Centrus Energy (LEU)
Centrus Energy (LEU) supplies nuclear fuel and enrichment services and operates the first US-licensed HALEU enrichment plant in Piketon, Ohio. In ETFpedia it represents the US fuel-supply piece of the AI electricity and nuclear SMR theme: the high-assay fuel that advanced reactors and SMRs need, restored to American production for the first time in over 70 years.
| Ticker | LEU |
|---|---|
| Exchange | NYSE American |
| Sector | Nuclear · Fuel & Enrichment |
| Country | United States |
| Wikidata | Q3893521 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; Centrus has not confirmed the date. Last report: Q1 2026 on 2026-05-05. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-05)
Centrus reported Q1 2026 revenue of $76.7 million, up 5% year over year, with GAAP net income of $10.0 million, down from $27.2 million a year earlier as advanced-technology spending rose. Technical Solutions revenue jumped 47% on the DOE HALEU contract, while LEU-segment revenue fell 13% on timing of contract deliveries.
| Revenue | $76.7M+5%YoY |
|---|---|
| Net income (GAAP) | $10.0M-63%YoY · Down on higher advanced-technology costs |
| Diluted EPS | $0.45 |
| Adjusted net income | $23.5M · Non-GAAP; excludes growth costs |
| Cash & equivalents | $1,868.2M · As of Mar 31, 2026 |
Revenue by segment
| LEU (enrichment) | $44.6M · 58.1%of revenue-13.1% YoY |
|---|---|
| Technical Solutions | $32.1M · 41.9%of revenue+47.2% YoY |
Guidance:Full-year 2026
| Total revenue | $450M-$500M · Raised from $425M-$475M |
|---|---|
| Total capital deployment | $350M-$500M · Centrifuge manufacturing build-out |
Recent & upcoming events
- · Q1 2026 results and raised revenue guidance.Revenue $76.7M (+5%), GAAP net income $10.0M; full-year 2026 revenue guidance raised to $450M-$500M; launched a multi-year Oak Ridge, Tennessee centrifuge-manufacturing expansion and signed Fluor and Palantir partnerships. (source)
- · First US HALEU production in 70+ years.Centrus delivered the first quantities of HALEU produced in the US since the 1950s under its DOE contract at the Piketon, Ohio enrichment plant, restoring a domestic capability advanced reactors and SMRs depend on. (source)
Segment revenue and YoY are from the Q1 2026 8-K (Exhibit 99.1); LEU-segment revenue combines separative work units and uranium sales. Backlog across both segments was $3.9 billion as of Mar 31, 2026, extending to 2040.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Centrus Energy do?
Centrus Energy is a US supplier of nuclear fuel and related services. The business has two segments. The LEU segment sells enriched uranium, measured in separative work units (SWU), plus uranium itself, to power utilities under medium and long-term contracts. The Technical Solutions segment runs the HALEU production contract Centrus signed with the US Department of Energy in 2022 and provides engineering and technical services. In Q1 2026 the LEU segment generated $44.6 million of revenue and Technical Solutions $32.1 million (Centrus 8-K, May 5, 2026). The company’s centrifuge plant in Piketon, Ohio is the first US enrichment facility licensed to produce high-assay low-enriched uranium.
Why is Centrus Energy an AI electricity and nuclear SMR company?
Most advanced reactors and small modular reactors run on HALEU, uranium enriched to between 5% and 20%, a fuel that for years had essentially one commercial supplier, in Russia. Centrus broke that dependence: in 2023 it produced the first US HALEU in more than 70 years under its DOE contract (U.S. Department of Energy). Without a domestic HALEU supply, the SMR buildout has no fuel, which makes Centrus the fuel-supply anchor of the theme rather than a reactor developer. It is now scaling that capability, launching a multi-year centrifuge-manufacturing expansion in Oak Ridge, Tennessee and signing partnerships with Fluor and Palantir to compress cost and lead times.
“The first quarter was marked by numerous wins and great operational progress as we accelerated our drive to restore America’s ability to enrich uranium at scale, including securing historic federal funding and launching a major expansion of our centrifuge manufacturing plant.”
— Amir Vexler, President and CEO, Centrus Energy, May 5, 2026
What did Centrus Energy report most recently?
In Q1 2026 (the quarter ended March 31, 2026), Centrus reported revenue of $76.7 million, up 5% year over year, with GAAP net income of $10.0 million, or $0.45 diluted EPS, down from $27.2 million a year earlier (Centrus 8-K, May 5, 2026). The decline was driven mainly by a $15.9 million rise in advanced-technology costs as Centrus invests in its expansion, partly offset by higher investment income; adjusted net income was $23.5 million. Within the mix, Technical Solutions revenue jumped 47% to $32.1 million on the DOE HALEU contract, while LEU-segment revenue fell 13% to $44.6 million on a 47% drop in SWU volume sold, partly cushioned by a 52% higher average SWU price. The company ended the quarter with $1,868.2 million in cash and a backlog of about $3.9 billion extending to 2040.
