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LEU on NYSE

CENTRUS ENERGY CORP

CENTRUS ENERGY CORP is an American Mining and Quarrying of Nonmetallic Minerals company based in Bethesda.2 Its shares trade on NYSE under the symbol LEU.2

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Last updated Oct 21, 2026.

Overview

$448.7MRevenue, fiscal 20253
$77.8MNet income, fiscal 20253

Compare with Galiano Gold Inc., UNITED STATES LIME & MINERALS INC or Smart Sand, Inc., or pick any stock.

  • TickerLEU on NYSE2
  • IndustryMining & Quarrying of Nonmetallic Minerals (No Fuels)2
  • HeadquartersBethesda, United States2
  • Incorporated inDE4
  • Business address6901 Rockledge Dr, Suite 800, Bethesda, Md 208174
  • Filer categoryLarge accelerated filer4
  • Legal formCorporation2
  • LEI549300G6VDK9G82766612
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered address251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 25543592

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Centrus Energy Corp., a Delaware corporation, is a trusted supplier of nuclear fuel components for the nuclear power industry, which provides a reliable source of carbon-free energy, and provides enrichment and technical services for public and private customers. References to “Centrus”, the “Company”, “our”, or “we” include Centrus Energy Corp. and its wholly-owned subsidiaries as well as the predecessor to Centrus, unless the context indicates otherwise.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

26.2%Gross margin3
11.2%Operating margin3
17.3%Net margin3
1.5%Revenue growth, 20253
10.2%Return on equity3
1.54×Debt to equity3
$31.3MFree cash flow3

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Separative Work Units brought in 86% of the revenue CENTRUS ENERGY CORP broke down this way in fiscal 2025.

  1. Separative Work Units$298.7M386%up 21% from 2024
  2. Uranium$47.5M314%down 54% from 2024
Products and services by year
Products and services202320242025
Separative Work Units$208.2M$246.8M$298.7M
Uranium$60.8M$103.1M$47.5M

Business segments

Contract Services brought in 51% of the revenue CENTRUS ENERGY CORP broke down this way in fiscal 2025.

  1. Contract Services$461.1M351%up 3% from 2024
  2. LEU and Technical Solutions$448.7M349%up 2% from 2024
Business segments by year
Business segments202320242025
Contract Services$325.2M$448.4M$461.1M
LEU and Technical Solutions$320.2M$442.0M$448.7M

Regions

United States brought in 75% of the revenue CENTRUS ENERGY CORP broke down this way in fiscal 2025.

  1. United States$335.3M375%up 32% from 2024
  2. Japan$102.7M323%down 12% from 2024
  3. Other Foreign$10.7M32%down 63% from 2024
Regions by year
Regions202320242025
United States$281.6M$253.4M$335.3M
Japan$23.6M$117.2M$102.7M
Other Foreign$15.0M$29.0M$10.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue70¢$331.2M
  • Research and development4¢$16.9M
  • Selling, general and admin8¢$36.2M
  • Income tax2¢$8.1M
  • Profit17¢$77.8M

