- Began production of High-Assay Low-Enriched Uranium (HALEU) in
October 2023 and Completed Phase I of
Department of Energy contract in November
2023.
- Annuitized $186.5 million of
pension plan obligations for 1,400 beneficiaries, de-risking
balance sheet and improving the capital structure
- Net income of $8.2 million on
$51.3 million in revenue, compared to
net loss of $6.1 million on
$33.2 million in revenue in Q3
2022
- Consolidated cash balance of $183.3
million as of September 30,
2023
BETHESDA, Md., Nov. 7, 2023
/PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU)
("Centrus" or the "Company") today reported third quarter 2023
results. The Company reported net income of $8.2 million for the three months ended
September 30, 2023, compared to a net
loss of $6.1 million for the three
months ended September 30, 2022. The
net income per common share in the three months ended September 30, 2023 was $0.53 (basic) and $0.52 (diluted).
"Centrus made history on October
11, inaugurating the first new U.S.-technology, U.S.-owned
uranium enrichment plant to begin production since 1954," said
Centrus President and CEO Daniel B.
Poneman. "Our team completed this work under budget and
ahead of schedule, proving once again our ability to execute on
complex, mission-critical projects. As we pursue our goal of
expanding the plant to meet the full range of commercial and
national security requirements for enriched uranium, we are
heartened by the growing momentum in Congress and the
Administration to support a major federal investment in restoring
America's domestic enrichment capacity. Centrus stands ready to do
our part to help reclaim America's global leadership in nuclear
fuel production."
The quarter also demonstrated Centrus' critical role in the
supply chain to deploy advanced nuclear reactors through the
Memoranda of Understanding concluded with TerraPower and Oklo.
Our financial results vary from quarter to quarter based on the
timing of contracted deliveries and the specific contract terms.
The majority of our LEU contracts are multi-year arrangements in
which customers have annual purchase obligations, but can choose in
which quarter to take delivery. We record the revenue and cost of
sales in the quarter when deliveries are made, which can vary
throughout the year, but tends to even out on an annual basis.
Financial Results
Centrus generated total revenue of $51.3
million and $33.2 million for
the three months ended September 30,
2023 and 2022, respectively, an increase of $18.1 million.
Revenue from the LEU segment was $40.5
million and $20.2 million for
the three months ended September 30,
2023 and 2022, respectively, an increase of $20.3 million. The increase was due to the
$32.8 million increase in SWU
revenue, partially offset by the $12.5
million decrease in uranium revenue for the three months
ended September 30, 2023. The
increase in SWU revenue was due to an increase in the volume of SWU
sold and an increase in the average price of SWU sold.
Revenue from the Technical Solutions segment was $10.8 million and $13.0
million for the three months ended September 30, 2023 and 2022, respectively, a
decrease of $2.2 million. The
decrease was primarily related to the transition from the HALEU
Demonstration Contract to the HALEU Operation Contract in late
2022. For the three months ended September
30, 2023, the HALEU Operation Contract generated
$8.9 million in revenue. The HALEU
Demonstration Contract generated $1.3
million in revenue for the three months ended September 30, 2023, compared to $11.7 million in revenue for the same period in
2022.
Cost of sales for the LEU segment was $30.4 million and $18.9
million for the three months ended September 30, 2023 and 2022, respectively, an
increase of $11.5 million. The
increase was due to a $23.9 million
increase in SWU costs, partially offset by a $12.4 million decrease in uranium costs. The
increase in SWU costs reflected an increase in the volume of SWU
sold and an increase in the average unit cost of SWU sold. Cost of
sales for the three months ended September
30, 2023 included $0.6 million
for the revaluation of inventory loans.
Cost of sales for the Technical Solutions segment was
$9.6 million and $12.0 million for the three months ended
September 30, 2023 and 2022,
respectively, a decrease of $2.4
million. The decrease was related to a decrease of
$10.8 million of costs associated
with the HALEU Demonstration Contract signed in 2019 and a decrease
in costs of approximately $1.0
million associated with other contracts, partially offset by
$9.4 million of costs incurred for
the HALEU Operation Contract signed in 2022.
