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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Agreement adds another domestic, U.S.-origin source of HALEU to support commercial and national security deployments of Radiant's Kaleidos microreactors
Adds another HALEU customer to Centrus' backlog and includes prepayments to Centrus that advance its build-out of domestic enrichment capacity
, /PRNewswire/ -- Centrus Energy Corp. [NYSE: LEU] ("Centrus"), a trusted supplier of nuclear fuel and services, and Radiant, a leading developer of transportable plug-in ready nuclear microreactors, today announced a definitive multi-year contract to supply high-assay, low-enriched uranium (HALEU) fuel needed to deploy multiple Kaleidos microreactors. Under the agreement, Centrus will begin delivering HALEU before the end of the decade, adding another domestic source of fuel to support commercial scale-up of Radiant's Kaleidos fleet.
The contract further strengthens Centrus' position as a leading fuel supplier for next generation nuclear technologies while expanding its role in the emerging microreactor market. The agreement includes Radiant prepayments to Centrus to support its domestic commercial enrichment capacity program. For Radiant, the contract adds another domestic source of HALEU as the company moves from its first Kaleidos test toward commercial and national security deployments, reinforcing the fuel supply it continues to build in parallel with the reactor itself.
"The contract with Radiant marks another important step in building the domestic fuel supply chain needed to support the next generation of nuclear energy," said Amir Vexler, President and Chief Executive Officer of Centrus. "By expanding our work to include innovative microreactor developers like Radiant, we are strengthening the U.S.-based fuel supply network. This will help ensure that emerging nuclear technologies have access to the reliable fuel they need to reach commercialization and meet growing demand for clean, secure, and dependable energy."
"You can't deploy nuclear reactors without fuel, so we have approached our fuel supply the same way we have approached the reactor: build it in parallel, and don't depend on any single path," said Dr. Rita Baranwal, Chief Nuclear Officer of Radiant. "This agreement gives Kaleidos a continued source of HALEU for commercial and national security applications and removes one of the biggest constraints facing advanced nuclear deployment. We're securing the fuel supply chain alongside the reactor so that when Kaleidos is ready to deploy at scale, the infrastructure behind it is ready too."
Because Centrus' technology is U.S.-origin and relies upon a U.S. manufacturing supply chain, the enrichment that Centrus provides to Radiant will be "unobligated" – meaning that it can be used for national security applications. Centrus' AC100 centrifuge design is the only deployment-ready U.S.-origin technology available for unobligated enrichment today. Radiant is developing transportable microreactors designed to provide reliable power for remote locations, data centers, defense applications, and/or other commercial and industrial uses, representing a broad potential market for Centrus' domestic HALEU supply.
About Centrus
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
About Radiant
Radiant is a leading developer of advanced nuclear technologies focused on delivering reliable, resilient, and scalable energy solutions that are transportable by land, sea and air. Radiant is committed to enabling a new generation of nuclear applications for commercial, industrial, and defense customers.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
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.
Centrus Energy is executing ahead of schedule, with Q2 results reinforcing the bullish thesis and operational momentum. Removal of $3B in financial contingencies converts backlog to definitive contracts, materially de-risking LEU's revenue base and supporting multiple expansion. HALEU is now a booked business, validated by the X-energy agreement and Oklo LOI, providing prepayments and non-dilutive funding for the buildout.
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.
On August 24, 2026, Centrus Energy Corp
LEU -4.9% 56
shares fell 4.9% today, closing at $177.14. The stock has seen significant volatility, trading within a 52-week range of $142.13 to $464.25.
GF Value™ verdict: Current price of $177.14 is 150.5% above GF Value™ of $70.72, indicating overvaluation.GF Score™: 56/100, suggesting average performance relative to peers.Most notable signal: Insiders sold $0.1M worth of shares over the past 12 months, indicating a lack of buying interest.Is LEU Overvalued or Undervalued?Centrus Energy Corp's current share price of $177.14 is significantly above the GF Value™ estimate of $70.72. This 150.5% overvaluation indicates that the stock is trading at a premium that does not align with its intrinsic value, particularly for a company that is currently unprofitable and cash-flow-negative. The GF Value™ is GuruFocus' proprietary estimate of a stock's intrinsic value based on historical trading multiples, past growth, and anticipated future performance. In this case, the extreme reading serves as a caution for potential investors rather than a precise fair-value target.
Given that Centrus is unprofitable, traditional earnings-based valuation metrics such as Price-to-Earnings (P/E) may not be applicable. Instead, a Price-to-Sales (P/S) analysis may provide more relevant insights. Historically, LEU has traded around a P/S ratio of approximately 1.2x, suggesting that the current valuation is not justifiable based on sales figures. This adds a layer of risk for investors, as the high current valuation does not appear to be supported by the company's financial performance.
How Does LEU's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)80.5x14.6xForward P/E65.7xN/AThe current P/E ratio of 80.5x is significantly above its 5-year median of 14.6x, indicating that LEU is trading at a much higher valuation compared to its historical averages. This analysis aligns with the GF Value™ verdict, reinforcing that the stock is overvalued based on traditional valuation metrics.
What Does LEU's GF Score™ Tell Us?The GF Score™ is a comprehensive measure that evaluates a company's performance across various dimensions, including financial strength, profitability, growth, valuation, and momentum. Centrus Energy Corp has a GF Score™ of 56/100, with its strongest sub-rank in momentum and its weakest in valuation.
MetricRatingGF Score™56Financial Strength5/10Profitability6/10Growth2/10Valuation1/10Momentum7/10The GF Score™ suggests that while LEU has decent momentum and profitability, its financial strength and growth are mediocre, and its valuation is notably poor. The low valuation rank indicates significant concerns regarding the stock's current pricing relative to its financial fundamentals.
What Are Gurus and Insiders Doing with LEU?Currently, four gurus hold shares in Centrus Energy Corp, with three adding to their positions and two trimming their holdings in recent quarters. This mixed signal suggests a cautious but potential interest from knowledgeable investors. However, insider activity shows a different trend, with insiders selling $0.1M worth of shares over the past 12 months and no buying activity. This lack of insider buying could indicate a lack of confidence among those closest to the company.
The contrasting guru activity and insider selling signal a cautious outlook on LEU. While some institutional investors may see potential, the selling by insiders suggests a lack of conviction in the company's near-term prospects.
What This Means for InvestorsGiven the significant overvaluation indicated by the GF Value™ and the P/S analysis, Centrus Energy Corp appears to be an overvalued stock at its current price of $177.14. The combination of high P/E ratios, poor valuation scores, and insider selling presents a cautionary tale for potential investors considering this stock. For further insights and a detailed examination, please visit the Centrus Energy Corp
LEU -4.9% 56
stock page and explore the GF Value™ page for more information.
Frequently Asked QuestionsWhat is LEU's GF Score™?
LEU has a GF Score™ of 56/100, indicating average performance compared to its peers in various financial metrics.
Is LEU overvalued or undervalued?
LEU is considered overvalued, with a current price significantly above its GF Value™ estimate, indicating potential risks for investors.
What is LEU's P/E ratio?
LEU's P/E TTM is 80.5x, which is substantially higher than its 5-year median of 14.6x, indicating a stark contrast with its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
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.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
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.
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Nuclear energy has staged an impressive comeback. After decades in which building new reactors in the U.S. seemed sluggish and expensive, surging electricity demand from artificial intelligence (AI), data centers, and electrification have all at once made good ol' dependable nuclear one of the energy sectors' most promising commodities.
That, in itself, has created no shortage of nuclear energy stocks for investors to pick from today. Plenty of companies are vying for a slice of the new nuclear space, some more far along in their businesses, others with innovations that could shake up the entire industry.
On that note, if I had $1,000 to invest in a single nuclear stock and leave it untouched for years, I would choose a company whose reactor designs are positively disruptive, whose potential customer base is enormous, and whose business could become far more valuable if even a fraction of its ambitions came to fruition.
That company is Oklo (OKLO -0.23%).
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How Oklo could ripen into one of nuclear's biggest winners Oklo is, right now, like a vine of special grapes: Its business over the next decade could mature into a very fine wine. If things go badly, however, it could sour into a cheap vinegar. Let's start with the end result and work our way back. If Oklo stock becomes wine, it has done at least four things that it lacks today.
Foremost, it has licensed its Aurora reactor for commercial deployment. Second, it has secured enough high-assay, low-enriched uranium (HALEU) to support its reactors, a fuel that is scarce in the U.S. Third, it has proven it can scale its Aurora to attractive economics, meaning reactor margins are wide and profits are large. Lastly, it has deployed these reactors safely to a large enough customer base, which forms a solid foundation of recurring revenue.
These are all things I think Oklo can do. Its Aurora reactor is advancing through the Department of Energy's authorization process, and the company continues to target 2028 for the deployment of its first reactor. It has signed a letter of intent to purchase HALEU from Centrus Energy (LEU -2.48%).
It hasn't proven its economics -- and probably can't until Aurora is actually built -- but its commercial pipeline is long and diverse, representing roughly 18 gigawatts (GW) of potential Aurora projects.
Image source: Oklo.
The bull case for Oklo comes with risks There are, however, many things that could turn Oklo stock sour, and they aren't any less important or improbable than those that could mature it.
Oklo, for instance, could take much longer to secure proper licensing for its reactors; likewise, construction costs for its reactors could be excessively high, or take longer than expected to finish. HALEU fuel could become increasingly scarce -- Oklo isn't the only company that wants it -- or AI-related electricity demand starts to cool.
Perhaps most importantly of all, Oklo could burn through billions of dollars before it ever commercializes Aurora. That would force the company to raise fresh capital -- that is, dilute existing shareholders -- and make today's already lofty valuation increasingly difficult to justify.
In short, the company is a high-risk, high-reward play on AI and nuclear energy. Although risk-intolerant investors might want to look elsewhere -- a nuclear-focused exchange-traded fund (ETF) could be interesting, too -- Oklo is the nuclear stock I'd choose for those with an appetite for risk.
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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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.
The Bears Still Have a Chance If the ceiling of the wedge holds and price rejects that level, we can expect a drop below the 177.82 – 176.58 EMA cluster. This will open up the path to the 157.88 support zone that has held since April, and then the wedge’s lower support trendline at 132. A break and close beyond 132 on the daily timeframe can send price into the 120 –100 zone.
Why the Fundamentals Cut Both Ways A closer look at Centrus Energy’s fundamentals reveals that both the bears and bulls have valid theses.
While the company’s revenue climbed in the second quarter, its profit margin got smaller. Its diluted GAAP EPS has dropped from $1.59 in the previous year to $0.77 now. This decline means the company generated smaller profit per share than it did last year, and it was as a result of lower sales of enriched materials and greater costs incurred in an attempt to scale the business.
Capital Drag Centrus guided to $350 million to $500 million of capital deployment in 2026, which means the company is pouring a ton of money into infrastructure development, leading to short-term profits absorbing all the cost impacts while long-term revenue in its commercial backlog waits to be unlocked.
Analysts Are Split on the Stock’s Future Outlook According to Investing.com data, 12 analysts maintain a Buy rating while 5 stand behind a Hold rating, making the overall consensus a Buy. Their price targets range from a Low of $170 to a High of $340.
The Next Catalyst to Watch Out for Is in December Centrus plans to hold its first investor day at its American Centrifuge plant in Piketon, and the company is expected to have completed its first Oak Ridge centrifuge by then. If Centrus is able to deliver on the centrifuge, it confirms its ability to execute business plans. A failure to deliver casts doubt on investors and creates a bad picture for the bulls.
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.
California State Teachers Retirement System boosted its holdings in shares of Centrus Energy Corp. (NYSE:LEU – Free Report) by 24.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,606 shares of the company’s stock after acquiring an additional 3,837 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of Centrus Energy worth $3,403,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in LEU. Comerica Bank raised its holdings in shares of Centrus Energy by 589.5% during the 1st quarter. Comerica Bank now owns 655 shares of the company’s stock valued at $41,000 after purchasing an additional 560 shares in the last quarter. Royal Bank of Canada boosted its holdings in Centrus Energy by 57.6% in the first quarter. Royal Bank of Canada now owns 17,266 shares of the company’s stock worth $1,074,000 after purchasing an additional 6,312 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Centrus Energy by 45.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 54,315 shares of the company’s stock worth $3,379,000 after buying an additional 17,014 shares during the last quarter. Creative Planning acquired a new position in Centrus Energy during the second quarter worth $435,000. Finally, JPMorgan Chase & Co. raised its holdings in Centrus Energy by 12.1% during the second quarter. JPMorgan Chase & Co. now owns 8,497 shares of the company’s stock valued at $1,556,000 after buying an additional 917 shares in the last quarter. 49.96% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades A number of research analysts have recently commented on LEU shares. Needham & Company LLC lowered their price objective on Centrus Energy from $264.00 to $262.00 and set a “buy” rating on the stock in a report on Friday. Zacks Research upgraded Centrus Energy from a “strong sell” rating to a “hold” rating in a report on Monday, May 18th. Truist Financial assumed coverage on Centrus Energy in a research report on Monday, July 13th. They set a “buy” rating and a $215.00 target price for the company. Citigroup lowered their price target on Centrus Energy from $224.00 to $218.00 and set a “neutral” rating on the stock in a report on Friday, May 8th. Finally, UBS Group dropped their price target on shares of Centrus Energy from $195.00 to $170.00 and set a “neutral” rating on the stock in a research report on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $246.17.
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Centrus Energy Stock Up 7.2% Shares of LEU stock opened at $190.85 on Friday. Centrus Energy Corp. has a one year low of $142.13 and a one year high of $464.25. The company has a debt-to-equity ratio of 1.39, a current ratio of 5.39 and a quick ratio of 4.88. The stock has a fifty day moving average price of $170.92 and a 200 day moving average price of $198.37. The stock has a market cap of $3.75 billion, a P/E ratio of 86.75, a price-to-earnings-growth ratio of 24.82 and a beta of 1.36.
Centrus Energy (NYSE:LEU – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $1.03. Centrus Energy had a net margin of 10.23% and a return on equity of 7.06%. The firm had revenue of $176.10 million for the quarter. During the same period last year, the firm earned $1.59 EPS. The company’s quarterly revenue was up 14.0% compared to the same quarter last year. Analysts predict that Centrus Energy Corp. will post 2.6 earnings per share for the current year.
Insider Buying and Selling at Centrus Energy In other news, CFO Todd M. Tinelli sold 306 shares of Centrus Energy stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $203.55, for a total transaction of $62,286.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.72% of the company’s stock.