Out of $448.7M in revenue.3

Where each dollar of operating cash went, fiscal 2025

  • Capital spending39¢$19.7M
  • Kept or used elsewhere61¢$31.3M

Out of $51.0M of cash from operations.3

Financial statements

Revenue78910113$448.7M in 2025+132% since 2018
0$200.0M$400.0M$600.0M2018: $193.0M$193.0M20182019: $209.7M$209.7M2019+9%2020: $247.2M$247.2M2020+18%2021: $298.3M$298.3M2021+21%2022: $293.8M$293.8M2022−2%2023: $320.2M$320.2M2023+9%2024: $442.0M$442.0M2024+38%2025: $448.7M$448.7M2025+2%
Gross profit78910113$117.5M in 2025
-$50.0M0$50.0M$100.0M$150.0M2018: -$17.9M-$17.9M20182019: $32.5M$32.5M20192020: $97.6M$97.6M2020+200%2021: $114.5M$114.5M2021+17%2022: $117.9M$117.9M2022+3%2023: $112.1M$112.1M2023−5%2024: $111.5M$111.5M2024−1%2025: $117.5M$117.5M2025+5%
Operating income78910113$50.2M in 2025
-$100.0M-$50.0M0$50.0M$100.0M2018: -$92.4M-$92.4M20182019: -$19.7M-$19.7M2019−79%2020: $51.0M$51.0M20202021: $68.3M$68.3M2021+34%2022: $59.7M$59.7M2022−13%2023: $52.4M$52.4M2023−12%2024: $48.0M$48.0M2024−8%2025: $50.2M$50.2M2025+5%
Net income78910113$77.8M in 2025
-$200.0M-$100.0M0$100.0M$200.0M2018: -$104.1M-$104.1M20182019: -$16.5M-$16.5M2019−84%2020: $54.4M$54.4M20202021: $175.0M$175.0M2021+222%2022: $52.2M$52.2M2022−70%2023: $84.4M$84.4M2023+62%2024: $73.2M$73.2M2024−13%2025: $77.8M$77.8M2025+6%

Every line of the income statement as filed: the last 3 fiscal years, latest first.3

Period ending2025-12-312024-12-312023-12-31
Total revenue$448.7M$442.0M$320.2M
Cost of sales$331.2M$330.5M$208.1M
Gross profit (loss)$117.5M$111.5M$112.1M
Advanced technology license and decommissioning costs$16.9M$17.2M$14.2M
Selling, general and administrative$36.2M$35.0M$36.9M
Amortization of intangible assets$8.4M$9.8M$6.3M
Operating income (loss)$50.2M$48.0M$52.4M
Nonoperating components of net periodic benefit expense (income)$6.8M-$14.7M-$23.2M
Interest Expense, Nonoperating$14.0M$2.7M$1.3M
Investment income-$44.7M-$12.9M-$8.7M
Other Nonoperating Income$0-$100.0K-$1.5M
Income (loss) before income taxes$85.9M$73.0M$84.5M
Provision (benefit) for income taxes$8.1M-$200.0K$100.0K
Net income (loss)$77.8M$73.2M$84.4M
Net income (loss) per common share - basic$4.33$4.49$5.55
Net income (loss) per common share - diluted$3.90$4.47$5.44
Average number of shares outstanding, basic18.0M shares16.3M shares15.2M shares
Average number of shares outstanding, diluted19.9M shares16.4M shares15.5M shares
Labor and Related Expense$5.8M$1.5M$2.3M
Gain (Loss) on Extinguishment of Debt-$11.8M$0$0

Compare CENTRUS ENERGY CORP with another company

Corporate structure

CENTRUS ENERGY CORP sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CENTRUS ENERGY CORP

