Nuclear energy stocks have been in the doldrums this year. The Global X Uranium ETF (URA +0.06%) is down around 15% so far this year, reflecting the sector's overall malaise.
The reason for the decline is that the sector became a little overheated due to enthusiasm for nuclear energy, with technology companies signing deals to secure nuclear electricity for artificial intelligence (AI) data centers. While this points to long-term growth, many newer nuclear energy companies face a long road to profitability.
Instead of focusing on nuclear companies that may eventually turn things around, it makes more sense to look at pick-and-shovel nuclear stocks that are already profitable and benefiting from the growth of nuclear energy. One of those stocks is Centrus Energy (LEU -1.63%), the lone publicly traded proven U.S. uranium enricher. While shares of Centrus have plummeted more than 52% so far this year, the company remains a solid buy, and the stock's valuation has become more reasonable, trading at about 33 times forward earnings.
Here are three reasons to consider Centrus Energy.
Image source: Getty Images.
It has a first-mover advantage Centrus operates the only U.S. Nuclear Regulatory Commission (NRC)-licensed facility capable of producing high-assay low-enriched uranium (HALEU), the specialized fuel enriched between 5% and 20% U-235 required for almost all next-generation advanced small modular reactors (SMRs) and microreactors. The company finalized its $900 million order to produce HALEU for the U.S. Department of Energy (DOE) in July.
LEU Centrus Energy$102.45-$1.70 (-1.63%)
NYSE · As of 4:00 PM ET 10/23/26
With more companies racing to advance nuclear technologies, Centrus already has multi-year supply agreements with emerging reactor developers, such as X-energy, Radiant Industries, and Antares Nuclear. These partnerships, often backed by customer prepayments, make Centrus a central pick-and-shovel provider for the future nuclear tech boom.
It is showing dependable revenue growth In the second quarter, Centrus reported revenue of $176.1 million, up 13.9%, year over year. It is estimating full-year revenue between $450 million and $500 million, compared to $448.7 million in 2025.
Centrus has a $4.5 billion backlog, with work scheduled out to 2040. This shows that customers are locking in long-term orders for years to come. Of that total, $3.7 billion comes strictly from its primary fuel business of selling standard reactor fuel and uranium to power utilities.
These are mostly fixed, multi-year contracts for guaranteed future deliveries. In addition to its fixed orders, it has agreed to $3 billion in potential future sales of low-enriched uranium (LEU) and HALEU.
Adjusted net income was $38.7 million, up 12% over the same period a year ago, but adjusted earnings per share (EPS) were $1.95, flat compared to the second quarter of 2025.
It has a huge moat The United States hasn't had its own active facility to enrich uranium for national security and defense needs since the Paducah, Kentucky, plant closed in 2013. The DOE is relying on Cold War-era stockpiles. Because this supply is finite and shrinking, the U.S. will soon need a new domestic source of enriched uranium to replace it.
Due to long-standing government policies and international nonproliferation agreements, the U.S. military and national security agencies are forbidden from using foreign enrichment technology or foreign-sourced fuel for national defense purposes.
Centrus's proprietary technology, its AC100M centrifuge, is the only American-developed, deployment-ready uranium enrichment system available that complies with U.S. legal and national security requirements.
The company's first-mover advantage in uranium enrichment and growing backlog make the stock a solid buy. It is already growing revenue and is profitable, giving it a big advantage over other AI stocks. The stock's tumble appears related more to sector concerns than its financial health, which appears sound.
Centrus Energy (LEU) převzala společnost Westerman Holdings za přibližně 116 milionů USD, čímž získala čtyři výrobní závody a zhruba 400 zaměstnanců s cílem rozšířit kapacity pro výrobu jaderného paliva.
Centrus Energy (LEU) recently acquired Westerman Holdings, securing a crucial manufacturing supplier as nuclear fuel demand accelerates. Westerman produces specialized equipment across several sectors, including nuclear-grade items like UF6 cylinders, engineered industrial systems, and production technologies for upstream and midstream oil and gas. The Centrus Energy Westerman acquisition points to a broader trend of nuclear companies using targeted M&A deals to secure heavy manufacturing capabilities and expand capacity.
Key Takeaways
Centrus purchased 100% of Westerman Holdings for roughly $116 million using a mix of cash on hand and common stock.
The transaction adds about 400 manufacturing employees and four production facilities across Ohio, Oklahoma, and Wyoming.
Westerman brings active revenue streams from non-nuclear industrial markets, matching a key trait seen across several Range Nuclear Renaissance ETF (NUKZ) holdings.
Strategic Supply Chain Impact of Centrus Energy Westerman Acquisition
Centrus acquired 100% of Westerman’s outstanding membership interests for approximately $116 million, according to a statement from the firm. Centrus funded the purchase price through $95 million in cash on hand alongside $21 million in Centrus Class A common stock. As part of the closing structure, Centrus repaid Westerman’s $12.7 million term loan and fully satisfied $31.5 million in subordinated notes. Centrus expects the transaction to be accretive to its adjusted earnings per share in the first full year.
Operationally, the deal adds roughly 400 employees and four manufacturing facilities located in Ohio, Oklahoma, and Wyoming to Centrus’ footprint. Westerman already acts as a primary supplier producing centrifuge casings and key components for Centrus. Bringing this capacity in-house mirrors the industrywide reliance on specialized EPC and manufacturing firms to execute infrastructure buildouts.
Revenue Diversification Fits NUKZ Portfolio Profile
In addition to nuclear transportation cylinders, Westerman maintains an established customer base in oil, gas, and petrochemical markets. That existing non-nuclear business gives Centrus immediate revenue streams outside core enrichment services.
This hybrid structure mirrors several other holdings inside the Range Nuclear Renaissance ETF (NUKZ). Many holdings in the fund maintain strong industrial, energy, or defense businesses, allowing them to generate consistent cash flow while retaining upside to long-term nuclear deployment.
NUKZ offers exposure to the entire nuclear value chain, including reactor design, construction, utilities, and fuel supply chains.
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Centrus Energy vykazuje smluvní závazky na dodávky LEU a HALEU v hodnotě 4,5 miliardy USD a patří mezi významné komerční producenty HALEU pro pokročilé reaktory.
Racing to load up on shares of advanced nuclear reactor makers like NuScale Power and Oklo, growth investors have recognized the robust opportunity that these stocks afford as the nuclear energy renaissance continues to roll along.
But many investors have passed on shares of these companies, recognizing significant risks, from uncertainty about whether they will receive the requisite regulatory approvals to the lack of a guarantee that they will generate profits. Fortunately, there's one under-the-radar nuclear stock that provides a robust wealth-building opportunity -- and it doesn't have to build a single nuclear reactor.
Image source: Getty Images.
Centrus Energy's $4.5 billion backlog may just be the beginning Fueling up an advanced nuclear reactor isn't as simple as gassing up your car during your morning commute. Many small modular reactors (SMRs) require a specialized form of uranium called high-assay low-enriched uranium (HALEU). Of the few companies engaged in the commercial production of HALEU, Centrus Energy (LEU -0.22%) is one of the most notable.
LEU Centrus Energy$109.88-$0.24 (-0.22%)
NYSE · As of 4:00 PM ET 10/20/26
In fact, the company brands itself as the "only HALEU enricher in the Western World with entrenched first-mover advantages" capable of addressing the growing commercial HALEU market, driven by growth in the advanced reactor market. This expertise complements the company's current low-enriched uranium (LEU) operations.
The company's allure is clear. Centrus reported a $4.5 billion backlog of LEU and HALEU sales commitments in an August investor presentation. As SMR makers secure the necessary licenses and commence commercial operations, Centrus should see continued demand for its enriched uranium products.
Centrus can put you on the path to millionaire status It's impossible to say for sure whether Centrus stock will flourish, but the company's dominant competitive advantage is compelling. Since the nuclear energy stock has a $2.4 billion market cap, it's reasonable to think it could grow tenfold to a market cap north of $20 billion. Uranium powerhouse Cameco, after all, has a $35 billion market cap. So it's possible a $10,000 Centrus investment could mint a millionaire.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco. The Motley Fool has a disclosure policy.
Centrus Energy (LEU) koupila dodavatele centrifug Westerman Holdings za zhruba 116 milionů USD, aby posílila dodavatelský řetězec a rozšířila výrobu mimo jaderný sektor.
Secures a key centrifuge component supplier and best-in-class manufacturer with an existing and growing business
Diversifies revenue base by expanding Centrus' addressable market with significant adjacent, non-nuclear manufacturing work
Drives continued growth for both organizations through commercial and operational synergies and cost savings
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus"), a trusted supplier of nuclear fuel and services, today announced that it has acquired Westerman Holdings, LLC ("Westerman"), one of Centrus' largest and most diversified suppliers, for approximately $116 million, funded through a combination of approximately $95 million cash on hand and $21 million of equity. The transaction is expected to be accretive to adjusted earnings per share in the first year following closing.
The acquisition represents a significant milestone for Centrus as it builds supply chain resilience while diversifying its revenue base. Westerman's expertise strengthens and de-risks Centrus' supply chain by securing and bringing in-house its critical manufacturing capabilities. The acquisition simultaneously broadens Centrus' manufacturing platform, customer base, and future revenue opportunities through commercial and operational synergies.
The addition of Westerman supports Centrus' previously announced multi-billion-dollar expansion of uranium enrichment capacity. Westerman is an existing manufacturer for centrifuge casings and other major centrifuge components for Centrus. With the acquisition, Centrus intends to secure this key supplier while expanding Westerman's capabilities. Westerman currently services a number of non-nuclear customers across a variety of industries including oil and gas as well as other high-growth industrial sectors, diversifying Centrus' revenue base beyond its core nuclear business. The acquisition is expected to result in lower project costs for Centrus and greater efficiencies with an integrated supply chain.
"Westerman is a highly regarded, best-in-class supplier and fabricator for Centrus, the broader nuclear industry, and a number of other sectors," said Amir Vexler, President and CEO of Centrus. "Bringing Westerman in-house demonstrates our commitment to securing our supply chain to support our build-out while adding to our capabilities and expanding our customer base. We are committed to growing and expanding Westerman alongside our enrichment business, and are confident that this transaction will unlock significant value for our shareholders."
"Westerman has spent more than a century building advanced, differentiated manufacturing capabilities," said Jacob Garrett, CEO of Westerman, who will now transition to President of Westerman and also become a Vice President of Centrus Energy. "Joining with Centrus will allow us to accelerate that trajectory. Together, we can expand our production, deepen our nuclear manufacturing portfolio, and create new opportunities for our employees, our customers, and our communities. We are excited for the future we will build together."
Centrus acquired all of Westerman's business lines and Westerman has become a subsidiary within Centrus. Westerman will continue to operate under the Westerman name, leveraging its brand identity and customer relationships.
Founded in 1909, Westerman is an established, high-quality industrial fabrication manufacturer with specialized capabilities serving the nuclear, oil and gas, and broader high-growth industrial markets. With approximately 400 employees and four world-class facilities in Ohio, Oklahoma, and Wyoming, Westerman provides a broad portfolio of products that span upstream and midstream oil and gas production equipment, engineered industrial systems, and nuclear‑grade products including UF6 cylinders.
Barclays served as financial advisor to Centrus and Wachtell, Lipton, Rosen & Katz served as legal counsel to Centrus for this transaction.
About Centrus
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
About Westerman
Westerman is a large equipment fabricator, focused on continuous improvements in design, engineering, and manufacturing. Our broad portfolio of equipment supports production, dehydration, stabilization, filtration, and custody transfer metering, setting new standards for performance and economics nationwide. We proudly serve other diverse end markets such as Nuclear, Marine, and Industrial.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A – "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A – "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus Energy má nasmlouvané zakázky v hodnotě 4,5 miliardy USD, ale analytici očekávají, že tržby i čistý zisk budou do roku 2028 klesat, než firma obnoví domácí obohacování uranu.
Centrus Energy (LEU -9.50%) is one of the few U.S. companies authorized to sell low-enriched uranium (LEU), the most common fuel for commercial nuclear reactors. It's also the only public U.S. company that sells high-assay low-enriched uranium (HALEU) for next-gen reactors.
Those advantages make Centrus a bellwether of the nuclear energy market, which is benefiting from the expansion of the power-hungry cloud, industrial automation, and AI markets. But could they help Centrus deliver millionaire-making gains over the next few decades?
Image source: Getty Images.
Centrus will shrink before it grows again
Centrus shut down its domestic LEU enrichment plants 13 years ago when it became cheaper to import LEU from overseas and resell it to U.S. utilities. But over the past few years, the sanctions against Russia and the U.S. government's push toward energy independence have driven Centrus to start producing HALEU in the U.S. and to restart its LEU operations in Ohio.
$114.94-$12.07 (-9.50%)
NYSE · As of 4:00 PM ET 10/16/26
Centrus ended its latest quarter with a backlog of $4.5 billion, which is 9.5 times its projected 2026 revenue, but analysts expect its annual revenue and net income to decline from 2025 to 2028. The main issue is that the U.S. will fully ban Russian uranium imports by 2028, before Centrus can fully restart its domestic LEU operations at a commercial scale.
Centrus should eventually overcome these growing pains and start converting its backlog into revenue, but it isn't cheap at 40 times next year's earnings. While Centrus will remain a linchpin of the nuclear market, I doubt it will mint many new millionaires within the next few years.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Centrus Energy's (LEU +0.25%) stock closed at a 52-week high of $464.25 per share on Oct. 16, 2025. Today, it trades at about $143. Let's see why this nuclear energy stock shed 69% of its value -- and if its growing backlog makes it a contrarian investment today.
