Shares of Centrus Energy Corp. (LEU) plummeted as much as 5.83% in pre-market trading on Monday after the nuclear fuel company reported a disappointing net loss of $5 million, or $0.30 per share, for the third quarter of 2024, missing analyst expectations of $0.22 earnings per share.

The disappointing results were primarily driven by a decline in gross profit from Centrus' low-enriched uranium (LEU) segment due to lower sales volumes during the quarter. However, this was partially offset by higher-priced legacy contracts that helped boost overall revenue to $57.7 million, beating consensus estimates of $56.07 million.

Despite the earnings miss, Centrus secured significant new government contracts and unveiled plans to expand its enrichment capacity, positioning the company for future growth. The U.S. Department of Energy (DOE) awarded Centrus two contracts for high-assay low-enriched uranium (HALEU) production and deconversion services, with a combined potential value of up to $2.7 billion. Additionally, Centrus signed $2 billion in contingent customer commitments to support the deployment of LEU production capacity at its Piketon, Ohio facility.

These developments highlight the growing demand for HALEU and LEU from advanced reactors and the nuclear industry's shift toward cleaner energy sources. By capitalizing on these trends and expanding its production capabilities, Centrus is well-positioned for future growth, which likely contributed to limiting the stock's decline following the earnings miss.