Centrus Energy's Q3 Revenues Up on Uranium Sales: More Upside Ahead?

Centrus Energy LEU reported total revenues of $75 million in the third quarter of 2025, reflecting a 30% increase year over year. This was mainly attributed to improved results in its Low-Enriched Uranium segment, with uranium sales playing a pivotal role. 

The segment generates revenues from sales of the Separative Work Units (SWU) component of low-enriched uranium, sales of natural uranium hexafluoride, uranium concentrates or uranium conversion and sales of enriched uranium products.

Revenues rose 29% year over year to $44.8 million in the quarter. Uranium sales contributed $34.1 million in contrast to nil uranium revenues in the year-ago quarter.  Meanwhile, SWU revenues were down 69% to $10.7 million due to lower SWU prices.  

Meanwhile, the Technical Solutions revenues jumped 31% to $30 million in the quarter, driven by a $7.3 million boost from the HALEU Operation Contract, along with contributions from other contracts.

This brings Centrus Energy’s total revenues in the first nine-month period of 2025 to $302.5 million, a 4% increase year over year. The LEU segment contributed $221.8 million, with SWU revenues at $187.7 million (down 5% year over year) and uranium revenues at $34.1 million. 

Notably, the uranium revenues stemmed mainly from the uranium sales executed in the third quarter of 2025, with no sales executed in the previous two quarters. SWU revenues decreased 5% as a result of a 11% decrease in the volume of SWU sold, partially offset by a 7% increase in the average price of SWU sold. 

Uranium prices have been under pressure for the major part of the year, due to oversupply and uncertain demand. However, prices gained steam in the third quarter, ending at an average $82.6 per pound in September. This uptrend was fueled by growing expectations of expanded nuclear power capacity, fresh purchases by physical uranium funds and policy initiatives. 

Prices are currently at $77 per pound, the lowest in two months, as supply concerns have eased. Prices are down 2% over the past year. The long-term outlook for uranium, however, remains strong, driven by the growing push for clean energy.  The U.S. Geological Survey’s addition of uranium to its 2025 Critical Minerals List further highlights its strategic importance for national security and domestic supply chains.

How Did LEU’s Peers Fare in Q3?

Energy Fuels Inc. UUUU sold 240,000 pounds of uranium at an average price of $72.38 per pound in the third quarter, generating $17.4 million in revenues. Total revenues for Energy Fuels were up 337.6% year over year, driven by higher uranium sales, which offset the decline in prices.

Energy Fuels expects to sell 160,000 pounds of uranium in the fourth quarter under its existing portfolio of long-term utility contracts. In 2026, the company expects to sell between 620,000 and 880,000 pounds of uranium under its existing long-term contracts. 

Cameco Corporation CCJ sold 6.1 million pounds of uranium in the third quarter, 16% lower than in the third quarter of 2024. This decline, somewhat offset by 4% uptick in the Canadian dollar average realized price due to the impact of fixed-price contracts on the portfolio, led to a 12.8% drop in uranium revenues to CAD 523 million ($379 million). 

The Fuel Services segment witnessed a 24% drop in revenues to CAD 91 million (CAD 66 million), as gains from a 42% increase in average realized prices were offset by lower volumes. 

Overall, Cameco’s total revenues were down 14.7% year over year to CAD 615 million ($446 million) due to the volume declines in both segments. Cameco revised its full-year target of uranium deliveries to 32–34 million pounds, from its prior stated 31-34 million pounds. 

LEU’s Price Performance, Valuation & Estimates

Centrus Energy shares have soared 277.4% so far this year compared with the industry’s 29.5% growth.

LEU is trading at a forward 12-month price/sales multiple of 9.32X, a significant premium to the industry’s 3.73X. 

The Zacks Consensus Estimate for Centrus Energy’s 2025 earnings is pegged at $4.58 per share, indicating a 2.6% year-over-year decline. The same for 2026 is $3.70, indicating a decline of 19.4%.

Here is how the EPS estimates for 2025 and 2026 have been revised over the past 60 days.

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.

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This article originally published on Zacks Investment Research (zacks.com).

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