  • State Street Corporation Filed SCHEDULE 13G on CENTRUS ENERGY CORP, latest Sep 8, 2026 (4 filings since Nov 10, 2025)
  • BlackRock Filed SCHEDULE 13G/A on CENTRUS ENERGY CORP, latest Sep 4, 2026 (3 filings since Jan 29, 2024)
  • VAN ECK ASSOCIATES CORP Filed SCHEDULE 13G/A on CENTRUS ENERGY CORP, latest Aug 14, 2026 (3 filings since Feb 13, 2026)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on CENTRUS ENERGY CORP, latest Jul 31, 2026
  • BANK OF NOVA SCOTIA Filed SCHEDULE 13G on CENTRUS ENERGY CORP, latest Jul 15, 2026 (3 filings since Oct 6, 2025)
  • D. E. SHAW & CO, L.P. Filed SCHEDULE 13G/A on CENTRUS ENERGY CORP, latest May 15, 2026 (3 filings since Oct 22, 2025)
  • Global X Management CO LLC Filed SCHEDULE 13G/A on CENTRUS ENERGY CORP, latest May 15, 2026 (2 filings since Nov 14, 2024)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on CENTRUS ENERGY CORP, latest Mar 26, 2026 (4 filings since Feb 9, 2023)
  • Morris Bawabeh Filed SC 13D/A on CENTRUS ENERGY CORP, latest Oct 22, 2024 (8 filings since Jan 11, 2022)
  • Neil S. Subin Filed SC 13D/A on CENTRUS ENERGY CORP, latest Mar 9, 2023 (2 filings since Nov 24, 2021)
  • Old West Investment Management, LLC Filed SC 13G/A on CENTRUS ENERGY CORP, latest Feb 14, 2022
  • CENTRUS ENERGY CORP Bethesda, Maryland, United States
    • Centrus Energy Bethesda, Maryland, United States
    • United States Enrichment Corporation Retirement Plan Trust Subsidiary · Rockville, Maryland, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What CENTRUS ENERGY CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$36.2M3 Dec 31, 2025$14.7M3 Dec 31, 2024+146.3%
Accumulated depreciation$6.7M3 Dec 31, 2025$5.3M3 Dec 31, 2024+26.4%
Property and equipment, net$29.5M3 Dec 31, 2025$9.4M3 Dec 31, 2024+213.8%
Operating-lease assets (leased space)$1.8M3 Dec 31, 2025$1.6M3 Dec 31, 2024+12.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.0B3 Dec 31, 2025$671.4M3 Dec 31, 2024+191.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$21.2M3 Dec 31, 2025$29.6M3 Dec 31, 2024−28.4%
Accumulated amortization$102.3M3 Dec 31, 2025$93.9M3 Dec 31, 2024+8.9%
Finite-lived intangibles, net$21.2M3 Dec 31, 2025$29.6M11 Dec 31, 2024−28.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$322.9M3 Dec 31, 2025$161.6M3 Dec 31, 2024+99.8%

Properties, in its own words

Our corporate headquarters is located at 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817, where we lease 24,000 square feet of office space through October 2027. Our Bethesda, Maryland location is also utilized by our LEU and Technical Solutions segments. We own a 440,000 square foot manufacturing facility, including supporting office space, on 72 acres at 400 Centrifuge Way, Oak Ridge, Tennessee 37830. We also lease industrial buildings and 110,000 square feet of supporting office space from DOE at 3930 U.S. Route 23, Piketon, Ohio 45661. The industrial buildings encompass more than 14 acres under roof and were built to contain uranium enrichment operations using centrifuge technology. We also lease 10,000 square feet of office space in Oak Ridge, Tennessee for administrative purposes. Our Oak Ridge, Tennessee and Piketon, Ohio facilities support our Technical Solutions segment. We maintain our facilities in good operating condition and believe they are adequate for our present needs and the foreseeable future. For details regarding the expansion of the Oak Ridge, Tennessee and Piketon, Ohio facilities, refer to Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Item 2 of the 10-K filed Feb 11, 2026.6

Leadership

Who has led CENTRUS ENERGY CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Daniel B. Poneman2019–2023
  2. Amir Vadim Vexler2024–now

President

  1. Daniel B. Poneman2019–2023
  2. Amir Vadim Vexler2024–now

Chief financial officer

  1. Ellen C. Wolf2006
  2. John C. Barpoulis2006–2014
  3. Stephen S. Greene2015
  4. Philip O. Strawbridge2019–2022
  5. Kevin J. Harrill2025
  6. Todd M. Tinelli2025–now

Chief operating officer

  1. Robert Van Namen2013–2014
2010201520202025
Board members and other officers (61)

Subsidiaries and ownership

Subsidiaries (GLEIF)

