Centrus Energy (NYSE: LEU) wins $900M DOE HALEU deal, total value $1.07B
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Centrus Energy Corp. signed a major U.S. Department of Energy contract worth $900 million to expand High‑Assay, Low‑Enriched Uranium (HALEU) enrichment capacity at its Piketon, Ohio facility. The firm fixed‑price contract pays incrementally for performance milestones and requires deployment of new enrichment capacity and delivery of one metric ton of HALEU UF6 enriched to 19.75% 235U by March 2032. The contract includes two DOE options for five metric tons each at $17 million per MTU, bringing total potential enrichment contract value to about $1.07 billion. Centrus has also completed more than 1,900 kilograms of HALEU UF6 under its prior demonstration contract and signed a three‑month, $15 million extension for HALEU storage as it transitions from demonstration work to commercial operations and a broader multi‑billion‑dollar enrichment expansion.
Positive
- Large, long-duration DOE enrichment contract: Centrus secured a firm fixed‑price HALEU enrichment award of $900 million, with DOE options lifting total potential contract value to about $1.07 billion, providing substantial multi‑year revenue visibility tied to a strategic government customer.
- Transition from demonstration to commercial scale: Completion of more than 1,900 kilograms of HALEU UF6 under the prior demonstration contract, plus an initial 12‑metric‑ton annual HALEU capacity plan and a $2.4 billion LEU backlog, indicates movement toward sustained commercial operations rather than one‑off pilot work.
Negative
- None.
Insights
$900M DOE HALEU contract anchors Centrus’ commercial expansion.
The new contract gives Centrus a firm fixed‑price award of $900 million to deploy commercial HALEU enrichment capacity and deliver one metric ton of HALEU UF6 by March 2032. With DOE options, total enrichment value reaches about $1.07 billion.
This sits alongside an existing LEU sales backlog of $2.4 billion and a plan for initial capacity of 12 metric tons of annual HALEU output. The structure combines government funding with commercial contracts and other non‑dilutive capital, which can reduce reliance on equity or debt financing relative to a purely private build‑out.
The company reports completion of more than 1,900 kilograms of HALEU UF6 under its demonstration contract and a short $15 million extension for storage, signaling a shift from demonstration to commercialization. Future disclosures in periodic filings will clarify execution progress, timing of new capacity coming online around 2029, and how quickly options and additional customer demand translate into revenue.
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Base HALEU enrichment contract: $900 million
Total potential contract value: $1.07 billion
Option HALEU price: $17 million per MTU
+5 more
8 metrics
Base HALEU enrichment contract
$900 million
Firm fixed‑price DOE contract for HALEU capacity and 1 MTU delivery
Total potential contract value
$1.07 billion
Includes DOE options for up to 10 MTU of additional HALEU purchases
Option HALEU price
$17 million per MTU
Price per metric ton under DOE HALEU enrichment contract options
LEU sales backlog
$2.4 billion
Existing low‑enriched uranium backlog referenced in expansion plans
Demonstration HALEU output
More than 1,900 kilograms
Cumulative HALEU UF6 produced under prior demonstration contract
HALEU storage extension
$15 million
Three‑month extension related to HALEU storage under prior contract
Initial HALEU capacity
12 metric tons per year
Planned annual HALEU production capacity in initial build‑out
New Ohio operating jobs
300 jobs
Expected new operating positions at Piketon under expansion project
Key Terms
High-Assay, Low-Enriched Uranium, indefinite delivery-indefinite quantity contract, firm fixed price, task order, +2 more
6 terms
High-Assay, Low-Enriched Uranium financial
"new domestic commercial High-Assay, Low-Enriched Uranium ("HALEU") enrichment capacity"
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.
indefinite delivery-indefinite quantity contract regulatory
"task order awarded by the Department under an indefinite delivery-indefinite quantity contract"
firm fixed price financial
"The Contract establishes a firm fixed price of $900 million"
A firm fixed price is a contract where the buyer and seller agree on a single, unchanging price for goods or services that does not shift if the seller’s costs go up or down. Investors care because it makes revenue and profit more predictable for the seller while transferring cost risk to the seller; like agreeing to buy a meal at a set price even if ingredient costs later rise, it can boost short-term stability but increase exposure to cost overruns.
task order regulatory
"performance of a task order awarded by the Department"
A task order is a specific request for work or services issued under an existing contract, telling a supplier what to deliver, when, and for how much. For investors, task orders matter because they convert a broad contract promise into real, billable work—like adding items to a standing shopping list—and so winning or delivering task orders can directly affect a company’s near-term revenue and cash flow visibility.
