Centrus Reports Third Quarter 2026 Results
CENTRUS ENERGY CORP (LEU) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 FOR IMMEDIATE RELEASE: November 4, 2026 Centrus Reports Third Quarter 2026 Results • Revenue of $55.5 million, compared to revenue of $74.9 million in Q3 2025 • GAAP net income of $31.6 million compared to GAAP net income of $3.9 million in Q3 2025 • Non-GAAP adjuste
How this was made
The 30-second read
Why it matters
The Q3 earnings beat on net income and the updated 2026 outlook provide fresh data for traders. The mixed financial picture—profit surge versus revenue decline—creates a nuanced market reaction.
Market read
The earnings release is the primary catalyst for LEU trading today, with potential upside from the profit surprise tempered by revenue weakness and DOE funding uncertainty.
What to watch
The DOE's decision not to fund the HALEU cascade for FY2027 may constrain future cash flow, a risk not fully priced in.
Centrus Reports Third Quarter 2026 Results
Third-quarter revenue declined 26% and gross loss widened to $10.6 million, while GAAP net income rose to $31.6 million primarily because of a $46.4 million gain on the change in fair value of warrant liability. The company expanded its enrichment backlog and advanced centrifuge manufacturing and supply-chain milestones ahead of its year-end targets.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30, 2026GAAP | $55.5M | – | decrease of $19.4 million or 26% |
| Separative work units revenue, three months ended September 30, 2026GAAP | $14.1M | – | – |
| Uranium revenue, three months ended September 30, 2026GAAP | $17.7M | – | – |
| Technical solutions revenue, three months ended September 30, 2026GAAP | $23.7M | – | – |
| Total cost of sales, three months ended September 30, 2026GAAP | $66.1M | – | – |
| Gross loss, three months ended September 30, 2026GAAP | $10.6M | – | increase of $6.3 million or 147% |
| Advanced technology costs, three months ended September 30, 2026GAAP | $4.7M | – | – |
| Selling, general and administrative expense, three months ended September 30, 2026GAAP | $13.2M | – | – |
| Amortization of intangible assets, three months ended September 30, 2026GAAP | $1.2M | – | – |
| Operating loss, three months ended September 30, 2026GAAP | $29.7M | – | – |
| Investment income, three months ended September 30, 2026GAAP | $16.9M | – | – |
| Gain on change in fair value of warrant liability, three months ended September 30, 2026GAAP | $46.4M | – | – |
| Net income, three months ended September 30, 2026GAAP | $31.6M | – | increase of $27.7 million or 710% |
| Basic net income per share, three months ended September 30, 2026GAAP | $1.53 | – | – |
| Diluted net income per share, three months ended September 30, 2026GAAP | $1.41 | – | – |
| Adjusted operating loss, three months ended September 30, 2026non-GAAP | $24M | – | – |
| Adjusted net loss, three months ended September 30, 2026non-GAAP | $9.4M | – | – |
| Adjusted basic net loss per share, three months ended September 30, 2026non-GAAP | $0.46 | – | – |
| Adjusted diluted net loss per share, three months ended September 30, 2026non-GAAP | $0.46 | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $308.3M | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | $70.8M | – | – |
| Operating loss, nine months ended September 30, 2026GAAP | $18.5M | – | – |
| Net income, nine months ended September 30, 2026GAAP | $58.4M | – | – |
| Diluted net income per share, nine months ended September 30, 2026GAAP | $2.63 | – | – |
| Adjusted operating income, nine months ended September 30, 2026non-GAAP | $32.9M | – | – |
| Adjusted net income, nine months ended September 30, 2026non-GAAP | $52.8M | – | – |
| Adjusted diluted net income per share, nine months ended September 30, 2026non-GAAP | $2.37 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| LEU segmentUranium revenue decreased by $16.4 million quarter over quarter, primarily attributable to a decrease in the volume of uranium sold. SWU revenue increased by $3.4 million as a result of a 19% increase in volume of SWU sold and a 10% increase in average price of SWU sold. | $31.8M | – | decrease of $13.0 million or 29% |
| Technical Solutions segmentThe decrease in revenue was primarily attributable to a $10.2 million decrease in revenue generated by the HALEU Operation Contract, while the remaining change was related to other contracts. | $23.7M | – | decrease of $6.4 million or 21% |
Full year 2026 outlook
- Revenue$450 million to $500 million
- NoteTotal capital deployment: $350 million to $500 million, driven by increased investment in the Company’s industrial build out related to its centrifuge manufacturing
- NoteHire at least 100 net new employees for its Oak Ridge, Tennessee, facility
- NoteHire at least 175 net new employees for its Piketon, Ohio, facility up from 100 net new employee hires
What drove it
- Backlog across both segments was $7.0 billion as of September 30, 2026 and extends to 2040.
