Centrus expects new capacity in 2029. Its Ohio lease ends in 2027.
Nearly all of the backlog's growth depends on new capacity. The nuclear-fuel supplier is seeking a longer lease before year-end.
Centrus Energy is seeking a longer lease for its uranium-enrichment site in Piketon, Ohio. The company says the Department of Energy has indicated it will work toward an extension by December 31, 2026.
The current lease expires on October 1, 2027. Centrus expects the first new capacity from its expansion to come online in 2029.
That gap matters more as future sales commitments grow. Centrus reported a $7 billion backlog at September 30, up from $4.5 billion in June.
Research by Ticker Byline shows that about 96% of that $2.5 billion increase came from sales commitments that depend on expanding production capacity. We compared the company's August and November earnings releases.
| Measure | Jun 30, 2026 | Sep 30, 2026 |
|---|---|---|
| Total backlog | $4.5 | $7.0 |
| Capacity-dependent fuel commitments | $3.0 | $5.4 |
Definitive agreements cover $5.1 billion of September's $5.4 billion in capacity-dependent fuel commitments. Those commitments typically require operating milestones to be met.
From a first centrifuge to more output
Centrus sells nuclear-fuel components and enrichment services. Its new centrifuges are being built in Oak Ridge, Tennessee, for installation in Ohio.
The first shipment was announced on October 29, ahead of the year-end target set in August. By the November results, Centrus also said it had secured all critical supply-chain contracts and completed its first construction-ready design package.
It bought supplier Westerman on October 16 for about $116 million, bringing centrifuge-casing and other manufacturing work in-house.
The lease talks have a nearer financial consequence. Centrus says that without an extension by year-end, it may need to write down some or all of the investments capitalized at Piketon. That would be a noncash charge.
Cash for a long buildout
Centrus had $2.24 billion in cash at September 30, following a securities offering that generated $493.8 million in cash proceeds. In Q3, operations generated $5.6 million of cash, while capital spending was $131.6 million.
The quarter's $31.6 million reported profit included a $46.4 million noncash gain from revaluing warrants, which give investors rights to buy shares. After excluding warrant-related items, specified expansion costs and share-based compensation, Centrus reported an adjusted loss of $9.4 million.
The company kept its 2026 revenue forecast at $450 million to $500 million, unchanged from August. Fuel deliveries follow customers' annual purchase commitments, which can make quarterly sales uneven.