Track market-moving stories before they get noisy

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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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.

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.

Barclays just turned bearish on the only small modular reactor company with a U.S. regulatory certification, sending its stock to a fresh 52-week low while nuclear peers take a lighter hit. The question now is whether a single missing contract…

A fresh analyst downgrade is hitting one small modular reactor developer much harder than the rest of the nuclear group. NuScale Power (NYSE:SMR) stock is down 7% to $5.26 in morning trading, setting a new 52-week low. Selling pressure follows a bearish call that adds to doubts about when the company lands its first binding reactor order.

Meanwhile, Oklo (NYSE:OKLO | OKLO Price Prediction) stock is down 5% to $25.99, a smaller drop than the one in NuScale Power stock. Centrus Energy (NYSEAMERICAN:LEU) stock is down 3% to $106.28, lighter still than the slide in Oklo stock.

Fund-level trading points the selloff back at NuScale Power. The Global X Uranium ETF (NYSEARCA:URA) is down by only 1.46% to $34.74. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.2% to $764.77, so the wider market isn’t collapsing this morning.

Downgrade Deepens a Run of Cautious Calls Barclays downgraded NuScale Power stock from Equal Weight to Underweight and sharply cut its price target on the shares to a level below their last close. A target under the current quote implies the analyst sees more downside ahead, and NuScale Power shares are falling harder than nuclear peers in response.

The downgrade adds to a run of cautious analyst calls on the small modular reactor developer, which has yet to land a binding customer order. In September, UBS cut NuScale Power stock to Sell over long commercialization timelines, weak customer commitments and heavy expected cash burn. Both calls highlight the same gap, since NuScale Power still generates little commercial revenue while its reactor design awaits a firm order.

Three Different Paths to Nuclear Revenue NuScale Power licenses and sells small modular reactor designs and modules, so its revenue depends on customers committing to build plants. Its key asset is the only U.S. Nuclear Regulatory Commission design certification in the small modular reactor industry. That credential is a real edge, though it hasn’t yet produced the signed buyer the model needs.

Oklo plans to build, own and operate reactors and sell the power they produce. Centrus Energy already earns revenue selling enriched uranium fuel, giving it an established operating business. By comparison, NuScale Power’s model leans harder on landing a signed reactor sale.

Weighing the Bull and Bear Cases NuScale Power’s bullish argument rests on its regulatory head start and its link to a large U.S. program. ENTRA1 Energy, the company’s exclusive global strategic partner, is advancing discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for potentially the largest nuclear power deployment program in U.S. history. That program is a major potential source of the binding order NuScale Power still lacks, and it’s part of the broader restart trade we mapped across utilities and fuel suppliers in a free nuclear guide.

On the bearish side, time and money are the problem. A pre-commercial reactor developer can spend heavily for years before revenue arrives, and NuScale Power stock has already fallen to a new low during that wait. Until a firm order exists, the bearish case keeps its holds.

A Binding Contract Is the Next Test NuScale Power’s next challenge is whether it signs a binding customer contract. Such an order is the missing piece behind the timeline concerns in the recent downgrades. TVA program updates and upcoming earnings are the catalysts to watch.

Until then, SMR shareholders may want to keep their positions small and lean cautious, since a fresh low and a below-market target leave room for more downside. Traders can also watch whether Oklo and Centrus Energy shares keep falling less than NuScale Power stock.

Contact [email protected] for any questions or corrections.

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.

Contacts: 

Centrus (Media) — Dan Leistikow [email protected]
Centrus (Investors) — Neal Nagarajan [email protected]
Westerman — Nolan Lamar [email protected]

SOURCE Centrus Energy Corp.

While the headlines talk about the nuclear energy boom, the bigger opportunity might be in the fuel, not the reactors themselves. As demand for a reliable uranium supply grows, companies like Cameco (CCJ +0.15%), Centrus Energy (LEU -2.44%), and Uranium Energy (UEC -6.26%) could be the biggest winners.

