Centrus Energy Corp. (LEU) 2026 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Centrus Energy Q3 2026 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, November 5, 2026.

各位女士、先生，早安，歡迎參加 Centrus Energy 2026 年第三季（Q3）財報電話會議。（接線員指示）本通話於 2026 年 11 月 5 日（星期四）錄音。

I would now like to turn the call over to Mr. Neal Nagarajan, Senior Vice President, Investor Relations. Please go ahead.

現在我想把電話交給投資人關係資深副總裁 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 third quarter 2026, ended September 30. Today, we have Amir Vexler, President and Chief Executive Officer; and Todd Tinelli, Senior Vice President, Chief Financial Officer and Treasurer.

早安。歡迎各位，並感謝所有來電者以及透過網路直播收聽的朋友。今天的電話會議將說明截至 9 月 30 日止的 2026 年第三季業績。今天與會者包括總裁兼執行長 Amir Vexler，以及資深副總裁、財務長兼司庫 Todd Tinelli。

This conference call follows our earnings news release issued yesterday. We have filed our report for the third quarter on Form 10-Q 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.

本次電話會議係延續我們昨日發布的財報新聞稿。我們已於今日稍早向美國證券交易委員會（SEC）提交第三季 Form 10-Q 報告。我們所有新聞稿與 SEC 申報文件（包括 10-K、10-Q 與 8-K）均可於公司網站查閱。本通話的重播也將於今天稍晚在 Centrus 網站提供。

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

提醒各位，我們今天在通話中可能討論的某些資訊，可能被視為涉及風險與不確定性的前瞻性資訊，其中包括對 Centrus 未來表現的假設。我們的實際結果可能與前瞻性陳述所述內容有重大差異。

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. The forward-looking information provided today is time-sensitive and accurate only as of today, November 5, 2026, unless otherwise noted.

有關可能導致實際結果與前瞻性陳述存在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，且僅截至今日（2026 年 11 月 5 日）為準。

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，我們使用非 GAAP 財務衡量指標報告結果；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、分析與跨期間可比性。與最直接可比之 GAAP 衡量指標的調節表，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.

本通話為 Centrus Energy 之財產。未經 Centrus 明確書面同意，以任何形式對本通話進行逐字稿製作、再散布、再傳輸或再廣播，均嚴格禁止。感謝各位的參與。

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

現在我把電話交給 Amir。Amir？

Thank you, Neal, and thank you all for joining us today. I am happy to report that Centrus is continuing to build its reputation on meeting its commitments, growing its credibility, which is leading us to capturing more market share. We made significant progress during the third quarter across our commercial, operational, and financial objectives, capped off by the recent completion of our first centrifuge in Oak Ridge, Tennessee, ahead of our year-end target.

謝謝你，Neal，也謝謝各位今天加入我們。我很高興報告，Centrus 持續以履行承諾建立聲譽、提升可信度，並因此取得更多市占率。在第三季，我們在商務、營運與財務目標上都取得重大進展；而近期在田納西州橡樹嶺（Oak Ridge）提前於年底目標前完成首台離心機，更為本季畫下句點。

We now proved that US centrifuge manufacturing is a reality. It is a historic milestone for Centrus and the United States. This landmark occasion was the culmination of a number of other achievements by the team, including the strategic acquisition of one of our key suppliers, Westerman. This marks us officially locking in all of the suppliers we deem critical while also completing our first certified for construction packages to additional 2026 operational targets we have achieved ahead of our year-end target.

我們如今已證明，美國離心機製造是可實現的。這對 Centrus 與美國而言都是歷史性的里程碑。這一重要時刻，是團隊多項成果的集大成，其中包括策略性收購我們的關鍵供應商之一 Westerman。這也代表我們正式鎖定所有我們認定為關鍵的供應商；同時，我們也完成了首批取得施工認證（certified for construction）的套件，並在其他 2026 年營運目標上提前於年底目標達成。

Furthermore, we grew our enrichment backlog from $3 billion to $5.4 billion, and successfully raised funds in a prudent manner that keeps us well capitalized. Finally, we are excited to announce that we are now using the existing 16 centrifuge cascade to enrich HALEU for the commercial market, making Centrus the first US-owned commercial enricher for the market since our gases diffusion space.

此外，我們將濃縮業務在手訂單（backlog）由 30 億美元提升至 54 億美元，並以審慎方式成功籌資，使我們維持充足資本。最後，我們很興奮宣布，我們現正使用既有的 16 台離心機級聯（cascade）為商業市場濃縮 HALEU，使 Centrus 成為自我們氣體擴散時代以來，市場上第一家由美國持有的商業濃縮商。

And against this backdrop, we see continued and growing commercial validation across all three of our addressable markets: commercial LEU for the existing commercial nuclear reactor fleet for baseload electricity; a growing national security imperative that continues to increasingly diversify; and HALEU to support the next-generation reactors that will also require LEU feedstock. It is important to distinguish Centrus' unique opportunity set from those of the broader nuclear market. We are positioned to capitalize on all three of these markets.

在此背景下，我們看到在三個可服務市場中，持續且日益增強的商業驗證：為既有商用核反應爐機組提供基載電力的商用 LEU；持續擴大且日益多元化的國家安全迫切需求；以及用以支援下一代反應爐、同時也需要 LEU 供料的 HALEU。重要的是，要將 Centrus 獨特的機會組合與更廣泛的核能市場區分開來。我們已就位，可把握這三個市場的機會。

First and most importantly, our primary focus is on baseload electricity from contracts with investment-grade utilities. There is a significant existing and growing gap in commercial LEU supply and demand. And remember, much of our long-dated enrichment backlog that runs through 2040 is for LEU to service these existing investment-grade utilities.

第一且最重要的是，我們的主要重點在於與投資等級公用事業客戶簽訂合約所帶來的基載電力需求。商用 LEU 的供需之間存在顯著且持續擴大的缺口。請記得，我們許多延伸至 2040 年的長期濃縮在手訂單，都是為了提供 LEU 以服務這些既有的投資等級公用事業客戶。

The second addressable market is for growing national security needs. A recent US GAO report raised the alarm on the nation's entire domestic nuclear fuel supply chain, in particular, the domestic supply chain suitable to meet national security demand. Notably, the report highlighted the government's $37 billion plan to rebuild the unobligated supply chain by 2052.

第二個可服務市場是日益成長的國家安全需求。美國政府問責署（GAO）近期的一份報告，對全國整體國內核燃料供應鏈提出警訊，特別是能滿足國家安全需求的國內供應鏈。值得注意的是，該報告強調政府計畫在 2052 年前投入 370 億美元，以重建未受義務限制（unobligated）的供應鏈。

As announced last week, we have confirmed that our supply chain is fully unobligated. Centrus' proven derisked technology is additionally the only production-ready option for the national security establishment.

如上週所宣布，我們已確認我們的供應鏈完全屬於未受義務限制（fully unobligated）。此外，Centrus 經驗證且已去風險化（derisked）的技術，也是國家安全體系唯一可立即投入生產的選項。

In this light, we continue to work with the NNSA on its intent to sole source certain uranium enrichment activities from Centrus and stand ready to support this important mission. And then there is the HALEU and advanced reactor market. This market's demand represents an incremental growth opportunity that continues to mature.

在此情況下，我們持續與美國國家核安全局（NNSA）合作，針對其擬由 Centrus 單一來源（sole source）承攬特定鈾濃縮活動的意向進行推進，並已準備好支援這項重要任務。接著是 HALEU 與先進反應爐市場。該市場的需求代表一項額外的成長機會，且持續走向成熟。

We have positioned ourselves to capitalize on this potential market if and when it matures to provide ourselves with further optionality. This optionality includes our flexibility to use planned HALEU capacity for various assays of LEU and LEU+, if needed. And importantly, we are securing prepayments to fund our expansion from the HALEU offtake agreements we are signing. And yet durable LEU demand for investment-grade reactor operators is what we're primarily focused on.

我們已做好布局，以便在該潛在市場成熟之時（若且當其成熟）把握機會，並為自身提供更多選擇權。此一選擇權包括：如有需要，我們可彈性將規劃中的 HALEU 產能用於不同濃度（assays）的 LEU 與 LEU+。同時也很重要的是，我們正透過所簽署的 HALEU 承購（offtake）協議取得預付款，以資助我們的擴產。然而，我們主要聚焦的仍是投資等級反應爐營運商對 LEU 的長期且穩健需求。

We continue to observe this gap between supply and demand widen, driven by updates, mothballed facilities coming back online and potential new builds, both in the US and abroad. This widening disparity is demonstrated by the continually increasing spot and long-term contract LEU pricing curves that continue their upward trajectory.

我們持續觀察到供需缺口正在擴大，驅動因素包括延役、停擺設施重新啟用，以及美國與海外可能的新建案。這種擴大的落差，反映在 LEU 現貨與長約價格曲線持續上升的走勢之中。

Let me now dive into the progress we made against our three objectives. First, turning to our operations. We could not be more excited about last week's event in Oak Ridge, Tennessee, to celebrate our first centrifuge's completion, marking the beginning of our ramping of scaled centrifuge manufacturing.

