LEUHIGH SIGNALFINANCIAL10-K

LEU experienced dramatic balance sheet expansion with stockholders' equity surging 374% to $765M and cash increasing to $2B, accompanied by an 18% increase in outstanding shares.

The massive equity increase combined with higher share count suggests a significant equity raise or major transaction that fundamentally transformed the company's capital structure. The substantial cash position of $2B provides strong financial flexibility, though the near-doubling of debt to $1.2B requires monitoring for leverage management.

Comparing 2026-02-11 vs 2025-02-07View on EDGAR →
FINANCIAL ANALYSIS

LEU underwent a dramatic financial transformation with total assets more than doubling to $2.4B, driven by cash increasing to $2B and inventory doubling to $323M, while debt also increased significantly to $1.2B. The 374% surge in stockholders' equity to $765M, coupled with an 18% increase in outstanding shares, indicates a major capital raise or transformative transaction. Despite the debt increase, the company's liquidity position is exceptionally strong with improved operating cash flow of $51M, though the sharp decline in accounts receivable and substantial capital expenditure increase suggest significant operational changes are underway.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+380.5%
$4.1M→$19.7M

Capital expenditure jumped 380.5% — major investment cycle underway; assess returns on deployment.

Stockholders Equity
Balance Sheet
+374%
$161.4M→$765.1M

Equity base grew 374% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+191.5%
$671.4M→$2.0B

Cash position surged 191.5% — strong cash generation or capital raise providing significant financial cushion.

Total Debt
Balance Sheet
+148.6%
$472.5M→$1.2B

Debt increased 148.6% — substantial leverage increase; assess whether deployed for growth or covering losses.

Current Assets
Balance Sheet
+132.8%
$1.0B→$2.4B

Current assets grew 132.8% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+123.7%
$1.1B→$2.4B

Asset base grew 123.7% — expansion through organic growth, acquisitions, or capital deployment.

Inventory
Balance Sheet
+99.8%
$161.6M→$322.9M

Inventory surged 99.8% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

Total Liabilities
Balance Sheet
+80.3%
$932.0M→$1.7B

Liabilities grew 80.3% — significant increase in debt or obligations, assess impact on financial flexibility.

Accounts Receivable
Balance Sheet
-61.6%
$80.0M→$30.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Operating Cash Flow
Cash Flow
+37.8%
$37.0M→$51.0M

Operating cash flow surged 37.8% — exceptional cash generation, highest quality earnings signal.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-07
ADDED
As of February 2, 2026, there were 18,945,365 shares of the registrant s Class A Common Stock, par value $ 0.10 per share, and 719,200 shares of the registrant s Class B Common Stock, par value $0.10 per share, outstanding.
Form 10-K Summary 90 Exhibit Index 91 Signatures 101 Consolidated Financial Statements 102 Glossary of Certain Terms and Abbreviations Centrus Energy Corp.
centrifuge technology developed by DOE in the mid-1980s and utilized in a demonstration facility in 2012-2013 American Centrifuge Plant Refers to a demonstration facility in Piketon, Ohio where USEC planned to install a lead cascade of centrifuge machines to demonstrate the American Centrifuge technology under the terms of the 2002 DOE-USEC Agreement Annual Meeting The Company s annual meeting of shareholders ARDP DOE s Advanced Reactor Demonstration Program ATM At the Market Atomic Energy Act Atomic Energy Act of 1954 is the fundamental U.S.
Government s Federal Acquisition Regulation is the primary regulation for use by all executive agencies in their acquisition of supplies and services with appropriated funds.
IEA International Energy Agency Import Ban Act The Prohibiting Russian Uranium Imports Act enacted on May 13, 2024 that bans imports of LEU from Russia into the U.S., effective August 11, 2024, subject to issuance of waivers by the DOE IT Information Technology LEU Low-Enriched Uranium; term is also used to refer to the Centrus Energy Corp.
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REMOVED
As of January 31, 2025, there were 16,045,916 shares of the registrant s Class A Common Stock, par value $ 0.10 per share, and 719,200 shares of the registrant s Class B Common Stock, par value $0.10 per share, outstanding.
Form 10-K Summary 89 Exhibit Index 90 Signatures 99 Consolidated Financial Statements 100 Glossary of Certain Terms and Abbreviations Centrus Energy Corp.
USEC-Government United States Enrichment Corporation, a wholly-owned government corporation prior to its privatization in July 1998 Other Terms and Abbreviations 2.25% Convertible Notes 2.25% Convertible Senior Notes maturing November 2030 unless repurchased, redeemed or converted.
2002 DOE-USEC Agreement June 17, 2002 agreement between Centrus (then known as USEC Inc.) and the DOE 2014 Plan The Company s 2014 Equity Incentive Plan 2019 Plan The Company s 2019 Executive Incentive Plan 5B Cylinders Storage cylinders for HALEU UF 6 8.25% Notes 8.25% Notes, maturing February 2027 American Centrifuge Advanced uranium enrichment gas centrifuge technology previously developed, based on the proven workable U.S.
Nuclear Regulatory Commission NRV Net realizable value NUBIL Net unrealized built-in loss Orano Orano Cycle Orano Supply Agreement Long-term supply of SWU contained in LEU, signed by United States Enrichment Corporation with Orano in 2018 Power MOU Memorandum of understanding between the DOE and USEC-Government Price-Anderson Act Price-Anderson Nuclear Industries Indemnity Act (Section 170 of the U.S.
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