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Centrus Energy (LEU) investor relations material
Centrus Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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