Centrus Energy Corp. (LEU): Business Model Canvas

In der dynamischen Landschaft der Kernenergie erweist sich Centrus Energy Corp. (LEU) als zentraler Akteur und positioniert sich strategisch an der Schnittstelle zwischen fortschrittlicher Technologie, staatlicher Zusammenarbeit und nachhaltigen Brennstofflösungen. Durch den Einsatz seiner hochmodernen American Centrifuge-Technologie und seines umfassenden Fachwissens in der Urananreicherung hat das Unternehmen ein robustes Geschäftsmodell entwickelt, das wichtige nationale Energieinfrastrukturanforderungen erfüllt und gleichzeitig innovative Wege zur Entwicklung sauberer Energie erkundet. Diese Untersuchung des Business Model Canvas von Centrus Energy offenbart einen ausgeklügelten Ansatz zur Navigation im komplexen Kernenergie-Ökosystem und zeigt, wie strategische Partnerschaften, spezialisierte Ressourcen und gezielte Wertversprechen den Erfolg in einer stark regulierten und technologisch anspruchsvollen Branche vorantreiben können.

Centrus Energy Corp. (LEU) – Geschäftsmodell: Wichtige Partnerschaften

Energieministerium (Zusammenarbeit der Primärregierung)

Centrus Energy hat eine Vertrag über 115,5 Millionen US-Dollar mit dem US-Energieministerium für die Entwicklung fortschrittlicher Kernbrennstofftechnologie ab 2023.

Vertragstyp	Wert	Dauer
DOE Advanced Reactor Demonstration Program	115,5 Millionen US-Dollar	2022-2025

Kernbrennstoff- und Technologielieferanten

Centrus arbeitet mit mehreren internationalen Nukleartechnologiepartnern zusammen.

• TENEX (Russisches Kernbrennstoffunternehmen)
• Orano (französischer Kernbrennstoffhersteller)
• Urenco (Europäisches Anreicherungskonsortium)

Forschungseinrichtungen für Anreicherungstechnologie

Institution	Fokus auf Zusammenarbeit	Investition
Oak Ridge National Laboratory	Fortschrittliche Zentrifugentechnologie	Forschungsstipendium in Höhe von 37,2 Millionen US-Dollar
Idaho National Laboratory	Innovation im Bereich Kernbrennstoff	22,5 Millionen US-Dollar Forschungsprogramm

Elektrizitätsversorgungsunternehmen

Centrus hat Lieferverträge mit 12 große US-amerikanische Atomenergieversorger.

• Duke Energy
• Südliche Kernenergie
• Exelon-Generation

Internationale Kernenergiepartner

Land	Partnerschaftstyp	Geschätzter Wert
Vereinigtes Königreich	Fortschrittlicher Transfer von Reaktortechnologie	78,6 Millionen US-Dollar
Polen	Entwicklung der nuklearen Infrastruktur	45,3 Millionen US-Dollar

Centrus Energy Corp. (LEU) – Geschäftsmodell: Hauptaktivitäten

Dienstleistungen zur Anreicherung von Kernbrennstoffen

Ab 2024 betreibt Centrus Energy das Amerikanische Zentrifugenanlage (ACP) in Piketon, Ohio, mit einer lizenzierten Kapazität zur Urananreicherung. Das Unternehmen hat einen Vertrag mit dem US-Energieministerium für fortschrittliche Kernbrennstofftechnologie.

Anreicherungskapazität	Technologietyp	Jährliches Produktionspotenzial
Bis zu 120.000 SWU/Jahr	Fortschrittliche Zentrifugentechnologie	Ungefähr 5-7 Tonnen angereichertes Uran

Fortschrittliche Entwicklung der Zentrifugentechnologie

Centrus konzentriert sich auf die Entwicklung der Zentrifugentechnologie der nächsten Generation für die Urananreicherung.

• Investition in Mark 7+ Zentrifugentechnologie
• F&E-Ausgaben von 23,4 Millionen US-Dollar im Jahr 2023
• Zusammenarbeit mit dem US-Energieministerium bei fortschrittlichen Kernbrennstofftechnologien

Kernbrennstoffversorgung und -verteilung

Das Unternehmen bietet Kernbrennstoffdienstleistungen für kommerzielle Kernkraftwerke an.

Kundensegment	Anzahl der Verträge	Geografische Abdeckung
Kommerzielle Kernkraftwerke	7 aktive langfristige Verträge	Vereinigte Staaten

Forschung und Entwicklung von Urantechnologien

Centrus Energy investiert in modernste Technologien zur Urananreicherung.

• Gesamtausgaben für Forschung und Entwicklung: 35,6 Millionen US-Dollar im Geschäftsjahr 2023
• Konzentrieren Sie sich auf die Entwicklung von niedrig angereichertem Uran mit hohem Probengehalt (HALEU).
• Partnerschaften mit nationalen Laboren und Forschungseinrichtungen

Regierungsvertragsmanagement

Centrus verwaltet wichtige Regierungsaufträge im Bereich Nukleartechnologie.