Cameco offers a steady uranium supply in a tightening market Cameco stands out because it's more than a uranium mining company. Its business spans uranium production and fuel services, giving investors exposure to several stages of the nuclear fuel cycle. The company also holds an investment in Westinghouse, a nuclear technology and services business that gives it another way to participate in the industry's growth.

Image source: Getty Images.

What's really interesting is the supply side of the story. The problem is that uranium production can't be switched on overnight whenever demand rises. Also, mines require heavy capex, development projects take years, and utilities need confidence that their suppliers can deliver over the long term.

Cameco is in a solid position, since its already-established production base and long-standing relationships give it a head start over newer competitors.

The company is also benefiting from a decline in secondary supply and limited investment in new capacity, factors that have combined to tighten the market. That means the opportunity isn't just about how many reactors get built, but whether the industry can produce enough fuel in the first place.

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Centrus turns the enrichment bottleneck into an opportunity Centrus Energy offers exposure to a different part of the nuclear fuel chain: enrichment. Plus, as the U.S. rebuilds its enrichment capacity, Centrus is shaping up to be one of the biggest beneficiaries.

The company is expanding its operations in Piketon, Ohio, with plans to produce both low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU). The latter matters because several advanced reactor designs require HALEU, making a reliable supply central to their commercial development.

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That opportunity is already translating into commercial agreements. For example, Centrus announced a LEU and HALEU enrichment supply agreement with X-energy, with customer prepayments intended to support expansion. It also signed a multiyear HALEU supply contract with Antares Nuclear, again using prepayments to fund additional production capacity.

For investors, the appeal lies in Centrus's position at the intersection of energy security and government policy. If enrichment remains a bottleneck, especially as the industry expands and requires more capacity, companies like Centrus that can deliver that additional capacity could become even more important. But enrichment is only part of the equation.

But someone still has to mine the uranium that goes into that process, and that's where Uranium Energy comes in.

Uranium Energy scales up domestic uranium production Uranium Energy offers a more direct way to invest in rebuilding America's nuclear fuel supply chain by expanding the production base itself, and it's already making meaningful progress on that front.

The company kicked off production at its Burke Hollow project in South Texas after receiving regulatory approval, marking the first new U.S. uranium recovery mine in more than a decade. Along with its Christensen Ranch operation in Wyoming, Burke Hollow gives Uranium Energy two active production platforms across separate states.

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Uranium Energy's growth story is interesting because it isn't starting from scratch. It has been expanding its Wyoming wellfield infrastructure following a hub-and-spoke model, in which it processes uranium-bearing material from satellite wellfields at centralized facilities. That's important because it provides an established blueprint for scaling production as additional wellfields are added to the portfolio.

That said, there's also room for the business to scale further. The company has highlighted the development potential at Burke Hollow, where much of the property remains unexplored.

For investors, Uranium Energy offers more direct exposure to uranium production, supporting the growing nuclear industry. Together, these three companies approach the fuel story from different angles, worth weighing side by side as the nuclear build-out continues.

Why the nuclear fuel story matters more than reactors The nuclear boom isn't just about building more reactors. It's about having a reliable supply of nuclear fuel and enrichment capacity. Cameco, Centrus, and Uranium Energy offer three distinct ways to invest in that supply chain, each suited to a different kind of investor.

Cameco is the safest play, an established producer with diversified exposure across the fuel cycle and a stake in Westinghouse to cushion the ride. Centrus sits in the middle, a policy-driven bet on enrichment that could pay off quickly if government support continues to flow. And Uranium Energy is the higher-risk, higher-reward option, a newer producer whose fortunes depend on how fast it can scale up its mines.

Nuclear reactor stocks are handing back a month of gains in a single session, and the steepest drops are falling on the companies still years away from a dollar of reactor revenue. Here is what the spread between winners and…

NuScale Power (NYSE:SMR) stock is down 7% to $6.72 as nuclear power names retreat. That decline leaves NuScale Power shares down 53% year to date and below the $7.07 level that had marked their 52-week low. It’s the sharpest drop among the three nuclear names leading the sector lower.

