Earnings fell at Centrus Energy, Bethesda, Md., in the fourth quarter, which the uranium broker attributed to the decreased revenue from its uranium sector.
Net earnings for the fourth quarter ended Dec. 31 were $17.8 million, or $0.79 a share, down from $53.7 million, or $3.20 a share, in the year-ago quarter. Quarterly revenue was $146.2 million, down year-over-year from $151.6 million.
For 2025, Centrus had net income of $77.8 million, up from $73.2 million in 2024. While total revenue from 2025 was $448.7 million, up year-over-year from $442 million from 2024.
Revenue from the low-enriched uranium (LEU) segment was $346.2 million for the year, down from last year’s total revenue of $349.9 million. Centrus reported its uranium revenue dropped $55.6 million from last year. However, separative work units (SWU) revenue increased $51.9 million.
The increase in SWU revenue was a result of a 23% increase in the volume of SWU sold, partially offset by a 1% decrease in the average price of SWU sold, according to its Tuesday earnings report.
Centrus technicals solutions segment was $102.5 million for the year, up from $92.1 million in 2024. Revenue created by the HALEU (high-assay low-enriched uranium) operation contract increased by $10.5 million. According to the earnings report, revenue from the HALEU operation contract is recorded on a cost-plus-incentive-fee basis and includes target fee for phases 2 and 3 of the contract.
During the fourth quarter, Centrus began making centrifuges at its Oak Ridge, Tenn. manufacturing facility for the expansion of its uranium enrichment plant at the Department of Energy’s Portsmouth Site in Piketon, Ohio.
In January, Centrus, along with two other companies, were awarded $900 million by DOE for uranium enrichment orders. In addition, Centrus announced a $560 million expansion plan for its manufacturing facility at DOE’s Oak Ridge Site in Tennessee.
This week, Centrus and Fluor have agreed to partner up for the expansion of the enrichment plant at the Department of Energy’s Portsmouth Site in Piketon, Ohio. Within the agreement, Fluor will serve as the engineering, procurement and construction contractor for the project.
“2025 was a milestone year for Centrus marked by continuous improvements to both our existing LEU segment as well as our planned future enrichment business, punctuated by our fourth quarter announcement officially launching our centrifuge build out and the government’s selection of Centrus for a $900 million HALEU enrichment award,” Amir Vexler, Centrus president and CEO, said.