Centrus Energy Corp.

Centrus Energy shares surged 7% in Monday's trading after The Wall Street Journal's Heard On The Street column praised the company's unique position and argued its shares deserve an energy security premium. Columnist Jinjoo Lee wrote that while Centrus shares peaked late last year before losing steam this year alongside other nuclear stocks, the company looks less speculative than other nuclear plays. The stock still is not cheap at 52x forward earnings, but Centrus' market cap is less than half that of X-Energy and Oklo, both small modular reactor companies that are nowhere near generating a profit. UxC President Jonathan Hinze said demand will not pose a problem even as incumbents Urenco and Orano expand or add enrichment capacity in the U.S., because utilities want diversification, and South Korean utility Korea Hydro & Nuclear Power has signed a long-term supply agreement with Centrus. Centrus expects most of its future enrichment revenues to come from low-enriched uranium used by conventional reactors, but it is the only company with a Nuclear Regulatory Commission license to produce the highly enriched uranium required by some new technologies, and it is the only enrichment company relying solely on domestically made components, making it the only player that can meet U.S. national security needs such as naval reactors.

Google has signed a 22-year agreement covering up to 50% of the capacity of Finland's Loviisa nuclear plant, supporting its life extension through 2050, as part of a €13 billion ($15.1 billion) investment in the country over 2027 and 2028 to expand digital infrastructure including data-center capacity. The deal reflects a broader hyperscaler trend in which Alphabet, Amazon.com Inc, Meta Platforms Inc and Microsoft Corp have all pursued nuclear power agreements or partnerships as AI pushes their electricity requirements higher, with a Carnegie analysis estimating those commitments could represent roughly 6.9 gigawatts of nuclear capacity by the early 2030s. Christo Liebenberg, co-founder and president of LIS Technologies, told Benzinga in an exclusive interview that hyperscalers are investing heavily in power purchase agreements with reactor companies but very little in fuel purchase agreements into the nuclear fuel supply chain. Liebenberg argues the U.S. has underbuilt several stages of the nuclear fuel chain, from uranium mining through conversion, enrichment and fuel fabrication, a gap particularly relevant for advanced reactors that may require specialized fuels such as HALEU. The U.S. government is already spending billions to rebuild domestic enrichment capacity, while companies including Centrus are developing additional production, and Liebenberg says Big Tech and the U.S. government will need to help fund that broader infrastructure if the nuclear buildout is to match rising electricity demand.

Centrus Energy Corp. reported on September 17 that it had signed a multi-year contract to supply high-assay low-enriched uranium, or HALEU, to Antares Nuclear, with deliveries expected to begin before the end of the decade. Financial terms were not disclosed, but the deal includes prepayments from Antares to help fund Centrus' expanded HALEU capacity. Antares is developing compact microreactors for critical missions on Earth and in space and was recently selected for the U.S. Army's Janus Program, a $2.2 billion initiative to build and operate tiny nuclear reactors on military bases. Centrus President and CEO Amir Vexler said the contract is another sign that demand for HALEU is real and accelerating, and that binding orders from Antares and others are supporting the company's expansion to commercial-scale production. The agreement adds to Centrus Energy's backlog of $4.5 billion as of the end of the second quarter, including about $3 billion of contingent LEU and HALEU sales commitments, of which around $2.4 billion are under definitive agreements. The deal's near-term impact remains limited, since the contract value, pricing and delivery volumes were not disclosed and deliveries are years away, while Centrus' first new commercial capacity is not expected online before 2029.

