Centrus Energy Corp

Centrus Energy (LEU) operates the only U.S.-owned uranium enrichment facility, producing low-enriched uranium (LEU) for existing reactors and developing high-assay low-enriched uranium (HALEU) for advanced designs. It plays a pivotal role in the nuclear renaissance by bolstering U.S. fuel security, reducing reliance on Russian supplies that dominate 20-30% of global enrichment, and enabling deployment of small modular reactors (SMRs) and Gen IV technologies critical to tripling nuclear capacity by 2050.

In the past year, Centrus produced its first 20 kg of HALEU in late 2023 under a $2.7 billion DOE contract, secured a $60 million award for centrifuge expansion, and reported Q2 2024 revenue up 38% to $73.1 million from LEU sales. Key risks include execution delays in scaling Piketon centrifuges, heavy dependence on government funding amid $1 billion+ capex needs, uranium price swings, and potential oversupply if competitors like Urenco ramp up.

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