What does Centrus do? Centrus is one of the few U.S. companies licensed to sell low-enriched uranium (LEU), the most commonly used fuel in commercial nuclear reactors. It's also the only public U.S. company that produces high-assay low-enriched uranium (HALEU) for next-gen nuclear reactors.
Image source: Getty Images.
Centrus originally enriched its own LEU on a commercial scale, but it shut down its aging plants 13 years ago when it became cheaper to import and resell LEU from overseas to U.S. utilities. But over the past few years, the sanctions against Russia and the U.S. drive toward energy independence prompted Centrus to restart its domestic enrichment strategy.
Centrus began producing HALEU in the U.S. three years ago and aims to restart its LEU enrichment operations in Ohio by the end of the decade. By the end of the second quarter of 2026, its total backlog of LEU and HALEU orders had swelled to $4.5 billion. That's equivalent to 9.5 times its projected revenue for 2026.
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Why did Centrus' stock pull back? Centrus might initially seem a no-brainer play on the resurgent nuclear market, which is benefiting from new decarbonization initiatives and the growth of the cloud and AI markets.
But from 2025 to 2028, analysts expect Centrus' revenue to decline from $449 million to $443 million, while its net income slides from $78 million to $50 million.
Centrus' backlog is robust, but it won't convert most of those orders into revenue until the late 2020s and the 2030s. The U.S. will also fully ban Russian uranium imports by 2028, before Centrus can fully restart its domestic enrichment operations at a commercial scale. Those delays and supply constraints will likely throttle its near-term revenue growth.
At the same time, Centrus must increase its capex to accelerate its domestic enrichment plans. That pressure will squeeze its near-term earnings, while rising interest rates will make it more expensive to issue fresh debt. All of those challenges caused its stock to pull back, but it still looks expensive at 50 times next year's earnings.
Centrus' stock should eventually recover after it completes its capital-intensive transformation, but it doesn't look like a bargain yet. Investors who want to profit from the nuclear market's growth should probably stick with safer and more diversified stocks instead.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Akcie společnosti Centrus Energy v úterý vzrostly o 11,3 % poté, co ministerstvo energetiky USA oznámilo, že společnosti Vistra poskytne půjčku ve výši 4,2 mld. USD, přestože nic nenasvědčuje tomu, že Vistra je zákazníkem společnosti Centrus.
The U.S. Department of Energy announced it will loan nuclear power company Vistra Corp (VST +11.95%) $4.2 billion to finance nuclear plant upgrades "across Vistra's nuclear fleet in Pennsylvania and Ohio," igniting a rally in nuclear power stocks Tuesday.
Shares of Vistra soared more than 11% through noon ET. Centrus Energy (LEU +10.89%) did even better, running up 11.3%.
Image source: Getty Images.
Vistra and CentrusPresident Trump has announced an "American nuclear renaissance," and the loan to Vistra is part of this plan. The $4.2 billion will be used to preserve capacity and extend the service life of Vistra's plants, and to expand electricity production by more than 10% by adding 433 megawatts (MW) of new nuclear capacity.
Investors probably think that this good news for Vistra is good news for Centrus Energy, too. After all -- Vistra uses nuclear fuel; Centrus produces (or more commonly, buys and resells) nuclear fuel. It seems logical that more power generation at Vistra should translate directly into Vistra buying more nuclear fuel from Centrus.
And yet, according to data from S&P Global Market Intelligence, at least, there's no indication that Vistra is a customer of Centrus -- and no solid reason to believe that Vistra's expansion will in fact benefit Centrus stock.
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What it means for Centrus stockThat's not to say othercompanies won't buy more fuel from Centrus, of course. If the DOE loan is the start of a string of similar loans expanding nuclear power production across the U.S., for example, this could very well happen.
It's just not a given.
And "given" that Centrus stock is currently free cash flow-negative, and costs 83.5 times earnings today, I'm not convinced it's a great idea to bid up Centrus shares even more, on news that might not relate to it at all.
Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Vistra. The Motley Fool has a disclosure policy.
Centrus Energy dodává obohacené uranové palivo pro projekty SMR společností Oklo a NuScale a s Oklo plánuje společný podnik pro HALEU. Ve 2. čtvrtletí tržby vzrostly o 14 % na 176,1 milionu USD a čistý zisk činil 16,8 milionu USD.
Investors seeking to cash in on the global nuclear energy resurgence have focused on small modular reactor (SMR) upstarts Oklo (OKLO -0.75%) and NuScale. However, neither company can run one of their future reactors without fuel. That's where Centrus Energy (LEU +0.11%) comes into play, as it supplies the enriched uranium fuel that nuclear reactors need. Centrus recently announced a planned joint venture with Oklo to support growing demand for its specialized nuclear fuel.
Here's a closer look at this lower-risk way to invest in the country's nuclear energy renaissance.
Image source: Getty Images.
Fueling the nuclear renaissanceCentrus Energy supplies nuclear fuel and services to the nuclear power industry. It pioneered the production of High-Assay, Low-Enriched Uranium (HALEU), required for most U.S. reactors to achieve smaller designs (i.e., SMRs). The company's Piketon, Ohio, facility was the first one in the country to receive a license from the U.S. Nuclear Regulatory Commission to produce HALEU.
Several SMR developers, including Oklo, have signed agreements with Centrus to purchase nuclear fuel. Oklo initially signed a letter of intent to purchase fuel for its Aurora Powerhouse Deployment in Ohio earlier this year. The planned 1.2 gigawatt clean energy campus will supply power to Meta Platforms to support its data centers in the region. Oklo and Centrus more recently agreed to pursue a joint venture focused on HALEU deconversion services and advancing related fuel-cycle technologies and supply chains.
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Robust demand is driving real growthOklo and NuScale don't currently generate commercial power, let alone any real revenue or earnings. Centrus Energy, on the other hand, is producing strong, growing financial results. During the second quarter, the company reported $176.1 million of revenue, a 14% year-over-year increase. Meanwhile, it posted $16.8 million of net income during the period.
The company ended the quarter with a $4.5 billion future revenue backlog extending through 2040. That includes $3 billion of HALEU and Low-Enriched Uranium (LEU). It recently signed a $900 million HALEU Enrichment award with the U.S. Department of Energy. Centrus has signed several additional deals since the quarter ended, including a multi-year HALEU contract with Antares Nuclear, a long-term HALEU supply partnership with Radiant, and a HALEU supply deal with X-energy. This growing backlog supports the company's plans to rapidly expand its production capacity to meet future demand, as several deals include pre-payments to help fund the expansion.
Why try to pick an SMR winner when you can invest in the company fueling them allThere's a lot of debate about which nuclear energy stock is the best to buy to capitalize on the country's nuclear renaissance. However, instead of betting on which pre-revenue SMR start-up will win, you can invest in the company that will fuel their reactors. That makes Centrus Energy a lower-risk way to capitalize on the country's nuclear energy resurgence, as it should win no matter which SMR developer emerges as the eventual leader.
Matt DiLallo has positions in Meta Platforms and has the following options: long December 2028 $650 calls on Meta Platforms and short December 2028 $660 calls on Meta Platforms. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
Centrus Energy získala 1. července zakázku od DOE za 900 milionů USD v rámci výrobní smlouvy na rozšíření kapacity HALEU v Piketonu, čímž přechází ke komerční výrobě. Firma je jediným americkým producentem HALEU s potřebnou licencí a technologií.
Nuclear energy is making a comeback. Governments worldwide are renewing their support, with several committing to triple their nuclear capacity by 2050. Meanwhile, next-generation small modular reactors (SMRs) could begin arriving in the 2030s.
Many of these advanced reactors require a specialized fuel that remains in short supply. That's where Centrus Energy (LEU -1.67%) sees its opportunity. The company already supplies low-enriched uranium (LEU) to nuclear power operators, but its biggest growth opportunity could come from high-assay, low-enriched uranium (HALEU).
Becoming a leading U.S. producer of this next-generation fuel could make Centrus the ultimate pick-and-shovel play on the nuclear technology boom. Here's what investors need to know.
A ban on Russian imports kick-started Centrus' domestic manufacturing Centrus is an important player in the U.S. nuclear fuel supply chain. Currently, the company generates most of its revenue from supplying LEU to utilities operating traditional nuclear reactors in the U.S. and abroad. The company has manufacturing capabilities, but over the last decade, it has sourced this fuel globally, making it an established middleman.
However, this is all changing. In 2023, Congress passed the Prohibiting Russian Uranium Imports Act, which blocks the import of natural uranium and LEU produced in Russia or by a Russian entity. Some operators have been given limited waivers to import from Russia, but these waivers are set to expire on Jan. 1, 2028. The restrictions will remain in place until Dec. 31, 2040.
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Centrus relies heavily on TENEX, a Russian state-owned entity, for its LEU. Over half of the LEU it delivers to customers in 2027 is expected to come from TENEX. Russia holds roughly 43% of global enrichment capacity, so Congress' act creates an urgent need to develop domestic nuclear fuel production.
The company is pivoting from being an intermediary to becoming a U.S. producer of these fuels. It is making a multibillion-dollar investment in its Ohio and Tennessee facilities to expand domestic enrichment capacity. In Oak Ridge, Tennessee, management is investing over $560 million to produce thousands of centrifuges. Meanwhile, it's expanding its Piketon, Ohio, centrifuge and enrichment plant to develop LEU and HALEU at scale.
HALEU is an important fuel for advanced nuclear reactors Many next-generation nuclear reactors, including SMRs and microreactors, are designed to run on HALEU. Nine out of 10 advanced reactor designs backed by the federal government require this specialized fuel. That creates a huge opportunity for Centrus, which currently operates the only U.S. facility with both the federal license and proven technology needed to produce HALEU.
A concept image of a small nuclear reactor. Image source: Getty Images.
On July 1, Centrus finalized terms on a $900 million Department of Energy order under a production contract to build out its HALEU enrichment capacity at its Piketon facility. That expansion allows the company to produce up to one metric ton of HALEU by July 2032. This contract officially marks its pivot from a HALEU demonstration contract to a commercial enrichment operation.
Centrus has a first-mover advantage and already has customers lining up. Over the past year, management has reached supply agreements with advanced reactor developers, including X-Energy, Radiant, and Oklo, helping these nuclear technology companies secure the much-needed fuel for their SMRs and microreactors.
One thing you should keep in mind is the timeline. The International Atomic Energy Agency forecasts that the first major SMR projects will start operation around 2030 and accelerate as the decade goes on. It will take time to scale up and expand this nuclear technology. At the same time, Centrus must also execute a costly expansion.
Despite these risks, it is uniquely positioned as a domestic nuclear fuel provider of the future. If next-generation reactors live up to their promise, Centrus could become a key pick-and-shovel stock powering America's nuclear comeback.
Centrus Energy a Antares Nuclear uzavřely víceletou smlouvu na dodávky HALEU s dodávkami před koncem desetiletí. Dohoda zahrnuje i zálohy na rozšíření domácí obohacovací kapacity.
Production will be "unobligated" that can support national security missions
Adds another HALEU customer to Centrus' backlog and includes prepayments to advance domestic enrichment capacity buildout
, /PRNewswire/ -- Centrus Energy (NYSE: LEU) and Antares Nuclear today announced the signing of a definitive multi-year contract for Centrus to supply Antares with High-Assay Low-Enriched Uranium (HALEU), with deliveries commencing before the end of the decade. It ensures a reliable, domestic source of HALEU to support Antares advanced reactor projects, including for space and national security missions. The new contract includes prepayments from Antares to support the expanded HALEU capacity.
"This contract is another sign that demand for HALEU is real and it is accelerating, and Centrus is in prime position to meet this need," said Amir Vexler, President and CEO of Centrus. "Binding orders from Antares and others are supporting our expansion to commercial-scale production – an expansion that is now well underway. We look forward to supporting Antares' continued growth and success."
"Fuel supply is one of the practical questions every advanced reactor developer has to answer," said Jordan Bramble, CEO and Co-Founder of Antares. "This contract gives Antares a reliable, U.S.-origin source of HALEU for the reactors we're deploying for a wide variety of defense and space customers."
Antares is developing compact microreactors for critical missions on Earth and in space. The company was recently selected for the U.S. Army's Janus Program at Fort Bragg, North Carolina; the Air Force's Advanced Nuclear Power for Installations program at Joint Base San Antonio, Texas; and a Space Force Strategic Breakthrough award to demonstrate a space reactor.
Centrus is pioneering U.S. HALEU production at its American Centrifuge Plant in Piketon, Ohio, the only licensed HALEU production facility in the western world. Last year, Centrus launched a multi-billion-dollar expansion including large-scale production of HALEU as well as Low-Enriched Uranium (LEU).
The agreement reflects the unique role that both companies can play in meeting U.S. national security requirements. Because Centrus's enrichment technology and manufacturing supply chain are U.S.-origin, the arrangement can provide Antares with fuel that could be used for a variety of national security applications. Centrus' AC100 centrifuge design is the only deployment-ready enrichment technology capable of "unobligated" enrichment, meaning that it can be used for U.S. national security missions.
