Centrus Launches Commercial LEU Enrichment Activities

Rhea-AI Summary

Centrus Energy (NYSE: LEU) has begun domestic centrifuge manufacturing to support commercial low-enriched uranium (LEU) enrichment at Piketon, Ohio, targeting initial commercial capacity online in 2029. The expansion is backed by a $2.3 billion backlog of contingent LEU sales, prior convertible note financings totaling $1.2 billion, a reported cash balance of $1.6 billion as of Sept 30, 2025, and a recently launched $1 billion at-the-market offering. The company is a finalist for Department of Energy task orders (each potentially ~$900 million) for LEU and HALEU production and has a proposed investment partnership with KHNP and POSCO International. The project is expected to create thousands of U.S. jobs, including 1,000 construction and 300 operating roles in Ohio.

Positive

• Backlog of $2.3 billion in contingent LEU sales
• Raised $1.2 billion via convertible notes (Nov 2024, Aug 2025)
• Reported cash balance of >$1.6 billion as of Sept 30, 2025
• Launched $1 billion at-the-market offering to raise capital
• DOE task orders could be ~$900 million each for LEU/HALEU
• Project expects 1,000 construction and 300 operating Ohio jobs

Negative

• Customer contracts are contingent on achieving construction milestones
• New commercial capacity not expected online until 2029
• Financing mix relies in part on pending DOE awards that are not guaranteed
• Potential shareholder dilution from the $1 billion ATM and convertible notes

Key Figures

Contingent LEU backlog $2.3 billion Backlog of contingent LEU sales to U.S. and international contracts

Potential DOE task order $900 million per task order Indicated size for DOE LEU and HALEU production task orders

Convertible notes raised $1.2 billion Convertible note transactions in Nov 2024 and Aug 2025

Cash balance More than $1.6 billion Cash as of September 30, 2025

ATM equity program $1 billion Recently launched at-the-market offering

Construction jobs 1,000 jobs Expected construction jobs in Ohio from expansion project

New operating jobs 300 jobs New operating roles in Ohio, plus 150 existing jobs retained

First new capacity 2029 Year when first new enrichment capacity is expected online

Market Reality Check

$242.76 Last Close

Volume Volume 854,462 is in line with the 20-day average of 882,477 (relative volume 0.97). normal

Technical Price $229.68 is trading above the 200-day MA at $196.95, after a 3.89% move over 24h.

Peers on Argus

LEU gained 3.89% with peers also positive: UEC +4.47%, UUUU +2.79%, NXE +2.66%, DNN +2.39%, CCJ +1.3%, suggesting supportive uranium sentiment but the move is not flagged as a sector-wide momentum event.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 11	Capacity expansion	Positive	+3.2%	Design work started for 150,000 sq ft training and maintenance facility.
Dec 01	Listing change	Positive	-3.1%	Approval to uplist trading from NYSE American to NYSE main exchange.
Nov 06	ATM equity program	Negative	-14.7%	Announcement of up to $1B at-the-market equity offering program.
Nov 05	Earnings update	Positive	-0.5%	Q3 2025 profit on higher revenue and large backlog with added cash.
Oct 15	Conference call	Neutral	+10.1%	Announcement of webcast for upcoming Q3 2025 earnings call.

Pattern Detected

Recent news shows mixed reactions: positive corporate developments sometimes saw selling, while financing news and ATM announcements aligned with negative price moves.

Recent Company History

Over the last few months, Centrus reported Q3 2025 results with net income of $3.9M on $74.9M revenue and highlighted a backlog of $3.9B. It then filed an automatic shelf (Form S-3ASR) and launched a $1.0B ATM program, which coincided with a -14.72% move after the ATM announcement. More recently, the company advanced its expansion in Piketon with a new 150,000 sq ft facility and announced an NYSE uplisting. Today’s large-scale enrichment expansion update continues this capital- and capacity-build trajectory.

Regulatory & Risk Context

Active S-3 Shelf Registration 2025-11-06

An effective automatic shelf registration on Form S-3ASR dated Nov 6, 2025 allows Centrus to issue common and preferred stock, debt securities, warrants, rights, and units over time using various methods, including at-the-market offerings, providing flexibility to raise capital for working capital, capital expenditures, debt repayment, acquisitions, and other corporate purposes.

Market Pulse Summary

The stock surged +14.0% in the session following this news. A strong positive reaction aligns with Centrus’ growing backlog of $2.3 billion in contingent LEU sales and the scale of today’s enrichment expansion plans. Recent history shows sharp downside moves around capital-raising events, such as the $1.0B ATM announcement, so any future equity issuance under the shelf or ATM could pressure shares. High expectations for DOE task orders near $900 million each also add event risk if awards differ from market assumptions.

