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Second-quarter revenue rose 14% year over year to $176.1 million, while adjusted net income reached $38.7 million, or $1.77 per diluted share. The LEU segment grew 22% to $153.4 million, partially offset by a 21% decline in Technical Solutions revenue.
Centrus' commercial backlog expanded to $4.5 billion through 2040, including $3 billion in contingent LEU and HALEU enrichment sales. The company also secured a $900 million DOE task order and new HALEU agreements with Oklo and X-energy to support capacity expansion.
Management maintained 2026 revenue guidance of $450 million to $500 million and capital-spending guidance of $350 million to $500 million. Centrus expects spending to accelerate, raised its 2026 Piketon hiring target to more than 175 employees, and continues targeting commercial production in 2029.
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Centrus Energy (NYSE:LEU) reported second-quarter 2026 revenue growth and expanded its commercial backlog as the company advanced plans to build U.S. uranium-enrichment capacity for low-enriched uranium, or LEU, and high-assay low-enriched uranium, or HALEU.
Revenue for the quarter ended June 30 rose 14% from a year earlier to $176.1 million. The company reported gross profit of $49.9 million, operating income of $10.4 million and net income of $16.8 million, or $0.77 per diluted share. Adjusted net income was $38.7 million, equivalent to $1.77 per diluted share.
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President and Chief Executive Officer Amir Vexler said the quarter benefited from demand growth across Centrus' commercial LEU, national-security and HALEU markets. He said the company sees a growing imbalance between enrichment supply and demand, alongside continued increases in published LEU prices.
Centrus ended the quarter with a $4.5 billion backlog extending through 2040, including $3.7 billion in its LEU segment and $800 million in its Technical Solutions segment. The LEU backlog included $700 million of broker-dealer business and $3 billion in contingent LEU and HALEU enrichment sales.
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Chief Financial Officer Todd Tinelli said backlog growth was driven by an approximately $600 million increase in LEU and HALEU enrichment sales. Of the roughly $3 billion in enrichment backlog, $2.4 billion was under definitive agreements. The company said the backlog increase reflected commercial agreements and did not include Department of Energy awards.
Centrus said it has met all financial contingencies associated with its contingent LEU enrichment backlog, covering more than $3 billion in customer contracts. Vexler said this milestone reduces risk around the company's multi-billion-dollar capacity expansion and could improve its position with utilities considering long-term enrichment supply arrangements.
