Centrus Energy Corp. reported a total revenue of $448.7 million for the fiscal year ending December 31, 2025, marking a slight increase of 2% from $442.0 million in 2024. The company's financial performance was driven primarily by its Low Enriched Uranium (LEU) segment, which generated $346.2 million, a decrease of 1% from the previous year. This decline was attributed to a significant drop in uranium revenue, which fell by 54% to $47.5 million, while SWU revenue increased by 21% to $298.7 million, reflecting a 23% rise in the volume of SWU sold. The Technical Solutions segment also saw growth, with revenue rising 11% to $102.5 million, largely due to the HALEU Operation Contract.
Centrus experienced notable changes in its cost structure, with total cost of sales remaining relatively stable at $331.2 million, compared to $330.5 million in 2024. The LEU segment's cost of sales decreased by 8% to $234.7 million, while costs in the Technical Solutions segment increased by 30% to $96.5 million, primarily due to higher expenses associated with the HALEU Operation Contract. The overall gross profit for the company increased by 5% to $117.5 million, with the LEU segment contributing significantly to this growth.
Strategically, Centrus has made significant advancements in its operations, particularly in the production of High Assay Low-Enriched Uranium (HALEU). The company began enrichment operations at its Piketon, Ohio facility in October 2023 and successfully delivered its first HALEU to the Department of Energy (DOE) in November 2023. The HALEU Operation Contract has a base value of approximately $150 million, with potential extensions that could increase its value significantly. Additionally, Centrus announced plans for a major expansion of its uranium enrichment capacity in Piketon, which includes a $900 million task order awarded by the DOE to enhance its production capabilities.
As of December 31, 2025, Centrus reported a backlog of $3.8 billion, with $2.9 billion attributed to the LEU segment and $0.9 billion to Technical Solutions. This backlog extends to 2040 and includes both funded and unfunded contracts. The company has also been proactive in addressing market conditions, particularly in light of geopolitical tensions and the impact of the Import Ban Act, which restricts the import of LEU from Russia. Centrus is exploring opportunities to deploy LEU enrichment alongside HALEU production to meet both commercial and government requirements, which could enhance its market position.
Looking ahead, Centrus remains optimistic about its growth prospects, particularly in the context of increasing demand for nuclear energy and the need for domestic uranium enrichment capabilities. The company is focused on securing additional funding and contracts to support its expansion initiatives and is well-positioned to capitalize on the evolving landscape of the nuclear fuel market. However, uncertainties related to regulatory changes, market dynamics, and geopolitical factors could impact its operational and financial performance in the future.
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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