Centrus Energy Corp. reported total revenue of $442.0 million for the year ended December 31, 2024, a 38% increase compared to $320.2 million in 2023. This increase stemmed from growth in both business segments: the LEU segment, which supplies nuclear fuel components, saw revenue rise 30% to $349.9 million, while the Technical Solutions segment, offering enrichment and technical services, experienced an 80% surge to $92.1 million. The increase in LEU segment revenue was driven by a 70% increase in uranium revenue and a 19% increase in SWU revenue.
Cost of sales increased significantly across both segments, rising 59% to $330.5 million in 2024. The LEU segment's cost of sales increased by 56% to $256.0 million, while the Technical Solutions segment saw a 69% increase to $74.5 million. Despite the revenue growth, the company's gross profit only increased slightly, from $112.1 million in 2023 to $111.5 million in 2024, a decrease of 1%. The decrease in gross profit in the LEU segment was primarily due to lower margins on SWU sales.
Significant developments during the year included the commencement of HALEU enrichment operations at the Piketon, Ohio facility in October 2023 and the first delivery of HALEU to the DOE in November 2023. The company also secured several Indefinite Delivery/Indefinite Quantity (IDIQ) contracts with the DOE for HALEU deconversion, HALEU production, and LEU production, with a total potential value of $3.4 billion. Centrus also received a $62.4 million clean energy manufacturing and recycling credit allocation from the IRS. The company's employee count increased to 322 in 2024 from 292 in 2023.
The company's financial performance was significantly impacted by geopolitical factors, particularly the war in Ukraine and resulting sanctions. The Import Ban Act, banning imports of Russian LEU, and the Russian Decree, restricting exports of Russian LEU, created uncertainty regarding the company's ability to secure sufficient supplies to meet its customer commitments. Centrus is actively seeking waivers from the DOE to mitigate these risks. The company also noted risks related to its dependence on a small number of large customers and suppliers, as well as the potential for fluctuations in revenue and operating results.
Centrus' outlook remains tied to the evolving nuclear energy market and government policies. The company anticipates continued demand for HALEU and LEU, but acknowledges significant risks and uncertainties related to geopolitical events, government funding, and market conditions. The company is exploring opportunities to expand its enrichment capacity and diversify its business, but the timing and success of these initiatives are subject to various factors, including the availability of funding and offtake commitments.
About CENTRUS ENERGY CORP
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