Key Terms

low-enriched uranium technical

"support commercial Low-Enriched Uranium (LEU) enrichment activities at its Piketon"

Low-enriched uranium is uranium that has been processed so the amount of the fissionable isotope U-235 is raised but kept below 20 percent, making it suitable for use as fuel in most commercial nuclear reactors while reducing its usefulness for weapons. Investors care because it is the primary commodity that powers nuclear plants, so its availability, production costs, regulatory controls and geopolitical supply risks directly affect energy companies, utility revenues and firms involved in mining and enrichment — similar to how gasoline supply and price influence transportation businesses.

leu technical

"contingent LEU sales to U.S. and international customer contracts"

The leu is the basic unit of money used in Romania and also the name of Moldova’s currency; think of it like the dollar or euro for those countries. For investors, amounts quoted in lei indicate the currency that assets, earnings, or prices are measured in, so exchange-rate moves and local purchasing power directly affect the value of investments when converted to an investor’s home currency.

high-assay, low-enriched uranium technical

"targets future commercial-scale production of High-Assay, Low-Enriched Uranium (HALEU)"

High-assay, low-enriched uranium (HALEU) is uranium fuel with a higher concentration of the fissile isotope U-235 than conventional reactor fuel but below weapons-grade levels; think of it as a higher-octane version of nuclear fuel. It matters to investors because HALEU is needed for next-generation reactors and certain research or medical applications, creating demand, supply-chain and regulatory risks, and potential long-term revenue opportunities for producers and service providers.

haleu technical

"future commercial-scale production of High-Assay, Low-Enriched Uranium (HALEU) as well"

HALEU (high-assay low-enriched uranium) is uranium fuel enriched to a higher level than traditional reactor fuel but below weapons-grade, roughly like a higher-octane gasoline for nuclear reactors. It matters to investors because this fuel enables newer, smaller and more efficient reactors to run longer or produce more power from less material, so availability, regulation and production costs can affect utilities, reactor developers and mining companies’ prospects.

centrifuge technical

"begun domestic centrifuge manufacturing to support commercial Low-Enriched Uranium"

A centrifuge is a laboratory machine that spins liquid samples very fast to separate components by density—like a salad spinner or washing machine that forces heavier bits to one side. Investors care because centrifuges are essential for research, diagnostic testing and some manufacturing; their number, speed and reliability affect a lab or company's testing capacity, turnaround time, costs and ability to scale or meet regulatory requirements.

convertible note financial

"Centrus raised $1.2 billion via convertible note transactions in November 2024"

A convertible note is a type of loan that a company gets from investors, which can later be turned into company shares instead of being paid back in cash. It matters because it helps startups raise money quickly without setting a fixed value for the company right away, making it easier to grow and attract investors.

at-the-market offering financial

"recently launched a $1 billion at-the-market offering"

An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.

national security regulatory

"deployment-ready to fulfill national security missions – for which a U.S. technology"

National security is a government's effort to protect a country's people, territory, critical infrastructure and economic stability from threats such as espionage, terrorism, cyberattacks and military aggression. It matters to investors because government actions tied to security—like export controls, sanctions, restrictions on foreign investment or shifts in defense spending—can abruptly change market access, supply chains and company valuations, similar to a new traffic rule rerouting commerce.

AI-generated analysis. Not financial advice.

Multi-billion-dollar uranium enrichment capacity expansion expected to create thousands of U.S. advanced manufacturing jobs and drive U.S. exports

Centrifuge manufacturing begins

New enrichment capacity expected to come online in 2029

BETHESDA, Md., Dec. 19, 2025 /PRNewswire/ -- Centrus Energy (NYSE: LEU) announced today that it has begun domestic centrifuge manufacturing to support commercial Low-Enriched Uranium (LEU) enrichment activities at its Piketon, Ohio, facility. This strategic move enables the company to capitalize on its many first-mover advantages in U.S.-owned domestic uranium enrichment, and marks one of the most consequential transformations in the company's and the United States' uranium enrichment history. Centrus plans to leverage its multi-billion-dollar uranium enrichment expansion to meet its growing backlog of $2.3 billion in contingent LEU sales to U.S. and international customer contracts, and targets future commercial-scale production of High-Assay, Low-Enriched Uranium (HALEU) as well.

"We are excited to announce the official commencement of our industrial-scale centrifuge manufacturing build for commercial LEU enrichment," said Centrus Energy CEO and President Amir Vexler. "We make this announcement after carefully evaluating the business' internal and external progress as well as its future prospects and many competitive advantages. These include the significant progress in building our supply chain; the advancement across the many available avenues to acquire low-cost of capital to support our build, including imminent DOE funding announcements; and, evaluating the progress in our internal manufacturing capabilities.

"This historic step demonstrates Centrus' commitment to meeting our growing backlog of contingent commercial LEU customer contracts," continued Vexler "Reclaiming American nuclear leadership on the global will catalyze additional private investment and enable further expansion as the market continues to grow. Uranium enrichment in Ohio has a big future, and this is just the beginning."

