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Segment Reporting | 6 Months Ended
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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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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