Centrus reports increase in first quarter revenue

Earnings rose at Centrus Energy, based in Bethesda, Maryland, in the first quarter, which the uranium broker and enrichment technology developer attributed to resolved contracts and supply orders.

Net earnings for the first quarter ended were $27.2 million, or $1.60 a share, compared to $6.1 million, or $0.38 a share, in the year-ago quarter. Quarterly revenue was $73.1 million, up year-over-year from $43.7 million, Centrus reported on Wednesday in its earnings report.

The revenue from its flagship low-enriched uranium (LEU) segment, which includes uranium fuel and natural uranium sales, was around $51.3 million in three months ended on March 31, up from around $23.6 million about a year ago. The increase in sales for the quarter contributed to higher volume and composition of contracts, Centrus said in the earnings report.

Revenue from its Technical Solutions segment, the enrichment-technology business with high-assay low-enriched uranium (HALEU) enrichment and deconversion contracts with the Department of Energy, was about $21.8 million, up from $20.1 million last year. Centrus attributed the increased revenue to its HALEU Operative Contract, which generated a $2 million increase in revenue.

Centrus had a brief interruption in its supply in November 2024 that stemmed from the Russian Federation’s decree. The Russian decree would rescind TENEX’s, a Russian exporter of enriched uranium, general license to export LEU to the United States, effective through Dec. 31,, 2025.

However, Centrus has since resolved the matter for its pending orders, Centrus CEO Amir Vexler said on a Thursday conference call with Wall Street analysts. Vexler said a delayed order in the fourth quarter of 2024 was pushed into its first quarter this year.

Along with that, Vexler said a non-reoccurring lower margin contract from the first quarter of 2024 was resolved, which contributed to improved numbers for this year’s first quarter.

Vexler added tariffs have not affected its business operations yet.

“This was a strong first quarter for Centrus as we delivered robust financial results,” Vexler said in the earnings report. “Our operations have not been impacted by tariffs, and we are well positioned to execute on our expansion plans once federal funding decisions are made.

The company is continuing to produce HALEU at its American Centrifuge Plant in Piketon, Ohio for the DOE under the HALEU operative contract. Using the storage cylinders provided by the DOE, Centrus achieved cumulative deliveries to the DOE of around 670 kilograms of HALEU as of March 31.

A link to listen to Centrus earnings call can be found on the company’s website.