Centrus Energy Corp. (LEU): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'énergie nucléaire, Centrus Energy Corp. (LEU) émerge comme un acteur pivot, se positionnant stratégiquement à l'intersection des technologies avancées, de la collaboration gouvernementale et des solutions de carburant durables. En tirant parti de sa technologie de centrifugeuse américaine de pointe et de l'expertise approfondie de l'enrichissement de l'uranium, la société a conçu un modèle commercial robuste qui répond aux besoins critiques des infrastructures nationales d'énergie tout en explorant simultanément des voies innovantes dans le développement de l'énergie propre. Cette exploration de la toile du modèle commercial de Centrus Energy révèle une approche sophistiquée pour naviguer dans l'écosystème complexe de l'énergie nucléaire, démontrant comment les partenariats stratégiques, les ressources spécialisées et les propositions de valeur ciblées peuvent stimuler le succès dans une industrie hautement réglementée et technologiquement exigeante.

Centrus Energy Corp. (LEU) - Modèle d'entreprise: partenariats clés

Département de l'énergie (collaboration du gouvernement primaire)

Centrus Energy a un Contrat de 115,5 millions de dollars avec le Département américain de l'Énergie pour le développement avancé des technologies des combustibles nucléaires en 2023.

Type de contrat	Valeur	Durée
Programme de démonstration des réacteurs Advanced Doe	115,5 millions de dollars	2022-2025

Fournisseurs de carburant nucléaire et de technologie

Centrus collabore avec plusieurs partenaires de technologie nucléaire internationale.

• Tenex (Russian Nuclear Fuel Company)
• Orano (fabricant de combustibles nucléaires français)
• Urenco (European Enrichment Consortium)

Institutions de recherche technologique d'enrichissement

Institution	Focus de la collaboration	Investissement
Laboratoire national d'Oak Ridge	Technologie de centrifugeuse avancée	Subvention de recherche de 37,2 millions de dollars
Laboratoire national de l'Idaho	Innovation de combustible nucléaire	Programme de recherche de 22,5 millions de dollars

Entreprises de services publics électriques

Centrus a des accords d'approvisionnement avec 12 principaux services publics nucléaires américains.

• Énergie duc
• Nucléaire du sud
• Génération d'exelon

Partenaires internationaux d'énergie nucléaire

Pays	Type de partenariat	Valeur estimée
Royaume-Uni	Transfert de technologie avancée des réacteurs	78,6 millions de dollars
Pologne	Développement des infrastructures nucléaires	45,3 millions de dollars

Centrus Energy Corp. (LEU) - Modèle d'entreprise: activités clés

Services d'enrichissement du combustible nucléaire

En 2024, Centrus Energy exploite le American Centrifuge Plant (ACP) à Piketon, Ohio, avec une capacité sous licence d'enrichissement d'uranium. La société a un contrat avec le Département américain de l'Énergie pour la technologie avancée des carburants nucléaires.

Capacité d'enrichissement	Type de technologie	Potentiel de production annuel
Jusqu'à 120 000 SWU / an	Technologie de centrifugeuse avancée	Environ 5 à 7 tonnes métriques d'uranium enrichi

Développement de technologie de centrifugeuse avancée

Centrus se concentre sur le développement de la technologie de centrifugeuse de nouvelle génération pour l'enrichissement de l'uranium.

• Investissement dans la technologie de centrifugeuse Mark 7+
• Dépenses de R&D de 23,4 millions de dollars en 2023
• Collaboration avec le Département américain de l'Énergie sur les technologies avancées du combustible nucléaire

Alimentation et distribution de carburant nucléaire

La société fournit des services de combustible nucléaire aux centrales nucléaires commerciales.

Segment client	Nombre de contrats	Couverture géographique
Centrales nucléaires commerciales	7 Contrats à long terme actifs	États-Unis

Recherche et développement des technologies d'uranium

Centrus Energy investit dans des technologies d'enrichissement d'uranium de pointe.

• Total des dépenses de R&D: 35,6 millions de dollars au cours de l'exercice 2023
• Concentrez-vous sur le développement de l'uranium à faible essai (Haleu)
• Partenariats avec les laboratoires nationaux et les institutions de recherche

Gestion des contrats du gouvernement

Centrus gère les contrats gouvernementaux critiques dans la technologie nucléaire.