About Centrus
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
About Antares
Antares is a nuclear fission energy company developing compact microreactors for defense and space applications, delivering safe, reliable power where traditional energy sources cannot. Founded in 2023 and backed by over $600 million in funding, Antares achieved initial criticality of its Mark-0 microreactor in 2026 under the DOE Reactor Pilot Program, and is on track to produce electricity from an advanced reactor in 2027, with initial production deployments to U.S. military installations beginning in 2028. Antares operates facilities in Torrance, California; Idaho Falls, Idaho; and Aiken, South Carolina.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A – "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A – "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Cameco, Centrus Energy a Oklo stojí na klíčovém místě jaderného palivového řetězce, který je dnes úzkým hrdlem rozšiřování jaderné kapacity. Cameco i Centrus už mají silné tržby a velké backlogy, Oklo je zatím ve vývoji.
Tripling global nuclear capacity by 2050 means nothing if the fuel chain cannot keep up, and right now it cannot. Three U.S.-listed companies sit at the most critical bottleneck in the entire build-out, each with a radically different risk profile.
Reactors do not turn on without fuel, and the fuel chain has become the bottleneck. Thirty-three countries signed the COP30 declaration to triple nuclear capacity by 2050, hyperscalers are chasing gigawatts of behind-the-meter atomic power and long-term uranium pricing has pushed into multi-year highs.
The trouble: Yellowcake has to be mined, converted, enriched and in the case of advanced reactors, fabricated into high-assay low-enriched uranium (HALEU) that almost nobody in the West currently produces at scale. These three U.S.-listed names sit on that critical path, but their cash flow profiles could not be more different.
Cameco: Tier-One Uranium With a Reactor Kicker Cameco (NYSE:CCJ | CCJ Price Prediction) is the only publicly traded Western tier-one uranium producer, running Cigar Lake and McArthur River/Key Lake in Canada plus the JV Inkai operation in Kazakhstan, with UF6 conversion at Port Hope and a 49% stake in Westinghouse, owner of the AP1000 reactor. It is a real operating business with meaningful cash flow.
The scale is what matters. Cameco carries roughly 230 million pounds of uranium under long-term contracts, with average annual deliveries of over 28 million pounds over the next five years, and its FY26 guidance calls for uranium deliveries of 29 to 32 million pounds at an average realized price of $85 to $89 per pound. FY25 revenue rose 11% to $2.50 billion, net income jumped 243% to $423 million, and operating cash flow climbed 56% to $1.01 billion. Layer in the Brookfield and US Government partnership to deploy AP1000 reactors with at least $80 billion in aggregate investment, and Cameco is monetizing both ends of the fuel-to-reactor chain.
The bull case: Disciplined contracting means rising long-term prices flow through as contracts reprice, and Westinghouse gives Cameco exposure to the AP1000 build cycle. Shares are up 0.87% year to date (YTD), more than 25% over the past year and nearly 307% over five years, trading around $99.42 on Sept. 10.
The risk: Potential U.S. tariffs on uranium, an ongoing CRA transfer pricing dispute with $559 million held in cash and letters of credit, extended maintenance at Key Lake in Q3 26, and Kazakhstan’s progressive Mineral Extraction Tax of up to 18% on JV Inkai. None of these is existential, but each can dent a quarter.
Centrus Energy: The Only US-Listed Enricher Centrus Energy (NYSE:LEU) is the sole publicly traded, proven U.S. uranium enricher, operating the HALEU demonstration cascade in Piketon, Ohio, and centrifuge manufacturing in Oak Ridge, Tennessee. This is a revenue-generating business with operating history.
Q2 FY26 was a beat across the board. Revenue reached $176.1 million, up 14% year over year and 18.4% ahead of the $148.8 million consensus, with adjusted diluted EPS of $1.77. Backlog has become the real story: total commercial backlog grew to $4.5 billion extending through 2040, split $3.7 billion in the LEU segment and $0.8 billion in technical solutions, and management confirmed all financial contingencies in the contingent LEU enrichment backlog have been removed. On top of that sits a $900 million HALEU enrichment award from the DOE. Management stated: “Centrus is the only viable, production-ready technology that can meet national security needs.”
The bull case: A Russian LEU import ban tightening domestic supply into a demand ramp. CEO Amir Vexler’s team said long-term LEU pricing continued its “steady ascent year-to-date,” while Piketon commercial production remains targeted for 2029 and the first Oak Ridge centrifuge is expected sometime in 2026. Cash sits at $1.9 billion unrestricted.
The risk: Execution on Piketon and Oak Ridge, and the fact that the DOE does not currently intend to exercise further options under the HALEU Operation Contract and the proposed FY27 DOE budget excludes further HALEU cascade funding. Shares are down nearly 37% YTD but up more than 417% over five years, trading around $173 on Sept. 10.
Oklo: Speculative Fuel-Cycle Optionality Oklo (NYSE:OKLO) belongs in this discussion for one reason: its fuel-cycle strategy. It is pre-revenue, development-stage and speculative. It does not mine uranium and does not enrich it. Its cash flow profile is fundamentally different from Cameco and Centrus, and it should be sized accordingly.
What Oklo is building on the fuel side: an Aurora Fuel Fabrication Facility (A3F) to convert recovered EBR-II used material into the initial core load for the first Aurora reactor, an Advanced Fuel Center in Tennessee for domestic recycling, with facility engineering progressing and NRC license-application readiness work underway, and a letter of intent with Centrus for HALEU to power up to five Aurora powerhouses with deliveries expected to begin in 2029. DOE also selected Oklo for advanced negotiations regarding surplus plutonium that could be fabricated into reactor fuel, subject to a final DOE agreement, safeguards, and material allocation. CEO Jacob DeWitte’s framing: “For the advanced nuclear industry, fuel cannot be treated as a procurement item that gets solved at the end of a project. It is one of the most important constraints on deployment.”
The (speculative) bull case: First-mover status, a stated Aurora INL startup target of 2028 and $3 billion of cash and marketable securities providing runway.
The risk: No commercial power generation online, no revenue, customer agreements largely non-binding LOIs, NRC licensing uncertainty, and commercial viability unproven. YTD net loss reached $81.6 million and cash used in investing activities was $912.7 million. Shares are down nearly 47% YTD, trading around $41.60 on Sept. 10. Treat it as a small allocation, not a core position.
What to Watch Next The fuel chain is where the next twelve months of AI-driven nuclear headlines will actually get tested. Cameco reprices contracts into an $85 to $89 realized-price band and monetizes AP1000 backlog through Westinghouse. Centrus turns a $4.5 billion backlog and a $900 million DOE award into steel at Piketon and Oak Ridge. Oklo has to convert LOIs into signed offtake, a plutonium allocation into an actual agreement, and a 2028 startup target into criticality. The reactor announcements grab attention. The fuel milestones decide who actually gets built. (We mapped five ways to play the broader restart, utilities and fuel suppliers included, in a free nuclear report you can grab here.)
Contact [email protected] for any questions or corrections.
Centrus Energy oznámila nacenění veřejné nabídky 500 000 akcií třídy A, předfinancovaných warrantů na nákup 2 005 513 akcií a běžných warrantů na nákup až 6 992 382 akcií. Hrubý výnos má činit zhruba 500 milionů USD.
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus" or the "Company") today announced the pricing of its previously announced underwritten public offering of 500,000 shares of its Class A common stock (the "Class A Common Stock"), pre-funded warrants (the "Pre-Funded Warrants") to purchase an aggregate of 2,005,513 shares of Class A Common Stock and common warrants (the "Common Warrants") to purchase up to an aggregate of 6,992,382 shares of Class A Common Stock.
The offering is priced at a combined public offering price of $199.64 per share of Class A Common Stock and accompanying Common Warrants and $199.54 per Pre-Funded Warrant and accompanying Common Warrants. The purchase price of each Pre-Funded Warrant is equal to the price per share at which shares of Class A Common Stock are being sold in the offering, minus the exercise price for the Pre-Funded Warrants of $0.10 per share. Investors purchasing shares of Class A Common Stock or Pre-Funded Warrants will also receive a pro rata allocation of Common Warrants based on the number of shares of Class A Common Stock or Pre-Funded Warrants purchased by that investor. The closing of the offering is expected to occur on or about September 11, 2026, subject to the satisfaction of customary closing conditions.
The Pre-Funded Warrants will be immediately exercisable upon issuance for an aggregate of 2,005,513 shares of Class A Common Stock at a nominal exercise price of $0.10 per share. The Common Warrants will be immediately exercisable from the date of issuance for an aggregate of 6,992,382 shares of Class A Common Stock. The Common Warrants will be issued in four series, each with an aggregate exercise price of approximately $500 million. The exercise price for each series will equal $226.8625, $272.2350, $317.6075, and $362.9800 per share of the Class A Common Stock, respectively. Each series will be divided into two equal tranches. The first tranche will expire on the second, third, fourth or fifth anniversary of September 10, 2026, as applicable, and the second tranche will expire on the date that is nine weeks after each such anniversary.
The gross proceeds from the offering are expected to be approximately $500 million, before deducting the underwriting discount and other estimated offering expenses payable by Centrus. The gross proceeds from the offering do not include any proceeds that may be received upon exercise of the Common Warrants. The Company intends to use the net proceeds from the offering for general working capital and corporate purposes, which may include investment in technology development and deployment, repayment or repurchase of outstanding debt, capital expenditures, potential acquisitions and other business opportunities and purposes.
Guggenheim Securities is acting as lead book-running manager and Barclays is acting as a book-running manager for the offering.
A registration statement relating to these securities was filed with the Securities and Exchange Commission ("SEC") on November 6, 2025 and became automatically effective upon filing. Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying prospectus. Current and potential investors should read the registration statement, the prospectus supplement and the accompanying prospectus, including the risk factors described therein and in the documents incorporated by reference therein, and the other documents that Centrus has filed with the SEC for more complete information about Centrus and the offering, which may be obtained free of charge at the website maintained by the SEC at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus, when available, may be obtained free of charge from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected]; and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email at [email protected] or telephone at 1-888-603-5847).
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Centrus Energy Corp.
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that Centrus can meet America's clean energy, energy security, and national security needs.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding Centrus' intentions, beliefs or current expectations concerning, among other things, the completion of the offering on the anticipated timeline or at all, the anticipated use of proceeds from the offering, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties.
Particular factors that involve uncertainty and could cause Centrus' actual future results to differ materially from those expressed in its forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: its ability to conclude negotiations with its customers; the war in Ukraine and other geopolitical conflicts; its government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU, the government's inability to satisfy its obligations, and its lease to its facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, that may be less cost sensitive than Centrus; limitations on its ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and its dependence on others for deliveries of LEU; and its ability to successfully implement its planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this press release and in Centrus' filings with the SEC, including under Part I, Item 1A – "Risk Factors" in its most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in its subsequent Quarterly Reports on Form 10-Q, and in its other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect its business. Centrus does not undertake to update its forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by law.
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus" or the "Company") today announced the launch of an underwritten public offering of shares of its Class A common stock (the "Class A Common Stock"), pre-funded warrants (the "Pre-Funded Warrants") to purchase shares of Class A Common Stock and common warrants (the "Common Warrants") to purchase shares of Class A Common Stock. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed or as to its actual size or terms.
The Company intends to use the net proceeds from the proposed offering for general working capital and corporate purposes, which may include investment in technology development and deployment, repayment or repurchase of outstanding debt, capital expenditures, potential acquisitions and other business opportunities and purposes.
Guggenheim Securities is acting as lead book-running manager and Barclays is acting as a book-running manager for the proposed offering.
A registration statement relating to these securities was filed with the Securities and Exchange Commission ("SEC") on November 6, 2025 and became automatically effective upon filing. Any offer, solicitation or sale will be made only by means of the preliminary prospectus supplement and the accompanying prospectus. Current and potential investors should read the registration statement, the preliminary prospectus supplement and the accompanying prospectus, including the risk factors described therein and in the documents incorporated by reference therein, and the other documents that Centrus has filed with the SEC for more complete information about Centrus and the proposed offering, which may be obtained free of charge at the website maintained by the SEC at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus, when available, may be obtained free of charge from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9544, or by email at [email protected]; and Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (or by email at [email protected] or telephone at 1-888-603-5847).
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any offer or sale of securities in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Centrus Energy Corp.
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that Centrus can meet America's clean energy, energy security, and national security needs.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding Centrus' intentions, beliefs or current expectations concerning, among other things, the completion, size, terms and timing of the proposed offering and the anticipated use of proceeds therefrom, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties.
Particular factors that involve uncertainty and could cause Centrus' actual future results to differ materially from those expressed in its forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: its ability to conclude negotiations with its customers; the war in Ukraine and other geopolitical conflicts; its government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU, the government's inability to satisfy its obligations, and its lease to its facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, that may be less cost sensitive than Centrus; limitations on its ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and its dependence on others for deliveries of LEU; and its ability to successfully implement its planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this press release and in Centrus' filings with the SEC, including under Part I, Item 1A – "Risk Factors" in its most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in its subsequent Quarterly Reports on Form 10-Q, and in its other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect its business. Centrus does not undertake to update its forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by law.
Centrus a Radiant uzavřely definitivní víceletou smlouvu na dodávky HALEU pro několik mikroreaktorů Kaleidos. Centrus začne dodávky před koncem desetiletí a získá také zálohy na podporu své domácí komerční obohacovací kapacity.
Agreement adds another domestic, U.S.-origin source of HALEU to support commercial and national security deployments of Radiant's Kaleidos microreactors
Adds another HALEU customer to Centrus' backlog and includes prepayments to Centrus that advance its build-out of domestic enrichment capacity
, /PRNewswire/ -- Centrus Energy Corp. [NYSE: LEU] ("Centrus"), a trusted supplier of nuclear fuel and services, and Radiant, a leading developer of transportable plug-in ready nuclear microreactors, today announced a definitive multi-year contract to supply high-assay, low-enriched uranium (HALEU) fuel needed to deploy multiple Kaleidos microreactors. Under the agreement, Centrus will begin delivering HALEU before the end of the decade, adding another domestic source of fuel to support commercial scale-up of Radiant's Kaleidos fleet.
