Centrus Reports Third Quarter 2026 Results
DOE does not currently intend to exercise further options on a contract representing approximately $0.8 billion of backlog.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Centrus Energy (NYSE: LEU) reported third-quarter 2026 revenue of $55.5 million, down from the same quarter last year. Revenue fell 26%, while GAAP net income rose to $31.6 million from $3.9 million, primarily driven by a $46.4 million warrant-liability valuation gain. Adjusted results swung to a $9.4 million loss from $5.2 million income.
Backlog totaled $7.0 billion, including $5.4 billion of contingent enrichment commitments. DOE does not currently intend to exercise further HALEU production contract options; that contract represents approximately $0.8 billion of backlog. Centrus completed its first centrifuge, began shipments, finalized critical supply-chain contracts and completed its first construction package ahead of year-end targets. The company expects 2026 revenue of $450 million–$500 million and capital deployment of $350 million–$500 million, and recently acquired Westerman.
Positive
- Q3 GAAP net income rose to $31.6 million from $3.9 million, primarily driven by a warrant-valuation gain.
- Q3 diluted GAAP earnings increased to $1.41 per share from $0.19 a year earlier.
- Contingent enrichment commitments grew to $5.4 billion, including $5.1 billion under definitive agreements.
- Centrus completed its first centrifuge and began shipping centrifuges ahead of its year-end target.
- Contracts with all critical supply-chain suppliers were finalized ahead of the year-end target.
- The first certified-for-construction package was completed ahead of the year-end target.
- Centrus is enriching HALEU for the commercial market using its existing 16-centrifuge cascade.
- The Westerman acquisition was completed.
- Centrus expects full-year 2026 revenue of $450 million to $500 million.
- Centrus expects $350 million to $500 million in 2026 capital deployment, driven by centrifuge-manufacturing buildout investment.
- Piketon's 2026 hiring target increased to at least 175 net new employees from 100.
- Centrus expects at least 100 net new employees at Oak Ridge in 2026.
- Q3 enrichment-services revenue increased by $3.4 million, with volume up 19% and average prices up 10%.
- Q3 LEU cost of sales decreased 26% to $38.7 million, alongside lower uranium sales volume.
- Q3 LEU gross loss narrowed to $6.9 million from $7.8 million a year earlier.
- Q3 investment income increased to $16.9 million from $12.9 million a year earlier.
- Nine-month revenue increased to $308.3 million from $302.5 million a year earlier.
Negative
- Q3 revenue declined 26% to $55.5 million from $74.9 million a year earlier.
- Q3 adjusted results swung to a $9.4 million net loss from $5.2 million net income.
- Q3 operating loss widened to $29.7 million from $16.6 million a year earlier.
- Q3 gross loss widened to $10.6 million from $4.3 million a year earlier.
- DOE currently does not intend further contract options; approximately $0.8 billion of Technical Solutions backlog relates to that contract.
- The proposed fiscal 2027 DOE budget includes no further funding for operating the HALEU cascade under that contract.
- Contingent enrichment sales commitments depend on operational milestones supporting potential production-capacity construction.
- Q3 LEU revenue declined 29% to $31.8 million from $44.8 million a year earlier.
- Q3 uranium revenue fell to $17.7 million from $34.1 million, primarily because of lower sales volume.
- Q3 Technical Solutions revenue declined 21% to $23.7 million, including a $10.2 million HALEU contract revenue decrease.
- Q3 enrichment-services average unit cost increased 28%, while volume sold increased 19%.
- Q3 Technical Solutions cost of sales increased 3% to $27.4 million.
- Q3 Technical Solutions gross results swung to a $3.7 million loss from $3.5 million profit.
- Q3 selling, general and administrative expenses rose to $13.2 million from $9.5 million.
- Q3 advanced technology costs increased to $4.7 million from $1.7 million.
- Q3 interest expense increased to $3.9 million from $3.4 million.
- Q3 income tax benefit decreased to $2.9 million from $11.9 million.
- Nine-month gross profit declined to $70.8 million from $82.5 million.