Gross profit for the Company was $11.3
million and $2.3 million for
the three months ended September 30,
2023 and 2022, respectively. The increase for the three
months ended September 30, 2023 was
due primarily to the specific contract and pricing mix of SWU
contracts and the timing of their deliveries quarter over quarter.
This was reflected by an increase in the volume of SWU sold and an
increase in the average profit margin per SWU.
HALEU Update
On September 6, 2023, the Company
announced that it was conducting final system tests and other
preparations so that production of HALEU could commence at our
American Centrifuge Plant in Piketon,
Ohio. On September 21, 2023,
the Nuclear Regulatory Commission granted final approval for the
Company to produce the quantity of HALEU required by Phase 1 of the
contract. On October 11, 2023, the
Company announced the beginning of enrichment operations. On
November 6, 2023, the Company
completed production of the initial 20 kilograms of HALEU
UF6 under Phase 1 of the HALEU Operation Contract. In
Phase 2 of the contract that has a cost-plus-incentive-fee
structure, Centrus is required to produce 900 kilograms of HALEU
UF6. The Department of Energy takes delivery of the
HALEU on site in Piketon and is
obligated to provide the HALEU storage cylinders to collect the
HALEU from the cascade; Centrus has constructed a storage facility
where the HALEU will be kept until it is needed.
TerraPower and Oklo Memoranda of Understanding
In July and August, 2023, the Company signed memoranda of
understanding with TerraPower and Oklo, respectively, to support
the deployment of additional HALEU production capacity in
Piketon, Ohio subject to
negotiating definitive agreements. Centrus and TerraPower will
collaborate to ensure that TerraPower's Natrium demonstration
reactor has access to HALEU at the milestones necessary to meet the
TerraPower project's 2030 operation date. Centrus and Oklo will
collaborate on activities including Oklo's purchase of HALEU and
manufactured components from Centrus, and Centrus' purchase of
electricity from Oklo's planned Aurora powerhouses in Piketon, Ohio.
Pension Annuitization
On October 12, 2023, the Company
entered into an agreement to purchase a group annuity contract for
one of its pension plans and transfer approximately $186.5 million of its pension plan obligations,
or 41% of its obligations for the plan, based on the December 31, 2022 valuation, to an insurer. The
purchase of the group annuity contract was funded directly by the
assets of the pension plan of approximately $171.4 million. The purchase resulted in a
transfer of administrative and benefit paying responsibilities for
approximately 1,400 beneficiaries to the insurer. Centrus believes
this move will de-risk its balance sheet by reducing its risk for
current and future liabilities at no detriment to pensioners. The
Company estimates that the income related to the pension settlement
recognized in the fourth quarter will be approximately $15.1 million, dependent upon the completion and
final pricing of the annuity transaction The settlement charge will
be recognized in nonoperating components of net periodic benefit
loss (income) in our consolidated statements of operations.
About Centrus Energy Corp.
Centrus Energy is a trusted supplier of nuclear fuel and
services for the nuclear power industry. Centrus provides value to
its utility customers through the reliability and diversity of its
supply sources – helping them meet the growing need for clean,
affordable, carbon-free electricity. Since 1998, the Company has
provided its utility customers with more than 1,750 reactor years
of fuel, which is equivalent to 7 billion tons of coal. With
world-class technical and engineering capabilities, Centrus is also
advancing the next generation of centrifuge technologies so that
America can restore its domestic uranium enrichment capability in
the future. Find out more at centrusenergy.com.
Forward-Looking Statements:
This news release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. In this context, forward-looking statements mean statements
related to future events, which may impact our expected future
business and financial performance, and often contain words such as
"expects", "anticipates", "intends", "plans", "believes", "will",
"should", "could", "would" or "may" and other words of similar
meaning. These forward-looking statements are based on information
available to us as of the date of this news release and represent
management's current views and assumptions. Forward-looking
statements are not guarantees of future performance, events or
results and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control.