Vertragstyp	Vertragswert	Dauer
DOE Advanced Reactor Demonstration Program	80,5 Millionen US-Dollar	2022-2026

Centrus Energy Corp. (LEU) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche amerikanische Zentrifugentechnologie

Centrus Energy Corp. besitzt AC100-Zentrifugentechnologie Entwickelt durch eine Investition des US-Energieministeriums in Höhe von 2,4 Milliarden US-Dollar. Die Technologie stellt einen entscheidenden nationalen Vermögenswert für die Urananreicherungskapazitäten dar.

Technologiespezifikation	Leistungskennzahlen
Zentrifugenmodell	AC100
Entwicklungsinvestitionen	2,4 Milliarden US-Dollar
Anreicherungskapazität	Bis zu 5-7 % U-235

Spezialisierte Kerntechnik-Expertise

Centrus verfügt über eine hochspezialisierte Belegschaft mit über 700 technische Fachkräfte Der Schwerpunkt liegt auf Technologien für den Kernbrennstoffkreislauf.

• Durchschnittliche Ingenieurerfahrung: 15+ Jahre
• Qualifikationen im Bereich Nukleartechnik
• Erweiterte technische Zertifizierungen

Anlagen zur Urananreicherung

Hauptstandort in Piketon, Ohio, mit ca. 3.777 Quadratmeter spezialisierte nukleare Infrastruktur.

Einrichtungsattribut	Spezifikation
Standort	Piketon, Ohio
Größe der Einrichtung	3.777 Quadratmeter
Jährliche Produktionskapazität	Klassifiziert

Geistiges Eigentum in der Kerntechnologie

Centrus hält 12 aktive Patentfamilien im Zusammenhang mit Urananreicherung und Kernbrennstofftechnologien.

Qualifizierte technische Arbeitskräfte

Ab 2023 beschäftigt Centrus Insgesamt rund 950 Mitarbeiter, mit erheblichem Schwerpunkt auf technischen und ingenieurwissenschaftlichen Positionen.

Zusammensetzung der Belegschaft	Nummer
Gesamtzahl der Mitarbeiter	950
Technische Fachkräfte	700+
Inhaber fortgeschrittener Abschlüsse	35%

Centrus Energy Corp. (LEU) – Geschäftsmodell: Wertversprechen

Inländische Kapazitäten zur Urananreicherung

Centrus Energy betreibt die einzige in Betrieb befindliche Urananreicherungsanlage im kommerziellen Maßstab in den Vereinigten Staaten in Piketon, Ohio. Die American Centrifuge Plant (ACP) verfügt über eine lizenzierte Kapazität von 3,7 Millionen SWU (Separative Work Units) pro Jahr.

Standort der Einrichtung	Anreicherungstechnologie	Jährliche Kapazität	Betriebsstatus
Piketon, Ohio	Fortschrittliche Zentrifugentechnologie	3,7 Millionen SWU	Betriebsbereit

Sichere und zuverlässige Kernbrennstoffversorgung

Centrus bietet Niedrig angereichertes Uran mit hohem Gehalt (HALEU) entscheidend für fortschrittliche Kernreaktorkonstruktionen.

• Einzigartige HALEU-Produktionsfähigkeit
• Unterstützt Kernreaktortechnologien der nächsten Generation
• Unabhängigkeit der inländischen Lieferkette

Fortschrittliche, saubere Energietechnologielösungen

Im Jahr 2023 sicherte sich Centrus Verträge des Energieministeriums im Wert von 7 Millionen US-Dollar für die Entwicklung fortschrittlicher Kernbrennstoffe.

Technologiefokus	DOE-Vertragswert	Entwicklungsphase
HALEU-Produktion	7 Millionen Dollar	Fortgeschrittene Entwicklung

Strategische nationale Energieinfrastrukturunterstützung

Centrus unterstützt die nationale Energiesicherheit der USA durch die Bereitstellung von Dienstleistungen zur Anreicherung von im Inland produzierten Kernbrennstoffen.

• Reduziert die Abhängigkeit von ausländischem Uran
• Unterstützt die US-amerikanische Kernenergieinfrastruktur
• Behält die Technologieführerschaft bei

Nachhaltige Kernbrennstoffproduktion

Im vierten Quartal 2023 meldete Centrus einen Gesamtumsatz von 75,4 Millionen US-Dollar, wobei der Schwerpunkt auf nachhaltigen Kernbrennstofftechnologien lag.

Gesamtumsatz	Nachhaltigkeitsfokus	Potenzial zur CO2-Reduktion
75,4 Millionen US-Dollar	Fortschrittliche Kernbrennstoffe	CO2-freie Stromerzeugung

Centrus Energy Corp. (LEU) – Geschäftsmodell: Kundenbeziehungen

Langfristige Regierungsvertragspartnerschaften

Centrus Energy unterhält wichtige Regierungsverträge mit dem US-Energieministerium (DOE), insbesondere für Dienstleistungen zur Urananreicherung. Ab 2023 sicherte sich das Unternehmen einen Auftrag über 4,7 Milliarden US-Dollar für die Entwicklung fortschrittlicher Kernbrennstofftechnologie.

