- Net loss of
$6.1 million on$43.7 million in revenue, compared to net income of$7.2 million on$66.9 million in revenue in Q1 2023 - Consolidated cash balance of
$209.3 million as ofMarch 31, 2024 - Continued enrichment operations in
Piketon, Ohio , with total production of approximately 135 kilograms of High Assay Low-Enriched Uranium ("HALEU") - Signed approximately
$900 million in contingent sales commitments for Low-Enriched Uranium ("LEU")
"
Financial Results
Revenue from the LEU segment was
Revenue from the Technical Solutions segment was
Cost of sales for the LEU segment was
Cost of sales for the Technical Solutions segment was
Gross profit for the Company was
HALEU Update
On
On
Contingent Sales Commitments
Enriched Uranium Ban
On
About
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 with respect to future events and operational, economic and financial performance. 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
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. 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
Contacts:
Investors:
Media:
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; in millions, except share and per share data) |
|||
Three Months Ended March 31, |
|||
2024 |
2023 |
||
Revenue: |
|||
Separative work units |
$ 23.6 |
$ 58.8 |
|
Uranium |
— |
— |
|
Technical solutions |
20.1 |
8.1 |
|
Total revenue |
43.7 |
66.9 |
|
Cost of Sales: |
|||
Separative work units and uranium |
23.1 |
34.9 |
|
Technical solutions |
16.3 |
9.0 |
|
Total cost of sales |
39.4 |
43.9 |
|
Gross profit |
4.3 |
23.0 |
|
Advanced technology costs |
5.7 |
3.4 |
|
Selling, general and administrative |
8.1 |
10.3 |
|
Amortization of intangible assets |
1.1 |
1.1 |
|
Special charges for workforce reductions |
— |
(0.1) |
|
Operating income (loss) |
(10.6) |
8.3 |
|
Nonoperating components of net periodic benefit loss |
0.1 |
0.3 |
|
Interest expense |
0.4 |
0.3 |
|
Investment income |
(2.8) |
(1.9) |
|
Other expense, net |
0.1 |
— |
|
Income (loss) before income taxes |
(8.4) |
9.6 |
|
Income tax expense (benefit) |
(2.3) |
2.4 |
|
Net income (loss) and comprehensive income (loss) |
$ (6.1) |
$ 7.2 |
|
Net income (loss) per share: |
|||
Basic |
$ (0.38) |
$ 0.49 |
|
Diluted |
$ (0.38) |
$ 0.47 |
|
Average number of common shares outstanding (in thousands): |
|||
Basic |
15,906 |
14,841 |
|
Diluted |
15,906 |
15,241 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions) |
|||
Three Months Ended March 31, |
|||
2024 |
2023 |
||
OPERATING |
|||
Net income (loss) |
$ (6.1) |
$ 7.2 |
|
Adjustments to reconcile net income (loss) to cash used in operating activities: |
|||
Depreciation and amortization |
1.3 |
1.3 |
|
Accrued loss on long-term contract |
— |
(5.6) |
|
Deferred tax assets |
(2.1) |
2.2 |
|
Equity related compensation |
0.2 |
1.2 |
|
Revaluation of inventory borrowing |
0.3 |
2.1 |
|
Other reconciling adjustments, net |
0.1 |
— |
|
Changes in operating assets and liabilities: |
|||
Accounts receivable |
29.5 |
5.3 |
|
Inventories |
27.2 |
22.3 |
|
Inventories owed to customers and suppliers |
(62.7) |
(43.6) |
|
Other current assets |
(0.8) |
15.1 |
|
Accounts payable and other liabilities |
(5.1) |
(4.2) |
|
Payables under inventory purchase agreements |
25.7 |
(11.1) |
|
Deferred revenue and advances from customers, net of deferred costs |
0.4 |
0.1 |
|
Pension and postretirement benefit liabilities |
