Centrus Energy Corp. filed its third quarter 2026 earnings release on November 4, 2026, reporting net income of $31.6 million for the three months ended September 30, 2026, alongside an updated full-year outlook and several operational milestones reached ahead of schedule.

Key Highlights

  • Revenue of $55.5 million for Q3 2026, compared to $74.9 million in Q3 2025, a decrease of $19.4 million or 26%.
  • GAAP net income of $31.6 million for Q3 2026, compared to $3.9 million in Q3 2025, an increase of $27.7 million or 710%, driven primarily by a $46.4 million gain from the fair value adjustment of warrant liabilities.
  • Non-GAAP adjusted net loss of $9.4 million for Q3 2026, compared to non-GAAP adjusted net income of $5.2 million in Q3 2025.
  • Total backlog of $7.0 billion as of September 30, 2026, extending to 2040, including approximately $5.4 billion in contingent LEU and HALEU sales commitments.
  • Full-year 2026 total revenue guidance of $450 million to $500 million, with capital deployment of $350 million to $500 million.
  • Centrifuge manufacturing and shipping commenced from Oak Ridge, Tennessee, ahead of the year-end target, according to the filing.
  • DOE indicated it does not currently intend to exercise further options under the HALEU Operation Contract, and the proposed FY2027 DOE budget does not include further funding for HALEU cascade operation.

Centrus Q3 2026 Financial Results and Operational Progress

According to the filing, Centrus Energy Corp. (NYSE:LEU) reported total revenue of $55.5 million for the three months ended September 30, 2026, down from $74.9 million in the same period of 2025. Revenue from the LEU segment declined to $31.8 million from $44.8 million, a decrease the company attributed primarily to a lower volume of uranium sold, partially offset by a 19% increase in the volume of separative work units (SWU) sold and a 10% increase in the average price of SWU sold. Revenue from the Technical Solutions segment fell to $23.7 million from $30.1 million, primarily due to a $10.2 million decrease in revenue generated by the HALEU Operation Contract with the Department of Energy.

The company reported a gross loss of $10.6 million for Q3 2026, compared to a gross loss of $4.3 million in Q3 2025, an increase of $6.3 million or 147%. Despite the wider gross loss, GAAP net income reached $31.6 million, which the filing attributes primarily to a $46.4 million gain from the fair value adjustment of warrant liabilities and a $4.0 million increase in investment income, partially offset by a $9.0 million decrease in income tax benefit, a $6.3 million increase in gross loss, a $3.7 million increase in selling, general and administrative expenses, and a $3.0 million increase in advanced technology costs. Basic earnings per share were $1.53 and diluted earnings per share were $1.41, while the adjusted EPS loss was $0.46 (basic and diluted).

On the operational side, the filing states that Centrus completed manufacturing and began shipping centrifuges from Oak Ridge, Tennessee, ahead of its year-end target, finalized contracts with all supply-chain deemed critical ahead of target, and completed its first certified-for-construction package ahead of target. The company also disclosed that DOE has communicated it does not currently intend to exercise further options under the HALEU Operation Contract, which represents approximately $0.8 billion of the Technical Solutions backlog. For full-year 2026, the company expects to hire at least 100 net new employees at Oak Ridge and at least 175 net new employees at its Piketon, Ohio, facility, the latter increased from a prior target of 100.

What Was Disclosed

Centrus Energy reported Q3 2026 GAAP net income of $31.6 million on revenue of $55.5 million, a non-GAAP adjusted net loss of $9.4 million, a total backlog of $7.0 billion, and updated full-year 2026 revenue guidance of $450 million to $500 million, along with several milestones completed ahead of schedule.