CENTRUS ENERGY Business Summary

Centrus Energy Corp (LEU) operates as a critical supplier of nuclear fuel and services, generating revenue through two primary business segments: Low Enriched Uranium (LEU) and Technical Solutions. The LEU segment, which accounts for approximately 77% of total revenue, derives income from the sale of Separative Work Units (SWU) and natural uranium hexafluoride to a global fleet of commercial nuclear power plants. The Technical Solutions segment provides advanced engineering, design, and manufacturing services, specifically focusing on the production of High-Assay Low-Enriched Uranium (HALEU) for next-generation reactors and supporting U.S. national security requirements. In a market dominated by state-backed entities like Urenco, Orano, and Rosatom (TENEX), Centrus distinguishes itself as the sole U.S.-owned enrichment provider, currently transitioning from a reseller model to a domestic manufacturer with a $3.8 billion total backlog and a $900 million HALEU production award from the Department of Energy. The company is led by President and CEO Amir Vexler, who joined in 2024 following his tenure as CEO of Global Nuclear Fuel, a GE-Hitachi joint venture. The executive leadership team includes Todd Tinelli as SVP and CFO, and Patrick Brown as SVP of Field Operations and President of American Centrifuge Operating, bringing deep expertise in nuclear operations and strategic manufacturing. Centrus emerged in its current form following the 2014 restructuring of USEC Inc., and its governance is overseen by a board chaired by Mikel H. Williams, featuring members with high-level military and energy backgrounds such as Admiral Kirkland H. Donald and Dr. William J. Madia. Notable institutional investors include BlackRock, Vanguard, and State Street, reflecting the company’s strategic importance to the domestic energy supply chain and its pivotal role in the U.S. government’s HALEU enrichment mandates.