(2.6) |
(0.7) |
|
Other changes, net |
— |
(1.3) |
|
Cash provided by (used in) operating activities |
5.3 |
(9.7) |
|
INVESTING |
|||
Capital expenditures |
(1.5) |
(0.3) |
|
Cash used in investing activities |
(1.5) |
(0.3) |
|
FINANCING |
|||
Proceeds from the issuance of common stock, net |
7.1 |
22.0 |
|
Exercise of stock options |
0.4 |
— |
|
Payment of interest classified as debt |
(3.1) |
(3.1) |
|
Cash provided by financing activities |
4.4 |
18.9 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(0.1) |
— |
|
Increase in cash, cash equivalents and restricted cash |
8.1 |
8.9 |
|
Cash, cash equivalents and restricted cash, beginning of period |
233.8 |
212.4 |
|
Cash, cash equivalents and restricted cash, end of period |
$ 241.9 |
$ 221.3 |
|
Non-cash activities: |
|||
Adjustment of right to use lease assets from lease modification |
$ — |
$ 4.2 |
|
Property, plant and equipment included in accounts payable and accrued liabilities |
$ 0.1 |
$ — |
|
Equity issuance costs included in accounts payable and accrued liabilities |
$ 0.3 |
$ — |
|
Shares withheld for employee taxes |
$ — |
$ 1.9 |
|
ATM proceeds included in accounts receivable |
$ — |
$ 1.2 |
CONSOLIDATED BALANCE SHEETS (Unaudited; in millions, except share and per share data) |
|||
|
|
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 209.3 |
$ 201.2 |
|
Accounts receivable |
19.9 |
49.4 |
|
Inventories |
279.2 |
306.4 |
|
Deferred costs associated with deferred revenue |
117.6 |
117.6 |
|
Other current assets |
30.5 |
10.8 |
|
Total current assets |
656.5 |
685.4 |
|
Property, plant and equipment, net of accumulated depreciation of March 31, 2024 and |
7.6 |
7.0 |
|
Deposits for financial assurance |
13.7 |
32.4 |
|
Intangible assets, net |
38.3 |
39.4 |
|
Deferred tax assets |
30.6 |
28.5 |
|
Other long-term assets |
3.3 |
3.5 |
|
Total assets |
$ 750.0 |
$ 796.2 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
Current liabilities: |
|||
Accounts payable and accrued liabilities |
$ 36.7 |
$ 41.9 |
|
Payables under inventory purchase agreements |
67.6 |
41.9 |
|
Inventories owed to customers and suppliers |
21.6 |
84.3 |
|
Deferred revenue and advances from customers |
283.0 |
282.6 |
|
Short-term inventory loans |
40.2 |
14.3 |
|
Current debt |
6.1 |
6.1 |
|
Total current liabilities |
455.2 |
471.1 |
|
Long-term debt |
86.5 |
89.6 |
|
Postretirement health and life benefit obligations |
79.0 |
81.2 |
|
Pension benefit liabilities |
16.9 |
17.3 |
|
Advances from customers |
32.8 |
32.8 |
|
Long-term inventory loans |
37.5 |
63.1 |
|
Other long-term liabilities |
8.3 |
8.8 |
|
Total liabilities |
716.2 |
763.9 |
|
Stockholders' equity: |
|||
Preferred stock, par value |
|||
Series A Participating Cumulative Preferred Stock, none issued |
— |
— |
|
Series B Senior Preferred Stock, none issued |
— |
— |
|
Class A Common Stock, par value 15,281,474 and 14,956,434 shares issued and outstanding as of |
1.5 |
1.5 |
|
Class B Common Stock, par value shares issued and outstanding as of |
0.1 |
0.1 |
|
Excess of capital over par value |
188.2 |
180.5 |
|
Accumulated deficit |
(155.6) |
(149.5) |
|
Accumulated other comprehensive loss |
(0.4) |
(0.3) |
|
Total stockholders' equity |
33.8 |
32.3 |
|
Total liabilities and stockholders' equity |
$ 750.0 |
$ 796.2 |
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