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Home Energy Company News By Charles Kennedy - Nov 04, 2026, 8:50 PM CST Centrus Energy reported a sharp increase in third-quarter net income on Wednesday, even as revenue declined, while announcing significant progress in its efforts to expand domestic uranium enrichment capacity. The U.S. nuclear fuel supplier reported net income of $31.6 million for the quarter ended September 30, 2026, compared with $3.9 million in the same period last year, an increase of 710%. Diluted earnings per share rose to $1.41 from $0.19.
However, the earnings increase was primarily driven by a $46.4 million gain from the revaluation of warrant liabilities rather than stronger underlying operations. Excluding certain items, Centrus reported an adjusted net loss of $9.4 million, or $0.46 per share, compared with adjusted net income of $5.2 million a year earlier. Quarterly revenue declined 26% to $55.5 million from $74.9 million, reflecting lower uranium sales volumes and reduced revenue from government contracts.
Revenue from the company's low-enriched uranium (LEU) segment fell 29% to $31.8 million, while its Technical Solutions segment recorded a 21% decline to $23.7 million. Centrus also reported a wider operating loss of $29.7 million, compared with $16.6 million in the third quarter of 2025. Despite the weaker operating results, the company announced several milestones in its strategy to restore large-scale domestic uranium enrichment capabilities.
Centrus completed manufacturing and began shipping new centrifuges from its Oak Ridge, Tennessee, facility to Piketon, Ohio, ahead of its year-end target. The company also finalized agreements with all suppliers it considers critical to the expansion and completed its first certified-for-construction package ahead of schedule. President and CEO Amir Vexler said the manufacturing achievements came approximately two months earlier than planned, positioning the company to accelerate its commercial-scale enrichment expansion.
Centrus is also enriching high-assay low-enriched uranium (HALEU) for the commercial market using its existing 16-centrifuge cascade. The company said its recent acquisition of Westerman would help strengthen its manufacturing capabilities, support supply-chain expansion and diversify its business. Centrus reported a total backlog of approximately $7 billion as of September 30, extending through 2040.
That includes approximately $5.4 billion in contingent LEU and HALEU sales commitments associated with potential enrichment capacity expansion at Piketon. Of those commitments, $5.1 billion are covered by definitive agreements, although realization remains dependent on operational milestones. The company also highlighted uncertainty surrounding future U.S.
Department of Energy funding. The proposed federal budget for fiscal 2027 does not include additional funding for operations under Centrus' existing HALEU production contract, while the DOE has indicated it does not currently intend to exercise further options under that agreement. The contract represents approximately $800 million of the company's Technical Solutions backlog.
Looking ahead, Centrus expects full-year 2026 revenue of $450 million to $500 million and total capital deployment of $350 million to $500 million, reflecting substantial investment in its manufacturing expansion. The company also increased its planned net hiring at Piketon to at least 175 employees, up from its previous target of 100, while maintaining plans to add at least 100 employees at Oak Ridge. Centrus ended September with approximately $2.24 billion in cash and cash equivalents, providing substantial liquidity as it advances its enrichment expansion.
The investment program comes as the United States seeks to strengthen domestic nuclear fuel production capabilities and reduce reliance on foreign enrichment suppliers. By Charles Kennedy for Oilprice.com More Top Reads From Oilprice.com Oil Crashes 9% as Trump and Vance Blame Iran War for Midterm Rout ADNOC Gas to Supply LNG to TotalEnergies Under Five-Year Deal Indian Refiner BPCL Buys U.S. WTI Crude Oil Cargo Back to homepage Charles Kennedy Charles is a writer for Oilprice.com More Info EXXON Mobil -0.35 Open 57.81 Trading Vol. 6.96M Previous Vol. 241.7B BUY 57.15 Sell 57.00 "
