Centrus Energy
30 named things its latest annual report says its results depend on, each in the company's own words. 9 of them are also named by other companies we've read.
Customers
U.S. Department of Energy (DOE)
earns from · $170.1 millionnamed as a riskAs of December 31, 2025, DOE has increased the Phase 2 contract value and related funding to $170.1 million and extended the Phase 2 period of performance to January 31, 2026.Business (Item 1)
Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF and 16 more
Ten largest nuclear fuel customers
concentrated in · approximately 77% of total revenuenamed as a riskIn 2025, our ten largest nuclear fuel customers represented approximately 77% of total revenue and our two largest customers represented approximately 31% of total revenue.Risk factors (Item 1A)
Suppliers
TENEX
depends on · well over one-half of the LEU that we expect to deliver to customersnamed as a riskThrough 2027, well over one-half of the LEU that we expect to deliver to customers was sourced under the TENEX Supply Contract.Business (Item 1)
Orano
depends onCurrently, our largest supplier of SWU is TENEX followed by the French government-owned company, Orano.Business (Item 1)
Other companies
Rosatom
depends onnamed as a riskIf the U.S. government were to prohibit companies and individuals from engaging in transactions with Rosatom and its subsidiaries, including TENEX, the Company and its suppliers could not implement the TENEX Supply Contract absent a license or other authorization from the sanctioning government.Business (Item 1)
Enrichment Corp.
depends onnamed as a riskSubstantial portion of our revenue-generating operations are conducted at our subsidiary, Enrichment Corp.Risk factors (Item 1A)
Competitors
Urenco
competes with · approximately 17 million SWU per yearnamed as a riskUrenco has reported installed capacity at its European and U.S. enrichment facilities of approximately 17 million SWU per year;Business (Item 1)
CNEIC
competes with · approximately 11 million SWU per yearnamed as a riskCNEIC’s commercial SWU production capacity was approximately 11 million SWU per year; andBusiness (Item 1)
Places
Russia
depends on · nearly one-half of all enrichment capacitynamed as a riskFurther, given that Russia accounts for nearly one-half of all enrichment capacity in the world, we are uncertain that we can fully replace the volume of material to be supplied to us under the TENEX Supply Contract through our existing suppliers or other suppliers.Risk factors (Item 1A)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more
Oak Ridge, Tennessee
operates in · more than $560.0 millionnamed as a riskThis was followed with an announcement on January 23, 2026 that the Company plans to invest more than $560.0 million over the next several years to transition the facility to a high-rate manufacturing plant and support the production of thousands of advanced centrifuges in Oak Ridge, Tennessee.Business (Item 1)
Also named by OKLO
Piketon, Ohio
operates in · $2.3 billionnamed as a riskOf the $2.9 billion, approximately $2.3 billion represents contingent LEU sales contracts and commitments, with $2.1 billion of the total under definitive agreements and $0.2 billion of the total subject to entering into definitive agreements, in support of potential construction of LEU production capacity at the Piketon, Ohio facility.Business (Item 1)
Hazards
Russia-Ukraine war
named as a riskThe current war in Ukraine and related international or U.S. sanctions, tariffs and restrictions on trade, and the Russian response thereto, could have a material adverse impact on our business, results of operations, and financial condition.Risk factors (Item 1A)
Also named by ADSK, ATR, AVAV, CSCO, CTVA, EMR, FIS, FLO and 21 more
Commodities and inputs
Euro
exposed to its price · Half of our Orano Supply AgreementHalf of our Orano Supply Agreement is denominated in euros, exchanged at a fixed rate.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Uranium
exposed to its pricenamed as a riskOur earnings and cash flows are therefore exposed to variability of spot and forward market prices in the markets in which it operates.Risk factors (Item 1A)
Also named by AEE, AEP, CEG, DTE, DUK, ETR, EVRG, PNW and 2 more
Separative work units (SWU)
