CENTRUS ENERGY CORPLEU
CENTRUS ENERGY CORP Segments Disclosure
REVENUE BY GEOGRAPHIC AREA, MAJOR CUSTOMERS AND SEGMENT INFORMATION
Revenue by customer location, including customers in a foreign country representing 10% or more of total revenue, follows (in millions):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| United States | $ | 335.3 | $ | 253.4 | $ | 281.6 | |||||||||||
| Foreign: | |||||||||||||||||
Japan | 102.7 | 117.2 | 23.6 | ||||||||||||||
Netherlands | — | 42.4 | — | ||||||||||||||
Other | 10.7 | 29.0 | 15.0 | ||||||||||||||
Total foreign | 113.4 | 188.6 | 38.6 | ||||||||||||||
| Total revenue | $ | 448.7 | $ | 442.0 | $ | 320.2 | |||||||||||
The U.S. government and its contractors, in the Company’s Technical Solutions segment, represented approximately 23% of total revenue for the year ended December 31, 2025, 21% for the year ended December 31, 2024, and 16% for the year ended December 31, 2023.
The ten largest customers in the Company’s LEU segment represented approximately 77% of total revenue for the year ended December 31, 2025. Revenue from Customers A, B, C, and D represented approximately 16%, 15%, 13%, and 11%, respectively, of total revenue for the year ended December 31, 2025.
The ten largest customers in the Company’s LEU segment represented approximately 75% of total revenue for the year ended December 31, 2024. Revenue from Customer A and Customer B represented approximately 20% and 13%, respectively, of total revenue for the year ended December 31, 2024.
The ten largest customers in the Company’s LEU segment represented approximately 79% of total revenue for the year ended December 31, 2023. Revenue from Customer A, Customer B, and Customer C represented approximately 17%, 15%, and 13%, respectively, of total revenue for the year ended December 31, 2023.
No other customer represented more than 10% of total revenue for the year ended December 31, 2025, 2024, or 2023.
Centrus has two operating and reportable segments: the LEU segment and the Technical Solutions segment. The reportable segments are business units that are managed separately and offer different products and services. The LEU segment includes sales of the SWU component of LEU, sales of both the SWU and uranium components of LEU, and sales of uranium. The Technical Solutions segment includes revenue and cost of sales for work that Centrus performs under the HALEU Demonstration and Operation Contracts. The Technical Solutions segment also includes advanced manufacturing, engineering and technical services provided by Centrus to public and private customers. Gross profit is Centrus’ measure for segment reporting. Net sales of the Company’s business segments in the following tables exclude intersegment sales as these activities are eliminated in consolidation and thus are not included in management’s evaluation of performance of each segment. Sales between segments are recorded as if the sales were to third parties, that is, at contractual or market prices at the time of the sale. Such intercompany operating income is eliminated in consolidation, so that the company’s total sales and total operating income reflect
only those transactions with external customers. Refer to Note 1, Summary of Significant Accounting Policies, and Note 2, Revenue and Contracts with Customers, for additional details on revenue for each segment.
The following table presents the Company’s segment information (in millions):
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Revenue | |||||||||||||||||
| LEU segment: | |||||||||||||||||
| Separative work units | $ | 298.7 | $ | 246.8 | $ | 208.2 | |||||||||||
| Uranium | 47.5 | 103.1 | 60.8 | ||||||||||||||
| Intersegment revenue, eliminated on consolidation | 12.4 | 6.4 | 5.0 | ||||||||||||||
| Total | 358.6 | 356.3 | 274.0 | ||||||||||||||
| Technical Solutions segment | 102.5 | 92.1 | 51.2 | ||||||||||||||
| Total revenue | 461.1 | 448.4 | 325.2 | ||||||||||||||
Elimination of intersegment revenue | (12.4) | (6.4) | (5.0) | ||||||||||||||
Total revenue | $ | 448.7 | $ | 442.0 | $ | 320.2 | |||||||||||
Cost of Sales | |||||||||||||||||
LEU segment: | |||||||||||||||||
Separative work units and uranium | $ | 234.7 | $ | 256.0 | $ | 163.9 | |||||||||||
| Intersegment cost of sales, eliminated on consolidation | 10.7 | 2.1 | 3.0 | ||||||||||||||
| Total | 245.4 | 258.1 | 166.9 | ||||||||||||||
| Technical Solutions Segment: | |||||||||||||||||
| Technical Solutions | 96.5 | 74.5 | 44.2 | ||||||||||||||
| Total | 96.5 | 74.5 | 44.2 | ||||||||||||||
Elimination of intersegment cost of sales | (10.7) | (2.1) | (3.0) | ||||||||||||||
Total cost of sales | $ | 331.2 | $ | 330.5 | $ | 208.1 | |||||||||||
Segment Gross Profit | |||||||||||||||||
| LEU segment: | |||||||||||||||||
| LEU segment | $ | 111.5 | $ | 93.9 | $ | 105.1 | |||||||||||
| Intersegment gross profit, eliminated on consolidation | 1.7 | 4.3 | 2.0 | ||||||||||||||
| Total | 113.2 | 98.2 | 107.1 | ||||||||||||||
Technical Solutions segment: | |||||||||||||||||
Technical Solutions | 6.0 | 17.6 | 7.0 | ||||||||||||||
| Total | 6.0 | 17.6 | 7.0 | ||||||||||||||
Elimination of intersegment gross profit | (1.7) | (4.3) | (2.0) | ||||||||||||||
| Gross profit | $ | 117.5 | $ | 111.5 | $ | 112.1 | |||||||||||
Reconciliation to Income before income taxes | |||||||||||||||||
| Advanced technology costs | $ | 16.9 | $ | 17.2 | $ | 14.2 | |||||||||||
| Selling, general and administrative | 36.2 | 35.0 | 36.9 | ||||||||||||||
Equity-related compensation | 5.8 | 1.5 | 2.3 | ||||||||||||||
| Amortization of intangible assets | 8.4 | 9.8 | 6.3 | ||||||||||||||
| Nonoperating components of net periodic benefit loss (income) | 6.8 | (14.7) | (23.2) | ||||||||||||||
| Interest expense | 14.0 | 2.7 | 1.3 | ||||||||||||||
| Investment income | (44.7) | (12.9) | (8.7) | ||||||||||||||
Extinguishment of long-term debt | (11.8) | — | — | ||||||||||||||
| Other income, net | — | (0.1) | (1.5) | ||||||||||||||
| Income before income taxes | $ | 85.9 | $ | 73.0 | $ | 84.5 | |||||||||||
The Company’s total assets are not presented for each reportable segment as they are not reviewed by, nor otherwise regularly provided to the chief operating decision maker (“CODM”), the CEO. The CODM uses revenue, cost of sales and gross profit to allocate resources (including personnel and financial or capital resources) for each segment, predominantly in the annual budget and quarterly financial review and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis using revenue, cost of sales and gross profit when making decisions about allocating capital and personnel to the segments. Centrus’ long-term or long-lived assets, which include property, plant and equipment and other assets reported on the Consolidated Balance Sheet, were located in the United States as of December 31, 2025 and December 31, 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 22, 2021 | |
| 2019 | Mar 27, 2020 | |
| 2018 | Apr 1, 2019 | |
| 2017 | Mar 15, 2018 | |
| 2016 | Mar 31, 2017 | |
| 2015 | Mar 23, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.