Centrus Energy (LEU)

Enriched uranium / HALEU (Centrus) — domestic enrichment incl. advanced-reactor fuel

AI exposure 14% — derived from reported segment revenue, not asserted.

Where it sits

Energy Supply & Critical Minerals → Uranium & Nuclear Fuel · figures rebased to Q2 2026, reported 2026-08-05

Enriched uranium (LEU) sales for existing reactors + HALEU for advanced reactors/SMRs (only US producer) leads 2 businesses in this sub-tier that together are 100% of revenue, so Uranium & Nuclear Fuel is effectively the whole company rather than one leg of it.

Reported segments

LEU (low-enriched uranium) — 87% of revenue
Technical Solutions — 13% of revenue

Centrus Energy (~$474M TTM revenue; Q2 2026 $176.1M, +14% YoY) — uranium enrichment. LEU segment ~87% of Q2 revenue ($153.4M, +22%, but including $53.4M of low-margin uranium sales while core SWU revenue FELL $25.7M on 23% lower volumes at a 3% higher price) + Technical Solutions ~13% ($22.7M, -21%, a $1.7M gross LOSS after a $5.9M step-down in the DOE HALEU Operations contract). Blended gross margin 28.3% versus 34.9% a year earlier. Centrus is the only production-ready US HALEU source and the only company authorised to enrich uranium for the federal government, with NNSA signalling intent…

How the 14% is built

LEU (low-enriched uranium) — 87% of revenue × 12% AI-driven (estimate). Q2 segment revenue was existing-fleet SWU plus $53.4M of low-margin uranium sales — neither AI-linked; the HALEU piece that is (X-energy definitive agreement, Oklo off-take LOI) is contracted for 2029 delivery and contributes no revenue yet, so the share is lower than last quarter's estimate rather than higher
Technical Solutions — 13% of revenue × 30% AI-driven (estimate). Chiefly the DOE HALEU Operations contract and the centrifuge engineering that underpins advanced-reactor fuel — the clearest AI-adjacent work in the company, though it stepped down $5.9M in Q2 and ran a $1.7M gross loss

Investment read

Moat. US domestic enrichment capability and HALEU. Centrus is the only production-ready US HALEU source and the only company authorised to enrich uranium for the federal government, with the NNSA having signalled intent to sole-source certain enrichment activities. This quarter the policy support became contractual: the $900M DOE HALEU enrichment contract is signed — non-dilutive, non-debt capital against the Piketon build — backlog rose $600M to a record $4.5B through 2040, and the demand side converted with a definitive long-term LEU and HALEU enrichment agreement with X-energy plus a HALEU…

Bottleneck / pricing power. Rising, but still not exercised. The $4.5B backlog is ~9.5x TTM revenue, yet ~$3.0B of it converts to firm revenue only once Piketon financing closes, and the strategically important work does not carry the margin: Technical Solutions — the HALEU segment — swung to a $1.7M gross LOSS after a $5.9M contract step-down, and blended gross margin fell to 28.3% from 34.9%. SWU scarcity and Russian-supply de-risking set the market price and lifted it 3%, but volumes fell 23% and $53.4M of the quarter's revenue came from low-margin uranium sales. The contract structure does not yet capture the…

Role in the AI stack. The domestic enrichment + advanced-reactor fuel (HALEU) layer.

Connected companies

Oklo (OKLO) — LEU supplies: HALEU from the American Centrifuge Plant (Piketon, OH) under a NON-BINDING Jun-2026 letter of intent, reaffirmed with Q2 2026 results and structured to contemplate prepayments — deliveries from 2029…
Cameco (CCJ) — LEU competes with: Adjacent fuel-cycle stages (Cameco mining/conversion vs Centrus enrichment/HALEU); direct overlap only via Cameco's GLE enrichment stake
Energy Fuels (UUUU) — LEU competes with: Adjacent, not head-to-head — Centrus enrichment vs Energy Fuels uranium mining are complementary fuel-cycle stages
Constellation Energy (CEG) — LEU supplies: LEU/enriched uranium for Constellation nuclear fleet (utility fuel)
BWX Technologies (BWXT) — LEU supplies: HALEU/enrichment feedstock for BWXT advanced-reactor work

Others in Uranium & Nuclear Fuel

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