For Centrus Energy Corp., particular risks and uncertainties
that could cause our actual future results to differ materially
from those expressed in our forward-looking statements and which
are, and may be, exacerbated by any worsening of the global
business and economic environment include but are not limited to
the following: risks related to the war in Ukraine and geopolitical conflicts and the
imposition of sanctions or other measures by the U.S. or foreign
governments, organizations (including the United Nations, the
European Union or other international organizations), or entities
(including private entities or persons), that could directly or
indirectly impact our ability to obtain, deliver, transport or sell
low enriched uranium ("LEU") or the Separative Work Units ("SWU")
and natural uranium hexafluoride components of LEU delivered to us
under our existing supply contract with the Russian
government-owned entity, TENEX, Joint-Stock Company ("TENEX"), or
make related payments or deliveries of natural uranium to TENEX;
risks related to the refusal of TENEX to deliver LEU to us if,
among other reasons, TENEX is unable to receive payments, or to
receive the return of natural uranium, as a result of any
government, international or corporate actions or directions or
other reasons; risks related to whether or when government funding
or demand for high-assay low-enriched uranium ("HALEU") for
government or commercial uses will materialize and at what level;
risks and uncertainties regarding funding for continuation and
deployment of the American Centrifuge technology; risks related to
(i) our ability to perform and absorb costs under our agreement
with the U.S. Department of Energy ("DOE") to deploy and operate a
cascade of centrifuges to demonstrate production of HALEU for
advanced reactors (the "HALEU Operation Contract"), (ii) our
ability to obtain contracts and funding to be able to continue
operations and (iii) our ability to obtain and/or perform under
other agreements; risks that (i) we may not obtain the full benefit
of the HALEU Operation Contract and may not be able or allowed to
operate the HALEU enrichment facility to produce HALEU after the
completion of the HALEU Operation Contract or (ii) the HALEU
enrichment facility may not be available to us as a future source
of supply; risks related to the government's inability to satisfy
its obligations, including supplying government furnished equipment
under the HALEU Operation Contract and processing security
clearances due to a government shutdown or other reasons; risks
related to our dependence on others, such as TENEX, under our
commercial supply agreement with TENEX, a subsidiary of Orano Cycle
("Orano"), under our long-term commercial supply agreement with
Orano and other suppliers (including, but not limited to,
transporters) who provide us the goods and services we need to
conduct our business; risks related to natural and other disasters,
including the continued impact of the March
2011 earthquake and tsunami in Japan on the nuclear industry and on our
business, results of operations and prospects; risks related to
financial difficulties experienced by customers or suppliers,
including possible bankruptcies, insolvencies, or any other
situation, event or occurrence that affect the ability of others to
pay for our products or services in a timely manner or at all;
risks related to pandemics, endemics, and other health crises;
risks related to the impact and potential extended duration of a
supply/demand imbalance in the market for LEU; risks related to our
ability to sell or deliver the LEU we procure pursuant to our
purchase obligations under our supply agreements and the impacts of
sanctions or limitations on imports of such LEU, including those
imposed under the 1992 Russian Suspension Agreement as amended,
international trade legislation and other international trade
restrictions; risks related to existing or new trade barriers and
to contract terms that limit our ability to procure LEU for, or
deliver LEU to customers; risks related to pricing trends and
demand in the uranium and enrichment markets and their impact on
our profitability; risks related to the movement and timing of
customer orders; risks related to our reliance on third-party
suppliers and service providers to provide essential products and
services to us; risks related to the fact that we face significant
competition from major LEU producers who may be less cost sensitive
or are wholly or partially government owned; risks that our ability
to compete in foreign markets may be limited for various reasons;
risks related to the fact that our revenue is largely dependent on
our largest customers; risks related to our sales order book,
including uncertainty concerning customer actions under current
contracts and in future contracting due to market conditions,
global events or other factors including our lack of current
production capability; risks related to uncertainty regarding our
ability to commercially deploy competitive enrichment technology;
risks related to the potential for demobilization or termination of
our American Centrifuge work; risks that we will not be able to