接下來我將深入說明我們在三項目標上的進展。首先談營運面。我們對上週在田納西州橡樹嶺舉行的活動感到無比振奮，該活動慶祝我們完成首台離心機，標誌著我們開始推進規模化離心機製造的爬坡（ramping）。

This important milestone achieved well ahead of our year-end target demonstrates that we have successfully stood up our core manufacturing operations in Oak Ridge, including having qualified our process that are tested and proven. The team is now focusing on decreasing the cycle times and increasing throughput rates, reducing inefficiencies and scaling up our infrastructure alongside our supply chain while hiring and training employees.

這項重要里程碑遠早於我們的年底目標達成，顯示我們已成功在橡樹嶺建立核心製造營運，包括完成已測試且經驗證之製程的資格認定。團隊目前正專注於縮短週期時間並提高產出速率、降低低效率，並在招募與訓練員工的同時，與供應鏈並行擴充基礎設施。

Furthermore, we are very excited about our recent acquisition of Westerman, which should drive growth for both organizations through commercial and operational synergies as well as cost savings while derisking our build-out. The acquisition represents a significant milestone for Centrus.

此外，我們對近期收購 Westerman 感到非常振奮；透過商務與營運綜效以及成本節省，此舉應可推動兩個組織的成長，同時降低我們擴建計畫的風險。這項收購對 Centrus 而言代表一個重要里程碑。

In one strategic move, we have simultaneously derisked our build-out by securing a key supplier and best-in-class manufacturer of centrifuge casing and other critical components; captured cost savings synergies related to Westerman's expansion and tied to our expansion; and derisked our entire business model in the near- and medium-term with an established, high-quality industrial fabricator manufacturer with revenues in nuclear and non-nuclear industries.

透過一項策略性舉措，我們同時達成多項目標：藉由確保一家具關鍵地位的供應商與同級最佳的離心機機殼及其他關鍵零組件製造商，降低我們擴建計畫的風險；掌握與 Westerman 擴產相關、並與我們擴產相連結的成本節省綜效；並在短期與中期，透過一家既有且高品質、同時在核能與非核產業具備營收的工業製造商，降低我們整體商業模式的風險。

Second, turning to commercial backlog. We saw material growth in the third quarter, growing our enrichment backlog to $5.4 billion in contingent LEU and HALEU sales commitments. Our announced agreements with X-energy, Radiant and Antares all included prepayments to support our build-out.

第二，談到商業訂單積壓。我們在第三季看到顯著成長，使我們的濃縮業務訂單積壓增至 54 億美元，包含或有的 LEU 與 HALEU 銷售承諾。我們已公告與 X-energy、Radiant 與 Antares 的協議，皆包含預付款，以支持我們的擴建。

Furthermore, our agreement with X-energy includes production of LEU as a feedstock for HALEU, helping us push more volume through our facility. And finally, our offtake agreements with Radiant and Antares further validate and reinforce our first-mover advantage in the microreactor market. They also demonstrate our ability to produce unobligated enriched uranium that can also support US national security applications, including defense and space missions.

此外，我們與 X-energy 的協議包含生產 LEU 作為 HALEU 的進料，協助我們讓更多產量通過我們的設施。最後，我們與 Radiant 與 Antares 的承購（offtake）協議，進一步驗證並強化我們在微型反應器市場的先行者優勢。這些協議也展現我們具備生產未被義務約束的濃縮鈾之能力，亦可支援美國國家安全應用，包括國防與太空任務。

And finally, on the third pillar, financial progress, Centrus secured an additional $500 million with the potential addition of $2 billion in the future. To this end, Centrus ended the quarter with roughly $2.2 billion of unrestricted cash on our balance sheet. Todd will discuss this in more detail shortly.

最後，在第三支柱「財務進展」方面，Centrus 額外取得 5 億美元資金，且未來有潛在再增加 20 億美元的可能。為此，Centrus 於本季末在資產負債表上約有 22 億美元的不受限制現金。Todd 稍後將更詳細說明。

Now moving on to guidance. We are reaffirming our 2026 annual guidance for total company revenue of $450 million to $500 million as well as our annual capital spend of $350 million to $500 million. We are similarly reaffirming our 2026 annual guidance for Piketon workforce additions to over 175 new hires as well as our target of new employees at Oak Ridge to at least 100.

接著談到財測指引。我們重申 2026 年全年指引：公司總營收 4.5 億至 5 億美元，以及全年資本支出 3.5 億至 5 億美元。我們同樣重申 2026 年全年指引：Piketon 人力新增超過 175 名新進人員，以及 Oak Ridge 新增員工目標至少 100 名。

With us now having finalized contracts with 100% of the partners we deem critical, we were able to complete and begin shipping our first centrifuge. Our acquisition of Westerman represents another important step in further strengthening our supply chain. We have simultaneously completed our first certified for construction package for Piketon. We will discuss these in more depth at our upcoming Investor Day this coming December.

在我們已完成與我們認定為關鍵的 100% 合作夥伴之合約定案後，我們得以完成並開始出貨我們的第一台離心機。我們收購 Westerman，代表在進一步強化供應鏈方面邁出另一個重要步驟。我們也同時完成了 Piketon 的第一套「可施工認證」設計文件包。我們將在今年 12 月即將舉行的投資人日更深入討論這些事項。

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

接下來，我把電話會議交給 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. Ahead of walking through our results, I want to first quickly discuss the impact of our recent capital raise. In the third quarter, we recognized a $46.4 million book gain due to a decrease in the liability associated with the valuation of the warrants from our recent capital raise.

謝謝你，Amir，也向今天參與電話會議的各位道早安。在帶大家檢視我們的業績之前，我想先快速說明近期增資對我們的影響。在第三季，由於近期增資所發行認股權證估值相關負債下降，我們認列了 4,640 萬美元的帳面收益。

This was a noncash impact on our books, but led to a $46.4 million positive impact to the quarter's operating income, net income, and earnings per share that is not part of our due course of business. As such, throughout my comments, the operating income, net income and earnings per share, excluding the $46.4 million gain, will be referred to as normalized as well as those same adjusted figures that account for growth costs.

這對我們帳面而言屬於非現金影響，但使本季營業利益、淨利與每股盈餘增加 4,640 萬美元，且不屬於我們日常營運的一部分。因此，在我的說明中，扣除這 4,640 萬美元收益後的營業利益、淨利與每股盈餘，將稱為「常態化（normalized）」；同時也會提及納入成長成本調整後的相同調整數字。

Our normalized results were in line with our internal projections and reflected the typical quarter-over-quarter shift in contractual mix that can transpire based on customer orders and deliveries. Our strong financial execution continues to support the execution of our multibillion-dollar domestic enrichment expansion. As noted on previous calls, I will be presenting financials on a quarterly and trailing 12-month basis.

我們的常態化結果符合內部預測，並反映出依客戶下單與交付情況，合約組合可能出現的典型季對季變動。我們強勁的財務執行力持續支援我們數十億美元規模的國內濃縮擴產計畫之推進。如同先前電話會議所述，我將以單季與過去 12 個月（TTM）的基礎呈現財務數據。

Total revenue for the third quarter was $55.5 million, a decrease of $19.4 million or 26% versus the same period last year. TTM revenue was $454.5 million, ahead of fiscal 2025 revenue. The LEU segment generated $31.8 million in revenue in the third quarter, a 29% decrease versus the same period last year.

第三季總營收為 5,550 萬美元，較去年同期減少 1,940 萬美元或 26%。TTM 營收為 4.545 億美元，高於 2025 會計年度營收。LEU 部門第三季營收為 3,180 萬美元，較去年同期下降 29%。

SWU revenue in the quarter increased by $3.4 million due to a 19% increase in volume of SWU sold and a 10% increase in the average price of SWU sold. The Technical Solutions segment revenue was $23.7 million in the third quarter, a $6.4 million or 21% decrease over the same period last year, due primarily to a $10.2 million decrease in revenue generated by the HALEU operations contract as well as a change related to other contracts.

本季 SWU 營收增加 340 萬美元，主因為 SWU 銷售量增加 19%，以及 SWU 平均售價上升 10%。技術解決方案（Technical Solutions）部門第三季營收為 2,370 萬美元，較去年同期減少 640 萬美元或 21%，主要由於 HALEU 營運合約所產生的營收減少 1,020 萬美元，以及其他合約相關變動所致。

Centrus generated a loss of $10.6 million and a gross profit of $105.8 million for the third quarter and TTM, respectively, compared to a gross loss of $4.3 million in Q3 2025.

Centrus 第三季產生 1,060 萬美元的毛損，而 TTM 則產生 1.058 億美元的毛利；相較之下，2025 年第三季為 430 萬美元的毛損。

The LEU segment's third quarter cost of sales was $38.7 million, a decrease of $13.9 million or 26% over the previous year's period, driven by a decrease in the volume of uranium sold. SWU costs increased as a result of a 28% increase in the average unit cost of SWU sold and a 19% increase in the volume of SWU sold.