Meanwhile, Oklo (NYSE:OKLO | OKLO Price Prediction) stock is at $32.72, down 6%, a slightly smaller drop than the decline in NuScale stock. Also in the red, Centrus Energy (NYSEAMERICAN:LEU) shares are at $137.09, down 4%, the smallest loss of the three. Such ordering suggests the market is marking down the companies whose revenue sits furthest out.

Fund-level readings point to a sector retreat. The Global X Uranium ETF (NYSEARCA:URA) is at $38.02, down 2%. By comparison, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is flat at $778.28, so the losses appear to be concentrated in the nuclear sector while the broad market holds steady.

The UBS Downgrade Still Hangs Over NuScale
UBS cut NuScale Power stock to a Sell rating on September 11, citing long construction timelines, limited firm customer commitments and expected cash burn. The downgrade precedes today’s drop, and the shares have fallen a long way since. Those concerns still frame the bear case as the wider theme cools off.

NuScale designs small modular reactors and earns revenue when utilities and industrial customers order them. Until firm orders arrive, cash keeps flowing out, which makes the company pre-revenue in the sense that matters. Its design remains the only small modular reactor certified by the U.S. Nuclear Regulatory Commission, a regulatory edge that hasn’t shielded NuScale stock from the theme-wide retreat.

Checking in on NuScale’s Peers
Oklo is also a reactor developer, building its Aurora powerhouse, now sized at up to 75 megawatts, with first commercial power targeted at Idaho National Laboratory by late 2027 or early 2028. Centrus Energy sits elsewhere in the chain as the only publicly traded, proven U.S. uranium enricher, supplying the fuel those reactors require. That business earns revenue today while reactor developers wait on future builds, and the smaller decline in Centrus Energy shares lines up with that gap.

As of July 31, the Global X URA fund held Oklo at 6.1% of net assets, Centrus Energy at 3.5% and NuScale Power at 3%. Beyond those three, the portfolio spans uranium miners, physical uranium vehicles, engineering firms and other fuel-cycle businesses. With all three movers inside the basket, the fund’s smallest decline shows how those other holdings are cushioning the blow.

Skeptics argue that a theme reset exposes a company with no signed commercial reactor contract and a cash burn that continues whatever its share price does. Yet, the bull case counters that the design is certified and the power demand behind the theme is still there (we laid out five ways to position for that expansion, utilities and fuel included, in a free nuclear stocks report), so a decline this size prices in a failure that hasn’t happened. Talks involving ENTRA1 Energy and the Tennessee Valley Authority, potentially the largest U.S. nuclear deployment program, plus the planned six-module RoPower project in Doicești, Romania, give that argument something concrete. Oklo bulls point to its Aurora timeline, while bears note first power is still years out. Centrus Energy bulls cite revenue earned today; bears note that hasn’t saved it from the sector selloff.

What to Watch Next
A signed commercial reactor order is what could decide the debate over NuScale Power, and it remains unresolved. Investors can watch for whether the company turns its Romanian project and Tennessee Valley Authority talks into binding orders, which could change how the market prices a company UBS noted for limited firm customer commitments.

For Oklo, the marker is progress toward first Aurora power; for Centrus Energy, it’s whether enrichment revenue keeps the stock trading apart from developers. Investors holding these names may want to scale their exposure knowing all three tend to fall together when the theme cools off.

Contact [email protected] for any questions or corrections.

Centrus Energy (LEU) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

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.

Cameco (CCJ -1.17%) offers scale, diversification, and exposure across the nuclear fuel cycle, while Centrus Energy (LEU -4.56%) targets the increasingly important U.S. uranium enrichment market. Both could benefit from nuclear growth, but the choice comes down to a sharp trade-off between resilience and the upside of concentrated scarcity.

Stock prices used were the market prices of Sept. 12, 2026. The video was published on Sept. 28, 2026.

