BWX Technologies, Inc. (BWXT): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of a critical defense and energy player, and honestly, the numbers for BWX Technologies, Inc. (BWXT) tell a compelling story of stability and strategic pivot. As someone who's spent two decades mapping out these complex plays, I can tell you that a $7.4 billion backlog as of Q3 2025 provides serious near-term certainty, even with about $1.51 billion in debt post-Kinectrics integration. What's key is that roughly 71% of their projected $3.1 billion in FY2025 revenue still comes from government work, but their push into advanced nuclear fuel and medical isotopes is the real growth lever you need to watch. Dive into the full Business Model Canvas below to see exactly how BWX Technologies, Inc. is structuring itself to manage this dual mandate of national security and next-gen energy.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel BWX Technologies, Inc.'s (BWXT) growth and secure its long-term revenue base. These aren't just handshake deals; these are multi-year, high-value commitments that anchor the company in both government defense and the burgeoning commercial nuclear sector. Honestly, the sheer scale of some of these contracts tells you where the near-term focus is.

U.S. Department of Energy (DOE) and NNSA for National Security Missions

The relationship with the Department of Energy's National Nuclear Security Administration (NNSA) remains BWX Technologies, Inc.'s bedrock. This partnership is about ensuring domestic nuclear capability for defense. In September 2025, BWX Technologies, Inc. secured a significant contract valued at $1.5 billion from the NNSA to establish a domestic uranium enrichment capability. This involves building the Domestic Uranium Enrichment Centrifuge Experiment (DUECE) pilot plant at the Nuclear Fuel Services site in Erwin, Tennessee. This facility is projected to create approximately 100 highly skilled jobs upon initial operation. The scope covers everything from design and licensing to facility construction and operation, with an initial focus on producing low-enriched uranium for defense missions, eventually repurposing for naval propulsion applications.

• Contract Value: $1.5 billion (September 2025)
• Facility Location: Erwin, Tennessee
• Initial Job Creation Projection: Approximately 100 highly skilled positions

Rolls-Royce SMR for Nuclear Component Manufacturing and SMR Development

This collaboration positions BWX Technologies, Inc. as a critical supplier in the global Small Modular Reactor (SMR) market. In October 2025, BWX Technologies, Inc. signed a nuclear steam generator detailed design contract and a Memorandum of Understanding (MoU) with Rolls-Royce SMR. BWXT Canada Ltd., which has over 60 years of experience, has shipped more than 315 steam generators globally. Each Rolls-Royce SMR, a pressurized water reactor, requires three steam generators to produce its 470 MWe output. The MoU also includes developing a localization plan for future manufacturing in the UK and Czech Republic.

Kairos Power for Commercial TRISO Nuclear Fuel Production Optimization

The agreement with Kairos Power, announced in September 2025, targets the optimization of commercial TRISO (TRi-structural ISOtropic) nuclear fuel production. This is key for scaling up advanced reactor technology. The joint team will explore using the TRISO Development Lab (TDL) in Albuquerque, New Mexico, the BWXT Innovation Campus in Lynchburg, Virginia, and BWXT's existing production line. This effort supports Kairos Power's Hermes 2 demonstration plant. To accelerate this, the U.S. Department of Energy is investing about $300 million in the Hermes project.

Laurentis Energy Partners in the Kozloduy NPP Owner's Engineer Consortium

In December 2025, BWXT Canada Ltd. formalized its role in a three-party consortium with Laurentis Energy Partners and its subsidiary CNPSA. They signed an Owner's Engineer (OE) services agreement for two new Westinghouse AP1000 units (Units 7 and 8) at Bulgaria's Kozloduy Nuclear Power Plant (NPP). The contract value is in the hundreds of millions of euros and spans up to ten years. The first new unit, Unit 7, is targeted to be operational by 2035, contributing to a combined new capacity of 2,300 MWe. A specific commitment is that 30% of the specialists on the project will be Bulgarian experts.

Purdue University for Next-Generation Nuclear R&D and Workforce Development

The memorandum of understanding signed in October 2025 with Purdue University focuses heavily on the future pipeline. This partnership will leverage Purdue's digital PUR-1 research reactor. This builds on prior government support; in June 2024, Purdue was awarded a $6 million grant from the DOE to lead a consortium for revitalizing nuclear research facilities. The collaboration outlines joint R&D, continuing education, and shared infrastructure to support SMR and microreactor development.

