Centrus Energy Reports $154.5 Million Revenue in Q2 2025, Down 18% Year-Over-Year

Centrus Energy Corp. reported a total revenue of $154.5 million for the second quarter of 2025, a decrease of 18% compared to $189.0 million in the same period of 2024. The decline was primarily driven by a 26% drop in revenue from the LEU segment, which generated $125.7 million, down from $139.7 million. This decrease was attributed to a 27% reduction in the volume of separative work units (SWU) sold, despite a 24% increase in the average price of SWU. In contrast, the Technical Solutions segment saw a revenue increase of 48%, reaching $28.8 million, largely due to contributions from the HALEU Operation Contract.

In terms of profitability, Centrus reported a gross profit of $53.9 million for the second quarter, up 48% from $36.5 million a year earlier. The LEU segment's gross profit increased significantly to $50.7 million, a 54% rise from the previous year, while the Technical Solutions segment's gross profit decreased slightly to $3.2 million. The overall operating income for the quarter was $33.5 million, compared to $21.1 million in the prior year, reflecting improved operational efficiency.

Centrus has made strategic advancements, including the successful completion of Phase 1 of the HALEU Operation Contract, which involved the production of initial quantities of HALEU. The company transitioned to Phase 2 in November 2023, with a target to produce 900 kilograms of HALEU annually. As of June 30, 2025, Centrus achieved this target, further solidifying its position in the advanced nuclear fuel market. The company also announced plans to expand its manufacturing capacity in Oak Ridge, Tennessee, with an investment of approximately $60 million over 18 months.

Operationally, Centrus has seen fluctuations in customer engagement, with a backlog of $3.6 billion as of June 30, 2025, slightly down from $3.7 billion at the end of 2024. The backlog includes long-term contracts and contingent sales commitments, indicating a stable demand outlook. The company’s cash and cash equivalents increased to $833.0 million, 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 remains cautious about market conditions, particularly in light of geopolitical tensions and regulatory changes affecting uranium imports. The enactment of the Import Ban Act and the Russian Decree pose potential challenges to the supply chain, particularly concerning the TENEX Supply Contract, which is crucial for meeting customer obligations. The company is actively pursuing waivers to mitigate these impacts and is exploring opportunities for growth through strategic partnerships and investments in new enrichment capacity.