Centrus Ships First New Centrifuge Ahead of Year-End Target

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter revenue was $55.5 million after a $120.6 million sequential drop, while GAAP net income reached $31.6 million on a $46.4 million warrant-liability gain.

Centrus Energy Corp. (LEU) completed manufacturing and began shipping centrifuges from Oak Ridge, Tennessee, ahead of its year-end target, finalized contracts with all supply-chain items it deemed critical, and completed the first certified-for-construction package, the uranium enricher said.

Those manufacturing milestones sat against a sharp drop in quarterly sales. Revenue for the three months ended September 30, 2026, was $55.5 million, down $19.4 million, or 26%, from $74.9 million a year earlier. The sequential decline was larger: second-quarter revenue had been $176.1 million. LEU segment revenue was $31.8 million, down from $153.4 million in the prior quarter. Uranium revenue fell $16.4 million year over year to $17.7 million, which the company attributed primarily to lower uranium volumes sold. Separative work units revenue rose to $14.1 million from $10.7 million, a $3.4 million increase the company tied to a 19% rise in SWU volume sold and a 10% rise in average SWU price.

Technical Solutions revenue was $23.7 million. Versus the year-ago quarter, the company said the remaining change related to other contracts after a $10.2 million drop in the Department of Energy HALEU Operation Contract. Consolidated results swung to a $10.6 million gross loss from a $4.3 million gross loss a year earlier. LEU gross loss narrowed to $6.9 million from $7.8 million. Technical Solutions moved from a $3.5 million gross profit to a $3.7 million gross loss, a $7.2 million swing the company attributed primarily to the HALEU Operation Contract.

GAAP net income was $31.6 million, or $1.53 basic and $1.41 diluted a share, versus $3.9 million a year earlier. The company said the increase was driven primarily by a $46.4 million gain on the fair-value adjustment of warrant liabilities and a $4.0 million increase in investment income, partially offset by a $9.0 million decrease in income tax benefit, a $6.3 million increase in gross loss, a $3.7 million increase in selling, general and administrative expenses, and a $3.0 million increase in advanced technology costs. Non-GAAP adjusted results flipped to a $9.4 million net loss, or $0.46 a share, from $5.2 million of adjusted net income a year earlier.

President and CEO Amir Vexler said the third quarter’s execution primed the company to ship the first new centrifuge to support commercial-scale expansion, an achievement reached two months ahead of schedule. Centrus said it is enriching HALEU for the commercial market from an existing 16-centrifuge cascade and that the unobligated supply chain lets it serve both national security and commercial markets. It also said a recent acquisition of Westerman helps derisk the build-out and diversify the business model.

Contingent LEU and HALEU enrichment backlog grew to $5.4 billion from $3.0 billion at June 30, 2026. Total backlog was $7.0 billion as of September 30, 2026, with LEU backlog of about $6.2 billion and Technical Solutions backlog of about $0.8 billion. The company said the current DOE budget proposed for fiscal year 2027 does not include further funding for operation of the HALEU cascade under the HALEU Operation Contract, which represents about $0.8 billion of Technical Solutions backlog, and that DOE does not currently intend to exercise further options under that contract.

For the full year 2026, Centrus expects total revenue of $450 million to $500 million and capital deployment of $350 million to $500 million, driven by increased investment in industrial build-out related to centrifuge manufacturing. It expects to hire at least 100 net new employees at Oak Ridge and at least 175 net new employees at Piketon, Ohio, up from 100.