New York, Feb 11, 2026, 18:14 EST — After-hours
Centrus Energy Corp shares dropped roughly 21% in after-hours trading Wednesday, closing at $210.16, down $54.74. The stock swung wildly during the session, ranging between $258 and $206.23.
Investors are weighing Centrus’ latest outlook alongside the funding needed for a multi-year expansion of U.S. uranium enrichment capacity. The company projects 2026 revenue between $425 million and $475 million, with capital expenditures ranging from $350 million to $500 million. This follows a fourth quarter where Centrus pulled in $146.2 million in revenue and $17.8 million in net income. Known for supplying low-enriched uranium (LEU) for most reactors, Centrus is also developing higher-assay fuel called HALEU for advanced reactor designs. At year-end, the company reported a backlog of $3.8 billion.
On Wednesday, a separate filing revealed more on Centrus’ expansion plans. Its American Centrifuge Operating unit inked an EPC (engineering, procurement, and construction) contract with Fluor Federal Services on Feb. 9. The deal covers design, procurement, construction, and commissioning at a commercial enrichment site in Piketon, Ohio, according to the filing. Costs will depend on the final scope due to the time-and-materials setup, with a termination-for-convenience fee starting at $24 million in year one, the document noted.
Centrus announced Wednesday that Fluor will spearhead engineering and design, handle procurement and supply chain tasks, manage 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 release. Fluor executive Al Collins described the project as vital to “energy security and national security.” PR Newswire
Despite a rise in enrichment-related revenue, the quarter’s income took a hit, highlighting just how uneven results can be while the company scales up its industrial operations.
During an earnings call, Vexler emphasized to analysts that “execution is paramount” as Centrus shifts from early development to commercial-scale centrifuge production. He highlighted initiatives to reduce lead times both internally and with suppliers. The Motley Fool
Fluor’s shares slipped roughly 1.6% in after-hours trading, closing near $47.34.
The buildout faces familiar hurdles common to large industrial projects: funding, schedule, and policy risks. Centrus cautioned that shifts in U.S. government funding for HALEU programs, evolving uranium supply restrictions, and competition from major foreign enrichment players might impact demand and timing. Meanwhile, successful execution at Piketon and their Oak Ridge, Tennessee facility remains critical.
Traders are now eyeing key milestones: updates on talks linked to the company’s DOE-backed HALEU award and clearer details in upcoming filings about the Ohio project’s scale and budget. This includes the Form 10-Q for the quarter ending March 31, 2026, when the company plans to submit the EPC agreement.
