Centrus Energy Corp. reported its financial results for the second quarter of 2026, revealing a total revenue of $176.1 million, a 14% increase from $154.5 million in the same period last year. The company's revenue growth was primarily driven by its LEU segment, which generated $153.4 million, up 22% from $125.7 million in the prior year. However, the Technical Solutions segment saw a decline in revenue, dropping 21% to $22.7 million from $28.8 million, largely due to decreased activity under the HALEU Operation Contract.
In terms of profitability, Centrus reported a net income of $16.8 million for the second quarter, down 42% from $28.9 million in the same quarter of 2025. This decline was attributed to increased selling, general, and administrative expenses, which rose significantly due to a non-cash stock compensation charge related to the reclassification of certain Board RSU grants. Additionally, advanced technology costs surged to $10.8 million, compared to $3.3 million in the previous year, reflecting ongoing investments in expansion projects.
Centrus has made strategic advancements, including a $900 million task order awarded by the Department of Energy (DOE) to expand its uranium enrichment facility in Piketon, Ohio, aimed at commercial-scale production of HALEU. The company is also exploring a joint venture with Oklo Inc. for deconversion services, which are critical for the HALEU ecosystem. As of June 30, 2026, Centrus reported a backlog of $4.5 billion, indicating strong future revenue potential, with approximately $3.7 billion attributed to the LEU segment.
Operationally, Centrus has seen fluctuations in customer demand, with a notable decrease in the volume of separative work units (SWU) sold, which fell by 31% in the first half of 2026. The company is actively managing its working capital, with cash and cash equivalents totaling $1.9 billion as of June 30, 2026. Looking ahead, Centrus anticipates continued investments in its manufacturing capabilities and is closely monitoring market conditions, including the impact of geopolitical factors and regulatory changes on its operations and supply chain.
Overall, while Centrus Energy Corp. has demonstrated revenue growth and strategic expansion, it faces challenges in profitability and operational efficiency, particularly in its Technical Solutions segment. The company remains focused on leveraging its strong liquidity position to support ongoing and future projects, while navigating the complexities of 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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