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Centrus Energy's Revenues Slip 2% in 1H25: Recovery Ahead?
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Key Takeaways
Centrus Energy posted $227.6M in 1H25 revenues, down 2% year over year.
LEU segment's revenues fell 8% with no uranium sales, offsetting 66% growth in Technical revenues.
2025 revenues are projected at $454M, driven by SWU strength and uranium sales later in the year.
Centrus Energy (LEU - Free Report) reported total revenues of $227.6 million in the first half of 2025, reflecting a 2% decline year over year. This was mainly attributed to lower results in its Low-Enriched Uranium segment due to the absence of uranium sales during this period. The segment’s weak performance offset the 66% surge in the Technical segment’s revenues.
The company’s Low-Enriched Uranium segment generates revenues from the sales of the Separative Work Units (SWU) component of low-enriched uranium, natural uranium hexafluoride, uranium concentrates and products. Revenues in the first half of 2025 for the segment were reported at $177 million, an 8% decline year over year. This mainly resulted from SWU revenues, at $177 million, which was 8% higher than the $163 million in the first half of 2024. A 24% increase in the average price of SWU sold was offset by a 12% decrease in the volume of SWU sold. In contrast, the company did not generate any uranium revenues in the first half, in contrast to the $29.9 million of uranium revenues in the first half of 2024.
In 2024, Centrus Energy’s total revenues climbed 38% to $442 million. Of this, the LEU segment’s revenues contributed $349.9 million, with uranium revenues jumping 70% year over year. This was aided by a 50% increase in the average price of uranium sold and a 13% increase in the sales volume. SWU revenues were up 19% in 2024 and the Technical segment’s revenues were up 80% to $92.1 million.
Uranium prices had been under pressure earlier this year due to oversupply and uncertain demand. Prices surged to $83.50 per pound in September, the highest in nearly a year, fueled by growing expectations of expanded nuclear power capacity, fresh purchases by physical uranium funds and policy initiatives. The United States has announced it would boost its strategic uranium reserve. India aims to boost its nuclear capacity to at least 100 GW by 2047, and the United States plans to quadruple its nuclear capacity to 400 GW by 2050.
The U.S. and the U.K. governments recently signed the Technology Prosperity Deal, which seeks to accelerate reactor approvals and aid the U.K. in achieving complete independence from Russian nuclear fuel by the end of 2028. Additionally, with Cameco (CCJ - Free Report) lowering its 2025 guidance and Kazatomprom reducing its output by 10% for next year, supply concerns have been triggered, supporting prices.
Against this favorable backdrop, Centrus Energy’s 2025 revenues are expected to reach $454 million, suggesting a 2.75% increase year over year. These factors include ongoing strength in the SWU and Technical segment and uranium sales in the back half of the year.
How Did Peers Fare in 1H25?
Energy Fuels Inc. (UUUU - Free Report) reported revenues of $21 million in the first half of 2025, marking a 38% plunge from the year-ago period. The decline was mainly due to lower uranium sales as a result of contract delivery timing and the decision to retain uranium in inventory amid low prices. Revenues from Heavy Mineral Sands were $15.82 million for the six months ended June 30, 2025, providing partial support.
Energy Fuels sold 50,000 pounds of uranium in the spot market, generating $3.85 million, at an average price of $77 per pound in the first half of 2025. Notably, the company sold 400,000 pounds of uranium in the first half of 2024, with a weighted-average sales price of $84.76 per pound.
Energy Fuels plans uranium sales of 350,000 pounds this year. This, however, did not consider any spot sales the company may make in case prices go up.
Cameco’s total revenues in the first half of 2025 increased 35% year over year to CAD 1,666 million ($1,184 million). Uranium revenues were up 27% to CAD 1,324 million ($941 million), driven by a 16% rise in sales volume and an increase of 10% in the Canadian dollar average realized price, which benefited from fixed-price contracts, even though U.S. dollar spot prices fell 24%.
Cameco has delivered 15.6 million pounds of uranium so far in 2025, reaching the halfway mark of its full-year target of 31-34 million pounds.
LEU’s Price Performance, Valuation & Estimates
Centrus Energy shares have soared 494.8% so far this year compared with the industry’s 27.3% growth.
Image Source: Zacks Investment Research
LEU is trading at a forward 12-month price/sales multiple of 14.59X, a significant premium to the industry’s 3.67X. It has a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Centrus Energy’s 2025 earnings is pegged at $4.32 per share, indicating a 3.4% year-over-year decline. The same for 2026 is $3.25, indicating a decline of 24.7%.
