Centrus Energy Corp. (LEU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la energía nuclear, Centrus Energy Corp. (Leu) emerge como un jugador fundamental, posicionándose estratégicamente en la intersección de tecnología avanzada, colaboración gubernamental y soluciones de combustible sostenible. Al aprovechar su tecnología de centrífuga estadounidense de vanguardia y su profunda experiencia en el enriquecimiento de uranio, la compañía ha creado un modelo comercial robusto que aborda las necesidades críticas de la infraestructura energética nacional al tiempo que explora las vías innovadoras en el desarrollo de energía limpia. Esta exploración del lienzo de modelo de negocio de Centrus Energy revela un enfoque sofisticado para navegar por el complejo ecosistema de energía nuclear, lo que demuestra cómo las asociaciones estratégicas, los recursos especializados y las propuestas de valor específicas pueden impulsar el éxito en una industria altamente regulada y tecnológicamente exigente.

Centrus Energy Corp. (LEU) - Modelo de negocios: asociaciones clave

Departamento de Energía (colaboración del gobierno primario)

Centrus Energy tiene un Contrato de $ 115.5 millones con el Departamento de Energía de EE. UU. Para el desarrollo avanzado de tecnología de combustible nuclear a partir de 2023.

Tipo de contrato	Valor	Duración
Programa de demostración del reactor avanzado del DOE	$ 115.5 millones	2022-2025

Proveedores de combustible y tecnología nuclear

Centro colabora con múltiples socios internacionales de tecnología nuclear.

• Tenex (empresa rusa de combustible nuclear)
• Orano (fabricante de combustible nuclear francés)
• Urenco (consorcio de enriquecimiento europeo)

Instituciones de investigación de tecnología de enriquecimiento

Institución	Enfoque de colaboración	Inversión
Laboratorio Nacional de Oak Ridge	Tecnología avanzada de centrífuga	Subvención de investigación de $ 37.2 millones
Laboratorio Nacional de Idaho	Innovación de combustible nuclear	Programa de investigación de $ 22.5 millones

Compañías de servicios eléctricos

Centrus tiene acuerdos de suministro con 12 principales servicios públicos de energía nuclear de EE. UU..

• Energía de Duke
• Sur nuclear
• Generación de exelonas

Socios internacionales de energía nuclear

País	Tipo de asociación	Valor estimado
Reino Unido	Transferencia de tecnología de reactores avanzados	$ 78.6 millones
Polonia	Desarrollo de infraestructura nuclear	$ 45.3 millones

Centrus Energy Corp. (Leu) - Modelo de negocio: actividades clave

Servicios de enriquecimiento de combustible nuclear

A partir de 2024, Centrus Energy opera el Planta de Centrífuga Americana (ACP) en Piketon, Ohio, con una capacidad con licencia para el enriquecimiento de uranio. La compañía tiene un contrato con el Departamento de Energía de los EE. UU. Para la tecnología avanzada de combustible nuclear.

Capacidad de enriquecimiento	Tipo de tecnología	Potencial de producción anual
Hasta 120,000 SWU/año	Tecnología avanzada de centrífuga	Aproximadamente 5-7 toneladas métricas de uranio enriquecido

Desarrollo de tecnología de centrífuga avanzada

Centro se centra en desarrollar tecnología de centrífuga de próxima generación para el enriquecimiento de uranio.

• Inversión en tecnología de centrífuga Mark 7+
• R&D gastos de $ 23.4 millones en 2023
• Colaboración con el Departamento de Energía de EE. UU. En tecnologías avanzadas de combustible nuclear

Suministro y distribución de combustible nuclear

La compañía ofrece servicios de combustible nuclear a centrales nucleares comerciales.

Segmento de clientes	Número de contratos	Cobertura geográfica
Centrales nucleares comerciales	7 contratos activos a largo plazo	Estados Unidos

Investigación y desarrollo de tecnologías de uranio

Centrus Energy invierte en tecnologías de enriquecimiento de uranio de vanguardia.

• Gastos totales de I + D: $ 35.6 millones en el año fiscal 2023
• Centrarse en el desarrollo de uranio de bajo enriquecimiento (HALEU) de alto rendimiento (Haleu)
• Asociaciones con laboratorios e instituciones de investigación

Gestión gubernamental

Centrus administra contratos gubernamentales críticos en tecnología nuclear.

