CENTRUS ENERGY CORP (LEU)

Centrus Energy Corp., a Delaware corporation, is a supplier of nuclear fuel components for the nuclear power industry and provides uranium enrichment and technical services to public and private customers. It sells low enriched uranium (LEU) and its components, and it operates high-assay low-enriched uranium (HALEU) production under a contract with the U.S. Department of Energy (DOE). Its stated goal is to deliver major components of next-generation nuclear fuels for carbon-free power and to help restore U.S. domestic enrichment capability.

The company has two segments. The LEU segment, about 77% of 2025 revenue, sells the separative work unit (SWU) component of LEU, natural uranium hexafluoride, occasionally uranium concentrates or conversion, and combined SWU-and-uranium LEU, sourced from a global network of suppliers. The Technical Solutions segment provides uranium enrichment, advanced manufacturing, engineering and other technical services to government and private customers. It operates a HALEU cascade of AC100M centrifuges in Piketon, Ohio, which began enrichment on October 11, 2023 and made its first DOE delivery on November 7, 2023. Under the DOE HALEU Operation Contract, Phase 2 production of 900 kilograms was delivered, and the DOE exercised Option 1a with performance through June 30, 2026. Centrus was also an awardee under three DOE IDIQ contracts (HALEU production, HALEU deconversion and LEU production). In January 2026 the DOE selected it for a $900 million task order to expand HALEU production at Piketon, subject to a definitive agreement. The company is planning a major LEU and HALEU expansion in Piketon and plans to invest over $560 million to turn its Oak Ridge, Tennessee facility into a high-rate centrifuge manufacturing plant. It has received a $62.4 million §48C tax credit allocation for that facility. Total backlog was $3.8 billion at December 31, 2025, extending to 2040, including $2.9 billion in LEU, of which about $2.3 billion is contingent on securing funding to build new enrichment capacity.

LEU customers are mainly domestic and international utilities that operate nuclear power plants, typically under medium and long-term fixed-commitment contracts. Technical Solutions serves the DOE, the U.S. government and private-sector customers, including developers of advanced reactors that need HALEU. The company points to the lack of domestic enrichment suitable for U.S. national security needs since the Paducah plant closed in 2013, and to market disruption from the war in Ukraine, the Import Ban Act and the Russian Decree.

Centrus supplies LEU from inventory, long-term enrichment contracts, purchases and loans from fabricators and utilities, and spot purchases. Its largest SWU supplier is Russia's TENEX under a contract running through 2028 and subject to U.S. import quotas, followed by France's Orano. The TENEX contract's market-related price reset in 2019 lowered its cost of sales. Key operating sites are in Piketon, Ohio, and Oak Ridge, Tennessee.