Oklo, the microreactor developer that went public through a SPAC merger on May 10, 2024, is targeting deployment of its first Aurora Powerhouse microreactors in Idaho in late 2027 or early 2028, with analysts expecting revenue to rise to $2 million in 2026, $8 million in 2027, and $53 million in 2028. The Aurora generates only 1.5 MWe on its own but is designed to be deployed alongside additional microreactors to build plants capable of generating up to 75 MWe, far below the over 1,000 MWe of a conventional nuclear plant, though its modular, factory-prefabricated design suits remote, off-grid sites and data center operators. The Nuclear Regulatory Commission approved Oklo's Principal Design Criteria for the Aurora in June, and the company achieved criticality at Groves One, its first pilot isotope-production reactor, in early August, deploying it in just 229 days. Oklo's partnership with Meta Platforms, announced in January, aims to deliver 1.2 GW of power at a nuclear campus in Ohio, with initial phases expected online around 2030, and the company is working to convert a multi-gigawatt pipeline of non-binding letters of intent, including a 14 GW agreement with Switch, into firm Power Purchase Agreements. Oklo also signed an LOI to buy HALEU from Centrus Energy, one of the only companies authorized to produce and enrich HALEU in the United States, while carrying a $7.4 billion market cap that trades at 139 times its 2028 sales.

Oklo announced an at-the-market offering to sell up to $1 billion in stock on Sept. 11, sending its share price down close to its 52-week low of about $36. By Sept. 11, the stock was trading about 9% lower since the start of the month, a sharp reversal from its more than 12% gain through Sept. 8. The nuclear company is operating mostly pre-revenue, without a commercial reactor or the licensing to operate one, yet carries a roughly $7 billion market valuation. Since peaking at $193 a share last October, Oklo has struck a landmark deal with Meta Platforms to support the tech giant's 1.2 gigawatt nuclear campus in Ohio, signed a critical fuel-supply agreement with Centrus, and achieved first criticality at its Groves isotope test reactor. At $37, the lower price could make a small, speculative position more appealing for investors willing to accept the risks, including securing regulatory approval for its reactors and the possibility of further dilution.

Centrus Energy CEO Amir Vexler said he sees a new market for the company's enriched uranium coming from the U.S. military through a potential supply deal to meet domestic security needs. Vexler told Bloomberg in an interview that he anticipates a U.S. government contract to supply nuclear fuel for defense will be finalized this year, after the Department of Energy issued a notice of intent last year to award the sole-source contract to Centrus, the only U.S.-owned company that produces enriched uranium for reactors. An agreement could include supplying fuel for U.S. Navy vessels or small reactors the military plans to deploy at bases, and could also support production of tritium used to make nuclear weapons, though end uses would be determined by the DoE's National Nuclear Security Administration. Centrus, which is building out a multibillion-dollar enrichment facility in Ohio, has a competitive edge in the national security market because of restrictions on using uranium sourced abroad for U.S. military applications.

X-Energy announced that the Department of Energy will provide up to an additional $1 billion for its ARDP cooperative agreement, potentially raising DOE’s cost share to $2.115 billion. CEO Clay Sell said the company has secured 7.6 metric tons of HALEU from the DOE and executed long-term enrichment agreements with Centrus Energy Corp. and General Matter. X-Energy will invest up to $8 million in milestone-based payments with SGL Carbon to double medium-grain graphite capacity by 2030. CFO Daniel Gross reported Q2 2026 total revenues and grant income of $54.6 million, with $1.9 billion in cash and investments and zero debt outstanding. The company expects NRC construction permit issuance by the first quarter of 2027 and is finalizing an agreement with a major investor-owned utility for its next 1 gigawatt project.

Among five nuclear stocks driving market enthusiasm, only Cameco and Centrus Energy sell nuclear fuel today, while Oklo, NuScale Power, and Nano Nuclear Energy remain pre-commercial developers with a combined market value of about $12 billion against roughly $12 million in trailing revenue. Cameco, with a market value of about $41 billion, booked about $2.5 billion in trailing-12-month revenue and raised its full-year outlook for realized uranium prices and revenue despite second-quarter production disruptions. Centrus Energy, valued at about $3.6 billion, generated about $474 million in trailing revenue and operates America's first facility licensed to produce high-assay low-enriched uranium, the fuel most advanced reactor designs require. The three developers hold billions in cash and are pursuing regulatory milestones and first commercial deployments, with Oklo reporting a first-half net loss of $81.6 million on $1.2 million in second-quarter revenue, NuScale holding the first NRC-certified small modular reactor design but only $10.7 million in trailing sales, and Nano Nuclear yet to record any revenue. The sell-off has pushed NuScale about 83% below its 52-week high, Oklo about 77% below, and Nano Nuclear about 70% below, while Cameco sits about 29% below its peak.

