本取決於合約組合，以及我們如何在帳上認列存貨。不過同樣地，我們看到 SWU 價格強勁。我們的利潤率正符合我們的預期，而我們也持續看到市場需求將支撐這些 SWU 價格。

Drew Scott, Needham & Co.

Drew Scott，Needham & Co.。

Can you guys talk about pricing structures in your offtake agreements that you guys are pursuing? Are you guys using the fixed price structures? Or are you guys indexing to some type of pricing? And if you think the market is tightening, how much offtake are you wanting to sign today?

你們能談談正在推進的包銷（offtake）協議中的定價結構嗎？你們採用固定價格結構嗎？還是會連結到某種指數化定價？另外，如果你們認為市場正在收緊，你們今天希望簽下多少包銷量？

Yes. I mean, currently, we can't comment on our pricing. I'm assuming you're talking around all offtake arrangements on the pricing. I just want to make sure I understand your question, Drew.

是的。我的意思是，目前我們無法評論我們的定價。我猜你是在問所有包銷安排的定價方式。我只是想確認我理解你的問題，Drew。

Yes.

是的。

Okay. Yes. We can't comment on the specific pricing of our contracts. Unfortunately, we have NDAs. I think one of the most important areas that will -- you see, and I think Amir mentioned this several times during the call is, these are the new contracts, and we also met financial -- our financial contingencies on our backlog is that they're definitive.

好的。是的。我們無法評論合約的具體定價。很遺憾，我們受 NDA（保密協議）限制。我認為最重要的一點是——你會看到，而且我想 Amir 在電話會議中也多次提到——這些都是新合約，而我們在積壓訂單上也滿足了財務——我們的財務前提條件，即這些合約是具約束力的（definitive）。

And obviously, we passed our first-of-a-kind cost in our -- what we would call our initial build-out. And so the more offtake that we sign results in further economies of scale, and we're continuing to meet all of our customer demands. As you see, the HALEU market has matured quite nicely over the last 6 months, and we continue to be there to be the first HALEU provider in the market.

而且顯然，在我們所謂的初期建置中，我們已經跨越了「首創（first-of-a-kind）」成本。因此，我們簽下越多包銷，就能帶來更多規模經濟，而我們也持續滿足所有客戶需求。如你所見，HALEU 市場在過去 6 個月已相當成熟，我們也將持續在市場上扮演第一家 HALEU 供應商的角色。

Christopher Souther, Truist.

Christopher Souther，Truist。

Congrats on the progress, both in Piketon and Tennessee and with some of these customers. Maybe you can give us an update just on how discussions are going with utilities for LEU on potential long-term contracts now that we've met financial contingencies. How should we think about the cadence for incremental orders between now and 2029?

恭喜你們在皮克頓與田納西的進展，以及與部分客戶的合作。也許你們可以更新一下：在我們已滿足財務前提條件之後，與公用事業（utilities）就 LEU 潛在長期合約的討論進展如何？我們應該如何看待從現在到 2029 年之間新增訂單的節奏？

It's great to see some of these SMR developers that are dependent on HALEU being proactive. But curious if you have a sense or target on the visibility we could continue to build between now and 2029. And if you're seeing more urgency for contracting from some of the traditional utility customers as well, given the pricing trends?

看到一些依賴 HALEU 的 SMR 開發商採取積極行動，這很棒。但我也好奇，你們是否對 2029 年前可持續建立的能見度有任何感受或目標？另外，鑑於價格趨勢，你們是否也看到傳統公用事業客戶在簽約上更有急迫性？

Excellent question. Thank you for that. I stated numerous times on our earlier calls that we were greatly appreciative and focused on the LEU market. That provides a strong foundation for our offtake backlog. These are solid commitments that are needed by reactors that are operating every day and will continue operating for decades.

問題非常好。謝謝你。我在先前的電話會議中多次提到，我們非常重視並聚焦於 LEU 市場。這為我們的包銷積壓訂單提供了強而有力的基礎。這些是穩健的承諾，對每天都在運轉、並將持續運轉數十年的反應爐而言是必要的。

So they obviously are at the top of our list. The dynamics there is -- you pointed out correctly. The fact that we now have essentially no required contingency there that we have met across the threshold, that makes us a much lower risk start-up and a much lower risk enricher on the market. And I would expect that, that would give us a lot more play with utility. We are seeing generally more interest and inward look by utilities towards sort of the few enrichment providers that are in the market now.