Type de contrat	Valeur du contrat	Durée
Programme de démonstration des réacteurs Advanced Doe	80,5 millions de dollars	2022-2026

Centrus Energy Corp. (LEU) - Modèle d'entreprise: Ressources clés

Technologie avancée de la centrifugeuse américaine

Centrus Energy Corp. possède AC100 Centrifuge Technology développé par 2,4 milliards de dollars du département américain de l'investissement énergétique. La technologie représente un actif national critique pour les capacités d'enrichissement d'uranium.

Spécifications technologiques	Métriques de performance
Modèle de centrifugeuse	AC100
Investissement en développement	2,4 milliards de dollars
Capacité d'enrichissement	Jusqu'à 5-7% U-235

Expertise spécialisée en génie nucléaire

Centrus maintient une main-d'œuvre hautement spécialisée avec Plus de 700 professionnels techniques axé sur les technologies du cycle du combustible nucléaire.

• Expérience d'ingénierie moyenne: plus de 15 ans
• Des références d'ingénierie nucléaire
• Certifications techniques avancées

Installations d'enrichissement d'uranium

Installation principale située à Piketon, Ohio, avec Environ 3 777 mètres carrés d'infrastructures nucléaires spécialisées.

Attribut de l'installation	Spécification
Emplacement	Piketon, Ohio
Taille de l'installation	3 777 mètres carrés
Capacité de production annuelle	Classifié

Propriété intellectuelle dans les technologies nucléaires

Centrus tient 12 familles de brevets actifs lié à l'enrichissement en uranium et aux technologies de combustible nucléaire.

Main-d'œuvre technique qualifiée

En 2023, Centrus emploie Environ 950 employés au total, avec une concentration significative dans les rôles techniques et d'ingénierie.

Composition de la main-d'œuvre	Nombre
Total des employés	950
Professionnels techniques	700+
Titulaires de diplômes avancés	35%

Centrus Energy Corp. (LEU) - Modèle d'entreprise: propositions de valeur

Capacités domestiques d'enrichissement en uranium

Centrus Energy exploite la seule installation d'enrichissement d'uranium à l'échelle commerciale opérationnelle aux États-Unis, située à Piketon, Ohio. L'usine de centrifugeuse américaine (ACP) a une capacité agréée de 3,7 millions de SWU (unités de travail séparatives) par an.

Emplacement de l'installation	Technologie d'enrichissement	Capacité annuelle	Statut opérationnel
Piketon, Ohio	Technologie de centrifugeuse avancée	3,7 millions SWU	Opérationnel

Alimentation nucléaire sécurisée et fiable

Centrus fournit L'uranium à faible enquête à faible essai (Haleu) Critique pour les conceptions avancées des réacteurs nucléaires.

• Capacité de production Haleu unique
• Soutient les technologies des réacteurs nucléaires de nouvelle génération
• Indépendance de la chaîne d'approvisionnement intérieure

Solutions de technologie d'énergie avancée et propre

En 2023, Centrus a obtenu 7 millions de dollars en contrats du ministère de l'énergie pour le développement avancé des combustibles nucléaires.

Focus technologique	Valeur du contrat du DOE	Étape de développement
Production de Haleu	7 millions de dollars	Développement avancé

Soutien stratégique des infrastructures énergétiques nationales

Centrus soutient la sécurité nationale américaine de l'énergie en fournissant des services d'enrichissement du combustible nucléaire produit au niveau national.

• Réduit la dépendance à l'uranium étranger
• Soutient l'infrastructure d'énergie nucléaire américaine
• Maintient le leadership technologique

Production de carburant nucléaire durable

Au quatrième trimestre 2023, Centrus a déclaré 75,4 millions de dollars de revenus totaux, en mettant l'accent sur les technologies de combustible nucléaire durable.

Revenus totaux	Focus sur la durabilité	Potentiel de réduction du carbone
75,4 millions de dollars	Combustibles nucléaires avancés	Zéro Production d'électricité en carbone

Centrus Energy Corp. (LEU) - Modèle d'entreprise: relations avec les clients

Partenariats contractuels du gouvernement à long terme

Centrus Energy maintient des contrats gouvernementaux critiques avec le Département américain de l'Énergie (DOE), en particulier pour les services d'enrichissement en uranium. En 2023, la société a obtenu un contrat de 4,7 milliards de dollars pour le développement avancé des technologies du combustible nucléaire.

