Centrus Energy Corp. reported its financial results for the first quarter of 2026, revealing total revenue of $76.7 million, a 5% increase from $73.1 million in the same period last year. The growth was primarily driven by a significant rise in the Technical Solutions segment, which saw revenue increase by 47% to $32.1 million, largely due to the HALEU Operation Contract with the U.S. Department of Energy (DOE). In contrast, revenue from the Low-Enriched Uranium (LEU) segment decreased by 13% to $44.6 million, attributed to a 19% decline in separative work units (SWU) sold, despite a 52% increase in average SWU prices.
The company's net income for the quarter was $10.0 million, down 63% from $27.2 million in the prior year, reflecting increased advanced technology costs of $18.9 million, which rose significantly from $3.0 million a year earlier. Operating income also fell sharply to $0.8 million from $20.5 million, influenced by higher costs associated with ongoing expansion projects and a decrease in the extinguishment of long-term debt gains, which had contributed positively in the previous year.
Centrus has made strategic advancements, including a $900 million task order awarded by the DOE to expand its uranium enrichment facility in Piketon, Ohio, aimed at commercial-scale production of HALEU. This task order includes options for an additional $170 million in production and delivery. The company is also investing heavily in its Oak Ridge, Tennessee facility, with plans to transition to high-rate manufacturing and support the production of advanced centrifuges, with an expected investment of over $560 million over several years.
Operationally, Centrus reported a backlog of $3.9 billion as of March 31, 2026, which includes $3.1 billion in the LEU segment and $0.8 billion in Technical Solutions. The backlog is expected to provide revenue visibility through 2040, although it is subject to risks related to market conditions, including the impact of the Import Ban Act and the Russian Decree, which could affect the supply chain and pricing dynamics in the uranium market.
Looking ahead, Centrus remains focused on expanding its production capabilities and addressing the evolving needs of the nuclear energy sector. The company is actively exploring opportunities for growth, including potential strategic transactions and partnerships, while navigating the complexities of the current geopolitical landscape and its implications for the nuclear fuel market.
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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