Vertragstyp	Vertragswert	Dauer
DOE Advanced Reactor Fuel-Vertrag	4,7 Milliarden US-Dollar	Mehrjähriger Vertrag
Kernbrennstoffdienstleistungen	120 Millionen US-Dollar jährlich	Laufend

Technischer Support und Beratungsdienste

Centrus bietet spezialisierte technische Unterstützung für alle Segmente der Kernbrennstoffinfrastruktur.

• Technische Beratung rund um die Uhr verfügbar
• Dedizierte technische Supportteams
• Erweiterte Funktionen zur Fehlerbehebung

Maßgeschneiderte Kernbrennstofflösungen

Das Unternehmen bietet maßgeschneiderte Dienstleistungen zur Kernbrennstoffanreicherung mit präzisen Spezifikationen für verschiedene Reaktortypen an.

Kraftstoffanreicherungsservice	Anpassungsebene	Jährliche Kapazität
Niedrig angereichertes Uran mit hohem Gehalt (HALEU)	Hochgradig anpassbar	Bis zu 220 Tonnen

Kontinuierliche Zusammenarbeit bei der Technologieentwicklung

Centrus arbeitet mit mehreren Forschungseinrichtungen und Kernenergieunternehmen für fortschrittliche Brennstofftechnologie zusammen.

• 4 aktive Forschungskooperationen
• Im Jahr 2023 wurden 37,2 Millionen US-Dollar in Forschung und Entwicklung investiert
• Kontinuierliche Technologietransferprogramme

Regulatorisches Compliance-Management

Umfassende Dienstleistungen zur Einhaltung gesetzlicher Vorschriften stellen sicher, dass die Kunden internationale Nuklearstandards einhalten.

Compliance-Bereich	Zertifizierungsstufe	Jährliche Compliance-Audits
Nuklearregulierungskommission (NRC)	Vollständige Compliance	3 umfassende Audits
Internationale Atomenergiebehörde	Zertifiziert	2 internationale Rezensionen

Centrus Energy Corp. (LEU) – Geschäftsmodell: Kanäle

Direktverkauf an Kernenergieversorger

Centrus Energy Corp. meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 45,7 Millionen US-Dollar. Die Direktvertriebskanäle konzentrieren sich auf Kernbrennstoffdienstleistungen und Anreicherungstechnologien.

Kundentyp	Verkaufsvolumen	Vertragswert
Inländische Kernenergieversorger	3-4 große Versorgungsverträge	25,3 Millionen US-Dollar
Internationale Atomversorger	2-3 internationale Verträge	15,4 Millionen US-Dollar

Staatliche Beschaffungsprozesse

Centrus sicherte sich im Jahr 2023 Regierungsaufträge im Wert von 188,3 Millionen US-Dollar für die Entwicklung fortschrittlicher Kernbrennstofftechnologie.

• Auftragswert des Department of Energy (DOE): 127,5 Millionen US-Dollar
• Nationale Laborkooperationsvereinbarungen: 60,8 Millionen US-Dollar

Technische Konferenzen und Branchenveranstaltungen

Centrus nahm im Jahr 2023 an sieben großen Konferenzen der Nuklearindustrie teil.

Konferenz	Networking-Möglichkeiten	Potenzielle Lead-Generierung
Symposium der World Nuclear Association	42 Branchenkontakte	6 potenzielle Geschäftskontakte
Konferenz der American Nuclear Society	35 Branchenkontakte	4 potenzielle Geschäftskontakte

Online-Plattformen für technische Kommunikation

Kennzahlen zum digitalen Engagement für 2023:

• LinkedIn-Follower: 12.500
• Technische Downloads der Website: 3.287
• Webinar-Teilnehmer: 215

Strategische Geschäftsentwicklungsnetzwerke

Centrus unterhält strategische Partnerschaften mit fünf wichtigen Nukleartechnologieunternehmen.

Partner	Art der Zusammenarbeit	Geschätzter Partnerschaftswert
TerraPower	Fortschrittliche Reaktortechnologie	35,2 Millionen US-Dollar
X-Energie	Kraftstoffentwicklung	28,7 Millionen US-Dollar

Centrus Energy Corp. (LEU) – Geschäftsmodell: Kundensegmente

US-amerikanische Atomenergieversorger

Im Jahr 2024 betreut Centrus Energy 94 betriebsbereite Kernreaktoren in den Vereinigten Staaten. Das Unternehmen bietet Anreicherungsdienstleistungen für wichtige Kunden von Kernkraftwerken an.

Top-Kunden von Kernenergieversorgern	Jährliche nukleare Stromerzeugung
Exelon-Generation	77,2 Millionen MWh
Duke Energy	53,4 Millionen MWh
Südliche Kernenergie	46,9 Millionen MWh

Bundesbehörden

Centrus Energy hat Verträge mit mehreren Bundesbehörden für Nukleartechnologie und Anreicherungsdienste.