- Nine-month operating results swung to an $18.5 million loss from $37.4 million income.
- Nine-month net income declined to $58.4 million from $60.0 million.
- Nine-month diluted earnings declined to $2.63 per share from $3.16.
Key Figures
- Revenue
- $55.5 million vs. $74.9 million
- Q3 2026 vs. Q3 2025
- GAAP net income
- $31.6 million vs. $3.9 million
- Q3 2026 vs. Q3 2025; increase primarily driven by a fair-value gain on warrant liabilities
- Adjusted net result
- $9.4 million loss vs. $5.2 million income
- Non-GAAP, Q3 2026 vs. Q3 2025
- Contingent LEU and HALEU sales commitments
- $5.4 billion
- Backlog as of September 30, 2026; contingent commitments tied to operational milestones
- Definitive agreements
- $5.1 billion
- Portion of contingent LEU and HALEU sales commitments
- Revenue guidance
- $450 million to $500 million
- Full-year 2026
- Capital deployment guidance
- $350 million to $500 million
- Full-year 2026
- Technical Solutions backlog tied to HALEU Operation Contract
- $0.8 billion
- Current DOE budget proposal omits further funding for the contract's cascade operation
Previous Earnings Reports
-
Reported 30% year-over-year revenue growth and $3.9 million net income in prior-year quarter.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
separative work units technical
haleu technical
warrant liabilities financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Revenue of
$55.5 million $74.9 million - GAAP net income of
$31.6 million $3.9 million - Non-GAAP adjusted net loss(1) of
$9.4 million $5.2 million - Grew contingent Low-Enriched Uranium (LEU) and High-Assay Low-Enriched Uranium (HALEU) enrichment backlog to
$5.4 billion - Enriching 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
"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."
|
(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. |
"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
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 loss of
Gross loss for the LEU segment was
Gross margin for the Technical Solutions segment was a loss of
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. 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 $500 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:
- 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.
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:
- 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 inPiketon and to recognize a significant non-cash charge relating to capitalized improvements atPiketon ; - 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 andOak 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 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, 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. 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 and Media: Neal Nagarajan at NagarajanNK@centrusenergy.com
|
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; in millions, except share and per share data) |
|||||||
|
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Revenue: |
|
|
|
|
|
|
|
|
Separative work units |
$ 14.1 |
|
$ 10.7 |
|
$ 155.7 |
|
$ 187.7 |
|
Uranium |
17.7 |
|
34.1 |
|
74.1 |
|
34.1 |
|
Technical solutions |
23.7 |
|
30.1 |
|
78.5 |
|
80.7 |
|
Total revenue |
55.5 |
|
74.9 |
|
308.3 |
|
302.5 |
|
Cost of Sales: |
|
|
|
|
|
|
|
|
Separative work units and uranium |
38.7 |
|
52.6 |
|
157.2 |
|
147.7 |
|
Technical solutions |
27.4 |
|
26.6 |
|
80.3 |
|
72.3 |
|
Total cost of sales |
66.1 |
|
79.2 |
|
237.5 |
|
220.0 |
|
Gross (loss) profit |
(10.6) |
|
(4.3) |
|
70.8 |
|
82.5 |
|
Advanced technology costs |
4.7 |
|
1.7 |
|
34.4 |
|
8.0 |
|
Selling, general and administrative |
13.2 |
|
9.5 |
|
49.4 |
|
31.2 |
|
Amortization of intangible assets |
1.2 |
|
1.1 |
|
5.5 |
|
5.9 |
|
Operating (loss) income |
(29.7) |
|
(16.6) |
|
(18.5) |
|
37.4 |
|
Nonoperating components of net periodic benefit loss |
1.0 |
|
1.0 |
|
3.0 |
|
2.9 |
|
Interest expense |
3.9 |
|
3.4 |
|
12.1 |
|
9.9 |
|
Investment income |
(16.9) |
|
(12.9) |
|
(50.2) |
|
(28.2) |
|
Extinguishment of long-term debt |
— |
|
— |
|
— |
|
(11.8) |
|
Gain on change in fair value of warrant liability |
(46.4) |
|
— |
|
(46.4) |
|
— |
|
Other (income) expense, net |
— |
|
(0.1) |
|
0.2 |
|
— |
|
Income (loss) before income taxes |
28.7 |
|
(8.0) |
|
62.8 |
|
64.6 |
|
Income tax (benefit) expense |
(2.9) |
|
(11.9) |
|
4.4 |
|
4.6 |
|
Net income and comprehensive income |
$ 31.6 |
|
$ 3.9 |
|
$ 58.4 |
|
$ 60.0 |
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
Basic |
$ 1.53 |
|
$ 0.21 |
|
$ 2.91 |
|
$ 3.40 |
|
Diluted |
$ 1.41 |
|
$ 0.19 |
|
$ 2.63 |
|
$ 3.16 |
|
Average number of common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
Basic |
20,632 |
|
18,317 |
|
20,098 |
|
17,672 |
|
Diluted |
22,412 |
|
20,677 |
|
22,239 |
|
18,965 |
CENTRUS ENERGY CORP.
