Second Quarter 2026
Filed Aug 5, 2026Revenue of $176.1 million, compared to revenue of $154.5 million in Q2 2025; GAAP net income of $16.8 million and non-GAAP adjusted net income of $38.7 million.
Revenue and adjusted net income increased year over year, supported by LEU segment growth and uranium revenue, while GAAP net income, total gross profit, and Technical Solutions results declined. The FY 2027 DOE budget proposal also omits further HALEU cascade operating funding.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $176.1 million | – | increase of $21.6 million (or 14%) |
| LEU segment revenueGAAP | $153.4 million | – | increase of $27.7 million (or 22%) |
| Technical Solutions segment revenueGAAP | $22.7 million | – | decrease of $6.1 million (or 21%) |
| Uranium revenueGAAP | $53.4 million | – | – |
| LEU segment cost of salesGAAP | $101.8 million | – | increase of $26.8 million (or 36%) |
| Technical Solutions segment cost of salesGAAP | $24.4 million | – | decrease of $1.2 million (or 5%) |
| Gross profitGAAP | $49.9 million | – | decrease of $4.0 million (or 7%) |
| LEU segment gross profitGAAP | $51.6 million | – | increase of $0.9 million (or 2%) |
| Technical Solutions segment gross profit (loss)GAAP | loss of $1.7 million | – | decrease of $4.9 million (or 153%) |
| Net incomeGAAP | $16.8 million | – | decrease of $12.1 million (or 42%) |
| Basic earnings per common shareGAAP | $0.85 (basic) per common share | – | – |
| Diluted earnings per common shareGAAP | $0.77 (diluted) per common share | – | – |
| Adjusted net incomenon-GAAP | $38.7 million | – | – |
| Adjusted basic EPSnon-GAAP | $1.95 (basic) per common share | – | – |
| Adjusted diluted EPSnon-GAAP | $1.77 (diluted) per common share | – | – |
| Backlog across both segmentsother | $4.5 billion | – | – |
| LEU segment backlogother | approximately $3.7 billion | – | – |
| Technical Solutions segment backlogother | approximately $0.8 billion | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| LEUThe Company had uranium revenue of $53.4 million. SWU revenue decreased by $25.7 million as a result of a 23% decrease in the volume of SWU sold, partially offset by a 3% increase in the average price of SWU sold. | $153.4 million | – | increase of $27.7 million (or 22%) |
| Technical SolutionsThe decrease in revenue was primarily attributable to a $5.9 million decrease in revenue generated by the HALEU Operation Contract with the Department of Energy, while the remaining change was related to other contracts. | $22.7 million | – | decrease of $6.1 million (or 21%) |
full year 2026 outlook
- Revenue$450 million to $500 million
- NoteTotal capital deployment to be in the range of $350 million to $500 million, driven by increased investment in the Company’s industrial build out related to its centrifuge manufacturing
- NoteFinalize contracts with all partners identified as critical to its industrial build out
- 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
- NoteRelease a Certified for Construction package
- NoteComplete its first centrifuge in Oak Ridge, Tennessee
What drove it
- Total revenue increased by $21.6 million (or 14%), led by a $27.7 million increase in LEU segment revenue.
- Uranium revenue was $53.4 million, while SWU revenue decreased by $25.7 million because the volume of SWU sold declined 23%, partly offset by a 3% increase in average SWU selling price.
- LEU segment gross profit increased by $0.9 million (or 2%), primarily due to the change in the composition of contracts quarter over quarter.
- The Company signed a $900 million HALEU Enrichment award contract with the U.S. Department of Energy.
- The Company signed a first-of-a-kind, large-scale commercial HALEU supply agreement that potentially includes prepayments.
- Contingent LEU and HALEU sales commitments were approximately $3.0 billion, of which $2.4 billion were under definitive agreements, in support of potential construction of LEU and HALEU production capacity at the Piketon, Ohio facility.
Concerns
- Technical Solutions revenue declined by $6.1 million (or 21%), primarily due to a $5.9 million decrease in HALEU Operation Contract revenue.
- Technical Solutions gross profit (loss) was a loss of $1.7 million, compared with profit of $3.2 million in the prior-year period.
