Centrus Reports First Quarter 2026 Results
Rhea-AI Summary
Centrus (NYSE: LEU) reported Q1 2026 results: revenue $76.7M, GAAP net income $10.0M, and non-GAAP adjusted net income $23.5M. The company launched a multi-year centrifuge manufacturing expansion in Oak Ridge, signed Fluor and Palantir partnerships, and raised 2026 revenue guidance to $450M–$500M.
Backlog totaled $3.9B extending to 2040; full-year capital deployment guidance is $350M–$500M.
Positive
- Revenue increased to $76.7M in Q1 2026 (+5% YoY)
- Non-GAAP adjusted net income of $23.5M in Q1 2026
- Backlog of $3.9B extending to 2040
- Raised 2026 consolidated revenue guidance to $450M–$500M
- Launched multi-year centrifuge manufacturing expansion in Oak Ridge
Negative
- GAAP net income declined to $10.0M from $27.2M (Q1 2025)
- LEU segment revenue fell 13% to $44.6M
- Advanced technology costs increased by $15.9M
- Total capital deployment guidance of $350M–$500M increases near-term cash needs
Key Figures
Market Reality Check
Peers on Argus
LEU was up 0.14% while key uranium peers CCJ, NXE, UUUU, UEC, and DNN were all down between about 3–6%, indicating stock-specific resilience versus sector pressure.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 10 | Full-year 2025 earnings | Positive | -20.7% | Reported 2025 growth, strong backlog, cash build and issued 2026 guidance. |
| Nov 05 | Q3 2025 earnings | Positive | -14.7% | Improved revenue and net income, major note offering and solid backlog. |
| Aug 05 | Q2 2025 earnings | Positive | +8.7% | Strong results, 900 kg HALEU delivery and DOE option valued at $110M. |
| May 07 | Q1 2025 earnings | Positive | +22.0% | Strong Q1 swing to profit, higher LEU revenue and $3.8B backlog. |
| Feb 06 | Full-year 2024 earnings | Positive | +33.1% | Revenue growth, solid net income, note issuance and $3.7B backlog. |
Earnings releases have generally been positive in tone, with three prior reports seeing strong gains and two showing sharp selloffs despite constructive fundamentals.
Recent earnings news has emphasized revenue growth, rising backlog, and major DOE-linked HALEU and LEU contracts. Prior quarters featured sizeable net income, multi‑billion‑dollar backlogs up to $3.9 billion, and large financing moves including convertible notes and ATM equity. Price reactions have been mixed: some earnings reports triggered strong rallies, while others sold off despite positive headlines and guidance. Today’s Q1 2026 update, with higher revenue but lower net income and raised 2026 guidance, fits into this pattern of significant, sometimes volatile responses around earnings.
Historical Comparison
Past earnings releases often featured strong revenue, backlog and contract wins, with average moves of 5.69%. Reactions swung between sharp rallies and selloffs despite broadly constructive updates.
Earnings updates show progression from 2024–2025 balance sheet strengthening and backlog growth to 2026 guidance increases and expanded HALEU and LEU capacity plans.
Regulatory & Risk Context
Centrus has an effective automatic shelf registration on Form S-3ASR filed on 2025-11-06, allowing it to issue various securities, including common and preferred stock, debt, warrants, rights, and units, via future prospectus supplements for general corporate purposes.
Market Pulse Summary
This announcement combines modest Q1 revenue growth with lower net income, but highlights a substantial $3.9 billion backlog and an upward revision of 2026 revenue guidance to $450–500 million. Segment detail underscores growing Technical Solutions contributions and ongoing HALEU contract work, while LEU results remain timing-sensitive. Key swing factors include execution of major expansion projects, negotiation and funding of the DOE $900 million task order, and managing rising capital deployment against future cash needs.
Key Terms
gaap financial
non-gaap financial
high-assay, low-enriched uranium (haleu) medical
cost-plus-incentive-fee financial
backlog financial
task order regulatory
phase 2 technical
AI-generated analysis. Not financial advice.
- Revenue of
$76.7 million $73.1 million - GAAP net income of
$10.0 million $27.2 million - Non-GAAP adjusted net income (1) of
$23.5 million $28.6 million - 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
~ in potential costs savings and additional improvements expected to reduce manufacturing lead times and accelerate expansion's timetable$300 million - 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
BETHESDA, Md., May 5, 2026 /PRNewswire/ -- Centrus Energy Corp. (NYSE: LEU) ("Centrus" or the "Company") today reported first quarter 2026 results. The Company reported net income of
"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
"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
Revenue from the LEU segment was
Revenue from the Technical Solutions segment was
Cost of sales for the LEU segment was
Cost of sales for the Technical Solutions segment was
The Company recognized gross profit of
Gross profit for the LEU segment was
Gross profit for the Technical Solutions segment was
Net income was
Backlog
The Company's backlog across both segments is
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 $500 million $425 million $475 million - Total capital deployment to be in the range of
$350 million $500 million
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
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 theU.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 andOak 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 our2.25% 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, theU.S. Department of Commerce, and theU.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 NagarajanNK@centrusenergy.com
Media: Dan Leistikow at LeistikowD@centrusenergy.com
CENTRUS ENERGY CORP. | |||
Three Months Ended | |||
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
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 | Stock- | Adjusted | GAAP | Growth | Stock- | Adjusted | ||||||||
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 | 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 | — | — | — | — | (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 | $ 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 | |||||||||||||||
Basic | 19,773 | — | — | 19,773 | 16,982 | — | — | 16,982 | |||||||
Diluted | 22,446 | — | — | 22,446 | 17,048 | — | — | 17,048 | |||||||
CENTRUS ENERGY CORP. | |||
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 | — | (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 | — | (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. | |||
March 31, | December 31, | ||
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 | 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 | |||
Series A Participating Cumulative Preferred Stock, none issued | — | — | |
Series B Senior Preferred Stock, none issued | — | — | |
Class A Common Stock, par value | 1.9 | 1.9 | |
Class B Common Stock, par value | 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 | |
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SOURCE Centrus Energy Corp.