Centrus Energy Corp. reported a total revenue of $74.9 million for the third quarter of 2025, marking a 30% increase from $57.7 million in the same period of 2024. The revenue growth was driven by a significant rise in uranium sales, which reached $34.1 million compared to no uranium revenue in the prior year. However, the separative work units (SWU) revenue saw a decline of 69%, falling to $10.7 million from $34.8 million, primarily due to a decrease in the average price of SWU sold. For the nine months ending September 30, 2025, total revenue increased to $302.5 million, up from $290.4 million in 2024, with gross profit rising to $82.5 million from $49.7 million, reflecting a 66% increase.
The company's financial performance showed notable changes compared to the previous fiscal period, particularly in gross profit margins. The LEU segment reported a gross profit of $74.1 million for the nine months ended September 30, 2025, a substantial increase from $38.7 million in the same period of 2024. This improvement was attributed to a favorable contract composition and a 7% increase in the average price of SWU sold, despite a decrease in the volume of SWU sold. In contrast, the Technical Solutions segment experienced a decline in gross profit, dropping to $8.4 million from $11.0 million, primarily due to increased costs associated with the HALEU Operation Contract.
Strategically, Centrus has made significant advancements, including the resumption of centrifuge manufacturing activities and plans for a major expansion of uranium enrichment capacity in Piketon, Ohio. The company is investing approximately $60 million over 18 months to support this expansion, which aims to meet both commercial and government requirements for enriched uranium. Additionally, Centrus has been awarded multiple contracts under the Department of Energy's (DOE) initiatives, including the HALEU Operation Contract, which has a total value of approximately $170.1 million for Phase 2, extending through October 2025.
Operationally, Centrus has seen fluctuations in customer engagement, with a backlog of $3.9 billion as of September 30, 2025, compared to $3.7 billion at the end of 2024. This backlog includes long-term contracts and contingent sales commitments, indicating a strong demand for the company's products. The company also reported a significant increase in cash and cash equivalents, totaling $1.6 billion, up from $671.4 million at the end of 2024, providing a solid liquidity position to support ongoing operations and strategic initiatives.
Looking ahead, Centrus anticipates continued growth driven by the increasing demand for nuclear energy and the expansion of its enrichment capabilities. However, the company faces uncertainties related to geopolitical factors, including the ongoing war in Ukraine and the implications of the Import Ban Act, which restricts the importation of low-enriched uranium from Russia. These factors could impact pricing trends and customer spending patterns, necessitating careful monitoring and strategic adjustments to navigate the evolving market landscape.
About CENTRUS ENERGY CORP
Centrus Energy Corp. supplies nuclear fuel components, primarily low-enriched uranium (LEU), to commercial nuclear power utilities worldwide. It operates two segments: LEU sales and Technical Solutions, which provides uranium enrichment and advanced manufacturing services for government and private customers. Centrus focuses on domestic uranium enrichment, including high-assay LEU (HALEU) for next-generation reactors, leveraging proprietary centrifuge technology to support clean energy and national security objectives.
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