Here is how the EPS estimates for 2025 and 2026 have been revised over the past 60 days.
Image: Bigstock
Centrus Energy's Revenues Slip 2% in 1H25: Recovery Ahead?
Key Takeaways
Centrus Energy (LEU - Free Report) reported total revenues of $227.6 million in the first half of 2025, reflecting a 2% decline year over year. This was mainly attributed to lower results in its Low-Enriched Uranium segment due to the absence of uranium sales during this period. The segment’s weak performance offset the 66% surge in the Technical segment’s revenues.
The company’s Low-Enriched Uranium segment generates revenues from the sales of the Separative Work Units (SWU) component of low-enriched uranium, natural uranium hexafluoride, uranium concentrates and products. Revenues in the first half of 2025 for the segment were reported at $177 million, an 8% decline year over year. This mainly resulted from SWU revenues, at $177 million, which was 8% higher than the $163 million in the first half of 2024. A 24% increase in the average price of SWU sold was offset by a 12% decrease in the volume of SWU sold. In contrast, the company did not generate any uranium revenues in the first half, in contrast to the $29.9 million of uranium revenues in the first half of 2024.
In 2024, Centrus Energy’s total revenues climbed 38% to $442 million. Of this, the LEU segment’s revenues contributed $349.9 million, with uranium revenues jumping 70% year over year. This was aided by a 50% increase in the average price of uranium sold and a 13% increase in the sales volume. SWU revenues were up 19% in 2024 and the Technical segment’s revenues were up 80% to $92.1 million.
Uranium prices had been under pressure earlier this year due to oversupply and uncertain demand. Prices surged to $83.50 per pound in September, the highest in nearly a year, fueled by growing expectations of expanded nuclear power capacity, fresh purchases by physical uranium funds and policy initiatives. The United States has announced it would boost its strategic uranium reserve. India aims to boost its nuclear capacity to at least 100 GW by 2047, and the United States plans to quadruple its nuclear capacity to 400 GW by 2050.
The U.S. and the U.K. governments recently signed the Technology Prosperity Deal, which seeks to accelerate reactor approvals and aid the U.K. in achieving complete independence from Russian nuclear fuel by the end of 2028. Additionally, with Cameco (CCJ - Free Report) lowering its 2025 guidance and Kazatomprom reducing its output by 10% for next year, supply concerns have been triggered, supporting prices.
Against this favorable backdrop, Centrus Energy’s 2025 revenues are expected to reach $454 million, suggesting a 2.75% increase year over year. These factors include ongoing strength in the SWU and Technical segment and uranium sales in the back half of the year.
How Did Peers Fare in 1H25?
Energy Fuels Inc. (UUUU - Free Report) reported revenues of $21 million in the first half of 2025, marking a 38% plunge from the year-ago period. The decline was mainly due to lower uranium sales as a result of contract delivery timing and the decision to retain uranium in inventory amid low prices. Revenues from Heavy Mineral Sands were $15.82 million for the six months ended June 30, 2025, providing partial support.
Energy Fuels sold 50,000 pounds of uranium in the spot market, generating $3.85 million, at an average price of $77 per pound in the first half of 2025. Notably, the company sold 400,000 pounds of uranium in the first half of 2024, with a weighted-average sales price of $84.76 per pound.
Energy Fuels plans uranium sales of 350,000 pounds this year. This, however, did not consider any spot sales the company may make in case prices go up.
Cameco’s total revenues in the first half of 2025 increased 35% year over year to CAD 1,666 million ($1,184 million). Uranium revenues were up 27% to CAD 1,324 million ($941 million), driven by a 16% rise in sales volume and an increase of 10% in the Canadian dollar average realized price, which benefited from fixed-price contracts, even though U.S. dollar spot prices fell 24%.
Cameco has delivered 15.6 million pounds of uranium so far in 2025, reaching the halfway mark of its full-year target of 31-34 million pounds.
LEU’s Price Performance, Valuation & Estimates
Centrus Energy shares have soared 494.8% so far this year compared with the industry’s 27.3% growth.
Image Source: Zacks Investment Research
LEU is trading at a forward 12-month price/sales multiple of 14.59X, a significant premium to the industry’s 3.67X. It has a Value Score of F.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Centrus Energy’s 2025 earnings is pegged at $4.32 per share, indicating a 3.4% year-over-year decline. The same for 2026 is $3.25, indicating a decline of 24.7%.
Here is how the EPS estimates for 2025 and 2026 have been revised over the past 60 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.