Centrus Energy reported second-quarter revenue rose 14% year over year to $176.1 million, with adjusted net income of $38.7 million, or $1.77 per diluted share. The LEU segment grew 22% to $153.4 million, while Technical Solutions revenue declined 21% to $22.7 million. The company's commercial backlog expanded to $4.5 billion through 2040, including $3 billion in contingent LEU and HALEU enrichment sales. Centrus also secured a $900 million Department of Energy task order and new HALEU agreements with Oklo and X-energy to support capacity expansion. Management maintained 2026 revenue guidance of $450 million to $500 million and capital-spending guidance of $350 million to $500 million, while raising its Piketon hiring target to more than 175 employees and continuing to target commercial production in 2029.

Centrus Energy, the only US company licensed to produce high-assay low-enriched uranium, reported a record $3.9 billion backlog extending through 2040 at the end of the first quarter of 2026. Roughly $3.1 billion of that backlog comes from its low-enriched uranium business. The company ended the quarter with approximately $1.8 billion in cash, cash equivalents, and restricted cash, while generating $76.7 million in revenue and $10 million in GAAP net income. Earlier this year, the US Department of Energy awarded Centrus a contract worth up to $900 million to help establish a domestic HALEU supply chain, reinforcing its position as a key player in America's nuclear fuel independence.

The United States and Saudi Arabia have signed a landmark 30-year, multibillion-dollar agreement to develop a civilian nuclear program in the kingdom, the U.S. Department of Energy announced Wednesday. The deal gives American companies a central role in building Saudi nuclear infrastructure while shutting out foreign competitors, and it could open the door to uranium enrichment on Saudi territory. The agreement is expected to be submitted to Congress for review in the coming days, but blocking it would require a joint resolution and a two-thirds majority vote to override a potential presidential veto. Saudi Arabia, which currently produces virtually all of its domestic energy from fossil fuels, insists its intentions are peaceful, though Crown Prince Mohammed bin Salman has said the kingdom would follow suit if Iran ever develops a nuclear weapon. Westinghouse Electric and its AP1000 reactor, which produces roughly 1,100 megawatts of electricity, are likely to be among the biggest beneficiaries, along with other companies such as Bechtel, BWX Technologies, and Centrus Energy.

Centrus Energy is set to join the S&P SmallCap 600 Index, reflecting its role in U.S. nuclear energy security and efforts to restore the domestic fuel supply chain. The company is expanding uranium enrichment capacity and has reached a key Department of Energy contract milestone for advanced nuclear fuel. The index inclusion may draw additional institutional and ETF interest, while investors watch how new contracts and capacity expansion translate into financial performance.

Oklo shares fell 21.8% in June even as the nuclear startup secured key approvals and partnerships. The company won a crucial Department of Energy safety approval for its Idaho National Laboratory plant, signed a memorandum of understanding with Standard Nuclear on fuel recycling, and locked a strategic partnership with Centrus Energy to supply high-assay low-enriched uranium for up to five Aurora powerhouses destined for a 1.2 GW campus supporting Meta Platforms data centers. Oklo also acquired Creative Engineers and ARMEC to strengthen reactor technology and manufacturing. The decline was driven by a broad sell-off in small modular reactor stocks after the DOE announced a $17.5 billion loan program for traditional large-scale reactors, spooking investors and triggering profit-taking in a pre-revenue company still years from commercial operations.