- LEU segment backlog was approximately $6.2 billion, including approximately $5.4 billion in contingent LEU and HALEU sales commitments and $5.1 billion under definitive agreements.
- The company completed manufacturing of its first centrifuge, finalized contracts with all supply-chain deemed critical, and completed its first certified-for-construction package ahead of year-end targets.
- The company began shipping centrifuges from Oak Ridge, Tennessee, and is enriching HALEU for the commercial market from the existing 16-centrifuge cascade.
- The company cited commercial and operational synergies and business-model diversification from its acquisition of Westerman.
Concerns
- 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 approximately $0.8 billion of Technical Solutions backlog.
- DOE has communicated that it does not currently intend to exercise further options under the HALEU Operation Contract.
- Technical Solutions gross margin was a loss of $3.7 million, compared with profit of $3.5 million in the prior-year quarter, primarily attributable to the HALEU Operation Contract.
- LEU customers generally have multi-year contracts with annual, rather than quarterly, purchase commitments, and LEU gross loss varies based on the timing and composition of contracts.
- Third-quarter GAAP net income included a $46.4 million gain from the fair value adjustment of warrant liabilities.
What to watch
- Delivery execution against full-year total revenue guidance of $450 million to $500 million.
- Total capital deployment against the $350 million to $500 million full-year outlook.
- Funding and option decisions affecting the HALEU Operation Contract and the approximately $0.8 billion Technical Solutions backlog associated with it.
- Hiring progress toward at least 100 net new Oak Ridge employees and at least 175 net new Piketon employees.
- Progress scaling centrifuge manufacturing and shipments from Oak Ridge to Piketon.
- Operational milestone achievement tied to contingent LEU and HALEU sales commitments.
Balance sheet and cash flow
- Cash (used in) operating activities for the nine months ended September 30, 2026: $11.1 million
- Capital expenditures for the nine months ended September 30, 2026: $226.4 million
- Cash used in investing activities for the nine months ended September 30, 2026: $226.4 million
- Cash provided by financing activities for the nine months ended September 30, 2026: $547.0 million
- Proceeds from the issuance of common stock, pre-funded warrants, and common warrants, net: $493.8 million
- Cash and cash equivalents as of September 30, 2026: $2,236.1 million
- Cash, cash equivalents and restricted cash as of September 30, 2026: $2,269.4 million
- Long-term debt as of September 30, 2026: $1,178.8 million
- Total assets as of September 30, 2026: $2,871.6 million
- Total liabilities as of September 30, 2026: $1,766.5 million
- Total stockholders’ equity as of September 30, 2026: $1,105.1 million
Analysis
Centrus reported third-quarter revenue of $55.5 million, down from $74.9 million in the prior-year quarter. The LEU segment declined to $31.8 million as uranium revenue fell by $16.4 million quarter over quarter because of lower uranium volume, partly offset by a $3.4 million increase in SWU revenue. Technical Solutions revenue declined to $23.7 million, primarily due to a $10.2 million reduction in revenue from the HALEU Operation Contract.