LEU 部門第三季銷貨成本為 3,870 萬美元，較去年同期減少 1,390 萬美元或 26%，主要由於鈾銷售量下降所致。SWU 成本上升，係因 SWU 銷售的平均單位成本增加 28%，以及 SWU 銷售量增加 19%。

Technical Solutions cost of sales of $27.4 million increased $0.8 million or 3% from Q3 2025, primarily attributable to an increase in costs related to customer contracts, partially offset by a $1.7 million decrease in costs incurred under the HALEU operation contract.

技術解決方案銷貨成本為 2,740 萬美元，較 2025 年第三季增加 80 萬美元或 3%，主要歸因於客戶合約相關成本增加，部分被 HALEU 營運合約下發生的成本減少 170 萬美元所抵銷。

Normalized operating loss for the third quarter was $25.1 million compared to a loss of $16.6 million in the same period last year. The company generated normalized net loss of $10.2 million and $9.4 million of adjusted net loss in the third quarter compared to normalized net income of $3.9 million and adjusted net income of $5.2 million, respectively, in Q3 2025.

第三季常態化營業損失為 2,510 萬美元，去年同期為損失 1,660 萬美元。公司第三季常態化淨損為 1,020 萬美元，調整後淨損為 940 萬美元；相較之下，2025 年第三季分別為常態化淨利 390 萬美元與調整後淨利 520 萬美元。

The change in third quarter normalized net loss was primarily attributed to a decrease in income tax benefit of $9 million, an increase in gross loss of $6.3 million and an increase in advanced technology costs of $3 million. This change in normalized net loss was partially offset by an increase of $4 million in investment income.

第三季常態化淨損的變動，主要歸因於所得稅利益減少 900 萬美元、毛損增加 630 萬美元，以及先進技術成本增加 300 萬美元。上述常態化淨損變動，部分被投資收益增加 400 萬美元所抵銷。

On a fully diluted basis, this equates to third quarter 2026 normalized loss per share of $0.49 and adjusted loss per share of $0.46, respectively, compared to $0.19 and $0.25, respectively, in Q3 2025.

以完全稀釋基礎計算，這相當於 2026 年第三季常態化每股虧損 0.49 美元，以及調整後每股虧損 0.46 美元；相較之下，2025 年第三季分別為 0.19 美元與 0.25 美元。

On a trailing 12-month basis, Centrus generated normalized net income of $34.4 million and adjusted net income of $77.3 million, respectively. Third quarter adjusted net income excludes $2.4 million of gross expenses and a $1.3 million benefit to our SG&A related to our stock compensation, which combined and tax adjusted equates to $800,000.

以過去 12 個月（TTM）基礎計算，Centrus 分別產生常態化淨利 3,440 萬美元與調整後淨利 7,730 萬美元。第三季調整後淨利排除 240 萬美元的毛費用，以及與股票酬勞相關、對我們 SG&A 帶來的 130 萬美元利益；兩者合併並經稅務調整後相當於 80 萬美元。

Please refer to our Financial Results section of our earnings release issued yesterday for a reconciliation of net income, normalized net income and adjusted net income. Going forward, we continue to expect to have certain level of these types of growth expenses to flow through our income statement as we continue to build out.

關於淨利、常態化淨利與調整後淨利之調節，請參閱我們昨日發布之財報新聞稿中的「財務結果」章節。展望未來，隨著我們持續擴建，我們仍預期這類成長費用將以一定程度反映於損益表中。

Centrus' backlog across both segments grew to $7 billion at the end of the third quarter and extends out to 2040. The growth was driven by an approximate $2.4 billion in LEU and HALEU enrichment sales in the LEU segment. Of the approximate $5.4 billion in contingent LEU and HALEU sales commitments, $5.1 billion are under definitive agreements.

Centrus 兩個部門合計的訂單積壓在第三季末成長至 70 億美元，並延伸至 2040 年。此成長主要由 LEU 部門約 24 億美元的 LEU 與 HALEU 濃縮銷售所帶動。在約 54 億美元的或有 LEU 與 HALEU 銷售承諾中，有 51 億美元已簽署具約束力的最終協議。

Turning to our capital spend, which are CapEx and non-CapEx attributed to costs and investments such as prepayments to suppliers or growth costs. In the third quarter, we had total capital spend of $134 million with $131.6 million coming from CapEx and the remainder coming from non-CapEx growth costs. We finished the third quarter with approximately $2.2 billion in unrestricted cash without using our ATM.

接著談我們的資本支出，包含資本支出（CapEx）與非資本支出（non-CapEx），其歸因於成本與投資，例如對供應商的預付款或成長成本。第三季我們的資本支出總額為1.34億美元，其中1.316億美元來自CapEx，其餘來自非CapEx的成長成本。第三季結束時，在未使用我們的ATM（隨時市場發行機制）的情況下，我們約有22億美元的不受限制現金。

In September, we completed an approximately $500 million underwritten public offering of Class A common stock and prefunded warrants together with accompanying common warrants. This important transaction allowed us to access near-term capital at a premium while setting the company up for significant future capital in four future tranches with progressively higher excess prices only if our share price appreciates and we continue to execute against our milestones.

9月，我們完成了一筆約5億美元的A類普通股承銷公開發行，以及預付認股權證（prefunded warrants），並搭配附帶的普通股認股權證。這項重要交易讓我們得以在溢價水準取得近期資金，同時也讓公司在未來四個分批（tranches）中具備取得可觀後續資金的條件；且僅在股價上漲、我們持續達成里程碑時，才會以逐步提高的超額價格（excess prices）進行。

If exercised in full, the warrants could provide approximately $2 billion of additional gross proceeds with exercise prices ranging from approximately $2.27 to $3.63 per share. We believe this structure reflects investor confidence in the long-term value of Centrus while providing additional financial flexibility.

若認股權證全數行使，可能帶來約20億美元的額外總募集資金（gross proceeds），行使價約介於每股2.27美元至3.63美元。我們認為此一架構反映投資人對Centrus長期價值的信心，同時也提供額外的財務彈性。

We continue to feel confident in our existing cash balance, and we believe we are sufficiently funded to meet our near-term capital requirements.

我們對目前的現金餘額仍然有信心，並相信我們的資金足以滿足近期的資本需求。

Subsequent to quarter-end, we acquired Westerman for approximately $116 million, funded through a combination of cash on hand and equity, including $95 million in cash and $21 million in equity. We expect the acquisition to lower project costs for Centrus and drive greater efficiencies across our supply chain.

在季末之後，我們以約1.16億美元收購Westerman，資金來源為手上現金與股權的組合，包括9,500萬美元現金與2,100萬美元股權。我們預期此收購將降低Centrus的專案成本，並提升整體供應鏈效率。

Turning to our outlook for the remainder of 2026. As Amir noted, we are reaffirming our annual guidance for revenue of $450 million to $500 million and total capital spend of $350 million to $500 million. The target excludes the Westerman acquisition.

接著談我們對2026年剩餘期間的展望。如Amir所提，我們重申全年指引：營收4.5億至5億美元，資本支出總額3.5億至5億美元。該目標不包含Westerman收購案。

We look forward to having a more fulsome conversation about Westerman build-out at our upcoming December Investor Day. We are simultaneously reaffirming our operational guidance for the workforce additions in Piketon and Oak Ridge.

我們期待在即將到來的12月投資人日，就Westerman的擴建（build-out）進行更完整的討論。我們也同時重申在Piketon與Oak Ridge的人力增補之營運指引。

With that, I will turn the call back to Amir. Amir?

接下來我把電話交回給Amir。Amir？

Thank you, Todd. I am proud of the progress we made during the third quarter across our commercial, operational, and financials broadly. We have made significant progress in and are continuing to derisk our build-out. We are now beginning to manufacture and ship centrifuges from our Oak Ridge facility. We have locked in 100% of the suppliers we deem critical and have completed our first CFC package.

謝謝你，Todd。我為我們在第三季於商務、營運與整體財務面所取得的進展感到自豪。我們在降低擴建風險方面已取得重大進展，且仍在持續去風險（derisk）。我們現在已開始在Oak Ridge廠房製造並出貨離心機。我們已鎖定我們認定為關鍵的供應商達100%，並完成了第一個CFC套件（package）。

We have significantly grown our commercial enrichment backlog. We are sitting on a healthy cash balance that empowers our buildup. We have furthermore bolstered and derisked our business profile, especially in near-term revenues and profitability with our recent Westerman transaction. And all of our progress is happening as our addressable market continues to grow, a strong backdrop that supports our expansion.

我們的商業濃縮訂單積壓（backlog）已大幅成長。我們維持健康的現金餘額，足以支持我們的擴建。此外，透過近期的Westerman交易，我們也強化並降低了我們的業務風險輪廓，特別是在近期營收與獲利能力方面。而我們所有的進展，都是在可服務市場持續成長的背景下發生；這樣的強勁環境也支持我們的擴張。

We are also excited to host our upcoming Investor Day on December 7, at our American Centrifuge Plant in Piketon, Ohio. We look forward to sharing more about our strategy and build-out at that event.

我們也很期待在12月7日於俄亥俄州Piketon的美國離心機工廠（American Centrifuge Plant）舉辦即將到來的投資人日。我們期待在活動中分享更多關於我們的策略與擴建計畫。

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）

Mark Shooter, William Blair.

