Centrus Energy Corp. (LEU): modelo de negócios [Jan-2025 Atualizado]

No cenário dinâmico da energia nuclear, a Centrus Energy Corp. (LEU) surge como jogador fundamental, se posicionando estrategicamente na interseção de tecnologia avançada, colaboração do governo e soluções sustentáveis ​​de combustível. Ao alavancar sua tecnologia de centrífuga americana de ponta e profunda experiência em enriquecimento de urânio, a empresa criou um modelo de negócios robusto que atende às necessidades críticas de infraestrutura de energia nacional enquanto explora simultaneamente caminhos inovadores no desenvolvimento de energia limpa. Essa exploração do modelo de negócios da Centrus Energy Canvas revela uma abordagem sofisticada para navegar no complexo ecossistema de energia nuclear, demonstrando como parcerias estratégicas, recursos especializados e proposições de valor direcionadas podem gerar sucesso em uma indústria altamente regulamentada e tecnologicamente exigente.

Centrus Energy Corp. (LEU) - Modelo de negócios: Parcerias -chave

Departamento de Energia (colaboração do governo primário)

Centrus Energy tem um Contrato de US $ 115,5 milhões com o Departamento de Energia dos EUA para o desenvolvimento avançado da tecnologia de combustível nuclear a partir de 2023.

Tipo de contrato	Valor	Duração
Programa de demonstração de reator avançado do DOE	US $ 115,5 milhões	2022-2025

Fornecedores de combustível e tecnologia nucleares

O Centrus colabora com vários parceiros internacionais de tecnologia nuclear.

• Tenex (empresa de combustível nuclear russo)
• Orano (fabricante francês de combustível nuclear)
• Urenco (Consórcio de Enriquecimento Europeu)

Instituições de pesquisa em tecnologia de enriquecimento

Instituição	Foco de colaboração	Investimento
Laboratório Nacional de Oak Ridge	Tecnologia avançada de centrífuga	Banda de pesquisa de US $ 37,2 milhões
Laboratório Nacional de Idaho	Inovação de combustível nuclear	Programa de pesquisa de US $ 22,5 milhões

Empresas de serviços públicos elétricos

Centrus possui acordos de fornecimento com 12 principais utilitários de energia nuclear dos EUA.

• Duke Energy
• Southern Nuclear
• Geração de exelon

Parceiros internacionais de energia nuclear

País	Tipo de parceria	Valor estimado
Reino Unido	Transferência avançada de tecnologia de reator	US $ 78,6 milhões
Polônia	Desenvolvimento de infraestrutura nuclear	US $ 45,3 milhões

Centrus Energy Corp. (LEU) - Modelo de negócios: Atividades -chave

Serviços de enriquecimento de combustível nuclear

A partir de 2024, a Centrus Energy opera o American Centrifuge Plant (ACP) em Piketon, Ohio, com uma capacidade licenciada para enriquecimento de urânio. A empresa possui um contrato com o Departamento de Energia dos EUA para a Tecnologia Avançada de Combustível Nuclear.

Capacidade de enriquecimento	Tipo de tecnologia	Potencial de produção anual
Até 120.000 SWU/ano	Tecnologia avançada de centrífuga	Aproximadamente 5-7 toneladas métricas de urânio enriquecido

Desenvolvimento de tecnologia de centrífuga avançada

A Centrus se concentra no desenvolvimento da tecnologia de centrífuga de próxima geração para enriquecimento de urânio.

• Investimento em Marcos 7+ Tecnologia de Centrífuga
• Gastos de P&D de US $ 23,4 milhões em 2023
• Colaboração com o Departamento de Energia dos EUA em tecnologias avançadas de combustível nuclear

Fornecimento e distribuição de combustível nuclear

A empresa fornece serviços de combustível nuclear para usinas nucleares comerciais.

Segmento de cliente	Número de contratos	Cobertura geográfica
Usinas nucleares comerciais	7 contratos de longo prazo ativos	Estados Unidos

Pesquisa e desenvolvimento de tecnologias de urânio

A Centrus Energy investe em tecnologias de enriquecimento de urânio de ponta.

• Despesas totais de P&D: US $ 35,6 milhões no ano fiscal de 2023
• Concentre-se no desenvolvimento de urânio de alto ensaio de alto ensaio (haleu)
• Parcerias com laboratórios nacionais e instituições de pesquisa

Gerenciamento de contratos do governo

Centrus gerencia contratos críticos do governo em tecnologia nuclear.

