Results
Centrus Reports Third Quarter 2026 Results
Revenue of $55.5 million, compared to revenue of $74.9 million in Q3 2025
GAAP net income of $31.6 million compared to GAAP net income of $3.9 million in Q3 2025
Non-GAAP adjusted net loss (1) of $9.4 million, compared to non-GAAP adjusted net income (1) of $5.2 million in Q3 2025
Grew contingent Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU) enrichment backlog to $5.4 billion
4Enriching HALEU for the commercial market from existing 16-centrifuge cascade
Completed manufacturing and began shipping centrifuges from Oak Ridge, Tennessee, ahead of year-end target
Finalized contracts with all of the supply-chain deemed critical ahead of year-end target
Completed first certified-for-construction package ahead of year-end target
BETHESDA, Md. - Centrus Energy Corp. (NYSE: LEU) (“Centrus” or the “Company”) today reported third quarter 2026 results.
The Company reported net income of $31.6 million for the three months ended September 30, 2026, which is $1.53 (basic) and $1.41 (diluted) per common share.
This translates to adjusted net loss (1) of $9.4 million for the three months ended September 30, 2026, which is adjusted EPS (1) loss of $0.46 (basic and diluted) per common share.
“The third quarter’s continued execution across all facets of our business primed Centrus to achieve a critical milestone: shipping the first new centrifuge to support our commercial-scale expansion,” said Centrus Energy President and CEO Amir Vexler.
“This achievement, along with us demonstrating that we have a complete manufacturing supply chain in place, was reached two months ahead of our ambitious schedule and puts us far ahead of the competition.
And because that supply chain is unobligated, we are able to serve both the national security and commercial markets.”
“Furthermore, our recent acquisition of Westerman helps to derisk our build out and our overall business model.
It will drive growth for both organizations through commercial and operational synergies while diversifying our business model.
We are now focused on scaling up our supply chain as we begin manufacturing and shipping more centrifuges from Oak Ridge to Piketon.”
(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 $55.5 million and $74.9 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $19.4 million or 26%.
Revenue from the LEU segment was $31.8 million and $44.8 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $13.0 million or 29%.
1Uranium revenue decreased by $16.4 million quarter over quarter.
The decrease in uranium sales is primarily attributable to a decrease in the volume of uranium sold.
7Separative work units (SWU) revenue increased by $3.4 million as a result of a 19% increase in the volume of SWU sold and a 10% increase in the average price of SWU sold.
Revenue from the Technical Solutions segment was $23.7 million and $30.1 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $6.4 million or 21%.
The decrease in revenue was primarily attributable to a $10.2 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.
Cost of sales for the LEU segment was $38.7 million and $52.6 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $13.9 million or 26%.
Uranium costs decreased primarily as a result of a decrease in the volume of uranium sold.
6SWU costs increased as a result of a 28% increase in the average unit cost of SWU sold and a 19% increase in the volume of SWU sold.
Cost of sales for the Technical Solutions segment was $27.4 million and $26.6 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $0.8 million or 3%.
5The increase was primarily attributable to an increase in costs related to customer contracts, partially offset by a $1.7 million decrease in costs incurred under the HALEU Operation Contract.
8The Company recognized gross loss of $10.6 million and $4.3 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $6.3 million or 147%.
Gross loss for the LEU segment was $6.9 million and $7.8 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $0.9 million or 12%.
LEU customers generally have multi-year contracts that carry annual purchase commitments, not quarterly commitments.
The gross loss 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 decrease for the three months ended September 30, 2026 was primarily due to the change in the composition of contracts quarter over quarter.
Gross margin for the Technical Solutions segment was a loss of $3.7 million and profit of $3.5 million for the three months ended September 30, 2026 and 2025, respectively, a decrease of $7.2 million or 206%.
The decrease was primarily attributable to the HALEU Operation Contract.
Net income was $31.6 million and $3.9 million for the three months ended September 30, 2026 and 2025, respectively, an increase of $27.7 million or 710%.
3The increase was primarily driven by a $46.4 million gain recognized from the fair value adjustment of warrant liabilities during the current period and an increase of $4.0 million in investment income.
2The increase was partially offset by a $9.0 million decrease in income tax benefit and a $6.3 million increase in gross loss, a $3.7 million increase in selling, general and administrative expenses, and a $3.0 million increase in advanced technology costs.
Backlog
The Company’s backlog across both segments is $7.0 billion as of September 30, 2026 and extends to 2040.
Our LEU segment backlog as of September 30, 2026 is approximately $6.2 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 $5.4 billion in contingent LEU and HALEU sales commitments, $5.1 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 September 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 September 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.
This includes Centrus having:
completed the manufacturing of its first centrifuge ahead of year-end target;
finalized contracts with all of the supply-chain deemed critical ahead of year-end target; and
completed the first certified-for-construction package ahead of year-end target.
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:
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
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.
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.
our ability to obtain a long-term extension of our existing lease for Piketon from the DOE on acceptable terms or at all, including the potential need to delay, scale back, or abandon our planned expansion of LEU and HALEU enrichment capacity in Piketon and to recognize a significant non-cash charge relating to capitalized improvements at Piketon;
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 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;
our ability to realize the anticipated benefits of acquisitions, including our acquisition of Westerman, and risks associated with acquisitions, including integration difficulties, unknown liabilities, additional costs and dilution;
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 SEC, DOE, DOC and the NRC.
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 the Risk Factors in our Form S-3 Shelf Registration filed with the SEC on November 2, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.
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