Centrus Reports Fourth Quarter and Full Year 2025 Results and Provides 2026 Guidance
Rhea-AI Summary
Centrus (NYSE: LEU) reported 2025 revenue of $448.7 million, net income of $77.8 million and gross profit of $117.5 million. The company raised unrestricted cash to $2.0 billion, enriched over 1 kg of HALEU UF6 and initiated domestic centrifuge manufacturing.
Centrus disclosed a $2.3 billion contingent LEU backlog, total backlog of $3.8 billion, DOE selection for a $900 million HALEU task order (subject to negotiation) and 2026 revenue guidance of $425–475 million.
Positive
- Net income of $77.8M for 2025 (earnings per share $4.33 basic)
- Unrestricted cash increased to $2.0B
- Total backlog of $3.8B, with $2.3B contingent LEU sales
- Selected by DOE for a potential $900M HALEU task order (subject to negotiation)
- Initiated domestic centrifuge manufacturing and started Piketon facility buildout
Negative
- Technical Solutions gross profit declined 66% to $6.0M due to higher HALEU contract costs
- LEU uranium revenue fell 54% year-over-year
- 2026 revenue guidance of $425–475M implies potential near-term flattening versus 2025
- HALEU task order and Phases remain subject to negotiation and funding uncertainty
News Market Reaction
On the day this news was published, LEU declined 4.07%, reflecting a moderate negative market reaction. Argus tracked a trough of -22.2% from its starting point during tracking. Our momentum scanner triggered 120 alerts that day, indicating very high trading interest and price volatility. This price movement removed approximately $205M from the company's valuation, bringing the market cap to $4.83B at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
LEU is up 4.85% while key uranium peers are mostly down (e.g., UUUU -5.39%, UEC -4.06%, CCJ -1.84%), with only NXE slightly positive. This points to a stock-specific reaction to the earnings and guidance rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | -0.5% | Q3 2025 swing to profit and major convertible financing boosted cash. |
| Aug 05 | Q2 2025 earnings | Positive | +8.7% | Strong Q2 profit, HALEU delivery milestone, and DOE Phase 3 option. |
| May 07 | Q1 2025 earnings | Positive | +22.0% | Return to profitability, backlog of <b>$3.8B</b>, and HALEU progress. |
| Feb 06 | FY 2024 earnings | Positive | +33.1% | Revenue growth, strong net income, and sizeable convertible notes raise. |
| Oct 28 | Q3 2024 earnings | Positive | +11.8% | Large new LEU commitments and DOE awards despite quarterly loss. |
Earnings releases have usually driven positive moves, with four out of five past reports followed by double- or high-single-digit gains and one mild divergence.
Over the past five earnings cycles, Centrus has steadily expanded its enrichment platform while strengthening finances. Backlog has remained substantial, often cited around $3.6–$3.9 billion extending to 2040, alongside growing LEU and Technical Solutions contributions. Prior updates highlighted rising net income, major DOE HALEU contracts, and sizeable capital plans at Oak Ridge and Piketon. Today’s 2025 results and 2026 guidance continue this narrative of incremental revenue and profit growth, balance sheet improvement, and large, long-dated contract visibility.
Historical Comparison
In the last five earnings reports, LEU moved an average of 15.04% within 24 hours, usually reacting strongly to updates on backlog, HALEU progress, and financing.
Earnings updates have tracked a progression from restoring profitability and building backlog to securing large DOE HALEU contracts and funding major expansion projects.
Regulatory & Risk Context
Centrus has an effective automatic shelf registration on Form S-3ASR filed 2025-11-06, allowing flexible issuance of common and preferred stock, debt, warrants, rights, and units via underwritten or at-the-market offerings. Specific amounts and terms are set in future prospectus supplements; proceeds can be used for working capital, capital expenditures, debt actions, acquisitions, and other corporate purposes.
Market Pulse Summary
This announcement details modest 2025 revenue and net income growth, with total revenue of $448.7M, net income of $77.8M, and gross profit of $117.5M. Management highlights a strengthened balance sheet with $2.0B in unrestricted cash, a $3.8B backlog, and selection for a $900M DOE HALEU task order. Investors may track execution on Piketon and Oak Ridge expansions, 2026 revenue guidance of $425M–$475M, contract negotiations, and capital deployment of $350M–$500M.
