PIKETON, Ohio — Centrus Energy shares fell sharply Thursday after the company’s latest earnings release and 2026 guidance signaled slowing momentum in its core nuclear fuel business despite major federal awards and a record cash position.
The Bethesda‑based enrichment firm reported $448.7 million in revenue for 2025 and $77.8 million in net income, with results driven largely by higher sales of separative work units. LEU revenue was essentially flat at $346.2 million, while uranium sales dropped 54% to $55.6 million. SWU revenue rose 21% on a 23% increase in volume.
Investors focused on the company’s 2026 outlook, which projects $425 million to $475 million in revenue — effectively flat compared with 2025. Centrus also expects $350 million to $500 million in capital deployment next year as it ramps up domestic enrichment capacity.
Centrus ended 2025 with roughly $2.0 billion in unrestricted cash and a $3.8 billion backlog extending to 2040, bolstered by its selection for a $900 million Department of Energy HALEU Enrichment Award, which could exceed $1 billion with options. The company said it has begun commercial centrifuge manufacturing and named Fluor as its primary EPC partner for expansion work in Piketon, where its first new cascade is expected online in 2029.
Despite the long‑term commitments, the near‑term picture weighed on the stock. Shares dropped throughout the trading session as the market digested the softer revenue guide, declining uranium sales, and continued reliance on federal contracts and capital spending to support the company’s transition away from Russian‑origin fuel.
Centrus said it plans to add at least 150 net employees in 2026 and accelerate long‑lead procurement as it works to scale domestic enrichment and HALEU production.
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