Earnings Recap — Q2 FY2026
CY Q3 2026 · Reported August 5, 2026 · Beat 4 of last 7 quarters
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Centrus's progress in signing HALEU offtake agreements with Oklo and X-energy, along with the $900M DOE award and first centrifuge completion, underscores the accelerating demand for domestic enrichment capacity. The company's ability to secure prepayments and derisk its build-out supports the broader AI infrastructure thesis, as nuclear power is increasingly relied upon to meet the power demands of data centers and AI workloads.
Centrus reported Q2 2026 revenue of $176.1M, up 14% YoY, driven by a 22% increase in LEU segment revenue to $153.4M, including $53.4M of uranium sales. Gross profit was $49.9M, down from $53.9M in Q2 2025, due to higher costs and SG&A. Net income was $16.8M ($0.77 EPS), while adjusted net income was $38.7M ($1.77 EPS). Backlog grew to $4.5B, with $3.7B in LEU and $0.8B in Technical Solutions. The company signed a $900M DOE task order, completed all HALEU production under the demonstration contract two weeks ahead of schedule, and announced HALEU offtake agreements with Oklo and X-energy. Capital spend was $82.2M in the quarter, and the company ended with $1.9B in cash.
Management reaffirmed 2026 revenue guidance of $450M-$500M and capital spend of $350M-$500M, while raising Piketon workforce additions guidance from over 100 to over 175 net new employees. They expect the first centrifuge to be completed at Oak Ridge in 2026, a key milestone toward commercial enrichment. The company plans to transition the existing 16-centrifuge HALEU cascade to commercial operations and is working with DOE on agreements to enable that. Management emphasized strong demand across commercial LEU, national security, and HALEU markets, with LEU pricing continuing to rise due to supply-demand imbalance. They also highlighted the signing of HALEU offtake agreements with Oklo (LOI) and X-energy (definitive), which include prepayments as a source of nondilutive funding. The tone was confident, with plans to host an Investor Day in December at Piketon.
“We are now signing and locking in HALEU fuel commitments from offtakers.”
on HALEU offtake agreements
“We plan to have our first centrifuge completed at our Oak Ridge facility sometime in 2026.”
on Manufacturing milestone
“We now are leading the pack, and we are the HALEU supplier. We now are the go-to for HALEU supply.”
on HALEU market position
On the X-energy partnership, can you give a sense of the cadence of deliveries and whether volumes will come from the demonstration cascade?
Amir declined to provide specific delivery details due to NDAs, but emphasized the agreement is definitive and includes prepayments, and that Centrus is becoming the go-to HALEU supplier.
Given the Russian import ban is less than 18 months away, have you seen changes in buyer behavior?
Amir noted strong order momentum and tightness on the supply side towards the end of the decade, with LEU pricing rising due to demand outstripping supply, and no new capacity expected in the next year or two.
Can you highlight similarities or differences between the Oklo and X-energy HALEU contracts?
Amir said both are similar in that customers are committing to legally binding agreements, with prepayments as a key feature. He noted the LOI with Oklo is a step before a definitive contract, and that HALEU is a bonus on top of the core LEU business.