The contract further strengthens Centrus' position as a leading fuel supplier for next generation nuclear technologies while expanding its role in the emerging microreactor market. The agreement includes Radiant prepayments to Centrus to support its domestic commercial enrichment capacity program. For Radiant, the contract adds another domestic source of HALEU as the company moves from its first Kaleidos test toward commercial and national security deployments, reinforcing the fuel supply it continues to build in parallel with the reactor itself.
"The contract with Radiant marks another important step in building the domestic fuel supply chain needed to support the next generation of nuclear energy," said Amir Vexler, President and Chief Executive Officer of Centrus. "By expanding our work to include innovative microreactor developers like Radiant, we are strengthening the U.S.-based fuel supply network. This will help ensure that emerging nuclear technologies have access to the reliable fuel they need to reach commercialization and meet growing demand for clean, secure, and dependable energy."
"You can't deploy nuclear reactors without fuel, so we have approached our fuel supply the same way we have approached the reactor: build it in parallel, and don't depend on any single path," said Dr. Rita Baranwal, Chief Nuclear Officer of Radiant. "This agreement gives Kaleidos a continued source of HALEU for commercial and national security applications and removes one of the biggest constraints facing advanced nuclear deployment. We're securing the fuel supply chain alongside the reactor so that when Kaleidos is ready to deploy at scale, the infrastructure behind it is ready too."
Because Centrus' technology is U.S.-origin and relies upon a U.S. manufacturing supply chain, the enrichment that Centrus provides to Radiant will be "unobligated" – meaning that it can be used for national security applications. Centrus' AC100 centrifuge design is the only deployment-ready U.S.-origin technology available for unobligated enrichment today. Radiant is developing transportable microreactors designed to provide reliable power for remote locations, data centers, defense applications, and/or other commercial and industrial uses, representing a broad potential market for Centrus' domestic HALEU supply.
About Centrus
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
About Radiant
Radiant is a leading developer of advanced nuclear technologies focused on delivering reliable, resilient, and scalable energy solutions that are transportable by land, sea and air. Radiant is committed to enabling a new generation of nuclear applications for commercial, industrial, and defense customers.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus Energy v Piketonu rozjela miliardovou expanzi závodu na obohacování uranu. Projekt má v Ohiu podpořit 1 000 stavebních a 300 provozních míst a zachovat 150 stávajících.
Ohio's growing role in strengthening U.S. energy security, advanced manufacturing, and the domestic nuclear fuel supply chain highlighted by state, federal, and industry leaders
High resolution photos/video of the Governor's tour are available HERE.
Additional photos and b-roll of the Piketon facility are HERE.
, /PRNewswire/ -- Centrus Energy (NYSE: LEU) today welcomed Ohio Governor Mike DeWine, Lt. Governor Jim Tressel, JobsOhio CEO J.P. Nauseef and other state, federal and community leaders to its uranium enrichment facility in Piketon, Ohio, for a discussion on Ohio's role in rebuilding America's domestic nuclear fuel supply chain and strengthening U.S. energy and economic security.
In September 2025, Centrus joined with Governor DeWine, Senator Jon Husted, Congressman Dave Taylor and other state and federal leaders to announce the company's multi-billion-dollar expansion of its uranium enrichment plant in Piketon, which is now underway.
"Ohio has created the conditions for companies like Centrus to make substantial investments and plan for the long term," said Amir Vexler, President and CEO of Centrus. "As we expand our operations here in Piketon, we are restoring a critical domestic capability, strengthening America's nuclear fuel supply chain, and creating opportunities for the next generation of Ohioans to build careers in one of our nation's most strategic industries. We are grateful for Governor DeWine's leadership and for the partnership of JobsOhio, the U.S. Department of Energy, and the local community as we work together to build America's energy future."
Centrus' expansion is expected to support 1,000 construction jobs in Ohio and 300 new operating jobs while retaining 150 existing jobs at the facility. The investment builds on Ohio's leadership in advanced manufacturing and workforce development and reflects the collaboration among government, industry and local communities that is helping position the state at the center of efforts to rebuild America's industrial base and secure its energy future.
About Centrus
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward Looking Statements:
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus Energy (LEU) daily chart showing the falling wedge, the EMA cluster (20/50/100/200) capped by the 200 EMA at 198.30, and the 157.88 support zone. On August 5, 2026, Centrus told investors that its second-quarter revenue had gone up by 14% from $154.5 million to $176.1. More notably, the company disclosed commercial backlog numbers that reflected a bright future ahead for its business. According to the report, backlog increased to $4.5 billion, extending through 2040, cementing the company’s workload and revenue for many years to come.
In addition to all this, in a non-dilutive agreement, Centrus signed a deal worth $900 million with the U.S. Department of Energy to fund the development of its commercial centrifuge without having to give up any equity or share ownership. This sort of deal is good for business, as it doesn’t give away control of the company in exchange for a capital raise.
Finally, Centrus Energy is also reaping the rewards of first-mover advantage in the next-gen nuclear reactor sector through its High-Assay Low-Enriched Uranium (HALEU) domination in the United States, as the company is the only licensed, U.S.-owned producer of HALEU in the country.
Key Levels Inside the Falling Wedge? The key levels to watch inside the falling wedge are the 20, 50, 100, and 200 EMA lines. They sit respectively at 177.82, 176.58, 186.98, and 198.21 at the time of writing. The four lines are squeezed together and signal that a breakout is near. Price already sits above the first three EMAs, leaving the 200 EMA above it as the next resistance level to test.
If LEU can push past the 200 EMA at 198.21 and close outside the wedge beyond $200 on the daily timeframe, we have a clean breakout confirmation that opens an upward path to the 220–235 zone.
The RSI reads 57.81, which is slightly above average and entering buyer territory with enough room to run before becoming overbought.
Centrus Energy ve 2. čtvrtletí zvýšil tržby o 14 % na 176,1 milionu USD a backlog vzrostl na 4,5 miliardy USD. Firma zároveň potvrdila výhled na rok 2026.
3 Nuclear Stocks for Investors Willing to Wait Out the DipCentrus Energy NYSE: LEU reported second-quarter 2026 revenue growth and expanded its commercial backlog as the company advanced plans to build U.S. uranium-enrichment capacity for low-enriched uranium, or LEU, and high-assay low-enriched uranium, or HALEU.
Revenue for the quarter ended June 30 rose 14% from a year earlier to $176.1 million. The company reported gross profit of $49.9 million, operating income of $10.4 million and net income of $16.8 million, or $0.77 per diluted share. Adjusted net income was $38.7 million, equivalent to $1.77 per diluted share.
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The Power Grid Is Dying—Is It Time to Buy Its Replacement?President and Chief Executive Officer Amir Vexler said the quarter benefited from demand growth across Centrus’ commercial LEU, national-security and HALEU markets. He said the company sees a growing imbalance between enrichment supply and demand, alongside continued increases in published LEU prices.
Backlog Reaches $4.5 Billion Centrus ended the quarter with a $4.5 billion backlog extending through 2040, including $3.7 billion in its LEU segment and $800 million in its Technical Solutions segment. The LEU backlog included $700 million of broker-dealer business and $3 billion in contingent LEU and HALEU enrichment sales.
3 Overlooked Nuclear Fuel Supply Chain WinnersChief Financial Officer Todd Tinelli said backlog growth was driven by an approximately $600 million increase in LEU and HALEU enrichment sales. Of the roughly $3 billion in enrichment backlog, $2.4 billion was under definitive agreements. The company said the backlog increase reflected commercial agreements and did not include Department of Energy awards.
Centrus said it has met all financial contingencies associated with its contingent LEU enrichment backlog, covering more than $3 billion in customer contracts. Vexler said this milestone reduces risk around the company’s multi-billion-dollar capacity expansion and could improve its position with utilities considering long-term enrichment supply arrangements.
Management said it expects the existing fleet of nuclear reactors to remain a core source of demand for LEU, while HALEU represents an incremental growth opportunity tied to advanced-reactor development. Vexler described HALEU as a potential source of near-term capital through customer prepayments.
DOE Award and HALEU Agreements Support Expansion During the quarter, Centrus signed a $900 million Department of Energy task order intended to support deployment of large-scale production capacity as part of its LEU and HALEU expansion. The company said the award provides non-dilutive, non-debt funding and represents a transition from its technology-demonstration work to a larger contract supporting commercial-scale production.
The company also said it completed all HALEU production requirements under its existing DOE demonstration contract two weeks ahead of schedule. Since beginning its HALEU Operations contract, Centrus has contractually produced nearly two metric tons of HALEU uranium hexafluoride for the government.
While new capacity from the expansion is expected to begin coming online in 2029, Centrus said it is working with the DOE on agreements that would allow it to operate the existing 16-centrifuge HALEU cascade commercially in the interim.
Separately, Centrus signed a letter of intent to supply HALEU to power up to five Oklo Aurora powerhouses for multiple years beginning in 2029. The company also announced a definitive HALEU off-take agreement with X-energy on the day of the earnings call. Management did not disclose delivery volumes, timing or commercial terms for the X-energy agreement.
Vexler said Centrus’ HALEU agreements generally include prepayments that will be further negotiated in future definitive agreements. He said the company intends to use such prepayments as another non-dilutive, non-debt source of expansion funding.
Segment Results and Spending The LEU segment generated $153.4 million in second-quarter revenue, up 22% from the prior-year period. Separative work unit, or SWU, revenue declined by $25.7 million as SWU volumes sold fell 23%, partly offset by a 3% increase in the average SWU price. Centrus also recorded $53.4 million in uranium sales during the quarter.
Technical Solutions revenue declined 21% to $22.7 million, primarily because of a $5.9 million decrease in revenue from the HALEU Operations contract.
Net income fell from $28.9 million a year earlier. Tinelli attributed the decrease primarily to a $12.8 million increase in selling, general and administrative expenses, including higher stock compensation, and a $7.5 million increase in advanced technology costs. Those factors were partly offset by an $8.3 million increase in investment net income.
Advanced technology costs included short-term, non-capitalized costs related to manufacturing readiness and security training for the company’s Piketon, Ohio, and Oak Ridge, Tennessee, expansion efforts. Tinelli said Centrus expects a certain level of these expenses to continue flowing through its income statement while preparations proceed.
Total capital spending was $82.2 million in the second quarter, including $71.6 million of capital expenditures and $10.6 million of non-capitalized advanced technology costs. Centrus expects spending to accelerate through the remainder of 2026. It finished the quarter with $1.9 billion of unrestricted cash and said it raised $53.9 million through its at-the-market equity program.
Guidance Maintained; Workforce Target Raised Centrus reaffirmed its 2026 guidance for total revenue of $450 million to $500 million and total capital spending of $350 million to $500 million. The company also continues to target finalized agreements with all suppliers it deems critical, release of a certified-for-construction package, and at least 100 net new employees at its Oak Ridge facility.
The company raised its Piketon hiring target to more than 175 net new employees in 2026, from a prior goal of more than 100. Centrus also expects to complete its first centrifuge at its Oak Ridge manufacturing facility during 2026.
Management said the Oak Ridge plant will manufacture centrifuges for shipment and installation at Piketon, where Centrus is preparing to begin enrichment operations. Vexler said the company’s target is to begin commercial production in 2029, while it continues to explore ways to compress timelines without providing a revised schedule.
Centrus plans to host its first investor day in December at its American Centrifuge plant in Piketon.
About Centrus Energy (NYSE:LEU)Centrus Energy Corp is a U.S.-based supplier of nuclear fuel and enrichment services, specializing in the production of low-enriched uranium (LEU) for commercial power reactors and highly enriched uranium for naval propulsion. Through its Centrus Global subsidiary, the company provides technical support, fuel fabrication services and recycled uranium products to utilities operating light-water reactors. Centrus also develops advanced centrifuge technologies aimed at improving enrichment efficiency and reducing the cost of nuclear fuel.
Originally founded as the United States Enrichment Corporation (USEC) in 1998 following a spin-out from the U.S.
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X-energy uzavřela s Centrus konečnou dohodu o dodávkách LEU a HALEU pro program Xe-100. Dohoda má zajistit část počátečních potřeb paliva pro její komerční pipeline o výkonu 11,5 GW.
Definitive Agreement for Long-Term Supply of High-Assay, Low-Enriched Uranium (“HALEU”) Advances Commercialization for HALEU Enrichment and TRISO Fuel Fabrication ROCKVILLE, Md., Aug. 06, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (Nasdaq: XE) (“X-energy” or “the Company”), a leading developer of advanced nuclear reactors and fuel technology, and Centrus Energy Corp. (NYSE: LEU) (“Centrus”), a trusted supplier of nuclear fuel, services and technology, today announced a definitive agreement for Centrus to provide X-energy with enrichment services for Low-Enriched Uranium (“LEU”) and High-Assay Low-Enriched Uranium (“HALEU”). At full execution, the agreement meaningfully de-risks X-energy's Xe-100 project pipeline and would secure HALEU to support a portion of the initial fuel needs of X-energy’s 11.5 GW commercial pipeline.