Rick Orford 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. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

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.

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.

Contacts: 

Centrus (Media) — Dan Leistikow [email protected]
Centrus (Investors) — Neal Nagarajan [email protected]
Antares -- Kayla Haas [email protected]

SOURCE Centrus Energy Corp.

Centrus Energy (LEU -2.82%) is moving deeper into America's nuclear fuel bottleneck as its X-energy agreement adds another commercial catalyst. Federal support, a growing backlog, and limited domestic enrichment capacity create a compelling growth setup, but the valuation means execution matters more than ever.

Stock prices used were the market prices of Aug. 26, 2026. The video was published on Sept. 14, 2026.

Rick Orford 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. Rick Orford is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link, they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.

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.

, /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.

Contacts:

Media — Dan Leistikow
[email protected] 

Investors — Neal Nagarajan
[email protected] 

SOURCE Centrus Energy Corp.

Centrus Energy Corp. (NYSE:LEU) is trending after the company announced a multi-year contract with Radiant to supply high-assay, low-enriched uranium for the Kaleidos microreactor fleet.

Centrus stock is showing downward pressure. Where is LEU stock headed? Centrus, Radiant Sign HALEU Supply DealUnder the agreement, Centrus will begin delivering HALEU before the end of the decade, adding another domestic fuel source to support commercial scale-up of Radiant’s Kaleidos microreactors. The deal includes prepayments from Radiant to Centrus to support its domestic commercial enrichment capacity program. Because Centrus’ technology is U.S.-origin and relies on a U.S. manufacturing supply chain, the enrichment provided to Radiant will be “unobligated,” meaning it can be used for national security applications — a capability Centrus says is unique among deployment-ready U.S.-origin enrichment technologies today, through its AC100 centrifuge design.

“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 CEO of Centrus. “By expanding our work to include innovative microreactor developers like Radiant, we are strengthening the U.S.-based fuel supply network.”

“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.”

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Everyone is talking about hyperscalers, data centers, and chip shortages. But the real bottleneck is energy. Today's cutting-edge artificial intelligence (AI) models demand intense computation, gobbling up significantly more energy per server rack than ever before.

According to research from the Electric Power Research Institute (EPRI), data centers account for roughly 5% of electricity use in the United States. But that could increase to 20% by 2035. This massive increase in power consumption has hyperscalers searching high and low for reliable electricity solutions that reduce their carbon footprints.

Enter nuclear energy. Countries worldwide are aiming to triple their nuclear energy capacity by 2050, and the U.S. has ambitious goals to quadruple its capacity over that same period. This is creating some powerful tailwinds for the nuclear industry and innovators in the space, and could mint some of the industrial sector's next big winners.

Image source: Getty Images.

These established companies should ride the nuclear wave higher Nuclear reactors need fuel, and Cameco (CCJ -2.53%) is one of the world's top uranium miners. Based in Canada, Cameco is a leading Western uranium miner with high-grade uranium mines in Saskatchewan. The company also holds a minority stake in Joint Venture Inkai in Kazakhstan, along with Westinghouse Electric, one of the world's top nuclear reactor manufacturers -- providing Cameco with upside from both raw fuel demand and the build-out of nuclear infrastructure.

Moving downstream, several companies are developing advanced nuclear reactors, also known as small modular reactors (SMRs), which could address major headaches associated with nuclear energy. SMRs are modular nuclear power solutions that are factory-fabricated and then shipped for on-site assembly. These units are flexible and could bring power to remote sites or for hyperscalers seeking "behind the grid" solutions.

GE Vernova (GEV +0.00%) is riding energy trends higher, driven by historic demand for its gas turbine equipment. That said, its offerings span a variety of power equipment. Regarding SMRs, GE Vernova is working with Hitachi to develop and commercialize the BWRX-300. This SMR is currently the only one under construction in North America, at Ontario Power Generation's Darlington site, which is slated to open by 2029.