Mark Shooter，William Blair。

Amir, I just had a question on the first centrifuge. So the first centrifuge production, that's a big milestone for the company and also national security. But a key point for us on that front was that these new centrifuges are unobligated. And I was hoping you could give us some update on the engagement with the NNSA and speaking to the funding be outlined from the GAO as well.

Amir，我想問第一台離心機的問題。第一台離心機投產，對公司以及國家安全而言都是重大里程碑。但我們在這方面的一個關鍵點是，這些新離心機是「未被義務化」（unobligated）的。我想請你更新一下與NNSA的互動情況，以及也談談GAO所提到的資金規劃。

Yes. Well, good morning Mark, thank you for that good question. I'll remind the listeners and yourself that one of the great values that we bring to the market and the technology that we bring to the market is the capability to have unobligated production that can serve national security needs.

是的。Mark，早安，謝謝你的好問題。我也提醒各位聽眾以及你本人，我們帶給市場的一大價值、以及我們帶給市場的技術之一，就是具備「未被義務化」的產能，可用於滿足國家安全需求。

Just as a reminder as well in form of background, in November of 2025, the NNSA published a notice-of-intent to issue Centrus, a sole-source contract for the production of certain low enriched uranium that's suitable for use in support of the national security mission. So that is sort of the backdrop to our needs and our drive to have unobligated production.

也再補充一下背景：在2025年11月，NNSA發布了意向通知（notice-of-intent），擬向Centrus授予一份單一來源（sole-source）合約，用於生產某些適用於支援國家安全任務的低濃縮鈾（LEU）。因此，這就是我們需求與推動建立「未被義務化」產能的背景。

And specifically to your question, our production will be unobligated. And we have been working to configure the supply chain, working with all our suppliers to make sure that that is going to be implemented. I hope I answered the question, Mark.

針對你的問題，我們的產能將會是未被義務化的。我們一直在調整供應鏈配置，並與所有供應商合作，以確保這點能落實。希望我有回答到你的問題，Mark。

Yes, thank you, Amir. I thought they cut me off for the next question. Thank you.

是的，謝謝你，Amir。我以為他們要把我切掉，不能問下一題了。謝謝。

Mark Bianchi, TD Cowen.

Mark Bianchi，TD Cowen。

This is Esteban Albarracin on for Mark Bianchi. My question is really around the current LEU backlog. I know you mentioned excluding the LEU to HALEU contract, is that all tied to the existing reactor fleet? I ask because I'm trying to understand the opportunity for new light water reactors there and there's 10 new large reactors moving through the DOE EDF loan program.

我是代Mark Bianchi提問的Esteban Albarracin。我的問題主要是關於目前的LEU訂單積壓。我知道你提到不包含LEU到HALEU的合約，那這些是否全部都與既有的反應爐機組（reactor fleet）相關？我這樣問是因為我想了解新建輕水反應爐的機會；目前有10座新的大型反應爐正在推進DOE的EDF貸款計畫。

So I'm trying to think how should we think about the timing of potential LEU backlog opportunities for Centrus there if enrichment RFPs could follow relatively soon for new reactors or would utilities likely weigh closer to a reactor startup?

所以我在想，我們應該如何看待Centrus在這方面潛在LEU訂單積壓機會的時點？如果新反應爐的濃縮RFP可能相對不久就會跟進，還是公用事業公司通常會等到更接近反應爐啟動時才會評估？

Good morning. Let me just talk maybe in general, and then we'll address specifically the question about the new build. We very much are excited and are obviously prioritizing firm and -- firm commitments from customers, and the ones for LEU are typically the ones that are able to make those in large numbers. So a good size -- a large part of our backlog is LEU for operating reactors here in the United States and abroad as well.

早安。我先從較一般性的角度談起，然後再具體回應新建案的問題。我們非常興奮，且顯然會優先爭取客戶的確定、也就是「具約束力」的承諾；而LEU客戶通常能夠在較大規模上做出這類承諾。因此，我們的訂單積壓中有相當大一部分是供應美國及海外在運轉反應爐的LEU。

Specifically, to the question of how to think about the new reactors that are yet to be built, it really is a question to them as to at what point they would feel they would need to go out and secure fuel supply. I think based on what we're seeing the advanced reactors do, they do prioritize fuel supply, and they put that right at the front to ensure that they derisk their projects.

具體到你問的尚未建成的新反應爐，關鍵在於他們會在什麼時間點覺得需要出面去確保燃料供應。我認為，從我們看到先進反應爐（advanced reactors）的做法來看，他們確實會優先處理燃料供應，並把它放在最前面，以確保專案去風險。

I would expect that the new builds, whether it's going to be AP1000s or whatever other large reactor design is going to be, there's going to be tremendous need for enrichment supply as well.

我預期新建案不論是AP1000或其他大型反應爐設計，也都會有龐大的濃縮供應需求。

I would tend to think that in today's markets and some of the availability and some of the long cycles around capacity expansion of enrichment, I would absolutely encourage them to put that at the very front of their planning cycle as they plan to expand. And so we absolutely intend to compete for it, and we intend to make that a big part of our business as well.

以我看，在今日市場環境下，加上供給可得性以及濃縮產能擴張的長週期，我絕對會鼓勵他們在規劃擴建時，把這件事放在規劃週期的最前端。因此我們絕對會投入競爭，也打算把它作為我們業務的重要部分。

Joseph Osha, Guggenheim Securities.

Joseph Osha，Guggenheim Securities。

This is Peyton Durand on for Joe Osha this morning. I guess could you just provide a little bit more color on what enabled the accelerated timeline for the first completed centrifuge? And do you see this time line as sort of replicable for future units? And I guess the third part, what learnings are you going to take from this first one to apply to nth of kind?

今天早上我是代Joe Osha提問的Peyton Durand。你們能否多提供一些細節，說明是什麼因素讓第一台完成的離心機時程得以加速？你們是否認為這樣的時程可在未來機組上複製？另外第三點，從第一台的經驗中，你們會帶走哪些學習，應用到第n台同型機（nth of kind）上？

Okay. Thank you for the question. I think I've been very consistent on all of our calls in trying to explain and emphasize to the investors how critically important it is for us to gain market credibility, to be able to meet and exceed our commitments. We have an incentive to -- from the market, we have an incentive to beat the timelines that we have advertised.

好的。謝謝你的提問。我想我在我們所有的電話會議上都一直很一致地嘗試向投資人解釋並強調，對我們而言，取得市場信譽、能夠達成並超越我們的承諾是多麼關鍵重要。我們有誘因——來自市場的誘因——去超越我們所對外宣示的時程。

And so organizationally, we are creating the same incentives and the same expectations of exceeding, meeting the timelines. But more specifically, what enabled is we do run process improvement teams in parallel. I mean, one example that I gave before, which I'm sure we'll get to talk about at some point from -- I'm sure a question will come up about our partnership with Palantir and some of the work we're doing there.

因此在組織層面，我們正在建立相同的誘因與相同的期待，也就是超越並達成時程。但更具體地說，使之成為可能的是，我們確實同步運作流程改善團隊。我的意思是，我之前舉過一個例子——我相信我們之後某個時點會談到——我也確信會有人提問我們與 Palantir 的合作夥伴關係，以及我們在那裡所做的一些工作。

So we really are attacking this on multiple fronts, and we're doing a lot of progress with our supply chain and all of this with the intent of expediting, lowering cost, derisking. Westerman is another example of derisking and building efficiencies into our supply chain. And I'm sure there will be a question on that as well at some point.

所以我們確實從多個面向同時著手攻堅；我們在供應鏈方面取得了大量進展，而這一切的目的都是為了加速、降低成本、降低風險。Westerman 是另一個降低風險並將效率導入我們供應鏈的例子。我也確信之後某個時點也會有人就此提問。

So the lessons learned here is that when you align the goals in the organization, provide the tools, expectations and make a proper investment in rapid improvements, it pays off, and we certainly intend to implement those learnings. And these are coincidentally to your second part of your question. These really are the learnings -- and we certainly are looking forward to providing a more wholesome update details and examples at our Investor Day that I've announced earlier. And hopefully, that answers the question.

因此這裡的經驗教訓是：當你在組織內對齊目標、提供工具與期待，並對快速改善做出適當投資，就會有回報；而我們當然打算落實這些學習。而這也剛好呼應你問題的第二部分。這些確實就是我們的學習——我們也非常期待在我先前宣布的投資人日上，提供更完整的更新、細節與案例。希望這回答了你的問題。

Nate Pendleton, Texas Capital.

Nate Pendleton，Texas Capital。

Congrats on the continued progress. Amir, I wanted to go back to the strong macro picture that you alluded to in your prepared remarks. With the strong SWU pricing relative to uranium, as we look ahead, how are customers changing tails of say, if at all? And how much Western SWU demand could be met with overfeeding as we look out in the future?

恭喜持續取得進展。Amir，我想回到你在事先準備的發言中提到的強勁總體環境。在 SWU 價格相對於鈾價偏強的情況下，往前看，客戶是否、以及在多大程度上，正在改變尾料濃度（tails），如果有的話？另外，展望未來，西方的 SWU 需求有多少可能透過過量供料（overfeeding）來滿足？

Great question. So you're asking an enrichment person about a question that involves a lot more consideration than just enrichment. Obviously, uranium pricing fits into this very strongly. Each customer and supplier approached this question individually on a contract-by-contract basis. In the past, obviously, when SWU prices were cheap, this goes back a few years ago, we've seen a different behavior around tails assay.

