Uranium enrichment and HALEU (sole US commercial producer)
Centrus Energy
A US-listed uranium enrichment company with two reporting segments. The LEU segment sells low-enriched uranium and its enrichment component (SWU), the core of reactor fuel, to domestic and international nuclear utilities; it made up about 77% of total revenue in 2025. The Technical Solutions segment produces HALEU (high-assay low-enriched uranium, 5-20% U-235) in Piketon, Ohio under a contract with the US Department of Energy (DOE). Centrus is the only US firm licensed by the NRC to enrich up to 20%, making it the sole commercial HALEU producer and a bottleneck for SMR and advanced-reactor fuel. In January 2026 the DOE selected Centrus for a roughly $900 million task order to expand Piketon to commercial scale. Its largest supply source is the Russian TENEX contract, which carries supply-chain risk under US import restrictions.
LEU Updated Jul 12, 2026 2 AI consumers· 1 recurring
Financials & Segments
- Total revenue · 2025 revenue: LEU $346.2M + Technical Solutions $102.5M = ~$448.7M
- Segments · LEU segment (SWU and natural UF6, ~77% of revenue) · Technical Solutions segment (HALEU production, engineering, precision manufacturing)
Revenue from
- 미 에너지부 (DOE, HALEU 생산 계약) High confidence
Core of Technical Solutions revenue. HALEU Operation Contract base value ~$150.0M, Phase 2 value increased to $170.1M as of end-2025. In Jan 2026 the DOE selected Centrus (ACO) for a $900.0M task order to expand Piketon to commercial scale.Confirms EN PR Newswire (Centrus) Published Jun 17, 2025: Centrus secures DOE HALEU contract extension - 상업 원전 운영 유틸리티 (LEU·SWU 고객) High confidence
LEU segment's main customers are domestic and international nuclear utilities. In 2025 the ten largest nuclear-fuel customers were ~77% of total revenue and the two largest ~31% (high concentration). Average SWU order ~$10.2M. LEU backlog ~$2.9bn through 2040.Mentions KO Mirae Asset Securities Published Dec 15, 2025: Centrus Energy HALEU: the only HALEU producer in the US - 한국수력원자력 (KHNP, LEU 공급계약) High confidence
In Nov 2025 Centrus disclosed a 10-year LEU supply arrangement with Korea Hydro & Nuclear Power (KHNP), ~$1.8bn (about KRW 2.4tn) in orders, to be supplied from a new US centrifuge plant slated for construction. An example of US enriched uranium supplied to an Asian utility.Mentions KO Korea Economic Daily Published Nov 27, 2025: Centrus Energy monopolizes US reactor uranium productionConfirms KO The Guru Published Nov 27, 2025: KHNP-Centrus LEU supply contract detailed: 10 years, ~$1.8bn - SMR·첨단 원자로 개발사 (HALEU 연료) Medium confidence
Many advanced reactor and fuel designs require HALEU, and the supply shortage is the biggest obstacle to their commercialization. Centrus is the only US firm licensed by the NRC to enrich up to 20%, positioned to fill a critical bottleneck for next-gen reactor deployment. (No commercial HALEU revenue booked as of FY2025; DOE owns the demonstration output.)Mentions EN MarketBeat Published Jul 9, 2026: Centrus Energy (LEU) Analyst Forecast and Price Target
Pays to
- TENEX / 로사톰 (러시아 SWU 공급) High confidence
Centrus's largest supply contract. Under the TENEX Supply Contract it buys the SWU contained in LEU and delivers natural UF6; the contract runs through 2028. Well over half of the LEU expected to be delivered through 2027 was sourced under TENEX. A 2019 market-related price reset sharply lowered cost of sales. The US Import Ban Act and the Russian Decree pose execution risk. - Orano (프랑스 SWU 공급) High confidence
Second long-term SWU supply source. Under the Orano Supply Agreement it buys the SWU contained in LEU and delivers natural uranium; deliveries began in 2023 and extend through 2030, with adjustable annual minimums/maximums, market-based pricing with floors and ceilings, and payment in a mix of dollars and euros. - 미 에너지부 (DOE, 파이크턴 시설 리스·원심분리 기술 로열티) Medium confidence
Leases the Piketon (Ohio) industrial buildings and Oak Ridge (Tennessee) facilities from the DOE. Pays an annual royalty of 1-2% of SWU revenue under a non-exclusive license to DOE centrifuge inventions (minimum $100k/yr, cumulative cap $100M).