Centrus Posts $6.2 Billion Backlog, Sets 2026 Revenue Guidance of $450 Million to $500 Million

Centrus Energy Corp. (NYSE American: LEU) reported $55.5 million in revenue for the third quarter of 2026 as it deployed substantial capital toward expanding uranium-enrichment capacity and built a total backlog of $6.2 billion. The company also set updated full-year guidance of $450 million to $500 million in revenue and $350 million to $500 million in total capital deployed, including prepaid expenses.

For the three months ended September 30, Centrus recorded GAAP net income of $31.6 million, or $1.53 per basic share and $1.41 per diluted share. The result included a $46.4 million gain from a change in the fair value of its warrant liability, which does not reflect underlying operating performance.

Excluding the warrant-related impact, normalized net loss was $10.2 million, or $0.49 per share. Adjusted net loss was $9.4 million, or $0.46 per share, after further adjustments for expansion-related growth costs and stock-based compensation. Centrus posted a gross loss of $10.6 million and a GAAP operating loss of $29.7 million, while investment income totaled $16.9 million.

Expansion spending and backlog

Centrus deployed $134 million during the quarter, comprising $131.6 million of capital expenditures and $2.4 million of growth costs. The latter included short-term, non-capitalizable spending on design work and the recruitment and training of employees for expansion projects in Piketon, Ohio, and Oak Ridge, Tennessee.

Cash on the balance sheet stood at $2.2 billion as of September 30. The company also highlighted a $900 million Department of Energy award, with a potential total task-order contract value of $1.07 billion if all options are exercised.

The company reported $5.4 billion of contingent low-enriched uranium, or LEU, and high-assay low-enriched uranium, or HALEU, sales commitments. Financial contingencies have been removed from those commitments, and $5.1 billion is covered by definitive agreements. Together with an $800 million broker-dealer backlog supporting the LEU segment’s current revenue generation, total backlog reached $6.2 billion.

Centrus said it had announced new HALEU offtake agreements with prepayments intended to support its expansion and build-out. Its operational milestones included completing contracts with partners considered critical to the projects, finishing the Certified for Construction engineering package and producing the first centrifuge in Oak Ridge. The company also reported more than 175 workforce additions in Piketon and more than 100 in Oak Ridge.

Centrus is working with partners including Fluor, Palantir and Geiger Brothers to reduce projected costs and manufacturing lead times. The presentation said approximately $300 million of potential savings and efficiencies had been identified since the partnership work began in late January, with additional opportunities that could shorten lead times for new enrichment capacity.

Outlook and risks

The 2026 guidance assumes no significant change in restrictions affecting Centrus’ ability to receive and sell Russian LEU or other uranium products, no major economic disruption, successful implementation of its planned expansion projects and the continuation of current operations.

The outlook remains subject to several uncertainties. These include Centrus’ ability to secure an acceptable long-term extension of its Department of Energy lease in Piketon, obtain additional government task orders and funding, execute expansion plans and raise the required capital. The company also cited geopolitical and trade restrictions, dependence on third-party suppliers, uranium-market supply and demand, competition, customer concentration, cybersecurity threats and changes in government policy or appropriations as material risks.