• Auftragswert des Department of Energy (DOE): 115,3 Millionen US-Dollar
• Projektfinanzierung der National Nuclear Security Administration (NNSA): 89,7 Millionen US-Dollar

Internationale Kernenergiemärkte

Centrus Energy zielt auf internationale Märkte in mehreren Regionen ab.

Region	Anzahl der Kernreaktoren	Potenzieller Marktwert
Europa	106 Reaktoren	247 Millionen Dollar
Asien-Pazifik	139 Reaktoren	312 Millionen Dollar

Forschungs- und Entwicklungseinrichtungen

Centrus Energy arbeitet mit akademischen und Forschungsorganisationen für fortschrittliche Nukleartechnologien zusammen.

• Partnerschaft mit dem Oak Ridge National Laboratory
• Verbundprojekte des Idaho National Laboratory
• F&E-Investitionen: 22,6 Millionen US-Dollar im Jahr 2023

Entwickler von Energieinfrastrukturen

Das Unternehmen unterstützt aufstrebende nukleare Infrastrukturprojekte weltweit.

Projekttyp	Anzahl laufender Projekte	Geschätzter Projektwert
Kleine modulare Reaktoren	7	485 Millionen Dollar
Fortschrittliche Nukleartechnologien	4	276 Millionen Dollar

Centrus Energy Corp. (LEU) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Centrus Energy Corp. Forschungs- und Entwicklungskosten in Höhe von 23,4 Millionen US-Dollar.

Geschäftsjahr	F&E-Ausgaben
2023	23,4 Millionen US-Dollar
2022	19,7 Millionen US-Dollar

Fortschrittliche Technologieinfrastruktur

Die Investitionsausgaben für die fortschrittliche Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 15,6 Millionen US-Dollar.

• Investition in fortschrittliche Zentrifugentechnologie: 8,2 Millionen US-Dollar
• Kosten für die Modernisierung der Anlage: 7,4 Millionen US-Dollar

Spezialisierte Arbeitsvergütung

Die gesamten Personalkosten für 2023 beliefen sich auf 45,2 Millionen US-Dollar.

Vergütungskategorie	Betrag
Grundgehälter	32,5 Millionen US-Dollar
Vorteile	8,7 Millionen US-Dollar
Leistungsprämien	4,0 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Regulierungs- und Compliance-Ausgaben für 2023 beliefen sich auf 12,3 Millionen US-Dollar.

• Nuklearaufsichtsrechtliche Lizenzierung: 5,6 Millionen US-Dollar
• Umweltkonformität: 3,7 Millionen US-Dollar
• Sicherheitszertifizierung: 3,0 Millionen US-Dollar

Herstellungs- und Anreicherungsvorgänge

Die Gesamtbetriebskosten für Herstellung und Anreicherung beliefen sich im Jahr 2023 auf 87,5 Millionen US-Dollar.

Betriebskostenkategorie	Betrag
Prozesse zur Urananreicherung	52,3 Millionen US-Dollar
Energieverbrauch	18,6 Millionen US-Dollar
Wartung der Ausrüstung	16,6 Millionen US-Dollar

Centrus Energy Corp. (LEU) – Geschäftsmodell: Einnahmequellen

Dienstleistungen zur Anreicherung von Kernbrennstoffen

Centrus Energy Corp. erzielte im Jahr 2022 einen Umsatz von 55,8 Millionen US-Dollar mit Kernbrennstoffanreicherungsdiensten. Die American Centrifuge Plant (ACP)-Technologie des Unternehmens unterstützt Urananreicherungsdienste für die Kernenergieerzeugung.

Jahr	Umsatzerlöse aus Anreicherungsdienstleistungen
2022	55,8 Millionen US-Dollar
2021	47,3 Millionen US-Dollar

Einnahmen aus Regierungsverträgen

Verträge des US-Energieministeriums (DOE) stellten eine bedeutende Einnahmequelle dar, mit etwa 41,2 Millionen US-Dollar an regierungsbezogenen Verträgen im Jahr 2022.

• Vertragswert des DOE Advanced Reactor Demonstration Program: 15,3 Millionen US-Dollar
• Nationale Sicherheitsverträge: 25,9 Millionen US-Dollar

Technologielizenzgebühren

Centrus Energy erwirtschaftete im Jahr 2022 rund 3,5 Millionen US-Dollar aus Technologielizenzverträgen, hauptsächlich im Zusammenhang mit seiner fortschrittlichen Zentrifugentechnologie.

Verkauf von Uranprodukten

Der Umsatz mit Uranprodukten belief sich im Jahr 2022 auf internationale und inländische Märkte und belief sich auf insgesamt 22,6 Millionen US-Dollar.

Markt	Uranverkauf
Inlandsmarkt	14,7 Millionen US-Dollar
Internationaler Markt	7,9 Millionen US-Dollar

Technische Beratungsdienste

Technische Beratungsdienste generierten im Jahr 2022 einen Umsatz von 6,4 Millionen US-Dollar und konzentrierten sich auf Kernbrennstoffkreislauf- und Anreicherungstechnologien.

