Company: LEU
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001065059-25-000024
Chunk: 44

Company: CENTRUS ENERGY CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 44
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 customers (in millions):Three Months Ended March 31,20252024United States$51.3 $23.6 Foreign — — Revenue - SWU and uranium$51.3 $23.6 Refer to Note 12, Segment Information, for disaggregation of revenue by segment. Revenue for the LEU segment is derived from the sales of the SWU component of LEU, from sales of both the SWU and uranium components, and from sales of UF6 and U3O8, to electric utility customers and other nuclear fuel related companies. Technical Solutions’ revenue is derived from advanced manufacturing and other technical services provided to the U.S. government and private sector customers. SWU and uranium revenue is recognized when the customer obtains control of the SWU or uranium components. Technical Solutions’ revenue is generally recognized over the contractual period as services are rendered.Accounts ReceivableMarch 31, 2025December 31, 2024(in millions)Accounts receivable:Billed$29.7 $69.8 Unbilled *9.0 10.2 Accounts receivable$38.7 $80.0 * Billings under certain contracts in the Technical Solutions segment are invoiced based on approved provisional billing rates. Unbilled revenue represents the difference between actual costs incurred and invoiced amounts. The Company expects to invoice and collect the unbilled amounts after actual rates are submitted to the customer and approved. Unbilled revenue also includes unconditional rights to payment that are not yet billable under applicable contracts due to timing of invoice processing or pending the compilation of supporting documentation.

15

Contract Liabilities The following table presents changes in contract liability balances (in millions):March 31,  2025December 31,  2024Year-To-Date ChangeDeferred revenue - current$183.7 $183.6 $0.1 Advances from customers - current$32.8 $32.8 $— Previously deferred sales and advances from customers recognized in revenue totaled $0 in both the three months ended March 31, 2025 and 2024, respectively. LEU SegmentThe SWU component of LEU typically is sold under contracts with deliveries over several years. The Company’s agreements for natural uranium hexafluoride and uranium concentrate sales generally are shorter-term, fixed-commitment contracts. Most of the Company’s customer contracts provide for fixed purchases of SWU during a given year. Depending on the terms