Type de contrat	Valeur du contrat	Durée
DOE Advanced Reactor Fuel Contrat	4,7 milliards de dollars	Accord pluriannuel
Services à combustible nucléaire	120 millions de dollars par an	En cours

Services de support technique et de consultation

Centrus fournit un soutien technique spécialisé dans les segments d'infrastructures de combustible nucléaire.

• Disponibilité de la consultation technique 24/7
• Équipes de support d'ingénierie dédiées
• Capacités de dépannage avancées

Solutions de combustible nucléaire personnalisés

La société propose des services d'enrichissement sur le carburant nucléaire sur mesure avec des spécifications précises pour différents types de réacteurs.

Service d'enrichissement en carburant	Niveau de personnalisation	Capacité annuelle
L'uranium à faible enquête à faible essai (Haleu)	Hautement personnalisable	Jusqu'à 220 tonnes métriques

Collaboration en cours de développement technologique

Centrus collabore avec plusieurs institutions de recherche et sociétés d'énergie nucléaire pour les technologies de carburant avancé.

• 4 partenariats de recherche actifs
• 37,2 millions de dollars investis dans la R&D en 2023
• Programmes de transfert de technologie continue

Gestion de la conformité réglementaire

Les services de conformité réglementaire complets garantissent l'adhésion des clients aux normes nucléaires internationales.

Zone de conformité	Niveau de certification	Audits de conformité annuels
Commission de réglementation nucléaire (CNRC)	Compliance complète	3 Audits complets
Agence internationale de l'énergie atomique	Agréé	2 revues internationales

Centrus Energy Corp. (LEU) - Modèle d'entreprise: canaux

Ventes directes vers les services publics de l'énergie nucléaire

Centrus Energy Corp. a déclaré 45,7 millions de dollars de revenus totaux pour l'exercice 2023. Les canaux de vente directs se concentrent sur les services de combustible nucléaire et les technologies d'enrichissement.

Type de client	Volume des ventes	Valeur du contrat
Utilitaires nucléaires intérieurs	3-4 contrats d'utilité majeurs	25,3 millions de dollars
Utilitaires nucléaires internationaux	2-3 contrats internationaux	15,4 millions de dollars

Processus d'approvisionnement du gouvernement

Centrus a obtenu 188,3 millions de dollars de contrats gouvernementaux pour le développement avancé des technologies du combustible nucléaire en 2023.

• Valeur du contrat du ministère de l'Énergie (DOE): 127,5 millions de dollars
• Accords de collaboration de laboratoire national: 60,8 millions de dollars

Conférences techniques et événements de l'industrie

Centrus a participé à 7 grandes conférences de l'industrie nucléaire en 2023.

Conférence	Opportunités de réseautage	Génération de leads potentiel
Symposium de l'association nucléaire mondiale	42 contacts de l'industrie	6 pistes commerciales potentielles
Conférence de la société nucléaire américaine	35 contacts de l'industrie	4 pistes commerciales potentielles

Plateformes de communication technique en ligne

Métriques d'engagement numérique pour 2023:

• LinkedIn adepte: 12 500
• Téléchargements techniques du site Web: 3 287
• Participants du webinaire: 215

Réseaux de développement commercial stratégique

Centrus maintient des partenariats stratégiques avec 5 sociétés de technologie nucléaire clés.

Partenaire	Type de collaboration	Valeur de partenariat estimé
Terreur	Technologie avancée des réacteurs	35,2 millions de dollars
X-Energie	Développement de carburant	28,7 millions de dollars

Centrus Energy Corp. (LEU) - Modèle d'entreprise: segments de clientèle

Services publics nucléaires américains

En 2024, Centrus Energy dessert 94 réacteurs nucléaires opérationnels aux États-Unis. La société fournit des services d'enrichissement aux principaux clients des services publics nucléaires.

Top clients des services publics nucléaires	Production annuelle d'électricité nucléaire
Génération d'exelon	77,2 millions de mwh
Énergie duc	53,4 millions de MWh
Nucléaire du sud	46,9 millions MWh

Agences gouvernementales fédérales

Centrus Energy a des contrats avec plusieurs agences fédérales pour la technologie nucléaire et les services d'enrichissement.