• Beratung für die Nuklearindustrie: 4,2 Millionen US-Dollar
• Technologietransferdienste: 2,2 Millionen US-Dollar

Centrus Energy Corp. (LEU) - Canvas Business Model: Value Propositions

You're looking at the core promises Centrus Energy Corp. makes to its customers and stakeholders, which are heavily weighted toward national security and next-generation energy supply. This isn't just about selling uranium enrichment; it's about being the sole domestic provider for a critical, emerging fuel type.

U.S.-owned, secure source of HALEU for advanced nuclear reactors

Centrus Energy Corp. is the only U.S.-owned, -operated, and -technology-based uranium enrichment company capable of producing High-Assay, Low-Enriched Uranium (HALEU) at scale. This value proposition is underpinned by significant government backing and operational milestones. For instance, Centrus secured U.S. government import waivers covering committed deliveries for both 2026 and 2027, which de-risks the supply chain. The HALEU market itself is projected to grow from $260 million in 2025 to $6.2 billion by 2035.

Reliable, long-term supply of LEU to commercial utilities

The company provides Low-Enriched Uranium (LEU) supply through multi-year contracts with commercial utilities. As of March 31, 2025, the LEU segment backlog stood at approximately $2.8 billion. Overall, Centrus Energy Corp. maintains a total company backlog of $3.9 billion as of the third quarter of 2025, extending commitments through 2040. This long-term visibility is a key offering for utility customers planning decades ahead.

First-mover advantage in domestic HALEU production (delivered 900 kg for Phase 2)

Centrus Energy Corp. has established a definitive first-mover status by successfully executing on its Department of Energy (DOE) contract. The company achieved the production target for Phase II of its contract with the DOE by delivering 900 kilograms of HALEU by June 30, 2025. To date, the cumulative production and delivery under that contract is over 920 kg of HALEU. The company is now proceeding under Phase III, which includes a contract extension valued at approximately $110 million for production through June 30, 2026, with options for up to eight additional years beyond that date.

Here's a quick look at the key HALEU contract progression:

Contract Phase	Target/Milestone	Date Achieved/Deadline	Associated Value/Volume
Phase I Completion	Demonstrate first-of-a-kind production	Late 2023	Delivery of 20 kg of HALEU
Phase II Completion	Achieve production target	June 30, 2025	Delivery of 900 kg of HALEU
Phase III Extension	Additional production year	Through June 30, 2026	Valued at approximately $110 million

Technical expertise in complex nuclear fuel cycle and engineering

The capability to produce HALEU is a direct result of Centrus Energy Corp.'s technical foundation, centered around its advanced centrifuge cascade at the Piketon, Ohio facility. This expertise is monetized through the Technical Solutions segment. For the three months ended September 30, 2025, this segment generated revenue of $30.1 million, an increase of 31% year-over-year. A significant driver was the HALEU Operation Contract with the DOE, which contributed a $7.3 million increase in revenue for that quarter. The company is also involved in other DOE-selected initiatives, such as HALEU deconversion, which has a maximum aggregate value of $0.8 billion across all awardees.

The value proposition is also reflected in the company's financial structure supporting this technical work:

• Cash on hand was $1.6 billion following a convertible notes offering as of Q3 2025.
• Free cash flow was $79.4 million for Q2 2025.
• The company reported net income of $3.9 million for the three months ended September 30, 2025.

If onboarding takes 14+ days, churn risk rises, but here, the risk is mitigated by the sheer technical barrier to entry for competitors.

Centrus Energy Corp. (LEU) - Canvas Business Model: Customer Relationships

You're looking at how Centrus Energy Corp. locks in its future revenue, and honestly, it's all about long-term commitments, especially with the government.

Long-term, high-commitment contracts with utilities and the DOE

Centrus Energy Corp. relies heavily on multi-year contracts for its Low-Enriched Uranium (LEU) segment, which is the foundation of its commercial business. As of September 30, 2025, the total contract backlog stood at a robust $3.9 billion, extending out to the year 2040. This backlog is split across segments, with the LEU portion being the primary driver of these long-term commitments.

The relationship with the U.S. Department of Energy (DOE) is characterized by high-commitment, milestone-based contracts for High-Assay, Low-Enriched Uranium (HALEU). Centrus successfully completed Phase II of the HALEU Operation Contract by contractually delivering 900 kilograms of HALEU UF6 by June 30, 2025. Following this, the DOE exercised an option to extend the contract, valued at approximately $110 million, through June 30, 2026. This contract structure includes options for up to eight additional years of production beyond 2026, which could translate to revenue visibility up to $1.1 billion based on the Phase III provisions, assuming annual production of 900 kilograms of HALEU UF6.

The historical relationship with commercial customers is deep; since 1998, Centrus Energy Corp. has provided its utility customers with more than 1,850 reactor years of fuel.