好問題。所以你是在問一位濃縮領域的人，但這個問題牽涉到的考量遠不只是濃縮本身。顯然，鈾價在其中扮演非常重要的角色。每位客戶與供應商都會以合約為單位、逐案處理這個問題。過去很明顯地，當 SWU 價格很便宜時——這要回溯到幾年前——我們看到在尾料濃度（tails assay）方面有不同的行為。

We've seen a different behavior around underfeeding versus overfeeding. Obviously, that dynamic has changed now that SWU prices have gone up considerably. And I would expect that this continues to be just an optimization for each contract, case by case, as to how they view their uranium supply pricing versus how they want to optimize it versus enrichment.

我們也看到在欠供料（underfeeding）與過量供料（overfeeding）之間有不同的行為。顯然，隨著 SWU 價格大幅上升，這種動態現在已經改變。我預期這仍會是針對每一份合約逐案最佳化：他們如何看待其鈾供應價格，以及他們希望如何在鈾與濃縮之間做最佳化配置。

I will add as a final thought that I would tend to give the upper hand here to enrichment. By that, I mean, I think ultimately, you would see the seesaw pendulum swing towards sort of erring on the side of favoring enrichment capacity is just because I don't see that there is that much ability to expand capacity as quickly as the market grows.

最後我補充一點：我傾向於認為在這裡濃縮會占上風。我的意思是，我認為最終你會看到天平擺向——寧可偏向支持濃縮產能的一側——因為我不認為產能擴張能像市場成長那樣快速。

I mean, we're seeing that disparity now, and I think it will take a while before that disparity sort of settles. So I think you will see that reflected in the tails and in the overfeeding versus underfeeding. I hope that answers the question.

我的意思是，我們現在就看到這種落差，而我認為要花一段時間這種落差才會逐步收斂。所以我想你會在尾料濃度（tails）以及過量供料（overfeeding）相對於欠供料（underfeeding）的選擇上看到反映。希望這回答了你的問題。

Bill Peterson, JPMorgan.

Bill Peterson，JPMorgan。

Nice job on the quarterly execution. I wanted to ask a follow-up on a prior question on the backlog. So I guess we think about your commercial strategy, is there a preferred mix of, I guess, existing utilities, say LEU versus newer companies, SMR? And I guess with the shape of the backlog, you talked about backlog going up to 2040. Is that more front-loaded or back-loaded? I'm just trying to get a sense of what that could mean for implication on CapEx as you, I guess, continue to grow your backlog.

本季執行表現很不錯。我想就先前關於在手訂單（backlog）的一個問題追問。從你們的商業策略來看，是否有偏好的組合——例如既有公用事業客戶（LEU）相對於較新的公司、SMR？另外，就在手訂單的形狀而言，你提到在手訂單延伸到 2040 年。那是比較前段集中（front-loaded）還是後段集中（back-loaded）？我想了解的是，當你們持續擴大在手訂單時，這對資本支出（CapEx）可能意味著什麼。

Yes. Thank you for that question. I'll start off by just saying that it would be -- we typically do not break down and separate the amounts. That said, the vast majority of our backlog is LEU-- it's either for LEU customers or its feedstock for future HALEU offtake.

是的，謝謝你的提問。我先說，我們通常不會把金額拆分並分開揭露。不過，我們在手訂單的絕大多數是 LEU——不是供應給 LEU 客戶，就是作為未來 HALEU 承購（offtake）的原料（feedstock）。

Now you asked a pretty interesting question as to who do we favor and who do we like more. That would be a dangerous answer to give. I'll give you the pros and cons. And obviously, we want both and we pursue both. The established LEU customers provide a lot of certainty. They provide a lot of volume. They provide very, very solid terms to be able to offtake.

你問了一個相當有意思的問題：我們偏好誰、比較喜歡誰。這會是一個很危險的回答。我給你優缺點。而且很明顯地，我們兩者都要、也兩者都追求。既有的 LEU 客戶提供很高的確定性。他們提供很大的量。他們也提供非常、非常穩健的條款來承購。

And that is precisely what we need when we are expanding facilities -- expanding our facilities and investing capital. However, I do not want to, in any way, underestimate the HALEU customers who just in the last six months, a year have become a lot more committed to the supply chain, and we're seeing them being able to make sort of take-or-pay type contracts and legally binding contracts.

而這正是我們在擴建設施——擴建我們的設施並投入資本——時所需要的。不過，我不想以任何方式低估 HALEU 客戶；在過去六個月到一年之間，他們對供應鏈的投入承諾大幅提升，我們也看到他們能夠簽訂某種「承購或付費」（take-or-pay）類型的合約以及具法律拘束力的合約。

They provide a huge promise to a company like ours. If there is a large expansion of any of these SMRs or microreactors, if there is a large build-out, that's going to create a substantial need for HALEU and an exponential need for LEU. And so we honestly are trying to keep our finger on both triggers.

他們對像我們這樣的公司而言帶來巨大的前景。如果這些 SMR 或微型反應爐有任何一項出現大規模擴張、若有大規模建置，那將會創造對 HALEU 的可觀需求，以及對 LEU 的指數型需求。因此我們確實是努力同時兼顧兩邊。

And I will just remind the investors and listeners as well that the third leg of the stool here is we are pressing really hard on national security. We position ourselves to be able to serve the needs when called upon for national security. And I hope that, that gives you enough detail that I answered the question, Bill.

我也提醒投資人與聽眾，這裡的第三條支柱是：我們在國家安全方面也非常用力推進。我們讓自己處於一個位置，能在國家安全需要我們、被召喚時提供服務。希望這些細節足以回答你的問題，Bill。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Well, you opened the door, so I'll allow you to either walk through it or close it on me. Just wanted to kind of dig into the $300 million of Palantir potential savings. And basically how much represents validated procurement or engineering changes versus the opportunities that are still under evaluation? And should we think of any of those as an accelerant to capacity delivery?

你既然把門打開了，我就讓你選擇要走進去，或是把門關在我面前。我想深入了解一下 Palantir 潛在節省的 3 億美元。基本上，其中有多少是已驗證的採購或工程變更，多少仍是正在評估中的機會？另外，我們是否應把其中任何一部分視為產能交付的加速器？

Yes. Good question, Nick. As previously communicated, a day 1 focus for us is to really maximize cost savings while we really are bringing in lead times and deployment times for our expansion. We want to use state-of-the-art technology tools, capability, individuals -- and hence, the reason for the partnership. We did announce amount of savings that we put out there, and then you quoted $300 million. A lot of it has been a strong contributor to our capability to deliver ahead of schedule.

是的，好問題，Nick。如先前所溝通的，我們第一天的重點就是在推進擴產的同時，真正把成本節省最大化，並縮短前置期與部署時間。我們希望使用最先進的技術工具、能力與人才——這也是我們建立合作夥伴關係的原因。我們確實公布了我們對外提出的節省金額，而你引用的是 3 億美元。其中很大一部分已經對我們提前交付進度的能力做出了強力貢獻。

From where I sit, and I'm fairly connected to the project, I think that most of the opportunities and most of the potential savings and value we're going to derive is still ahead of us, so much so that we are in active mode of learning as to what we achieved and how we potentially accelerate and expand that. So stay tuned for more announcements. Stay tuned for more information.

就我所處的位置而言——而且我與該專案連結相當緊密——我認為大多數的機會、大多數我們將取得的潛在節省與價值，其實都還在前方；以至於我們正處於積極學習模式，了解我們已達成了什麼，以及我們如何可能加速並擴大這些成果。所以請持續關注後續公告。請持續關注更多資訊。

And as one of the answers that I gave earlier, we do intend to have a much more wholesome conversation on this in our Investor Day. This really is the purpose for such conversations. We'd love to address it there, and we're preparing to do that. And I will also add as a last statement that the first centrifuge is really a great example of the value creation-based agreement and partnership that we have with companies like Palantir.

正如我先前給出的其中一個回答，我們確實打算在投資人日就此進行更全面的討論。這正是進行此類對話的目的。我們很樂意在那裡回應，並且正在為此做準備。最後我也要補充一句：第一台離心機確實是我們與 Palantir 這類公司之間、以價值創造為基礎的協議與合作夥伴關係的絕佳例證。

And I think the very first milestone that we set out there, we've been able to capitalize on it, and we're looking to do that eventually for all the other milestones that we're facing.

而且我認為，我們當初設定的第一個里程碑已經成功加以落實並從中受益；我們也希望最終能在我們面臨的其他所有里程碑上做到同樣的事。

Jon Windham, UBS.

Jon Windham，瑞銀（UBS）。

This is David on for Jon Windham. Just wanted to touch base on -- can you give us an indication or kind of a status update on where you are in negotiations with the DOE and the potential to convert your demonstration cascade to commercial offtake and the potential to bring some of those volumes online a little bit quicker to market.