Key Headlines Impacting Centrus Energy Here are the key news stories impacting Centrus Energy this week:
Positive Sentiment: Major X-energy supply agreement: Centrus signed a definitive contract to provide low-enriched uranium (LEU) and high-assay, low-enriched uranium (HALEU) for X-energy’s Xe-100 small modular reactors and TRISO-X fuel. The agreement is expected to include customer prepayments and supports the commercialization of domestic enrichment. Centrus Energy Signs LEU and HALEU Supply Agreement with X-energy Positive Sentiment: Backlog and government support strengthen visibility: On its second-quarter call, Centrus highlighted a reported $4.5 billion backlog, including a $3.0 billion contingent LEU and HALEU enrichment backlog, alongside $900 million in U.S. Department of Energy funding. Management also cited tightening enrichment demand and a planned 2029 production build-out. LEU Q2 Earnings Call Highlights Backlog and 2029 Build-Out Positive Sentiment: Quarterly earnings beat estimates: Second-quarter EPS was $1.77 versus the $0.74 consensus, while revenue rose 14% year over year to $176.1 million. Adjusted net income increased to $38.7 million from $34.5 million, and Centrus selected a contractor for its enrichment plant expansion. Centrus Reports Second Quarter 2026 Results Neutral Sentiment: Expansion execution remains important: Centrus expects to complete its first new centrifuge in Oak Ridge by year-end 2026 and is increasing hiring guidance for its Piketon, Ohio operations. These milestones support long-term capacity growth but require substantial execution and investment. Centrus Energy Q2 2026 Earnings Call Transcript Negative Sentiment: Profitability concerns remain: GAAP net income fell to $16.8 million from $28.9 million despite the revenue increase, as higher administrative and technology costs compressed margins. LEU’s Q2 Earnings Beat, Revenues up Year over Year on Strong Uranium Sales Negative Sentiment: Analyst views are mixed: JPMorgan raised its price target modestly to $180 while maintaining a neutral rating, below the current trading level. Needham also trimmed its target to $262 but retained a buy rating, indicating continued disagreement over valuation and execution. About Centrus Energy (Free Report)
Centrus Energy Corp is a U.S.-based supplier of nuclear fuel and enrichment services, specializing in the production of low-enriched uranium (LEU) for commercial power reactors and highly enriched uranium for naval propulsion. Through its Centrus Global subsidiary, the company provides technical support, fuel fabrication services and recycled uranium products to utilities operating light-water reactors. Centrus also develops advanced centrifuge technologies aimed at improving enrichment efficiency and reducing the cost of nuclear fuel.
Originally founded as the United States Enrichment Corporation (USEC) in 1998 following a spin-out from the U.S.
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3 Nuclear Stocks for Investors Willing to Wait Out the DipCentrus Energy NYSE: LEU reported second-quarter 2026 revenue growth and expanded its commercial backlog as the company advanced plans to build U.S. uranium-enrichment capacity for low-enriched uranium, or LEU, and high-assay low-enriched uranium, or HALEU.
Revenue for the quarter ended June 30 rose 14% from a year earlier to $176.1 million. The company reported gross profit of $49.9 million, operating income of $10.4 million and net income of $16.8 million, or $0.77 per diluted share. Adjusted net income was $38.7 million, equivalent to $1.77 per diluted share.
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The Power Grid Is Dying—Is It Time to Buy Its Replacement?President and Chief Executive Officer Amir Vexler said the quarter benefited from demand growth across Centrus’ commercial LEU, national-security and HALEU markets. He said the company sees a growing imbalance between enrichment supply and demand, alongside continued increases in published LEU prices.
Backlog Reaches $4.5 Billion Centrus ended the quarter with a $4.5 billion backlog extending through 2040, including $3.7 billion in its LEU segment and $800 million in its Technical Solutions segment. The LEU backlog included $700 million of broker-dealer business and $3 billion in contingent LEU and HALEU enrichment sales.
3 Overlooked Nuclear Fuel Supply Chain WinnersChief Financial Officer Todd Tinelli said backlog growth was driven by an approximately $600 million increase in LEU and HALEU enrichment sales. Of the roughly $3 billion in enrichment backlog, $2.4 billion was under definitive agreements. The company said the backlog increase reflected commercial agreements and did not include Department of Energy awards.
Centrus said it has met all financial contingencies associated with its contingent LEU enrichment backlog, covering more than $3 billion in customer contracts. Vexler said this milestone reduces risk around the company’s multi-billion-dollar capacity expansion and could improve its position with utilities considering long-term enrichment supply arrangements.
Management said it expects the existing fleet of nuclear reactors to remain a core source of demand for LEU, while HALEU represents an incremental growth opportunity tied to advanced-reactor development. Vexler described HALEU as a potential source of near-term capital through customer prepayments.
DOE Award and HALEU Agreements Support Expansion During the quarter, Centrus signed a $900 million Department of Energy task order intended to support deployment of large-scale production capacity as part of its LEU and HALEU expansion. The company said the award provides non-dilutive, non-debt funding and represents a transition from its technology-demonstration work to a larger contract supporting commercial-scale production.
The company also said it completed all HALEU production requirements under its existing DOE demonstration contract two weeks ahead of schedule. Since beginning its HALEU Operations contract, Centrus has contractually produced nearly two metric tons of HALEU uranium hexafluoride for the government.
While new capacity from the expansion is expected to begin coming online in 2029, Centrus said it is working with the DOE on agreements that would allow it to operate the existing 16-centrifuge HALEU cascade commercially in the interim.
Separately, Centrus signed a letter of intent to supply HALEU to power up to five Oklo Aurora powerhouses for multiple years beginning in 2029. The company also announced a definitive HALEU off-take agreement with X-energy on the day of the earnings call. Management did not disclose delivery volumes, timing or commercial terms for the X-energy agreement.
Vexler said Centrus’ HALEU agreements generally include prepayments that will be further negotiated in future definitive agreements. He said the company intends to use such prepayments as another non-dilutive, non-debt source of expansion funding.
Segment Results and Spending The LEU segment generated $153.4 million in second-quarter revenue, up 22% from the prior-year period. Separative work unit, or SWU, revenue declined by $25.7 million as SWU volumes sold fell 23%, partly offset by a 3% increase in the average SWU price. Centrus also recorded $53.4 million in uranium sales during the quarter.
Technical Solutions revenue declined 21% to $22.7 million, primarily because of a $5.9 million decrease in revenue from the HALEU Operations contract.
Net income fell from $28.9 million a year earlier. Tinelli attributed the decrease primarily to a $12.8 million increase in selling, general and administrative expenses, including higher stock compensation, and a $7.5 million increase in advanced technology costs. Those factors were partly offset by an $8.3 million increase in investment net income.
Advanced technology costs included short-term, non-capitalized costs related to manufacturing readiness and security training for the company’s Piketon, Ohio, and Oak Ridge, Tennessee, expansion efforts. Tinelli said Centrus expects a certain level of these expenses to continue flowing through its income statement while preparations proceed.
Total capital spending was $82.2 million in the second quarter, including $71.6 million of capital expenditures and $10.6 million of non-capitalized advanced technology costs. Centrus expects spending to accelerate through the remainder of 2026. It finished the quarter with $1.9 billion of unrestricted cash and said it raised $53.9 million through its at-the-market equity program.
Guidance Maintained; Workforce Target Raised Centrus reaffirmed its 2026 guidance for total revenue of $450 million to $500 million and total capital spending of $350 million to $500 million. The company also continues to target finalized agreements with all suppliers it deems critical, release of a certified-for-construction package, and at least 100 net new employees at its Oak Ridge facility.
The company raised its Piketon hiring target to more than 175 net new employees in 2026, from a prior goal of more than 100. Centrus also expects to complete its first centrifuge at its Oak Ridge manufacturing facility during 2026.
Management said the Oak Ridge plant will manufacture centrifuges for shipment and installation at Piketon, where Centrus is preparing to begin enrichment operations. Vexler said the company’s target is to begin commercial production in 2029, while it continues to explore ways to compress timelines without providing a revised schedule.
Centrus plans to host its first investor day in December at its American Centrifuge plant in Piketon.
About Centrus Energy (NYSE:LEU)Centrus Energy Corp is a U.S.-based supplier of nuclear fuel and enrichment services, specializing in the production of low-enriched uranium (LEU) for commercial power reactors and highly enriched uranium for naval propulsion. Through its Centrus Global subsidiary, the company provides technical support, fuel fabrication services and recycled uranium products to utilities operating light-water reactors. Centrus also develops advanced centrifuge technologies aimed at improving enrichment efficiency and reducing the cost of nuclear fuel.
Originally founded as the United States Enrichment Corporation (USEC) in 1998 following a spin-out from the U.S.
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Key Takeaways LEU's backlog reached $4.5B through 2040, with $3.7B tied to its low-enriched uranium segment.LEU says the $900M DOE award provides nondilutive, non-debt funding for its enrichment expansion.LEU reaffirmed 2026 revenue guidance and targets production in 2029 while raising its Piketon hiring goal. Centrus Energy Corp. (LEU - Free Report) used its second-quarter 2026 earnings call to emphasize stronger commercial orders and funding progress around its multibillion-dollar uranium-enrichment expansion.
President and CEO Amir Vexler framed supply tightness as support for enrichment pricing, while Centrus kept most 2026 targets intact and raised its Piketon hiring goal.
LEU Sees Enrichment Demand TighteningVexler said demand remains strong across commercial low-enriched uranium, national security and high-assay low-enriched uranium, or HALEU, while long-term LEU pricing has continued to rise.
Vexler cited reactor restarts, power upgrades and new nuclear development as demand drivers, alongside government interest and Centrus’ NNSA work on national-security enrichment.
During Q&A, a JPMorgan analyst asked about customer behavior ahead of the Russian import ban. Vexler said buyer interest is strong amid growing demand and limited new supply in the next year or two.
Centrus Advances Funding and Capacity Build-OutVexler said the $900 million Department of Energy enrichment award provides nondilutive, non-debt funding for the expansion. Centrus also completed HALEU production requirements under its demonstration contract two weeks early.
Vexler said Centrus has produced nearly 2 metric tons of HALEU UF6 for the government. New capacity is expected in 2029, while Centrus works with DOE to operate the existing 16-centrifuge cascade commercially.
CFO Todd Tinelli said $1.9 billion in unrestricted cash is sufficient for near-term capital needs. Separately, DOE has communicated that it does not currently intend to exercise further options under the HALEU operations contract.
LEU Backlog Grows as HALEU Contracts MatureVexler said backlog reached $4.5 billion through 2040. The LEU segment accounted for $3.7 billion, including about $3 billion of contingent LEU and HALEU enrichment sales.
Tinelli said $2.4 billion of that enrichment backlog is under definitive agreements. In Q&A, Vexler clarified that the backlog increase came from commercial agreements and excluded the DOE award.
A William Blair analyst asked about the Oklo and X-energy HALEU agreements. Vexler said X-energy is definitive, Oklo is moving toward a definitive contract, and prepayments remain a source of nondilutive capital.
Centrus Holds 2026 Outlook, Raises HiringVexler reaffirmed 2026 revenue guidance of $450 million to $500 million and total capital spend of $350 million to $500 million. Centrus raised its Piketon hiring target to more than 175 net new employees.
Tinelli said second-quarter capital spend was $82.2 million, including $71.6 million of CapEx and $10.6 million of non-CapEx spending. He expects spending to accelerate through the year.
Revenues of $176.1 million topped the Zacks Consensus Estimate of $148.31 million. Earnings of $0.77 per share exceeded the consensus mark of $0.74.
LEU Q&A Sharpens the 2029 TimingA ROTH Capital analyst asked whether commercial production still starts around late 2029. Vexler said the goal is production in 2029, dropping the late qualifier without committing to acceleration.
An Evercore analyst pressed on spending. Tinelli said the project will continue to ramp but declined to provide 2027 guidance, tying the cadence to customer demand and preparations at Piketon.
A Truist analyst asked about utility contracting. Vexler said removal of financial contingencies lowers Centrus’ risk profile with utilities. Tinelli added that current RFP activity targets future delivery periods.
Centrus Keeps Execution at the CenterVexler said cost reduction and shorter lead times remain priorities as Centrus scales manufacturing. He cited work with Palantir, engineering and construction partners, and major suppliers to improve efficiency.
Vexler also tied faster hiring at Piketon to lead-time efforts. The first centrifuge from the Oak Ridge manufacturing operation is expected to be completed during 2026.
Vexler’s call emphasis remained on converting demand and funding into manufacturing progress, with the 2029 production goal serving as the central operating milestone.
Zacks Signals for LEU Remain CautiousLEU carries a Zacks Rank #3 (Hold). Under the Zacks framework, a #3 rank can support holding a stock, while the strongest combinations generally pair Zacks Rank #1 (Strong Buy) or #2 (Buy) stocks with Style Scores of A or B. You can see the complete list of today’s Zacks #1 Rank stocks here.
LEU has a Value Score of F, Growth Score of F, Momentum Score of D and a VGM Score of F, weak grades in the framework. The Zacks Rank can change as estimates are revised after the just-reported results.
Key Takeaways Centrus Energy's Q2 revenues rose 14% to $176.1 million, while earnings fell 51.6% to 77 cents.Higher uranium, administrative and technology costs cut gross margin to 28.3% and operating margin to 5.9%.Centrus Energy kept its $450-$500 million 2026 revenue outlook and ended Q2 with a $4.5 billion backlog. Centrus Energy (LEU - Free Report) reported second-quarter 2026 earnings of 77 cents per share, surpassing the Zacks Consensus Estimate of 74 cents by 4.05%. However, the figure declined 51.6% from $1.59 per share in the prior-year quarter. The year-over-year decline was primarily due to the higher cost of sales in the Low-Enriched Uranium segment and increased administrative and advanced technology expenses. These headwinds were partially offset by higher uranium revenues and investment income.
Adjusted earnings per share, which exclude growth costs and stock-based compensation, were $1.77 compared with $1.90 in the prior-year quarter.
Revenues rose 14% year over year to $176.1 million and surpassed the consensus mark of $146 million.
Centrus Energy’s Margins Contract on Higher CostsTotal cost of sales rose 25.4% to $126.2 million, resulting in a 7% year-over-year decline in gross profit to $49.9 million. Gross margin contracted to 28.3% from 34.9% in the prior-year quarter.
Advanced technology costs increased to $10.8 million from $3.3 million as Centrus Energy supported its uranium enrichment expansion. Selling, general and administrative expenses nearly doubled to $26.2 million, primarily reflecting higher stock-based compensation.
Operating income dropped to $10.4 million from $33.5 million, while operating margin narrowed to 5.9% from 21.7%.
Centrus Energy’s Segment Performance in Q2The Low-Enriched Uranium segment revenues increased 22% year over year to $153.4 million. Uranium revenues totaled $53.4 million in the reported quarter compared with no uranium revenues in the prior-year period. Separative work units (SWU) revenues declined 20% year over year to $100 million as sales volumes fell 23%, partly offset by a 3% increase in the average selling price.
Low-Enriched Uranium segment’s cost of sales rose 36% to $101.8 million, mainly due to higher uranium volumes. SWU costs decreased as a result of a 23% decline in the volume of SWU sold, partially offset by a 13% increase in the average unit cost of SWU sold.
Technical Solutions revenues declined 21% year over year to $22.7 million. The decrease primarily reflected a $5.9 million reduction in revenues generated from the DOE’s High-Assay, Low-Enriched Uranium (HALEU) operation contract, while the remaining change was related to other contracts.
Cost of sales for the segment was $24.4 million compared with $25.6 million in the year-ago quarter. The decrease was mainly due to a $1.9 million decline in costs incurred under the HALEU Operation Contract, while the remaining change was generally attributable to other contracts. The segment recorded a gross loss of $1.7 million against a gross profit of $3.2 million a year earlier.
Centrus Energy Advances U.S. Expansion PlansCentrus Energy signed a $900 million HALEU enrichment award with the DOE and selected Geiger Brothers as the construction contractor for its major enrichment expansion. The company also expects to complete its first new centrifuge in Oak Ridge, TN, by the end of 2026.
Centrus Energy’s Backlog & Capital Position as of Q226 EndCentrus Energy’s total backlog was $4.5 billion as of June 30, 2026, which extends through 2040. The Low-Enriched Uranium segment accounted for approximately $3.7 billion, including $3 billion of contingent LEU and High-Assay, Low-Enriched Uranium sales commitments. Of the contingent commitments, $2.4 billion was covered by definitive agreements. These contracts support the potential construction of new LEU and HALEU production capacity at the company’s Piketon, OH, facility.
Technical Solutions backlog totaled roughly $800 million. However, the proposed DOE budget for fiscal 2027 does not include additional funding for operation of the existing HALEU cascade, which represents most of Technical Solutions’ backlog. Separately, DOE has stated that it does not currently plan to exercise further options under the HALEU Operation Contract.