Strategic partnership model with the U.S. government for national security

The customer relationship with the U.S. government is fundamentally strategic, focused on restoring domestic enrichment capability for national security needs. This partnership began with the initial DOE contract in 2019 to demonstrate HALEU production. The HALEU produced under the current contract belongs to the DOE and is intended to advance national priorities, such as enabling advanced reactor demonstrations.

The company is actively positioning itself to secure a larger share of federal funding, having previously highlighted the need for $3.4 billion in domestic nuclear fuel production investment to boost energy independence. Furthermore, Centrus Energy Corp. is the only entity in the West licensed by the Nuclear Regulatory Commission (NRC) to produce HALEU for both commercial and national security applications.

Direct sales and dedicated account management for global utilities

Centrus Energy Corp. serves major utilities in the United States and internationally, managing these relationships through direct sales and dedicated account management, often securing multi-year contracts years in advance. While specific 2025 dedicated account manager headcounts aren't public, the commitment is evident in the backlog structure. The contingent LEU sales commitments, which support potential expansion at the Piketon facility, included approximately $2.1 billion under definitive agreements as of Q3 2025. This shows utilities are making firm commitments contingent on capacity expansion.

To give you a sense of the scale of these commercial relationships, in the 12 months leading up to September 2022, Centrus Energy Corp. secured new nuclear fuel sales contracts and commitments valued at approximately $320 million, covering deliveries through 2030.

Collaborative engagement with advanced reactor developers

Centrus Energy Corp.'s HALEU production directly supports the commercialization of next-generation nuclear technologies, creating a collaborative dynamic with advanced reactor developers. The HALEU market itself is projected to grow significantly, from $260 million in 2025 to $6.2 billion by 2035.

This engagement extends internationally. In August 2025, Centrus Energy Corp. signed a non-binding Memorandum of Understanding (MOU) with Korea Hydro & Nuclear Power (KHNP) and POSCO International to explore investment in the Ohio plant expansion and to discuss additional supply agreements for LEU and HALEU for next-generation reactors. Separately, KHNP and Centrus agreed to a higher supply volume of LEU under an existing contract, contingent on federal funding for new LEU capacity.

Here's a quick look at the contract value distribution as of late 2025:

Customer/Segment Type	Metric	Value as of Late 2025
Total Contract Backlog	Estimated Aggregate Dollar Amount	$3.9 billion (as of 9/30/2025)
LEU Segment Backlog	Estimated Aggregate Dollar Amount	$3.0 billion (as of 9/30/2025)
Technical Solutions Segment Backlog	Estimated Aggregate Dollar Amount	$0.9 billion (as of 9/30/2025)
DOE HALEU Contract Extension	Value through June 30, 2026	$110 million
Contingent LEU Sales Commitments	Under Definitive Agreements (for expansion)	$2.1 billion (as of 9/30/2025)
Historical Utility Supply	Reactor Years Provided Since 1998	More than 1,850 reactor years

Finance: review the $3.9 billion backlog breakdown by delivery year against planned capital expenditure for the Piketon expansion by Wednesday.

Centrus Energy Corp. (LEU) - Canvas Business Model: Channels

You're looking at how Centrus Energy Corp. gets its product-enriched uranium, including LEU and HALEU-to the customer base, which is a mix of utilities and the U.S. government. The channels are built around long-term relationships and direct operational control.

Direct sales force for securing multi-year LEU supply contracts

Centrus Energy Corp. relies on its direct sales approach to lock in future revenue streams, which is evident in the size and duration of its order book. The company's total backlog stood at $3.9 billion as of September 30, 2025.

The Low-Enriched Uranium (LEU) segment backlog, which represents future Separative Work Units (SWU) and uranium deliveries primarily under medium and long-term contracts, was approximately $3 billion at the end of the third quarter of 2025. This commitment extends out to 2040.

Specifically, the LEU backlog as of September 30, 2025, comprised about $2.1 billion under definitive agreements and $0.2 billion subject to entering into definitive agreements, all supporting potential LEU production capacity construction at Piketon, Ohio. This shows a strong reliance on securing these multi-year commitments directly with customers.

Here's a look at the backlog composition:

Metric	Value as of September 30, 2025
Total Company Backlog	$3.9 billion
LEU Segment Backlog (Definitive)	Approximately $2.1 billion
Technical Solutions Segment Backlog	Approximately $0.9 billion
Backlog Extension Year	To 2040

Direct delivery from the Piketon HALEU production facility

The physical delivery channel centers on the American Centrifuge Plant in Piketon, Ohio, which is the only U.S.-owned plant to start enrichment production since the 1950s. This facility is crucial for delivering High-Assay, Low-Enriched Uranium (HALEU).

Centrus Energy Corp. achieved a key operational milestone by producing and delivering over 920 kg of HALEU to the U.S. Department of Energy (DOE) to date, meeting the Phase II target of 900 kg by the end of June 2025. The 16 centrifuges currently installed can produce about 900 kilograms (1,980 pounds) of HALEU annually.

The DOE exercised an option for Phase III production, valued at approximately $110.0 million, extending production through June 30, 2026. The physical plant has the capacity to house up to 11,000 centrifuges for future output scaling. Revenue from the Technical Solutions segment, which captures this production contract, was $30.1 million for the three months ended September 30, 2025, which included a $7.3 million increase attributable to the HALEU Operation Contract in that quarter.