Profitability weakened at the gross-profit level. The company recorded gross loss of $10.6 million, compared with gross loss of $4.3 million a year earlier. LEU gross loss improved to $6.9 million from $7.8 million, while Technical Solutions moved to a gross-margin loss of $3.7 million from gross-margin profit of $3.5 million, primarily because of the HALEU Operation Contract. Advanced technology costs rose to $4.7 million and selling, general and administrative expense rose to $13.2 million, producing a GAAP operating loss of $29.7 million.
GAAP net income increased to $31.6 million from $3.9 million, but the primary driver was a $46.4 million gain on the change in fair value of warrant liability, along with a $4.0 million increase in investment income. On an adjusted basis, the company reported a net loss of $9.4 million, compared with adjusted net income of $5.2 million in the prior-year quarter. The contrast between GAAP and adjusted results is central to the quarter because the reported GAAP profit did not arise from gross-margin expansion or operating income.
The company continued substantial investment in expansion. For the first nine months, cash used in operating activities was $11.1 million and capital expenditures were $226.4 million. Financing activities provided $547.0 million, including $493.8 million from the issuance of common stock, pre-funded warrants, and common warrants. Cash and cash equivalents were $2,236.1 million at September 30, 2026, while long-term debt was $1,178.8 million.
Operationally, Centrus reported completion of first-centrifuge manufacturing, critical supply-chain contracts, and its first certified-for-construction package ahead of year-end targets. Backlog totaled $7.0 billion and extended to 2040, although the proposed fiscal year 2027 DOE budget does not include further funding for operation of the HALEU cascade under the HALEU Operation Contract, representing approximately $0.8 billion of Technical Solutions backlog. Full-year revenue guidance is $450 million to $500 million, alongside total capital deployment of $350 million to $500 million as the company scales centrifuge manufacturing and related industrial buildout.
Management, verbatim
The third quarter’s continued execution across all facets of our business primed Centrus to achieve a critical milestone: shipping the first new centrifuge to support our commercial-scale expansion.
Amir Vexler, President and CEO
This achievement, along with us demonstrating that we have a complete manufacturing supply chain in place, was reached two months ahead of our ambitious schedule and puts us far ahead of the competition.
Amir Vexler, President and CEO
We are now focused on scaling up our supply chain as we begin manufacturing and shipping more centrifuges from Oak Ridge to Piketon.
Amir Vexler, President and CEO
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison of reported results with prior guidance is available.
- Gross margin percentage was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow was not reported.
- Quarterly capital expenditures were not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Guidance for gross margin, operating expenses, tax rate, EPS, net income, operating cash flow, and free cash flow was not reported.
- Prior-quarter comparatives for reported third-quarter financial metrics were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Centrus Energy Corp is a U.S. listed nuclear fuel supplier that provides low‑enriched uranium (LEU) and high‑assay low‑enriched uranium (HALEU) for both national security and commercial markets.
Ticker impact
Centrus Energy Corp (NYSE: LEU) filed its Q3 2026 results, reporting GAAP net income of $31.6M versus $3.9M a year earlier and a revised full‑year 2026 outlook.
likely modest upside as the profit surprise may attract buying, but revenue decline could temper gains
The primary 8‑K filing provides fresh numbers that differ materially from the prior year, creating a new trading catalyst. Profit upside is sizable, while revenue weakness may limit the rally.
Market effects
Uranium enrichment sector may see renewed interest in LEU/HALEU contracts after Centrus' backlog update.
U.S. nuclear fuel market could experience short‑term price movement tied to Centrus' guidance.
Limited to investors tracking nuclear fuel supply chain and defense‑related uranium demand.
Counterpoint
Revenue decline and a shrinking technical solutions segment could signal longer‑term pressure on the stock despite the profit jump.
Key entities
- companyCentrus Energy Corp
U.S. nuclear fuel producer (NYSE: LEU) reporting Q3 2026 results.
- government_agencyDepartment of Energy
U.S. agency whose HALEU contract funding decisions affect Centrus' backlog.
