Centrus Energy supplies Low Enriched Uranium (LEU) to nuclear utilities worldwide and is developing domestic uranium enrichment capacity in the U.S. LEU is the fissile material loaded into nuclear reactors to generate electricity, and its key component is the Separative Work Unit (SWU), a measure of the enrichment effort applied to uranium. Centrus operates two segments: LEU (~77% of revenue) and Technical Solutions (~23%). In its LEU segment, Centrus acts as a broker-trader — it buys SWU from foreign enrichers, primarily Russia's TENEX and France's Orano under long-term supply contracts locked in at 2018-2019 prices, and resells LEU to utilities at prevailing market prices. Margins are driven by the spread between those locked-in purchase costs and current selling prices, which has been favorable given a significant rise in SWU market prices since 2019. The Technical Solutions segment provides enrichment and engineering services to the U.S. government, primarily operating a small HALEU (High-Assay Low-Enriched Uranium, with U-235 concentration between 5-20%) production facility in Piketon, Ohio under a cost-plus contract with the DOE. Looking ahead, Centrus plans to transition from broker-trader to full domestic enricher by manufacturing its own centrifuges in Oak Ridge, Tennessee, and building out commercial LEU and HALEU enrichment capacity at Piketon, with first production targeted for 2029. Centrus holds the only active NRC license in the U.S. to enrich uranium to HALEU levels, positioning it as the sole Western HALEU producer for advanced reactor developers.