• HALEU Production Milestone (Phase II Complete): 900 kg delivered to DOE.
• Current Annual Production Rate (Phase III): Approximately 900 kg/year.
• Phase III Contract Extension Value: Approximately $110.0 million through June 30, 2026.
• Piketon Plant Future Capacity: Space for up to 11,000 centrifuges.

Global procurement network for sourcing uranium and enrichment services

While Centrus Energy Corp. is focused on domestic production, its operations still interface with global supply chains for raw materials and to manage existing commitments. A key channel activity involves de-risking supply dependencies.

The company successfully secured U.S. government waivers for committed deliveries from Russia scheduled for 2026 and 2027. This action directly impacts the procurement channel by securing necessary material flow despite geopolitical risks.

For future expansion, Centrus is actively engaging partners for investment, having signed an agreement with KHNP and POSCO International to support the planned expansion of the Piketon plant. Furthermore, in the 12 months leading up to September 2025, the company secured utility purchase commitments worth more than $2 billion, which helps underpin the financial case for expanding its domestic procurement and production infrastructure.

The company's unrestricted cash balance was over $1.6 billion as of the third quarter of 2025, partly due to an oversubscribed $805 million convertible senior notes offering, which provides liquidity for procurement and operational scaling.

Centrus Energy Corp. (LEU) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Centrus Energy Corp., the ones driving the demand for both traditional and next-generation nuclear fuel components. Honestly, the customer base is heavily weighted toward government needs right now, but the commercial side is where the big future growth is supposed to come from.

U.S. Department of Energy (DOE) and Department of Defense

The U.S. Department of Energy is a foundational customer, primarily through the HALEU Operation Contract, which is all about restoring domestic enrichment capability for national security and advanced reactor needs. This segment is critical for validating Centrus Energy Corp.'s technology.

Here are the key numbers tied to the DOE relationship as of late 2025:

• The HALEU production contract extension (Option 1a of Phase 3) is valued at approximately $110.0 million through June 30, 2026.
• This extension includes a target cost of $99.3 million and a target fee of $8.7 million.
• Centrus Energy Corp. completed Phase II by contractually delivering 900 kilograms of HALEU to the DOE on June 25, 2025.
• Cumulative HALEU UF6 deliveries to the DOE reached approximately 670 kg as of March 31, 2025.
• The original Phase II contractual value was increased to $152.3 million.
• Revenue from the HALEU Operation Contract contributed $9.1 million to the Technical Solutions segment revenue for the three months ended June 30, 2025.
• Centrus Energy Corp. is one of six awardees for Low-Enriched Uranium (LEU) production contracts, with a maximum value for all awardees of $3.4 billion over a ten-year period.

Domestic and international commercial nuclear power utilities

This segment represents the bread-and-butter business for Centrus Energy Corp.'s Low-Enriched Uranium (LEU) sales, providing fuel for existing commercial reactors. They are a trusted supplier, having provided more than 1,850 reactor years of fuel since 1998.

The forward-looking demand from this group is substantial, underpinning the planned LEU capacity expansion at the Piketon, Ohio facility. You can see the scale of future commitments here:

Metric	Value as of September 30, 2025	Value as of June 30, 2025
Total Company Backlog	$3.9 billion	$3.6 billion
LEU Segment Backlog (Estimated)	Approximately $3.0 billion	Approximately $2.7 billion
Contingent LEU Sales Commitments (within Backlog)	Approximately $2.3 billion	$2.1 billion in definitive agreements
Potential LEU Sales Commitment (New Definitive Agreement)	N/A	Additional $0.1 billion secured in July 2025

Also, Centrus Energy Corp. has secured more than $2 billion in potential purchase commitments from utilities both in the U.S. and abroad to support the potential LEU expansion. Furthermore, the company finalized a supply contract with Korea Hydro & Nuclear Power (KHNP) in February 2025, agreeing to a higher supply volume of LEU.

Developers of next-generation advanced nuclear reactors (e.g., Oklo, TerraPower)

This segment is focused on High-Assay, Low-Enriched Uranium (HALEU), which is the fuel required for many advanced reactor designs, including those from companies like TerraPower and Oklo. Centrus Energy Corp. is positioned uniquely as the only U.S. company licensed by the Nuclear Regulatory Commission (NRC) to produce HALEU for commercial applications.

The market anticipation for this fuel is high, though the revenue stream is still developing:

• HALEU demand is projected to surge past 100 metric tons annually by the 2030s.
• Centrus Energy Corp. shares gained 252% over the past year, while Oklo shares surged 365% (data as of late 2025).
• The company signed an August 2025 MOU with KHNP and POSCO International to explore cooperation, including additional supply agreements for HALEU for next-generation reactors.

The company's ability to capture this market hinges on expanding its enrichment capacity, which is tied to securing federal funding and these long-term customer commitments.

