Centrus Energy (LEU) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $55.5M, down 26% YoY; GAAP net income was $31.6M, while adjusted net loss was $9.4M.

• Enrichment backlog reached $5.4B, with total backlog across both segments at $7.0B and extending through 2040; $5.1B of enrichment commitments were under definitive agreements.

• First Oak Ridge centrifuge, manufacturing and shipping milestones, and the Piketon certified-for-construction package were completed ahead of year-end targets.

Financial highlights

• Q3 revenue was $55.5M versus $74.9M YoY; gross loss widened to $10.6M from $4.3M, and operating loss was $29.7M versus $16.6M.

• Q3 GAAP net income was $31.6M versus $3.9M, including a $46.4M non-cash warrant-liability fair-value gain.

• Normalized net loss was $10.2M versus normalized net income of $3.9M; adjusted net loss was $9.4M versus adjusted net income of $5.2M.

• Nine-month revenue rose to $308.3M from $302.5M; gross profit declined to $70.8M from $82.5M, and net income was $58.4M versus $60.0M.

• Nine-month operating loss was $18.5M versus operating income of $37.4M; adjusted operating income was $32.9M and adjusted net income was $52.8M.

Outlook and guidance

• Reaffirmed FY2026 revenue guidance of $450M–$500M and capital deployment of $350M–$500M; guidance excludes Westerman acquisition impact.

• FY2026 hiring targets are more than 175 new employees at Piketon and at least 100 at Oak Ridge.

• Q4 revenue and gross margin may fluctuate with contract mix, delivery and shipment timing; management remained confident in full-year guidance.

• Guidance assumes no significant change in Russian LEU or uranium restrictions, successful expansion execution, and continued operations; further 2027 spending guidance was planned for the December 7 investor day.