Key Terms
high-assay low-enriched uranium technical
haleu technical
uf6 technical
separative work units technical
swu technical
cost-plus-incentive-fee financial
task order regulatory
AI-generated analysis. Not financial advice.
- 2025 full year revenue of
$448.7 million $117.5 million $442.0 million $111.5 million - 2025 full year net income of
$77.8 million $73.2 million - Strengthened balance sheet and increased unrestricted cash balance to
$2.0 billion - Enriched over 1 metric ton of high-assay low-enriched uranium ("HALEU") UF6
- Selected by the
U.S. Department of Energy ("DOE") for a$900.0 million - Notified by National Nuclear Security Administration ("NNSA") of its intent to sole source certain uranium enrichment activities from Centrus
- Launched domestic commercial centrifuge manufacturing to support substantial
$2.3 billion - Activities to support current LEU backlog and proposed 12 metric tons of HALEU production expected to be sufficient to reach nth-of-a-kind cost
"2025 was a milestone year for Centrus marked by continuous improvements to both our existing LEU segment as well as our planned future enrichment business, punctuated by our fourth quarter announcement officially launching our centrifuge build out and the government's selection of Centrus for a
"The LEU pricing curve's sharp rise continues to demonstrate that there is a clear need for additional enrichment capacity for growing electrification demands. Centrus is excited to provide a uniquely American solution to the current critical fuel needs from the existing nuclear reactor fleet and national security establishment, as well as the future needs for the advanced reactor HALEU market that will power tomorrow's data centers and AI technologies."
Full Year 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 a gross profit of
Gross profit for the LEU segment was
Gross profit for the Technical Solutions segment was
Expansion of Manufacturing and Enrichment Capacity Update
On January 5, 2026, DOE announced that American Centrifuge Operating, LLC, a subsidiary of Centrus, was selected for award of a
In December 2025, the Company initiated design work on a 150,000 square foot training, operations & maintenance facility in
Backlog
The Company's total backlog is
2026 Outlook
The company is providing certain financial and operational guidance for the full-year 2026.
Financial 2026 Outlook
For the full year 2026, on a consolidated basis, Centrus expects:
- Total revenue to be in the range of
$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 50 net new employee hires for
Piketon, Ohio , facility - 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
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 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, and our lease to our facility inPiketon, Ohio ; - 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 ; - 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 SEC, DOE, DOC and the NRC.
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, 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 | Year Ended | ||||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||
Numerator (in millions): | |||||||||||
Net income | $ 17.8 | $ 53.7 | $ 56.3 | $ 77.8 | $ 73.2 | $ 84.4 | |||||
Denominator (in thousands): | |||||||||||
Average common shares outstanding - basic | 18,844 | 16,716 | 15,461 | 17,967 | 16,309 | 15,212 | |||||
Potentially dilutive shares related to equity- | 48 | 62 | 271 | 58 | 64 | 289 | |||||
Potentially dilutive shares related to | 2,795 | — | — | 1,900 | — | — | |||||
Potentially dilutive shares related to | 840 | — | — | — | — | — | |||||
Average common shares outstanding - diluted | 22,527 | 16,778 | 15,732 | 19,925 | 16,373 | 15,501 | |||||