我是代替 Jon Windham 的 David。想簡單跟進一下——能否請你們說明一下目前與美國能源部（DOE）的談判進度或狀態更新？包括將你們的示範級聯轉為商業承購（offtake）的可能性，以及是否有機會讓部分產量更快上線、推向市場。

Yes. So we are in discussions. Again, as I typically answer my questions, I'll give a little bit of backdrop and sort of the context for the answer just for the benefit of all the other listeners.

是的。所以我們正在討論中。同樣地，按照我一貫回答問題的方式，我會先提供一些背景與脈絡，讓其他聽眾也能更好理解。

We've embarked on a demonstration program with the DOE. They've been a great supporter. We worked collaboratively really well to demonstrate our technology now for three years. It's been hugely successful, and it provided the impetus and the capability to expand that into commercial operations.

我們已與 DOE 展開一項示範計畫。他們一直是非常重要的支持者。我們以協作方式密切合作，至今已示範我們的技術三年。成果非常成功，也提供了將其擴展到商業營運的動能與能力。

The natural next step for the -- the natural next step for the 16 centrifuge demo cascade is to place that into commercial operations. The cascade is producing. We are in discussions with the Department of Energy about how to amend and how to make a more wholesome agreement where this continues to serve the market and some of the reactors that are getting into the market now and would require some of that material.

對於這個——對於 16 台離心機示範級聯而言，下一個合乎邏輯的步驟就是將其納入商業營運。該級聯正在生產。我們正與能源部討論如何修訂、以及如何形成一個更完整的協議，使其能持續服務市場，並滿足目前正進入市場的一些反應爐對該材料的需求。

Yes. To Amir's point, we -- the centrifuge is currently spinning for commercial use. And as part of the larger agreement, it's our ambitions and the DOE's ambition to keep those centrifuges spinning throughout their life cycle, and we are currently working that in through our long-term arrangement with the DOE.

是的。呼應 Amir 的觀點——我們的離心機目前正為商業用途運轉。而作為更大範圍協議的一部分，我們的目標以及 DOE 的目標，是讓這些離心機在其整個生命週期內持續運轉；我們目前正把這點納入與 DOE 的長期安排之中。

We have -- they have given us rights to use those commercial -- those centrifuges for commercial use currently, and that's what they're using. So currently, we are enriching for HALEU for commercial needs at this moment.

我們——他們已授予我們目前將這些——這些離心機用於商業用途的權利，而我們也正在這麼做。因此，目前此刻我們正在為商業需求濃縮 HALEU。

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

This is Luke on for Eric. So as it relates to your supply chain strategy, should we expect to see vulnerable areas addressed through vertical integration like with Westerman? Or was that more of a sort of a one-off event from a strategic perspective?

我是代替 Eric 的 Luke。就你們的供應鏈策略而言，我們是否應預期你們會像收購 Westerman 那樣，透過垂直整合來處理脆弱環節？還是說，從策略角度看那比較像是一次性的事件？

The -- I think your question specifically asks about vulnerable. I would say that the Westerman deal was a whole lot about an opportunity to derisk our supply chain, to derisk the build-out and to derisk the business model as well as to be able to capitalize on a lot of efficiencies that we see out there. So all in all, we're very satisfied with it.

——我想你的問題特別聚焦在「脆弱」這點。我會說，Westerman 這筆交易很大一部分是為了降低我們供應鏈風險、降低擴建（build-out）風險，也降低商業模式風險，同時也讓我們能把握我們看到的許多效率提升機會。總體而言，我們對此非常滿意。

But I mean, there's other tools in our arsenal over there that we're deploying in setting up a supply chain that is predictable, capable, and produces high-quality product. I mean, these things are done every day by our team, are not necessarily advertised. They're not necessarily how they're communicated to the broader community. But this is the kind of stuff that we do every day that goes unadvertised.

不過我的意思是，我們在那邊還有其他工具正在運用，用以建立一條可預測、有能力、並能產出高品質產品的供應鏈。這些事情我們團隊每天都在做，但不一定會對外宣傳。也不一定會以對更廣泛社群溝通的方式呈現。但這就是我們每天在做、卻往往不被外界看見的工作。

You use the word vulnerability. This is going to be a major project. We have a lot of suppliers. Each supplier has their own strengths and weaknesses. We have built -- we are building and we've built resilience in our supply chain where possible. We're using quality oversight. We're using partnership with different suppliers.

你用了「脆弱性」這個詞。這將會是一個重大專案。我們有很多供應商。每個供應商都有各自的優勢與弱點。在可行之處，我們已建立——也正在建立供應鏈的韌性。我們採用品質監督。我們也與不同供應商建立合作夥伴關係。

So we're not taking anything off the table. I think what you saw with Westerman is an example where you had really a perfect fit of all these factors come together, and there was no coincidence that this deal was made.

所以我們不會把任何選項排除在外。我認為你在 Westerman 看到的是一個例子：各項因素非常契合地匯聚在一起；而這筆交易的達成並非巧合。

Yes. I will just comment. We view Westerman as a world-class operation, especially in the nuclear space, and they reach over into other industries. This allows diversity to Centrus' income stream and revenue. It's immediately accretive in year 1.

是的。我補充一下。我們將 Westerman 視為世界級的營運體，尤其是在核能領域，而且他們也延伸到其他產業。這讓 Centrus 的收入來源與營收更加多元。在第 1 年就能立即增厚（accretive）。

And it really serves as a platform for us to expand on supply chain integration, take out some of those vulnerabilities if we see. They present themselves through either organic growth, now through Westerman ,or through additional M&A activities. We are extremely excited about this.

而且它確實可作為我們擴大供應鏈整合的平台，在我們看到某些脆弱點時加以消除。這些脆弱點可能會透過內生成長、現在透過 Westerman，或透過額外的併購（M&A）活動而浮現。我們對此感到非常振奮。

I will just comment that on our investor day, we plan on providing a significant more information around the acquisition. And we hope that all of those on the call today are able to dial in or join us, and where we can provide a long-term view of our vision for Westerman and our supply chain. Thank you.

我再補充一下：在我們的投資人日，我們計畫就這項收購提供更多、更大量的資訊。也希望今天參與電話會議的各位都能撥入或親自加入，屆時我們可以提供對 Westerman 與我們供應鏈願景的長期觀點。謝謝。

Rob Brown, Lake Street Capital.

Rob Brown，Lake Street Capital。

Just wanted to kind of follow-up on the centrifuge manufacturing ramp with the first one now done. How do you -- I know you can't give exact numbers, but how do you sort of see that ramp happening? Is it over the next year? Is it sort of ramp quickly? Or just a sense of how that develops?

想跟進一下離心機製造的爬坡（ramp），現在第一台已經完成。你們如何看待這個爬坡的進行方式？是在接下來一年內嗎？會是快速爬坡嗎？想請你們談談它會如何發展的大致感覺。

Yes. Good morning, Rob. Could you -- just to make sure I answer your question and I understand it. When you say the ramp, you're talking about the cadence of the centrifuges as offline? Or what specifically were you thinking of?

是的，早安，Rob。你能——為了確保我理解並正確回答你的問題。你說的爬坡，是指離心機下線（off line）的節奏（cadence）嗎？還是你特別指的是哪一部分？

Yes. I think you mentioned focusing on ramping up the level of production of centrifuges -- just for the color on how that happens.

是的。我想你提到會專注於提升離心機的產量——想了解一下這是如何發生的，作為一些補充說明（color）。

Yes. So just as a general backdrop again, when we announced the first centrifuge, obviously, the big announcement there is not in the centrifuge itself, but the announcement is that now we have a functioning, operating production line that produces centrifuges, and we really are celebrating the first off that come off of this line. So there is a certain cadence, rhythm that we are currently engaged in and we're producing.

是的。所以再提供一些一般性的背景：當我們宣布第一台離心機時，顯然重點不在那台離心機本身；重點在於我們現在已經擁有一條可運作、可生產離心機的生產線，而我們是在慶祝第一批從這條產線下線的產品。因此，我們目前確實正以一定的節奏與韻律在運作並進行生產。

At this point, we're probably going to reserve a lot of that detail for our investor day where we have a lot more wholesome conversation on this and presentation, but do expect to see more information announcement come out on that. The point is that we have an operating manufacturing line that is in current production.

此時此刻，我們可能會把許多細節保留到投資人日再談，屆時我們會就此進行更全面的對話與簡報；但也請期待後續會有更多相關資訊的發布。重點是：我們有一條正在運作、且目前正在生產的製造產線。

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券（Bank of America Securities）。

Amir and Todd, I appreciate today's update. And I look forward to the investor day very much. The thing I'd like to kind of better understand is commercial HALEU. So you've disclosed that the existing 16 cascades are now enriching HALEU for the commercial market. Can you just confirm whether that's against the Oklo, X-energy, Radiant or Antares contracts? Or is there another customer?

Amir 和 Todd，感謝今天的更新。我也非常期待投資人日。我想更清楚理解的是商業 HALEU。你們已披露現有的 16 組級聯現在正在為商業市場濃縮 HALEU。能否請你們確認，這是否是對應 Oklo、X-energy、Radiant 或 Antares 的合約？還是另有其他客戶？

And then when we think about revenue and economics from that, I mean, when do you expect first commercial HALEU revenue to start showing up in the P&L? And then how should we think about the margins versus the DOE HALEU contracts? I mean, are these going to be similar margins? Or could commercial HALEU possibly have significant superior economics?

