Centrus Energy reported third-quarter net income of $31.6 million, up 710% from $3.9 million a year earlier, while revenue fell 26% to $55.5 million for the quarter ended September 30, 2026. Diluted earnings per share increased to $1.41 from $0.19, but the improvement was largely driven by a $46.4 million gain from revaluing warrant liabilities. Excluding certain items, Centrus posted an adjusted net loss of $9.4 million, or $0.46 per share, compared with adjusted net income of $5.2 million in the prior-year quarter. The company reported lower uranium sales and government-contract revenue, with its low-enriched uranium (LEU) segment declining 29% to $31.8 million and Technical Solutions revenue falling 21% to $23.7 million. Its operating loss widened to $29.7 million from $16.6 million. Centrus completed manufacturing and began shipping new centrifuges from Oak Ridge, Tennessee, to Piketon, Ohio, ahead of its year-end target. It also finalized agreements with all suppliers it considers critical to the expansion and completed its first certified-for-construction package ahead of schedule. President and CEO Amir Vexler said the manufacturing milestones arrived approximately two months early, allowing the company to accelerate its commercial-scale enrichment expansion. Centrus is enriching high-assay low-enriched uranium (HALEU), a fuel type with higher uranium-235 concentration than conventional LEU, for the commercial market through its existing 16-centrifuge cascade. The company said its acquisition of Westerman will strengthen manufacturing, expand its supply chain and diversify the business. Its backlog totaled approximately $7 billion as of September 30 and extends through 2040, including approximately $5.4 billion in contingent LEU and HALEU sales commitments tied to potential Piketon capacity expansion. Definitive agreements cover $5.1 billion of those commitments, although realization depends on operational milestones. Centrus expects 2026 revenue of $450 million to $500 million and capital deployment of $350 million to $500 million. It raised planned net hiring at Piketon to at least 175 employees from 100 and still plans to add at least 100 employees at Oak Ridge. The company ended September with approximately $2.24 billion in cash and equivalents. Future U.S. Department of Energy funding remains uncertain: the proposed fiscal 2027 federal budget includes no additional funding for operations under Centrus' existing HALEU production contract, and the DOE has indicated it does not currently intend to exercise further options. That contract represents approximately $800 million of the Technical Solutions backlog. The expansion comes as the United States seeks to increase domestic nuclear fuel production and reduce reliance on foreign enrichment suppliers.