Track market-moving stories before they get noisy

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.

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.

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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.

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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.

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.

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

Total Enrichment Contract Valued at over $1 Billion, Including All Options

Completes Production of Additional 900 Kilograms of HALEU UF6 Ahead of Schedule

Prior Contract Extended for Three Months Ahead of Transition

, /PRNewswire/ -- Centrus Energy (NYSE: LEU) today announced that it has signed a contract to finalize the terms of the competitively-awarded, $900 million task order it received from the U.S. Department of Energy earlier this year. The award will support deployment of large-scale production capacity for High-Assay, Low-Enriched Uranium (HALEU) as part of Centrus' multi-billion-dollar capacity expansion that will include Low-Enriched Uranium (LEU) as well as HALEU. 

"Today's announcement marks another milestone in our expansion, as we pivot from a technology demonstration contract to the new, larger contract aimed at commercial scale production," said Centrus President and CEO Amir Vexler. "The government's investment from this contract will be matched several times over with billions of dollars in capital, including other non-dilutive, non-debt funding as well as customer contracts to restore America's ability to enrich uranium at a large scale."

Transitioning from Demonstration to Commercialization

Centrus won a contract in 2019 to build a cascade of advanced centrifuges in Piketon to demonstrate HALEU production with U.S. technology. That demonstration contract was modified and extended in 2022 to allow for a longer period of HALEU production, and was previously extended through June 30, 2026. While Centrus and the Department have signed a three-month, $15 million extension for HALEU storage, Centrus has now completed all HALEU production called for under the existing demonstration contract. Production of the final 900 kilograms of HALEU UF6 required under that contract was completed in mid-June, two weeks ahead of schedule, with a cumulative total of more than 1,900 kilograms produced over the life of the contract. 

With its large-scale expansion underway, Centrus is transitioning from the old demonstration contract to commercialization with the newer, larger enrichment contract. The first new capacity is expected to come online by 2029. In the interim, Centrus intends to privately operate the existing HALEU cascade on a commercial basis to begin supplying the near-term needs of its customers. Centrus is working with the Department on agreements to enable that transition, including a long-term lease extension for the American Centrifuge Plant in Piketon, Ohio. 

The new, fixed-price HALEU Enrichment contract calls for Centrus to deploy commercial-scale HALEU production capacity in Piketon. It also includes options, at the Department's discretion, for up to $170 million in HALEU purchases for Departmental missions, the total contract value with all options included is $1.07 billion. 

Modular Enrichment Capacity Build-Out

As previously disclosed, Centrus' modular enrichment capacity build out will based on customer demand and capital resources.

The initial build-out will include 12 metric tons of annual HALEU production capacity as well as capacity to meet Centrus existing LEU backlog of $2.4 billion. Subject to customer demand, Centrus can continue expanding production of HALEU and LEU to meet market requirements. Importantly, Centrus' expects the initial build-out to allow it to achieve nth-of-a-kind centrifuge manufacturing costs.

Centrus' multi-billion-dollar expansion project is expected to support thousands of American jobs, including:

1,000 construction jobs and 300 new operating jobs in Ohio, while retaining 150 existing jobs at the Piketon plant. 430 jobs at Centrus' centrifuge manufacturing plant in Oak Ridge, Tennessee, and hundreds of additional jobs across Centrus' nationwide network of suppliers. Thousands of indirect jobs in Ohio, Tennessee and across the country. The expansion is underpinned by public and private funding along with commercial contracts, a framework that includes: national security missions, third party investments such as prepayment, direct foreign investment, LEU and HALEU commercial contracts, and Centrus' strong capital position.

About Centrus Energy

Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.

With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.

Forward-Looking Statements:

This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties.

Particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers, including the Department as it pertains to the potential agreements discussed herein; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU; the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive then we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.

Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Contacts:

Media -- Dan Leistikow
[email protected]

Investors -- Neal Nagarajan
[email protected]

SOURCE Centrus Energy Corp.

Oklo and Centrus Energy sign an agreement to power five Aurora nuclear power plants with domestic fuel.

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.

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.

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.

Get Centrus Energy alerts:

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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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%.

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

0.1

0.1

Excess of capital over par value

762.4

762.3

Retained earnings

11.5

1.5

Accumulated other comprehensive loss

(0.7)

(0.7)

Total stockholders' equity

775.2

765.1

Total liabilities and stockholders' equity

$                  2,433.2

$                  2,445.9

SOURCE Centrus Energy Corp.