The partnership combines the capabilities of the first two U.S. Nuclear Regulatory Commission-licensed HALEU fuel facilities in U.S. history, advancing commercialization of next-generation nuclear fuels across concurrent segments of the domestic fuel cycle. HALEU enriched by Centrus at the American Centrifuge Plant in Piketon, Ohio will be supplied to X-energy's fuel subsidiary TRISO-X, LLC (“TRISO-X”) for the fabrication of TRISO-X coated particle fuel at its fuel fabrication campus in Oak Ridge, Tennessee.
The agreement establishes terms for commitments operating under a phased approach to scale HALEU production in alignment with the advancement of X-energy’s commercial pipeline. This helps enable a stable, domestic supply of critical HALEU enrichment services for a portion of X-energy’s initial Xe-100 projects, ramping capacity over a period of years to support commercial-scale Xe-100, and TRISO-X fuel customer needs. X-energy previously secured the initial HALEU required to fuel its first Xe-100 project with Dow through the U.S. Department of Energy's HALEU Availability Program.
“X-energy is pleased to take the next step in our strategy to secure a portion of the HALEU our current and future customers will need to deploy advanced reactors at scale,” said X-energy CEO J. Clay Sell. “Our approach is to build a resilient, long-term fuel supply strategy by partnering with enrichment providers that are investing in new HALEU production capacity. Through our agreement with Centrus, X-energy has secured enrichment capacity that will support our customers' initial fuel needs through the market's transition to a robust commercial HALEU supply.”
Enriched to approximately 15.5% uranium-235, HALEU is the primary feedstock for X-energy's TRISO-X coated particle fuel, and by design enables the Xe-100 to operate more efficiently, achieve higher temperatures, extend operating cycles, and deliver greater performance than conventional reactors fueled with low-enriched uranium (< 5% U-235). These characteristics enable designs like the Xe-100 to provide both electricity, and process heat for industrial applications, expanding the total addressable market for nuclear technologies.
X-energy and TRISO-X have established one of the industry's most comprehensive commercial fuel supply strategies, anchored by the construction of its first fuel fabrication facility under the U.S. Department of Energy’s Advanced Reactor Demonstration Program. In February 2026, TRISO-X received a 40-year, Special Nuclear Material License from the U.S. Nuclear Regulatory Commission, the first new fuel fabrication facility licensed by the NRC in over 50 years, and preceded only by Centrus’s American Centrifuge Plant as the first-ever U.S. HALEU fuel facility. X-energy is advancing more than 11 GW of new nuclear capacity across the United States and United Kingdom with commercial Xe-100 projects underway with Dow, Amazon, and Centrica.
About X-energy
X-energy is a leading designer of advanced small modular nuclear reactors (“SMR”) and fuel technology developed to establish a new standard in clean, safe, reliable energy. X-energy's intrinsically safe Xe-100 high-temperature gas-cooled reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects across grid, industrial, and AI. Together, X-energy's technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on X or LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements regarding X-energy's business, including, but not limited to, statements regarding its expectations with respect to the benefits of X-energy and Centrica’s partnership, the de-risking of a portion of X-energy's Xe-100 project pipeline, X-energy’s fuel supply strategy and prospects and the creation of robust commercial HALEU supply. You should not rely on such forward-looking statements as predictions of future events. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to, project setbacks; changes delays or an inability for X-energy’s suppliers or customers to receive or maintain licenses or other necessary governmental approvals; dependence on a nascent domestic HALEU enrichment industry and failure of the HALEU industry to achieve commercial-scale production; and exposure to supply disruptions, pricing risks, quality issues, and trade policy changes. More information about potential risks and uncertainties that could affect X-energy's business and financial results is more fully detailed under the caption "Risk Factors" in X-energy's most recent Form 10-Q filed with the Securities and Exchange Commission, which is available on X-energy's Investor Relations website at https://investors.x-energy.com/ and on the SEC website at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on current expectations and assumptions believed to be reasonable as of the date of this press release. X-energy undertakes no obligation to update these statements as a result of new information or future events.
Contact
Robert McEntyre, Corporate Communications [email protected]
+1 240.673.6565
Centrus Energy podepsal definitivní smlouvu s X-energy na dodávky LEU a HALEU pro malé modulární reaktory Xe-100. X-energy zároveň poskytne Centrusu zálohové platby na podporu domácí kapacity obohacování.
Advances Commercialization for Domestic LEU and HALEU Enrichment
Contract includes X-energy prepayments to Centrus
Planned project to bring clean energy investment and jobs to Eastern Tennessee
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus"), a trusted supplier of nuclear fuel, services and technology, today announced a signed definitive contract for Centrus to provide X-energy with enrichment services for Low-Enriched Uranium ("LEU") and High-Assay, Low-Enriched Uranium ("HALEU") with quantities that are expected to support X-energy's initial Xe-100 small modular reactors and TRISO-X fuel deployments. Under the contract, X-energy will provide prepayments to Centrus to support its domestic commercial enrichment capacity program.
In support of the supply commitments under the contract, Centrus will produce LEU and HALEU from its American Centrifuge Plant in Pike County, Ohio. This agreement builds on Centrus' existing $3 billion contingent LEU and HALEU backlog, of which $2.4 billion is definitized.
The contract is another important step in strengthening the U.S. nuclear fuel supply chain required to support the growing demand for LEU and HALEU.
Including prepayments in HALEU offtake agreements continues Centrus' strategy of obtaining de-risked funding to strengthen its capital stack that includes the recent signing of its $900 million HALEU enrichment award with the Department of Energy. The company's build out of domestic commercial LEU and HALEU enrichment capacity is targeting the constrained global enriched uranium market. Centrus' build out is creating meaningful American jobs across the United States.
The announcement builds on the commercial momentum behind advanced nuclear deployment and reflects increasing demand from large energy users for reliable, carbon-free power. X-energy has previously announced commercial relationships with companies including Dow Inc., Amazon, and Centrica to support the deployment of advanced nuclear energy, underscoring the growing market opportunity for advanced small modular reactor projects.
"This is another significant agreement that validates Centrus as the go-to, de-risked supplier of HALEU to the global market," said Amir Vexler, President and Chief Executive Officer of Centrus. "Our work in Piketon and Oak Ridge is strengthening a U.S.-based nuclear fuel supply chain and is removing enrichment as a point of concern for the advanced reactor community. Agreements like these provide important non-dilutive, non-debt capital to support our build out and serves to advance commercial LEU and HALEU capacity expansion."
About Centrus: Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus:
Investors and Media Contract for Centrus:
Neal Nagarajan, [email protected]
Centrus ve 2. čtvrtletí zvýšil tržby na 176,1 milionu USD, ale čistý zisk klesl na 16,8 milionu USD. Firma zároveň podepsala kontrakt za 900 milionů USD na obohacování vysokokvalitního nízkoobohaceného uranu (HALEU) s DOE.
Revenue of $176.1 million, compared to revenue of $154.5 million in Q2 2025 GAAP net income of $16.8 million compared to GAAP net income of $28.9 million in Q2 2025 Non-GAAP adjusted net income (1) of $38.7 million, compared to non-GAAP adjusted net income(1) of $34.5 million in Q2 2025 Signed $900 million High-Assay, Low-Enriched Uranium (HALEU) Enrichment award contract with U.S. Department of Energy Grew contingent Low-Enriched Uranium (LEU) and HALEU enrichment backlog to $3.0 billion Selected Geiger Brothers as construction contractor for major uranium enrichment plant expansion Signed first-of-a-kind, large-scale commercial HALEU supply agreement that potentially includes prepayments Raising full year 2026 hiring guidance in Piketon, Ohio Expecting completion of first new centrifuge in Oak Ridge, Tennessee, by year-end 2026 , /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus" or the "Company") today reported second quarter 2026 results. The Company reported net income of $16.8 million for the three months ended June 30, 2026, which is $0.85 (basic) and $0.77 (diluted) per common share. This translates to adjusted net income(1) of $38.7 million for the three months ended June 30, 2026, which is adjusted EPS(1) of $1.95 (basic) and $1.77 (diluted) per common share.
"This was another strong quarter of financial and operational progress for Centrus that included a number of commercial wins for our future enrichment business as we capitalize on strong industry tailwinds and our operational momentum," said Centrus Energy President and CEO Amir Vexler.
"Operationally we continued on full-execution mode for our centrifuge manufacturing and expansion programs. Our strategy includes risk-reducing measures like locking in a majority of the suppliers deemed critical with larger commitments to help insulate the project from potential price fluctuations. Simultaneously, we further strengthened our financial position by signing our HALEU award while securing possible prepayments from offtakers. Our progress has allowed us to announce that our first new centrifuge will be competed in Oak Ridge before the end of the year."
"In general, we continue to see healthy demand momentum with consistent constrained supply, resulting in upward pressure on SWU prices. Our operational progress coupled with strong demand signals across all our end-markets has provided Centrus with strong backlog growth and momentum, and we look forward to further capitalizing on our position as the only publicly-traded, proven enricher in the market."
(1)A reconciliation of non-GAAP results are detailed in the Financial Results section. Additional information can be found in the materials on the Centrus investor relations website at https://investors.centrusenergy.com.
Financial Results
Centrus generated total revenue of $176.1 million and $154.5 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $21.6 million (or 14%).
Revenue from the LEU segment was $153.4 million and $125.7 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $27.7 million (or 22%). The Company had uranium revenue of $53.4 million for the three months ended June 30, 2026. Separative work units (SWU) revenue decreased by $25.7 million as a result of a 23% decrease in the volume of SWU sold, partially offset by a 3% increase in the average price of SWU sold.
Revenue from the Technical Solutions segment was $22.7 million and $28.8 million for the three months ended June 30, 2026 and 2025, respectively, a decrease of $6.1 million (or 21%). The decrease in revenue was primarily attributable to a $5.9 million decrease in revenue generated by the HALEU production contract with the Department of Energy ("DOE") signed in 2022 ("HALEU Operation Contract"), while the remaining change was related to other contracts. Revenue from the HALEU Operation Contract is recorded on a cost-plus-incentive-fee basis and includes a target fee for Phases 2 and 3 of the contract.
Cost of sales for the LEU segment was $101.8 million and $75.0 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $26.8 million (or 36%). Uranium costs increased primarily as a result of an increase in the volume of uranium sold. SWU costs decreased as a result of a 23% decrease in the volume of SWU sold, partially offset by a 13% increase in the average unit cost of SWU sold.
Cost of sales for the Technical Solutions segment was $24.4 million and $25.6 million for the three months ended June 30, 2026 and 2025, respectively, a decrease of $1.2 million (or 5%). The decrease was primarily attributable to an $1.9 million decrease in costs incurred under the HALEU Operation Contract, while the remaining change was generally attributable to other contracts.
The Company recognized gross profit of $49.9 million and $53.9 million for the three months ended June 30, 2026 and 2025, respectively, a decrease of $4.0 million (or 7%).
Gross profit for the LEU segment was $51.6 million and $50.7 million for the three months ended June 30, 2026 and 2025, respectively, an increase of $0.9 million (or 2%). LEU customers generally have multi-year contracts that carry annual purchase commitments, not quarterly commitments. The gross profit in our LEU business varies based upon the timing of those contracts. The pricing applied to deliveries varies depending upon the market conditions at the time the contract was signed. The increase for the three months ended June 30, 2026 was primarily due to the change in the composition of contracts quarter over quarter.
Gross profit (loss) for the Technical Solutions segment was a loss of $1.7 million and profit of $3.2 million for the three months ended June 30, 2026 and 2025, respectively, a decrease of $4.9 million (or 153%). The decrease was primarily attributable to the HALEU Operation Contract.
Net income was $16.8 million and $28.9 million for the three months ended June 30, 2026 and 2025, respectively, a decrease of $12.1 million (or 42%). The decrease was primarily attributable to an increase in selling general, and administrative costs of $12.8 million (driven by the $17.2 million increase in stock-compensation expense related to non-employee tax withholdings of RSUs), an increase in advanced technology costs of $7.5 million and a decrease in gross profit of $4.0 million. This was partially offset by an increase of $8.3 million in investment income and a decrease of $3.7 million in income tax expense.
Backlog
The Company's backlog across both segments is $4.5 billion as of June 30, 2026 and extends to 2040. Our LEU segment backlog as of June 30, 2026 is approximately $3.7 billion. The LEU backlog is the estimated aggregate dollar amount of revenue for future SWU and uranium deliveries primarily under medium and long-term contracts with fixed commitments and approximately $3.0 billion in contingent LEU and HALEU sales commitments, a $2.4 billion of which are under definitive agreements, in support of potential construction of LEU and HALEU production capacity at the Piketon, Ohio facility. The contingent sales commitments tend to relate to achievement of operational milestones. Our Technical Solutions segment backlog is approximately $0.8 billion as of June 30, 2026, and includes both funded amounts (services for which funding has been both authorized and appropriated by the customer), unfunded amounts (services for which funding has not been appropriated), and unexercised options. The current DOE budget proposed for fiscal year 2027 does not include further funding for the operation of the HALEU cascade under the HALEU Operation Contract, which represents approximately $0.8 billion of the Technical Solutions backlog as of June 30, 2026. Separately, DOE has communicated that it does not currently intend to exercise further options under the HALEU Operation Contract.
2026 Outlook
The Company is updating some of its financial and operational guidance for the full year 2026 based on information available to the Company at the time of this release.