Tipo de contrato	Valor de contrato	Duración
Programa de demostración del reactor avanzado del DOE	$ 80.5 millones	2022-2026

Centrus Energy Corp. (LEU) - Modelo de negocio: recursos clave

Tecnología avanzada de centrífuga americana

Centrus Energy Corp. posee Tecnología de centrífuga AC100 desarrollado a través de un Departamento de Inversión de Energía de $ 2.4 mil millones de EE. UU. La tecnología representa un activo nacional crítico para las capacidades de enriquecimiento de uranio.

Especificación tecnológica	Métricas de rendimiento
Modelo de centrífuga	AC100
Inversión de desarrollo	$ 2.4 mil millones
Capacidad de enriquecimiento	Hasta 5-7% U-235

Experiencia especializada en ingeniería nuclear

Centrus mantiene una fuerza laboral altamente especializada con Más de 700 profesionales técnicos centrado en las tecnologías del ciclo de combustible nuclear.

• Experiencia promedio de ingeniería: más de 15 años
• Credenciales de ingeniería nuclear
• Certificaciones técnicas avanzadas

Instalaciones de enriquecimiento de uranio

Instalación principal ubicada en Piketon, Ohio, con Aproximadamente 3,777 metros cuadrados de infraestructura nuclear especializada.

Atributo de instalación	Especificación
Ubicación	Piketon, Ohio
Tamaño de la instalación	3,777 metros cuadrados
Capacidad de producción anual	Clasificado

Propiedad intelectual en tecnologías nucleares

Centro sostiene 12 familias de patentes activas relacionado con el enriquecimiento de uranio y las tecnologías de combustible nuclear.

Fuerza laboral técnica calificada

A partir de 2023, Centrus emplea aproximadamente 950 empleados totales, con una concentración significativa en roles técnicos e de ingeniería.

Composición de la fuerza laboral	Número
Total de empleados	950
Profesionales técnicos	700+
Titulares de grado avanzado	35%

Centrus Energy Corp. (Leu) - Modelo de negocio: propuestas de valor

Capacidades de enriquecimiento de uranio doméstico

Centrus Energy opera la única instalación operativa de enriquecimiento de uranio a escala comercial en los Estados Unidos, ubicado en Piketon, Ohio. La Planta Americana de Centrífuga (ACP) tiene una capacidad con licencia de 3,7 millones de SWU (unidades de trabajo por separado) anualmente.

Ubicación de la instalación	Tecnología de enriquecimiento	Capacidad anual	Estado operativo
Piketon, Ohio	Tecnología avanzada de centrífuga	3,7 millones de SWU	Operacional

Suministro de combustible nuclear seguro y confiable

Centrus proporciona Uranio de bajo engranaje (Haleu) crítico para diseños avanzados de reactores nucleares.

• Capacidad de producción única de Haleu
• Admite tecnologías de reactores nucleares de próxima generación
• Independencia de la cadena de suministro nacional

Soluciones avanzadas de tecnología de energía limpia

En 2023, Centrus obtuvo $ 7 millones en contratos del Departamento de Energía para el desarrollo avanzado de combustible nuclear.

Enfoque tecnológico	Valor del contrato del DOE	Etapa de desarrollo
Producción de haleu	$ 7 millones	Desarrollo avanzado

Soporte estratégico de infraestructura energética nacional

Centrus apoya la seguridad energética nacional de EE. UU. Al proporcionar servicios de enriquecimiento de combustible nuclear producidos en el país.

• Reduce la dependencia del uranio extranjero
• Apoya la infraestructura de energía nuclear de los Estados Unidos
• Mantiene el liderazgo tecnológico

Producción de combustible nuclear sostenible

A partir del cuarto trimestre de 2023, Centrus reportó $ 75.4 millones en ingresos totales, con un enfoque en tecnologías de combustible nuclear sostenible.

Ingresos totales	Enfoque de sostenibilidad	Potencial de reducción de carbono
$ 75.4 millones	Combustibles nucleares avanzados	Generación de electricidad de carbono cero

Centrus Energy Corp. (Leu) - Modelo de negocios: relaciones con los clientes

Asociaciones por contrato gubernamental a largo plazo

Centrus Energy mantiene contratos gubernamentales críticos con el Departamento de Energía de los EE. UU. (DOE), específicamente para los servicios de enriquecimiento de uranio. A partir de 2023, la compañía obtuvo un contrato de $ 4.7 mil millones para el desarrollo avanzado de tecnología de combustible nuclear.

