Centrus Energy reported net income of $31.6 million for the third quarter, compared with $3.9 million a year earlier, but its adjusted measure showed a $9.4 million loss versus adjusted income of $5.2 million. A $46.4 million gain from a fair-value adjustment of warrant liabilities primarily drove the increase in net income, the company said on November 4. Revenue fell 26% to $55.5 million.

Centrus completed manufacturing of its first centrifuge and began shipping centrifuges from Oak Ridge, Tennessee, ahead of its year-end target. The company also completed its first certified-for-construction package and finalized contracts with suppliers it considers critical, both ahead of target.

The company reported a $7.0 billion backlog extending to 2040, including $5.4 billion in contingent low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU) sales commitments. Of that amount, $5.1 billion is under definitive agreements supporting potential production capacity at Piketon, Ohio; the contingent commitments generally depend on operational milestones. Centrus said the proposed US fiscal 2027 budget does not include further funding for operating its HALEU cascade under a Department of Energy contract. That contract accounts for about $0.8 billion of the company’s technical-services backlog, and the department has communicated that it does not currently intend to exercise further options under it.

For 2026, Centrus expects revenue of $450 million to $500 million and capital deployment of $350 million to $500 million, driven by increased investment in centrifuge manufacturing.