Centrus experiences decrease in fourth quarter earnings

Centrus Energy, based in Bethesda, Md., reported a decline in earnings during the fourth quarter, attributing it to reduced revenue from its uranium sector. Earnings for the fourth quarter that ended on December 31 amounted to $17.8 million, equivalent to $0.79 per share, a decrease from $53.7 million, or $3.20 per share, in the same period last year. Quarterly revenue stood at $146.2 million, down from $151.6 million year-over-year.

In 2025, Centrus recorded a net income of $77.8 million, showing a modest increase from $73.2 million in 2024. Total revenue for 2025 was $448.7 million, up from $442 million in 2024. The revenue generated from the low-enriched uranium (LEU) segment amounted to $346.2 million for the year, slightly lower than the previous year’s total revenue of $349.9 million. Notably, uranium revenue witnessed a decline of $55.6 million compared to the previous year, whereas separative work units (SWU) revenue saw a significant increase of $51.9 million.

According to Centrus’s earnings report, the rise in SWU revenue was driven by a 23% surge in the volume of SWU sold, offsetting a 1% decrease in the average price of SWU sold. The technical solutions segment of Centrus generated revenues of $102.5 million for the year, an increase from $92.1 million in 2024. The revenue from the HALEU (high-assay low-enriched uranium) operation contract saw a boost of $10.5 million, as specified in the earnings report, which records revenue from the HALEU operation contract on a cost-plus-incentive-fee basis, including the target fee for phases 2 and 3 of the contract.

During the fourth quarter, Centrus commenced the production of centrifuges at its manufacturing facility in Oak Ridge, Tenn., for the expansion of its uranium enrichment plant at the Department of Energy’s Portsmouth Site in Piketon, Ohio. Additionally, in January, Centrus, in collaboration with two other companies, secured a $900 million contract from the Department of Energy for uranium enrichment orders. Moreover, Centrus announced a $560 million expansion initiative for its manufacturing facility located at the DOE’s Oak Ridge Site in Tennessee.

This week, Centrus entered into a partnership with Fluor for the expansion of the enrichment plant at the Department of Energy’s Portsmouth Site in Piketon, Ohio. Per the agreement, Fluor will serve as the engineering, procurement, and construction contractor for the project. The President and CEO of Centrus, Amir Vexler, described 2025 as a significant year marked by improvements in both the LEU segment and the future enrichment business, emphasizing the launch of the centrifuge build-out in the fourth quarter and the government’s decision to award Centrus with a $900 million HALEU enrichment contract.