timely complete the work that we are obligated to perform; risks
related to our ability to perform fixed-price and cost-share
contracts such as the HALEU Operation Contract, including the risk
that costs that we must bear could be higher than expected; risks
related to our significant long-term liabilities, including
material unfunded defined benefit pension plan obligations and
postretirement health and life benefit obligations; risks related
to our 8.25% Notes maturing in February
2027; risks of revenue and operating results fluctuating
significantly from quarter to quarter, and in some cases, year to
year; risks related to the impact of financial market conditions on
our business, liquidity, prospects, pension assets and insurance
facilities; risks related to the Company's capital concentration;
risks related to the value of our intangible assets related to the
sales order book and customer relationships; risks related to the
limited trading markets in our securities; risks related to
decisions made by our Class B stockholders regarding their
investment in the Company, including decisions based upon factors
that are unrelated to the Company's performance; risks that a small
number of holders of our Class A Common Stock (whose interests may
not be aligned with other holders of our Class A Common Stock), may
exert significant influence over the direction of the Company and
may be motivated by interests that are not aligned with the
Company's other Class A stockholders; risks related to (i) the use
of our net operating losses ("NOLs") carryforwards and net
unrealized built-in losses ("NUBILs") to offset future taxable
income and the use of the Rights Agreement, dated as of
April 6, 2016, to prevent an
"ownership change" as defined in Section 382 of the Internal
Revenue Code of 1986, as amended (the "Code") and (ii) our ability
to generate taxable income to utilize all or a portion of the NOLs
prior to the expiration thereof and NUBILs; risks related to
failures or security breaches of our information technology
systems; risks related to our ability to attract and retain key
personnel; risks related to actions, including reviews, that may be
taken by the U.S. government, the Russian government, or other
governments that could affect our ability to perform under our
contractual obligations or the ability of our sources of supply to
perform under their contractual obligations to us; risks related to
our ability to perform and receive timely payment under our
agreements with the DOE or other government agencies, including
risks and uncertainties related to the ongoing funding by the
government and potential audits; risks related to changes or
termination of our agreements with the U.S. government or other
counterparties, or the exercise of contract remedies by such
counterparties; risks related to the competitive environment for
our products and services; risks related to changes in the nuclear
energy industry; risks related to the competitive bidding process
associated with obtaining contracts, including government
contracts; risks that we will be unable to obtain new business
opportunities or achieve market acceptance of our products and
services or that products or services provided by others will
render our products or services obsolete or noncompetitive; risks
related to potential strategic transactions that could be difficult
to implement, that could disrupt our business or that could change
our business profile significantly; risks related to the outcome of
legal proceedings and other contingencies (including lawsuits and
government investigations or audits); risks related to the impact
of government regulation and policies including by the DOE and the
U.S. Nuclear Regulatory Commission; risks of accidents during the
transportation, handling, or processing of toxic hazardous or
radioactive material that may pose a health risk to humans or
animals, cause property or environmental damage, or result in
precautionary evacuations, and lead to claims against the Company;
risks associated with claims and litigation arising from past
activities at sites we currently operate or past activities at
sites that we no longer operate, including the Paducah, Kentucky, and Portsmouth, Ohio, gaseous diffusion plants;
and other risks and uncertainties discussed in this news release
and in our filings with the SEC.
These factors may not constitute all factors that could cause
actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results. Readers
are urged to carefully review and consider the various disclosures
made in this news release and in our filings with the SEC,
including our Annual Report on Form 10-K for the year ended
December 31, 2022, under Part II, Item 1A - "Risk Factors" in
our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2023, and in our filings with the SEC that
attempt to advise interested parties of the risks and factors that
may affect our business. We do not undertake to update our
forward-looking statements to reflect events or circumstances that
may arise after the date of this news release, except as required
by law.
Contacts:
Investors: Dan Leistikow at
LeistikowD@centrusenergy.com
Media: Lindsey Geisler at
GeislerLR@centrusenergy.com
CENTRUS ENERGY
CORP.