接著當我們從營收與經濟性來思考這件事時，我的意思是，你們預期第一筆商業 HALEU 營收何時會開始反映在損益表（P&L）上？另外，我們應該如何看待相較於 DOE 的 HALEU 合約，其毛利率表現？我的意思是，這些會是類似的毛利率嗎？或者商業 HALEU 是否可能具備顯著更優的經濟性？

Yes. So a lot of questions there, and thank you for that, Lawson. Let me try to jot them down. I'll try to answer all of them. The -- your first question around the commercial HALEU and who specifically it goes to. The answer that I'll have for you is it will be supplied to the commercial market that requires HALEU.

是的。這裡面有很多問題，Lawson，謝謝你。我先試著把它們記下來。我會盡量全部回答。你第一個問題是關於商業 HALEU，以及具體會供應給誰。我能給你的答案是：它將供應給需要 HALEU 的商業市場。

And I mean, everybody read our announcement. There's no more detail further to that, but we're absolutely looking forward to supporting the start-up of the commercial market of HALEU. I mean, these new reactors are becoming real. They require fuel, and we are the first ones out there that are going to be fueling them.

而且我的意思是，大家都看過我們的公告。除此之外沒有更多細節，但我們確實非常期待能支持 HALEU 商業市場的啟動。我的意思是，這些新型反應爐正在成真。它們需要燃料，而我們是第一個在市場上能為它們提供燃料的。

And having the only HALEU cascade in the Western world that's able to supply them right now gives us a huge advantage, and we're looking forward to providing that support. Now to your -- I think the next question you had was comparing contrasting margins on these contracts versus the DOE. Todd will give you the word on that.

而且，西方世界目前唯一能夠供應它們的 HALEU 級聯（cascade）在我們手上，這給了我們巨大的優勢，我們也期待提供這方面的支援。接著你——我想你下一個問題是比較這些合約與 DOE 合約的毛利率差異。Todd 會就此回答你。

Yes. Look, there's two different types of contracts that are present. The DOE, obviously, with the demo project that allowed us to prove our capability while providing enrichment that can potentially be used for the start-ups of many of these SMRs and microreactors.

是的。你看，這裡存在兩種不同類型的合約。DOE 的部分，顯然是透過示範（demo）專案，讓我們在提供濃縮服務的同時證明我們的能力；而這些濃縮產品也可能用於許多 SMR 與微型反應爐的啟動。

On the commercial, there's a lot more that goes -- that's involved around the commercial contract terms. Obviously, we don't not get into those types of economics, but there's various different items and every contract is different as to who provides the fee, whether it's LEU or we are providing it. So the overall price there can have some variability. And -- but we are obviously confident in their ability in the HALEU market to provide significant upside to the company and optionality.

商業合約方面，牽涉到的內容更多——也就是商業合約條款本身。顯然我們不會深入討論那類經濟細節，但其中有各種不同項目，而且每份合約都不同，例如由誰提供進料（feed），是 LEU 由對方提供，或是由我們提供。因此整體價格會有一定的變動性。而——但我們顯然對 HALEU 市場為公司帶來顯著上行空間與選擇權（optionality）的能力充滿信心。

So we're rooting for all of the SMRs and advanced reactors. And as Amir said, we're extremely excited to be the only one enriching commercially HALEU fuel right now and are standby to meet all of our customer needs.

所以我們支持所有 SMR 與先進反應爐的發展。而且如 Amir 所說，我們對於目前成為唯一一家在商業上進行 HALEU 燃料濃縮的公司感到非常興奮，並且隨時待命以滿足所有客戶需求。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

I guess for me, on the Westerman acquisition, can you give us any additional color on what the margins look like there at the gross margin level? And what, if any, seasonality there is to their business?

我這邊想問關於收購 Westerman 的部分，你們能否提供更多資訊，說明其在毛利層級（gross margin level）的利潤率大概長什麼樣子？以及他們的業務是否存在任何季節性？

Yes. Yes, we are really excited, as I said, about the Westerman. I think I will put a pause on one of your comments, but we believe there's significant upside to the Centrus revenue stream.

是的。是的，如我所說，我們對 Westerman 感到非常興奮。我想我會先暫停回應你其中一個說法，但我們相信 Centrus 的營收來源有顯著的上行空間。

This industry has very strong margins in the supply chain. It does two things. One is it as one of our larger suppliers, it allows us to derisk our supply chain and have cost savings while diversifying our revenue base. Westerman also is involved in other high-growth industries and also oil and gas. The margins vary in each one of those segments. The high-growth segment is obviously in high demand and the margin's a little bit higher.

這個產業在供應鏈中具有非常強的利潤率。它帶來兩件事。第一，作為我們較大的供應商之一，它讓我們能降低供應鏈風險並節省成本，同時也能分散我們的營收基礎。Westerman 也涉足其他高成長產業，以及油氣產業。各個業務區塊的利潤率不同。高成長區塊顯然需求很高，利潤率也會稍微高一些。

Nuclear has strong margin profile. And the last is the oil and gas has been a mainstream for the Westerman throughout their operations. And we will provide more information on our investment day, including breakdowns of their margin profile in each segment and their contribution of revenue to Centrus in the current year and over the next future years. I hope that helps.

核能業務具有強勁的利潤率結構。最後是油氣業務，這一直是 Westerman 營運中的主力。我們會在投資人日提供更多資訊，包括各區塊利潤率結構的拆分，以及其在本年度與未來幾年對 Centrus 的營收貢獻。希望這能有所幫助。

Joe, I want to add a couple of other things here since we're talking about Westerman. So I made a comment to this earlier that this was really no coincidence. This is -- this was not one of those things, hey, we want to buy somebody. Let's look at a list of 100 people. No, this was not the case. So Westerman, folks in our industry -- know that Westerman is one of the strong fabrication pillars that has a nuclear grade fabrication capability.

Joe，既然我們在談 Westerman，我想再補充幾點。我先前提過，這真的不是巧合。這——這不是那種「嘿，我們想買個人」的情況。「讓我們看一份 100 家公司的名單。」不，不是這樣。所以 Westerman，在我們產業裡的人——都知道 Westerman 是具備核級（nuclear grade）製造能力的強大製造支柱之一。

They're a high-precision fabricators. They're very versatile, as Todd mentioned. This is a great fit. And not only are we looking at, as I said, a lot of the derisking of the supply chain build-out and the business model that we've communicated, but we also have a very strong eye to the future potential and what other things could be done to support our build-out in the business as a whole.

他們是高精度製造商。如 Todd 所提，他們非常多元且具彈性。這非常契合。而且不只是如我所說，我們著眼於供應鏈建置的降風險，以及我們已對外溝通的商業模式；我們也非常關注未來的潛在機會，以及還能做哪些事情來支持我們的建置與整體業務發展。

So as Todd said, I'll echo again, we're very excited about the things that are yet to come. And hopefully, we'll have a much broader conversation December 7.

所以如 Todd 所說，我再呼應一次，我們對接下來即將到來的事情感到非常興奮。也希望我們能在 12 月 7 日進行更廣泛的討論。

Jeff Brand, Northland Capital Markets.

Jeff Brand，Northland Capital Markets。

I had a question on the capital deployed kind of cadence here. Hoping to get any additional clarity you guys can provide in terms of kind of Q4 spending. Obviously, it could be a wide range of outcomes and still hit the full year guide. So just kind of wondering how we should think about spending into Q4 and any early thoughts on spending trajectory into '27. Thanks.

我有一個關於資本投入節奏（cadence）的問題。希望你們能提供更多釐清，特別是第四季的支出情況。顯然結果可能有很大的區間，但仍能達成全年指引。所以想請教我們應該如何看待第四季的支出，以及對 2027 年支出軌跡是否有任何初步想法。謝謝。

Thanks for the question, Jeff and good morning. So we have maintained our capital spend guidance. So obviously, you can kind of back into our fourth quarter spend. What I will say is we are now crossing the threshold into deploying capital at a more accelerated rate. We have started our first construction package.

謝謝你的問題，Jeff，早安。我們維持了資本支出指引。所以很明顯，你可以由此回推我們第四季的支出。我要說的是，我們現在正跨過一個門檻，開始以更快的速度部署資本。我們已啟動第一個施工套案（construction package）。

As you can see, we have our first centrifuge rolling off the line. We have secured our supply chain and have orders on -- for all of our materials currently placed, and we're moving forward with our build-out.

如你所見，我們的第一台離心機已下線。我們已確保供應鏈，並且目前已下單——涵蓋我們所有材料的訂單都已下達，我們正持續推進建置。

All of these numbers are ex-Westerman. I just want to make that point. So often in GAAP and other areas, an acquisition will be considered CapEx and growth CapEx. But to maintain status quo and quarter-over-quarter continuity, we've excluded Westerman from that. Now to be said, we will look to provide more guidance in our Investment Day on December 7.