Centrus' expansion is underpinned by public and private funding along with commercial contracts, a framework that includes:

• Department of Energy funding: Centrus is a finalist for Task Orders from the Department of Energy for both LEU production and HALEU production – which the Department has indicated could be ~$900 million per task order.
• Private capital: Centrus raised $1.2 billion via convertible note transactions in November 2024 and August 2025, reported a cash balance of more than $1.6 billion as of September 30, 2025, and recently launched a $1 billion at-the-market offering.
• Customer contracts: Centrus has secured $2.3 billion in contracts and commitments from U.S. and international customers aimed at supporting new, U.S. uranium enrichment capacity. These agreements are contingent upon Centrus realizing certain milestones towards building the new capacity. Centrus continues to pursue additional LEU and HALEU sales opportunities.
• Third party investment: This represents another potential avenue to secure low cost of capital financing while maximizing capacity. There is continued, growing interest from the market to secure future enrichment offtake by investing in new enrichment capacity.
• Direct foreign investment: Centrus announced a proposed partnership with Korea Hydro & Nuclear Power (KHNP) and POSCO International in August 2025 to explore potential investment in new enrichment capacity in Ohio. The company continues to maximize efforts in this area with Korea and other nations.
• National security: Centrus' AC100M centrifuge is the only U.S.-origin enrichment technology that is deployment-ready to fulfill national security missions – for which a U.S. technology is required. In October, the National Nuclear Security Administration announced its intent to contract with Centrus for LEU enrichment for national security. The company stands ready to support these critical national security missions.

The last U.S.-owned, large-scale uranium enrichment plant was built in the 1950s and shut down permanently in 2013, leaving America completely dependent upon foreign, state-owned enterprises that now control almost 100 percent of the world's uranium enrichment capacity. With demand for nuclear power expected to grow in the coming years – and imports of Russian enriched uranium completely banned starting in 2028 – new domestic, U.S.-owned uranium enrichment capacity is urgently needed and in high demand. 

Creating American Jobs

The 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.
• Hundreds of new direct jobs at Centrus' centrifuge manufacturing plant in Tennessee and across a nationwide network of suppliers.
• Thousands of indirect jobs in Ohio, Tennessee, and across the country.

Next Steps

Centrus has begun manufacturing centrifuges to support its uranium enrichment expansion at its centrifuge manufacturing factory in Oak Ridge, Tennessee, relying upon a domestic manufacturing supply chain. Centrus began expanding its manufacturing capacity in Tennessee in late 2024, and has already begun hiring in Tennessee and Ohio to support the project. The first new production capacity is expected to come online in 2029.

About Centrus

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

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

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.

For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: geopolitical conflicts, including the war in Ukraine; market demand and competition; changes in economic or industry conditions; supply chain disruptions; the imposition of tariffs and/or sanctions that impact our ability to obtain, deliver, transport, or sell LEU or the SWU and natural uranium hexafluoride components of LEU delivered to us under the TENEX Supply Contract or other supply contracts or make related payments or deliveries of natural uranium hexafluoride to TENEX; regulatory approvals and compliance requirements; technological changes; DOE procurement decisions; U.S. government appropriations; government decisions regarding, our lease with the DOE in Piketon, Ohio, including with respect to the term and the scope of permitted activities; our ability to attract qualified employees necessary for the potential expansion of our operations in Oak Ridge, Tennessee or Piketon, Ohio; and our ability to execute our strategic initiatives.

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:

Investors: Neal Nagarajan NagarajanNK@centrusenergy.com 

Media: Dan Leistikow LeistikowD@centrusenergy.com

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SOURCE Centrus Energy Corp.

FAQ

What did Centrus (LEU) announce on December 19, 2025 about LEU enrichment?

Centrus announced it began domestic centrifuge manufacturing to support commercial LEU enrichment at Piketon, Ohio, targeting initial capacity in 2029.

How large is Centrus's LEU sales backlog and how does it support the expansion (LEU)?

Centrus has a $2.3 billion backlog of contingent LEU sales intended to support the new enrichment capacity.

What funding has Centrus (LEU) secured to build new enrichment capacity?

Centrus raised $1.2 billion via convertible notes, reported >$1.6 billion cash at Sept 30, 2025, and launched a $1 billion ATM offering; DOE task orders could add ~$900 million each.

When will Centrus (LEU) first commercial production capacity be available?

The company expects the first new commercial production capacity to come online in 2029.

How many jobs will Centrus's enrichment expansion create in Ohio?

The project is expected to support 1,000 construction jobs, 300 new operating jobs, and retain 150 existing Piketon roles.

Are Centrus's customer contracts for LEU guaranteed revenue today?

No; the $2.3 billion in contracts and commitments are contingent upon Centrus meeting specified construction and milestone conditions.