v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting  
Segment Reporting

Note 8. Segment Reporting

 

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources in assessing performance. The Company has one reportable business segment: nuclear fuel technology. This segment consists of the research and development and commercialization of its nuclear fuel. The Company’s chief operating decision maker (CODM) is the chief executive officer.

 

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment based on net loss as reported on the condensed consolidated statement of operations. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances its nuclear fuel through all the stages of its development and commercialization. In addition, the measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

 

The CODM uses segment net loss to allocate resources predominantly in the annual budget and forecasting process and uses that measure as a basis for evaluating progress toward R&D milestones. The CODM uses cash forecast models in deciding how to invest into the segment. Research and development expenses, general and administrative (G&A) expenses are included in segment net loss and used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment, while research and development milestones scorecard results and scorecard G&A budgeted results are used in establishing management’s incentive compensation.

 

The table below summarizes the significant expense categories regularly provided to the CODM for the three and six months ended June 30, 2025 and 2024 (rounded in millions):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

$—

 

 

$—

 

 

$—

 

 

$—

 

General and administrative

 

 

2.5

 

 

 

1.8

 

 

 

6.0

 

 

 

4.0

 

Research and development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INL project

 

 

0.8

 

 

 

0.3

 

 

 

1.6

 

 

 

0.7

 

Romania feasibility study

 

 

—

 

 

 

0.1

 

 

 

—

 

 

 

0.1

 

Centrus Energy FEED study

 

 

—

 

 

 

—

 

 

 

—

 

 

 

0.2

 

Allocated employee compensation and stock-based compensation

 

 

0.6

 

 

 

0.5

 

 

 

1.4

 

 

 

0.7

 

Other outside R&D expenses

 

 

0.2

 

 

 

—

 

 

 

0.3

 

 

 

0.2

 

Total research and development

 

$1.6

 

 

$0.9

 

 

$3.3

 

 

$1.9

 

Other segments items(1)

 

 

(0.6 )

 

 

(0.3 )

 

 

(1.0 )

 

 

(0.7 )

Net loss

 

$(3.5 )

 

$(2.4 )

 

$(8.3 )

 

$(5.2 )

 

(1) Other segment items include interest income.