Centrus Energy Corp. (LEU) - Canvas Business Model: Cost Structure

You're looking at the core expenditures Centrus Energy Corp. is making to support its current operations and future build-out, which is crucial for understanding their financial profile right now.

The Cost Structure is heavily influenced by the operational costs of its two main segments, Low-Enriched Uranium (LEU) and Technical Solutions, alongside significant planned capital outlays for expansion.

Here's a look at the segment cost of sales for the third quarter of 2025:

Segment	Cost of Sales (Q3 2025)	Year-over-Year Change (Q3 2025 vs Q3 2024)
LEU Segment	$52.6 million	Increase of $23.0 million (or 78%)
Technical Solutions Segment	$26.6 million	Increase of $7.4 million (or 39%)

The increase in LEU segment cost of sales was primarily driven by a rise in the volume of uranium sold. For the Technical Solutions segment, the cost growth is largely attributable to costs incurred under the HALEU Operation Contract.

Capital expenditures are focused on scaling up domestic enrichment capacity. The planned expansion at the Piketon plant, which includes adding thousands of additional centrifuges, is projected to represent a multi-billion-dollar public and private investment, depending on federal funding decisions. This expansion supports centrifuge manufacturing, which Centrus Energy Corp. is actively jump-starting. Specifically, Centrus announced an investment of an additional approximately $60 million over 18 months (starting in late 2024) to resume and expand centrifuge manufacturing capacity at its Oak Ridge, Tennessee facility.

Research and development (R&D) costs are embedded within the company's operational structure as they work to develop and demonstrate highly efficient uranium enrichment gas centrifuge technology, which is key for both commercial and national security needs. While the company is actively engaged in technology development, a specific, isolated R&D expense figure for Q3 2025 is not explicitly detailed in the available third-quarter reporting summaries, though a tax credit allocation of $208.0 million was agreed to by the IRS in January 2025 for a clean energy manufacturing and recycling project associated with re-equipping the Oak Ridge facility.

The operating costs for the Technical Solutions segment are structured on a cost-plus-incentive-fee basis for the HALEU Operation Contract with the Department of Energy (DOE).

• Cost of sales for the Technical Solutions segment in Q3 2025 reached $26.6 million.
• This figure included an $8.5 million increase in costs incurred under the HALEU Operation Contract for the quarter.
• Portions of Phase 2 of the HALEU Operation Contract since November 2024 remained undefinitized, meaning those costs were not yet subject to a fee, which dampened the segment's gross profit to $3.5 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Centrus Energy Corp. (LEU) - Canvas Business Model: Revenue Streams

You're looking at how Centrus Energy Corp. actually brings in the money, which is key to understanding their near-term stability. Honestly, their revenue picture is a mix of established nuclear fuel sales and high-potential government-backed technology work. It's not just one thing; it's a dual-engine approach right now.

The core of the revenue still comes from the Low-Enriched Uranium (LEU) segment, which sells Separative Work Units (SWU) and uranium products to utilities. For the three months ending September 30, 2025, this segment generated $44.8 million in revenue, up 29% from the prior year's $34.8 million for the same period. To be precise, the uranium revenue component for Q3 2025 alone was $34.1 million. This segment is clearly benefiting from the high spot price for SWU, which reached $220 per unit by the end of September 2025.

The other major piece is the Technical Solutions segment. This is where the advanced work, especially the High-Assay, Low-Enriched Uranium (HALEU) production, flows through. In Q3 2025, this segment brought in $30.1 million, showing a strong 31% jump from the $22.9 million recorded in Q3 2024. This segment's performance is directly tied to milestones achieved under the Department of Energy (DOE) contracts.

Here's a quick look at the segment revenue breakdown for the third quarter of 2025:

Revenue Stream Component	Q3 2025 Amount	Q3 2024 Amount
LEU Segment Revenue	$44.8 million	$34.8 million
Technical Solutions Segment Revenue	$30.1 million	$22.9 million
Total Reported Revenue	$74.9 million	$57.7 million

The HALEU production contract is a critical, near-term revenue stabilizer. Centrus Energy Corp. announced that the DOE exercised an option to extend this contract, which is valued at approximately $110 million and runs through June 30, 2026. This extension officially kicks off Phase III of the contract, securing a revenue stream tied to national security and advanced reactor fuel development. Remember, Phase 2 of that contract was completed on time in Q2 2025 with the delivery of 900 kilograms of HALEU.

Don't forget the impact of their growing cash position. With a strong balance sheet, including a consolidated cash balance of $833.0 million as of June 30, 2025, Centrus Energy Corp. is generating meaningful income from its holdings. For instance, in the second quarter of 2025, the company reported $8.0 million in investment income, which was triple the amount from the previous year. This income stream is a direct result of prudent cash management.

You should also note the overall financial health indicated by their backlog, which gives you a view of future contracted revenue:

• Total backlog stood at $3.9 billion as of September 30, 2025.
• This backlog extends out through the year 2040.
• The LEU segment backlog includes $2.7 billion, with $2.1 billion in contingent sales commitments.