Centrus Energy (LEU) Q4 2025 earnings summary

Executive summary

• Achieved a milestone year with the launch of commercial centrifuge manufacturing, a $900 million HALEU Enrichment Award from the Department of Energy, and notification of intent for sole-source uranium enrichment activities by NNSA, positioning for domestic uranium enrichment and national security needs.

• First new cascade of centrifuges expected online in 2029, with ongoing efforts to reduce lead time and unit costs.

• Significant operational progress includes supply chain readiness, HALEU deliveries, backlog growth, workforce expansion, and facility upgrades, including major expansion at Piketon, Ohio.

• Strengthened balance sheet with unrestricted cash rising to $2.0 billion by year-end 2025.

• Backlog reached $3.8 billion as of December 31, 2025, with $2.9 billion in LEU and $0.9 billion in Technical Solutions.

Financial highlights

• 2025 revenue reached $448.7 million, up 1.5% year-over-year; gross profit was $117.5 million, and net income $77.8 million.

• LEU segment revenue was $346.2 million, flat year-over-year; uranium revenue fell 54% due to a prior one-time sale, while SWU revenue rose 21%.

• Technical solutions segment revenue increased 11% to $102.5 million, driven by HALEU contract growth.

• Operating income for 2025 was $50.2 million, up from $48.0 million in 2024.

• Total assets grew to $2.45 billion at December 31, 2025, from $1.09 billion a year earlier.

Outlook and guidance

• 2026 revenue guidance is $425–$475 million, with capital spend projected at $350–$500 million, focused on industrial build-out.

• Operational goals include finalizing key contracts, hiring at least 150 net new employees, and releasing the first certified-for-construction work package.

• HALEU production targeted to be online before 2030, with 12 metric tons per year capacity.

• Guidance assumes no major disruptions in Russian LEU supply, successful DOE contract finalization, and stable economic conditions.