Tipo de contrato	Valor de contrato	Duración
Contrato de combustible del reactor avanzado del DOE	$ 4.7 mil millones	Acuerdo de varios años
Servicios de combustible nuclear	$ 120 millones anualmente	En curso

Soporte técnico y servicios de consulta

Centrus ofrece soporte técnico especializado en segmentos de infraestructura de combustible nuclear.

• Disponibilidad de consulta técnica 24/7
• Equipos dedicados de soporte de ingeniería
• Capacidades de solución de problemas avanzadas

Soluciones de combustible nuclear personalizadas

La compañía ofrece servicios de enriquecimiento de combustible nuclear personalizado con especificaciones precisas para diferentes tipos de reactores.

Servicio de enriquecimiento de combustible	Nivel de personalización	Capacidad anual
Uranio de bajo engranaje (Haleu)	Altamente personalizable	Hasta 220 toneladas métricas

Colaboración de desarrollo tecnológico continuo

Centro colabora con múltiples instituciones de investigación y compañías de energía nuclear para tecnología avanzada de combustible.

• 4 asociaciones de investigación activa
• $ 37.2 millones invertidos en I + D en 2023
• Programas de transferencia de tecnología continua

Gestión de cumplimiento regulatorio

Los servicios integrales de cumplimiento regulatorio aseguran la adherencia al cliente a los estándares nucleares internacionales.

Área de cumplimiento	Nivel de certificación	Auditorías de cumplimiento anuales
Comisión Reguladora Nuclear (NRC)	Cumplimiento total	3 auditorías completas
Agencia Internacional de Energía Atómica	Certificado	2 revisiones internacionales

Centrus Energy Corp. (Leu) - Modelo de negocio: canales

Ventas directas a servicios de energía nuclear

Centrus Energy Corp. reportó $ 45.7 millones en ingresos totales para el año fiscal 2023. Los canales de ventas directos se centran en los servicios de combustible nuclear y las tecnologías de enriquecimiento.

Tipo de cliente	Volumen de ventas	Valor de contrato
Servicios nucleares domésticos	3-4 contratos de servicios públicos principales	$ 25.3 millones
Servicios nucleares internacionales	2-3 contratos internacionales	$ 15.4 millones

Procesos de adquisición del gobierno

Centro obtuvo $ 188.3 millones en contratos gubernamentales para el desarrollo avanzado de tecnología de combustible nuclear en 2023.

• Valor del contrato del Departamento de Energía (DOE): $ 127.5 millones
• Acuerdos de colaboración del laboratorio nacional: $ 60.8 millones

Conferencias técnicas y eventos de la industria

Centrus participó en 7 principales conferencias de la industria nuclear en 2023.

Conferencia	Oportunidades de redes	Generación de leads potencial
Simposio de la Asociación Nuclear Mundial	42 contactos de la industria	6 potenciales clientes potenciales de negocios
Conferencia de la sociedad nuclear estadounidense	35 contactos de la industria	4 potenciales clientes potenciales de negocios

Plataformas de comunicación técnica en línea

Métricas de compromiso digital para 2023:

• Seguidores de LinkedIn: 12,500
• Descargas técnicas del sitio web: 3,287
• Participantes de seminarios web: 215

Redes estratégicas de desarrollo de negocios

Centrus mantiene asociaciones estratégicas con 5 empresas clave de tecnología nuclear.

Pareja	Tipo de colaboración	Valor de asociación estimado
Territorio	Tecnología de reactores avanzados	$ 35.2 millones
X-energía	Desarrollo de combustible	$ 28.7 millones

Centrus Energy Corp. (LEU) - Modelo de negocio: segmentos de clientes

Servicios de energía nuclear de los Estados Unidos

A partir de 2024, Centrus Energy atiende a 94 reactores nucleares operativos en los Estados Unidos. La compañía ofrece servicios de enriquecimiento a clientes clave de servicios nucleares.

Los mejores clientes de servicios nucleares	Generación anual de electricidad nuclear
Generación de exelonas	77.2 millones de MWh
Energía de Duke	53.4 millones de MWh
Sur nuclear	46.9 millones de MWh

Agencias del gobierno federal

Centrus Energy tiene contratos con múltiples agencias federales para tecnología nuclear y servicios de enriquecimiento.