S&P Dow Jones Indices announced that Midera Food Processing and Centrus Energy will be added to the S&P SmallCap 600 index. Midera Food Processing will replace Redwood Trust effective before the open on July 8, following its spin-off from S&P MidCap 400 constituent The Middleby Corp. Centrus Energy will replace Whitestone REIT effective before the open on July 14, as S&P 500 constituent Ares Management Corp. acquires Whitestone REIT in a deal expected to close around that date.

Centrus Energy shares have fallen about 63% from their all-time high of $464.25 in October 2025, creating a potential buying opportunity for long-term investors. The company is the only U.S.-licensed producer of high-assay, low-enriched uranium, or HALEU, which is essential for next-generation nuclear reactors and has a market opportunity that could reach $8 billion annually by 2035. Centrus reported mixed first-quarter results with GAAP earnings per share of $0.45 missing estimates, but non-GAAP adjusted earnings per share of $1.05 beat consensus, and management raised full-year revenue guidance to between $450 million and $500 million. The company holds a $3.9 billion order backlog extending through 2040 and operates under a Department of Energy HALEU contract worth up to $900 million, de-risking its expansion. On June 19, Centrus signed an agreement to supply HALEU to Oklo for up to five Aurora powerhouses in Southern Ohio, with deliveries starting in 2029.

Centrus Energy's order backlog has swelled to $3.9 billion as of May 2026, including contingent sales, with contracts extending through 2040, providing long-term cash flow visibility. The company, the only publicly traded, deployment-ready enricher and the sole HALEU enricher in the Western world, recently signed a letter of intent with Oklo to supply high-assay low-enriched uranium for five Aurora powerhouses beginning in 2029. Centrus reported fiscal 2025 revenue of $448.7 million and gross profit of $117.5 million, with its LEU segment contributing 77% of revenue, and ended the year with a $2 billion cash buffer. Analysts have a consensus Moderate Buy rating on the stock with a mean price target of $275.08, implying 47% upside, while the most bullish target of $390 suggests a potential gain of 103.8%. The company guided for fiscal 2026 revenue of $475 million at the midpoint, representing 5.9% year-over-year growth, and sees a total addressable market for LEU in U.S. reactors of $3 billion annually, with the HALEU market projected to reach $2.8 billion per year by 2030 and $8 billion by 2035.

Oklo has signed a Letter of Intent with Centrus Energy for a multi-year supply of domestic high-assay low-enriched uranium to power up to five Aurora powerhouses, with deliveries starting in 2029. The fuel will come from Centrus's American Centrifuge Plant in Pike County, Ohio, supporting Oklo's planned 1.2 GW Clean Energy Campus in the same region. The LOI anticipates a definitive contract and could include prepayments from Oklo to Centrus, mirroring the structure of Oklo's January 2026 agreement with Meta. Centrus is funding its expansion through a previously announced $900 million HALEU task order from the US Department of Energy and private capital. Oklo also signed an MOU with Kiewit Nuclear Solutions for engineering, procurement, and construction planning for the initial Aurora deployments.

Oklo shares closed up 4% on Thursday after the company signed a letter of intent with Centrus Energy Group to supply high-assay low-enriched uranium for up to five small nuclear reactors being built in southern Ohio. The reactors, developed in partnership with Meta Platforms, will power the social media giant's data centers. Fuel deliveries are set to begin in 2029 and last for multiple years, though financial terms were not disclosed. The agreement marks a key step forward for Oklo's high-profile project with Meta.

FreeCast shares surged 170% in premarket trading after the company announced a reseller agreement for Starlink Business services, allowing it to offer enterprise satellite broadband alongside its streaming platform. Accenture tumbled more than 11% after trimming the upper end of its annual revenue growth forecast and announcing cybersecurity acquisitions including a majority stake in Dragos. Pfizer slipped 1.7% on news that CFO Dave Denton will step down in August. Oklo rose 2% after signing a letter of intent with Centrus Energy for high-assay low-enriched uranium supply starting in 2029. Novocure fell 10% after its Phase 3 TRIDENT study failed to meet the primary endpoint of improving overall survival in newly diagnosed glioblastoma.