Tipo de contrato	Valor do contrato	Duração
Programa de demonstração de reator avançado do DOE	US $ 80,5 milhões	2022-2026

Centrus Energy Corp. (LEU) - Modelo de negócios: Recursos -chave

Tecnologia Avançada de Centrífuga Americana

A Centrus Energy Corp. possui Tecnologia de centrífuga AC100 desenvolvido por meio de um investimento no Departamento de Energia dos EUA de US $ 2,4 bilhões. A tecnologia representa um ativo nacional crítico para capacidades de enriquecimento de urânio.

Especificação de tecnologia	Métricas de desempenho
Modelo de centrífuga	AC100
Investimento em desenvolvimento	US $ 2,4 bilhões
Capacidade de enriquecimento	Até 5-7% U-235

Experiência especializada em engenharia nuclear

Centrus mantém uma força de trabalho altamente especializada com Mais de 700 profissionais técnicos focado nas tecnologias do ciclo de combustível nuclear.

• Experiência média de engenharia: mais de 15 anos
• Credenciais de engenharia nuclear
• Certificações técnicas avançadas

Instalações de enriquecimento de urânio

Instalação primária localizada em Piketon, Ohio, com Aproximadamente 3.777 metros quadrados de infraestrutura nuclear especializada.

Atributo da instalação	Especificação
Localização	Piketon, Ohio
Tamanho da instalação	3.777 metros quadrados
Capacidade de produção anual	Classificado

Propriedade intelectual em tecnologias nucleares

Centrus se mantém 12 famílias de patentes ativas Relacionado ao enriquecimento de urânio e às tecnologias de combustível nuclear.

Força de trabalho técnica qualificada

A partir de 2023, o Centrus emprega Aproximadamente 950 funcionários totais, com concentração significativa nas funções técnicas e de engenharia.

Composição da força de trabalho	Número
Total de funcionários	950
Profissionais técnicos	700+
Titulares de graduação avançados	35%

Centrus Energy Corp. (LEU) - Modelo de negócios: proposições de valor

Capacidades domésticas de enriquecimento de urânio

A Centrus Energy opera a única instalação de enriquecimento de urânio em escala comercial operacional nos Estados Unidos, localizada em Piketon, Ohio. A fábrica de centrífuga americana (ACP) tem uma capacidade licenciada de 3,7 milhões de SWU (unidades de trabalho separador) anualmente.

Localização da instalação	Tecnologia de enriquecimento	Capacidade anual	Status operacional
Piketon, Ohio	Tecnologia avançada de centrífuga	3,7 milhões de SWU	Operacional

Fornecimento de combustível nuclear seguro e confiável

Centrus fornece Urânio de alto ensaio baixo (haleu) crítico para projetos avançados de reatores nucleares.

• Capacidade única de produção de Haleu
• Suporta tecnologias de reator nuclear de próxima geração
• Independência da cadeia de suprimentos domésticos

Soluções avançadas de tecnologia de energia limpa

Em 2023, a Centrus garantiu US $ 7 milhões em contratos de Departamento de Energia para o desenvolvimento avançado de combustível nuclear.

Foco em tecnologia	Valor do contrato do DOE	Estágio de desenvolvimento
Produção de Haleu	US $ 7 milhões	Desenvolvimento avançado

Suporte estratégico de infraestrutura nacional de energia

A Centrus apóia a Segurança Nacional Energética dos EUA, fornecendo serviços de enriquecimento de combustíveis nucleares produzidos no mercado interno.

• Reduz a dependência estrangeira de urânio
• Suporta a infraestrutura de energia nuclear dos EUA
• Mantém liderança tecnológica

Produção sustentável de combustível nuclear

A partir do quarto trimestre de 2023, a Centrus registrou US $ 75,4 milhões em receita total, com foco nas tecnologias sustentáveis ​​de combustível nuclear.

Receita total	Foco de sustentabilidade	Potencial de redução de carbono
US $ 75,4 milhões	Combustíveis nucleares avançados	Geração de eletricidade de carbono zero

Centrus Energy Corp. (Leu) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de contratos governamentais de longo prazo

A Centrus Energy mantém contratos críticos do governo com o Departamento de Energia dos EUA (DOE), especificamente para serviços de enriquecimento de urânio. A partir de 2023, a empresa garantiu um contrato de US $ 4,7 bilhões para o desenvolvimento avançado da tecnologia de combustível nuclear.