Cash and cash equivalents totaled $1.87 billion at quarter-end. Operating activities used $16.7 million during the first six months of 2026, while capital expenditures increased sharply to $94.8 million from $5.7 million a year earlier.
Centrus Energy Maintains 2026 Revenue OutlookCentrus Energy continues to expect 2026 revenues between $450 million and $500 million. Total capital deployment is projected in the range of $350-$500 million, reflecting increased investment in centrifuge manufacturing and the broader industrial buildout.
The company raised its Piketon hiring target to at least 175 net new employees from the prior goal of 100. It continues to expect at least 100 net new hires in Oak Ridge, completion of a Certified-for-Construction package and finalized contracts with all partners identified as critical to the expansion.
LEU Stock’s Price PerformanceThe company’s shares have lost 19.2% in the past year against the industry’s 71.7% growth.
Image Source: Zacks Investment Research
Centrus Energy’s Zacks RankLEU currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Quick Look at LEU’s Peer Performance in Q2Cameco Corporation (CCJ - Free Report) reported earnings per share of 13 cents, missing the Zacks Consensus Estimate of 26 cents per share. Earnings declined 75% year over year. Quarterly revenues came in at CAD 814 million ($588 million), topping expectations despite declining 7% year over year.
Uranium revenues were reported at CAD 659 million ($469 million), down 7% year over year. An 18% decline in sales volumes was offset by a 15% increase in the Canadian dollar average realized price to CAD 93.13 per pound due to the impact of market-priced contracts on its portfolio. The Fuel Services segment’s revenues were down 6% to CAD 152 million ($108 million) due to an 18% decrease in sales volume, offset by a 13% increase in realized price.
Uranium Stocks Awaiting ResultsUr-Energy Inc. (URG - Free Report) is scheduled to release second-quarter 2026 results on Aug. 10. The Zacks Consensus Estimate for Ur-Energy’s bottom line is pegged at a loss of four cents per share, in line with the year-ago quarter. The consensus estimate for Ur-Energy’s top line is pegged at $13.43 million, indicating 28.7% growth from the prior-year reported figure.
Uranium Energy Corp. (UEC - Free Report) is expected to release fourth-quarter fiscal 2026 results soon. The Zacks Consensus Estimate for Uranium Energy’s bottom line is pegged at a loss of four cents per share, an improvement from the loss of seven cents reported in the year-ago quarter. The consensus estimate for Uranium Energy’s revenues is pegged at $9 million.
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
Advances Commercialization for Domestic LEU and HALEU Enrichment
Contract includes X-energy prepayments to Centrus
Planned project to bring clean energy investment and jobs to Eastern Tennessee
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus"), a trusted supplier of nuclear fuel, services and technology, today announced a signed definitive contract for Centrus to provide X-energy with enrichment services for Low-Enriched Uranium ("LEU") and High-Assay, Low-Enriched Uranium ("HALEU") with quantities that are expected to support X-energy's initial Xe-100 small modular reactors and TRISO-X fuel deployments. Under the contract, X-energy will provide prepayments to Centrus to support its domestic commercial enrichment capacity program.
In support of the supply commitments under the contract, Centrus will produce LEU and HALEU from its American Centrifuge Plant in Pike County, Ohio. This agreement builds on Centrus' existing $3 billion contingent LEU and HALEU backlog, of which $2.4 billion is definitized.
The contract is another important step in strengthening the U.S. nuclear fuel supply chain required to support the growing demand for LEU and HALEU.
Including prepayments in HALEU offtake agreements continues Centrus' strategy of obtaining de-risked funding to strengthen its capital stack that includes the recent signing of its $900 million HALEU enrichment award with the Department of Energy. The company's build out of domestic commercial LEU and HALEU enrichment capacity is targeting the constrained global enriched uranium market. Centrus' build out is creating meaningful American jobs across the United States.
The announcement builds on the commercial momentum behind advanced nuclear deployment and reflects increasing demand from large energy users for reliable, carbon-free power. X-energy has previously announced commercial relationships with companies including Dow Inc., Amazon, and Centrica to support the deployment of advanced nuclear energy, underscoring the growing market opportunity for advanced small modular reactor projects.
"This is another significant agreement that validates Centrus as the go-to, de-risked supplier of HALEU to the global market," said Amir Vexler, President and Chief Executive Officer of Centrus. "Our work in Piketon and Oak Ridge is strengthening a U.S.-based nuclear fuel supply chain and is removing enrichment as a point of concern for the advanced reactor community. Agreements like these provide important non-dilutive, non-debt capital to support our build out and serves to advance commercial LEU and HALEU capacity expansion."
About Centrus: Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, under Part II, Item 1A - "Risk Factors" in our Quarterly report on Form 10-Q for the quarter ended June 30, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus:
Investors and Media Contract for Centrus:
Neal Nagarajan, [email protected]
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
Utilities are extending the lives of existing nuclear reactors. Big tech is exploring nuclear power to supply AI data centers, and Washington is investing billions to rebuild America's nuclear fuel supply chain.
Indeed, the nuclear energy industry is showing strength in 2026, and that puts Centrus Energy (LEU +10.20%) in an enviable position.
Centrus enriches uranium into nuclear fuel. It's also currently the only U.S. company licensed to produce high-assay low-enriched uranium (HALEU), the advanced fuel expected to power many of the next generation of small modular reactors. That advantage is showing up in the numbers.
Image source: Getty Images.
At the end of first-quarter 2026, Centrus boasted a record $3.9 billion backlog stretching through 2040. Roughly $3.1 billion of that comes from its low-enriched uranium business.
The company's balance sheet is solid, too. Centrus ended Q1 with approximately $1.8 billion in cash, cash equivalents, and restricted cash, while generating $76.7 million in revenue and $10 million in GAAP net income. Although quarterly earnings can fluctuate based on the timing of fuel deliveries and contract mix, the company continues to generate profits while investing heavily to expand its uranium enrichment capacity.
Today's Change
(
10.20
%) $
16.28
Current Price
$
175.97
Then there's the government support.
Earlier this year, the U.S. Department of Energy awarded Centrus a contract worth up to $900 million to help establish a domestic HALEU supply chain. That's not a trivial deal, as the United States has spent decades relying on Russian enrichment services. As geopolitical tensions have increased, securing a domestic source of nuclear fuel has become both an energy and national security priority.
Of course, this isn't a stock without risk. Most of the advanced reactors that will ultimately consume HALEU are still under development, meaning demand will build over time rather than overnight. Still, if nuclear power continues moving back into the mainstream, Centrus looks like a nuclear energy stock that should not be ignored.
Jeff Siegel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Key Takeaways LEU is projected to report lower Q2 revenues and earnings than the year-ago quarter on Aug. 5.Centrus Energy may see uranium sales support revenues, while weaker SWU volumes remain a headwind.LEU's profitability is expected to face pressure from higher operating, interest and technology costs. Centrus Energy (LEU - Free Report) is set to release its second-quarter 2026 results on Aug. 5, after market close.
The Zacks Consensus Estimate for Centrus Energy’s second-quarter revenues is pegged at $143.9 million, suggesting a year-over-year decline of 6.8%. Over the past 60 days, the earnings estimate for second-quarter 2026 has moved down 13.2% to 79 cents per share. The figure reflects a 50% decline from the year-ago quarter’s earnings of $1.59 per share.
Image Source: Zacks Investment Research
Centrus Energy’s Earnings Surprise HistoryOver the trailing four quarters, Centrus Energy’s earnings beat the Zacks Consensus Estimate twice and missed the same in the remaining two quarters. LEU has an average trailing four-quarter earnings surprise of 68.17%. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for LEUOur proven model does not conclusively predict an earnings beat for Centrus Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Centrus Energy is -6.90%.
Zacks Rank: LEU currently carries a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Centrus Energy’s Q2 PerformanceCentrus Energy’s total revenues were up 5% to $76.7 million in the first quarter of 2026. The Low-Enriched Uranium segment’s revenues were down 13% year over year to $44.6 million. This was mainly due to a 19% decline in separative work unit (SWU) revenues to $41.6 million, reflecting a 47% slump in volumes, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million to the segment’s revenues in the quarter.
For the second quarter of 2026, uranium prices are likely to have provided a tailwind. Uranium prices averaged roughly $85.18 per pound during the quarter, up 17% from the prior-year period. We expect Centrus Energy to have capitalized on this pricing environment by selling some uranium during the quarter. The Zacks Consensus Estimate for uranium revenues for the second quarter of 2026 is currently pegged at $25.7 million. The company had not made any uranium sales in the year-ago quarter.
However, SWU revenues are expected to have remained under pressure in the second quarter of 2026 due to lower volumes. The consensus estimate stands at $94 million for the quarter, indicating a 25% decline from the $125.7 million reported in the prior-year quarter.
Overall, the Low-Enriched Uranium segment’s revenues for the second quarter of 2026 are expected around $119.7 million, 5% lower than the $125.7 million in the second quarter of 2025, dragged down by lower SWU revenues.
The Technical Solutions segment generated revenues of $32.1 million in the first quarter of 2025, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy. Revenues from the Technical Solutions segment are projected at $26.84 million for the second quarter of 2026, suggesting a 7% dip from $28.8 million in the year-ago quarter.
Higher operating costs are expected to have weighed on second-quarter profitability. Cost of sales for the Low-Enriched Uranium segment is likely to have increased due to higher uranium volumes, partially offset by lower SWU volumes. Costs within the Technical Solutions segment are also expected to have risen, reflecting increased expenses under the HALEU Operation Contract and other ongoing projects.
The consensus estimate for the Low-Enriched Uranium segment’s gross profit is projected at $34.6 million, suggesting a 32% drop from the $50.7 million in the second quarter of 2025. Gross profit for the Technical Solutions segment is projected at $4.4 million, representing an 83% plunge from $25.6 million a year ago.
Additionally, higher selling, general and administrative expenses, increased interest expenses and elevated advanced technology costs related to the company's expansion initiatives are expected to have further pressured earnings during the quarter.
LEU’s Price PerformanceCentrus Energy shares have fallen 24.3% in a year compared with the industry’s 52.7% growth.
Image Source: Zacks Investment Research
How are Centrus Energy’s Peers Placed in Q2?Energy Fuels Inc. (UUUU - Free Report) is slated to announce second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for Energy Fuels’ earnings for the quarter has remained unchanged at a loss of five cents over the past 60 days. It indicates an improvement from the loss of 10 cents reported in the second quarter of 2025. Energy Fuels has a negative average earnings surprise of 46.28% over the trailing four quarters. Energy Fuels currently carries an Earnings ESP of 0.00% and a Zacks Rank of 2.
Cameco Corporation (CCJ - Free Report) is scheduled to report second-quarter 2026 results on July 31. The Zacks Consensus Estimate for Cameco’s second-quarter earnings per share has remained unchanged at 26 cents over the past 60 days. It suggests a 49% decline from the prior-year quarter. Cameco has an average earnings surprise of 2.01% over the trailing four quarters. Cameco currently carries an Earnings ESP of 0.00% and a Zacks Rank of 3.
A Stock to ConsiderHere is one Basic Materials stock, which according to our model, has the right combination of elements to post an earnings beat in its upcoming release.
Ternium (TX - Free Report) , scheduled to release second-quarter 2026 earnings on Aug. 4, has an Earnings ESP of +21.40% and a Zacks Rank of 1 at present.
The Zacks Consensus Estimate for earnings for Ternium for the second quarter of 2026 is pegged at $1.29 per share, suggesting an 0.8% year-over-year increase. TX has a trailing four-quarter average earnings surprise of 3.51%.
Key Takeaways Centrus Energy offers operating revenues, fuel services and a $3.9B backlog extending through 2040.LEU's 2026 revenue guidance rose to $450-$500M, while a $900M DOE award could support expansion.LEU trades at 7.09X forward sales versus SMR's 26.83X and remains profitable through 2027. Nuclear power is moving back into the investment spotlight as electricity demand rises, grids face reliability pressure and governments push for more domestic energy security. NuScale Power (SMR - Free Report) and Centrus Energy (LEU - Free Report) offer very different ways to gain exposure. NuScale is trying to commercialize small modular reactors, while Centrus supplies enriched uranium and related nuclear-fuel services. The key question is which business has clearer near-term support.
The Case for SMR StockNuScale’s main strength is its regulatory lead. Its 50-megawatt and 77-megawatt reactor designs have received U.S. Nuclear Regulatory Commission approvals, giving customers a more defined licensing path than many competing advanced-reactor concepts. The modules use commercially available low-enriched uranium, rely on passive safety features and can be factory-built for phased deployment. NuScale also promotes behind-the-meter power for data centers and industrial sites, which could reduce dependence on crowded transmission systems.
ENTRA1 Energy, NuScale’s exclusive commercialization partner, is working with the Tennessee Valley Authority on a potential program of up to 6 gigawatts. Romania’s RoPower project has also moved forward, with its next pre-construction engineering phase expected to last about 15 months once financing is secured. Partnerships with Framatome and Doosan Enerbility improve fuel and manufacturing readiness, while liquidity of roughly $1 billion at the end of March provides room to keep preparing for deployment.
Yet the gap between technical readiness and commercial success remains wide. First-quarter revenues were only about $0.6 million, and reactor sales have not yet produced a steady revenue base. Major projects still depend on financing, firm customer commitments, permits and long construction schedules. NuScale has also used its at-the-market program, showing that dilution can remain part of the funding picture. The stock therefore rests heavily on future contracts rather than current operating strength.
The Case for LEU StockCentrus has a more established business because it already sells low-enriched uranium and provides technical services. It is also the only U.S. company with proven, licensed technology for producing high-assay low-enriched uranium, or HALEU, outside Russia, placing it in a key part of the Western nuclear supply chain. That position matters as utilities seek alternatives to Russian enrichment and reactor developers look for secure domestic fuel.
Its backlog offers much better visibility than NuScale’s project pipeline. Centrus ended the first quarter with $3.9 billion of backlog extending through 2040, including $2.4 billion of contingent LEU enrichment commitments under definitive agreements. Management also raised its 2026 revenue guidance to $450-$500 million. A $900 million Department of Energy HALEU award, still subject to final negotiations, could further support its expansion.
Centrus is investing heavily in its Piketon and Oak Ridge buildout, with planned 2026 capital deployment of $350-$500 million. Partnerships with Fluor and Palantir are intended to shorten lead times and control costs, and management has identified about $300 million in potential savings. Still, expansion execution, government funding, customer concentration and uranium-market swings remain real risks. Earnings can vary sharply because delivery volumes and contract mix are uneven. Even so, Centrus already generates meaningful revenues, holds a large cash balance and operates in a supply-constrained market.
Price PerformanceThe market has punished both stocks, but not equally. LEU is down 28.2% year to date, while SMR has fallen 38.8%. The sharper decline reflects greater concern around NuScale’s commercialization timing, revenue visibility and funding needs. Centrus has also faced volatility, yet its existing operations and backlog give investors more evidence to value.
Image Source: Zacks Investment Research
ValuationFrom a valuation standpoint, Centrus Energy appears considerably cheaper. Based on the forward price-to-sales ratio, SMR is trading at 26.83X, while LEU trades at 7.09X. Such a wide valuation gap suggests that investors are assigning a much larger premium to NuScale's future commercialization potential despite its limited current revenues. Centrus, on the other hand, offers a more established operating business, meaningful backlog and stronger revenue visibility at a significantly lower valuation multiple, making LEU look more attractive on this metric.