NON-GAAP ADJUSTED OPERATING (LOSS) INCOME, ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER SHARE RECONCILIATION TABLE
The Company measures Operating (Loss) Income, Net Income and Net Income per Share on a GAAP basis, on a normalized basis ("Normalized Operating (Loss) Income", "Normalized Net Income (Loss)" and "Normalized Net Income (Loss) per Share"), and on an adjusted basis ("Adjusted Operating (Loss) Income", "Adjusted Net Income (Loss)" and "Adjusted Net Income (Loss) per Share") to exclude (i) the gain on the change of fair value of the warrant liability, (ii) short-term, non-capitalizable costs related to the expansion of our operations in
Normalized earnings exclude the revaluation of the Warrant Liability, which is included as Gain on Change in Fair Value of Warrant Valuation on the Condensed Consolidated Statements of Operations and Comprehensive Income. We are also adjusting for the one-time expenses related to the issuance of the warrants, which were included as Selling, General and Administrative expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.
Adjusted earnings further exclude 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 (Loss) Income, Adjusted Net Income (Loss) and Adjusted Net Income (Loss) 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 (Loss) Income, Adjusted Net Income, and Adjusted Net Income per Share may not be comparable to similarly named measures reported by other companies.
The following tables present a reconciliation of the Operating (Loss) Income, the most directly comparable GAAP measure, to Adjusted Operating (Loss) Income, a reconciliation of the Net Income, the most directly comparable GAAP measure, to Adjusted Net Income, and a reconciliation of the Net Income Per Share, the most directly comparable GAAP measure, to Adjusted Net Income Per Share, for each of the periods indicated:
|
Three Months Ended September 30, 2026 Compared with Three Months Ended September 30, 2025 |
|||||||||||
|
|
|||||||||||
|
|
Three Months Ended September 30, 2026 |
||||||||||
|
|
GAAP |
|
Warrant |
|
Normalized |
|
Growth |
|
Stock- |
|
Adjusted |
|
Gross loss |
$ (10.6) |
|
$ — |
|
$ (10.6) |
|
$ — |
|
$ — |
|
$ (10.6) |
|
Advanced technology costs |
4.7 |
|
— |
|
4.7 |
|
(2.4) |
|
— |
|
2.3 |
|
Selling, general and administrative |
13.2 |
|
(4.6) |
|
8.6 |
|
— |
|
1.3 |
|
9.9 |
|
Amortization of intangible assets |
1.2 |
|
— |
|
1.2 |
|
— |
|
— |
|
1.2 |
|
Operating loss |
(29.7) |
|
4.6 |
|
(25.1) |
|
2.4 |
|
(1.3) |
|
(24.0) |
|
Nonoperating components of net periodic benefit loss |
1.0 |
|
— |
|
1.0 |
|
— |
|
— |
|
1.0 |
|
Interest expense |
3.9 |
|
— |
|
3.9 |
|
— |
|
— |
|
3.9 |
|
Investment income |
(16.9) |
|
— |
|
(16.9) |
|
— |
|
— |
|
(16.9) |
|
Gain on change in fair value of warrant liability |
(46.4) |
|
46.4 |
|
— |
|
— |
|
— |
|
— |
|
Income (loss) before income taxes |
28.7 |
|
(41.8) |
|
(13.1) |
|
2.4 |
|
(1.3) |
|
(12.0) |
|