Here's a quick look at the financial and operational scope of these key external relationships:

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Key Activities

You're looking at the core engine of BWX Technologies, Inc. (BWXT) as of late 2025. This is where the real work happens, translating massive government and commercial demand into tangible nuclear hardware and services. The numbers show a company riding a significant wave of defense and energy security spending.

Manufacturing naval nuclear reactor components for U.S. Navy

This is the bedrock of BWX Technologies, Inc. The activity centers on producing the complex, heavy, and finely machined parts that make up a naval nuclear reactor for the U.S. Navy. You're seeing sustained, multi-year revenue visibility here.

• Secured new U.S. Naval Nuclear Propulsion Program contracts in July 2025 totaling approximately $2.6 billion, including future year options.
• These awards build upon the $2.1 billion in similar awards announced in February 2025.
• The components support Virginia and Columbia-class submarines and Ford-class aircraft carriers.
• Delivery schedules for the contracted products span the next six to eight years.
• The company has a legacy of over 70 years supporting the Navy's mission.

Here's a look at the revenue pacing from the Government Operations segment, which houses this core activity, alongside special materials work:

The Government Operations segment saw its Q3 2025 Adjusted EBITDA rise to $118.3 million. That's solid execution, even with a slight dip in operating income due to favorable contract adjustments timing.

Special materials processing and uranium enrichment for defense

This activity supports U.S. national security by providing specialized nuclear materials. It's a key area of recent contract wins.

• BWX Technologies, Inc. received a $1.5 billion contract to establish a domestic uranium enrichment capability for defense needs.
• Another award, valued at $1.6 billion, covers the supply of high-purity depleted uranium over a 10-year period.
• Special materials processing was cited as a driver for the 10% revenue increase in Government Operations for Q3 2025.
• In Q2 2025, a favorable Estimate at Completion (EAC) on a special materials contract provided approximately $29 million in margin uplift.

These awards significantly bolster the consolidated order backlog, which reached a record $7.4 billion in Q3 2025, up 119% from the prior year.

Providing nuclear power plant life extension and field services (via Kinectrics)

This service component, significantly enhanced by the acquisition of Kinectrics in May 2025, focuses on maintaining and extending the operational life of existing commercial nuclear power infrastructure globally.

• The acquisition of Kinectrics, which was expected to generate around $300 million in 2024 revenue, was closed in May 2025.
• Commercial Operations revenue in Q2 2025 reached $176.1 million, a 24% year-over-year increase, supported by the Kinectrics contribution.
• In Q1 2025, Commercial Operations revenue was $128 million, up 10% year-over-year, though field services work timing caused some variability.
• BWX Technologies, Inc. secured a decade-long Owner's Engineer contract in December 2025 for Bulgaria's Kozloduy Nuclear Power Plant Units 7 & 8.

The full-year 2025 guidance for Commercial Operations revenue anticipated over 50% growth, including acquisition contributions.

Developing and producing advanced nuclear fuel (TRISO) and microreactors

This activity represents BWX Technologies, Inc.'s push into next-generation nuclear technology, particularly for defense applications.

• BWX Technologies, Inc. delivered the full core of TRISO nuclear fuel for the U.S. Army's Project Pele microreactor in December 2025.
• Project Pele is designed as a 1.5-megawatt transportable power system.
• The company's Advanced Technologies subsidiary completed the installation and testing of a chemical vapor infiltration furnace to solidify TRISO particles.
• Project Pele remains on schedule for delivery testing in 2027.
• BWX Technologies, Inc. has over 20 years of experience in TRISO fuel design and manufacturing for government use.

Lower microreactor volumes partially offset revenue growth in the Government Operations segment in Q2 2025.

Producing medical isotopes, including Actinium-225 (Ac-225)

This is a high-growth area within the Commercial Operations segment, focusing on therapeutic isotopes for cancer treatment.

• BWX Technologies, Inc. extended its commercial position in high-quality Actinium-225, which is currently in over 25 clinical trials for cancer treatment.
• As of August 2024, BWX Technologies, Inc. was the only commercial company with an active Drug Master File (DMF) for its Ac-225 active pharmaceutical ingredient.
• BWXT Medical signed a Master Services Agreement with NorthStar Medical Radioisotopes to process and produce high purity Ac-225.
• Medical sales drove double-digit revenue growth in the Commercial Operations segment in Q1 2025.