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited; in
millions, except share and per share data)
|
|
|
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue:
|
|
|
|
|
|
|
|
Separative work
units
|
$
40.5
|
|
$
7.7
|
|
$
147.4
|
|
$
106.0
|
Uranium
|
—
|
|
12.5
|
|
39.5
|
|
17.4
|
Technical
solutions
|
10.8
|
|
13.0
|
|
29.7
|
|
44.2
|
Total
revenue
|
51.3
|
|
33.2
|
|
216.6
|
|
167.6
|
Cost of
Sales:
|
|
|
|
|
|
|
|
Separative work units
and uranium
|
30.4
|
|
18.9
|
|
126.1
|
|
59.8
|
Technical
solutions
|
9.6
|
|
12.0
|
|
28.2
|
|
38.3
|
Total cost of
sales
|
40.0
|
|
30.9
|
|
154.3
|
|
98.1
|
Gross profit
|
11.3
|
|
2.3
|
|
62.3
|
|
69.5
|
Advanced technology
costs
|
3.3
|
|
5.4
|
|
10.8
|
|
10.0
|
Selling, general and
administrative
|
9.3
|
|
8.6
|
|
27.4
|
|
24.4
|
Amortization of
intangible assets
|
1.4
|
|
1.1
|
|
4.2
|
|
6.2
|
Special charges for
workforce reductions
|
0.2
|
|
—
|
|
0.1
|
|
0.5
|
Operating income
(loss)
|
(2.9)
|
|
(12.8)
|
|
19.8
|
|
28.4
|
Nonoperating
components of net periodic benefit loss (income)
|
(0.6)
|
|
(4.4)
|
|
0.1
|
|
(11.1)
|
Interest
expense
|
0.4
|
|
0.1
|
|
0.9
|
|
0.1
|
Investment
income
|
(2.3)
|
|
(0.6)
|
|
(6.4)
|
|
(0.8)
|
Other income,
net
|
(1.0)
|
|
—
|
|
(1.0)
|
|
—
|
Income (loss) before
income taxes
|
0.6
|
|
(7.9)
|
|
26.2
|
|
40.2
|
Income tax expense
(benefit)
|
(7.6)
|
|
(1.8)
|
|
(1.9)
|
|
9.3
|
Net income (loss) and
comprehensive income (loss)
|
$
8.2
|
|
$
(6.1)
|
|
$
28.1
|
|
$
30.9
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
Basic
|
$
0.53
|
|
$
(0.42)
|
|
$
1.86
|
|
$
2.12
|
Diluted
|
$
0.52
|
|
$
(0.42)
|
|
$
1.82
|
|
$
2.06
|
Average number of
common shares outstanding (in thousands):
|
|
|
|
|
|
|
|
Basic
|
15,374
|
|
14,623
|
|
15,127
|
|
14,586
|
Diluted
|
15,626
|
|
14,623
|
|
15,415
|
|
14,974
|
CENTRUS ENERGY
CORP.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited; in
millions)
|
|
|
|
Nine Months
Ended
September
30,
|
|
2023
|
|
2022
|
OPERATING
|
|
|
|
Net income
|
$
28.1
|
|
$
30.9
|
Adjustments to
reconcile net income to cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
4.8
|
|
6.7
|
Accrued loss on
long-term contract
|
(16.7)
|
|
(0.5)
|
Deferred tax
assets
|
(2.3)
|
|
8.8
|
Equity related
compensation
|
2.0
|
|
2.2
|
Revaluation of
inventory borrowing
|
3.5
|
|
5.5
|
Other reconciling
adjustments, net
|
(1.9)
|
|
—
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
28.7
|
|
21.8
|
Inventories
|
23.0
|
|
(98.9)
|
Inventories owed to
customers and suppliers
|
(60.4)
|
|
66.9
|
Other current
assets
|
13.4
|
|
(16.6)
|
Accounts payable and
other liabilities
|
(2.5)
|
|
(1.9)
|
Payables under
inventory purchase agreements
|
(29.8)
|
|
(16.3)
|
Deferred revenue and
advances from customers, net of deferred costs
|
3.7
|
|
(30.4)
|
Pension and
postretirement benefit liabilities
|
(1.7)
|
|
(13.0)
|
Other changes,
net
|
(0.7)
|
|
(0.3)
|
Cash used in operating
activities
|
(8.8)
|
|
(35.1)
|
|
|
|
|
INVESTING
|
|
|
|
Capital
expenditures
|
(1.1)
|
|
(0.6)
|
Cash used in investing
activities
|
(1.1)
|
|
(0.6)
|
|
|
|
|
FINANCING
|
|
|
|
Proceeds from the
issuance of common stock, net
|
23.2
|
|
—
|
Exercise of stock
options
|
—
|
|
0.2
|
Withholding of shares
to fund grantee tax obligations under stock-based compensation
plan
|
(3.0)
|
|
(1.9)
|
Payment of interest
classified as debt
|
(6.1)
|
|
(6.1)
|
Other
|
(0.2)
|
|
(0.3)
|
Cash provided by (used
in) financing activities
|
13.9
|
|
(8.1)
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
(0.6)
|
|
—
|
|
|
|
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
3.4
|
|
(43.8)
|
Cash, cash equivalents
and restricted cash, beginning of period
|
212.4
|
|
196.8
|
Cash, cash equivalents
and restricted cash, end of period
|
$
215.8
|
|
$
153.0
|
|
|
|
|
Non-cash
activities:
|
|
|
|
Reclassification of
stock-based compensation liability to equity
|
$
—
|
|
$
10.6
|
Adjustment of right to
use lease assets from lease modification
|
$
4.2
|
|
$
—
|
Property, plant and
equipment included in accounts payable and accrued
liabilities
|
$
0.3
|
|
$
—
|
CENTRUS ENERGY
CORP.