Financial 2026 Outlook
For the full year 2026, on a consolidated basis, Centrus expects:
Total revenue to be in the range of $450 million to $500 million Total capital deployment to be in the range of $350 million to $500 million, driven by increased investment in the Company's industrial build out related to its centrifuge manufacturing Operational 2026 Outlook
For the full year 2026, on a consolidated basis, Centrus expects to:
Finalize contracts with all partners identified as critical to its industrial build out Hire at least 100 net new employees for its Oak Ridge, Tennessee, facility Hire at least 175 net new employees for its Piketon, Ohio, facility up from 100 net new employee hires Release a Certified for Construction package Complete its first centrifuge in Oak Ridge, Tennessee The Company's 2026 guidance is subject to a number of assumptions and uncertainties that could affect results either positively or negatively. Variations from these expectations could cause differences between this guidance and the ultimate results. This includes the assumption of no significant change in restrictions in our ability to receive and sell Russian LEU or other uranium products, no significant economic disruptions or downturns, the successful implementation of our planned expansion projects, and that current business operations will continue on an ongoing basis.
About Centrus Energy Corp.
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control and which may be exacerbated by any worsening of the global business and economic environment including but not limited to, risks and uncertainties related to the following:
the war in Ukraine and other geopolitical conflicts, including the resulting bans, laws, tariffs, sanctions or other government measures, and actions by third parties, including contractual counterparties, as a result of such conflicts that could directly or indirectly impact our ability to obtain, deliver, transport, sell or collect payment for, LEU or the SWU and natural uranium hexafluoride components of LEU; our reliance on third party suppliers to provide essential products and services to us; restrictions on imports and exports, including those imposed under the RSA, and related to international trade legislation; our lease to our facility in Piketon, Ohio and our government contracts, including related to government shutdowns, changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations; our receipt of additional task orders under the HALEU Production Contract, LEU Production Contract and HALEU Deconversion Contract and, if awarded, the nature, timing and amount thereof; our ability to obtain new contracts or funding to be able to continue operations; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee, including our ability to raise the capital necessary for such projects; our ability to successfully integrate artificial intelligence technologies into our operations; natural and other disasters; pandemics and other health crises; the fact that our revenue is largely dependent on our largest customers and our sales backlog; our long-term liabilities, including our postretirement health and life benefit obligations, our 0% Convertible Notes and our 2.25% Convertible Notes; failures or security, including cybersecurity, breaches of our information technology systems; and the impact of, or changes to, government regulation and policies or interpretation of laws or regulations, including by the U.S. Securities and Exchange Commission, the DOE, the U.S. Department of Commerce, and the U.S. Nuclear Regulatory Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Contacts:
Investors and Media: Neal Nagarajan at [email protected]
CENTRUS ENERGY CORP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Unaudited; in millions, except share and per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2026
2025
2026
2025
Revenue:
Separative work units
$ 100.0
$ 125.7
$ 141.6
$ 177.0
Uranium
53.4
—
56.4
—
Technical solutions
22.7
28.8
54.8
50.6
Total revenue
176.1
154.5
252.8
227.6
Cost of Sales:
Separative work units and uranium
101.8
75.0
118.5
95.1
Technical solutions
24.4
25.6
52.9
45.7
Total cost of sales
126.2
100.6
171.4
140.8
Gross profit
49.9
53.9
81.4
86.8
Advanced technology costs
10.8
3.3
29.7
6.3
Selling, general and administrative
26.2
13.4
36.2
21.7
Amortization of intangible assets
2.5
3.7
4.3
4.8
Operating income
10.4
33.5
11.2
54.0
Nonoperating components of net periodic benefit loss
1.0
1.0
2.0
1.9
Interest expense
4.2
3.1
8.2
6.5
Investment income
(16.3)
(8.0)
(33.3)
(15.3)
Extinguishment of long-term debt
—
—
—
(11.8)
Other (income) expense, net
(0.1)
—
0.2
0.1
Income before income taxes
21.6
37.4
34.1
72.6
Income tax expense
4.8
8.5
7.3
16.5
Net income and comprehensive income
$ 16.8
$ 28.9
$ 26.8
$ 56.1
Net income per share:
Basic
$ 0.85
$ 1.63
$ 1.35
$ 3.23
Diluted
$ 0.77
$ 1.59
$ 1.21
$ 3.22
Average number of common shares outstanding (in thousands):
Basic
19,879
17,703
19,826
17,344
Diluted
21,891
18,121
22,114
17,406
CENTRUS ENERGY CORP.
NON-GAAP ADJUSTED OPERATING INCOME, ADJUSTED NET INCOME AND
ADJUSTED NET INCOME PER SHARE RECONCILIATION TABLE
The Company measures Operating Income, Net Income and Net Income per Share both on a GAAP basis and on an adjusted basis ("Adjusted Operating Income", "Adjusted Net Income" and "Adjusted Net Income per Share") to exclude short-term, non-capitalizable costs related to the expansion of our operations in Piketon, Ohio and Oak Ridge, Tennessee to scale up uranium enrichment operations ("Growth Costs") and stock-based compensation. Growth Costs relate to the initial phase of our expansion projects (e.g. manufacturing readiness and the training and onboarding of new employees) and are included as Advanced Technology Costs on the Condensed Consolidated Statements of Operations and Comprehensive Income. The Company expects to stop expensing Growth Costs as costs related to our expansion projects become capitalizable. We incur expense related to stock-based compensation which are included as Selling, General and Administrative expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.
We believe Adjusted Operating Income, Adjusted Net Income and Adjusted Net Income per Share, which are non-GAAP financial measures, provide investors with additional understanding of the Company's overall financial performance as well as its strategic financial planning analysis and period-to-period comparability. These metrics are useful to investors because they reflect how management evaluates the Company's ongoing operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company's core operations.
Our calculation of Adjusted Operating Income, Adjusted Net Income, and Adjusted Net Income per Share may not be comparable to similarly named measures reported by other companies.
The following tables present a reconciliation of the operating income, the most directly comparable GAAP measure, to Adjusted Operating Income, a reconciliation of the net income, the most directly comparable GAAP measure, to Adjusted Net Income, and a reconciliation of the net income per share, the most directly comparable GAAP measure, to Adjusted Net Income Per Share, for each of the periods indicated:
Three Months Ended June 30, 2026 Compared with Three Months Ended June 30, 2025
Three Months Ended June 30, 2026
Three Months Ended June 30, 2025
GAAP
Growth
Costs
Stock-
Based
Compensation
Adjusted
(Non-
GAAP)
GAAP
Growth
Costs
Stock-
Based
Compensation
Adjusted
(Non-
GAAP)
Gross profit
$ 49.9
$ —
$ —
$ 49.9
$ 53.9
$ —
$ —
$ 53.9
Advanced technology costs
10.8
(10.6)
—
0.2
3.3
(3.1)
—
0.2
Selling, general and
administrative
26.2
—
(17.7)
8.5
13.4
—
(4.2)
9.2
Amortization of intangible assets
2.5
—
—
2.5
3.7
—
—
3.7
Operating income
10.4
10.6
17.7
38.7
33.5
3.1
4.2
40.8
Nonoperating components of net
periodic benefit loss
1.0
—
—
1.0
1.0
—
—
1.0
Interest expense
4.2
—
—
4.2
3.1
—
—
3.1
Investment income
(16.3)
—
—
(16.3)
(8.0)
—
—
(8.0)
Other (income) expense, net
(0.1)
—
—
(0.1)
—
—
—
—
Income before income taxes
21.6
10.6
17.7
49.9
37.4
3.1
4.2
44.7
Income tax expense
4.8
2.4
4.0
11.2
8.5
0.7
1.0
10.2
Net income and comprehensive
income
$ 16.8
$ 8.2
$ 13.7
$ 38.7
$ 28.9
$ 2.4
$ 3.2
$ 34.5
Net income per share:
Basic
$ 0.85
$ 0.41
$ 0.69
$ 1.95
$ 1.63
$ 0.14
$ 0.18
$ 1.95
Diluted
$ 0.77
$ 0.37
$ 0.63
$ 1.77
$ 1.59
$ 0.13
$ 0.18
$ 1.90
Average number of common
shares outstanding (in
thousands):
Basic
19,879
—
—
19,879
17,703
—
—
17,703
Diluted
21,891
—
—
21,891
18,121
—
—
18,121
Six Months Ended June 30, 2026 Compared with Six Months Ended June 30, 2025
Six Months Ended June 30, 2026
Six Months Ended June 30, 2025
GAAP
Growth
Costs
Stock-
Based
Compensation
Adjusted
(Non-
GAAP)
GAAP
Growth
Costs
Stock-
Based
Compensation
Adjusted
(Non-
GAAP)
Gross profit
$ 81.4
$ —
$ —
$ 81.4
$ 86.8
$ —
$ —
$ 86.8
Advanced technology costs
29.7
(27.6)
—
2.1
6.3
(4.4)
—
1.9
Selling, general and
administrative
36.2
—
(18.1)
18.1
21.7
—
(4.7)
17.0
Amortization of intangible assets
4.3
—
—
4.3
4.8
—
—
4.8
Operating income
11.2
27.6
18.1
56.9
54.0
4.4
4.7
63.1
Nonoperating components of net
periodic benefit loss
2.0
—
—
2.0
1.9
—
—
1.9
Interest expense
8.2
—
—
8.2
6.5
—
—
6.5
Investment income
(33.3)
—
—
(33.3)
(15.3)
—
—
(15.3)
Extinguishment of long-term
debt
—
—
—
—
(11.8)
—
—
(11.8)
Other (income) expense, net
0.2
—
—
0.2
0.1
—
—
0.1
Income before income taxes
34.1
27.6
18.1
79.8
72.6
4.4
4.7
81.7
Income tax expense
7.3
6.2
4.1
17.6
16.5
1.0
1.1
18.6
Net income and comprehensive
income
$ 26.8
$ 21.4
$ 14.0
$ 62.2
$ 56.1
$ 3.4
$ 3.6
$ 63.1
Net income per share:
Basic
$ 1.35
$ 1.08
$ 0.71
$ 3.14
$ 3.23
$ 0.20
$ 0.21
$ 3.64
Diluted
$ 1.21
$ 0.97
$ 0.63
$ 2.81
$ 3.22
$ 0.20
$ 0.21
$ 3.63
Average number of common
shares outstanding (in
thousands):
Basic
19,826
—
—
19,826
17,344
—
—
17,344
Diluted
22,114
—
—
22,114
17,406
—
—
17,406
CENTRUS ENERGY CORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Six Months Ended June 30,
2026
2025
OPERATING
Net income
$ 26.8
$ 56.1
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization
5.1
5.4
Deferred tax assets
7.0
15.5
Equity-related compensation
18.1
4.7
Revaluation of inventory borrowings
(0.6)
3.6
Gain on extinguishment of 8.25% Notes
—
(11.8)
Amortization of debt issuance costs and discount
2.7
—
Other reconciling adjustments, net
0.2
1.3
Changes in operating assets and liabilities:
Accounts receivable
5.1
48.6
Inventories
(92.5)
(221.5)
Inventories owed to customers and suppliers
43.0
111.2
Other current assets
(0.6)
1.3
Accounts payable and other liabilities
(5.3)
(6.1)
Payables under inventory purchase agreements
16.4
97.6
Deferred revenue and advances from customers, net of deferred costs
(38.4)
(12.6)
Pension and postretirement benefit liabilities
(3.7)
(3.9)
Other changes, net
—
(0.1)
Cash (used in) provided by operating activities
(16.7)
89.3
INVESTING
Capital expenditures
(94.8)
(5.7)
Cash used in investing activities
(94.8)
(5.7)
FINANCING
Proceeds from the issuance of common stock, net
53.9
139.9
Common stock withheld for tax obligations under stock-based compensation plan
(0.4)
(2.5)
Payment of interest classified as debt
—
(3.5)
Payment of principal to redeem 8.25% Notes
—
(74.3)
Cash provided by financing activities
53.5
59.6
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(0.2)
(0.2)
(Decrease) Increase in cash, cash equivalents and restricted cash
(58.2)
143.0
Cash, cash equivalents and restricted cash, beginning of period
1,960.1
704.0
Cash, cash equivalents and restricted cash, end of period
$ 1,901.9
$ 847.0
Six Months Ended June 30,
2026
2025
Supplemental cash flow disclosures:
Cash paid for interest
$ 4.5
$ 4.4
Cash paid for income taxes
Federal
$ —
$ —
State
$ 0.2
$ 0.3
Foreign
$ —
$ —
Non-cash activities:
Adjustment of right to use lease assets from lease modification
$ —
$ 1.3
Property, plant and equipment included in accounts payable and accrued liabilities
$ 21.0
$ 0.6
Reclassification of equity-based compensation from equity to liability
$ 0.8
$ —
CENTRUS ENERGY CORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share and per share data)
June 30,2026
December 31,2025
ASSETS
Current assets:
Cash and cash equivalents
$ 1,868.5
$ 1,957.2
Accounts receivable
25.6
30.7
Inventories
377.1
322.9
Deferred costs associated with deferred revenue
33.2
40.9
Other current assets
12.7
11.9
Total current assets
2,317.1
2,363.6
Property, plant and equipment, net of accumulated depreciation of $7.5 million and
$6.7 million as of June 30, 2026 and December 31, 2025, respectively
142.5
29.5
Deposits for financial assurance
33.2
2.7
Intangible assets, net
16.9
21.2
Deferred tax assets
15.0
21.9
Other long-term assets
6.3
7.0
Total assets
$ 2,531.0
$ 2,445.9
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 74.0
$ 41.6
Payables under inventory purchase agreements
34.8
18.5
Inventories owed to customers and suppliers
235.7
192.7
Deferred revenue and advances from customers
85.0
131.1
Short-term inventory loans
—
38.9
Current debt
—
—
Total current liabilities
429.5
422.8
Long-term debt
1,177.5
1,174.8
Postretirement health and life benefit obligations
68.8
72.2
Pension benefit liabilities
2.9
3.0
Advances from customers
—
—
Long-term inventory loans
—
—
Other long-term liabilities
6.9
8.0
Total liabilities
1,685.6
1,680.8
Stockholders' equity:
Preferred stock, par value $1.00 per share, 20,000,000 shares authorized
Series A Participating Cumulative Preferred Stock, none issued
—
—
Class A Common Stock, par value $0.10 per share, 70,000,000 shares authorized,
19,233,658 and 18,945,365 shares issued and outstanding as of June 30, 2026
and December 31, 2025, respectively
1.9
1.9
Class B Common Stock, par value $0.10 per share, 30,000,000 shares authorized,
719,200 shares issued and outstanding as of June 30, 2026 and December 31,
2025
Centrus Energy oznámila rekordní backlog ve výši 3,9 miliardy USD do roku 2040 a v 1. čtvrtletí vykázala tržby 76,7 milionu USD a čistý zisk 10 milionů USD. Zároveň drží hotovost ve výši 1,8 miliardy USD.