Low-Enriched Uranium financial
"capacity expansion that will include Low-Enriched Uranium (LEU) as well as HALEU"
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.
forward-looking statements regulatory
"This press release includes "forward-looking statements" within the meaning of Section 21E"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
_________________
Date of Report (Date of earliest event reported): June 30, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (301 ) 564-3200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement
On June 30, 2026, American Centrifuge Operating, LLC, a Delaware limited liability company (“ACO”) and a wholly owned subsidiary of Centrus Energy Corp. (“Centrus”), signed a United States Department of Energy (the “Department”) contract (the “Contract”) to establish new domestic commercial High-Assay, Low-Enriched Uranium ("HALEU") enrichment capacity at its facility leased from the Department in Piketon, Ohio. The Contract governs ACO’s performance of a task order awarded by the Department under an indefinite delivery-indefinite quantity contract executed between ACO and the Department in 2024.
The Contract establishes a firm fixed price of $900 million, to be paid incrementally as performance-based milestone payments, to deploy a specified amount of enrichment capacity and deliver, by March 2032, one metric ton of uranium (MTU) enriched as HALEU UF6 to a nominal 19.75 weight percent of 235U. The Contract also includes first and second options, exercisable at the Department’s sole discretion, each for delivery over a maximum twelve-month period, of five MTU enriched as HALEU UF6 to a nominal 19.75 weight percent of 235U for a firm fixed price of $17 million per MTU (or a total of $85 million for each five MTUs). Upon completion of its obligations under the Contract, ACO would obtain title to the deployed enrichment capacity.
The foregoing description of the Contract does not purport to be complete and is qualified in its entirety by the text of the Contract, a copy of which is expected to be filed as an exhibit to Centrus’ next quarterly report on Form 10-Q.
On July 1, 2026, Centrus issued a press release regarding the Contract and other Department-related company matters. A copy of the press release is included as Exhibit 99.1 to this report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | ||||
| 99.1 | Press Release dated July 1, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Centrus Energy Corp. | |||||||||||
| Date: | July 2, 2026 | By: | /s/ Todd M. Tinelli | ||||||||
| Todd M. Tinelli | |||||||||||
| Senior Vice President, Chief Financial Officer, and Treasurer | |||||||||||
Centrus Signs Contract with Department of Energy for $900 Million Award; Intends to Transition HALEU Production Cascade to Commercial Operation July 1, 2026 Total Enrichment Contract Valued at over $1 Billion, Including All Options Completes Production of Additional 900 Kilograms of HALEU UF6 Ahead of Schedule Prior Contract Extended for Three Months Ahead of Transition BETHESDA, Md., July 1, 2026 /PRNewswire/ -- Centrus Energy (NYSE: LEU) today announced that it has signed a contract to finalize the terms of the competitively-awarded, $900 million task order it received from the U.S. Department of Energy earlier this year. The award will support deployment of large-scale production capacity for High-Assay, Low-Enriched Uranium (HALEU) as part of Centrus' multi-billion-dollar capacity expansion that will include Low-Enriched Uranium (LEU) as well as HALEU. "Today's announcement marks another milestone in our expansion, as we pivot from a technology demonstration contract to the new, larger contract aimed at commercial scale production," said Centrus President and CEO Amir Vexler. "The government's investment from this contract will be matched several times over with billions of dollars in capital, including other non-dilutive, non-debt funding as well as customer contracts to restore America's ability to enrich uranium at a large scale." Transitioning from Demonstration to Commercialization Centrus won a contract in 2019 to build a cascade of advanced centrifuges in Piketon to demonstrate HALEU production with U.S. technology. That demonstration contract was modified and extended in 2022 to allow for a longer period of HALEU production, and was previously extended through June 30, 2026. While Centrus and the Department have signed a three-month, $15 million extension for HALEU storage, Centrus has now completed all HALEU production called for under the existing demonstration contract. Production of the final 900 kilograms of HALEU UF6 required under that contract was completed in mid-June, two weeks ahead of schedule, with a cumulative total of more than 1,900 kilograms produced over the life of the contract. With its large-scale expansion underway, Centrus is transitioning from the old demonstration contract to commercialization with the newer, larger enrichment contract. The first new capacity is expected to come online by 2029. In the interim, Centrus intends to privately operate the