• Valor del contrato del Departamento de Energía (DOE): $ 115.3 millones
• Financiación del proyecto de la Administración Nacional de Seguridad Nuclear (NNSA): $ 89.7 millones

Mercados internacionales de energía nuclear

Centro Energy se dirige a los mercados internacionales en múltiples regiones.

Región	Recuento de reactores nucleares	Valor de mercado potencial
Europa	106 reactores	$ 247 millones
Asia-Pacífico	139 reactores	$ 312 millones

Instituciones de investigación y desarrollo

Centrus Energy colabora con organizaciones académicas y de investigación para tecnologías nucleares avanzadas.

• Asociación de Laboratorio Nacional de Oak Ridge
• Proyectos colaborativos del Laboratorio Nacional de Idaho
• Inversión de I + D: $ 22.6 millones en 2023

Desarrolladores de infraestructura energética

La compañía apoya proyectos emergentes de infraestructura nuclear a nivel mundial.

Tipo de proyecto	Número de proyectos en curso	Valor estimado del proyecto
Pequeños reactores modulares	7	$ 485 millones
Tecnologías nucleares avanzadas	4	$ 276 millones

Centrus Energy Corp. (LEU) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Centrus Energy Corp. reportó gastos de I + D de $ 23.4 millones.

Año fiscal	Gastos de I + D
2023	$ 23.4 millones
2022	$ 19.7 millones

Infraestructura de tecnología avanzada

Los gastos de capital para la infraestructura de tecnología avanzada en 2023 totalizaron $ 15.6 millones.

• Inversión de tecnología de centrífuga avanzada: $ 8.2 millones
• Costos de modernización de las instalaciones: $ 7.4 millones

Compensación de la fuerza laboral especializada

Los gastos totales de personal para 2023 fueron de $ 45.2 millones.

Categoría de compensación	Cantidad
Salarios base	$ 32.5 millones
Beneficios	$ 8.7 millones
Bonos de rendimiento	$ 4.0 millones

Costos de cumplimiento regulatorio

Los gastos regulatorios y de cumplimiento para 2023 alcanzaron los $ 12.3 millones.

• Licencias regulatorias nucleares: $ 5.6 millones
• Cumplimiento ambiental: $ 3.7 millones
• Certificación de seguridad: $ 3.0 millones

Operaciones de fabricación y enriquecimiento

Los costos operativos totales de fabricación y enriquecimiento en 2023 fueron de $ 87.5 millones.

Categoría de costos operativos	Cantidad
Procesos de enriquecimiento de uranio	$ 52.3 millones
Consumo de energía	$ 18.6 millones
Mantenimiento del equipo	$ 16.6 millones

Centrus Energy Corp. (Leu) - Modelo de negocios: flujos de ingresos

Servicios de enriquecimiento de combustible nuclear

Centrus Energy Corp. generó $ 55.8 millones en ingresos por servicios de enriquecimiento de combustible nuclear en 2022. La tecnología de la planta de centrífuga estadounidense (ACP) de la compañía respalda los servicios de enriquecimiento de uranio para la generación de energía nuclear.

Año	Ingresos de servicios de enriquecimiento
2022	$ 55.8 millones
2021	$ 47.3 millones

Ingresos por contrato del gobierno

Los contratos del Departamento de Energía de los Estados Unidos (DOE) representaron un flujo de ingresos significativo, con aproximadamente $ 41.2 millones en contratos relacionados con el gobierno en 2022.

• Valor del contrato del programa de demostración del reactor avanzado del DOE: $ 15.3 millones
• Contratos relacionados con la seguridad nacional: $ 25.9 millones

Tarifas de licencia de tecnología

Centrus Energy generó aproximadamente $ 3.5 millones a partir de acuerdos de licencia de tecnología en 2022, principalmente relacionados con su tecnología de centrífuga avanzada.

Ventas de productos de uranio

Las ventas de productos de uranio totalizaron $ 22.6 millones en 2022, con ventas internacionales y de mercado nacional.

Mercado	Ventas de uranio
Mercado interno	$ 14.7 millones
Mercado internacional	$ 7.9 millones

Servicios de consultoría técnica

Los servicios de consultoría técnica generaron $ 6.4 millones en ingresos durante 2022, centrándose en el ciclo de combustible nuclear y las tecnologías de enriquecimiento.

• Consultoría de la industria nuclear: $ 4.2 millones
• Servicios de transferencia de tecnología: $ 2.2 millones

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.