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In addition, the U.S. Department of Energy awarded the Tennessee Valley Authority a $400 million grant to accelerate the licensing and deployment of the BWRX-300. GE Vernova expects the BWRX-300 to begin commercial operations at Clinch River in the early 2030s, making it the first operating SMR in the U.S.

These speculative stocks are high-risk, high-reward opportunities For more speculative investors, Oklo (OKLO -5.03%) and NuScale Power (SMR -0.65%) are two early-stage, pre-revenue SMR developers. These companies are still establishing themselves and are looking to lock in commercial agreements for their technology, which is set to be deployed in the 2030s. Oklo has an agreement with Meta Platforms, while NuScale has one project in Romania and hopes to secure another deal with the Tennessee Valley Authority.

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Finally, these SMRs need fuel, and that's where Centrus Energy (LEU -1.80%) comes into play. Centrus is the only company approved by the Nuclear Regulatory Commission in the U.S. to manufacture high-assay low-enriched uranium (HALEU), the fuel used in many of the next-generation reactors, including SMRs, microreactors, and others under development.

Centrus also provides low-enriched uranium (LEU), the fuel used by traditional nuclear power plants. The company has traditionally sourced this uranium internationally, including from Russia. Under the Prohibiting Russian Uranium Imports Act, U.S. companies must replace their Russian-sourced nuclear fuel. Centrus received $900 million from the Department of Energy to expand its uranium enrichment facility in Piketon, Ohio, with new capacity coming online by 2029.

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This unstoppable trend could persist for decades Nuclear energy is set to enjoy tailwinds that could span the next couple of decades. Data centers have an insatiable appetite for power, while governments worldwide are significantly increasing nuclear capacity.

Meanwhile, the U.S. and others are investing heavily in next-generation reactors and the fuel needed to power them. This makes nuclear stocks appealing to investors seeking the industrial sector's biggest winners in the coming decade.

Key Takeaways Energy Fuels boosts uranium production and expands its rare earth strategy through new projects and deals.Centrus Energy's $4.5 billion backlog and HALEU expansion provide stronger near-term revenue visibility.UUUU has fallen 23.6% in six months, while Centrus gained 1.9% amid differing earnings revisions. Energy Fuels Inc. (UUUU - Free Report) and Centrus Energy (LEU - Free Report) are two uranium-focused companies expected to play an important role in the global nuclear energy supply chain.

Headquartered in Lakewood, CO, Energy Fuels, with a market capitalization of around $4 billion, has produced nearly two-thirds of all uranium in the United States since 2017. It also produces rare earth oxides and is adding new products like titanium, zircon minerals and medical isotopes.

Bethesda, MD-based Centrus Energy’s core offering is low-enriched uranium, or LEU, the fissile component used to fuel commercial nuclear reactors. The company also provides advanced uranium enrichment and technical, manufacturing and engineering services. It is pioneering the production of High Assay Low-Enriched Uranium (HALEU), a specialized fuel expected to support the next generation of advanced nuclear reactors and growing global demand for carbon-free power. LEU has a market capitalization of roughly $3.9 billion.

The long-term uranium outlook remains favorable, supported by rising electricity demand and the accelerating transition toward clean energy. Against this backdrop, investors are assessing which company is better positioned for future growth: Energy Fuels or Centrus Energy.

The Case for UUUUDuring the second quarter of 2026, Energy Fuels mined ore containing 315,000 pounds of uranium and produced 865,000 pounds of finished uranium. This takes the total to 1.7 million pounds for the first half, already exceeding the low end of its full-year guidance of 1.5-2.5 million pounds.

Energy Fuels’ second-quarter revenues jumped 496% year over year to $25.1 million, driven by higher uranium sales volumes and realized prices. The company sold 310,000 pounds of uranium at an average realized price of $80.48 per pound. In the year-ago quarter, UUUU sold just 50,000 pounds of uranium at $77 per pound.