The overall Nuclear Medicine Radioisotopes Market is projected to reach USD 10.6 billion in 2025.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Key Resources

The foundation of BWX Technologies, Inc. (BWXT) rests on tangible and intangible assets that are difficult for competitors to replicate.

• Highly specialized workforce of nearly 10,000 employees.
• Intellectual property and experience from over 70 years in nuclear projects, dating back to the 1950s with the USS Nautilus.

BWX Technologies, Inc. (BWXT) possesses proprietary technology, particularly in advanced nuclear fuel, which includes leveraging the Chemical Vapor Infiltration (CVI) process for TRISO fuel forms. The company is the only domestic supplier in the U.S. of highly enriched uranium (HEU) and high-assay low-enriched uranium (HALEU) aluminum-clad, plate-type reactor fuel assemblies for research and test reactors. This capability is being advanced through its subsidiary, BWXT Advanced Fuels, LLC.

The company maintains classified, sole-source manufacturing facilities essential for the Naval Nuclear Propulsion Program. These sites are critical for producing naval nuclear reactors, components, and fuel for the U.S. Navy's submarine and aircraft carrier fleet.

The strength of this resource base is reflected in the forward-looking financial commitments from customers. As of Q3 2025, BWX Technologies, Inc. (BWXT) reported a record contract backlog of $7.4 billion. This backlog is driven by large, multi-year special materials projects.

• Record Contract Backlog (Q3 2025): $7.4 billion.
• Government Operations Backlog Contribution (Q3 2025): $5.9 billion.
• Recent Contract Award (July 2025): Approximately $2.6 billion for naval nuclear reactor components.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Value Propositions

Essential, sole-source supplier for the U.S. Naval Nuclear Propulsion Program

BWX Technologies, Inc. provides essential hardware for the U.S. Navy's nuclear fleet, supporting Ohio, Virginia, Seawolf, Los Angeles, and Columbia class submarines, as well as Nimitz and Ford class aircraft carriers. The company secured contracts totaling approximately $2.6 billion in July 2025 for manufacturing naval nuclear reactor components, which build upon an earlier award of approximately $2.1 billion announced in February 2025. Furthermore, a contract awarded in September 2025, valued at approximately $174 million, is dedicated to the manufacture of naval nuclear reactor fuel by the subsidiary Nuclear Fuel Services, Inc.

Full-lifecycle nuclear services from design to decommissioning (Kinectrics integration)

BWX Technologies, Inc. completed the acquisition of Kinectrics, Inc. on May 20, 2025, for a deal valued at about $525 million. Kinectrics, which was anticipated to generate revenue of around $300 million in 2024, operates as a subsidiary within BWX Technologies, Inc.'s Commercial Operations segment. This integration nearly doubles the workforce of BWX Technologies, Inc.'s Commercial Operations group, adding over 1,300 engineers and technical experts across 20 global sites. The services cover the nuclear plant life cycle, including design to decommissioning. Additionally, a BWX Technologies, Inc.-led joint venture, which includes Kinectrics, was selected to manage and operate Canadian Nuclear Laboratories, with an annual contract value of about CAD 1.2 billion for an initial term of 6 years.

Advanced nuclear fuel and reactor solutions for next-generation SMRs/microreactors

BWX Technologies, Inc. is advancing next-generation reactor technology, including its integrated "BANR" microreactor system design. The company delivered a full core of TRISO Nuclear Fuel for Project Pele Microreactor on December 2, 2025.

• Project Pele is a 1.5-MWe high-temperature, gas-cooled reactor prototype.
• BWX Technologies, Inc. plans to begin formal system testing for Project Pele as early as 2027, aiming for electricity production at INL as soon as 2028.
• The U.S. Department of Energy announced an award of $400 million to the Tennessee Valley Authority to accelerate the deployment of advanced light-water small modular reactors (SMRs) at the Clinch River site, where BWX Technologies, Inc. is an assisting partner.
• BWX Technologies, Inc. is executing a two-year contract with the Wyoming Energy Authority to assess microreactor deployment viability.

Critical diagnostic and therapeutic medical isotopes (e.g., Ac-225)

BWXT Medical Ltd., a subsidiary, has a multi-year Master Services Agreement with NorthStar Medical Radioisotopes, LLC to facilitate the production of Actinium-225 (Ac-225), a critical medical isotope for targeted alpha therapies.

