10-Q · May 6, 2026
Centrus Energy Corp. reported Q1 2026 revenue of $76.7 million and a diluted EPS of $1.05, surpassing estimates. However, revenue fell short of the prior quarter due to a 19% decrease in the LEU segment, while the…
Earnings analysis · 10-Q
LEU earnings analysis
Filed November 5, 2026 · Our reading of the company's report
The latest report
Centrus delivered a materially weaker operating quarter: revenue fell 26% year over year to $55.5 million, gross loss widened to $10.6 million, and operating loss increased to $29.7 million. The $1.41 diluted GAAP EPS…
Read full summary
Centrus delivered a materially weaker operating quarter: revenue fell 26% year over year to $55.5 million, gross loss widened to $10.6 million, and operating loss increased to $29.7 million. The $1.41 diluted GAAP EPS benefited from a $46.4 million warrant-liability gain, while adjusted diluted EPS was -$0.46. Liquidity of $2.236 billion and a $7.0 billion backlog provide substantial strategic support, but negative operating cash flow, $226.4 million of year-to-date capex, uncertain DOE HALEU funding and Piketon lease risk weigh on the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.41
- Gross margin
- -19.1%
- Operating margin
- -53.5%
What stood out
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Revenue and operating losses worsened
Third-quarter revenue was $55.5 million, down $19.4 million, or 26%, from $74.9 million in the prior-year quarter and sharply below the prior quarter’s $176 million. The gross margin declined to -19.1% from -5.7% year over year, while operating margin declined to -53.5% from -23.5%.
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GAAP EPS masked an adjusted loss
GAAP diluted EPS was $1.41 versus $0.19 in the prior-year quarter, but results included a $46.4 million gain from remeasurement of the warrant liability. Adjusted diluted EPS was -$0.46 versus $0.25 in the prior-year quarter, reflecting weak underlying profitability.
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Higher SWU sales partly offset uranium decline
SWU revenue increased 32% year over year to $14.1 million, driven by a 19% increase in volume and a 10% increase in average selling price. This was more than offset by a 48% decline in uranium revenue to $17.7 million.
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Liquidity remains substantial
Cash and cash equivalents increased to $2.236 billion from $1.957 billion at December 31, 2025, supported largely by $493.8 million of net proceeds from common stock, pre-funded warrants and common warrants. Total debt was $1.179 billion, with principal amounts of $402.5 million and $805.0 million on the two convertible notes.
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Backlog expanded materially
The company reported $7.0 billion of backlog at September 30, 2026, up from $3.8 billion at December 31, 2025, including $6.2 billion in LEU backlog. Approximately $5.4 billion of the LEU backlog represents contingent LEU and HALEU sales contracts and commitments.
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Expansion spending is accelerating
Nine-month operating cash flow was negative $11.1 million versus positive $99.4 million in the prior-year period, while capital expenditures rose to $226.4 million from $10.1 million. Management expects capital expenditures to increase by approximately several hundred million dollars as Oak Ridge and Piketon investments continue.
What to watch
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DOE funding threatens HALEU backlog
DOE has communicated that it does not currently intend to exercise further production options under the HALEU Operation Contract, and the proposed fiscal 2027 DOE budget includes no funding for cascade operations. This puts approximately $0.8 billion of Technical Solutions backlog at risk of delayed or unrealized revenue.
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Piketon lease and D&D exposure
The Piketon lease now expires on October 1, 2027, and DOE is under no obligation to grant a longer-term extension by December 31, 2026 or at all. Failure to obtain an extension could require impairment or expensing of capitalized Piketon improvements and could expose the company to additional decontamination and decommissioning liabilities.
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Russian supply remains a key dependency
More than one-half of the LEU expected to be delivered through 2027 is sourced under the TENEX Supply Contract, while Russian enrichment plants represent 43% of global capacity. Additional waivers under the Import Ban Act and export licenses under the Russian Decree are uncertain, creating material supply and delivery risk.
Management's outlook
No consolidated revenue or EPS guidance was provided in the 10-Q. Management expects capital expenditures to increase by approximately several hundred million dollars and states that it expects adequate liquidity for at least the next 12 months.
Earlier filings 4
10-K · February 11, 2026
Centrus positions itself as the leading U.S. supplier of enriched uranium components with two business lines: LEU (commercial supply) and Technical Solutions (HALEU and government work). The company has a contingent LEU…
10-Q · August 6, 2025
Centrus reported Q2 revenue of $154.5 million and diluted EPS of $1.59. Gross profit improved to $53.9 million (≈34.9% margin) and operating income rose to $33.5 million, while the balance sheet shows a large inventory…
10-Q · May 8, 2024
Centrus reported revenue of $43.7 million and a net loss of $6.1 million (diluted EPS $(0.38)) for the quarter ended March 31, 2024. SWU/LEU revenue fell materially while Technical Solutions revenue increased; operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.