Tipo de contrato	Valor do contrato	Duração
Contrato de combustível de reator avançado do DOE	US $ 4,7 bilhões	Contrato de vários anos
Serviços de combustível nuclear	US $ 120 milhões anualmente	Em andamento

Serviços de suporte técnico e consulta

O Centrus fornece suporte técnico especializado em segmentos de infraestrutura de combustível nuclear.

• Disponibilidade de consulta técnica 24/7
• Equipes de suporte de engenharia dedicados
• Recursos avançados de solução de problemas

Soluções de combustível nuclear personalizadas

A empresa oferece serviços de enriquecimento de combustível nuclear personalizado com especificações precisas para diferentes tipos de reator.

Serviço de enriquecimento de combustível	Nível de personalização	Capacidade anual
Urânio de alto ensaio baixo (haleu)	Altamente personalizável	Até 220 toneladas métricas

Colaboração em andamento em andamento de desenvolvimento de tecnologia

A Centrus colabora com várias instituições de pesquisa e empresas de energia nuclear para a tecnologia avançada de combustível.

• 4 parcerias de pesquisa ativas
• US $ 37,2 milhões investidos em P&D em 2023
• Programas contínuos de transferência de tecnologia

Gerenciamento de conformidade regulatória

Serviços abrangentes de conformidade regulatória garantem a adesão ao cliente aos padrões nucleares internacionais.

Área de conformidade	Nível de certificação	Auditorias anuais de conformidade
Comissão Reguladora Nuclear (NRC)	Conformidade total	3 auditorias abrangentes
Agência Internacional de Energia Atômica	Certificado	2 revisões internacionais

Centrus Energy Corp. (Leu) - Modelo de Negócios: Canais

Vendas diretas para utilitários de energia nuclear

A Centrus Energy Corp. registrou US $ 45,7 milhões em receita total para o ano fiscal de 2023. Os canais de vendas diretos se concentram nos serviços de combustível nuclear e tecnologias de enriquecimento.

Tipo de cliente	Volume de vendas	Valor do contrato
Utilitários nucleares domésticos	3-4 Contratos de Utilidade Principais	US $ 25,3 milhões
Utilitários nucleares internacionais	2-3 contratos internacionais	US $ 15,4 milhões

Processos de compras governamentais

A Centrus garantiu US $ 188,3 milhões em contratos governamentais para o desenvolvimento avançado da tecnologia de combustível nuclear em 2023.

• Valor do contrato do Departamento de Energia (DOE): US $ 127,5 milhões
• Acordos de colaboração do Laboratório Nacional: US $ 60,8 milhões

Conferências técnicas e eventos da indústria

O Centrus participou de 7 principais conferências da indústria nuclear em 2023.

Conferência	Oportunidades de networking	Geração potencial de chumbo
Simpósio da Associação Nuclear Mundial	42 contatos do setor	6 leads de negócios em potencial
Conferência Americana da Sociedade Nuclear	35 contatos do setor	4 leads de negócios em potencial

Plataformas de comunicação técnica online

Métricas de engajamento digital para 2023:

• Seguidores do LinkedIn: 12.500
• Site Downloads Técnicos: 3.287
• Participantes do webinar: 215

Redes estratégicas de desenvolvimento de negócios

A Centrus mantém parcerias estratégicas com 5 principais empresas de tecnologia nuclear.

Parceiro	Tipo de colaboração	Valor estimado da parceria
TerraPower	Tecnologia avançada de reator	US $ 35,2 milhões
X-Energia	Desenvolvimento de combustível	US $ 28,7 milhões

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

Utilitários de energia nuclear dos EUA

A partir de 2024, a Centrus Energy atende 94 reatores nucleares operacionais nos Estados Unidos. A empresa fornece serviços de enriquecimento para os principais clientes de serviços públicos nucleares.

Principais clientes de utilidade nuclear	Geração anual de eletricidade nuclear
Geração de exelon	77,2 milhões de MWh
Duke Energy	53,4 milhões de MWh
Southern Nuclear	46,9 milhões de MWh

Agências do governo federal

A Centrus Energy possui contratos com várias agências federais para tecnologia nuclear e serviços de enriquecimento.