Long-term energy security and environmental restoration expertise

The company's backlog reached a record of $7.4 billion as of the third quarter of 2025, representing a year-over-year increase of 119%, driven by large, multi-year special materials projects.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Customer Relationships

You're looking at how BWX Technologies, Inc. maintains its most critical connections-the ones that keep the lights on and the Navy moving. For BWXT, customer relationships aren't just about sales; they are about long-term trust built on handling the nation's most sensitive nuclear work.

Deep, long-term, high-trust relationships with U.S. Government agencies form the bedrock of the business. This is where the bulk of the revenue comes from, reflecting deep integration into national security infrastructure. To be fair, this segment is the core of the company's identity. The U.S. Government accounted for approximately 76% of BWX Technologies, Inc.'s total consolidated revenues for the year ended December 31, 2024. The trust is evident in the sheer scale of recent awards.

Consider these major government commitments:

• $1.5 billion contract with the National Nuclear Security Administration (NNSA) to build the Domestic Uranium Enrichment Centrifuge Experiment (DUECE) pilot plant.
• $1.6 billion, ten-year contract with NNSA for high-purity depleted uranium production.
• A September 2025 Naval Nuclear Propulsion Program contract totaled approximately $174 million for reactor fuel manufacturing.
• In Q2 2025, the company booked over $1.0 billion of a total $2.6 billion contract value under a new pricing agreement for naval reactors and components.

BWXT fuel and reactors power the U.S. Navy's Ohio, Virginia, Seawolf, Los Angeles and Columbia class submarines, as well as the Nimitz and Ford class aircraft carriers. The company also delivered a full core of TRISO nuclear fuel for Project Pele microreactor on December 2, 2025.

The relationship with commercial utilities centers on technical expertise and long-term support for existing assets and new builds. This is where dedicated engineering support shines. For instance, BWXT is part of a consortium providing Owner's Engineer services for Bulgaria's New Build Kozloduy Nuclear Power Plant, a contract valued at hundreds of millions of euros spanning approximately ten years. This work supports the construction of two Westinghouse AP1000 units.

Here's a look at the commercial segment's growth and key activities:

Strategic R&D collaborations to co-develop next-gen nuclear technology ensure BWX Technologies, Inc. stays ahead of the curve. These partnerships are crucial for future revenue streams, especially in Small Modular Reactors (SMRs) and microreactors. A formal collaboration was established with Purdue University on October 23, 2025, focusing on next-generation nuclear manufacturing. Also, BWX Technologies, Inc. and Rolls-Royce SMR signed agreements on October 28, 2025, advancing key nuclear component manufacturing.

The high-consequence nature of the work translates directly into a massive, visible order book, which is the ultimate proof of high-touch sales success for complex projects. The total company backlog reflects this customer confidence.

• Total Backlog (Q3 2025): $7.4 billion.
• Year-over-Year Backlog Growth (Q3 2025): 119%.
• Total Backlog (Q2 2025): $6.0 billion.
• Year-over-Year Backlog Growth (Q2 2025): 70.2%.

These large, multi-year special materials contracts drove the Q3 2025 booking surge. Finance: review the cash flow impact of the $1.1 billion 0% Convertible Senior Notes offering announced in early December 2025.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Channels

Direct contracting with the U.S. Government (NNSA, Navy)

BWX Technologies, Inc. secures work through large, multi-year national security contracts directly with government entities.

• The U.S. Naval Nuclear Propulsion Program awarded contracts totaling approximately $2.6 billion in July 2025 for naval nuclear reactor components, building on $2.1 billion in awards from February 2025.
• A September 2025 award for naval nuclear fuel was valued at approximately $174 million.
• BWX Technologies, Inc. was selected for a defense fuels contract valued at $1.5 billion to establish a domestic uranium enrichment capability.
• A 10-year contract was awarded to supply high-purity depleted uranium to the NNSA, valued at $1.6 billion.
• A BWX Technologies, Inc. joint venture manages the NNSA's Pantex Plant under a contract valued at $30 billion.
• The company secured a 10-15-year cleanup contract for the West Valley Demonstration Project valued at $3 billion.
• Government Operations revenue for the second quarter of 2025 reached $589 million.
• The total company backlog at the end of the third quarter of 2025 stood at $7.4 billion.

