Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entity (???VIE???)

Variable Interest Entity (“VIE”)	3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity (“VIE”)	13. Variable Interest Entity (“VIE”) On December 18, 2023, the joint venture (“JV”) where the Company and Campoverde Srl (“JV partner”) each owns 50% of the partnership, was awarded a multi-year contract valued up to approximately EUR 50 million by the European Commission (the “Contracting Authority”) for the treatment of radioactive waste from the Joint Research Center in Ispra, Work under this JV started in the first quarter of 2024 and has generated limited revenue in the first quarter of 2024. The scope of work under the initial phases of this contract will be performed predominately by our JV partner. Revenue generated by the Company under the initial phases is limited to project management support through 2025. The Company expects to generate an increase in revenue under this contract starting in 2026 when the waste treatment phases begin. The Company determines whether joint ventures in which it has invested are VIEs at the start of each new venture and when a reconsideration event has occurred. A VIE is a legal entity that satisfies any of the following characteristics: (a) the legal entity does not have sufficient equity investment at risk; (b) the equity investors at risk as a group, lack the characteristics of a controlling financial interest; or (c) the legal entity is structured with disproportionate voting rights. The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Based on the Company’s evaluation of this JV and the contractual terms of this arrangement, the Company determined that this JV is a VIE but the Company is not the primary beneficiary. Accordingly, no consolidation of this JV is required by the Company. No capital contributions have been or are expected to be made by either the Company or the JV partner under this JV.

Variable Interest Entity (“VIE”)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

13. Variable Interest Entity (“VIE”)

On December 18, 2023, the joint venture (“JV”) where the Company and Campoverde Srl (“JV partner”) each owns 50% of the partnership, was awarded a multi-year contract valued up to approximately EUR 50 million by the European Commission (the “Contracting Authority”) for the treatment of radioactive waste from the Joint Research Center in Ispra, Work under this JV started in the first quarter of 2024 and has generated limited revenue in the first quarter of 2024. The scope of work under the initial phases of this contract will be performed predominately by our JV partner. Revenue generated by the Company under the initial phases is limited to project management support through 2025. The Company expects to generate an increase in revenue under this contract starting in 2026 when the waste treatment phases begin.

The Company determines whether joint ventures in which it has invested are VIEs at the start of each new venture and when a reconsideration event has occurred. A VIE is a legal entity that satisfies any of the following characteristics: (a) the legal entity does not have sufficient equity investment at risk; (b) the equity investors at risk as a group, lack the characteristics of a controlling financial interest; or (c) the legal entity is structured with disproportionate voting rights.

The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

Based on the Company’s evaluation of this JV and the contractual terms of this arrangement, the Company determined that this JV is a VIE but the Company is not the primary beneficiary. Accordingly, no consolidation of this JV is required by the Company. No capital contributions have been or are expected to be made by either the Company or the JV partner under this JV.