Centrus Energy Corp. (LEU) Q1 2026 Earnings Call Transcript

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

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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 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. 

Oklo: Remaining in a Pre-Revenue StageOklo ((OKLO 4.25%) primarily designs and develops advanced fission power plants to provide commercial-scale energy and offers specialized nuclear fuel-recycling services.

Among its recent developments, OkloIt formed a joint venture with Centrus Energy (LEU 6.03%) and announced a share sale to raise funds, while reporting negative free cash flow (FCF) of $50.7 million for the quarter ended March 31, 2026.

BWX Technologies: Generating Consistent RevenueBWX Technologies (BWXT 2.90%) manufactures precision nuclear components mainly for the U.S. Army, manages environmental site restoration projects, and supplies medical radioisotopes for diagnostic and therapeutic uses.

It recently agreed to acquire Precision Components Group and secured new naval procurement contracts, while reporting a gross margin of about 23% for the quarter ended March 31, 2026.

Why Revenue Matters for InvestorsRevenue here refers to the data provider's standardized income-statement revenue line item, and it serves as the critical foundational metric that shows investors exactly how much money flows into a business before any operating expenses or taxes are deducted.

Quarterly Revenue for Oklo and BWX TechnologiesQuarter (Period End)Oklo RevenueBwx Technologies RevenueQ2 2024 (June 2024)$0.00$681.5 millionQ3 2024 (Sept. 2024)$0.00$672.0 millionQ4 2024 (Dec. 2024)$0.00$746.3 millionQ1 2025 (March 2025)$0.00$682.3 millionQ2 2025 (June 2025)$0.00$764.0 millionQ3 2025 (Sept. 2025)$0.00$866.3 millionQ4 2025 (Dec. 2025)$0.00$885.8 millionQ1 2026 (March 2026)$0.00$861.1 millionData source: Company filings. Data source: Company filings. Data as of May 28, 2026.

Foolish TakeBoth Oklo and BWX Technologies operate in the rapidly expanding nuclear energy sector, driven mainly by unprecedented demand for power from artificial intelligence (AI) data centers, electrification, and reshoring.

Oklo is involved in several nuclear pilot programs of the Department of Energy (DOE) and is also developing nuclear fuel recycling facilities. That gives the company a strong competitive lead with several opportunities ahead, since its fast-fission plants can run on both fresh and used nuclear fuel, and the U.S. government is keen on converting its Cold War-era plutonium stockpile into usable nuclear fuel.

Oklo, however, is yet to build its first reactor and generate revenue. BWX Technologies, on the other hand, is an already established player with a jaw-dropping $8.7 billion in backlog as of the first quarter of fiscal year 2026. That is why if I were to choose between Oklo and BWX Technologies today, I would buy BWX stock.

BWX Technologies powers the U.S. Navy’s submarine and aircraft carrier fleet and holds a near monopoly in that area. Just weeks ago, it won $1.4 billion in contracts for the U.S. under the U.S. Naval Nuclear Propulsion Program. These contracts should keep coming, given the company’s monopoly, and that will reflect in its ever-growing backlog and sales.

BWT Technologies expects to generate $3.75 billion in revenue in 2026. Importantly, its Precision acquisition is a significant step toward diversifying, as it expands BWX’s capabilities into commercial nuclear manufacturing. I believe that’s a big growth move and makes this nuclear energy stock even more compelling for the long term.

For years, governments and industry have discussed the energy trilemma, which is the need for secure, affordable, and low-carbon energy. Following the Paris Climate Accord in 2015, significant emphasis was placed on the low-carbon component as countries and corporations set net-zero emission targets. 

In this decade, emission concerns have somewhat faded in favor of reliability and affordability amid global energy price spikes in 2022 and 2026. While the current crisis reinforces the importance of a diversified energy mix, it also shines a greater light on the benefits of nuclear power, especially in achieving decarbonization goals.

Key Takeaways: In an energy crisis, emissions goals can easily be set aside as countries focus on energy security, reliability, and affordability.  Nuclear is uniquely able to provide secure, reliable energy without the need to compromise emission goals.  In Europe, a shift away from nuclear power has left the region less energy secure, with France the notable exception.  In an energy crisis, keeping the lights on becomes primary.  The world is currently in the midst of its second energy crisis this decade. The first resulted from Russia’s invasion of Ukraine in 2022, which hit Europe especially hard but had global implications as oil and gas prices broadly rose. The war in Iran and disruption to energy flows from the Middle East has similarly carried broad consequences as global oil and natural gas benchmarks have spiked. 