Direct sales to global commercial nuclear power plant operators

BWX Technologies, Inc. provides components, fuel, and services directly to commercial operators, particularly in Canada and for new reactor designs.

International consortiums for large-scale new-build nuclear projects

BWX Technologies, Inc. engages with international partners and consortiums for next-generation reactor technology and fuel optimization.

• Collaboration announced with TerraPower to commercially optimize TRISO nuclear fuel production.
• Manufacturing the reactor core for Project Pele, on track for delivery in 2027.
• The company is tracking opportunities for international commercial life extensions and new builds, including those related to the Westinghouse AP-1000.

BWXT Medical subsidiary for direct sales of isotopes and devices

BWXT Medical Ltd. sells medical radioisotopes and devices directly to healthcare providers and pharmaceutical companies globally.

• BWXT Medical continued a double-digit growth trajectory, particularly with PET diagnostic products.
• Medical revenue growth in 2025 was anticipated to be similar to 2024's 23% growth rate.
• Progress is being made toward FDA approval for the TC-99m product, a generator alternative.
• The subsidiary supplies isotopes needed for cancer radiotherapy, reinforcing its role as a global supplier.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Customer Segments

You're looking at the core of BWX Technologies, Inc.'s revenue engine, which is heavily weighted toward long-term, high-value government commitments, but is actively diversifying into commercial power and medical markets. Here's the quick math on who is paying BWX Technologies, Inc. as of late 2025.

U.S. Government (Navy, National Nuclear Security Administration)

This segment is the bedrock, securing massive, multi-year contracts that drive the company's overall stability. The total order backlog for BWX Technologies, Inc. reached $7.4 billion as of the third quarter of 2025, a surge of 119% year-over-year, largely fueled by these national security programs. The Government Operations segment posted revenue of $589 million in the second quarter of 2025.

Key government customer activity includes:

• U.S. Naval Nuclear Propulsion Program contracts totaling approximately $2.6 billion awarded in July 2025 for Virginia and Columbia-class submarines and Ford-class aircraft carrier components, with deliveries over the next six to eight years.
• A ten-year contract awarded in September 2025 by the National Nuclear Security Administration (NNSA) valued at $1.6 billion for the supply of high-purity depleted uranium.
• A separate NNSA contract valued at $1.5 billion to support establishing a domestic uranium enrichment capability, announced in September 2025.
• A contract totaling approximately $174 million awarded in September 2025 for the manufacture of naval nuclear reactor fuel.
• These July awards built upon $2.1 billion in awards announced in February 2025 for naval nuclear reactor components.
• The Department of Defense (DoD) mobile nuclear reactor prototype, Project Pele, was funded by a $280 million contract from 2022, with delivery expected in 2025.

Commercial Nuclear Power Utilities (e.g., Bruce Power, OPG, global AP1000 projects)

The Commercial Operations segment saw revenue jump 24% year-over-year in the second quarter of 2025, reaching $176.1 million. The commercial backlog more than doubled from $669 million in Q2 2024 to $1.58 billion by Q2 2025. Management anticipates full-year 2025 commercial revenue to be up approximately 60% compared to last year, driven by the Kinectrics acquisition and organic growth.

This segment's customer base includes major Canadian utilities, with specific contract wins noted:

Advanced Reactor Developers (SMRs and Microreactors)

BWX Technologies, Inc. is positioning itself as a key fuel supplier for next-generation designs, serving both defense and commercial developers. The company supplied TRISO nuclear fuel to Idaho National Laboratory for the U.S. Army's Project Pele microreactor. Furthermore, BWX Technologies, Inc. is collaborating with Kairos Power to optimize commercial TRISO fuel production for Kairos Power's advanced reactor fleet.

International advanced reactor developer engagement includes:

• Providing Owner's Engineer services in a consortium for Bulgaria's planned Kozloduy Units 7 and 8.
• This long-term contract is valued in the hundreds of millions of euros.

Nuclear Medicine and Pharmaceutical Companies

The medical business within Commercial Operations continues its strong growth trajectory. BWXT Medical revenue grew 23% in 2024, with management anticipating a similar growth rate in 2025, supported by therapeutic isotope sales. In the third quarter of 2025, BWXT Medical revenue grew at a double-digit rate.