existing HALEU cascade on a commercial basis to begin supplying the near-term needs of its customers. Centrus is working with the Department on agreements to enable that transition, including a long-term lease extension for the American Centrifuge Plant in Piketon, Ohio. The new, fixed-price HALEU Enrichment contract calls for Centrus to deploy commercial-scale HALEU production capacity in Piketon. It also includes options, at the Department's discretion, for up to $170 million in HALEU purchases for Departmental missions, the total contract value with all options included is $1.07 billion. Modular Enrichment Capacity Build-Out As previously disclosed, Centrus' modular enrichment capacity build out will based on customer demand and capital resources. The initial build-out will include 12 metric tons of annual HALEU production capacity as well as capacity to meet Centrus existing LEU backlog of $2.4 billion. Subject to customer demand, Centrus can continue expanding production of HALEU and LEU to meet market requirements. Importantly, Centrus' expects the initial build-out to allow it to achieve nth-of-a-kind centrifuge manufacturing costs. Centrus' multi-billion-dollar expansion 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. 430 jobs at Centrus' centrifuge manufacturing plant in Oak Ridge, Tennessee, and hundreds of additional jobs across Centrus' nationwide network of suppliers.
Thousands of indirect jobs in Ohio, Tennessee and across the country. The expansion is underpinned by public and private funding along with commercial contracts, a framework that includes: national security missions, third party investments such as prepayment, direct foreign investment, LEU and HALEU commercial contracts, and Centrus' strong capital position. About Centrus Energy 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 press release includes "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, which in this context means statements that express Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties. 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: our ability to conclude negotiations with our customers, including the Department as it pertains to the potential agreements discussed herein; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU; the government's inability to satisfy its obligations, and our lease to our facility in Piketon, Ohio; 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 then 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; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee. 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: Media -- Dan Leistikow LeistikowD@centrusenergy.com Investors -- Neal Nagarajan NagarajanNK@centrusenergy.com View original content to download multimedia:https://www.prnewswire.com/news-releases/centrus-signs-contract- with-department-of-energy-for-900-million-award-intends-to-transition-haleu-production-cascade-to-commercial-operation-
302816385.html SOURCE Centrus Energy Corp.
FAQ
What contract did Centrus Energy (LEU) sign with the U.S. Department of Energy?
Centrus signed a firm fixed‑price contract with the Department of Energy worth $900 million. It covers deploying new HALEU enrichment capacity in Piketon, Ohio and delivering one metric ton of HALEU UF6 enriched to 19.75% 235U by March 2032.
How large is Centrus Energy’s new HALEU enrichment contract including options?
The base HALEU enrichment award is $900 million, with DOE options for up to 10 metric tons of additional HALEU at $17 million per MTU. If all options are exercised, the total enrichment contract value is approximately $1.07 billion over the contract term.
What progress has Centrus Energy (LEU) made under its prior HALEU demonstration contract?
Centrus completed all required HALEU production under its demonstration contract, producing more than 1,900 kilograms of HALEU UF6 in total. The final 900 kilograms were finished about two weeks ahead of schedule, and a separate three‑month, $15 million extension covers HALEU storage.
How does the new DOE contract support Centrus Energy’s expansion plans?
The contract underpins a multi‑billion‑dollar enrichment expansion that will include HALEU and LEU production. The initial build‑out targets 12 metric tons of annual HALEU capacity and supports servicing an existing $2.4 billion LEU backlog, alongside other public and private funding sources.
When will Centrus Energy’s new HALEU capacity begin operating commercially?
Centrus expects the first new commercial HALEU capacity in Piketon to come online by 2029. In the meantime, it intends to operate its existing HALEU cascade privately on a commercial basis, subject to agreements with the Department, to meet near‑term customer needs.
What employment impact does Centrus Energy’s enrichment expansion project have?
Centrus expects the expansion to support thousands of U.S. jobs, including about 1,000 construction jobs and 300 new operating jobs in Ohio, 150 retained jobs at Piketon, roughly 430 jobs at its Oak Ridge, Tennessee manufacturing plant, and additional roles across its supplier network.