Costs applicable to revenues surged 192% to $10.7 million on higher uranium volumes sold, partially offset by lower weighted average cost per pound of uranium sold. Standby costs surged 61% year over year to $2.87 million due to higher permitting activities at Roca Honda and Whirlwind and increased maintenance activities at Nichols Ranch. Selling, general and administration were up 31% year over year, reflecting increases in general headcount, salaries and benefits.

UUUU also incurred $10.7 million in transaction and integration costs related to the planned acquisitions of Australian Strategic Materials (“ASM”) and VAC Group. This, along with higher operating expenses, was partially offset by improved margins on uranium sales, leading to a net loss of 13 cents per share in the quarter, wider than the year-ago loss of 10 cents per share.
UUUU expects to mine 2-2.5 million pounds of contained uranium in 2026 and sell 1.5-2 million pounds through spot and contracted transactions. The company has six uranium supply contracts with U.S. nuclear utilities with deliveries extending to 2032. As of June 30, 2026, contracted volumes totaled 3.20 million base pounds, with minimum and maximum deliveries of 2.77 million and 4.72 million pounds, respectively.

Energy Fuels continues to advance a deep pipeline of uranium projects. The Whirlwind mine and Nichols Ranch ISR project alone could add up to 500,000 pounds of annual uranium production within a year of a development decision. Other major projects, including Roca Honda, Bullfrog and Sheep Mountain, collectively contain nearly 70 million pounds of uranium resources.

Beyond uranium, the company continues to advance its rare earth strategy. In July, the company announced that construction has begun on an expansion of its White Mesa Mill in Utah to enable the large-scale production of heavy rare earth oxides. Recently, Tb oxide produced at the White Mesa Mill has been qualified for use by one of the world’s largest rare earth permanent magnet manufacturers outside China.

The ASM acquisition is expected to close this month. It will strengthen Energy Fuels' position across the REE value chain by adding mining, separation, metallization and alloy production capabilities. In June, UUUU announced plans to acquire Germany-based VAC Group for approximately $1.9 billion. VAC produces permanent magnets, including NdFeB and SmCo magnets, as well as soft magnetic materials. 

The Case for Centrus EnergyFor the second quarter of 2026, Centrus Energy reported revenue growth of 14% year over year to $176.1 million. The Low-Enriched Uranium segment’s revenues increased 22% year over year to $153.4 million. Uranium revenues totaled $53.4 million in the second quarter of 2026 compared with no revenues in the year-ago quarter. SWU revenues fell 20% year over year to $100 million as volumes declined 23%, partly offset by a 3% increase in average selling price.

Technical Solutions revenues declined 21% to $22.7 million from $28.8 million. The decrease primarily reflected a $5.9 million drop in revenue from the Department of Energy’s HALEU Operation Contract.

Total cost of sales rose 25%, resulting in a 7% year-over-year decline in gross profit to $49.9 million. Adjusted operating income, which excludes growth costs and stock-based compensation, was $38.7 million in the second quarter of 2026 compared with $40.8 million in the year-ago quarter.  Adjusted operating margin in the second quarter of 2026 was 22% compared with 26.4% in the year-ago quarter.   

Centrus Energy posted earnings of 77 cents per share in the second quarter of 2026, down 51.6% year over year. Excluding growth costs and stock-based compensation, earnings per share came in at $1.77 in the second quarter of 2026 compared with $1.90 in the year-ago quarter.

As of the end of the second quarter of 2026, Centrus Energy’s total backlog reached $4.5 billion, which extends to 2040, providing significant long-term revenue visibility. This includes $3.7 billion in the LEU segment and $0.8 billion in Technical Solutions.

For 2026, Centrus Energy expects total revenues of $450-$500 million.  The company also maintained its total capital deployment outlook of $350-$500 million for the year, to support expansion work at Piketon and Oak Ridge.