- Net income decreased by $12.1 million (or 42%), primarily reflecting increases in selling, general, and administrative costs, advanced technology costs, and lower gross profit.
- Selling, general, and administrative costs increased $12.8 million, driven by a $17.2 million increase in stock-compensation expense related to non-employee tax withholdings of RSUs.
- Advanced technology costs increased by $7.5 million.
- 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 also communicated that it does not currently intend to exercise further options under that contract.
- Guidance assumes no significant change in restrictions on the Company’s ability to receive and sell Russian LEU or other uranium products, no significant economic disruptions or downturns, successful implementation of planned expansion projects, and ongoing continuation of current business operations.
What to watch
- Execution against full-year 2026 total revenue guidance of $450 million to $500 million.
- Execution against total capital deployment guidance of $350 million to $500 million for centrifuge-manufacturing industrial buildout.
- Completion of the first centrifuge in Oak Ridge, Tennessee, and release of a Certified for Construction package.
- Hiring of at least 100 net new employees at Oak Ridge, Tennessee, and at least 175 net new employees at Piketon, Ohio.
- Finalization of contracts with all partners identified as critical to the industrial build out.
- DOE funding and option decisions for the HALEU Operation Contract.
Analysis
Centrus reported second-quarter 2026 revenue of $176.1 million, up $21.6 million (or 14%) from $154.5 million in the prior-year period. LEU segment revenue increased $27.7 million (or 22%) to $153.4 million, aided by $53.4 million of uranium revenue. This more than offset a $6.1 million (or 21%) decline in Technical Solutions revenue to $22.7 million, principally due to a $5.9 million reduction in revenue from the HALEU Operation Contract.
Profitability was weaker on a GAAP basis despite the revenue increase. Total gross profit declined $4.0 million (or 7%) to $49.9 million. LEU segment gross profit rose $0.9 million (or 2%) to $51.6 million, but Technical Solutions shifted to a loss of $1.7 million from profit of $3.2 million. The company said LEU profitability reflected a change in the composition of contracts quarter over quarter, while the Technical Solutions decline was primarily attributable to the HALEU Operation Contract.
GAAP net income fell $12.1 million (or 42%) to $16.8 million. The release attributed the decline to a $12.8 million increase in selling, general, and administrative costs, including a $17.2 million increase in stock-compensation expense related to non-employee tax withholdings of RSUs, a $7.5 million increase in advanced technology costs, and lower gross profit. These factors were partly offset by an $8.3 million increase in investment income and a $3.7 million decrease in income tax expense. Non-GAAP adjusted net income increased to $38.7 million from $34.5 million.
Commercial and industrial-buildout activity expanded the company’s stated backlog to $4.5 billion extending to 2040, including approximately $3.7 billion in the LEU segment and approximately $0.8 billion in Technical Solutions. Centrus highlighted a $900 million HALEU Enrichment award contract with DOE and approximately $3.0 billion in contingent LEU and HALEU sales commitments, including $2.4 billion under definitive agreements. The key backlog risk is that the proposed fiscal year 2027 DOE budget does not include further HALEU cascade operating funding, while DOE does not currently intend to exercise further options under the HALEU Operation Contract.
For full-year 2026, Centrus expects total revenue of $450 million to $500 million and total capital deployment of $350 million to $500 million. Operational priorities include critical-partner contracts, expanded Oak Ridge and Piketon hiring, a Certified for Construction package, and completion of the first Oak Ridge centrifuge. The company increased Piketon hiring guidance to at least 175 net new employees from 100 net new employee hires, underscoring the planned scale-up of its enrichment buildout.
Management, verbatim
This was another strong quarter of financial and operational progress for Centrus that included a number of commercial wins for our future enrichment business as we capitalize on strong industry tailwinds and our operational momentum.
Amir Vexler, Centrus Energy President and CEO
In general, we continue to see healthy demand momentum with consistent constrained supply, resulting in upward pressure on SWU prices.
Amir Vexler, Centrus Energy President and CEO
Not in the filing
stated, not guessed- Prior-quarter revenue, segment revenue, costs of sales, gross profit, net income, and EPS comparisons
- GAAP operating income or loss
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AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.