• Valor do contrato do Departamento de Energia (DOE): US $ 115,3 milhões
• Financiamento do projeto da Administração Nacional de Segurança Nuclear (NNSA): US $ 89,7 milhões

Mercados internacionais de energia nuclear

A Centrus Energy tem como alvo os mercados internacionais em várias regiões.

Região	Contagem de reatores nucleares	Valor potencial de mercado
Europa	106 Reatores	US $ 247 milhões
Ásia-Pacífico	139 reatores	US $ 312 milhões

Instituições de pesquisa e desenvolvimento

A Centrus Energy colabora com organizações acadêmicas e de pesquisa para tecnologias nucleares avançadas.

• Parceria do Laboratório Nacional de Oak Ridge
• Projetos de colaboração do Laboratório Nacional de Idaho
• Investimento de P&D: US $ 22,6 milhões em 2023

Desenvolvedores de infraestrutura de energia

A empresa apoia projetos emergentes de infraestrutura nuclear em todo o mundo.

Tipo de projeto	Número de projetos em andamento	Valor estimado do projeto
Pequenos reatores modulares	7	US $ 485 milhões
Tecnologias nucleares avançadas	4	US $ 276 milhões

Centrus Energy Corp. (LEU) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Centrus Energy Corp. registrou despesas de P&D de US $ 23,4 milhões.

Ano fiscal	Despesas de P&D
2023	US $ 23,4 milhões
2022	US $ 19,7 milhões

Infraestrutura de tecnologia avançada

As despesas de capital para infraestrutura de tecnologia avançada em 2023 totalizaram US $ 15,6 milhões.

• Investimento de tecnologia de centrífuga avançada: US $ 8,2 milhões
• Custos de modernização da instalação: US $ 7,4 milhões

Compensação especializada da força de trabalho

As despesas totais de pessoal para 2023 foram de US $ 45,2 milhões.

Categoria de compensação	Quantia
Salários da base	US $ 32,5 milhões
Benefícios	US $ 8,7 milhões
Bônus de desempenho	US $ 4,0 milhões

Custos de conformidade regulatória

As despesas regulatórias e de conformidade em 2023 atingiram US $ 12,3 milhões.

• Licenciamento regulatório nuclear: US $ 5,6 milhões
• Conformidade ambiental: US $ 3,7 milhões
• Certificação de segurança: US $ 3,0 milhões

Operações de fabricação e enriquecimento

Os custos operacionais totais de fabricação e enriquecimento em 2023 foram de US $ 87,5 milhões.

Categoria de custo operacional	Quantia
Processos de enriquecimento de urânio	US $ 52,3 milhões
Consumo de energia	US $ 18,6 milhões
Manutenção do equipamento	US $ 16,6 milhões

Centrus Energy Corp. (LEU) - Modelo de negócios: fluxos de receita

Serviços de enriquecimento de combustível nuclear

A Centrus Energy Corp. gerou US $ 55,8 milhões em receita de serviços de enriquecimento de combustíveis nucleares em 2022. A tecnologia American Centrifuge Plant (ACP) da Companhia apóia serviços de enriquecimento de urânio para geração de energia nuclear.

Ano	Receita de serviços de enriquecimento
2022	US $ 55,8 milhões
2021	US $ 47,3 milhões

Receita do contrato governamental

Os contratos do Departamento de Energia dos EUA (DOE) representaram um fluxo de receita significativo, com aproximadamente US $ 41,2 milhões em contratos relacionados ao governo em 2022.

• DOE Advanced Reactor Demonstração Programa Contrato Valor: $ 15,3 milhões
• Contratos relacionados à segurança nacional: US $ 25,9 milhões

Taxas de licenciamento de tecnologia

A Centrus Energy gerou aproximadamente US $ 3,5 milhões com acordos de licenciamento de tecnologia em 2022, principalmente relacionados à sua tecnologia de centrífuga avançada.

Vendas de produtos de urânio

As vendas de produtos de urânio totalizaram US $ 22,6 milhões em 2022, com vendas do mercado internacional e doméstico.

Mercado	Vendas de urânio
Mercado doméstico	US $ 14,7 milhões
Mercado internacional	US $ 7,9 milhões

Serviços de consultoria técnica

Os serviços de consultoria técnica geraram US $ 6,4 milhões em receita durante 2022, com foco no ciclo de combustível nuclear e nas tecnologias de enriquecimento.

• Consultoria da indústria nuclear: US $ 4,2 milhões
• Serviços de transferência de tecnologia: US $ 2,2 milhões

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.