exposed to its pricenamed as a riskThe Company is exposed to commodity price risk for purchases of SWU and uranium.Risk factors (Item 1A)
5B Cylinders
depends onnamed as a riskDuring time periods when 5B Cylinders were insufficient, the Company was not able to produce HALEU as it did not have 5B Cylinders to store the enriched uranium.Business (Item 1)
Regulators
Euratom Supply Agency
subject to · no more than 20% of EU consumption per yearnamed as a riskPurchases of LEU and SWU by customers in the EU are subject to a policy of the Euratom Supply Agency that seeks to limit foreign enriched uranium to no more than 20% of EU consumption per year.Risk factors (Item 1A)
U.S. Nuclear Regulatory Commission (NRC)
subject tonamed as a riskFailure to secure U.S. government or other funding to support the continued operation of the Piketon facility, and retain our NRC license, could have a material adverse effect on our business and financial condition along with our plans for future growth.Risk factors (Item 1A)
Also named by AEE, AEP, BRK/B, BWXT, CAH, CDRE, CEG, CW and 20 more
State of Tennessee
subject tonamed as a riskOur technology and manufacturing facility in Oak Ridge is also regulated by the State of Tennessee under the NRC’s Agreement State Program as well as applicable state laws.Risk factors (Item 1A)
Laws and programs
HALEU Operation Contract
earns from · $108.2 millionnamed as a riskAs of December 31, 2025, Option 1a is funded for the contract value of $108.2 million.Business (Item 1)
HALEU Production Contract
earns from · $900.0 millionnamed as a riskOn January 5, 2026, the DOE announced that ACO was selected for award a $900.0 million task order to expand its uranium enrichment facility in Piketon, Ohio, to include commercial-scale production of HALEU.Business (Item 1)
2002 DOE-USEC Agreement
subject to · $665.0 millionnamed as a riskSuch a commercial purposes license is subject to payment of an agreed upon royalty to us, which will not exceed $665.0 million in the aggregate.Risk factors (Item 1A)
Qualifying Advanced Energy Project Credit (§48C)
$62.4 millionnamed as a riskOn January 10, 2025, the Company was informed that the Internal Revenue Service (“IRS”) granted our request for a $62.4 million credit allocation for this facility.Business (Item 1)
Price-Anderson Act
subject tonamed as a riskIf an incident or evacuation is not covered under DOE indemnification, we could be financially liable for damages arising from such incident or evacuation, which could have an adverse effect on our results of operations and financial condition.Risk factors (Item 1A)
Also named by BWXT, CDRE, CEG, CW, DUK, ETR, FLR, J and 5 more
U.S. Prohibiting Russian Uranium Imports Act (Import Ban Act)
subject tonamed as a riskThe U.S. ban on imports of Russian LEU, without the grant of additional timely waivers, would have a negative material impact on our business.Business (Item 1)
Also named by CEG
Russian Decree on LEU exports to the United States
subject tonamed as a riskTENEX, is required to obtain a specific export license from the Russian authorities for each shipment to Centrus through 2027.Business (Item 1)
Russian Suspension Agreement (RSA)
subject tonamed as a riskAny quota adjustment or other change to the RSA that reduces our quota allocations could affect our ability to implement the TENEX Supply Contract through sales to customers who take delivery in the United States, which is our most significant market.Business (Item 1)
Canada ocean transportation sanctions on Russia
subject tonamed as a riskFor example, due to restrictions imposed by Canada on the ability of Canadian persons and entities to provide ocean transportation services to Russia, a permit is required for our shipper, a Canadian company, to transport the LEU that we procure under the TENEX Supply Contract to the United States.Business (Item 1)
Executive Order 14154
subject tonamed as a riskThe funding for the three solicitations under which the HALEU Deconversion Contract, HALEU Production Contract, and LEU Production Contract were awarded are partly appropriated through the IRA.Risk factors (Item 1A)
USTR Section 302 fees on Chinese-built vessels
subject tonamed as a riskHowever, these fees would be significant if they were to be imposed on our shipper.Risk factors (Item 1A)