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Former names

  • USEC INCDec 28, 1998 to Sep 29, 20144

Timeline

  1. Sep 17, 20268-K Other events87
  2. Sep 11, 20268-K Entered a material agreement; Regulation FD disclosure; Other events88
  3. Sep 9, 20268-K Other events89
  4. Aug 18, 20268-K Executive or director change90
  5. Aug 6, 20268-K Other events91
  6. Aug 5, 20268-K Results of operations92
  7. Jul 2, 20268-K Entered a material agreement93
  8. Jun 18, 20268-K Other events94
  9. Jun 18, 20268-K Entered a material agreement; Change to shareholders' rights; Executive or director change95
  10. May 5, 20268-K Results of operations96
  11. Apr 20, 20268-K Entered a material agreement97
  12. Mar 16, 20268-K Bylaws or fiscal year changed98
  13. Jan 2, 2024New chief executive Amir Vadim Vexler becomes CEO17
  14. Apr 10, 2019New chief executive Daniel B. Poneman becomes CEO18
  15. Jun 29, 1998Founded CENTRUS ENERGY CORP is founded2

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.19 a share, on Nov 5, 2025.99

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results92
  2. May 5, 2026Reported quarterly or annual results96
  3. Feb 10, 2026Reported quarterly or annual results100
  4. Nov 5, 2025Reported quarterly or annual results101
  5. Aug 5, 2025Reported quarterly or annual results102
  6. May 7, 2025Reported quarterly or annual results103
  7. Feb 6, 2025Reported quarterly or annual results104
  8. Oct 28, 2024Reported quarterly or annual results105

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

311 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 89 major events, 114 insider forms, 34 large holders, 54 other. The latest 20:

  1. Sep 17, 20268-K EDGAR
  2. Sep 11, 20268-K EDGAR
  3. Sep 11, 2026424B5 EDGAR
  4. Sep 11, 2026FWP EDGAR
  5. Sep 9, 20268-K EDGAR
  6. Sep 9, 2026424B5 EDGAR
  7. Sep 8, 2026SCHEDULE 13G EDGAR
  8. Sep 4, 2026SCHEDULE 13G/A EDGAR
  9. Aug 18, 20268-K EDGAR
  10. Aug 14, 2026SCHEDULE 13G/A EDGAR
  11. Aug 13, 20264 EDGAR
  12. Aug 7, 2026SCHEDULE 13G EDGAR
  13. Aug 6, 20268-K EDGAR
  14. Aug 6, 202610-Q EDGAR
  15. Aug 5, 20268-K EDGAR
  16. Jul 31, 2026SCHEDULE 13G EDGAR
  17. Jul 27, 2026SCHEDULE 13G/A EDGAR
  18. Jul 15, 2026SCHEDULE 13G EDGAR
  19. Jul 14, 20264/A EDGAR
  20. Jul 2, 20268-K EDGAR

The 311 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

31 open-market trades by officers, directors and large owners since October 2021: 3 buys and 28 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 11, 2026TINELLI TODD MSVP, CFO & TreasurerSale306$203.55$62.3KForm 4
May 30, 2025HARRILL KEVIN JCFO & TreasurerSale1,728$126.00$217.7KForm 4
May 13, 2025Donelson John M ASVP, Sales & Chief Mktg OffSale3,732$96.31$359.4KForm 4
Feb 12, 2025CUTLIP LARRY BSVP, FIELD OPERATIONSSale4,000$120.31$481.2KForm 4
Aug 13, 2024CUTLIP LARRY BSVP, FIELD OPERATIONSSale3,000$37.64$112.9KForm 4
Feb 26, 2024Donelson John M ASVP, Sales & Chief Mktg OffSale16,073$40.24$646.8KForm 4
Oct 9, 2023Bawabeh Morris10% ownerSale6,842$53.45$365.7KForm 4
Oct 6, 2023Bawabeh Morris10% ownerSale93,158$55.57$5.2MForm 4
Apr 3, 2023SCOTT DENNIS JOHNSVP,GEN COUNS,CCO& CORP. SEC'YSale12,505$32.29$403.8KForm 4
Mar 16, 2023Kulayba LLC10% ownerBuy25,000$33.11$827.7KForm 4
Feb 27, 2023CUTLIP LARRY BSVP, FIELD OPERATIONSSale9,000$47.00$423.0KForm 4
Nov 30, 2022Donelson John M ASVP, Sales & Chief Mktg OffSale10,304$37.79$389.4KForm 4
Nov 16, 2022SCOTT DENNIS JOHNSVP,GEN COUNS,CCO& CORP. SEC'YSale9,276$38.20$354.3KForm 4
Oct 12, 2022Strawbridge Philip OSVP, CFO, CAO & TreasurerSale10,000$35.97$359.7KForm 4
Oct 11, 2022Strawbridge Philip OSVP, CFO, CAO & TreasurerSale10,000$36.01$360.1KForm 4
Oct 5, 2022Strawbridge Philip OSVP, CFO, CAO & TreasurerSale15,000$40.98$614.7KForm 4
Oct 4, 2022Strawbridge Philip OSVP, CFO, CAO & TreasurerSale15,000$42.35$635.2KForm 4
May 17, 2022Kulayba LLC10% ownerBuy26,000$22.93$596.3KForm 4
May 13, 2022Bawabeh Morris10% ownerBuy25,900$20.59$533.2KForm 4
Apr 27, 2022PONEMAN DANIEL BPRESIDENT & CEOSale12,000$28.51$342.1KForm 4