Utilities are extending the lives of existing nuclear reactors. Big tech is exploring nuclear power to supply AI data centers, and Washington is investing billions to rebuild America's nuclear fuel supply chain.
Indeed, the nuclear energy industry is showing strength in 2026, and that puts Centrus Energy (LEU +10.20%) in an enviable position.
Centrus enriches uranium into nuclear fuel. It's also currently the only U.S. company licensed to produce high-assay low-enriched uranium (HALEU), the advanced fuel expected to power many of the next generation of small modular reactors. That advantage is showing up in the numbers.
Image source: Getty Images.
At the end of first-quarter 2026, Centrus boasted a record $3.9 billion backlog stretching through 2040. Roughly $3.1 billion of that comes from its low-enriched uranium business.
The company's balance sheet is solid, too. Centrus ended Q1 with approximately $1.8 billion in cash, cash equivalents, and restricted cash, while generating $76.7 million in revenue and $10 million in GAAP net income. Although quarterly earnings can fluctuate based on the timing of fuel deliveries and contract mix, the company continues to generate profits while investing heavily to expand its uranium enrichment capacity.
Today's Change
(
10.20
%) $
16.28
Current Price
$
175.97
Then there's the government support.
Earlier this year, the U.S. Department of Energy awarded Centrus a contract worth up to $900 million to help establish a domestic HALEU supply chain. That's not a trivial deal, as the United States has spent decades relying on Russian enrichment services. As geopolitical tensions have increased, securing a domestic source of nuclear fuel has become both an energy and national security priority.
Of course, this isn't a stock without risk. Most of the advanced reactors that will ultimately consume HALEU are still under development, meaning demand will build over time rather than overnight. Still, if nuclear power continues moving back into the mainstream, Centrus looks like a nuclear energy stock that should not be ignored.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Key Takeaways LEU is projected to report lower Q2 revenues and earnings than the year-ago quarter on Aug. 5.Centrus Energy may see uranium sales support revenues, while weaker SWU volumes remain a headwind.LEU's profitability is expected to face pressure from higher operating, interest and technology costs. Centrus Energy (LEU - Free Report) is set to release its second-quarter 2026 results on Aug. 5, after market close.
The Zacks Consensus Estimate for Centrus Energy’s second-quarter revenues is pegged at $143.9 million, suggesting a year-over-year decline of 6.8%. Over the past 60 days, the earnings estimate for second-quarter 2026 has moved down 13.2% to 79 cents per share. The figure reflects a 50% decline from the year-ago quarter’s earnings of $1.59 per share.
Image Source: Zacks Investment Research
Centrus Energy’s Earnings Surprise HistoryOver the trailing four quarters, Centrus Energy’s earnings beat the Zacks Consensus Estimate twice and missed the same in the remaining two quarters. LEU has an average trailing four-quarter earnings surprise of 68.17%. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for LEUOur proven model does not conclusively predict an earnings beat for Centrus Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Centrus Energy is -6.90%.
Zacks Rank: LEU currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Centrus Energy’s Q2 PerformanceCentrus Energy’s total revenues were up 5% to $76.7 million in the first quarter of 2026. The Low-Enriched Uranium segment’s revenues were down 13% year over year to $44.6 million. This was mainly due to a 19% decline in separative work unit (SWU) revenues to $41.6 million, reflecting a 47% slump in volumes, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million to the segment’s revenues in the quarter.
For the second quarter of 2026, uranium prices are likely to have provided a tailwind. Uranium prices averaged roughly $85.18 per pound during the quarter, up 17% from the prior-year period. We expect Centrus Energy to have capitalized on this pricing environment by selling some uranium during the quarter. The Zacks Consensus Estimate for uranium revenues for the second quarter of 2026 is currently pegged at $25.7 million. The company had not made any uranium sales in the year-ago quarter.
However, SWU revenues are expected to have remained under pressure in the second quarter of 2026 due to lower volumes. The consensus estimate stands at $94 million for the quarter, indicating a 25% decline from the $125.7 million reported in the prior-year quarter.
Overall, the Low-Enriched Uranium segment’s revenues for the second quarter of 2026 are expected around $119.7 million, 5% lower than the $125.7 million in the second quarter of 2025, dragged down by lower SWU revenues.
The Technical Solutions segment generated revenues of $32.1 million in the first quarter of 2025, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy. Revenues from the Technical Solutions segment are projected at $26.84 million for the second quarter of 2026, suggesting a 7% dip from $28.8 million in the year-ago quarter.
Higher operating costs are expected to have weighed on second-quarter profitability. Cost of sales for the Low-Enriched Uranium segment is likely to have increased due to higher uranium volumes, partially offset by lower SWU volumes. Costs within the Technical Solutions segment are also expected to have risen, reflecting increased expenses under the HALEU Operation Contract and other ongoing projects.
The consensus estimate for the Low-Enriched Uranium segment’s gross profit is projected at $34.6 million, suggesting a 32% drop from the $50.7 million in the second quarter of 2025. Gross profit for the Technical Solutions segment is projected at $4.4 million, representing an 83% plunge from $25.6 million a year ago.
Additionally, higher selling, general and administrative expenses, increased interest expenses and elevated advanced technology costs related to the company's expansion initiatives are expected to have further pressured earnings during the quarter.
LEU’s Price PerformanceCentrus Energy shares have fallen 24.3% in a year compared with the industry’s 52.7% growth.
Image Source: Zacks Investment Research
How are Centrus Energy’s Peers Placed in Q2?Energy Fuels Inc. (UUUU - Free Report) is slated to announce second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for Energy Fuels’ earnings for the quarter has remained unchanged at a loss of five cents over the past 60 days. It indicates an improvement from the loss of 10 cents reported in the second quarter of 2025. Energy Fuels has a negative average earnings surprise of 46.28% over the trailing four quarters. Energy Fuels currently carries an Earnings ESP of 0.00% and a Zacks Rank of 2.
Cameco Corporation (CCJ - Free Report) is scheduled to report second-quarter 2026 results on July 31. The Zacks Consensus Estimate for Cameco’s second-quarter earnings per share has remained unchanged at 26 cents over the past 60 days. It suggests a 49% decline from the prior-year quarter. Cameco has an average earnings surprise of 2.01% over the trailing four quarters. Cameco currently carries an Earnings ESP of 0.00% and a Zacks Rank of 3.
A Stock to ConsiderHere is one Basic Materials stock, which according to our model, has the right combination of elements to post an earnings beat in its upcoming release.
Ternium (TX - Free Report) , scheduled to release second-quarter 2026 earnings on Aug. 4, has an Earnings ESP of +21.40% and a Zacks Rank of 1 at present.
The Zacks Consensus Estimate for earnings for Ternium for the second quarter of 2026 is pegged at $1.29 per share, suggesting an 0.8% year-over-year increase. TX has a trailing four-quarter average earnings surprise of 3.51%.
Centrus Energy má backlog ve výši 3,9 mld. USD do roku 2040 a zvýšil výhled tržeb na 450–500 mil. USD pro rok 2026. LEU je také levnější než SMR, když se obchoduje za 7,09násobek forwardových tržeb oproti 26,83násobku.
Key Takeaways Centrus Energy offers operating revenues, fuel services and a $3.9B backlog extending through 2040.LEU's 2026 revenue guidance rose to $450-$500M, while a $900M DOE award could support expansion.LEU trades at 7.09X forward sales versus SMR's 26.83X and remains profitable through 2027. Nuclear power is moving back into the investment spotlight as electricity demand rises, grids face reliability pressure and governments push for more domestic energy security. NuScale Power (SMR - Free Report) and Centrus Energy (LEU - Free Report) offer very different ways to gain exposure. NuScale is trying to commercialize small modular reactors, while Centrus supplies enriched uranium and related nuclear-fuel services. The key question is which business has clearer near-term support.
The Case for SMR StockNuScale’s main strength is its regulatory lead. Its 50-megawatt and 77-megawatt reactor designs have received U.S. Nuclear Regulatory Commission approvals, giving customers a more defined licensing path than many competing advanced-reactor concepts. The modules use commercially available low-enriched uranium, rely on passive safety features and can be factory-built for phased deployment. NuScale also promotes behind-the-meter power for data centers and industrial sites, which could reduce dependence on crowded transmission systems.
ENTRA1 Energy, NuScale’s exclusive commercialization partner, is working with the Tennessee Valley Authority on a potential program of up to 6 gigawatts. Romania’s RoPower project has also moved forward, with its next pre-construction engineering phase expected to last about 15 months once financing is secured. Partnerships with Framatome and Doosan Enerbility improve fuel and manufacturing readiness, while liquidity of roughly $1 billion at the end of March provides room to keep preparing for deployment.
Yet the gap between technical readiness and commercial success remains wide. First-quarter revenues were only about $0.6 million, and reactor sales have not yet produced a steady revenue base. Major projects still depend on financing, firm customer commitments, permits and long construction schedules. NuScale has also used its at-the-market program, showing that dilution can remain part of the funding picture. The stock therefore rests heavily on future contracts rather than current operating strength.
The Case for LEU StockCentrus has a more established business because it already sells low-enriched uranium and provides technical services. It is also the only U.S. company with proven, licensed technology for producing high-assay low-enriched uranium, or HALEU, outside Russia, placing it in a key part of the Western nuclear supply chain. That position matters as utilities seek alternatives to Russian enrichment and reactor developers look for secure domestic fuel.
Its backlog offers much better visibility than NuScale’s project pipeline. Centrus ended the first quarter with $3.9 billion of backlog extending through 2040, including $2.4 billion of contingent LEU enrichment commitments under definitive agreements. Management also raised its 2026 revenue guidance to $450-$500 million. A $900 million Department of Energy HALEU award, still subject to final negotiations, could further support its expansion.
Centrus is investing heavily in its Piketon and Oak Ridge buildout, with planned 2026 capital deployment of $350-$500 million. Partnerships with Fluor and Palantir are intended to shorten lead times and control costs, and management has identified about $300 million in potential savings. Still, expansion execution, government funding, customer concentration and uranium-market swings remain real risks. Earnings can vary sharply because delivery volumes and contract mix are uneven. Even so, Centrus already generates meaningful revenues, holds a large cash balance and operates in a supply-constrained market.
Price PerformanceThe market has punished both stocks, but not equally. LEU is down 28.2% year to date, while SMR has fallen 38.8%. The sharper decline reflects greater concern around NuScale’s commercialization timing, revenue visibility and funding needs. Centrus has also faced volatility, yet its existing operations and backlog give investors more evidence to value.
Image Source: Zacks Investment Research
ValuationFrom a valuation standpoint, Centrus Energy appears considerably cheaper. Based on the forward price-to-sales ratio, SMR is trading at 26.83X, while LEU trades at 7.09X. Such a wide valuation gap suggests that investors are assigning a much larger premium to NuScale's future commercialization potential despite its limited current revenues. Centrus, on the other hand, offers a more established operating business, meaningful backlog and stronger revenue visibility at a significantly lower valuation multiple, making LEU look more attractive on this metric.
Image Source: Zacks Investment Research
Earnings EstimatesThe earnings outlook presents a mixed picture. The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is $2.70 per share, indicating a 30.8% decline from 2025. However, the estimate rises to $2.80 per share in 2027, representing a modest 3.5% improvement from 2026 and suggesting that earnings may begin stabilizing after the expected decline.
Image Source: Zacks Investment Research
For NuScale, the consensus estimate calls for a loss of 46 cents per share in 2026, marking a 78.8% improvement from 2025. Yet the projected loss widens to 83 cents per share in 2027, reflecting a 79.3% deterioration from 2026.
Image Source: Zacks Investment Research
Thus, while NuScale is expected to reduce losses sharply in 2026, the renewed decline projected for 2027 weakens its earnings visibility. LEU remains profitable across both years, giving it the stronger overall earnings profile.
ConclusionBoth companies could benefit from the nuclear revival, but they offer different risk profiles. NuScale Power has valuable technology and a large long-term opportunity, yet investors are still waiting for binding orders and dependable revenues. Centrus Energy combines strategic fuel exposure with operating income, backlog and government support. LEU carries a Zacks Rank #3 (Hold) and is therefore better placed than SMR, with a Zacks Rank #4 (Sell), at the moment.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Centrus Energy uzavřel definitivní smlouvu s DOE na více než 1 mld. USD na rozšíření domácí výroby HALEU. Dohoda podporuje komerční provoz závodu v Piketonu v Ohiu.