What is Centrus Energy’s guidance?
Centrus raised full-year 2026 revenue guidance to $450 million-$500 million from $425 million-$475 million, citing commercial progress, and guided to total capital deployment of $350 million-$500 million as it builds out centrifuge manufacturing (Centrus 8-K, May 5, 2026). Operationally it targets at least 100 net new hires each at its Oak Ridge and Piketon sites and release of a Certified for Construction package, with much of the plan tied to finalizing a DOE task order.
What are the risks for Centrus Energy?
- Net income is falling as it invests. Q1 2026 GAAP net income dropped 63% year over year as advanced-technology spending climbed, and that spending will continue through the build-out.
- Policy and funding dependence. A large part of the thesis rests on continued DOE funding and a planned $900 million task order; government shutdowns or appropriations changes are explicit risks.
- Contingent backlog. Roughly $2.4 billion of the LEU backlog is contingent on Centrus securing substantial public and private investment to build new capacity at Piketon.
- Lumpy revenue. LEU revenue swings with the timing of multi-year contract deliveries, so quarterly results can be volatile, as the 13% LEU-segment decline this quarter shows.
Related securities, concepts & terms
- AI Electricity & Nuclear SMRsparent
- BWX Technologies (BWXT)sibling
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThematic index of US-listed AI-electricity and nuclear-SMR names that includes Centrus Energy.
Frequently asked questions about Centrus Energy
What does Centrus Energy do?
Centrus Energy supplies nuclear fuel and enrichment services to power utilities and operates the first US-licensed HALEU enrichment plant in Piketon, Ohio. Its business splits into an LEU segment, which sells enriched uranium (separative work units) and uranium, and a Technical Solutions segment, which runs the HALEU production contract for the US Department of Energy (Centrus 8-K, May 5, 2026). It produced the first US HALEU in more than 70 years in 2023.
Why is Centrus Energy part of the AI electricity and nuclear SMR theme?
Many advanced reactors and small modular reactors need high-assay low-enriched uranium (HALEU), enriched to between 5% and 20%, which Russia was effectively the only commercial supplier of until recently. Centrus runs the first US-licensed HALEU plant and delivered the first US-made HALEU in over 70 years in 2023 (U.S. Department of Energy). Without a domestic fuel supply, the SMR buildout has no fuel, which makes Centrus the US fuel-supply anchor of the theme.
What was Centrus Energy's latest quarterly revenue?
Centrus reported Q1 2026 revenue of $76.7 million, up 5% year over year, with GAAP net income of $10.0 million ($0.45 diluted EPS), down from $27.2 million a year earlier as advanced-technology costs rose (Centrus 8-K, May 5, 2026). Technical Solutions revenue rose 47% to $32.1 million on the DOE HALEU contract, while LEU-segment revenue fell 13% to $44.6 million on the timing of separative-work-unit deliveries.
When does Centrus Energy report its next earnings?
Centrus is expected to report Q2 2026 results in early August 2026. That date is calendar-estimated and unconfirmed, so check Centrus's investor relations page. It last reported Q1 2026 on May 5, 2026 (Centrus 8-K).
What is Centrus Energy's guidance and backlog?
Centrus raised full-year 2026 revenue guidance to $450 million-$500 million from $425 million-$475 million, with total capital deployment of $350 million-$500 million for its centrifuge-manufacturing build-out (Centrus 8-K, May 5, 2026). Backlog across both segments was about $3.9 billion as of March 31, 2026 and extends to 2040, with roughly $3.1 billion in the LEU segment.
Sources & references
- Centrus Reports First Quarter 2026 Results (Form 8-K, Exhibit 99.1) · Centrus Energy Corp. / SEC EDGAR, 2026-05-05
- Centrus Reports First Quarter 2026 Results · Centrus Energy Corp. (PR Newswire), 2026-05-05
- Centrus Produces Nation's First Amounts of HALEU · U.S. Department of Energy, 2023-11-07
- Centrus Energy Corp. · FY2025 Annual Report (Form 10-K) · Centrus Energy Corp. / SEC EDGAR, 2026-02-12
- Centrus Energy Corp. · Calendar of investor events and earnings calls · Centrus Energy Corp. (Investor Relations), 2026-06-04
- Small Modular Reactors · World Nuclear Association, 2025-09-01
- Energy demand from AI · Energy and AI · International Energy Agency, 2025-04-10