All 31 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Amir V. Vexler53$810.0K$2.2M117
2025Kevin J. Harrill$213.5K$1.2M117
2025John M. A. Donelson61$370.9K$897.9K117
2025Patrick S. Brown47$228.8K$807.9K117
2025Todd M. Tinelli45$147.3K$759.4K117
2025Neal K. Nagarajan41$340.0K$751.8K117
2025Larry B. Cutlip$225.3K$647.6K117
2024President and CEO$810.0K$3.5M117
2024Senior Vice PresidentSales and Chief Marketing Officer$355.9K$985.2K117
2024Former Senior Vice PresidentCFO, and Treasurer$300.0K$821.8K117
2024Senior VicePresident and Head of Investor Relations$26.2K$67.2K117
2023Senior Vice PresidentSales and Chief Marketing Officer$355.9K$750.4K117
2023Former Senior Vice PresidentCFO, and Treasurer$264.6K$583.1K117

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Van Eck Associates Corp1,651,915$277.3M0.2%+441,914
State Street Corp1,639,266$275.2M0.0%+235,614
BlackRock, Inc.1,547,719$259.8M0.0%+59,658
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,258,106$211.2M0.3%+17,126
Vanguard Capital Management LLC809,186$135.8M0.0%+6,499
Geode Capital Management, LLC474,822$79.7M0.0%+45,637
Bank of New York Mellon Corp406,771$68.3M0.0%+25,811
Dimensional Fund Advisors LP366,246$61.5M0.0%+7,899
Morgan Stanley303,523$51.0M0.0%+146,586
Renaissance Technologies LLC280,482$47.1M0.1%+119,940
Two Sigma Investments, LP235,301$39.5M0.0%+100,527
Vanguard Portfolio Management LLC232,657$39.1M0.0%+5,344
Reaves W H & Co Inc226,429$38.0M0.6%+14,511
Goehring & Rozencwajg Associates, LLC216,750$36.4M2.1%+14,692
American Century Companies Inc215,930$36.2M0.0%−13,444
Goldman Sachs Group Inc204,008$34.2M0.0%+97,183
UBS Group AG189,380$31.8M0.0%−77,417
Northern Trust Corp172,470$29.0M0.0%+11,334
Susquehanna International Group, Llp166,794$28.0M0.0%+42,546
Fmr LLC156,937$26.3M0.0%+91,189
Charles Schwab Investment Management Inc156,889$26.3M0.0%+6,269
Sara-Bay Financial148,730$25.0M6.7%−5,213
Vanguard Fiduciary Trust Co133,338$22.4M0.0%+6,167
LPL Financial LLC120,752$20.3M0.0%+57,185
Ameriprise Financial Inc118,164$19.8M0.0%+28,632