Centrus Energy completed all HALEU production required under its demonstration contract in June 2026, producing more than 1,900 kilograms of HALEU. The company’s wholly owned subsidiary, American Centrifuge Operating, LLC, signed the DOE contract on June 30, 2026, finalizing terms of its competitively awarded, fixed-price $900 million DOE task order to deploy commercial-scale HALEU enrichment capacity in Piketon, OH. The award also carries DOE options to buy up to $170 million of HALEU, bringing total potential value to $1.07 billion. The contract marks a pivot from the earlier demonstration program to a commercial framework and supports the company’s multi-billion-dollar expansion, with first new capacity expected to enter service by 2029.

Commercial traction is broadening through a definitive LEU and HALEU supply agreement with X-Energy Inc. (XE - Free Report) and an Oklo Inc. (OKLO - Free Report) letter of intent.

The company is targeting annual HALEU production of 12 metric tons sometime after 2030, with initial production expected before the end of the decade. 

How Does the Zacks Consensus Estimate Compare for Energy Fuels & Centrus Energy?The Zacks Consensus Estimate for Energy Fuels’ 2026 earnings is pegged at a loss of 25 cents, narrower than the loss of 38 cents reported in 2025. The consensus estimate for UUUU’s earnings for 2027 is three cents per share. 

The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $2.60 per share, which indicates a year-over-year decline of 33%.  The estimate for 2027 earnings is pinned at $2.87 per share, indicating year-over-year growth of 10.4%.

Image Source: Zacks Investment Research

While earnings estimates for Energy Fuels for both 2026 and 2027 have moved down over the past 60 days. The estimate for 2026 for Centrus Energy has moved down while the same for 2027 has moved up. 

Image Source: Zacks Investment Research

UUUU & LEU: Price Performance & ValuationIn the past six months, Energy Fuels’ stock has declined 23.6%. Meanwhile, Centrus Energy stock has gained 1.9%.

Image Source: Zacks Investment Research

Energy Fuels is trading at a forward price-to-sales multiple of 20.57X, while Centrus Energy’s forward sales multiple sits lower at 8.32X.

Image Source: Zacks Investment Research

ConclusionBoth Energy Fuels and Centrus Energy are positioned to benefit from the long-term growth of nuclear energy and the increasing focus on domestic critical mineral supply chains.

Energy Fuels offers broader exposure across uranium and rare earth elements, supported by rising production, improving cost trends and a substantial development pipeline. Its expanding REE business could become a meaningful long-term growth driver. However, the stock’s elevated valuation, ongoing losses and downward earnings revisions may limit near-term upside.

Centrus Energy, meanwhile, appears better positioned from a strategic and financial standpoint. Its dominant position in HALEU production, long-term backlog, expanding enrichment capabilities and improving revenue outlook provide stronger near-term visibility.

UUUU currently carries a Zacks Rank #4 (Sell), and Centrus Energy currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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.

Contacts:

Media — Dan Leistikow
[email protected]

Investors — Neal Nagarajan
[email protected]

SOURCE Centrus Energy Corp.

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NuScale Power (NYSE:SMR) stock is falling 5% to $8.80 in Thursday afternoon trading, adding to a difficult stretch for the small modular reactor developer. Oklo (NYSE:OKLO | OKLO Price Prediction) stock is dropping 5% to $40.87, while Centrus Energy (NYSE MKT:LEU) shares are sinking 6% to $172.68, pointing to broader weakness across several nuclear and uranium names.

The selloff comes even though the long-term nuclear story remains compelling, particularly as electricity demand from artificial intelligence data centers grows. However, nuclear stocks can be especially sensitive to interest-rate anxiety because many advanced-reactor projects require substantial capital long before they generate meaningful commercial revenue.

NuScale’s Recent Results Add To The Pressure NuScale Power’s latest results have given investors another reason to question the timing of its commercial opportunity. NuScale Power reported just $75,000 of second-quarter 2026 revenue, while its share count had climbed to 365 million, and the company has also announced a new $750 million share-sale program.