Net income per common share (in dollars): | |||||||||||
Basic | $ 0.94 | $ 3.21 | $ 3.64 | $ 4.33 | $ 4.49 | $ 5.55 | |||||
Diluted | $ 0.79 | $ 3.20 | $ 3.58 | $ 3.90 | $ 4.47 | $ 5.44 | |||||
| — | — | — | 951 | — | — | |||||
CENTRUS ENERGY CORP. | |||||||||||
Three Months Ended | Year Ended | ||||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||
Revenue: | |||||||||||
Separative work units | $ 111.0 | $ 48.7 | $ 60.8 | $ 298.7 | $ 246.8 | $ 208.2 | |||||
Uranium | 13.4 | 73.2 | 21.3 | 47.5 | 103.1 | 60.8 | |||||
Technical solutions | 21.8 | 29.7 | 21.5 | 102.5 | 92.1 | 51.2 | |||||
Total revenue | 146.2 | 151.6 | 103.6 | 448.7 | 442.0 | 320.2 | |||||
Cost of Sales: | |||||||||||
Separative work units and uranium | 87.0 | 66.7 | 37.8 | 234.7 | 256.0 | 163.9 | |||||
Technical solutions | 24.2 | 23.1 | 16.0 | 96.5 | 74.5 | 44.2 | |||||
Total cost of sales | 111.2 | 89.8 | 53.8 | 331.2 | 330.5 | 208.1 | |||||
Gross profit | 35.0 | 61.8 | 49.8 | 117.5 | 111.5 | 112.1 | |||||
Advanced technology costs | 8.9 | 3.3 | 3.4 | 16.9 | 17.2 | 14.2 | |||||
Selling, general and administrative | 10.3 | 10.4 | 11.4 | 36.2 | 35.0 | 36.9 | |||||
Equity-related compensation | 0.5 | 0.4 | 0.3 | 5.8 | 1.5 | 2.3 | |||||
Amortization of intangible assets | 2.5 | 2.6 | 2.1 | 8.4 | 9.8 | 6.3 | |||||
Operating income | 12.8 | 45.1 | 32.6 | 50.2 | 48.0 | 52.4 | |||||
Nonoperating components of net | 3.9 | 0.7 | (23.3) | 6.8 | (14.7) | (23.2) | |||||
Interest expense | 4.1 | 1.9 | 0.4 | 14.0 | 2.7 | 1.3 | |||||
Investment income | (16.5) | (5.1) | (2.3) | (44.7) | (12.9) | (8.7) | |||||
Extinguishment of long-term debt | — | — | — | (11.8) | — | — | |||||
Other income, net | — | (0.2) | (0.5) | — | (0.1) | (1.5) | |||||
Income before income taxes | 21.3 | 47.8 | 58.3 | 85.9 | 73.0 | 84.5 | |||||
Income tax expense (benefit) | 3.5 | (5.9) | 2.0 | 8.1 | (0.2) | 0.1 | |||||
Net income and comprehensive income | 17.8 | 53.7 | 56.3 | 77.8 | 73.2 | 84.4 | |||||
Net income per share: | |||||||||||
Basic | $ 0.94 | $ 3.21 | $ 3.64 | $ 4.33 | $ 4.49 | $ 5.55 | |||||
Diluted | $ 0.79 | $ 3.20 | $ 3.58 | $ 3.90 | $ 4.47 | $ 5.44 | |||||
Average number of common shares | |||||||||||
Basic | 18,844 | 16,716 | 15,461 | 17,967 | 16,309 | 15,212 | |||||
Diluted | 22,527 | 16,778 | 15,732 | 19,925 | 16,373 | 15,501 | |||||
CENTRUS ENERGY CORP. | |||||
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
OPERATING | |||||
Net income | $ 77.8 | $ 73.2 | $ 84.4 | ||
Adjustments to reconcile net income to cash provided by operating activities: | |||||
Depreciation and amortization | 9.9 | 10.8 | 7.1 | ||
Accrued loss on long-term contract | — | — | (20.0) | ||
Deferred tax assets | 7.4 | (0.7) | (1.6) | ||
Loss (gain) on remeasurement of retirement benefit plans, net | 2.9 | (17.3) | (24.6) | ||
Revaluation of inventory borrowing | 3.6 | 2.1 | 7.4 | ||
Gain on extinguishment of | (11.8) | — | — | ||
Equity-related compensation | 5.8 | 1.5 | 2.3 | ||
Amortization of debt issuance costs and discount | 3.4 | 0.3 | — | ||
Other reconciling adjustments, net | 0.1 | (0.2) | (1.6) | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 49.2 | (30.5) | (11.3) | ||
Inventories | (230.0) | 101.0 | (83.8) | ||
Inventories owed to customers and suppliers | 176.5 | (68.1) | 23.5 | ||
Other current assets | 2.2 | 2.4 | 14.9 | ||
Payables under inventory purchase agreements | (11.0) | (12.4) | (1.7) | ||
Deferred revenue and advances from customers, net of deferred costs | (29.5) | (15.1) | 12.1 | ||
Accounts payable and other liabilities | 0.4 | (1.4) | 8.5 | ||
Pension and postretirement liabilities | (5.7) | (8.3) | (5.7) | ||
Other changes, net | (0.2) | (0.3) | (0.8) | ||