Image Source: Zacks Investment Research
Earnings EstimatesThe earnings outlook presents a mixed picture. The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is $2.70 per share, indicating a 30.8% decline from 2025. However, the estimate rises to $2.80 per share in 2027, representing a modest 3.5% improvement from 2026 and suggesting that earnings may begin stabilizing after the expected decline.
Image Source: Zacks Investment Research
For NuScale, the consensus estimate calls for a loss of 46 cents per share in 2026, marking a 78.8% improvement from 2025. Yet the projected loss widens to 83 cents per share in 2027, reflecting a 79.3% deterioration from 2026.
Image Source: Zacks Investment Research
Thus, while NuScale is expected to reduce losses sharply in 2026, the renewed decline projected for 2027 weakens its earnings visibility. LEU remains profitable across both years, giving it the stronger overall earnings profile.
ConclusionBoth companies could benefit from the nuclear revival, but they offer different risk profiles. NuScale Power has valuable technology and a large long-term opportunity, yet investors are still waiting for binding orders and dependable revenues. Centrus Energy combines strategic fuel exposure with operating income, backlog and government support. LEU carries a Zacks Rank #3 (Hold) and is therefore better placed than SMR, with a Zacks Rank #4 (Sell), at the moment.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) will broadcast its quarterly conference call with shareholders and the financial community over the Internet on Thursday, August 6, 2026, at 8:30 a.m. ET. The Company will release its second quarter earnings report for 2026, which ended June 30, 2026, after the close of markets on Wednesday, August 5, 2026.
The conference call will be open to listeners who log in through the Company's website, CentrusEnergy.com. A link to the call will be located in the Investor Relations section of the website, and a webcast replay will be available through August 19, 2026.
About Centrus Energy
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at CentrusEnergy.com.
Contact:
Investors and Media: Neal Nagarajan [email protected]
Nuclear power is the largest source of carbon-free electricity in the United States, providing 47% of the nation's zero-emissions power and more than wind and solar combined in 2023.
Not only is nuclear power cleaner-burning, but it also provides stable baseload power, enabling power plants to run 24/7 and making the power grid more reliable and better able to handle fluctuations in energy demand throughout the day. With these attributes, it's no wonder more countries are supporting the Declaration to Triple Nuclear Energy capacity by 2050.
As the use of artificial intelligence (AI) booms and data centers grow, more companies are turning to nuclear power to meet their long-term power needs. With that in mind, here are two nuclear energy stocks that I think are excellent stocks to buy and hold for the next five years -- and beyond.
Image source: Getty Images.
Cameco is one of the world's largest uranium producers Cameco (CCJ 1.99%) owns controlling stakes in the McArthur River and Cigar Lake mines in Canada's Athabasca Basin. These are among the highest-grade mines in the world, supported by a network of roads and electricity and by fully permitted and licensed mills. They yield ore with a high uranium concentration, resulting in lower operating costs and a robust competitive advantage.
Over the next five years, Cameco has committed to delivering an average of 28 million pounds of uranium annually, enabling it to optimize inventory and prevent excess supply from flooding the market. In March, Cameco signed a massive $2.6 billion agreement with India's Department of Atomic Energy to supply 22 million pounds of uranium ore concentrate through 2035.
Today's Change
(
-1.99
%) $
-1.74
Current Price
$
85.62
In addition to supplying uranium, Cameco benefits from the build-out of nuclear energy infrastructure. That's because it has a 49% ownership stake in Westinghouse, with Brookfield Asset Management (BAM 2.50%) controlling the remaining 51%.
In June, the U.S. Department of Energy (DOE) conditionally committed $17.5 billion in loan facilities to support U.S. nuclear reactors. This funding will help finance equipment for the construction of at least 10 Westinghouse AP1000 reactors, giving Cameco upside from both construction and fuel supply for these new facilities.
Cameco has a distinct advantage with its high-grade mines in North America and its stake in Westinghouse, which should provide long-term upside for the company. This year, the stock has experienced significant volatility as investors digest the news around the nuclear energy build-out. But with Cameco down 36% from its 52-week high, I think now is an excellent time to buy the stock.
Centrus Energy domestically produces key fuels for nuclear energy Another nuclear energy stock that has undergone significant volatility in recent months is Centrus Energy (LEU +6.11%). While the stock has declined a whopping 66% from its 52-week high, the company is well positioned for the future of nuclear energy. That's because Centrus provides low-enriched uranium (LEU), the fuel used to power modern nuclear reactors.
Today's Change
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Right now, Centrus sources nuclear fuel from global suppliers, including the Russian entity TENEX. However, it is actively expanding its domestic production. That's because in 2024, following Russia's invasion of Ukraine, Congress passed the Prohibiting Russian Uranium Imports Act, banning the import of unirradiated LEU produced in Russia. To prevent reactor shutdowns, the Department of Energy (DOE) issued waivers through Jan. 1, 2028, if no viable alternatives exist.
Centrus has a waiver that allows it to import this LEU through 2027, but it is taking steps to become a domestic producer of this key fuel. To do so, the company is expanding its Piketon, Ohio, facility to produce both LEU and high-assay low-enriched uranium (HALEU), the next-generation fuel used in advanced reactors developed by companies such as Oklo and Nano Nuclear Energy.
On July 1, Centrus finalized a $900 million task order with the U.S. Department of Energy (DOE) to support nuclear fuel production and expand its Ohio facility. This is an important milestone as the company pivots from demonstrating its ability to produce HALEU to large-scale commercial production.
Investors must keep in mind that Centrus is going through a capital-intensive phase as it expands its facility, which is expected to come online in 2029 and continue expanding through the 2030s. In the meantime, it will produce HALEU in smaller quantities for private commercial customers as it expands.
Centrus Energy should benefit from strong tailwinds for LEU and HALEU fuel as nuclear energy capacity expands, making it another solid nuclear energy stock to buy and hold for the long haul.
General Fusion completes its combination with Spring Valley Acquisition Corp. III, clearing the path to a Nasdaq debut as the first publicly listed fusion company
Issued on behalf of General Fusion Inc.
, /PRNewswire/ -- USA News Group News Commentary — For more than two decades, fusion energy has lived almost entirely in the private markets, funded by venture syndicates, corporate strategic investors, and a handful of high-profile backers. That is beginning to change. Built for Our World frames the company's vision for that shift. General Fusion Group Ltd. (NASDAQ: GFUZ) has completed its previously announced business combination with Spring Valley Acquisition Corp. III (NASDAQ: SVAC), a transaction that clears the way for the company to enter the public markets as, by its own account, the first publicly listed fusion company[1].
General Fusion is entering the public markets with approximately US$150 million in cash, inclusive of net transaction proceeds from the private placement and trust capital. This capital is expected to fund General Fusion's Lawson program through several key technical milestones, which the Company aims to complete in 2028, with the goal of demonstrating and de-risking its Magnetized Target Fusion ("MTF") technology in a commercially relevant way. Key Takeaways
General Fusion has closed its business combination with Spring Valley Acquisition Corp. III, with common stock and warrants expected to trade on the Nasdaq under the symbols GFUZ and GFUZW. The company enters the public markets with the funding required to advance the next phase of its Magnetized Target Fusion (MTF) program, anchored by its Lawson Machine 26 (LM26) demonstration machine in Vancouver. The listing arrives as electricity demand accelerates and public-market interest in advanced energy names broadens well beyond traditional utilities. The mechanics of the deal are straightforward for anyone who has followed the recent wave of energy-sector public listings. General Fusion Inc. has combined with Spring Valley, a special purpose acquisition company, to form General Fusion Group Ltd. The company has said it is entering the public markets with cash, including from a private investment in public equity (PIPE) and trust capital, and is expected to fund its Lawson program through the PIPE capital as it advances its fusion energy technology[1].
What makes the story unusual is not the structure but the subject. Fusion has long been described as perpetually twenty years away. This is General Fusion traces the two-decade operating history behind the company. General Fusion is attempting to compress that timeline with a practical engineering approach it calls MTF. Rather than relying on the superconducting magnets or high-powered lasers that define other approaches, MTF mechanically compresses plasma using a liquid metal liner, an approach the company argues is better suited to a real-world power plant built from existing materials.
At the center of that effort is LM26, which the company describes as the first MTF demonstration machine built at a commercially relevant scale. According to General Fusion, LM26 mechanically compresses plasma with a lithium liner at 50 percent of commercial-scale diameter based on current design parameters, and is designed to pursue a sequence of technical milestones: plasma heating to 1 keV, then to 10 keV, and ultimately the Lawson criterion, the combination of conditions required to produce net fusion energy in the plasma[1].
A Small But Widening Field of Public Energy-Transition Names
General Fusion is stepping into a public market that has grown noticeably more receptive to pre-commercial, capital-intensive energy developers. A cluster of advanced nuclear and fuel-cycle companies has become the reference set investors use to think about long-duration, policy-supported energy bets. These companies pursue different technologies and sit at different stages, but they share a common thread with General Fusion: large addressable markets, long commercialization timelines, and valuations that hinge on execution against technical milestones.
Oklo Inc. (NYSE: OKLO) has become one of the most visible advanced-fission names, developing compact fast-reactor designs and working through the U.S. Nuclear Regulatory Commission (NRC) licensing process. NuScale Power (NYSE: SMR) holds an early lead in small modular reactors as the developer of an NRC-certified design. Centrus Energy (NYSE American: LEU) sits on the fuel side of the equation, supplying enriched uranium as domestic fuel security becomes a strategic priority. Bloom Energy (NYSE: BE), a maker of solid oxide fuel-cell power systems, has become one of the market's clearest plays on surging data-center electricity demand, showing how quickly investor appetite for on-site, always-on power has broadened beyond traditional utilities[2].
None of these companies is a fusion pure-play, and General Fusion is quick to note that its own path remains subject to significant technical and commercial risk. But together, they sketch the contours of a public market that is increasingly willing to underwrite the long, uncertain road from laboratory results to grid-scale power.
Why the Timing Matters
The listing lands at a moment when electricity demand is climbing and nations are competing to commercialize next-generation power. General Fusion frames its MTF approach as designed from the outset for practicality: avoiding exotic components, enabling durable machines built from commonly available materials, and integrating with existing power-plant infrastructure. Whether that vision translates into commercial fusion remains an open question, and the company has been candid that meaningful milestones, including the Lawson criterion, still lie ahead.
For public-market investors, the completion of the business combination changes the nature of the question. Fusion is no longer purely a private-market story accessible only to venture syndicates and strategic backers. With General Fusion set to trade under the ticker symbol "GFUZ", the sector now has a public pure-play reference point, and the market will judge its progress in real time, milestone by milestone. The Path to Commercialization lays out how the company plans to get from demonstration to deployment.
Sources
[1] General Fusion Group Ltd. - Completion of Business Combination with Spring Valley Acquisition Corp. III and General Fusion Inc. (company primary release), syndicated via GlobeNewswire
[2] Best Fusion Energy Stocks and the advanced-nuclear reference set (comparative market context)
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Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.
This article is being distributed by USA News Group on behalf of Market Equities Limited ("Market Equities"). Market Equities has been paid a fee by Creative Direct Marketing Group ("CDMG") for General Fusion advertising and digital media services. CDMG has been retained by General Fusion, pursuant to a services agreement, to provide various marketing and advertising services for an aggregate fee. This article was prepared and published pursuant to that services agreement. Market Equities does not currently own any shares of General Fusion Group Ltd. but reserves the right to buy or sell, and may buy or sell, shares of General Fusion Group Ltd. at any time commencing immediately and on an ongoing basis, without further notice.
This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because a conflict of interest exists due to the compensation described above, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect to receive further compensation as part of an ongoing digital media effort to increase visibility for the company, and no further notice will be given, but let this disclaimer serve as notice that all material disseminated by Market Equities has been reviewed and approved for distribution on behalf of General Fusion Group Ltd. by CDMG; this is a paid advertisement.
Forward-Looking Statements. This publication may contain forward-looking statements within the meaning of applicable securities laws, including statements regarding expected technical milestones, commercialization timelines, business plans, and future performance. Forward-looking statements can often be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," or the negative of such terms, or other comparable terminology. These statements are based on current expectations, estimates, and projections and involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such factors include, but are limited to, risks related to the development and commercialization of fusion technology, the ability to achieve technical milestones, regulatory approvals, market acceptance, competition, and general economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. Neither the company nor any other party undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers should conduct their own due diligence before making any investment decisions.
This disclaimer, together with your access to and use of this content, shall be governed by and construed in accordance with the laws of Ireland.
Cautionary Note Regarding the Business Combination: This article references a business combination among General Fusion Group Ltd. (as of July 13, 2026:NASDAQ: GFUZ), Spring Valley Acquisition Corp. III (NASDAQ: SVAC), and General Fusion Inc. Investors should review General Fusion's and Spring Valley's filings with the U.S. Securities and Exchange Commission, including the Current Report on Form 8-K and related materials available at www.sec.gov, for complete information regarding the transaction, associated risks, and the resulting company's securities.
Contact General Fusion Investor Relations: [email protected]North America toll-free voicemail: +1 (833) 717-1519 | Outside North America: +1 (236) 253-6968General Fusion Media Relations: [email protected] | 1-866-904-0995
Centrus Energy Corp (LEU) has signed a definitive contract with the U.S. Department of Energy (DOE), a notable update for the entire nuclear industry. Originally selected earlier this year for a $900 million award, the final contract value has expanded to over $1 billion.
Key Takeaways Centrus Energy Corp finalized a DOE contract valued at over $1 billion to scale up domestic commercial manufacturing of critical high-assay low-enriched uranium (HALEU). The operational expansion directly supports a recent commercial letter of intent (LOI) signed with Oklo Inc to fuel advanced reactor deployments in Ohio. Advisors can access both Centrus Energy and Oklo via the Range Nuclear Renaissance Index ETF (NUKZ), which captures the broader nuclear fuel and reactor ecosystem. This major funding is designed to transition the company’s HALEU production cascade in Piketon, Ohio, into full-scale commercial operations. For investors monitoring the space, this development highlights the significant public-private capital deployment driving next-generation nuclear infrastructure.
Expanding the Advanced Nuclear Fuel Supply Chain Securing a domestic supply of HALEU remains a bottleneck for the deployment of advanced nuclear reactors in the U.S. The DOE’s commitment derisks the capital expenditure required for Centrus to scale its deployment. Furthermore, this contract allows the company to ramp up production to meet commercial demand.
This infrastructure upgrade directly builds upon recent private sector commercial commitments. Just weeks prior to this contract signing, Centrus finalized a LOI with Oklo Inc. (OKLO). Under the agreement, Centrus will provide enrichment services to supply the necessary fuel for Oklo’s flagship Aurora Powerhouse project slated for southern Ohio.
Playing the Advanced Nuclear Fuel Supply Chain via NUKZ For advisors looking to capture this investment opportunity, an index-based solution like the Range Nuclear Renaissance Index ETF (NUKZ) provides balanced exposure to the entire nuclear value chain.
Both Centrus and Oklo are holdings in NUKZ, allowing advisors to capture both fuel production and reactor deployment. As utilities seek reliable, emissions-free baseload power to meet rising data center electricity demands, the nuclear fuel chain represents a resilient thematic allocation.
Looking for nuclear insights in your inbox? Subscribe here to keep a pulse on nuclear investing through our weekly research.
For more news, information, and analysis, visit the Nuclear Energy Content Hub.
vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for NUKZ, for which it receives an index licensing fee. However, NUKZ is not issued, sponsored, endorsed, or sold by VettaFi. VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of NUKZ.
