Centrus Energy Corp. (NYSE: LEU) announced on February 11, 2026 that its subsidiary, American Centrifuge Operating, LLC, has entered into a strategic collaboration with Fluor Corporation to serve as the engineering, procurement and construction (EPC) contractor for the company’s multi‑billion‑dollar expansion of its uranium enrichment capacity in Piketon, Ohio.
The partnership will leverage Fluor’s global experience in large‑scale nuclear construction projects to design, procure, and build the expanded facility, which is intended to address Centrus’s substantial low‑enriched uranium (LEU) backlog of $2.3 billion and to support the planned 12 metric‑ton per year high‑assay low‑enriched uranium (HALEU) production for next‑generation reactors. The expansion positions Centrus to fill the U.S. market gap created by the Prohibiting Russian Uranium Imports Act and to meet growing demand from existing nuclear utilities and advanced reactor developers.
Centrus released its Q4 2025 earnings on February 10, 2026, reporting revenue of $448.7 million, a 1.5% increase from $442.0 million in 2024, and net income of $77.8 million, up from $73.2 million. Gross profit rose 5% to $117.5 million from $111.5 million. However, earnings per share of $0.79 fell short of the consensus estimate of $1.41, a miss of 44%, and investors reacted negatively, citing the earnings miss as the primary driver of the market’s response.
Segment data show the LEU division generated $346.2 million in revenue, while the Technical Solutions segment contributed $102.5 million. The LEU segment’s gross profit increased due to higher separative work unit (SWU) volume and improved margins, partially offset by a decline in uranium gross profit. The Technical Solutions segment experienced a decline in gross profit driven by rising HALEU contract costs.
Centrus President and CEO Amir Vexler said, “With a growing contingent LEU sales backlog of $2.3 billion, a HALEU mandate from the government, and a potential sole‑source award from the NNSA, we are uniquely positioned to meet the commercial and national security market needs.”
The company’s 2026 guidance projects total revenue between $425 million and $475 million, with a midpoint of $450 million, indicating flat year‑over‑year growth. Capital deployment is expected to range from $350 million to $500 million, driven by investments in centrifuge manufacturing and industrial build‑out. The partnership with Fluor is expected to accelerate the timeline for bringing the expanded capacity online, reinforcing Centrus’s role in U.S. energy security and the emerging HALEU market.
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