The events of 2022 and this year tend to drive a renewed focus on energy security, reliability, and affordability. In the middle of the crisis, emissions tend to take a back seat. As one example, Germany restarted coal plants in 2022 to help ensure adequate power supplies. Similarly, while not particularly sensitive to emissions, price-conscious Asian buyers have turned increasingly to coal during the current price spike in liquefied natural gas. 

When energy becomes more scarce, the primary focus tends to be ensuring countries have the power and energy needed to meet people’s needs (staying warm in the winter or cool in the summer) and support their economies. Emissions goals can easily be compromised or set aside in these situations.

Nuclear checks the boxes for energy security and decarbonization.  The current energy crisis reinforces the importance of nuclear power, especially for countries with more ambitious climate goals. For countries without nuclear power in their energy mix or limited nuclear capacity, price spikes for liquefied natural gas tend to be particularly painful. Policy decisions from past decades are ultimately what is shaping how countries experience the current crisis, with Europe providing a prime example. 

In 1990, nuclear provided a third of Europe’s electricity, and today it is only 15% of the mix. In March, following the start of the war with Iran, EU Commission President Ursula von der Leyen described the shift away from nuclear as a strategic mistake. She announced a €200 million guarantee to incentivize private investment in nuclear technology. 

While nuclear is extremely reliable and provides emission-free power generation, it also stands out for being more secure. Nuclear power has long refuel cycles (18-24 months) and benefits from more stability in uranium supplies (read more). Additionally, years of fuel can be stored onsite at reactors. 

France is in a better position than many of its European neighbors because of its extensive nuclear fleet, with nuclear energy accounting for 68% of its electricity mix in 2024. Earlier this year, before the war with Iran, France announced its own policy shift to extend reactor lives and build new reactors (read more). It bears mentioning that several European countries have signed the Declaration to Triple Nuclear Energy by 2050 and are pursuing more nuclear capacity. This does not include Germany, which shuttered its nuclear plants, or Austria.

Bottom line The energy crises in this decade may provide further policy momentum for nuclear in the years ahead. Nuclear is uniquely able to provide secure, reliable energy without the need to compromise emission goals. 

Related research: Iran Conflict Reinforces Nuclear Energy’s Stability

France’s Nuclear Pivot Serves as Catalyst for NUKZ

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For more news, information, and analysis, visit the Nuclear Energy Content Hub.

While the initial reaction to Centrus Energy's (LEU 6.03%) early May announcement of its first-quarter 2026 financial results was positive, the market's enthusiasm didn't last. Shares of the nuclear energy stock quickly tumbled lower and subsequently failed to recover for the remainder of the month.

According to data from S&P Global Market Intelligence, Centrus Energy shares dropped 13.5% in May.

Image source: Getty Images.

The glow of an update to 2026 guidance quickly faded Initially, investors found cause to celebrate with the announcement of Centrus's Q1 2026 financial report. The company reported earnings on May 5 after the market closed, and shares closed more than 12% higher the following day. For one, Centrus upwardly revised its 2026 revenue guidance to $450 million to $500 million from $425 million to $475 million.

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In addition, the company reported growth in its low-enriched uranium (LEU) backlog. At the end of Q1 2026, Centrus had about $3.1 billion in LEU backlog, up from $2.8 billion at the same time last year.

But the blights in the company's financial results soon became apparent.

While Centrus achieved a 4.9% year-over-year increase in revenue, the $76.7 million reported on the top line fell short of the $78.3 million analysts anticipated. At the bottom of the income statement, investors found additional cause for concern. Centrus reported diluted earnings per share (EPS) of $0.45 -- far slimmer than the diluted EPS of $1.60 that it reported during the same period last year.

Investors found further cause to click the sell button shortly after the company reported financial results. On May 8, Citigroup slashed its price target on Centrus Energy stock to $218 from $224, maintaining a neutral rating.

After its recent plunge, is Centrus Energy stock too radioactive to hold? While the decline in Centrus Energy stock last month may be disconcerting (and the subsequent 7.8% slide in June, as of this writing), investors seeking exposure to the current nuclear energy renaissance would be wise to consider the stock -- especially those with lower risk tolerances.

As a company that consistently generates profits, Centrus Energy represents a more conservative option than small modular reactor developers that aren't generating significant revenues, let alone profits.

Lest those with even lower risk thresholds feel they have no opportunities to gain exposure to the current boom in nuclear energy, there are nuclear energy exchange-traded funds (ETFs) they can consider.

Citigroup is an advertising partner of Motley Fool Money. Scott Levine 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.