Inclusion reflects Centrus' growing role in advancing U.S. energy security by strengthening America's nuclear fuel supply chain
, /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU), a trusted American supplier of nuclear fuel and services, today announced that the company is set to join the S&P SmallCap 600 Index, effective prior to the opening of trading on Tuesday, July 14, 2026.
The company's inclusion in the S&P SmallCap 600 marks an important milestone for Centrus as it works to restore America's domestic uranium enrichment capabilities, strengthen the U.S. nuclear fuel supply chain, and support the nation's long-term energy security and energy independence.
"Centrus is proud to play a leading role in rebuilding our nation's domestic nuclear fuel infrastructure at a time when reliable, affordable and secure sources of American energy are more important than ever," said Amir Vexler, President and CEO of Centrus. "Our invitation into the S&P SmallCap 600 reflects the progress our team has made and the expanding role that Centrus will play in fueling the future of nuclear energy here at home and around the world."
Late last year, Centrus launched domestic centrifuge manufacturing to support a major expansion of its uranium enrichment plant in Piketon, Ohio, which is expected to create thousands of jobs across the United States. The expansion will help meet to meet the growing need for commercial Low-Enriched Uranium (LEU) for the existing fleet of nuclear reactors; commercial High-Assay, Low-Enriched Uranium (HALEU), an advanced nuclear fuel needed by many next-generation reactor designs; as well as enriched uranium needed for national security missions. The anticipated multi-billion-dollar scope would make the expansion one of the largest nuclear infrastructure construction projects underway in the United States today.
Last week, Centrus announced that it has signed a contract to finalize the terms of the competitively-awarded, $900 million task order it received earlier this year from the U.S. Department of Energy.
The S&P SmallCap 600 is designed to measure the small-cap segment of the U.S. equity market. Inclusion in the index follows S&P Dow Jones Indices' announcement that Centrus will replace Whitestone REIT in the index.
About Centrus Energy
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties.
Particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers,; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU, the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive then we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Contacts:
Media -- Dan Leistikow
[email protected]
Investors -- Neal Nagarajan
[email protected]
On July 06, 2026, Centrus Energy Corp (LEU) shares rose 7.5% today, bringing the current price to $174.23. Over the last 52 weeks, the stock has traded as high
Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P SmallCap 600:
Midera Food Processing Inc. (NASD: MFP) will replace Redwood Trust Inc. (NYSE: RWT) effective prior to the opening of trading on Wednesday, July 8. S&P MidCap 400 constituent The Middleby Corp. (NASD: MIDD) is spinning off Midera Food Processing in a transaction that is expected to close July 7. Redwood Trust is no longer representative of the small cap market space. Centrus Energy Corp. (NYSE: LEU) will replace Whitestone REIT (NYSE: WSR) effective prior to the opening of trading on Tuesday, July 14. S&P 500 constituent Ares Management Corp. (NYSE: ARES) is acquiring Whitestone REIT in a deal expected to close on or about that date, pending final closing conditions. Following is a summary of the changes that will take place prior to the open of trading on the effective date:
Effective Date
Index Name
Action
Company Name
Ticker
GICS Sector
July 8, 2026
S&P SmallCap 600
Addition
Midera Food Processing
MFP
Industrials
July 8, 2026
S&P SmallCap 600
Deletion
Redwood Trust Inc
RWT
Financials
July 14, 2026
S&P SmallCap 600
Addition
Centrus Energy
LEU
Energy
July 14, 2026
S&P SmallCap 600
Deletion
Whitestone REIT
WSR
Real Estate
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Total Enrichment Contract Valued at over $1 Billion, Including All Options
Completes Production of Additional 900 Kilograms of HALEU UF6 Ahead of Schedule
Prior Contract Extended for Three Months Ahead of Transition
, /PRNewswire/ -- Centrus Energy (NYSE: LEU) today announced that it has signed a contract to finalize the terms of the competitively-awarded, $900 million task order it received from the U.S. Department of Energy earlier this year. The award will support deployment of large-scale production capacity for High-Assay, Low-Enriched Uranium (HALEU) as part of Centrus' multi-billion-dollar capacity expansion that will include Low-Enriched Uranium (LEU) as well as HALEU.
"Today's announcement marks another milestone in our expansion, as we pivot from a technology demonstration contract to the new, larger contract aimed at commercial scale production," said Centrus President and CEO Amir Vexler. "The government's investment from this contract will be matched several times over with billions of dollars in capital, including other non-dilutive, non-debt funding as well as customer contracts to restore America's ability to enrich uranium at a large scale."
Transitioning from Demonstration to Commercialization
Centrus won a contract in 2019 to build a cascade of advanced centrifuges in Piketon to demonstrate HALEU production with U.S. technology. That demonstration contract was modified and extended in 2022 to allow for a longer period of HALEU production, and was previously extended through June 30, 2026. While Centrus and the Department have signed a three-month, $15 million extension for HALEU storage, Centrus has now completed all HALEU production called for under the existing demonstration contract. Production of the final 900 kilograms of HALEU UF6 required under that contract was completed in mid-June, two weeks ahead of schedule, with a cumulative total of more than 1,900 kilograms produced over the life of the contract.
With its large-scale expansion underway, Centrus is transitioning from the old demonstration contract to commercialization with the newer, larger enrichment contract. The first new capacity is expected to come online by 2029. In the interim, Centrus intends to privately operate the existing HALEU cascade on a commercial basis to begin supplying the near-term needs of its customers. Centrus is working with the Department on agreements to enable that transition, including a long-term lease extension for the American Centrifuge Plant in Piketon, Ohio.
The new, fixed-price HALEU Enrichment contract calls for Centrus to deploy commercial-scale HALEU production capacity in Piketon. It also includes options, at the Department's discretion, for up to $170 million in HALEU purchases for Departmental missions, the total contract value with all options included is $1.07 billion.
Modular Enrichment Capacity Build-Out
As previously disclosed, Centrus' modular enrichment capacity build out will based on customer demand and capital resources.
The initial build-out will include 12 metric tons of annual HALEU production capacity as well as capacity to meet Centrus existing LEU backlog of $2.4 billion. Subject to customer demand, Centrus can continue expanding production of HALEU and LEU to meet market requirements. Importantly, Centrus' expects the initial build-out to allow it to achieve nth-of-a-kind centrifuge manufacturing costs.
Centrus' multi-billion-dollar expansion project is expected to support thousands of American jobs, including:
1,000 construction jobs and 300 new operating jobs in Ohio, while retaining 150 existing jobs at the Piketon plant. 430 jobs at Centrus' centrifuge manufacturing plant in Oak Ridge, Tennessee, and hundreds of additional jobs across Centrus' nationwide network of suppliers. Thousands of indirect jobs in Ohio, Tennessee and across the country. The expansion is underpinned by public and private funding along with commercial contracts, a framework that includes: national security missions, third party investments such as prepayment, direct foreign investment, LEU and HALEU commercial contracts, and Centrus' strong capital position.
About Centrus Energy
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements:
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties.
Particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers, including the Department as it pertains to the potential agreements discussed herein; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU; the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive then we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus Energy (LEU +2.35%) has been around for decades but began attracting more investor attention in 2019, when it started contracting with the U.S. Department of Energy to enrich uranium and supply high-assay, low-enriched uranium (HALEU) for next-generation reactors. In 2025, that attention elevated further, along with the nuclear industry more broadly, as HALEU was seen as a way to help meet the growing energy needs of data centers across the country. Centrus' share prices spiked from $54 in April 2025 to an all-time high of $464.25 by October 2025. The nuclear stock was riding high at that time on news that it had contracted with the National Nuclear Security Administration to develop low-enrichment uranium for government use.
But since hitting that all-time high, Centrus' stock is trading down about 63%. The reasons for the drop include a mixed first-quarter earnings report, fluctuating spot uranium prices, and concerns about production once a ban on Russian LEU imports takes effect in 2028.
The big price drop has created a potential buy-the-dip situation for investors willing to think long-term about Centrus. Here are three reasons to like the stock's long-term potential.
Image source: Getty Images.
1. Centrus has an effective HALEU monopoly in the U.S. Centrus is the only U.S.-licensed producer of HALEU. That's a huge moat, especially as demand for advanced reactor fuel is expected to grow at a compound annual growth rate of 10.8% through 2033, according to a report by DataIntelo. Centrus management estimates the HALEU market opportunity could reach $8 billion annually by 2035.
The growth of the HALEU market is driven primarily by the shift toward advanced nuclear technologies, including Small Modular Reactors (SMRs) and Generation IV designs. Unlike traditional reactors, these next-generation plants rely on HALEU's higher enrichment levels to achieve longer operational cycles, better fuel efficiency, and enhanced safety.
As governments and private industries push to decarbonize the power grid and meet net-zero goals by 2050, HALEU has become essential for deploying compact, flexible, and reliable energy systems of the future.
Today's Change
(
2.35
%) $
3.76
Current Price
$
164.01
2. Centrus' Q1 was mixed, but it was still a solid quarter Centrus reported its first-quarter earnings on May 5, with earnings per share (EPS) coming in at $0.45, down from the $1.60 EPS it reported the prior year and missing estimates. However, it posted a non-GAAP adjusted EPS of $1.05, crushing Wall Street analyst consensus estimates of $0.33. GAAP earnings were down due to heavy spending on plant expansion, management said.
Revenue for the quarter rose 4.9% year over year, to $76.7 million. Strong demand and solid contract execution prompted management to revise its full-year revenue guidance upward to $450 million to $500 million, up from a previous forecast of $425 million to $475 million.
Centrus has a $3.9 billion long-term order backlog that extends through 2040, providing clarity on the company's future revenue.
3. Don't bet against the government Centrus is not just another utility or mining outfit. It holds a vital, strategic position in Western energy infrastructure. Following aggressive Western pushes to completely decouple from Russian enriched uranium (the import ban goes into effect in 2028), the U.S. government has designated the domestic fuel supply a matter of urgent national security.
Centrus operates under a massive financial cushion, anchored by a multi-phase Department of Energy HALEU contract worth up to $900 million. This effectively de-risks its capital-heavy centrifuge manufacturing build-out with federal taxpayer dollars.
Why the disconnect? The steep year-to-date drop in the stock price largely stems from broader macroeconomic energy shifts, near-term project execution jitters, some investor profit taking, and a highly premium valuation multiple heading into the year. However, the fundamental business performance remains exceptionally strong, making it a prominent good-earnings-down-stock story in the nuclear sector.
The company's huge backlog is growing. On June 19, the company signed an agreement with nuclear power plant builder Oklo to supply enough HALEU to power up to five of Oklo's Aurora powerhouses in Southern Ohio for multiple years, with deliveries to Oklo scheduled to begin in 2029.
, /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) (the "Company") announced today that after obtaining the approval of stockholders at its 2026 annual meeting, held on June 18, 2026, it had entered into the seventh amendment to the Company's Section 382 Rights Agreement (the "Rights Plan") designed to preserve the Company's substantial tax assets associated with net operating loss carryforwards ("NOLs") under Section 382 of the Internal Revenue Code ("Section 382"). The seventh amendment extends the Rights Plan through June 30, 2029. The Rights Plan is similar to plans adopted by other public companies with significant NOLs.
Pursuant to U.S. federal income tax rules, the Company's use of certain tax assets could be substantially limited if the Company experiences an "ownership change" (as defined in Section 382). In general, an ownership change occurs if the ownership of the Company's stock by "5 percent stockholders" increases by more than 50 percent over the lowest percentage owned by such stockholders at any time during the prior three years on a rolling basis.
For additional details regarding the amendment to the Rights Plan, please see the Company's forthcoming Current Report on Form 8-K and amendment to Registration Statement on Form 8-A to be filed with the Securities and Exchange Commission.
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.
The stock of Centrus Energy Group (LEU 2.04%) didn't exactly go nuclear on Thursday, but investor enthusiasm over a new deal boosted its price. The nuclear fuel and enrichment services company's shares raced more than 12% higher on the news in that trading session.
A powerful piece of news In a joint press release published that morning, Centrus and small modular reactor (SMR) company Oklo announced they had signed a letter of intent for a set of projects in Ohio.
Image source: Getty Images.
Under the terms of the document, Centrus will supply sufficient high-assay low-enriched uranium (HALEU) for up to five of Oklo's Aurora powerhouses in the state. The letter of intent covers multiple years, the two companies wrote without being more specific. Deliveries are to start in 2029, they said.
The Ohio assets are being built by Oklo in partnership with social media company Meta Platforms to power its artificial intelligence (AI)-capable data centers.
Centrus and Oklo added that their pact "brings together domestic fuel supply, planned advanced nuclear power generation, customer demand, and project execution" for the latter company's operations.
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High on the coming supply On top of that, per Centrus and Oklo, the arrangement comes "at a time when access to domestically sourced HALEU remains one of the central constraints facing the advanced nuclear sector."
This is an important point, and a key reason why investors were understandably bullish on Centrus stock after the news hit the headlines.
The great bulk of the company's revenue derives from fuel supplies, so the more it can lock in with long commitments, the better. The current U.S. nuclear power revival seems to be picking up energy -- forgive the corny wordplay -- and Centrus should be one of the top beneficiaries of this. I'd be positive on the company's future too.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.
Centrus Energy (LEU) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock suggests that there could be more strength down the road.
Key Takeaways Oklo signed an LOI with Centrus to secure HALEU fuel for up to five Aurora reactors from 2029.The deal supports Oklo's planned 1.2-GW Ohio campus by strengthening fuel supply certainty.Kiewit joined project planning as Oklo advances reactor deployment and regional job creation. Oklo Inc. (OKLO - Free Report) has taken a significant step toward advancing its next-generation nuclear energy ambitions by signing a Letter of Intent (LOI) with Centrus Energy Corp. (LEU - Free Report) . Under the agreement, Centrus will provide enough domestically produced high-assay low-enriched uranium (HALEU) to fuel up to five of Oklo’s Aurora powerhouses for multiple years. Deliveries are expected to begin in 2029 from Centrus’ American Centrifuge Plant in Pike County, OH.
The agreement addresses one of the most pressing challenges facing the advanced nuclear industry — securing reliable domestic supplies of HALEU. By establishing a long-term fuel pathway, Oklo aims to strengthen certainty around the deployment of its planned 1.2-gigawatt Clean Energy Campus in southern Ohio.
Building a Domestic Advanced Nuclear EcosystemThe partnership brings together several key components required for advanced nuclear deployment, including fuel production, power generation, customer demand and project execution. The proposed agreement may also include fuel-related prepayments from Oklo, helping support the expansion of domestic HALEU production capacity.
This collaboration follows Oklo’s earlier announcement involving Meta Platforms, Inc. (META - Free Report) , which included financial commitments designed to accelerate development of the company’s planned Ohio nuclear campus. Under the arrangement, META is helping fund early development work, and its long-term electricity demand is expected to anchor the project. The partnership with META also provides clearer demand visibility as OKLO advances construction plans.
Together, these agreements highlight growing confidence among major customers and industry partners in advanced nuclear technologies as a source of reliable carbon-free electricity.
Kiewit Joins Development EffortIn addition to the fuel supply agreement, Oklo has entered into a memorandum of understanding with Kiewit Nuclear Solutions to support engineering, procurement and construction planning for the initial Aurora powerhouse deployments.
Kiewit’s involvement is expected to provide valuable expertise as Oklo moves from project planning toward execution. The combination of fuel supply, construction capabilities and committed customer demand positions Southern Ohio as a potential hub for advanced nuclear development.
Economic Benefits for Southern OhioThe planned nuclear campus is expected to generate substantial economic activity across the region. Oklo, currently carrying a Zacks Rank #3 (Hold), estimates that more than 700 full-time construction workers will be needed during the multi-year buildout of sequential reactor units.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Once operational, each Aurora powerhouse is expected to support approximately 40 to 50 permanent positions spanning engineering, technical support, maintenance, administration, logistics and other operational functions. Additional site-wide roles are anticipated as more reactors come online.