• Valeur du contrat du ministère de l'Énergie (DOE): 115,3 millions de dollars
• Financement du projet National Nuclear Security Administration (NNSA): 89,7 millions de dollars

Marchés internationaux de l'énergie nucléaire

Centrus Energy cible les marchés internationaux dans plusieurs régions.

Région	Compte de réacteurs nucléaires	Valeur marchande potentielle
Europe	106 réacteurs	247 millions de dollars
Asie-Pacifique	139 réacteurs	312 millions de dollars

Institutions de recherche et de développement

Centrus Energy collabore avec des organisations universitaires et de recherche pour les technologies nucléaires avancées.

• Oak Ridge National Laboratory Partnership
• Projets de collaboration de laboratoire national de l'Idaho
• Investissement en R&D: 22,6 millions de dollars en 2023

Développeurs d'infrastructures énergétiques

La société soutient les projets d'infrastructures nucléaires émergents à l'échelle mondiale.

Type de projet	Nombre de projets en cours	Valeur estimée du projet
Petits réacteurs modulaires	7	485 millions de dollars
Technologies nucléaires avancées	4	276 millions de dollars

Centrus Energy Corp. (LEU) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Centrus Energy Corp. a déclaré des dépenses de R&D de 23,4 millions de dollars.

Exercice fiscal	Dépenses de R&D
2023	23,4 millions de dollars
2022	19,7 millions de dollars

Infrastructure de technologie avancée

Les dépenses en capital pour les infrastructures de technologie de pointe en 2023 ont totalisé 15,6 millions de dollars.

• Investissement avancé de la technologie de la centrifugeuse: 8,2 millions de dollars
• Coûts de modernisation des installations: 7,4 millions de dollars

Compensation spécialisée de la main-d'œuvre

Les dépenses totales du personnel pour 2023 étaient de 45,2 millions de dollars.

Catégorie de compensation	Montant
Salaires de base	32,5 millions de dollars
Avantages	8,7 millions de dollars
Bonus de performance	4,0 millions de dollars

Coûts de conformité réglementaire

Les frais de réglementation et de conformité pour 2023 ont atteint 12,3 millions de dollars.

• Licence de réglementation nucléaire: 5,6 millions de dollars
• Conformité environnementale: 3,7 millions de dollars
• Certification de sécurité: 3,0 millions de dollars

Opérations de fabrication et d'enrichissement

Les coûts totaux de fabrication et d'exploitation d'enrichissement en 2023 étaient de 87,5 millions de dollars.

Catégorie de coûts opérationnels	Montant
Processus d'enrichissement en uranium	52,3 millions de dollars
Consommation d'énergie	18,6 millions de dollars
Entretien de l'équipement	16,6 millions de dollars

Centrus Energy Corp. (LEU) - Modèle d'entreprise: Strots de revenus

Services d'enrichissement du combustible nucléaire

Centrus Energy Corp. a généré 55,8 millions de dollars en revenus de services d'enrichissement du carburant nucléaire en 2022. La technologie américaine de l'usine de centrifugeuses (ACP) soutient les services d'enrichissement en uranium pour la production d'énergie nucléaire.

Année	Revenus de services d'enrichissement
2022	55,8 millions de dollars
2021	47,3 millions de dollars

Revenus contractuels du gouvernement

Les contrats du ministère américain de l'Énergie (DOE) ont représenté une source de revenus importante, avec environ 41,2 millions de dollars de contrats liés au gouvernement en 2022.

• Doe Advanced Reactor Demonstration Program du programme Valeur du contrat: 15,3 millions de dollars
• Contrats liés à la sécurité nationale: 25,9 millions de dollars

Frais de licence de technologie

Centrus Energy a généré environ 3,5 millions de dollars auprès des accords de licence technologique en 2022, principalement liés à sa technologie de centrifugeuse avancée.

Ventes de produits d'uranium

Les ventes de produits d'uranium ont totalisé 22,6 millions de dollars en 2022, avec des ventes de marché internationales et nationales.

Marché	Ventes d'uranium
Marché intérieur	14,7 millions de dollars
Marché international	7,9 millions de dollars

Services de conseil technique

Les services de conseil technique ont généré 6,4 millions de dollars de revenus en 2022, en se concentrant sur les technologies du cycle du carburant nucléaire et de l'enrichissement.

• Conseil de l'industrie nucléaire: 4,2 millions de dollars
• Services de transfert de technologie: 2,2 millions de dollars

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.