CONSOLIDATED BALANCE
SHEETS
(Unaudited; in
millions, except share and per share data)
|
|
|
|
|
|
September
30,
2023
|
|
December
31,
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
183.3
|
|
$
179.9
|
Accounts
receivable
|
9.4
|
|
38.1
|
Inventories
|
210.8
|
|
209.2
|
Deferred costs
associated with deferred revenue
|
116.0
|
|
135.7
|
Other current
assets
|
12.4
|
|
24.2
|
Total current
assets
|
531.9
|
|
587.1
|
Property, plant and
equipment, net of accumulated depreciation of $4.1 million as
of
September 30, 2023 and $3.6 million as of December 31,
2022
|
6.1
|
|
5.5
|
Deposits for financial
assurance
|
32.3
|
|
32.3
|
Intangible assets,
net
|
41.5
|
|
45.7
|
Deferred tax
assets
|
29.1
|
|
26.8
|
Other long-term
assets
|
3.8
|
|
8.1
|
Total assets
|
$
644.7
|
|
$
705.5
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
44.3
|
|
$
65.5
|
Payables under
inventory purchase agreements
|
13.8
|
|
43.6
|
Inventories owed to
customers and suppliers
|
0.4
|
|
60.8
|
Deferred revenue and
advances from customers
|
272.7
|
|
273.2
|
Current
debt
|
6.1
|
|
6.1
|
Total current
liabilities
|
337.3
|
|
449.2
|
Long-term
debt
|
89.6
|
|
95.7
|
Postretirement health
and life benefit obligations
|
83.5
|
|
84.5
|
Pension benefit
liabilities
|
42.2
|
|
43.6
|
Advances from
customers
|
32.8
|
|
46.2
|
Long-term inventory
loans
|
74.7
|
|
48.7
|
Other long-term
liabilities
|
8.6
|
|
11.7
|
Total
liabilities
|
668.7
|
|
779.6
|
|
|
|
|
Stockholders'
deficit:
|
|
|
|
Preferred stock, par
value $1.00 per share, 20,000,000 shares authorized
|
|
|
|
Series A Participating
Cumulative Preferred Stock, none issued
|
—
|
|
—
|
Series B Senior
Preferred Stock, none issued
|
—
|
|
—
|
Class A Common Stock,
par value $0.10 per share, 70,000,000 shares authorized,
14,807,255 and 13,919,646 shares issued and
outstanding as of September 30, 2023
and December 31, 2022, respectively
|
1.5
|
|
1.4
|
Class B Common Stock,
par value $0.10 per share, 30,000,000 shares authorized,
719,200
shares issued and outstanding as of September
30, 2023 and December 31, 2022
|
0.1
|
|
0.1
|
Excess of capital over
par value
|
180.2
|
|
158.1
|
Accumulated
deficit
|
(205.8)
|
|
(233.9)
|
Accumulated other
comprehensive income
|
—
|
|
0.2
|
Total stockholders'
deficit
|
(24.0)
|
|
(74.1)
|
Total liabilities and
stockholders' deficit
|
$
644.7
|
|
$
705.5
|
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SOURCE Centrus Energy Corp.