Centrus’ expansion plans are also expected to contribute significantly to local employment, creating roughly 1,000 construction jobs and 300 operating positions while retaining existing jobs at its Piketon facility.
Strengthening America’s Nuclear Fuel IndependenceThe agreement arrives as the United States seeks to rebuild domestic nuclear fuel capabilities and reduce reliance on foreign supply sources. Centrus became the first U.S.-owned uranium enrichment facility to begin HALEU production in decades, marking an important milestone for the nation’s nuclear energy strategy.
Backed by a previously announced $900 million U.S. Department of Energy HALEU task order and additional private-sector investment, Centrus is expanding production capacity to meet expected demand from advanced reactor developers.
Advancing the Future of Clean EnergyFor Oklo, the fuel agreement represents more than a supply arrangement — it is a critical step toward commercial deployment of its Aurora reactors. Designed with liquid-metal cooling technology, low water requirements and inherent safety features, Aurora powerhouses are intended to provide reliable, low-emission electricity under Oklo’s build-own-operate model.
As advanced nuclear technologies gain momentum, the collaboration between Oklo and Centrus demonstrates how coordinated investment across fuel production, reactor deployment and infrastructure development can accelerate the growth of a domestic clean energy ecosystem. If finalized, the agreement could help establish southern Ohio as a leading center for the next generation of American nuclear energy.
Oklo OKLO rose 3.25% in premarket after the company announced a Letter of Intent with Centrus Energy LEU under which Centrus will supply enough domestic high-assay low-enriched uranium to power up to five Oklo Aurora powerhouses for multiple years, with deliveries beginning in 2029. The fuel will come from Centrus's American Centrifuge Plant in Pike County, Ohio, supporting Oklo's planned 1.2 GW Clean Energy Campus in the same region. Centrus Energy shares gained 8.36%.
The LOI anticipates a further definitive contract and could include prepayments from Oklo to Centrus, following the same structure Oklo used in its January 2026 agreement with Meta. Centrus is leveraging its previously announced $900 million HALEU task order from the US Department of Energy alongside private capital to fund the expansion.
Access to domestically sourced HALEU has been one of the central constraints facing advanced nuclear deployment. The Ohio campus is expected to require over 700 full-time construction employees across sequential unit deployments, with each Aurora powerhouse supporting 40 to 50 permanent jobs. Centrus's own Pike County expansion is expected to create 1,000 construction and 300 operating jobs in Ohio.
Oklo also signed an MOU with Kiewit Nuclear Solutions for engineering, procurement, and construction planning for the initial Aurora deployments.
The International Atomic Energy Agency recently increased its projections for capacity of global nuclear power for a fifth straight year, and it now expects capacity to more than double by 2050. Still, nuclear energy is unfamiliar enough to many that it's easy for investors to be unaware of the intricacies of the nuclear fuel supply chain, including processes such as mining, enrichment, fabrication, reactor operation, waste disposal, and more.
With nuclear power in ever-increasing demand for data center applications and other uses, companies operating as pick-and-shovel plays within the nuclear supply chain could be positioned to benefit in a big way. Investors can therefore look beyond pure-play mining firms for an innovative approach to the nuclear energy space.
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Major Provider of a Critical Enriched Product Sees Big Boost From DEA ContractCentrus Energy Corp. NYSE: LEU provides nuclear fuel enrichment services and is, in fact, the only American firm licensed to produce high-assay, low-enriched uranium (HALEU). This type of highly energy-dense uranium is vital for fueling many types of nuclear reactors—meaning that Centrus essentially has a monopoly on a critical corner of the market.
Centrus Energy Today
LEU
Centrus Energy
$146.66 -9.36 (-6.00%)
As of 06/10/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$144.65▼
$464.25P/E Ratio48.56
Price Target$268.18
This advantageous position has led to significant wins for Centrus in recent quarters. Late in 2025, for example, the company won a $900-million HALEU enrichment award from the Department of Energy. Structured as a procurement, the award will help Centrus to increase its HALEU production capacity. All of this has led to strong finances for Centrus. In 2025, revenue climbed to nearly $449 million, while backlog reached $3.8 billion, extending to 2040.
Although LEU shares have close to tripled in price in the last year, they are down fairly sharply this year, having fallen by about 10% year-to-date. Part of this has to do with a few precarious elements of its business, including its reliance on Russian supplies and its rapidly growing capital expenditures. Still, half of the analysts rating LEU view the stock as a Buy, and the consensus price target suggests nearly 25% in upside potential may be in store.
Low-Cost In-Situ Production Gives Uranium Energy Corp. a Margin EdgeWhen it comes to uranium mining firms, Uranium Energy Corp. NYSEAMERICAN: UEC stands out as a key—but often overlooked—domestic producer of yellowcake, the uranium concentrate that represents an intermediate step in uranium processing. In its latest quarter, Uranium Energy produced nearly 45,800 pounds of the substance.
Uranium Energy Today
UEC
Uranium Energy
$9.42 -1.23 (-11.55%)
As of 06/10/2026 04:10 PM Eastern
52-Week Range$5.90▼
$20.34Price Target$17.41
What makes Uranium Energy important for investors to know is that its in-situ recovery process keeps costs quite low—during the same period, the cash cost to the firm was only about $40 per pound of yellowcake. During the same period, it sold some 200,000 pounds of yellowcake for more than $100 per pound, leading to $20 million in revenue and about half that much in gross profit.
Uranium's low-cost production process has helped it to amass a solid cash foundation of more than $800 million as of the latest earnings report and has kept it debt-free in the process. With nearly 1.5 million pounds of yellowcake inventory on hand, the company is well-positioned to continue to provide these raw materials to nuclear energy firms across the production cycle for the foreseeable future. This may be why, despite also tripling in the last year, shares of UEC are projected to continue to rise by about 16%.
Rapid Medical Industry Growth Fuels BWX's ExpansionBWX Technologies Inc. NYSE: BWXT is a provider of nuclear components and services, with a particular focus on propulsion systems for naval nuclear reactors. The company thus has a niche focus on the defense industry, but also produces small modular reactors and components for non-defense uses as well, including for the medical industry.
BWX Technologies Today
BWXT
BWX Technologies
$183.47 -5.49 (-2.90%)
As of 06/10/2026 03:59 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$128.96▼
$241.82Dividend Yield0.59%
P/E Ratio49.06
Price Target$228.00
BWX's multi-sector approach has paid off well—last quarter, the company closed 2025 with revenue up 18% YOY and earnings per share up 20%. Free cash flow and adjusted EBITDA also climbed thanks to strong commercial operations. In particular, the company's medical segment reached $100 million in annual revenue. This makes BWX an appealing nuclear energy play for investors keen to explore beyond the data center application.
Acquisitions and new facilities are helping BWX to expand its reach rapidly, and the company has been able to do so without jeopardizing its financial position. Indeed, it reduced interest costs and increased its liquidity to $1.7 billion by the end of 2025. On top of all this, BWX also offers investors a modest dividend bonus. Analysts are strongly bullish on BWXT, as more than two-thirds of those rating the stock have called it a Buy or equivalent.
Should You Invest $1,000 in Centrus Energy Right Now?Before you consider Centrus Energy, you'll want to hear this.
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Centrus Energy Corp. (LEU - Free Report) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.41 per share in its upcoming report, which represents a year-over-year change of -55%.
Revenues are expected to be $74.05 million, up 1.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 11.52% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Centrus Energy?For Centrus Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -19.79%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that Centrus Energy will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Centrus Energy would post earnings of $1.42 per share when it actually produced earnings of $0.79, delivering a surprise of -44.37%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Centrus Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAnother stock from the Zacks Mining - Non Ferrous industry, Southern Copper (SCCO - Free Report) , is soon expected to post earnings of $1.77 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +48.7%. Revenues for the quarter are expected to be $4.26 billion, up 36.3% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Southern Copper has been revised 3.2% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Southern Copper will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Key Takeaways Centrus Energy is set to report Q1 2026 results May 5, with revenues seen up 1% but EPS down 55%.LEU may benefit from higher uranium prices and a delayed shipment, boosting Q1 margins and revenues.Higher costs, SG&A and interest expenses are expected to pressure profitability despite pricing gains. Centrus Energy (LEU - Free Report) is set to release its first-quarter 2026 results on May 5, after market close.
The Zacks Consensus Estimate for Centrus Energy’s first-quarter revenues is pegged at $74 million, suggesting a modest year-over-year growth of 1%. Over the past 60 days, the earnings estimate for first-quarter 2026 has moved down 24.1% to 41 cents per share. The figure reflects a 55% decline from the year-ago quarter’s earnings of 91 cents per share.
Image Source: Zacks Investment Research
Centrus Energy’s Earnings Surprise HistoryOver the trailing four quarters, Centrus Energy’s earnings beat the Zacks Consensus Estimate twice and missed the same in the remaining two quarters. LEU has an average trailing four-quarter earnings surprise of 266.12%. The trend is shown in the chart below.
Image Source: Zacks Investment Research
What the Zacks Model Unveils for LEUOur proven model does not conclusively predict an earnings beat for Centrus Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
You can uncover the best stocks before they are reported with our Earnings ESP Filter.
Earnings ESP: The Earnings ESP for Centrus Energy is -21.41%.
Zacks Rank: LEU currently carries a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Likely to Have Shaped Centrus Energy’s Q1 PerformanceCentrus Energy’s total revenues were down 3.6% to $146 million in the fourth quarter of 2025. The Low-Enriched Uranium segment’s revenues rose 2% year over year to $124.4 million. This was mainly led by separative work unit (SWU) revenues, which surged 128% year over year to $111.0 million, reflecting strong delivery timing. Uranium revenues collapsed 82% to $13.4 million due to a high base from a one-time sale in the prior year. The Technical Solutions segment’s revenues declined 27% to $21.8 million.
Centrus Energy reported fourth-quarter 2025 earnings per share of 79 cents, which marked a sharp 75% decline from $3.20 in the year-ago quarter.
A scheduled late-quarter shipment from Russia did not depart in time and was pushed into the first quarter of 2026. Management stated this shipment would have reduced average cost per SWU and supported higher gross margins and net income (or earnings) in the fourth quarter of 2025 if received as planned. This benefit is now expected to be reflected in the first quarter results, assuming the shipment was received as anticipated.
Overall, uranium prices averaged approximately $88.50 per pound in the first quarter of 2026, marking a 34% year-over-year increase. We expect Centrus Energy to have capitalized on this pricing environment by selling some uranium during the quarter, supporting revenues in the LEU segment.
For context, in the year-ago quarter, revenues for the Low-Enriched Uranium segment were reported at $51.3 million, which comprised revenues mainly from the sale of SWUs. The company had not made any uranium sales in that quarter. Revenues from the Technical Solutions segment were $21.8 million.
However, higher costs are expected to have weighed on profitability. Cost of sales is expected to have been higher for both the segments in the first quarter, due to higher volumes and an increase in costs incurred under the HALEU Operation Contract in the Technical Solutions segment. Also, increased selling, general and administrative expenses and interest expenses are likely to have dented earnings in the quarter.
LEU’s Price PerformanceCentrus Energy has skyrocketed 215.4% in a year compared with the industry’s 83% growth.
Image Source: Zacks Investment Research
How are Centrus Energy’s Peers Placed in Q1?Energy Fuels Inc. (UUUU - Free Report) is slated to announce first-quarter 2026 results on May 6. The Zacks Consensus Estimate for Energy Fuels’ earnings for the quarter has moved up from a loss of four cents to a loss of three cents over the past 60 days. It indicates an improvement from the loss of 13 cents reported in the first quarter of 2025. Energy Fuels has a negative average earnings surprise od 77.95% over the trailing four quarters. Energy Fuels currently carries a Zacks Rank #2 (Buy).
Cameco Corporation (CCJ - Free Report) is scheduled to report first-quarter 2026 results on May 5. The Zacks Consensus Estimate for Cameco’s first-quarter earnings per share is pegged at 29 cents. It indicates a 163% improvement from the prior-year quarter’s earnings. Over the past 60 days, the estimate has moved down 17.1%. Cameco has a negative average earnings surprise of 12.02% over the trailing four quarters. Cameco currently carries a Zacks Rank #3 (Hold).
A Stock to ConsiderHere is one Basic Materials stock, which according to our model, has the right combination of elements to post an earnings beat in its upcoming release.
CF Industries (CF - Free Report) , scheduled to release first-quarter 2026 earnings on May 6, currently has an Earnings ESP of +1.07% and a Zacks Rank of 1.
CF Industries’ earnings for the quarter are pegged at $2.35 per share, indicating year-over-year growth of 27%. The company has delivered a trailing four-quarter average earnings surprise of 13.15%.
Coeur Mining (CDE - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 6. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis silver mining company is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of +300%.
Revenues are expected to be $794.1 million, up 120.6% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 17.53% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Coeur Mining?For Coeur Mining, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -14.12%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Coeur Mining will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Coeur Mining would post earnings of $0.43 per share when it actually produced earnings of $0.35, delivering a surprise of -18.60%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Coeur Mining doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerCentrus Energy Corp. (LEU - Free Report) , another stock in the Zacks Mining - Non Ferrous industry, is expected to report earnings per share of $0.41 for the quarter ended March 2026. This estimate points to a year-over-year change of -55%. Revenues for the quarter are expected to be $74.05 million, up 1.3% from the year-ago quarter.
The consensus EPS estimate for Centrus Energy has been revised 11.5% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -19.79%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Centrus Energy will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Revenue of $76.7 million, compared to revenue of $73.1 million in Q1 2025 GAAP net income of $10.0 million compared to GAAP net income of $27.2 million in Q1 2025 Non-GAAP adjusted net income (1) of $23.5 million, compared to non-GAAP adjusted net income(1) of $28.6 million in Q1 2025 Launched multi-year investment in Oak Ridge, Tennessee, to expand and accelerate centrifuge manufacturing program Signed strategic collaboration with Fluor to oversee engineering, design, project management, supply chain activities, and procurement of key materials and services on plant expansion Partnered with Palantir to leverage its artificial intelligence platform; early work identified ~$300 million in potential costs savings and additional improvements expected to reduce manufacturing lead times and accelerate expansion's timetable Exploring joint-venture with Oklo focused on deconversion services for high-assay, low-enriched uranium (HALEU) Raising full year 2026 revenue guidance based on commercial progress , /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus" or the "Company") today reported first quarter 2026 results. The Company reported net income of $10.0 million for the three months ended March 31, 2026, which is $0.51 (basic) and $0.45 (diluted) per common share. This translates to adjusted net income(1) of $23.5 million for the three months ended March 31, 2026, which is adjusted EPS(1) of $1.19 (basic) and $1.05 (diluted) per common share.
"The first quarter was marked by numerous wins and great operational progress as we accelerated our drive to restore America's ability to enrich uranium at scale, including securing historic federal funding and launching a major expansion of our centrifuge manufacturing plant," said Centrus President and CEO Amir Vexler.
"We have now switched to full execution mode to accelerate our build-out while building a best-in-class partnership network, including Palantir, Fluor, and Geiger Brothers, as part of our day-one focus to reduce costs and bring in lead times. We've already identified approximately $300 million in cost reductions as well as opportunities to both reduce manufacturing lead times and accelerate our timetable. Going forward we will continue to unleash our network's full capabilities, including Palantir's leading artificial intelligence platform, to unlock more efficiency gains.
"Our expansion is well timed. Global conflicts and rising tensions continue to highlight the need to diversify away from fossil fuels towards domestic power sources to drive future sustainable economic growth."
