What Centrus Energy Corp. told the SEC could break it.

Centrus both procures and sells uranium and separative work units (SWU); natural uranium is mined mainly in Kazakhstan, Canada, Australia and the U.S., so its results are exposed to uranium and SWU price volatility and to concentration of upstream uranium supply in a few countries (notably Kazakhstan).

“Uranium is a naturally occurring element and is mined from deposits located in Kazakhstan, Canada, Australia, and several other countries, including the United States.”

Centrus's revenue is largely dependent on its largest customers (nuclear-utility buyers of LEU/SWU under medium- and long-term fixed-commitment contracts) and on its sales backlog, so loss or non-performance of a major utility customer, or failure to convert backlog, would materially affect revenue.

“our revenue is largely dependent on our largest customers and our sales backlog”

Centrus sources enriched uranium from Russia under the TENEX Supply Contract, exposing it to the Prohibiting Russian Uranium Imports Act (RSA) limits, uncertain Russian export licenses, and Canadian sanctions on ocean transport of Russian LEU (its carrier holds a permit only through March 2027); new U.S./foreign sanctions or non-renewal of the shipping permit could cut off a key supply of fuel.

“Canada has imposed sanctions on ocean transportation of Russian LEU, but has given a permit to the Company's carrier that extends to March 2027. Additional sanctions or other restrictions by the U.S. or foreign governments (including the Russian government) could be imposed or the existing Canadian permit might not be extended.”