Centrus Energy Corp. (NYSE: LEU), the Bethesda, Maryland uranium enrichment company, reported third quarter 2026 results on November 4. Revenue was $55.5 million, down 26% from $74.9 million in the third quarter of 2025. GAAP net income was $31.6 million, compared with $3.9 million a year earlier. The company reported a non-GAAP adjusted net loss of $9.4 million, against adjusted net income of $5.2 million in the prior-year quarter.
The net income increase was driven mainly by a $46.4 million gain from the fair value adjustment of warrant liabilities and a $4.0 million rise in investment income. Gross loss widened to $10.6 million from $4.3 million.
Revenue from the low-enriched uranium segment was $31.8 million, down 29%. Uranium revenue fell by $16.4 million because of lower volumes sold. Separative work unit revenue rose by $3.4 million, reflecting a 19% increase in SWU volume sold and a 10% increase in the average SWU price. Technical Solutions segment revenue was $23.7 million, down 21%, including a $10.2 million decrease from the HALEU production contract with the Department of Energy signed in 2022.
Total backlog stood at $7.0 billion as of September 30, extending to 2040. Centrus reported contingent LEU and HALEU enrichment commitments of about $5.4 billion, of which $5.1 billion are under definitive agreements, tied to potential construction of production capacity at its Piketon, Ohio facility.
Operationally, Centrus said it is enriching HALEU for the commercial market from its existing 16-centrifuge cascade and has begun shipping centrifuges from Oak Ridge, Tennessee, ahead of its year-end target. The company also finalized contracts with all supply chain partners it deemed critical and completed its first certified-for-construction package. Centrus also referred to its recent acquisition of Westerman.
Source: Centrus Energy Corp. (SEC Form 8-K, Exhibit 99.1) - https://www.sec.gov/Archives/edgar/data/0001065059/000162828026070229/ex991-10q2026_11x04.htm