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Sep 30, 2025
Centrus Q3 2025 Earnings Report
Centrus reported net income of $3.9 million on $74.9 million in revenue for the third quarter of 2025, compared to a net loss of $5.0 million on $57.7 million in revenue in Q3 2024.
Key Takeaways
Centrus Energy Corp. delivered a strong third quarter in 2025, achieving a net income of $3.9 million on $74.9 million in revenue, a significant improvement from a net loss in the prior year. The company substantially strengthened its balance sheet with a $805 million convertible senior notes offering, increasing unrestricted cash to $1.6 billion. Strategic progress was also made in preparing for enrichment build-out, including securing U.S. government waivers for Russian committed deliveries and signing an agreement with KHNP and POSCO International for potential investment in its Piketon, Ohio, uranium enrichment plant expansion.
Centrus reported a net income of $3.9 million in Q3 2025, a substantial turnaround from a $5.0 million net loss in Q3 2024.
Total revenue increased by 30% to $74.9 million in Q3 2025, up from $57.7 million in the same period last year.
The company significantly boosted its cash and cash equivalents to $1.6318 billion by closing an $805 million convertible senior notes offering.
Centrus secured U.S. government waivers for 2026 and 2027 Russian committed deliveries and signed an agreement with KHNP and POSCO International for potential investment in its Piketon, Ohio, uranium enrichment plant expansion.
Revenue by Segment
Forward Guidance
Centrus is focused on expanding its enrichment capabilities to meet accelerating market demand for U.S.-owned enrichment supply, leveraging its strengthened financial position and strategic partnerships.
Positive Outlook
- Secured U.S. government waivers for 2026 and 2027 Russian committed deliveries, de-risking future supply.
- Significantly expanded cash balance to $1.6 billion through an oversubscribed $805 million convertible senior notes offering.
- Signed an agreement with KHNP and POSCO International for potential investment to support the Piketon, Ohio, uranium enrichment plant expansion.
- Began job hiring in anticipation of the planned expansion of the enrichment plant.
- Positioned to meet accelerating market demand for new U.S.-owned enrichment supply with LEU SWU prices near historic highs.
Challenges Ahead
- Risks related to potential inability to secure additional U.S. government waivers from the Import Ban Act in a timely manner or at all.
- Dependence on TENEX for LEU supply under existing contracts, with risks of refusal, prohibition, or inability to deliver due to sanctions or other measures.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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