Income tax benefit |
(2.9) |
|
— |
|
(2.9) |
|
0.6 |
|
(0.3) |
|
(2.6) |
|
Net income (loss) and comprehensive income (loss) |
$ 31.6 |
|
$ (41.8) |
|
$ (10.2) |
|
$ 1.8 |
|
$ (1.0) |
|
$ (9.4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ 1.53 |
|
|
|
$ (0.49) |
|
|
|
|
|
$ (0.46) |
|
Diluted |
$ 1.41 |
|
|
|
$ (0.49) |
|
|
|
|
|
$ (0.46) |
|
Average number of common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
20,632 |
|
|
|
20,632 |
|
|
|
|
|
20,632 |
|
Diluted |
22,412 |
|
|
|
20,632 |
|
|
|
|
|
20,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2025 |
||||||||||
|
|
GAAP |
|
Warrant |
|
Normalized |
|
Growth |
|
Stock- |
|
Adjusted |
|
Gross loss |
$ (4.3) |
|
$ — |
|
$ (4.3) |
|
$ — |
|
$ — |
|
$ (4.3) |
|
Advanced technology costs |
1.7 |
|
— |
|
1.7 |
|
(1.1) |
|
— |
|
0.6 |
|
Selling, general and administrative |
9.5 |
|
— |
|
9.5 |
|
— |
|
(0.6) |
|
8.9 |
|
Amortization of intangible assets |
1.1 |
|
— |
|
1.1 |
|
— |
|
— |
|
1.1 |
|
Operating loss |
(16.6) |
|
— |
|
(16.6) |
|
1.1 |
|
0.6 |
|
(14.9) |
|
Nonoperating components of net periodic benefit loss |
1.0 |
|
— |
|
1.0 |
|
— |
|
— |
|
1.0 |
|
Interest expense |
3.4 |
|
— |
|
3.4 |
|
— |
|
— |
|
3.4 |
|
Investment income |
(12.9) |
|
— |
|
(12.9) |
|
— |
|
— |
|
(12.9) |
|
Other income, net |
(0.1) |
|
— |
|
(0.1) |
|
— |
|
— |
|
(0.1) |
|
Loss before income taxes |
(8.0) |
|
— |
|
(8.0) |
|
1.1 |
|
0.6 |
|
(6.3) |
|
Income tax benefit |
(11.9) |
|
— |
|
(11.9) |
|
0.2 |
|
0.2 |
|
(11.5) |
|
Net income and comprehensive income |
$ 3.9 |
|
$ — |
|
$ 3.9 |
|
$ 0.9 |
|
$ 0.4 |
|
$ 5.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ 0.21 |
|
|
|
$ 0.21 |
|
|
|
|
|
$ 0.28 |
|
Diluted |
$ 0.19 |
|
|
|
$ 0.19 |
|
|
|
|
|
$ 0.25 |
|
Average number of common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
18,317 |
|
|
|
18,317 |
|
|
|
|
|
18,317 |
|
Diluted |
20,677 |
|
|
|
20,677 |
|
|
|
|
|
20,677 |
|
Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025 |
|||||||||||
|
|
|||||||||||
|
|
Nine Months Ended September 30, 2026 |
||||||||||
|
|
GAAP |
|
Warrant |
|
Normalized |
|
Growth |
|
Stock- |
|
Adjusted |
|
Gross profit |
$ 70.8 |
|
$ — |
|
$ 70.8 |
|
$ — |
|
$ — |
|
$ 70.8 |
|
Advanced technology costs |
34.4 |
|
— |
|
34.4 |
|
(30.0) |
|
— |
|
4.4 |
|
Selling, general and administrative |
49.4 |
|
(4.6) |
|
44.8 |
|
— |
|
(16.8) |
|
28.0 |
|
Amortization of intangible assets |
5.5 |
|
— |
|
5.5 |
|
— |
|
— |
|
5.5 |
|
Operating (loss) income |
(18.5) |
|
4.6 |
|
(13.9) |
|
30.0 |
|
16.8 |
|
32.9 |
|
Nonoperating components of net periodic benefit loss |
3.0 |
|
— |
|
3.0 |
|
— |
|
— |
|
3.0 |
|
Interest expense |
12.1 |
|
— |
|
12.1 |
|
— |
|
— |
|
12.1 |
|
Investment income |
(50.2) |
|
— |
|
(50.2) |
|
— |
|
— |
|
(50.2) |
|
Gain on change in fair value of warrant liability |
(46.4) |
|
46.4 |
|
— |
|
— |
|
— |
|
— |
|
Other expense, net |
0.2 |
|
— |
|
0.2 |
|
— |
|
— |
|
0.2 |
|
Income before income taxes |