這些數字都不包含 Westerman。我想特別強調這一點。因為在 GAAP 與其他口徑下，收購通常會被視為資本支出（CapEx）與成長型資本支出（growth CapEx）。但為了維持現狀並確保季度間的可比性，我們已將 Westerman 排除在外。話雖如此，我們會在 12 月 7 日的投資人日提供更多指引。

As for 2027, what I said earlier this year and on previous calls, we're going to get to a point where we start to see some real cadence of capital deployed. And we're now in that ramp-up. We only started our Fluor contract midyear as we signed the contract.

至於 2027 年，如我今年稍早以及在先前電話會議中所說，我們會到達一個開始看到資本部署出現真正節奏的階段。而我們現在正處於那個爬坡（ramp-up）期。我們的 Fluor 合約是在年中才啟動，因為我們是在那時簽署合約。

And so now as that's beginning to come to fruition and we are -- have boots on the ground, our spend increases in addition to the manufacturing side. So stay tuned. We'll provide more guidance as for 2027. Obviously, we will be looking to give a more wholesome number in future discussions.

因此，隨著這些開始落地並且我們——已有人員進駐現場（boots on the ground），我們的支出會增加，此外製造端也會同步增加。所以請持續關注。我們會就 2027 年提供更多指引。顯然，我們會在後續討論中提供更完整的數字。

Jayad, Stifel.

Jayad，Stifel。

As we head into the next Congress, do you guys see any change in the outlook for federal support for domestic enrichment? Or is that support largely insulated from the political cycle?

隨著我們即將進入下一屆國會，你們是否看到聯邦對國內濃縮（enrichment）支持的前景會有任何變化？還是說這種支持在很大程度上不受政治週期影響？

Yes. Good apropos type question. I will tell you with firm belief that this ought to not change the momentum of our industry, this ought not to change the momentum of the investment, the interest and the focus that -- and the support that the US government provides to the fuel cycle and specifically to enrichment.

是的。這是一個很貼切的問題。我可以很堅定地告訴你，我相信這不應該改變我們產業的動能，不應該改變投資的動能、關注度與焦點——以及美國政府對燃料循環，特別是對濃縮所提供的支持。

And the reason why I'm saying this is we have now been through this cycle of two administrations at least during my time, and I have not seen a change in support, focus or dedication. I've seen it increase. I mean, some of the conversations around clean energy needing to increase -- I mean, all of these things don't go away. They're still there.

我之所以這麼說，是因為至少在我任內，我們已經歷過兩屆政府的更迭，而我沒有看到支持、焦點或投入有任何改變。我反而看到它在增加。我的意思是，圍繞潔淨能源需要提升的討論——我的意思是，這些事情都不會消失。它們仍然存在。

The conversations around reindustrialization, providing jobs, it becomes even more important now. So the answer to your question is I absolutely don't see any change. I see a necessity for even stronger support and focus, and we're looking forward to working with the new Congress on this as well.

關於再工業化、提供就業的討論，現在反而變得更重要。所以對你的問題，我的回答是：我完全看不到任何改變。我看到的是需要更強的支持與更集中的關注，我們也期待與新一屆國會在這方面合作。

Sean Milligan, Needham & Company.

Sean Milligan，Needham & Company。

This is Drew Scott on for Sean. With the first centrifuge ahead of schedule and backlog growth tracking well, are you seeing HALEU demand pull forward ahead of expectations at all? Or are you even enough to say you consider pulling forward capacity even further?

我是代替Sean的Drew Scott。第一台離心機進度超前、且積壓訂單（backlog）成長追蹤良好，在這樣的情況下，你們是否看到HALEU需求有任何早於預期的提前（pull forward）？或者你們是否已經足以考慮把產能提前得更早一些？

I'm sorry, I did not hear the last part of the question. Could you please repeat the question again?

抱歉，我沒有聽清楚問題的最後一部分。可以請你再重複一次問題嗎？

Yes. So are you seeing HALEU demand pulling forward kind of ahead of your expectations? And would that even make you pull capacity forward ahead kind of what you originally planned?

好的。所以你們是否看到HALEU需求有點早於你們預期地提前？而這是否會讓你們把產能投放時程也提前，早於你們原先的規劃？

Yes. Thank you for that. I'm not seeing as much of pulling of demand ahead by the reactor developers. What we are seeing, and I mentioned it earlier, is we're seeing a lot stronger commitments and a lot more aggressive focus on actually locking in agreements and derisking the fuel supply part of the equation when it comes to their build-out.

是的，謝謝你。我沒有看到反應爐開發商那邊有太多把需求提前的情況。我們看到的——我先前也提到——是他們在實際鎖定協議、並在其建置擴張（build-out）過程中，針對燃料供應這一環進行去風險（derisking）方面，有更強的承諾與更積極的聚焦。

So no, there is really no changes in terms of the cadence that we're planning in terms of rolling out our capacity. We obviously, as I'll repeat it again, are looking for every opportunity that we have in shortening lead times and creating efficiencies, and we will execute on that. But from the customer side, we're not seeing that yet.

所以沒有，我們在規劃產能逐步推出的節奏方面，確實沒有任何改變。當然，我再重申一次，我們會尋找任何縮短前置時間（lead times）並提升效率的機會，並會加以執行。但就客戶端而言，我們目前還沒有看到那種情況。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

My quick question is on the 4Q outlook. Basically, if you look at the annual outlook, it looks like 4Q will be $142 million to $192 million revenues. Like are there any takes and puts on this? And then part 2 of that question is the SWU pricing versus SWU cost management, how are you looking at it? Should we expect another sort of negative gross margin quarter -- this quarter?

我有個關於第四季展望的簡短問題。基本上，如果看全年展望，似乎第四季營收會是1.42億到1.92億美元。這裡面有沒有什麼可能的上修或下修因素（takes and puts）？另外第二部分是SWU定價相對於SWU成本管理，你們怎麼看？我們是否應該預期本季還會出現另一個類似的負毛利季度——也就是這一季？

Thank you for your question and good morning. Yes, as you expected, we maintained our guidance. We are optimistic, and we feel, obviously, that the fourth quarter provides a full year view of our strong results. As we've always noted that we see significant seasonality, including when we actually have sales that come -- that are being delivered, but also receive our shipments.

謝謝你的提問，早安。是的，如你所預期，我們維持了我們的指引。我們保持樂觀，而且我們認為，第四季能夠完整呈現我們全年強勁成果的全貌。我們一向指出，我們存在顯著的季節性，包括我們實際發生銷售——也就是交付——以及我們收到出貨（shipments）的時間點。

That quarter-over-quarter mix provides some fluctuation in our gross margin profile. That's why we've been discussing this on a TTM basis to provide a more normalized view. The negative gross margin and everything, there's a lot of timing around when we receive product and mismatch of when we deliver product.

這種季度間的組合（mix）變化，會使我們的毛利率輪廓出現一些波動。這也是為什麼我們一直以TTM（過去十二個月）基礎來討論，以提供較為常態化的觀點。至於負毛利等情況，很多是時間點因素，涉及我們收到產品的時間與我們交付產品的時間不匹配。

So as such, we are very confident in our full year view. That's why we have maintained our guidance. We believe that the revenue and guidance that we have provided is also ex any Westerman upside. So I just want to make that note. And we will be providing updated guidance on our December 7 Investor Day.

因此，我們對全年觀點非常有信心。這也是為什麼我們維持指引不變。我們認為我們所提供的營收與指引，也是不包含任何Westerman上行空間（upside）的。所以我想特別說明這一點。我們將在12月7日的投資人日提供更新後的指引。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Maybe just a quick one on the backlog increase here. Was that fully from the three recently announced advanced reactor customers? Or were there other undisclosed customers in there?

我可能快速問一個關於積壓訂單增加的問題。那是否完全來自最近宣布的三家先進反應爐客戶？還是其中也包含其他未揭露的客戶？

Yes. That's not something that we disclose, but I can say that this was a mix of both LEU and HALEU. Unfortunately, I can't give the details. We don't provide the breakdown and separate the amount. The vast majority of the backlog is LEU, either for LEU customers or as feedstock for our future HALEU off takers. I hope that answers the question, Ryan.

是的。這不是我們會揭露的內容，但我可以說這是LEU與HALEU的混合。很遺憾我不能提供細節。我們不會提供拆分，也不會把金額分開揭露。積壓訂單的絕大部分是LEU，可能是供LEU客戶使用，或作為我們未來HALEU承購方（off takers）的原料（feedstock）。

Thank you. At this time, we have no further questions. I would like to turn the call back over to Mr. Neal Nagarajan, Senior Vice President. Please go ahead.

謝謝。此時我們沒有其他問題。我想把電話交回給資深副總裁Neal Nagarajan先生。請繼續。

Thank you, operator, and thank you to everybody who listened on today's call. We're very excited about our upcoming investor day on December 7 at Piketon, Ohio, and we look forward to providing the market with more details at that time. Thank you.

謝謝接線員，也謝謝今天收聽電話會議的各位。我們對12月7日在俄亥俄州Piketon舉行的投資人日感到非常興奮，並期待屆時向市場提供更多細節。謝謝。

Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation, and you may now disconnect. Have a great day, everyone.

各位女士先生，今天的電話會議到此結束。非常感謝各位的參與，現在您可以掛線。祝各位有美好的一天。