(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 $76.7 million and $73.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $3.6 million (or 5%).
Revenue from the LEU segment was $44.6 million and $51.3 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $6.7 million (or 13%). Separative work units (SWU) revenue decreased by $9.7 million as a result of a 47% decrease in the volume of SWU sold, partially offset by a 52% increase in the average price of SWU sold. The Company had uranium revenue of $3.0 million for the three months ended March 31, 2026.
Revenue from the Technical Solutions segment was $32.1 million and $21.8 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $10.3 million (or 47%). The increase in revenue was primarily attributable to a $9.8 million increase 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 generally 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 $16.7 million and $20.1 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $3.4 million (or 17%). SWU costs decreased as a result of a 47% decrease in the volume of SWU sold, partially offset by a 45% increase in the average unit cost of SWU sold. Uranium costs increased primarily as a result of an increase in the volume of uranium sold.
Cost of sales for the Technical Solutions segment was $28.5 million and $20.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $8.4 million (or 42%). The increase was primarily attributable to an $8.2 million increase in costs incurred under the HALEU Operation Contract, while the remaining change was generally attributable to other contracts.
The Company recognized gross profit of $31.5 million and a gross profit of $32.9 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $1.4 million (or 4%).
Gross profit for the LEU segment was $27.9 million and $31.2 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $3.3 million (or 11%). 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 March 31, 2026 was primarily due to the composition of contracts in the current quarter, compared to the prior quarter.
Gross profit for the Technical Solutions segment was $3.6 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $1.9 million (or 112%). Because of the delay in completing Phase 2 of the HALEU Operation Contract, DOE extended the Phase 2 period of performance through October 31, 2025. Costs incurred subsequent to November 2024 have not yet been subject to a fee as this portion of Phase 2 remains undefinitized and is subject to negotiation.
Net income was $10.0 million and $27.2 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $17.2 million (or 63%). The decrease was primarily attributable to an increase in advanced technology costs of $15.9 million and a decrease in extinguishment of long-term debt of $11.8 million. This decrease was partially offset by an increase of $9.7 million in investment income and a decrease of $5.5 million in income tax expense.
Backlog
The Company's backlog across both segments is $3.9 billion as of March 31, 2026 and extends to 2040. Our LEU segment backlog as of March 31, 2026 is approximately $3.1 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 $2.4 billion in contingent LEU sales commitments, all of which are under definitive agreements, in support of potential construction of LEU production capacity at the Piketon, Ohio facility. The contingent LEU sales commitments also depend on our ability to secure substantial public and private investment. Our Technical Solutions segment backlog is approximately $0.8 billion as of March 31, 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.
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:
Upward revised total revenue to be in the range of $450 million to $500 million from $425 million to $475 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 At least 100 net new employee hires for Oak Ridge, Tennessee, facility At least 100 net new employee hires for Piketon, Ohio, facility up from 50 net new employee hires Release of a Certified for Construction package 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, including the finalization and funding of the DOE $900 million task order, 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 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; 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, 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: Neal Nagarajan at [email protected]
Media: Dan Leistikow 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
March 31,
2026
2025
Revenue:
Separative work units
$ 41.6
$ 51.3
Uranium
3.0
—
Technical solutions
32.1
21.8
Total revenue
76.7
73.1
Cost of Sales:
Separative work units and uranium
16.7
20.1
Technical solutions
28.5
20.1
Total cost of sales
45.2
40.2
Gross profit
31.5
32.9
Advanced technology costs
18.9
3.0
Selling, general and administrative
10.0
8.3
Amortization of intangible assets
1.8
1.1
Operating income
0.8
20.5
Nonoperating components of net periodic benefit loss
1.0
0.9
Interest expense
4.0
3.4
Investment income
(17.0)
(7.3)
Extinguishment of long-term debt
—
(11.8)
Other expense, net
0.3
0.1
Income before income taxes
12.5
35.2
Income tax expense
2.5
8.0
Net income and comprehensive income
$ 10.0
$ 27.2
Net income per share:
Basic
$ 0.51
$ 1.60
Diluted
$ 0.45
$ 1.60
Average number of common shares outstanding (in thousands):
Basic
19,773
16,982
Diluted
22,446
17,048
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.
Three Months Ended March 31, 2026
Three Months Ended March 31, 2025
GAAP
Growth
Costs
Stock-
Based
Compen
sation
Adjusted
(Non-
GAAP)
GAAP
Growth
Costs
Stock-
Based
Compen
sation
Adjusted
(Non-
GAAP)
Gross profit
31.5
—
—
31.5
32.9
—
—
32.9
Advanced technology costs
18.9
(17.0)
—
1.9
3.0
(1.3)
—
1.7
Selling, general and administrative
10.0
—
(0.4)
9.6
8.3
—
(0.5)
7.8
Amortization of intangible assets
1.8
—
—
1.8
1.1
—
—
1.1
Operating income
0.8
17.0
0.4
18.2
20.5
1.3
0.5
22.3
Nonoperating components of net
periodic benefit loss
1.0
—
—
1.0
0.9
—
—
0.9
Interest expense
4.0
—
—
4.0
3.4
—
—
3.4
Investment income
(17.0)
—
—
(17.0)
(7.3)
—
—
(7.3)
Extinguishment of long-term
debt
—
—
—
—
(11.8)
—
—
(11.8)
Other expense, net
0.3
—
—
0.3
0.1
—
—
0.1
Income before income taxes
12.5
17.0
0.4
29.9
35.2
1.3
0.5
37.0
Income tax expense
2.5
3.8
0.1
6.4
8.0
0.3
0.1
8.4
Net income and comprehensive
income
$ 10.0
$ 13.2
$ 0.3
$ 23.5
$ 27.2
$ 1.0
$ 0.4
$ 28.6
Net income per share:
Basic
$ 0.51
$ 0.67
$ 0.01
$ 1.19
$ 1.60
$ 0.06
$ 0.02
$ 1.68
Diluted
$ 0.45
$ 0.59
$ 0.01
$ 1.05
$ 1.60
$ 0.06
$ 0.02
$ 1.68
Average number of common
shares outstanding (in
thousands):
Basic
19,773
—
—
19,773
16,982
—
—
16,982
Diluted
22,446
—
—
22,446
17,048
—
—
17,048
CENTRUS ENERGY CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three Months Ended March 31,
2026
2025
OPERATING
Net income
$ 10.0
$ 27.2
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization
2.2
1.5
Deferred tax assets
2.5
7.5
Equity-related compensation
0.4
0.5
Revaluation of inventory borrowings
(0.6)
2.1
Gain on extinguishment of 8.25% Notes
—
(11.8)
Amortization of debt issuance costs and discount
1.3
—
Other reconciling adjustments, net
0.3
0.6
Changes in operating assets and liabilities:
Accounts receivable
(11.1)
41.3
Inventories
(48.8)
(268.1)
Inventories owed to customers and suppliers
(21.9)
187.7
Other current assets
(0.6)
0.8
Accounts payable and other liabilities
0.4
(6.2)
Payables under inventory purchase agreements
47.2
55.6
Deferred revenue and advances from customers, net of deferred costs
(14.4)
0.1
Pension and postretirement benefit liabilities
(2.0)
(2.2)
Other changes, net
—
(0.1)
Cash (used in) provided by operating activities
(35.1)
36.5
INVESTING
Capital expenditures
(23.2)
(2.1)
Cash used in investing activities
(23.2)
(2.1)
FINANCING
Proceeds from the issuance of common stock, net
—
25.2
Common stock withheld for tax obligations under stock-based compensation plan
(0.3)
—
Payment of interest classified as debt
—
(3.5)
Payment of principal to redeem 8.25% Notes
—
(74.3)
Cash used in financing activities
(0.3)
(52.6)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(0.3)
(0.1)
Decrease in cash, cash equivalents and restricted cash
(58.9)
(18.3)
Cash, cash equivalents and restricted cash, beginning of period
1,960.1
704.0
Cash, cash equivalents and restricted cash, end of period
$ 1,901.2
$ 685.7
Three Months Ended March 31,
2026
2025
Supplemental cash flow disclosures:
Cash paid for interest
—
$ —
Cash paid for income taxes
Federal
—
$ —
State
—
$ —
Foreign
—
$ —
Non-cash activities:
Property, plant and equipment included in accounts payable and accrued liabilities
$ 9.2
$ 0.2
Common stock withheld for tax obligations under stock-based compensation plan
$ —
$ 0.3
CENTRUS ENERGY CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share and per share data)
March 31,
2026
December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents
$ 1,868.2
$ 1,957.2
Accounts receivable
41.8
30.7
Inventories
336.0
322.9
Deferred costs associated with deferred revenue
37.0
40.9
Other current assets
12.4
11.9
Total current assets
2,295.4
2,363.6
Property, plant and equipment, net of accumulated depreciation of $7.1 million and
$6.7 million as of March 31, 2026 and December 31, 2025, respectively
59.5
29.5
Deposits for financial assurance
32.8
2.7
Intangible assets, net
19.4
21.2
Deferred tax assets
19.5
21.9
Other long-term assets
6.6
7.0
Total assets
$ 2,433.2
$ 2,445.9
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 49.5
$ 41.6
Payables under inventory purchase agreements
65.7
18.5
Inventories owed to customers and suppliers
170.8
192.7
Deferred revenue and advances from customers
112.8
131.1
Short-term inventory loans
2.5
38.9
Current debt
—
—
Total current liabilities
401.3
422.8
Long-term debt
1,176.1
1,174.8
Postretirement health and life benefit obligations
70.4
72.2
Pension benefit liabilities
2.9
3.0
Advances from customers
—
—
Long-term inventory loans
—
—
Other long-term liabilities
7.3
8.0
Total liabilities
1,658.0
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
—
—
Series B Senior Preferred Stock, none issued
—
—
Class A Common Stock, par value $0.10 per share, 70,000,000 shares authorized,
18,952,387 and 18,945,365 shares issued and outstanding as of March 31, 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 March 31, 2026 and December 31,
2025
Centrus Energy Corp. (LEU - Free Report) came out with quarterly earnings of $1.05 per share, beating the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +216.84%. A quarter ago, it was expected that this company would post earnings of $1.42 per share when it actually produced earnings of $0.79, delivering a surprise of -44.37%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Centrus Energy, which belongs to the Zacks Mining - Non Ferrous industry, posted revenues of $76.7 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.74%. This compares to year-ago revenues of $73.1 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Centrus Energy shares have lost about 14.8% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Centrus Energy?While Centrus Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Centrus Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.94 on $146.7 million in revenues for the coming quarter and $2.66 on $466.16 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Non Ferrous is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Lundin Mining (LUNMF - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 6.
This base metals mining company is expected to post quarterly earnings of $0.29 per share in its upcoming report, which represents a year-over-year change of +163.6%. The consensus EPS estimate for the quarter has been revised 3.5% higher over the last 30 days to the current level.
Lundin Mining's revenues are expected to be $1.12 billion, up 16% from the year-ago quarter.
3 Overlooked Nuclear Fuel Supply Chain WinnersCentrus Energy NYSE: LEU reported higher first-quarter revenue and raised its full-year revenue outlook, citing commercial progress, improving offtake discussions and continued work on its uranium enrichment expansion program.
On the company’s Q1 2026 earnings call, President and Chief Executive Officer Amir Vexler said the quarter marked the beginning of what he called a “historic undertaking” to return the United States to domestic commercial uranium enrichment. He said Centrus remains focused on serving commercial low-enriched uranium, or LEU, high-assay low-enriched uranium, or HALEU, and national security markets.
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Palantir’s New Partnership Continues Separating Fact From FictionVexler said the company’s initial build-out is intended to address more than $2.4 billion of commercial LEU enrichment backlog and 12 metric tons of HALEU capacity. He added that further additions would be tied to firm customer orders and capital resources.
First-Quarter Results Centrus reported first-quarter revenue of $76.7 million, up $3.6 million, or 5%, from the year-earlier period. Gross profit was $31.5 million, operating income was $0.8 million, net income was $10 million and diluted earnings per share were $0.45. Adjusted net income was $23.5 million, or $1.05 per diluted share.
Why Wall Street Is Betting Billions on Oklo's Nuclear VisionSenior Vice President, Chief Financial Officer and Treasurer Todd Tinelli said trailing 12-month revenue was $452.3 million. He said the company is emphasizing quarterly and trailing 12-month metrics because deliveries and contractual mix can vary significantly from quarter to quarter.
The LEU segment generated $44.6 million in first-quarter revenue, down 13% from the year-earlier period. Tinelli said SWU revenue declined by $9.7 million due to a 47% decrease in SWU volume sold, partially offset by a 52% increase in the average price of SWU sold. The company also recorded $3 million of uranium sales in the quarter.
Technical solutions revenue was $32.1 million, up $10.3 million, or 47%, primarily due to a $9.8 million increase in revenue from the HALEU operations contract. Vexler said Centrus has contractually produced more than 1.6 metric tons of HALEU UF6 for the government since beginning the contract.
Tinelli said first-quarter net income declined from $27.2 million in Q1 2025, primarily because of a $15.9 million increase in advanced technology costs and the absence of an $11.8 million non-recurring gain from extinguishment of long-term debt recorded in the prior-year quarter. Those factors were partially offset by higher investment income and lower income tax expense.
Backlog and Government Opportunities Centrus ended the quarter with $3.9 billion of backlog extending through 2040. Vexler said that includes $3.1 billion in the LEU segment and $0.8 billion in technical solutions. The LEU backlog consists of $700 million of broker-dealer backlog and $2.4 billion in contingent LEU enrichment sales under definitive agreements.
Vexler said Centrus remains limited in what it can disclose while government procurements are ongoing. He noted that in January the company won a $900 million HALEU enrichment award from the U.S. Department of Energy, which he said has the potential to exceed $1 billion and still needs to be finalized through negotiations.
Regarding national security work, Vexler said Centrus had submitted its response to the National Nuclear Security Administration after being notified of the agency’s intent to sole source certain enrichment activities from the company. He said Centrus stands ready to support the national security mission but deferred further details to the government.
Expansion Program and Partnerships Centrus launched a $560 million investment in its Oak Ridge centrifuge manufacturing plant in late January. Vexler said the company has signed three key partners to support the build-out while maintaining control over centrifuge design, engineering and manufacturing know-how.
Fluor will perform design engineering, procurement, construction and commissioning for the expansion. Palantir will provide its Foundry and artificial intelligence platform to integrate systems across classified and unclassified environments and help optimize the build-out. Geiger Brothers will lead on-the-ground construction work in Ohio. Vexler said Centrus has identified approximately $300 million in potential cost savings and additional improvements expected to reduce manufacturing lead times and accelerate the timetable since late January. In response to an analyst question, he said Palantir’s platform provides real-time data and helps Centrus manage hundreds of suppliers, improve project management and make decisions more quickly.
Tinelli said Centrus finished the quarter with $1.9 billion in unrestricted cash and did not access its at-the-market equity program. Including the $900 million HALEU award, he said the company views itself as having about $2.8 billion available, with HALEU funding expected to come in through milestone payments. He said Centrus continues to evaluate low-cost capital options, including potential government and third-party sources.
Guidance Raised for Revenue and Hiring Centrus raised its 2026 revenue guidance to a range of $450 million to $500 million, up from $425 million to $475 million. The company also increased its expected net new employee additions in Piketon, Ohio, to more than 100 from more than 50.
At the same time, Centrus reaffirmed the rest of its 2026 guidance, including capital expenditures of $350 million to $500 million, finalizing contracts with 100% of partners it deems critical, releasing a Certified-for-Construction package and hiring at least 100 net new employees at its Oak Ridge facility.
