Thank you for the question. Let me confirm: on commercial and operational progress we raised our 2026 revenue guidance to $450‑500 million from $425‑475 million, lifted the Piketon workforce target to over 100 net new hires, and reaffirmed capital deployment of $350‑500 million. In day‑one mode we also launched a $560 million Oak Ridge centrifuge expansion and signed Fluor, Palantir and Geiger Brothers as partners. We are exploring an Oklo joint venture on HALEU de‑conversion; it remains exploratory and we will update when we have more to share. Reduce lead time, reduce unit cost, de‑risk.
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Let me answer the question I think you're actually asking. I'm the only NRC-licensed Western producer of HALEU, the high-assay fuel the new advanced reactors run on, and I make it on a centrifuge cascade at Piketon, Ohio. In 2025 that was $448.7 million of revenue - a commercial enrichment segment at $346.2 million and a government technical-solutions segment at $102.5 million. Day one, the job hasn't changed: reduce lead time, reduce unit cost, de-risk the buildout. Here's what I can't tell you yet, and why - the $900 million DOE award still needs to be finalized through negotiations, and the sole-source work for the NNSA sits inside a procurement cycle, so I'll let the government drive those announcements. The first new cascade isn't expected online until 2029. In my view the demand is real and coming; I'd rather walk you through the milestones than promise you the date.
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Thank you for the question. Let me answer what I think you're asking. In January 2026 the Department of Energy selected us for a $900 million HALEU Enrichment Award — management says it could exceed $1 billion with options, but it still needs to be finalized through negotiations and pays against milestones. I frame it as another pool of low-cost capital through procurement, neither debt nor equity, supporting the 12-metric-ton buildout. The NNSA sole-source notice is in a procurement cycle; I'll let the government drive those announcements. Day one: reduce lead time, reduce unit cost, de-risk.
Thank you for the question. Let me answer what I think you're asking. At quarter-end backlog is about $3.9 billion through 2040 — $3.1 billion LEU, $0.8 billion Technical Solutions. LEU breaks to roughly $700 million broker-dealer and $2.4 billion contingent enrichment sales under definitive agreement; I stress contingent because we're working to convert to firm, and I can't discuss contractual details. Technical Solutions includes funded, unfunded, and unexercised options on the HALEU Operations Contract. Day one: reduce lead time, reduce unit cost, de-risk.
Thank you for the question. Let me answer what I think you're asking. We reported $448.7 million of revenue for 2025, up $6.7 million or 1.5% over 2024. Two segments: commercial enrichment at $346.2 million, relatively flat, and government Technical Solutions at $102.5 million, up 11% on higher HALEU Operations Contract revenue. Gross profit $117.5 million, net income $77.8 million. Management notes significant quarter-to-quarter variability; I point to annual and trailing-twelve-month results as the better read. Day one: reduce lead time, reduce unit cost, de-risk.
Thank you for the question. Let me answer what I think you're asking. We operate the only NRC-licensed Western HALEU facility — the AC100M cascade at Piketon, Ohio. Phase II of the HALEU Operations Contract is complete: 900 kg delivered to DOE in June 2025, over 1.6 metric tons cumulative by Q1 2026. Base case is 12 metric tons per year, which in my view reaches nth-of-a-kind cost. Further cascades are progressive, tied to offtake and capital. First new cascade expected 2029; first-of-a-kind buildout with timeline hedged throughout. Day one: reduce lead time, reduce unit cost, de-risk.