62.8 |
|
(41.8) |
|
21.0 |
|
30.0 |
|
16.8 |
|
67.8 |
|
Income tax expense |
4.4 |
|
— |
|
4.4 |
|
6.8 |
|
3.8 |
|
15.0 |
|
Net income and comprehensive income |
$ 58.4 |
|
$ (41.8) |
|
$ 16.6 |
|
$ 23.2 |
|
$ 13.0 |
|
$ 52.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ 2.91 |
|
|
|
$ 0.83 |
|
|
|
|
|
$ 2.63 |
|
Diluted |
$ 2.63 |
|
|
|
$ 0.75 |
|
|
|
|
|
$ 2.37 |
|
Average number of common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
20,098 |
|
|
|
20,098 |
|
|
|
|
|
20,098 |
|
Diluted |
22,239 |
|
|
|
22,239 |
|
|
|
|
|
22,239 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2025 |
||||||||||
|
|
GAAP |
|
Warrant |
|
Normalized |
|
Growth |
|
Stock- |
|
Adjusted |
|
Gross profit |
$ 82.5 |
|
$ — |
|
$ 82.5 |
|
$ — |
|
$ — |
|
$ 82.5 |
|
Advanced technology costs |
8.0 |
|
— |
|
8.0 |
|
(5.5) |
|
— |
|
2.5 |
|
Selling, general and administrative |
31.2 |
|
— |
|
31.2 |
|
— |
|
(5.3) |
|
25.9 |
|
Amortization of intangible assets |
5.9 |
|
— |
|
5.9 |
|
— |
|
— |
|
5.9 |
|
Operating income |
37.4 |
|
— |
|
37.4 |
|
5.5 |
|
5.3 |
|
48.2 |
|
Nonoperating components of net periodic benefit loss |
2.9 |
|
— |
|
2.9 |
|
— |
|
— |
|
2.9 |
|
Interest expense |
9.9 |
|
— |
|
9.9 |
|
— |
|
— |
|
9.9 |
|
Investment income |
(28.2) |
|
— |
|
(28.2) |
|
— |
|
— |
|
(28.2) |
|
Extinguishment of long-term debt |
(11.8) |
|
— |
|
(11.8) |
|
— |
|
— |
|
(11.8) |
|
Gain on change in fair value of warrant liability |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Other expense, net |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Income before income taxes |
64.6 |
|
— |
|
64.6 |
|
5.5 |
|
5.3 |
|
75.4 |
|
Income tax expense |
4.6 |
|
— |
|
4.6 |
|
1.2 |
|
1.3 |
|
7.1 |
|
Net income and comprehensive income |
$ 60.0 |
|
$ — |
|
$ 60.0 |
|
$ 4.3 |
|
$ 4.0 |
|
$ 68.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ 3.40 |
|
|
|
$ 3.40 |
|
|
|
|
|
$ 3.86 |
|
Diluted |
$ 3.16 |
|
|
|
$ 3.16 |
|
|
|
|
|
$ 3.60 |
|
Average number of common shares outstanding (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
17,672 |
|
|
|
17,672 |
|
|
|
|
|
17,672 |
|
Diluted |
18,965 |
|
|
|
18,965 |
|
|
|
|
|
18,965 |
|
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions) |
|||
|
|
Nine Months Ended September 30, |
||
|
|
2026 |
|
2025 |
|
OPERATING |
|
|
|
|
Net income |
$ 58.4 |
|
$ 60.0 |
|
Adjustments to reconcile net income to cash used in operating activities: |
|
|
|
|
Depreciation and amortization |
6.8 |
|
6.9 |
|
Gain on change in fair value of warrant liability |
(46.4) |
|
— |
|
Deferred tax assets |
4.2 |
|
3.6 |
|
Equity-related compensation |
16.8 |
|
5.3 |
|
Revaluation of inventory borrowings |
(0.6) |
|
4.1 |
|
Gain on extinguishment of |
— |
|
(11.8) |
|
Amortization of debt issuance costs and discount |
4.0 |
|
— |
|
Other reconciling adjustments, net |
0.3 |
|
2.1 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
3.9 |
|
19.2 |
|
Inventories |
106.9 |
|