所以它們顯然是我們清單上的優先事項。那裡的動態是——你指出得很正確。事實上，我們現在基本上已經沒有任何尚需滿足的前提條件，因為我們已跨越門檻，這使我們成為風險更低的新創公司，也成為市場上風險更低的濃縮服務供應商。我預期這會讓我們在與公用事業洽談時有更大的操作空間。我們確實普遍看到公用事業對目前市場上少數幾家濃縮供應商的興趣提升，並更深入地評估。

And I am sensing that there is a lot of focus on the new entrant to make sure that there is a -- so there is competition in the market. And we're getting a lot of advantages by being the new entrant and somebody that makes that investment and now represents a much lower risk than we would have, say, a few years ago.

我也感覺到市場非常聚焦於新進入者，以確保——也就是確保市場上存在競爭。而我們作為新進入者、並且已投入相關投資，如今所代表的風險也比例如幾年前低得多，因此我們獲得了許多優勢。

So all in all, the dynamics is unfolding in our favour, and we are in constant engagement with utilities that are looking to fulfil their LEU needs for years to come. I will add, and I said this before as well, that some of these discussions don't result in the linear sort of numbers that you can track quarter-to-quarter. They're lumpy and how they're being delivered.

總體而言，市場動態正朝著對我們有利的方向發展，我們也持續與希望在未來多年滿足其 LEU 需求的公用事業公司保持密切互動。我補充一點，我之前也提過，其中一些討論不會產生那種你能按季度線性追蹤的數字。它們是間歇性、且交付方式也不均勻。

Some of these discussions take longer. Some of them take less time. But all in all, we continue to make that a priority from a commercial standpoint, the existing reactors and the existing LEU needs here in the United States and abroad.

其中一些討論需要更長時間。有些則花的時間較短。但總體而言，從商業角度來看，我們仍將其作為優先事項：美國國內及海外既有反應爐與既有的 LEU 需求。

Okay. So maybe just kind of following up there, like as far as contracts timing, understanding there's stuff that we won't necessarily see kind of in the interim, but is kind of 2028, 2029 kind of big circle dates for contracting from some of those? Or could we see some of that earlier?

好的。那我可能接著追問一下，就合約時點而言，理解有些事情我們在過渡期間不一定會看到，但 2028、2029 是否算是其中一些合約簽訂的較大時間節點？還是我們可能更早看到其中一些？

Sure. I want to make sure I understand your question. So your question is, is there an opportunity to have delivery in 2028 like earlier than we announced.

當然。我想先確認我理解你的問題。所以你的問題是：是否有機會在 2028 年交付、也就是比我們宣布的更早？

No. As far as like longer-term contracts, are they kind of in a bit of a wait and see for some of that for incremental stuff beyond your current backlog? Or is there kind of upside to the backlog between now and 2029 materially?

不是。我的意思是，就長期合約而言，對於超出你們目前在手訂單的增量部分，他們是否有點處於觀望狀態？或者在現在到 2029 年之間，在手訂單是否有實質性的上行空間？

Right. Yes. So I hope I'm answering your question. If I don't, please course correct me on that. The buying patterns of the utilities are very different from utility to utility. The larger utilities and the smaller ones have different strategies as to when they go to market. Some of them have different tolerance for risk or interest in incumbent versus new entrants.

了解。是的。我希望我有回答到你的問題。如果沒有，請你糾正我。各家公用事業公司的採購模式差異很大。大型與小型公用事業公司在何時進入市場採購方面有不同策略。有些公司對風險的容忍度不同，或對既有供應商與新進入者的偏好也不同。

And as I said, the fact that we are now delivering centrifuge or we're going to be demonstrating that we're delivering, installing and we also have no financial contingencies. I believe that there is going to be a lot more interest from utilities that are in a wait-and-see mode, and there's quite a few of them there. Fully expect that.

而且如我所說，鑑於我們現在正在交付離心機——或我們將展示我們正在交付、安裝——同時我們也沒有任何財務或資金方面的附帶條件。我相信，對於那些處於觀望模式的公用事業公司，未來將會有更高的興趣，而且這樣的公司相當多。我完全預期會如此。

Yes. One thing I'll add is that, obviously, the market anticipated the Russian ban and a lot of the market in the near term, utilities have secured their position. So discussions with the utilities and the RFPs are for the future periods and future periods when we plan to have capacity online. But I would just remind you that we have a strong broker business that has supported Centrus' cash flows over the past few years and continues to support Centrus cash flows, and we stand ready to meet any customer requests that may come in, in the near term.

