New York, Feb 11, 2026, 18:14 EST — After-hours
Centrus Energy Corp shares slid about 21% in after-hours trade on Wednesday, last down $54.74 at $210.16, after a volatile session that saw the stock swing from $258 to $206.23.
The drop comes as investors digest Centrus’ latest guidance and what it could take to fund a multi-year buildout of U.S. uranium enrichment capacity. The company forecast 2026 revenue of $425 million to $475 million and capital deployment of $350 million to $500 million, after reporting fourth-quarter revenue of $146.2 million and net income of $17.8 million. Centrus, which sells low-enriched uranium (LEU) used in most reactors and is working on higher-assay fuel known as HALEU for advanced designs, said its backlog totaled $3.8 billion at year-end. (SEC)
A separate filing on Wednesday added detail on how Centrus plans to execute the expansion. Its American Centrifuge Operating unit signed an engineering, procurement and construction, or EPC, agreement with Fluor Federal Services on Feb. 9 for design, procurement, construction and commissioning work at a commercial enrichment facility in Piketon, Ohio, the filing showed. The time-and-materials structure leaves total cost tied to the scope ultimately authorized, and the agreement includes a termination-for-convenience fee starting at $24 million in the first year, the filing said. (SEC)
Centrus earlier on Wednesday said Fluor will lead engineering and design, manage procurement and supply chain work, oversee construction and support commissioning at the Piketon site. “This is another critical milestone for us as we begin our expansion in earnest,” CEO Amir Vexler said in the statement. Fluor executive Al Collins called the project important for “energy security and national security.” (PR Newswire)
The quarter’s income slide came even as enrichment-related revenue climbed, underscoring how lumpy results can look while the company ramps up a larger industrial effort.
On an earnings call, Vexler told analysts “execution is paramount” as Centrus moves from early-stage work into commercial-scale centrifuge manufacturing, pointing to efforts to tighten lead times across its own processes and suppliers. (The Motley Fool)
Fluor shares were down about 1.6% in extended trading, last at $47.34.
But the buildout still carries the usual traps for big industrial projects: funding, schedule and policy risk. Centrus’ release warned that changes in U.S. government funding for HALEU programs, shifting restrictions around uranium supply, and competition from major foreign enrichment producers could alter demand and timing, while execution in Piketon and at its Oak Ridge, Tennessee manufacturing work remains central. (SEC)
Next up, traders will look for concrete milestones: progress on negotiations tied to the company’s DOE-backed HALEU award and more detail in coming filings around the Ohio project’s scope and spend, including the company’s Form 10-Q for the quarter ending March 31, 2026, where it expects to file the EPC agreement.
