Inventories

9 Months Ended

Sep. 30, 2025

INVENTORIES

Centrus holds uranium at licensed locations (e.g., fabricators) in the form of natural uranium hexafluoride and as the uranium component of LEU in transit to meet book transfer requests by customers and suppliers. Centrus also holds SWU as the SWU component of LEU at licensed locations or in transit to meet book transfer requests by customers and suppliers. Fabricators process LEU into fuel for use in nuclear reactors. The components of the Company’s inventories are as follows (in millions):


	September 30, 2025						December 31, 2024
	Current Assets		Current Liabilities (a)		Inventories, Net		Current Assets		Current Liabilities (a)		Inventories, Net
Separative work units	$	11.7	$	—	$	11.7	$	5.0	$	2.5	$	2.5
Uranium	394.2		238.9		155.3		156.6		13.7		142.9
Conversion credits	10.4		—		10.4		—		—		—
Total	$	416.3	$	238.9	$	177.4	$	161.6	$	16.2	$	145.4

(a)This includes inventories owed to suppliers for advances of uranium.

Inventories are valued at the lower of cost or net realizable value.

The Company may borrow SWU or uranium from customers, suppliers or fabricators, in which case the Company will record the SWU and/or uranium and the related liability for the borrowing using the projected and forecasted purchase price over the borrowing period.

During the three months ended September 30, 2025, the Company sold the U3O8 contained in a quantity of UF6 to a converter. Under the terms of the agreement, the Company delivered the UF6 to the converter, and the converter transferred $10.4 million of conversion services credits contained in the UF6 to the Company.

In the nine months ended September 30, 2025, the Company repaid SWU inventory loans borrowed from a customer valued at $38.8 million by utilizing advances of SWU from the fabricator under an existing optimization agreement. In June 2025, the Company repaid a UF6 inventory loan valued at $29.8 million.

The Company performs quarterly revaluations of Long-Term Inventory Loans reflecting an updated projection of the timing and sources of inventory to be used for repayment. These revaluations were recorded to Cost of Sales and resulted in an increase to the related liability of $0.5 million and $4.1 million, for the three and nine months ended September 30, 2025, respectively, and $1.9 million and $3.7 million for the three and nine months ended September 30, 2024, respectively.

CENTRUS ENERGY CORP 10-Q