Centrus Energy Corp.

Centrus reported Q2 2026 revenue of $176.1 million, up $21.6 million or 14% versus Q2 2025. Gross profit was $49.9 million versus $53.9 million in Q2 2025; operating income was $10.4 million; net income was $16.8 million versus $28.9 million; and diluted EPS was $0.77 versus $1.59. Adjusted net income was $38.7 million and adjusted diluted EPS was $1.77 versus $34.5 million and $1.90 in Q2 2025. LEU revenue was $153.4 million, up 22% year over year, while Technical Solutions revenue was $22.7 million, down 21%. The company ended Q2 with $1.9 billion in unrestricted cash and said total capital spend was $82.2 million, including $71.6 million of CapEx. For 2026, Centrus reaffirmed revenue guidance of $450 million to $500 million and total capital spend of $350 million to $500 million, raised Piketon workforce additions guidance to over 175 net new employees from over 100, kept Oak Ridge hiring guidance at at least 100 net new employees, and said it expects to complete its first centrifuge at Oak Ridge sometime in 2026.

Amir Vexler said the quarter showed strong demand across commercial LEU, national security, and HALEU, and he framed Centrus as benefiting from a widening supply-demand imbalance and rising LEU pricing. He emphasized that the DOE award and customer prepayments are helping fund the build-out without debt, while new HALEU commitments from Oklo and X-energy show the company is becoming the go-to supplier in that market. His tone was upbeat and execution-focused, repeatedly highlighting de-risking milestones, supply-chain progress, and the goal of restoring U.S. enrichment capacity at scale.

Todd Tinelli said results were in line with internal projections and were affected by the typical shift in contractual mix and the start of manufacturing-related spend. He cited $176.1 million of revenue, $49.9 million of gross profit, $16.8 million of net income, $38.7 million of adjusted net income, and $1.9 billion of unrestricted cash at quarter-end. He said second-quarter capital spend was $82.2 million, with $71.6 million in CapEx and $10.6 million in non-CapEx advanced technology costs, and noted that CapEx and non-CapEx spend should accelerate through the year. He also said all financial contingencies in contingent LEU enrichment backlog have been removed and the company believes it is sufficiently funded for near-term capital requirements.

Analysts focused on the X-energy and Oklo HALEU agreements, customer behavior ahead of the Russian import ban, backlog growth, pricing structure, lead-time reduction, and the pace of CapEx and hiring. Management said it could not disclose delivery timing or contract pricing, but stressed that the HALEU deals include prepayments and that definitive agreements and prepayments are becoming more common. On LEU, Amir said utilities are showing more interest as Centrus becomes a lower-risk new entrant and that demand is supporting a seller’s market; Todd added that utilities have largely secured near-term needs, while future-period contracting is still building. On build-out timing, management said commercial production remains targeted for 2029, with potential to compress timelines, and reiterated that lead-time reduction and cost-out efforts are central to the Palantir, EPC, and supply-chain work.