Cash provided by operating activities | 51.0 | 37.0 | 9.1 | ||
INVESTING | |||||
Capital expenditures | (19.7) | (4.1) | (1.6) | ||
Cash used in investing activities | (19.7) | (4.1) | (1.6) | ||
FINANCING | |||||
Proceeds from the issuance of common stock, net | 523.7 | 54.7 | 23.2 | ||
Proceeds from the issuance of | 782.4 | 388.7 | — | ||
Payment of interest classified as debt | (3.5) | (6.1) | (6.1) | ||
Payment of principal to redeem | (74.3) | — | — | ||
Exercise of stock options | — | 0.4 | — | ||
Common stock withheld for tax obligations under equity-related compensation plan | (3.4) | (0.6) | (3.0) | ||
Other | — | — | (0.2) | ||
Cash provided by financing activities | 1,224.9 | 437.1 | 13.9 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (0.1) | 0.2 | — | ||
Increase in cash, cash equivalents and restricted cash | 1,256.1 | 470.2 | 21.4 | ||
Cash, cash equivalents and restricted cash, beginning of period | 704.0 | 233.8 | 212.4 | ||
Cash, cash equivalents and restricted cash, end of period | $ 1,960.1 | $ 704.0 | $ 233.8 | ||
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Supplemental cash flow information: | |||||
Cash paid for interest | $ 8.9 | $ — | $ — | ||
Cash paid for income taxes | |||||
Federal | $ — | $ — | $ — | ||
State | $ 0.7 | $ 0.7 | $ — | ||
Foreign | $ — | $ — | $ — | ||
Cash paid for income taxes (net of refunds received) exceeding five percent of total cash paid | |||||
State: | |||||
$ 0.7 | $ 0.5 | $ — | |||
$ — | $ 0.2 | $ — | |||
Total | $ 0.7 | $ 0.7 | $ — | ||
Non-cash activities: | |||||
Property, plant and equipment included in accounts payable and accrued liabilities | $ 2.0 | $ 0.2 | $ 0.9 | ||
Equity-related transaction costs included in accounts payable and accrued liabilities | $ 0.2 | $ — | $ — | ||
Adjustment to right to use lease assets from lease modification | $ 1.3 | $ — | $ (4.2) | ||
CENTRUS ENERGY CORP. | |||
December 31, | |||
2025 | 2024 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 1,957.2 | $ 671.4 | |
Accounts receivable | 30.7 | 80.0 | |
Inventories | 322.9 | 161.6 | |
Deferred costs associated with deferred revenue | 40.9 | 63.9 | |
Other current assets | 11.9 | 38.3 | |
Total current assets | 2,363.6 | 1,015.2 | |
Property, plant and equipment, net | 29.5 | 9.4 | |
Deposits for financial assurance | 2.7 | 2.6 | |
Intangible assets, net | 21.2 | 29.6 | |
Deferred tax assets, net | 21.9 | 29.3 | |
Other long-term assets | 7.0 | 7.3 | |
Total assets | $ 2,445.9 | $ 1,093.4 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | $ 41.6 | $ 38.8 | |
Payables under inventory purchase agreements | 18.5 | 29.5 | |
Inventories owed to customers and suppliers | 192.7 | 16.2 | |
Deferred revenue and advances from customers | 131.1 | 216.4 | |
Short-term inventory loans | 38.9 | 39.8 | |
Current debt | — | 6.1 | |
Total current liabilities | 422.8 | 346.8 | |
Long-term debt | 1,174.8 | 472.5 | |
Postretirement health and life benefit obligations | 72.2 | 74.6 | |
Pension benefit liabilities | 3.0 | 4.0 | |
Long-term inventory loans | — | 26.2 | |
Other long-term liabilities | 8.0 | 7.9 | |
Total liabilities | 1,680.8 | 932.0 | |
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 | 1.6 | |
Class B Common Stock, par value | 0.1 | 0.1 | |
Excess of capital over par value | 762.3 | 236.5 | |
Retained earnings (accumulated deficit) | 1.5 | (76.3) | |
Accumulated other comprehensive loss | (0.7) | (0.5) | |
Total stockholders' equity | 765.1 | 161.4 | |
Total liabilities and stockholders' equity | $ 2,445.9 | $ 1,093.4 | |
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SOURCE Centrus Energy Corp.
FAQ
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