Centrus Energy Corp. (LEU): Business Model Canvas [Dec-2025 Updated]

You're analyzing Centrus Energy Corp. right now, and what you'll see in this Business Model Canvas isn't just a company; it's a strategic national asset in transition. Forget the old model; Centrus Energy Corp. is rapidly shifting from a simple LEU reseller to the U.S.'s sole domestic producer of High-Assay, Low-Enriched Uranium (HALEU), backed by a $3.6 billion contractual backlog extending out to 2040. With $1.6 billion in cash on hand as of Q3 2025, the question isn't if they can pivot, but how their key activities and partnerships are structuring this high-stakes, first-mover advantage. Take a look below to see the nine building blocks defining this critical energy play.

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

You're looking at the critical external relationships Centrus Energy Corp. relies on to execute its strategy, especially as it pushes for a multi-billion-dollar expansion of its enrichment capacity. These aren't just handshake deals; they are concrete financial and operational commitments that underpin the entire business plan.

U.S. Department of Energy (DOE) for HALEU Production and Funding

The partnership with the U.S. Department of Energy is central to Centrus Energy Corp.'s High-Assay, Low-Enriched Uranium (HALEU) mandate. This relationship provides both a critical customer base and the necessary federal capital to scale up. Centrus Energy Corp. recently secured a contract extension that keeps the work going through mid-2026.

Here's the quick math on the HALEU contract extension, which began Phase III:

The entire supply commitment for the KHNP agreement, which we'll discuss next, is contingent upon Centrus Energy Corp. receiving the necessary federal funding to build the new Low-Enriched Uranium (LEU) production capacity. The company is actively competing for these awards.

Korea Hydro & Nuclear Power (KHNP) and POSCO for Expansion Investment

Demand from international partners validates the need for expanded U.S. enrichment. Centrus Energy Corp. solidified this interest with a Memorandum of Understanding (MOU) in late summer 2025.

• MOU signed with KHNP and POSCO International on August 25, 2025.
• Agreement explores potential South Korean investment to support the Piketon expansion.
• Centrus and KHNP agreed to an increase in LEU supply volume under their February 2025 contract.
• KHNP operates 26 nuclear reactors in operation, with two or four under construction.

This collaboration is aimed at deepening U.S.-Korea cooperation on civilian nuclear energy, securing a potential avenue for private capital to match federal funds.

TENEX (Russia) for Current LEU Supply, with Waivers through 2027

To bridge the gap until domestic capacity is fully realized, Centrus Energy Corp. has relied on imports, though this is becoming increasingly complex due to geopolitical shifts. The Russian entity TENEX was a key supplier of LEU.

• DOE granted a waiver in August 2025 for committed U.S. customer deliveries through 2027.
• A prior waiver covered committed deliveries for 2024 and 2025.
• TENEX's license to export LEU to the U.S. was cancelled effective until December 31, 2025.
• The full U.S. ban on Russian LEU imports is expected to be phased in by 2028.
• This ban necessitates replacing about 25% of enriched uranium currently imported from Russia.
• In 2024, Russia supplied about 24% of the enriched uranium for the US fleet of 94 commercial reactors.

The waivers are a stop-gap, ensuring no supply disruption while Centrus Energy Corp. builds out its domestic capability.

JobsOhio for Workforce Development and Recruitment for the Piketon Plant

The planned multi-billion-dollar expansion at the Piketon, Ohio plant requires a significant ramp-up in skilled labor, a challenge Centrus Energy Corp. is addressing with state partners. JobsOhio and Ohio Southeast Economic Development (OhioSE) are designated long-term partners for this effort.

• Expansion is expected to create 300 new operations jobs at the Piketon site.
• The plan also includes retaining 127 existing jobs.
• The project is also expected to support hundreds of jobs at the Tennessee centrifuge manufacturing plant.
• Centrus was meeting with potential candidates at the Ross County Employment Expo in Chillicothe, Ohio.

The scope of job creation is directly tied to the federal funding decisions for the LEU and HALEU expansion.

Global Uranium and Enrichment Suppliers for LEU Segment Sourcing

Centrus Energy Corp. is not just relying on government contracts; it is securing commercial commitments that demonstrate market viability for its expanded production. The company's backlog shows strong forward-looking demand.

The company raised more than $1.2 billion in convertible note transactions over the last 12 months to help underpin this potential expansion, showing a commitment to matching public investment with private capital.

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

You're looking at the core engine of Centrus Energy Corp. right now, which is all about getting the right enriched uranium product to the right customer, while simultaneously building out the next generation of capacity. It's a mix of current sales and massive future investment.