NuScale Power stock has been struggling for weeks, with the shares falling 32% year to date (YTD) as of August 11 before today’s decline. The combination of minimal current revenue, continued funding needs and a lengthy path toward commercial reactor deployment can make SMR stock particularly vulnerable when investors become less willing to pay up for distant growth.

Oklo And Centrus Show Two Sides of Nuclear Oklo faces many of the same timing concerns as NuScale Power, even though Oklo’s business model and reactor technology differ. Oklo generated $1.2 million of second-quarter revenue, marking its first meaningful quarterly revenue, but Oklo also posted a $48.5 million net loss and still needs to turn project development, licensing and customer commitments into recurring power revenue.

Centrus Energy offers a somewhat different setup because Centrus Energy already generates revenue from nuclear fuel and enrichment services. Centrus Energy reported $176.1 million of Q2 2026 revenue, up 14% year over year, and recently signed additional enrichment agreements while maintaining a multibillion-dollar backlog, although LEU stock can still be affected when investors reduce exposure to the broader nuclear theme.

URA ETF Highlights The Broader Pullback The Global X Uranium ETF (NYSE ARCA:URA) is falling 3% to $43.62 Thursday, giving investors a useful indication that the weakness extends beyond individual advanced-reactor developers. URA provides exposure to companies involved in uranium mining, refining, exploration and nuclear-component manufacturing, making the ETF a broader gauge of the nuclear and uranium trade.

Uranium Energy Corp. (NYSE MKT:UEC) stock is also part of the broader comparison, although UEC has recently held up better than some advanced-reactor names. The distinction matters because uranium miners and fuel suppliers can benefit from tighter nuclear-fuel markets even when pre-commercial reactor developers face pressure from higher financing costs and longer development timelines.

Interest Rates Could Keep Nuclear Stocks Volatile The bullish case for nuclear stocks remains tied to rising electricity demand, constrained power grids and the need for reliable low-carbon generation. Data-center demand could continue supporting the long-term investment case, while Centrus Energy’s enrichment expansion and deals such as its HALEU agreement with Oklo illustrate how the nuclear supply chain is developing beyond reactor developers alone.

Yet, higher interest rates or renewed concerns about inflation can make long-duration nuclear projects less attractive because investors may place greater value on current cash flow and near-term earnings. Investors can watch for whether SMR stock, OKLO stock, LEU shares and the URA ETF stabilize as rate expectations settle, but the recent declines suggest sentiment could remain fragile.

NuScale Power stock has already fallen sharply this year, and today’s move adds to the evidence that investors are demanding more from the advanced-nuclear story. The long-term opportunity hasn’t disappeared, but the combination of financing requirements, execution risk and interest-rate sensitivity makes the near-term setup difficult.

Investors who remain bullish on nuclear power may want to keep their SMR, OKLO, LEU or URA positions moderate rather than assuming today’s selloff marks a durable bottom. The sector could eventually benefit from stronger electricity demand and nuclear-fuel investment, but investors may want to see better evidence of commercial progress before taking larger positions.

Contact [email protected] for any questions or corrections.

HomeStock IdeasLong IdeasEnergy Analysis

SummaryCentrus Energy earns a Strong Buy rating, driven by its critical role in the U.S. advanced nuclear renaissance and government-backed HALEU production.LEU is transitioning from a low-margin broker to a vertically integrated, high-margin nuclear fuel fabrication leader, leveraging co-location with Oklo and Palantir's AIP for CapEx efficiency.Short-term risks include USTR maritime tariffs, Russian export license delays, and DOE funding gaps, potentially creating a temporary liquidity crunch before 2029.Despite near-term volatility, LEU's strategic national importance and macro-subsidized status create a compelling long-term entry point for defensible nuclear fuel exposure. Racide/iStock via Getty Images

Uncle Sam won't let his centrifuge fail, is what I consider a highly relevant phrase to reflect my Strong Buy Centrus Energy Corp. (LEU) stock thesis. In my opinion, the core bear thesis may be fixated

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Centrus Energy Corp. (LEU) Q2 2026 Earnings Call Transcript

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.