Centrus Energy Corp - Class A
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.54%.
Did LEU Beat Earnings? Q2 2025 Results
Centrus Energy delivered a decisive earnings beat in the second quarter of 2025, with earnings per share of $1.59 clearing the $0.58 consensus estimate by 176.28% as the nuclear fuel supplier's contract mix proved far more lucrative than analysts had anticipated. Revenue came in at $154.50 million, beating expectations by 18.30%, even as the top line fell 18.3% year-over-year from $189.00 million, a decline tied to lower volumes of separative work units and uranium sold in the LEU segment. The key driver behind the profit outperformance was a 24% increase in the average SWU selling price alongside improved unit costs, which propelled LEU segment gross profit up 54% to $50.70 million. Complementing that, the Technical Solutions segment posted $28.80 million in revenue, up 48% year-over-year, fueled by expanded activity under its HALEU contract with the Department of Energy. Looking ahead, Centrus carries a $3.60 billion backlog extending to 2040, and the company recently launched a $650 million convertible notes offering to further bolster its financial flexibility as domestic enrichment investment builds.
- 24% increase in average SWU selling price partially offset lower SWU volumes
- 8% decrease in average unit cost of SWU sold improved LEU margins
- Favorable contract composition drove 54% increase in LEU segment gross profit
- $9.1 million increase in HALEU Operation Contract revenue drove Technical Solutions growth
- Lower uranium sales volume reduced overall revenue
“Centrus delivered another strong quarter of revenue and margins while successfully continuing our preparations ahead of our future enrichment build-out.”
Centrus Energy CEO, on the earnings call
Forward Guidance & Outlook
Centrus has a total backlog of $3.6 billion as of June 30, 2025, extending to 2040, including approximately $2.7 billion in LEU segment backlog and $0.9 billion in Technical Solutions. The LEU backlog includes approximately $2.1 billion in contingent sales commitments tied to potential construction of LEU production capacity at the Piketon, Ohio facility, dependent on securing substantial public and private investment. In July 2025, the company secured an additional $0.1 billion LEU contingent sales commitment. The DOE exercised Option 1a of the HALEU Operation Contract Phase 3, valued at approximately $108 million (target cost plus fee) through June 30, 2026, with Option 1b potentially extending through June 2028 at a target cost and fee of approximately $178.7 million.
LEU YoY Financials
LEU Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.