David Choe

David Choe inquired about the flat year-over-year revenue guidance for 2026, seeking clarification on contract dynamics for long-term supply arrangements and the expected step-up in revenue in line with changes in long-term SWU prices.

Answer

Todd Tonelli, CFO, SVP, and Treasurer, attributed the flat guidance to factors like a Q4 2025 shipment delay impacting year-end results, but noted potential upside from improving market dynamics and record-high spot SWU prices. He confirmed secure supply from two foreign sources but did not detail contractual makeup.

David Choe inquired about the 2026 flat year-over-year revenue guidance, asking for details on contract dynamics for long-term supply arrangements and expectations for a step-up in revenue in line with rising long-term SWU prices.

Answer

Todd Tonelli, CFO, SVP, and Treasurer, explained that the flat guidance accounts for various factors, including a scheduled Q4 2025 Russian shipment that was delayed to Q1 2026 due to shipping issues, impacting year-end results. He noted that Centrus has secure supply from two foreign sources and aims to maximize margin on sales, while acknowledging upside potential from improving market dynamics and record-high spot SWU prices.