是的。我再補充一點：顯然市場已預期俄羅斯禁令，而在短期內，許多公用事業公司已經確保了自身的供應配置。因此，與公用事業公司的討論以及 RFP（徵求建議書）主要是針對未來期間——也就是我們計畫讓產能上線的未來期間。但我也想提醒你，我們有一項強勁的經紀業務，過去幾年一直支撐 Centrus 的現金流，並且仍在持續支撐；同時，我們也隨時準備好滿足任何可能在短期內出現的客戶需求。

Joseph Osha, Guggenheim Securities.

Joseph Osha，Guggenheim Securities。

This is Peyton on for Joe. I guess just stepping back from the quarter here, as you transition the HALEU cascade from cost reimbursable DOE work to commercial operations, what is the fully ramped earnings power of the combined LEU and HALEU business look like? And if you could say a couple of things about what needs to go right over the next 18 to 24 months to get there, that would be great.

我是 Peyton，代 Joe 發言。我想先從本季拉高一點視角：當你們把 HALEU 級聯從 DOE 成本補償式工作轉為商業營運時，合併後的 LEU 與 HALEU 業務在完全爬坡後的獲利能力大概會是什麼樣子？另外，如果你們能談談未來 18 到 24 個月內需要哪些事情順利推進才能達到那個狀態，會很有幫助。

Yes. We don't provide any additional guidance on that. Obviously, the transition of the demo cascades to the commercial is demonstrating our ability to operate these cascades, our ability to produce HALEU that's out in the market. We're excited to be able to continue those cascades and provide commercial HALEU. Obviously, these require LEU feedstock. This will develop over time. But currently, we can't provide any additional guidance on this.

是的。我們不會就此提供任何額外指引。顯然，將示範級聯轉為商業化，是在展示我們營運這些級聯的能力，以及我們生產並向市場供應 HALEU 的能力。我們很高興能夠持續運行這些級聯並提供商用 HALEU。當然，這些需要 LEU 進料。這會隨時間逐步發展。但目前我們無法就此提供任何額外指引。

Yes. I'd like to add something to what Todd is saying, although not directly related to your question. And as you said, there's very limited amount that we can provide in terms of guidance here. But when you think about the intent of the demo cascade, it was really to demonstrate our technology and to derisk the technology. And what a great story where we are transitioning these demo cascade equipment right into commercial operations.

是的。我想在 Todd 所說的基礎上補充一些內容，雖然不完全直接回答你的問題。如你所說，我們在指引方面能提供的資訊非常有限。但當你思考示範級聯的目的時，它其實是為了展示我們的技術並降低技術風險。而我們現在把這些示範級聯設備直接轉入商業營運，這是一個非常好的故事。

I mean there's a lot to be read and concluded here as far as the demonstration of our technology, the capability of our technology and the high expectations that we have set for it to operate in the field. So I mean, all in all, we see this as very positive progress and development.

我的意思是，從中可以解讀並得出很多結論：關於我們技術的驗證、我們技術的能力，以及我們對其在現場運行所設定的高期望。所以總體而言，我們認為這是非常正面的進展與發展。

Thank you. There are no further questions at this time. I will now transfer the conference over to Neal Nagarajan, Head of Investor Relations. Please go ahead, sir.

謝謝。目前沒有進一步的問題。我現在把會議轉交給投資人關係主管 Neal Nagarajan。先生，請開始。

Thank you, operator. This will conclude our investor call for the second-quarter of 2026. As always, I want to extend a thank you to our listeners and our analysts online and those who called in. We look forward to speaking with you again next quarter and sharing more information on our upcoming Investor Day.

謝謝，接線員。本次 2026 年第二季投資人電話會議到此結束。一如既往，我要感謝線上收聽的聽眾與分析師，以及撥入電話的各位。我們期待在下個季度再次與各位交流，並分享更多關於即將到來的投資人日的資訊。

Thank you. Ladies and gentlemen, this concludes the conference call for today. Thank you for your participation. You may now disconnect.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。