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How CENTRUS ENERGY CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCENTRUS ENERGY CORP1
  • CIK0001065059
  • Employer ID (EIN)52-21079116
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 311
  • Industry code (SIC)1400 Mining & Quarrying of Nonmetallic Minerals (No Fuels)1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address6901 Rockledge Dr, Suite 800, Bethesda, MD 208171
  • Phone30156432001
  • Shares outstanding18,945,365 Common Class A shares; 719,200 Common Class B shares as of Feb 2, 20266
  • Public float$3.2B as of Jun 30, 20256
  • AuditorDELOITTE & TOUCHE LLP, McLean, Virginia PCAOB ID 34; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceJun 29, 19981
  • Filings1,888 in all: 4 (836), 8-K (373), 10-Q (84), SC 13G/A (73), 3 (63), 4/A (51), SC 13G (50), CT ORDER (35)1
    All 58 form types

    DEF 14A (28), 10-K (25), 144 (23), SC 13D/A (22), UPLOAD (18), CORRESP (16), DEFA14A (16), ARS (15), 424B5 (14), 11-K (12), S-8 (11), SCHEDULE 13G/A (10), SCHEDULE 13G (9), 8-A12B (8), 8-A12B/A (8), PRE 14A (8), 3/A (7), 10-K/A (5), FWP (5), 10-Q/A (4), NO ACT (4), S-3 (4), SC 13D (4), SC TO-I/A (4), 10-K405 (3), 5 (3), S-1/A (3), 25 (2), 424B1 (2), 8-K/A (2), CERTNYS (2), DEFR14A (2), EFFECT (2), S-1 (2), S-3/A (2), S-3ASR (2), SC TO-I (2), SEC STAFF LETTER (2), 10-KT (1), 25-NSE (1), 424B3 (1), 8-A12G (1), 8-A12G/A (1), CERT (1), D (1), PRER14A (1), RW (1), S-8 POS (1), T-3 (1), T-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 11, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Sep 17, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common Stock, par value $0.10 per shareLEUNYSE

From the cover page of the 10-K filed Feb 11, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks CENTRUS ENERGY CORP names in Item 1A of its 10-K filed Feb 11, 2026: 37 risks under these headings, as written.6

