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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.

Contacts:

Centrus (Media) -- Dan Leistikow [email protected]
Centrus (Investors) -- Neal Nagarajan [email protected]
Radiant -- [email protected]

SOURCE Centrus Energy Corp.

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.

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

Patricia Gil, Investor Relations
+1 301.558.3040
[email protected]

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

0.1

0.1

Excess of capital over par value

815.9

762.3

Retained earnings

28.3

1.5

Accumulated other comprehensive loss

(0.8)

(0.7)

Total stockholders' equity

845.4

765.1

Total liabilities and stockholders' equity

$           2,531.0

$           2,445.9

SOURCE Centrus Energy Corp.

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 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.

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.

Contacts:

Media -- Dan Leistikow
[email protected]

Investors -- Neal Nagarajan
[email protected]

SOURCE Centrus Energy Corp.

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.

Today's Change

(

-2.04

%) $

-3.63

Current Price

$

173.87

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.