v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information 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,
202520242023
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,
202520242023
Revenue
LEU segment:
Separative work units$298.7 $246.8 $208.2 
Uranium47.5 103.1 60.8 
Intersegment revenue, eliminated on consolidation12.4 6.4 5.0 
Total358.6 356.3 274.0 
Technical Solutions segment102.5 92.1 51.2 
Total revenue461.1 448.4 325.2 
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 consolidation10.7 2.1 3.0 
Total245.4 258.1 166.9 
Technical Solutions Segment:
Technical Solutions96.5 74.5 44.2 
Total96.5 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 consolidation1.7 4.3 2.0 
Total113.2 98.2 107.1 
Technical Solutions segment:
Technical Solutions
6.0 17.6 7.0 
Total6.0 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 administrative36.2 35.0 36.9 
Equity-related compensation
5.8 1.5 2.3 
Amortization of intangible assets8.4 9.8 6.3 
Nonoperating components of net periodic benefit loss (income)6.8 (14.7)(23.2)
Interest expense14.0 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.