Tinelli said total capital spend in the first quarter was $45.2 million, including $23.2 million of capital expenditures and $22 million of non-CapEx spending. The non-CapEx total included $17 million of growth costs and $5 million of prepayments related to the Palantir agreement. He said both CapEx and non-CapEx spending are expected to accelerate through the year.
Market Commentary During the question-and-answer session, Vexler said the uranium enrichment market continues to face constrained supply and increasing demand from the existing reactor fleet and new reactor developers. He said Centrus is seeing favorable pricing trends, though he declined to comment on specific contract pricing.
Vexler also said advanced reactor companies are increasingly moving from licensing and development toward more serious fuel procurement. He said LEU can drive significant volume, while HALEU may offer advantages from a margin and market-positioning perspective.
The company also discussed its recently announced exploration of a joint venture with Oklo focused on HALEU deconversion. Vexler said commercial deconversion of UF6 into oxide or metal form for advanced reactor fuel does not currently exist and represents “a hole in the fuel cycle.” He said placing deconversion alongside enrichment could provide efficiencies and potential vertical integration for Centrus.
Vexler said conversations with advanced reactor companies, hyperscalers and other potential partners have picked up since Centrus announced its build-out plans, though he noted that first-of-a-kind discussions take time.
About Centrus Energy NYSE: LEUCentrus Energy Corp is a U.S.-based supplier of nuclear fuel and enrichment services, specializing in the production of low-enriched uranium (LEU) for commercial power reactors and highly enriched uranium for naval propulsion. Through its Centrus Global subsidiary, the company provides technical support, fuel fabrication services and recycled uranium products to utilities operating light-water reactors. Centrus also develops advanced centrifuge technologies aimed at improving enrichment efficiency and reducing the cost of nuclear fuel.
Originally founded as the United States Enrichment Corporation (USEC) in 1998 following a spin-out from the U.S.
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Cooling towers are seen at the nuclear-powered Vogtle Electric Generating Plant in Waynesboro, Georgia, U.S. August 13, 2024. REUTERS/Megan Varner/File Photo Purchase Licensing Rights, opens new tab
SummaryCompaniesDOE may offer billions in financing for nuclear reactor components, NEI saysPlan aims to speed up AP1000 plant construction by securing long-lead items earlyFive or six utilities in advanced talks for DOE loans, Cameco saysWASHINGTON, May 12 (Reuters) - The U.S. Department of Energy is considering a plan to offer utilities billions of dollars in financing to secure components of large nuclear reactors that can take years to obtain, the head of the industry group Nuclear Energy Institute said on Tuesday.
Items such as reactor vessels and steam generators can take years to secure, and the effort would attempt to reduce the time it takes to build large AP1000 nuclear plants.
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"It's going to help several U.S. utility companies that are interested in AP1000 deployment," Maria Korsnick, president and CEO of NEI, said at her organization's conference in Washington about the financing plan.
A DOE spokesperson said the department "is fully committed to unleashing America’s next nuclear renaissance, from reinvigorating domestic supply chains to delivering gigawatts of new reactors." The department would not comment on specific loan applications from companies.
The DOE is working with the White House and "all the key stakeholders to remove barriers and accelerate American nuclear deployment," the spokesperson said.
The department's Office of Energy Dominance Financing has hundreds of billions of dollars in financing aid, including loan guarantees for projects that struggle to get bank loans. During President Donald Trump's first term, the only use he made of the division, known then as the Loan Programs Office, was for financing reactors at the Vogtle nuclear power plant in Georgia.
Trump has set a goalof quadrupling U.S. nuclear power capacity to 400 gigawatts by 2050, an aggressive target considering the last reactors built in the U.S. were about seven years delayed and billions of dollars over budget.
U.S. Energy Secretary Chris Wright has said the biggest use of the OEDF will be for nuclear power plants.
Grant Isaac, the president and chief operating officer of Cameco (CCO.TO), opens new tab, one of the Canadian owners of Westinghouse, which designs and develops AP1000 reactors, told an earnings call last week that five or six utilities are in "very advanced stages" of seeking financing from the DOE's loan office. The utilities are "interested in advancing project delivery by considering things like ordering the long lead items ahead of time," Isaac said.
Reporting by Timothy Gardner; Editing by Rod Nickel and Andrea Ricci
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Timothy reports on energy and environment policy and is based in Washington, D.C. His coverage ranges from the latest in nuclear power, to environment regulations, to U.S. sanctions and geopolitics. He has been a member of three teams in the past two years that have won Reuters best journalism of the year awards. As a cyclist he is happiest outside.
Key Takeaways Centrus Energy raised 2026 revenue guidance to $450M-$500M amid HALEU expansion plans.UUUU produced 790,000 pounds of uranium in Q1 and targets up to 2.5M pounds in 2026.LEU holds a $3.9B backlog through 2040 and is pioneering HALEU production. 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 $4.51 billion, has produced nearly two-thirds of all uranium in the United States since 2017. It also produces rare earth oxides and adds 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 $3.5 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 first quarter of 2026, Energy Fuels mined ore containing approximately 425,000 pounds of uranium. The company produced 790,000 pounds of finished uranium in the quarter and hit the 1 million pounds mark in April.
Energy Fuels' first-quarter 2026 revenues surged 112% year over year to $35.8 million, primarily driven by uranium sales. During the quarter, UUUU sold 510,000 pounds of uranium at an average realized price of $70.04 per pound.
Costs applicable to revenues rose 18.5% due to higher uranium sales volumes and elevated production costs. Exploration, development and processing expenses climbed 24% year over year because of increased activity at the White Mesa Mill and the Bahia Project. Standby costs jumped 79% as the company advanced permitting and development work at the Roca Honda Project. Selling, general and administrative expenses increased 8% due to higher headcount and compensation costs.
The increase in operating costs was somewhat offset by higher uranium revenues and an increase in other income, resulting in a loss of four cents per share in the quarter, narrower than the year-ago loss of 13 cents per share.
UUUU expects to mine 2-2.5 million pounds of uranium in 2026, and process between 1.5 million and 2.5 million pounds of finished uranium. It also plans to sell 1.5-2 million pounds of uranium under existing contracts and spot market sales.
The company commenced processing low-cost Pinyon Plain mine ores in the fourth quarter of 2025. This is expected to result in costs of goods sold declining to the $30-$40 per pound range during the remainder of 2026. This is expected to boost its margins.
The company has six uranium supply contracts with U.S. nuclear utilities covering deliveries from 2027 to 2032, with potential total deliveries ranging from 2.59 million to 4.41 million pounds, depending on customer options.
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. During the first quarter, Energy Fuels announced successful pilot-scale production of high-purity terbium oxide at the White Mesa Mill, marking the first U.S. primary production of this critical heavy rare earth element in decades. Its proposed acquisition of Australian Strategic Materials is expected to strengthen its position as a fully integrated rare earth “mine-to-metal and alloy” producer outside China. UUUU outlined plans for two expansion phases at the White Mesa Mill that will boost total NdPr production capacity from the current level of 1,000 tons per annum (tpa) to approximately 6,229 tpa, in addition to roughly 80 tpa of terbium and 288 tpa of dysprosium.
The Case for Centrus EnergyFor the first quarter of 2026, Centrus Energy reported revenue growth of 5% year over year to $76.7 million. Revenues from the Low-Enriched Uranium segment decreased 13% year over year to $44.6 million. Management noted that SWU revenues slid 19% to $41.6 million as the volume of SWU sold fell 47%, partly offset by a 52% jump in the average selling price. Uranium sales added $3 million in the quarter.
The Technical Solutions segment generated revenues of $32.1 million, up 47% from the year-ago quarter. The lift was primarily tied to a $9.8 million increase from the HALEU Operation Contract with the Department of Energy.
As of March 31, 2026, the total company backlog was $3.9 billion, which extends to 2040, providing significant long-term revenue visibility.
Centrus Energy raised its full-year 2026 revenue guidance to a range of $450-$500 million from the prior range of $425-$475 million.
The company is pursuing a multi-billion-dollar expansion of its Piketon, OH, facility to increase LEU and HALEU output and support more than $2.4 billion of contingent LEU sales commitments that are under definitive agreements as of March 31, 2026. The company continues to expect total capital deployment of $350-$500 million in 2026, driven by increased investment tied to its industrial buildout.
To improve operational efficiency, Centrus Energy has partnered with Palantir Technologies PLTR and identified nearly $300 million in potential cost savings tied to its expansion initiatives.
The company is targeting annual HALEU production of 12 metric tons sometime after 2030, with initial production expected before the end of the decade.
Importantly, Centrus Energy remains the only licensed producer of HALEU in the Western world, giving it a unique strategic advantage as demand for advanced reactor fuel grows. Management estimates the HALEU market opportunity could reach $8 billion annually by 2035.
How Does the Zacks Consensus Estimate Compare for Energy Fuels & Centrus Energy?The Zacks Consensus Estimate for Energy Fuel’s 2026 earnings is pegged at a loss of 14 cents, narrower than the loss of 38 cents reported in 2025. The Zacks Consensus Estimate for UUUU’s earnings for 2027 is six cents per share.
The Zacks Consensus Estimate for Centrus Energy’s 2026 earnings is pegged at $2.55 per share, which indicates a year-over-year decline of 34.6%. The estimate for 2027 earnings is pinned at $2.73 per share, indicating year-over-year growth of 7.2%.
Image Source: Zacks Investment Research
Earnings estimates for both companies have moved down over the past 60 as shown in the chart below.
Image Source: Zacks Investment Research
UUUU & LEU: Price Performance & ValuationIn the past three months, Energy Fuels’ stock has declined 21.1%. Meanwhile, Centrus Energy stock has lost 15%.
Image Source: Zacks Investment Research
Energy Fuels is trading at a forward price-to-sales multiple of 25.63X, while Centrus Energy’s forward sales multiple sits lower at 7.42X.
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.
Key Takeaways Nuclear power is rebounding as AI data centers drive demand for nonstop carbon-free electricity. Goldman Sachs sees global data center power demand jumping 175% by 2030 versus 2023 levels.Nuclear ETFs like NLR are gaining amid renewed momentum for nuclear power generation. Nuclear power witnessed a dramatic shift in narrative over the last few decades. Following major historical incidents such as the Fukushima disaster, atomic energy's share of the global electricity mix steadily declined from roughly 18% in the late 1990s to just 9% in recent years. However, over the past couple of years, the enormous and growing electricity demand from power-hungry data centers, fueled by the artificial intelligence (AI) boom, has reversed the trend.
As utilities scramble to add generation capacity, nuclear energy has stepped up alongside renewables and natural gas as a critical pillar of grid stability. With global data center power demand expected to surge 175% by 2030 compared to 2023 levels, as estimated by Goldman Sachs Research, renewables and natural gas are likely to absorb a large portion of this growth. However, the need for reliable 24/7 carbon-free baseload power has made nuclear energy increasingly indispensable.
Momentum in the nuclear energy market is lifting companies across the sector, including power generators like Constellation Energy (CEG - Free Report) and uranium miners and fuel suppliers such as Cameco (CCJ - Free Report) and Centrus Energy (LEU - Free Report) . This trend is expected to continue to boost the performance of nuclear exchange-traded funds (ETFs) with exposure to these companies.
Navigating this atomic transition requires a clear understanding of the market's underlying mechanics. Below, we examine the historical factors that previously slowed nuclear generation, the structural demand driving its current outlook, and the risks investors must consider before evaluating the specific ETFs positioned to benefit.
The Fall & Rise of NuclearThe historical retreat from nuclear energy was primarily caused by public opposition and strict regulatory frameworks following major incidents, especially at Three Mile Island, Chernobyl and Fukushima. These events severely stalled industrial momentum, causing diminished supply-chain know-how, severe cost overruns, and prolonged construction timelines that made conventional large-scale atomic plants financially risky.
However, nuclear power has recently regained momentum amid an unprecedented surge in electricity demand. As per the World Nuclear Association, nuclear reactors worldwide generated 2,667 terawatt-hours (TWh) of electricity in 2024, marking the highest annual output from nuclear energy and surpassing the previous record of 2,660 TWh set in 2006.
Currently, global nuclear power generation is accelerating rapidly, driven by reactor restarts in Japan, the commissioning of new reactors in China, India, South Korea, and other countries, as well as strong output in the United States and France. As highlighted in the International Energy Agency’s (IEA) Global Energy Review 2026 report, nuclear reactors representing a combined capacity of roughly 78 GW are actively under construction across 15 countries.
While much of this global baseline capacity was initiated to satisfy overall economic growth and decarbonization goals, the modern trajectory is increasingly being driven by the tsunami wave of AI infrastructure build-out. Because modern data centers experience immense costs from any operational downtime, intermittent sources like wind and solar cannot meet their strict 24/7 reliability mandates alone. Nuclear plants, operating at maximum capacity over 90% of the time, provide the perfect high-density, zero-emission baseload alternative.
What Lies Ahead for Nuclear?The long-term outlook for the nuclear power generation industry remains exceptionally robust, with the International Atomic Energy Agency (“IAEA”) estimating global nuclear operational capacity to more than double by 2050 – reaching 2.6 times the 2024 level. Key innovations like Small Modular Reactors (SMRs) with their promise of offering cheaper, faster-to-build plants are expected to play a pivotal role in this expansion.
However, the industry still faces several headwinds, including cost overruns, supply-chain constraints, regulatory challenges, and the likelihood that most next-generation reactors will not achieve meaningful commercial scale until the 2030s.
Nuclear ETFs to GainConsidering the aforementioned discussion, investors focusing on diversified ETFs, with exposure to both uranium miners and established utility operators, rather than those seeking exposure to single-company risk, should remain more insulated from volatilities like localized plant operational disruptions or sudden commercialization delays for a specific SMR developer.
Against this backdrop, investors seeking to capitalize on nuclear’s rally should monitor the following funds:
VanEck Uranium and Nuclear ETF (NLR - Free Report)
This fund, with net assets worth $4.80 billion, offers exposure to 29 companies involved in uranium mining?? the construction, engineering and maintenance of nuclear power facilities and nuclear reactors?? the production of electricity from nuclear sources?? and providing equipment, technology and/or services to the nuclear power industry. CEG holds the first position in this fund, with 8.24% weightage.
NLR has gained 5.4% year to date. The fund charges 52 basis points (bps) as fees.
Range Nuclear Renaissance Index ETF (NUKZ - Free Report)
This fund, with net assets worth $857.2 million, offers exposure to 46 companies that are involved in the nuclear fuel and energy industry. CCJ holds the first position in this fund, with 9.70% weightage.
NUKZ has risen 11.4% year to date. The fund charges 85 bps as fees.
Themes Uranium & Nuclear ETF (URAN - Free Report)
This fund, with net asset value of $42.44, offers exposure to 41 companies that derive their revenues from uranium mining, exploration, refining, processing, and royalties, as well as nuclear energy, equipment, technology, and infrastructure. CCJ holds the first position in this fund, with 9.08% weightage.
URAN has risen 2% year to date. The fund charges 35 bps as fees.
First Trust Bloomberg Nuclear Power ETF (RCTR - Free Report)
This fund, with net assets of $23.3 million, provides exposure to 46 companies, including regulated utilities and merchant power producers that operate nuclear generation assets. It also includes companies involved in mining and enrichment of uranium for use in nuclear fuel as well as those engaged in engineering or construction services for nuclear power plants, reactor manufacturing, managing nuclear waste, or providing other equipment or services for nuclear power generation. BHP Group holds the first position in this fund, with 5.31% weightage.
RCTR has rallied 10.8% year to date. The fund charges 70 bps as fees.