Production and delivery of High-Assay, Low-Enriched Uranium (HALEU)

This is where Centrus Energy Corp. is pioneering domestic supply. As of late 2025, the company is the only Western producer of virgin HALEU. The key activity here is executing on the Department of Energy (DOE) contracts using the American Centrifuge Plant technology.

The operational milestones are concrete:

• Contractual delivery of 900 kilograms of HALEU UF6 to the DOE was achieved in June 2025, completing Phase 2 of the HALEU Operation Contract.
• Centrus Energy Corp. is now producing HALEU under Option 1a of that same contract.
• The DOE exercised a portion of Phase 3, valued at approximately $110.0 million through June 30, 2026.

This activity feeds directly into the Technical Solutions segment, which brought in $30.1 million in revenue for the third quarter of 2025, a 31% increase year-over-year, primarily driven by the HALEU Operation Contract.

Reselling Low-Enriched Uranium (LEU) and uranium components

This segment handles the bread-and-butter business of supplying fuel for existing reactors. You see the impact of market pricing here, which can cause swings in profitability.

Here's how the LEU segment performed in Q3 2025:

The long-term visibility is strong, with the LEU segment backlog sitting at approximately $3.0 billion as of September 30, 2025. Overall, the total company backlog reached $3.9 billion extending out to 2040.

Expansion of the Piketon, Ohio enrichment facility for future scale

This is a major capital deployment activity, positioning Centrus Energy Corp. for industrial-scale output. The plan is contingent on securing federal funding decisions from the DOE.

The scale of the planned activity is significant:

• The expansion is valued at $1.58 billion in anticipated public and private investment.
• It is expected to create 300 permanent jobs and support a peak construction workforce of 1,000 workers.
• Centrus Energy Corp. has already raised over $1.2 billion in convertible note transactions over the past year to support readiness.
• The company also secured more than $2 billion in contingent purchase commitments from utility customers globally.

Also, Centrus Energy Corp. is manufacturing its required centrifuges in Oak Ridge, Tennessee, which supports a nationwide supply chain.

Providing technical and engineering services to government and commercial clients

This activity is largely captured within the Technical Solutions segment, which is heavily weighted by the DOE HALEU contract. It's about applying specialized knowledge to complex nuclear fuel challenges.

Key figures related to this service focus include:

• Technical Solutions segment revenue for Q3 2025 was $30.1 million.
• The segment backlog stood at approximately $0.9 billion as of September 30, 2025.
• The gross profit for this segment in Q3 2025 was $3.5 million.

The work under the HALEU Operation Contract is recorded on a cost-plus-incentive-fee basis, which structures how these engineering services translate into revenue.

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

You're looking at the core assets Centrus Energy Corp. has locked down right now, the things that truly make their business model work as of late 2025. These aren't just ideas; they are tangible, licensed, and backed by serious contracts.

Financially, the balance sheet strength is notable. Centrus Energy Corp. reported an unrestricted cash balance of $1.6 billion as of the close of the third quarter ending September 30, 2025. This was significantly boosted by an upsized and oversubscribed $805 million convertible senior notes offering closed in August 2025.

The physical asset base centers on the American Centrifuge Plant in Piketon, Ohio. This facility is critical because it is the only licensed producer of High-Assay, Low-Enriched Uranium (HALEU) in the Western world. The subsidiary, American Centrifuge Operating, LLC, successfully completed the Phase II production target of 900 kilograms of HALEU for the Department of Energy (DOE) by June 2025, and has since moved into Phase III production.

Underpinning the production capability is the proprietary centrifuge technology for uranium enrichment. This technology is what allows Centrus Energy Corp. to be the only active enricher using US technology and producing centrifuges exclusively in the US. This technology is essential for producing HALEU, which is enriched to between 5% and 20% of the fissile U-235 isotope, needed for next-generation reactors.

The demand visibility is captured in the backlog figures. While the backlog was reported at $3.6 billion extending to 2040 as of June 30, 2025, the most recent figure shows a total contractual backlog of $3.9 billion as of September 30, 2025, also extending to 2040. This backlog is segmented across the business units, which is important for understanding the revenue pipeline.

Here's the quick math on that latest backlog as of Q3 2025:

The LEU portion of that backlog has specific components that you should note, defintely:

• Contingent LEU sales commitments: Approximately $2.3 billion of the LEU backlog.
• Contingent LEU under definitive agreements: $2.1 billion of the total contingent amount.
• Contingent LEU subject to definitive agreements: $0.2 billion.

The Technical Solutions segment backlog of approximately $0.9 billion includes funded amounts, unfunded amounts, and unexercised options.

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:

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:

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:

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:

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:

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:

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.