(317.2) |
|
Inventories owed to customers and suppliers |
(138.7) |
|
222.8 |
|
Other current assets |
0.3 |
|
0.2 |
|
Accounts payable and other liabilities |
(8.1) |
|
(4.5) |
|
Payables under inventory purchase agreements |
23.3 |
|
126.4 |
|
Deferred revenue and advances from customers, net of deferred costs |
(37.4) |
|
(12.5) |
|
Pension and postretirement benefit liabilities |
(4.5) |
|
(4.9) |
|
Other changes, net |
(0.3) |
|
(0.3) |
|
Cash (used in) provided by operating activities |
(11.1) |
|
99.4 |
|
|
|
|
|
|
INVESTING |
|
|
|
|
Capital expenditures |
(226.4) |
|
(10.1) |
|
Cash used in investing activities |
(226.4) |
|
(10.1) |
|
|
|
|
|
|
FINANCING |
|
|
|
|
Proceeds from the issuance of common stock, net |
53.9 |
|
139.7 |
|
Proceeds from the issuance of |
— |
|
782.4 |
|
Proceeds from the issuance of common stock, pre-funded warrants, and common warrants, net |
493.8 |
|
— |
|
Common stock withheld for tax obligations under stock-based compensation plan |
(0.7) |
|
(2.9) |
|
Payment of interest classified as debt |
— |
|
(3.5) |
|
Payment of principal to redeem |
— |
|
(74.3) |
|
Cash provided by financing activities |
547.0 |
|
841.4 |
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(0.2) |
|
(0.1) |
|
|
|
|
|
|
Increase in cash, cash equivalents and restricted cash |
309.3 |
|
930.6 |
|
Cash, cash equivalents and restricted cash, beginning of period |
1,960.1 |
|
704.0 |
|
Cash, cash equivalents and restricted cash, end of period |
$ 2,269.4 |
|
$ 1,634.6 |
|
|
|||
|
|
|||
|
|
Nine Months Ended September 30, |
||
|
|
2026 |
|
2025 |
|
|
|
|
|
|
Supplemental cash flow disclosures: |
|
|
|
|
Cash paid for interest |
$ 4.5 |
|
$ 4.4 |
|
Cash paid for income taxes |
|
|
|
|
Federal |
$ — |
|
$ — |
|
State |
$ 0.4 |
|
$ 0.4 |
|
Foreign |
$ — |
|
$ — |
|
|
|
|
|
|
Non-cash activities: |
|
|
|
|
Adjustment of right to use lease assets from lease modification |
$ 0.5 |
|
$ 1.3 |
|
Property, plant and equipment included in accounts payable and accrued liabilities |
$ 60.2 |
|
$ 2.2 |
|
Equity issuance costs included in accounts payable and accrued liabilities |
$ 0.4 |
|
$ — |
|
Reclassification of equity-based compensation from equity to liability |
$ 0.8 |
|
$ — |
|
CENTRUS ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in millions, except share and per share data) |
|||
|
|
|||
|
|
September 30, |
|
December 31, |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 2,236.1 |
|
$ 1,957.2 |
|
Accounts receivable |
26.8 |
|
30.7 |
|
Inventories |
177.7 |
|
322.9 |
|
Deferred costs associated with deferred revenue |
33.2 |
|
40.9 |
|
Other current assets |
11.7 |
|
11.9 |
|
Total current assets |
2,485.5 |
|
2,363.6 |
|
Property, plant and equipment, net of accumulated depreciation of |
312.9 |
|
29.5 |
|
Deposits for financial assurance |
33.1 |
|
2.7 |
|
Intangible assets, net |
15.7 |
|
21.2 |
|
Deferred tax assets |
17.7 |
|
21.9 |
|
Other long-term assets |
6.7 |
|
7.0 |