Key figures for this customer base include:

• Anticipated continued revenue growth in 2026, consistent with 2025 commentary, driven by increasing therapeutic isotope sales for clinical trials.
• Progress toward FDA approval for its Tc-99m product, with production contracts expected by 2026.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Cost Structure

High capital expenditures (CapEx) for facility expansion and modernization are a key cost driver for BWX Technologies, Inc. (BWXT). Capital expenditures for the third quarter of 2025 were $48 million, bringing the year-to-date total to $114 million. Full-year 2025 CapEx is projected to be approximately 6% of sales. This spend supports growth initiatives, including the expansion of the Cambridge manufacturing plant.

Significant R&D investment in advanced nuclear and medical technologies is also present in the cost base. For the first quarter of 2025, Research and development expenses increased to $2.0 million from $1.5 million in the first quarter of 2024.

Specialized engineering and skilled labor costs are substantial, especially following strategic acquisitions. The acquisition of Kinectrics added over 1,300 engineers and technical experts across 20 sites. This acquisition is noted to have nearly doubled the workforce of BWXT Commercial Operations. Selling, General, and Administrative (SG&A) expenses rose to $87.6 million in the first quarter of 2025, up from $67.4 million in the first quarter of 2024.

Debt servicing costs are a factor following major transactions. Total debt at the end of the third quarter of 2025 stood at approximately $1.51 billion post-Kinectrics, with net debt at $1.43 billion. This increase in debt contributed to higher interest expenses in the third quarter of 2025.

Here are some key financial figures related to costs and expenses for BWX Technologies, Inc. (BWXT) as of late 2025:

The cost structure reflects significant investment in capacity and personnel:

• Kinectrics workforce size: Over 1,300 engineers and technical experts.
• Commercial Operations workforce: Nearly doubled due to the Kinectrics acquisition.
• Q3 2025 GAAP operating income: $113.3 million.
• Q3 2025 Non-GAAP operating income: Increased due to growth investment partially offsetting higher revenue.

The company is prioritizing debt reduction over near-term shareholder payouts due to the higher debt load.

BWX Technologies, Inc. (BWXT) - Canvas Business Model: Revenue Streams

You're analyzing BWX Technologies, Inc. (BWXT)'s revenue engine as of late 2025, and the story is one of strong government reliance coupled with accelerating commercial diversification. For the full fiscal year 2025, management has raised guidance, now projecting total revenue will exceed $3.1 billion. Some market estimates even pegged this figure closer to $3.12 billion. To be fair, the trailing twelve months revenue ending September 30, 2025, was reported at $3.059B, showing solid execution against that target.

The revenue streams are clearly segmented, but the mix is shifting as commercial activities ramp up following strategic acquisitions. Here's a quick look at the primary sources of income based on recent performance and projections:

The bedrock of BWX Technologies, Inc. (BWXT)'s income remains the Government Operations segment. This stream, which primarily supports the U.S. Naval Nuclear Propulsion Program, is slated to account for approximately 71% of total sales. In the third quarter of 2025, revenue from this segment grew by 10% year-over-year, supported by naval component production and special materials processing. They also secured a significant $2.6 billion pricing agreement for naval reactor components and equipment, with over $1.0 billion booked in Q2 2025 alone, which really locks in future revenue visibility.

Anyway, the Commercial Nuclear Power services, components, and fuel sales are where you see the most dynamic growth, especially after integrating recent acquisitions. In Q3 2025, the Commercial Operations revenue surged by 122% year-over-year, though organic revenue growth for that quarter was a still-strong 38%. This segment is also home to the rapidly expanding medical business. The Nuclear Medicine and Isotope sales are a key growth vector; management anticipates this area will see over 20%+ revenue growth for the full 2025 year, continuing a trend that saw 23% growth in 2024. They're also making moves in commercial power, signing a contract with Rolls-Royce to design steam generators for its Small Modular Reactor (SMR).

Don't forget the Technical Services and Environmental Restoration contracts. This stream is showing excellent operational leverage. For instance, operating income from this business line in Q2 2025 was up over 20% compared to the average quarterly rate from the preceding year, and they are tracking to beat that growth for the full year. This performance is tied to ramp-ups at sites like Pantex and Hanford, which started in 2024, plus newer projects.

So, you've got a stable, large government base funding the enterprise, while the commercial side-particularly medical isotopes and new nuclear power components-is accelerating fast. Finance: draft 13-week cash view by Friday.