  • War in Ukraine Risks
  • The current war in Ukraine and related international or U.S. sanctions, tariffs and restrictions on trade, and the Russian response thereto, could have a material adverse impact on our business, results of operations, and financial condition.
  • Economic and Industry Risks
  • Our future prospects are tied directly to the nuclear energy industry worldwide. The financial difficulties experienced by, and operating conditions of, our customers and suppliers could adversely affect our results of operations and financial condition.
  • Our business, financial and operating performance could be adversely affected by epidemics and other health related issues.
  • Our business is exposed to price volatility associated with the procurement of SWU and uranium.
  • Operational Risks
  • Restrictions on imports or sales of SWU or uranium that we buy from our Russian supplier and our other sources of supply could adversely affect profitability and the viability of our business.
  • We may be unable to sell all of the LEU we are required to purchase under supply agreements for prices that cover our costs. In addition, our potential customers may satisfy their fuel needs for quantities for which we have not obtained an import waiver through other suppliers. Either of these events could adversely affect profitability and the viability of our business.
  • We are dependent on purchases from our suppliers and other sources to meet our obligations to customers and rely on third parties to provide essential goods and services.
  • Tariffs and other changes in international trade policy could adversely affect our business, financial condition and results of operations.
  • We face significant competition from major producers who may be less cost sensitive or may be favored due to support from foreign governments.
The other 28 risks
  • The ability to compete in certain foreign markets may be limited for legal, political, economic, or other reasons.
  • Dependence on our largest customers or suppliers could adversely affect us.
  • We may not be able to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee, which could adversely affect our business, financial condition, and results of operations.
  • There is no assurance that we will be awarded additional task orders under any of our IDIQ contracts and, if awarded, the nature, timing and amount of the task orders that may be issued under an award is uncertain.
  • The dollar amount of the LEU backlog, as stated at any given time, is not necessarily indicative of future sales revenues and is subject to uncertainty.
  • Our ability to operate the HALEU demonstration cascade pursuant to our contract with the Department of Energy under the HALEU Operation Contract after its completion is dependent on our ability to secure additional contracts or other funding sources.
  • Our Technical Solutions segment conducts business under various types of contracts, including fixed-price and cost-share contracts, which subjects us to risks associated with cost overruns.
  • Financial Risks
  • We have significant long-term liabilities.
  • The conditional conversion feature of our 0% Convertible Notes and 2.25% Convertible Notes, if triggered, may adversely affect our financial condition and operating results.
  • Conversion of our 0% Convertible Notes and 2.25% Convertible Notes may dilute the ownership interest of our stockholders or may otherwise depress the price of our common stock.
  • Certain provisions in the indentures governing the 0% Convertible Notes and 2.25% Convertible Notes may delay or prevent an otherwise beneficial takeover attempt of us.
  • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our debt.
  • The Company has material unfunded postretirement health and life benefit obligations. Changes in interest rates and other factors affecting the amounts to be contributed to fund future postretirement benefit liabilities could adversely affect earnings and cash flows in future periods.
  • Our revenues and operating results may fluctuate significantly from quarter to quarter and year to year, which could have an adverse effect on our cash flows.
  • Results of operations could be negatively impacted if adverse conditions or changes in circumstances indicate a possible impairment loss related to our intangible assets.
  • Centrus is dependent on intercompany support from Enrichment Corp.
  • A small number of holders of our Class A Common Stock may exert significant influence over the direction of the Company.
  • Our ability to utilize our NOL carryforwards to offset future taxable income may be limited.
  • Legal and Compliance Risks
  • Our operations are highly regulated by the U.S. government, including the NRC and the DOE as well as the States of Ohio and Tennessee and could be significantly impacted by changes in government policies and priorities.
  • Our operations involve the use, transportation and disposal of toxic, hazardous and/or radioactive materials and could result in liability without regard to fault or negligence.
  • Our certificate of incorporation gives us certain rights with respect to equity securities held (beneficially or of record) by foreign persons. If levels of foreign ownership set forth in our certificate of incorporation are exceeded, we have the right, among other things, to redeem or exchange common stock held by foreign persons, and in certain cases, the applicable redemption price or exchange value may be equal to the lower of fair market value or a foreign person’s purchase price.
  • General Risk Factors
  • Failures to protect classified or other sensitive information, or cybersecurity incidents could result in significant liability or otherwise have an adverse effect on our business.
  • The inability to attract and retain key personnel could have an adverse impact on our business.
  • The potential for the DOE to seek to terminate or exercise its remedies under the 2002 DOE-USEC Agreement and our other agreements with DOE, or to require modifications to such agreements that are adverse to our interests, may have adverse consequences on the Company.
  • Our U.S. government contract work is regularly reviewed and audited by the U.S. government and these reviews can lead to withholding or delay of payments to us, non-receipt of award fees, legal actions, fines, penalties and liabilities, and other remedies against us.
  • Our U.S. government contracts and subcontracts are dependent on continued U.S. government funding and government appropriations, which may not be made on a timely basis or at all, and could have an adverse effect on our business.
  • Our success depends on our ability to adapt to a rapidly changing competitive environment in the nuclear industry.
  • Changes to, or termination of, any agreements with the U.S. government, or deterioration in our relationship with the U.S. government, could adversely affect results of operations.

Legal proceedings

Refer to Note 17, Commitments and Contingencies — Legal Matters, of our Consolidated Financial Statements in Part IV of this Annual Report.

The opening of Item 3, Legal Proceedings.6

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