|
Total assets |
$ 2,871.6 |
|
$ 2,445.9 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and accrued liabilities |
$ 107.6 |
|
$ 41.6 |
|
Payables under inventory purchase agreements |
41.8 |
|
18.5 |
|
Inventories owed to customers and suppliers |
54.0 |
|
192.7 |
|
Deferred revenue and advances from customers, current |
85.3 |
|
131.1 |
|
Short-term inventory loans |
— |
|
38.9 |
|
Current debt |
— |
|
— |
|
Total current liabilities |
288.7 |
|
422.8 |
|
Long-term debt |
1,178.8 |
|
1,174.8 |
|
Warrant liability |
220.4 |
|
— |
|
Postretirement health and life benefit obligations |
68.1 |
|
72.2 |
|
Pension benefit liabilities |
2.9 |
|
3.0 |
|
Deferred revenue and advances from customers, noncurrent |
0.7 |
|
— |
|
Other long-term liabilities |
6.9 |
|
8.0 |
|
Total liabilities |
1,766.5 |
|
1,680.8 |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred stock, par value |
|
|
|
|
Series A Participating Cumulative Preferred Stock, none issued |
— |
|
— |
|
Class A Common Stock, par value |
2.0 |
|
1.9 |
|
Class B Common Stock, par value |
0.1 |
|
0.1 |
|
Excess of capital over par value |
1,044.0 |
|
762.3 |
|
Retained earnings |
59.9 |
|
1.5 |
|
Accumulated other comprehensive loss |
(0.9) |
|
(0.7) |
|
Total stockholders' equity |
1,105.1 |
|
765.1 |
|
Total liabilities and stockholders' equity |
$ 2,871.6 |
|
$ 2,445.9 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/centrus-reports-third-quarter-2026-results-302929804.html
SOURCE Centrus Energy Corp.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Why did Centrus report higher Q3 2026 GAAP earnings but an adjusted loss?
GAAP earnings included a $46.4 million gain from revaluing warrant liabilities, which adjusted earnings exclude. Adjusted earnings also exclude warrant-issuance expenses, growth costs and stock-based compensation. GAAP net income was $31.6 million, while the adjusted net loss was $9.4 million.
What does Centrus's September 2026 backlog include?
Centrus had $7.0 billion of backlog extending to 2040, comprising approximately $6.2 billion in LEU and approximately $0.8 billion in Technical Solutions. Technical Solutions backlog includes funded services, services without appropriated funding and unexercised options.
What assumptions underpin Centrus's 2026 guidance?
Centrus assumes no significant change in restrictions on receiving and selling Russian LEU or other uranium products. Its guidance also assumes no significant economic disruptions or downturns, successful implementation of planned expansion projects and continued ongoing business operations.
Why do Centrus's LEU gross results vary between quarters?
LEU customers generally have annual purchase commitments, not quarterly commitments, under multiyear contracts. Delivery pricing reflects market conditions when each contract was signed. Centrus attributes the narrower third-quarter 2026 LEU gross loss primarily to changes in the composition of contracts.