LEU

Centrus is two businesses wearing one ticker. The first — and by far the larger — is the LEU segment: a uranium enrichment services and SWU (separative work unit) trading operation. Centrus buys enrichment capacity from foreign suppliers (primarily Orano and, historically, Russian state-owned Tenex), then resells enriched uranium to US utilities under long-term contracts. This is essentially a brokerage and logistics operation with a $2.9B backlog. FY2025 LEU segment revenue was $346M.

The second business is Technical Solutions, which runs the HALEU demonstration cascade in Piketon, Ohio, under contract to the Department of Energy. This 16-centrifuge cascade produced over one metric ton of HALEU UF6 by the end of 2025 — a real milestone, but measured in kilograms, not the metric tons per year that commercial reactors will eventually need. Technical Solutions revenue was $102.5M in 2025, mostly cost-reimbursable government work.

The pivot everyone is betting on: Centrus was awarded $900M by the DOE in late 2025 to build commercial-scale HALEU enrichment at Piketon. The plan calls for a 120-centrifuge cascade producing ~6 MT/year of HALEU, with the first cascade expected online in 2029 and a target of 12+ MT/year sometime after 2030. Construction contractor Geiger Brothers has been selected. The company is also hiring 150+ new employees and advancing long-lead procurement.

The complication: the reactors that will burn this fuel — X-energy's Xe-100, Kairos Power's KP-FHR, TerraPower's Natrium — are themselves still in development. None are expected to reach commercial operation before 2030 at the earliest. So Centrus is building the gas station before the cars arrive, which is either brilliant foresight or a timing mismatch depending on your reactor deployment assumptions.