$LEU

USEC INC

CIK:0001065059|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue from Contract with Customer, Excluding Assessed Tax	$ 176.1	$ 154.5	$ 252.8	$ 227.6
Cost of sales	126.2	100.6	171.4	140.8
Gross profit (loss)	49.9	53.9	81.4	86.8
Advanced technology license and decommissioning costs	10.8	3.3	29.7	6.3
Selling, general and administrative	26.2	13.4	36.2	21.7
Amortization of intangible assets	2.5	3.7	4.3	4.8
Operating income (loss)	10.4	33.5	11.2	54.0
Nonoperating components of net periodic benefit expense (income)	1.0	1.0	2.0	1.9
Interest expense	4.2	3.1	8.2	6.5
Investment income	(16.3)	(8.0)	(33.3)	(15.3)
Gain (Loss) on Extinguishment of Debt	0.0	0.0	0.0	(11.8)
Other Nonoperating Income	(0.1)	0.0	0.2	0.1
Income (loss) before income taxes	21.6	37.4	34.1	72.6
Provision (benefit) for income taxes	4.8	8.5	7.3	16.5
Net income (loss)	$ 16.8	$ 28.9	$ 26.8	$ 56.1
Net income (loss) per common share - basic	$ 0.85	$ 1.63	$ 1.35	$ 3.23
Net income (loss) per common share - diluted	$ 0.77	$ 1.59	$ 1.21	$ 3.22
Weighted-average number of shares outstanding:
Average number of shares outstanding, basic	19,879	17,703	19,826	17,344
Average number of shares outstanding, diluted	21,891	18,121	22,114	17,406
Product [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 153.4	$ 125.7	$ 198.0	$ 177.0
Cost of sales	101.8	75.0	118.5	95.1
Uranium [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	53.4	0.0	56.4	0.0
Separative Work Units [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	100.0	125.7	141.6	177.0
Service [Member]
Revenue from Contract with Customer, Excluding Assessed Tax	22.7	28.8	54.8	50.6
Cost of sales	24.4	25.6	52.9	45.7
Gross profit (loss)	$ (1.7)	$ 3.2	$ 1.9	$ 4.9

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income (loss)	$ 26.8	$ 56.1
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:
Depreciation and amortization	5.1	5.4
Deferred tax assets	7.0	15.5
Equity related compensation	18.1	4.7
Revaluation of inventory borrowing	(0.6)	3.6
Gain (Loss) on Extinguishment of Debt	0.0	(11.8)
Amortization of Debt Issuance Costs and Discounts	2.7	0.0
Other Operating Activities, Cash Flow Statement	0.2	1.3
Changes in operating assets and liabilities:
Accounts receivable – (increase) decrease	5.1	48.6
Inventories – (increase) decrease	(92.5)	(221.5)
Increase Decrease in Inventories Owed to Suppliers	43.0	111.2
Increase (Decrease) in Prepaid Expenses, Other	(0.6)	1.3
Accounts payable and other liabilities – increase (decrease)	(5.3)	(6.1)
Payables under SWU purchase agreements – increase (decrease)	16.4	97.6
Deferred revenue, net of deferred costs – increase (decrease)	(38.4)	(12.6)
Pension and postretirement liabilities - increase (decrease)	(3.7)	(3.9)
Other, net	0.0	(0.1)
Net Cash (Used in) Operating Activities	(16.7)	89.3
Cash Flows Provided by Investing Activities
Capital expenditures	(94.8)	(5.7)
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation	(94.8)	(5.7)
Cash Flows Used in Financing Activities
Proceeds from the sale of common stock, net	53.9	139.9
Payment of interest classified as debt	0.0	(3.5)
Payment, Tax Withholding, Share-based Payment Arrangement	(0.4)	(2.5)
Repayments of Convertible Debt	0.0	(74.3)
Net Cash (Used in) Financing Activities	53.5	59.6
Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation	(0.2)	(0.2)
Decrease in cash, cash equivalents and restricted cash	(58.2)	143.0
Cash, cash equivalents and restricted cash, start of period	1,960.1	704.0
Cash, cash equivalents and restricted cash, end of period	1,901.9	847.0
Interest Paid, Excluding Capitalized Interest, Operating Activity	4.5	4.4
Income Tax Paid, Federal, after Refund Received	0.0	0.0
Income Tax Paid, State and Local, after Refund Received	0.2	0.3
Income Tax Paid, Foreign, after Refund Received	0.0	0.0
Supplemental Cash Flow Information:
Reclassification of equity-based compensation from equity to liability	0.8	0.0
Property, plant and equipment included in accounts payable and accrued liabilities [Member]
Supplemental Cash Flow Information:
Other Significant Noncash Transaction, Value of Consideration Given	(21.0)	(0.6)
Adjustment to Right of Use Lease due to Modification [Domain]
Supplemental Cash Flow Information:
Other Significant Noncash Transaction, Value of Consideration Given	$ 0.0	$ (1.3)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 1,868.5	$ 1,957.2
Accounts receivable, net	25.6	30.7
Inventories	377.1	322.9
Deferred costs associated with deferred revenue	33.2	40.9
Other current assets	12.7	11.9
Total current assets	2,317.1	2,363.6
Property, Plant, and Equipment, after Accumulated Depreciation, Depletion, and Amortization	142.5	29.5
Deposits for financial assurance	33.2	2.7
Intangible assets, net	16.9	21.2
Deferred Tax Assets, Net	15.0	21.9
Other long-term assets	6.3	7.0
Total Assets	2,531.0	2,445.9
Current Liabilities
Accounts payable and accrued liabilities	74.0	41.6
Accounts payable under purchase agreements	34.8	18.5
Inventories owed to customers and suppliers	235.7	192.7
Contract with Customer, Liability, Current	85.0	131.1
Convertible senior notes (Predecessor)	0.0	38.9
Current debt	0.0	0.0
Total current liabilities	429.5	422.8
Long-term debt	1,177.5	1,174.8
Postretirement health and life benefit obligations	68.8	72.2
Pension benefit liabilities	2.9	3.0
Other long-term liabilities	6.9	8.0
Liabilities	1,685.6	1,680.8
Commitments and contingencies (Note 11)
Stockholders' Deficit
Preferred stock	0.0	0.0
Excess of capital over par value	815.9	762.3
Accumulated deficit	28.3	1.5
Accumulated other comprehensive income (loss), net of tax	(0.8)	(0.7)
Stockholders' Equity	845.4	765.1
Total Liabilities and Stockholders’ Equity (Deficit)	$ 2,531.0	$ 2,445.9
Common Class A [Member]
Stockholders' Deficit
Common Stock, Shares, Issued	19,233,658	18,945,365
Common stock	$ 1.9	$ 1.9
Common Class B [Member]
Stockholders' Deficit
Common Stock, Shares, Issued	719,200	719,200
Common stock	$ 0.1	$ 0.1