Centrus Energy

Refresh delta (since 2026-06-20)

1. Q2 results. Revenue $176.1M against $154.5M in Q2 2025 (+14%). GAAP net income $16.8M ($0.77 diluted) against $28.9M; adjusted net income $38.7M ($1.77 diluted adjusted EPS) against $34.5M. LEU segment revenue $153.4M (+22%), with uranium revenue $53.4M, while separative work unit volume sold fell 23% and average SWU price rose 3%. Technical Solutions revenue $22.7M (-21%), with a gross loss of $1.7M. Total gross profit $49.9M against $53.9M. [sec.gov: 8-KForm 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-05, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1065059/000162828026053433/ex991-10q2026_08x05.htm; quarter ended 2026-06-30]
2. Why net income fell. Selling, general and administrative costs rose $12.8M (including a $17.2M rise in stock compensation tied to non-employee tax withholding on restricted stock units), advanced-technology costs rose $7.5M and gross profit fell $4.0M, partly offset by $8.3M more investment income. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL]
3. Backlog. Total backlog $4.5B at 2026-06-30, extending to 2040; LEU segment backlog about $3.7B, including about $3.0B of contingent LEU and HALEU sales commitments, $2.4B of them under definitive agreements, tied to building capacity at Piketon, Ohio. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL]
4. 2026 outlook. Total revenue $450M to $500M; total capital deployment $350M to $500M; at least 175 net new hires at Piketon (up from 100) and at least 100 at Oak Ridge; first new centrifuge in Oak Ridge expected by year-end 2026. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1, same URL]
5. Cash and shares. Cash and cash equivalents $1,868.5M at 2026-06-30 ($1,957.2M at 2025-12-31). Class A common shares outstanding 19,233,658 at 2026-06-30 (18,945,365 at 2025-12-31) plus 719,200 Class B. [sec.gov: 10-QForm 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1065059/000162828026053863/leu-20260630.htm]
6. DOE HALEU contract signed. On 2026-06-30 the company's subsidiary signed a contract with the Department of Energy at a firm fixed price of $900M, paid as performance-based milestone payments, to deploy enrichment capacity and deliver one metric ton of HALEU UF6 (19.75% U-235) by March 2032. Two DOE-discretion options of five metric tons each carry $17M a metric ton, or $85M per option. [sec.gov: 8-K filed 2026-07-02, https://www.sec.gov/Archives/edgar/data/1065059/000162828026046801/leu-20260630.htm]
7. New commercial agreements. Supply agreements with X-energy (2026-08-06, including prepayments), Radiant (announced 2026-09-08 and 2026-09-09, including prepayments) and Antares Nuclear (2026-09-17, multi-year HALEU supply with prepayments). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1065059/000162828026053897/ex991_080626x-energypr.htm; 8-K filed 2026-09-09, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1065059/000162828026061036/ex991-centrusandradianta.htm; 8-K filed 2026-09-17, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1065059/000162828026062535/ex991_centrusandantaress.htm]
8. Equity and warrant offering. On 2026-09-09 the company agreed with Guggenheim Securities to sell 500,000 Class A shares, pre-funded warrantsPre-funded warrantA right to buy shares that has already been paid for, bar a token penny. It behaves like a share the investor already owns, so leaving it out of a share count understates the company’s real size. for up to 2,005,513 shares (exercise price $0.10, 25-year term) and common warrants for up to 6,992,382 shares in four series with exercise prices of $226.8625, $272.2350, $317.6075 and $362.9800. The passages read do not state the offering price or the proceeds. [sec.gov: 8-K filed 2026-09-11, https://www.sec.gov/Archives/edgar/data/1065059/000110465926107103/tm2625019d5_8k.htm]
9. Acquisition of Westerman Holdings. On 2026-10-16 the company bought 100% of Westerman Holdings, LLC from the trustee of the Westerman Employee Stock Ownership Trust for about $116.0M: $95.0M in cash and $21.0M in Class A shares, subject to a working-capital adjustment. Out of the price it repaid about $31.5M of subordinated notes and a $12.7M term loan. The press release describes Westerman as a 1909-founded fabricator with about 400 employees and four facilities in Ohio, Oklahoma and Wyoming, serving nuclear, oil and gas and industrial markets, and one of Centrus's largest suppliers. [sec.gov: 8-K filed 2026-10-19, https://www.sec.gov/Archives/edgar/data/1065059/000162828026066212/leu-20261016.htm; exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1065059/000162828026066212/ex991_101926westermanpr.htm]
10. Executive awards. On 2026-08-15 the company granted performance restricted stock units that vest on milestones tied to the first cascade at Piketon; for CEO Amir Vexler, 100% vest on enrichment from a first cascade. [sec.gov: 8-K filed 2026-08-18, https://www.sec.gov/Archives/edgar/data/1065059/000162828026057731/leu-20260815.htm]
11. Where the new filings meet the carried view (stated as fact, no line changed). The carried catalyst "$900M DOE HALEU task order definitization + funding" is covered by item 6. The carried catalyst "Additional commercial HALEU offtakes beyond Oklo; private capital raise for Piketon" is covered by items 7 and 8. The carried "Key risks" name "equity dilutionDilutionIssuing new shares, so each existing share owns a smaller slice of the same company. (ATM + converts, +32% diluted shares YoY)"; item 8 adds a new equity and warrant offering. The carried catalyst on the FY2026 prints "vs raised $450–500M guide" meets the outlook in item 4. The carried seed's price figures (about $251) rest on market data this delta does not refresh; the warrant exercise prices in item 8 are the only share-price figures read.

What held

• The 2026 revenue range of $450M-$500M is unchanged from the carried "raised $450–500M guide". [sec.gov: 8-K filed 2026-08-05, exhibit 99.1]
• The company still reports two segments, LEU and Technical Solutions, and the LEU segment still carries the profit. [sec.gov: 8-K filed 2026-08-05, exhibit 99.1]
• The build-out remains dependent on government and prepaid customer money, now more concretely funded by the DOE contract and customer prepayments. [sec.gov: 8-K filed 2026-07-02; 8-Ks of 2026-08-06, 09-09 and 09-17]