Centrus Energy Corp (LEU) has signed a definitive contract with the U.S. Department of Energy (DOE), a notable update for the entire nuclear industry. Originally selected earlier this year for a $900 million award, the final contract value has expanded to over $1 billion.
Key Takeaways Centrus Energy Corp finalized a DOE contract valued at over $1 billion to scale up domestic commercial manufacturing of critical high-assay low-enriched uranium (HALEU). The operational expansion directly supports a recent commercial letter of intent (LOI) signed with Oklo Inc to fuel advanced reactor deployments in Ohio. Advisors can access both Centrus Energy and Oklo via the Range Nuclear Renaissance Index ETF (NUKZ), which captures the broader nuclear fuel and reactor ecosystem. This major funding is designed to transition the company’s HALEU production cascade in Piketon, Ohio, into full-scale commercial operations. For investors monitoring the space, this development highlights the significant public-private capital deployment driving next-generation nuclear infrastructure.
Expanding the Advanced Nuclear Fuel Supply Chain Securing a domestic supply of HALEU remains a bottleneck for the deployment of advanced nuclear reactors in the U.S. The DOE’s commitment derisks the capital expenditure required for Centrus to scale its deployment. Furthermore, this contract allows the company to ramp up production to meet commercial demand.
This infrastructure upgrade directly builds upon recent private sector commercial commitments. Just weeks prior to this contract signing, Centrus finalized a LOI with Oklo Inc. (OKLO). Under the agreement, Centrus will provide enrichment services to supply the necessary fuel for Oklo’s flagship Aurora Powerhouse project slated for southern Ohio.
Playing the Advanced Nuclear Fuel Supply Chain via NUKZ For advisors looking to capture this investment opportunity, an index-based solution like the Range Nuclear Renaissance Index ETF (NUKZ) provides balanced exposure to the entire nuclear value chain.
Both Centrus and Oklo are holdings in NUKZ, allowing advisors to capture both fuel production and reactor deployment. As utilities seek reliable, emissions-free baseload power to meet rising data center electricity demands, the nuclear fuel chain represents a resilient thematic allocation.
Looking for nuclear insights in your inbox? Subscribe here to keep a pulse on nuclear investing through our weekly research.
For more news, information, and analysis, visit the Nuclear Energy Content Hub.
vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
Inclusion reflects Centrus' growing role in advancing U.S. energy security by strengthening America's nuclear fuel supply chain
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU), a trusted American supplier of nuclear fuel and services, today announced that the company is set to join the S&P SmallCap 600 Index, effective prior to the opening of trading on Tuesday, July 14, 2026.
The company's inclusion in the S&P SmallCap 600 marks an important milestone for Centrus as it works to restore America's domestic uranium enrichment capabilities, strengthen the U.S. nuclear fuel supply chain, and support the nation's long-term energy security and energy independence.
"Centrus is proud to play a leading role in rebuilding our nation's domestic nuclear fuel infrastructure at a time when reliable, affordable and secure sources of American energy are more important than ever," said Amir Vexler, President and CEO of Centrus. "Our invitation into the S&P SmallCap 600 reflects the progress our team has made and the expanding role that Centrus will play in fueling the future of nuclear energy here at home and around the world."
Late last year, Centrus launched domestic centrifuge manufacturing to support a major expansion of its uranium enrichment plant in Piketon, Ohio, which is expected to create thousands of jobs across the United States. The expansion will help meet to meet the growing need for commercial Low-Enriched Uranium (LEU) for the existing fleet of nuclear reactors; commercial High-Assay, Low-Enriched Uranium (HALEU), an advanced nuclear fuel needed by many next-generation reactor designs; as well as enriched uranium needed for national security missions. The anticipated multi-billion-dollar scope would make the expansion one of the largest nuclear infrastructure construction projects underway in the United States today.
Last week, Centrus announced that it has signed a contract to finalize the terms of the competitively-awarded, $900 million task order it received earlier this year from the U.S. Department of Energy.
The S&P SmallCap 600 is designed to measure the small-cap segment of the U.S. equity market. Inclusion in the index follows S&P Dow Jones Indices' announcement that Centrus will replace Whitestone REIT in the index.
About Centrus Energy
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties.
Particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers,; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU, the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive then we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Contacts:
Media -- Dan Leistikow
[email protected]
Investors -- Neal Nagarajan
[email protected]
Centrus Energy podepsala s americkým ministerstvem energetiky smlouvu na task order za 900 milionů USD; s opcemi má hodnotu 1,07 miliardy USD. Firma zároveň dokončila výrobu posledních 900 kilogramů HALEU UF6 před plánovaným termínem.
Total Enrichment Contract Valued at over $1 Billion, Including All Options
Completes Production of Additional 900 Kilograms of HALEU UF6 Ahead of Schedule
Prior Contract Extended for Three Months Ahead of Transition
, /PRNewswire/ -- Centrus Energy (NYSE: LEU) today announced that it has signed a contract to finalize the terms of the competitively-awarded, $900 million task order it received from the U.S. Department of Energy earlier this year. The award will support deployment of large-scale production capacity for High-Assay, Low-Enriched Uranium (HALEU) as part of Centrus' multi-billion-dollar capacity expansion that will include Low-Enriched Uranium (LEU) as well as HALEU.
"Today's announcement marks another milestone in our expansion, as we pivot from a technology demonstration contract to the new, larger contract aimed at commercial scale production," said Centrus President and CEO Amir Vexler. "The government's investment from this contract will be matched several times over with billions of dollars in capital, including other non-dilutive, non-debt funding as well as customer contracts to restore America's ability to enrich uranium at a large scale."
Transitioning from Demonstration to Commercialization
Centrus won a contract in 2019 to build a cascade of advanced centrifuges in Piketon to demonstrate HALEU production with U.S. technology. That demonstration contract was modified and extended in 2022 to allow for a longer period of HALEU production, and was previously extended through June 30, 2026. While Centrus and the Department have signed a three-month, $15 million extension for HALEU storage, Centrus has now completed all HALEU production called for under the existing demonstration contract. Production of the final 900 kilograms of HALEU UF6 required under that contract was completed in mid-June, two weeks ahead of schedule, with a cumulative total of more than 1,900 kilograms produced over the life of the contract.
With its large-scale expansion underway, Centrus is transitioning from the old demonstration contract to commercialization with the newer, larger enrichment contract. The first new capacity is expected to come online by 2029. In the interim, Centrus intends to privately operate the existing HALEU cascade on a commercial basis to begin supplying the near-term needs of its customers. Centrus is working with the Department on agreements to enable that transition, including a long-term lease extension for the American Centrifuge Plant in Piketon, Ohio.
The new, fixed-price HALEU Enrichment contract calls for Centrus to deploy commercial-scale HALEU production capacity in Piketon. It also includes options, at the Department's discretion, for up to $170 million in HALEU purchases for Departmental missions, the total contract value with all options included is $1.07 billion.
Modular Enrichment Capacity Build-Out
As previously disclosed, Centrus' modular enrichment capacity build out will based on customer demand and capital resources.
The initial build-out will include 12 metric tons of annual HALEU production capacity as well as capacity to meet Centrus existing LEU backlog of $2.4 billion. Subject to customer demand, Centrus can continue expanding production of HALEU and LEU to meet market requirements. Importantly, Centrus' expects the initial build-out to allow it to achieve nth-of-a-kind centrifuge manufacturing costs.
Centrus' multi-billion-dollar expansion project is expected to support thousands of American jobs, including:
1,000 construction jobs and 300 new operating jobs in Ohio, while retaining 150 existing jobs at the Piketon plant. 430 jobs at Centrus' centrifuge manufacturing plant in Oak Ridge, Tennessee, and hundreds of additional jobs across Centrus' nationwide network of suppliers. Thousands of indirect jobs in Ohio, Tennessee and across the country. The expansion is underpinned by public and private funding along with commercial contracts, a framework that includes: national security missions, third party investments such as prepayment, direct foreign investment, LEU and HALEU commercial contracts, and Centrus' strong capital position.
About Centrus Energy
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements:
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties.
Particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers, including the Department as it pertains to the potential agreements discussed herein; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU; the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive then we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus Energy má v USA jedinou licenci na výrobu HALEU a jeho dlouhodobý objem zakázek dosahuje 3,9 miliardy USD až do roku 2040. Firma zároveň zvýšila celoroční výhled tržeb na 450 až 500 milionů USD.
Centrus Energy (LEU +2.35%) has been around for decades but began attracting more investor attention in 2019, when it started contracting with the U.S. Department of Energy to enrich uranium and supply high-assay, low-enriched uranium (HALEU) for next-generation reactors. In 2025, that attention elevated further, along with the nuclear industry more broadly, as HALEU was seen as a way to help meet the growing energy needs of data centers across the country. Centrus' share prices spiked from $54 in April 2025 to an all-time high of $464.25 by October 2025. The nuclear stock was riding high at that time on news that it had contracted with the National Nuclear Security Administration to develop low-enrichment uranium for government use.
But since hitting that all-time high, Centrus' stock is trading down about 63%. The reasons for the drop include a mixed first-quarter earnings report, fluctuating spot uranium prices, and concerns about production once a ban on Russian LEU imports takes effect in 2028.
The big price drop has created a potential buy-the-dip situation for investors willing to think long-term about Centrus. Here are three reasons to like the stock's long-term potential.
Image source: Getty Images.
1. Centrus has an effective HALEU monopoly in the U.S. Centrus is the only U.S.-licensed producer of HALEU. That's a huge moat, especially as demand for advanced reactor fuel is expected to grow at a compound annual growth rate of 10.8% through 2033, according to a report by DataIntelo. Centrus management estimates the HALEU market opportunity could reach $8 billion annually by 2035.
The growth of the HALEU market is driven primarily by the shift toward advanced nuclear technologies, including Small Modular Reactors (SMRs) and Generation IV designs. Unlike traditional reactors, these next-generation plants rely on HALEU's higher enrichment levels to achieve longer operational cycles, better fuel efficiency, and enhanced safety.
As governments and private industries push to decarbonize the power grid and meet net-zero goals by 2050, HALEU has become essential for deploying compact, flexible, and reliable energy systems of the future.
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2. Centrus' Q1 was mixed, but it was still a solid quarter Centrus reported its first-quarter earnings on May 5, with earnings per share (EPS) coming in at $0.45, down from the $1.60 EPS it reported the prior year and missing estimates. However, it posted a non-GAAP adjusted EPS of $1.05, crushing Wall Street analyst consensus estimates of $0.33. GAAP earnings were down due to heavy spending on plant expansion, management said.
Revenue for the quarter rose 4.9% year over year, to $76.7 million. Strong demand and solid contract execution prompted management to revise its full-year revenue guidance upward to $450 million to $500 million, up from a previous forecast of $425 million to $475 million.
Centrus has a $3.9 billion long-term order backlog that extends through 2040, providing clarity on the company's future revenue.
3. Don't bet against the government Centrus is not just another utility or mining outfit. It holds a vital, strategic position in Western energy infrastructure. Following aggressive Western pushes to completely decouple from Russian enriched uranium (the import ban goes into effect in 2028), the U.S. government has designated the domestic fuel supply a matter of urgent national security.
Centrus operates under a massive financial cushion, anchored by a multi-phase Department of Energy HALEU contract worth up to $900 million. This effectively de-risks its capital-heavy centrifuge manufacturing build-out with federal taxpayer dollars.
Why the disconnect? The steep year-to-date drop in the stock price largely stems from broader macroeconomic energy shifts, near-term project execution jitters, some investor profit taking, and a highly premium valuation multiple heading into the year. However, the fundamental business performance remains exceptionally strong, making it a prominent good-earnings-down-stock story in the nuclear sector.
The company's huge backlog is growing. On June 19, the company signed an agreement with nuclear power plant builder Oklo to supply enough HALEU to power up to five of Oklo's Aurora powerhouses in Southern Ohio for multiple years, with deliveries to Oklo scheduled to begin in 2029.
The stock of Centrus Energy Group (LEU 2.04%) didn't exactly go nuclear on Thursday, but investor enthusiasm over a new deal boosted its price. The nuclear fuel and enrichment services company's shares raced more than 12% higher on the news in that trading session.
A powerful piece of news In a joint press release published that morning, Centrus and small modular reactor (SMR) company Oklo announced they had signed a letter of intent for a set of projects in Ohio.
Image source: Getty Images.
Under the terms of the document, Centrus will supply sufficient high-assay low-enriched uranium (HALEU) for up to five of Oklo's Aurora powerhouses in the state. The letter of intent covers multiple years, the two companies wrote without being more specific. Deliveries are to start in 2029, they said.
The Ohio assets are being built by Oklo in partnership with social media company Meta Platforms to power its artificial intelligence (AI)-capable data centers.
Centrus and Oklo added that their pact "brings together domestic fuel supply, planned advanced nuclear power generation, customer demand, and project execution" for the latter company's operations.
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High on the coming supply On top of that, per Centrus and Oklo, the arrangement comes "at a time when access to domestically sourced HALEU remains one of the central constraints facing the advanced nuclear sector."
This is an important point, and a key reason why investors were understandably bullish on Centrus stock after the news hit the headlines.
The great bulk of the company's revenue derives from fuel supplies, so the more it can lock in with long commitments, the better. The current U.S. nuclear power revival seems to be picking up energy -- forgive the corny wordplay -- and Centrus should be one of the top beneficiaries of this. I'd be positive on the company's future too.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.
