UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (IRS Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301) 564-3200 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbo ...

PART I [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) Centrus Energy Corp. reported a net income of $38.0 million for the nine months ended September 30, 2020, marking a significant financial turnaround [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2020, total assets increased, liabilities decreased, and stockholders' deficit improved to $(275.6) million Condensed Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | **Total Current Assets** | $386.3 | $369.6 | | **Total Assets** | $468.2 | $455.9 | | **Total Current Liabilities** | $315.8 | $336.8 | | **Total Liabilities** | $743.8 | $792.8 | | **Total Stockholders' Deficit** | $(275.6) | $(336.9) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Centrus reported a net income of $38.0 million for the nine months ended September 30, 2020, driven by increased gross profit despite flat revenue Financial Performance (in millions, except per share data) | Metric | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Total Revenue** | $154.3 | $154.0 | | **Gross Profit** | $62.6 | $25.7 | | **Operating Income (Loss)** | $30.4 | $(13.0) | | **Net Income (Loss)** | $38.0 | $(13.7) | | **Diluted EPS** | $3.12 | $(2.05) | Q3 Financial Performance (in millions, except per share data) | Metric | Three Months Ended Sep 30, 2020 | Three Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Total Revenue** | $33.6 | $104.7 | | **Gross Profit (Loss)** | $(0.8) | $35.5 | | **Net Income (Loss)** | $(7.0) | $22.8 | | **Diluted EPS** | $(0.83) | $2.17 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash provided by operating activities was $5.2 million for the nine months ended September 30, 2020, reversing a prior-year outflow Cash Flow Summary (in millions) | Activity | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Cash from Operating Activities** | $5.2 | $(26.5) | | **Cash from Investing Activities** | $(0.9) | $0.7 | | **Cash from Financing Activities** | $17.8 | $(33.8) | | **Increase (Decrease) in Cash** | $22.1 | $(59.6) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, LEU and Technical Solutions revenue, a common stock offering, and a preferred stock tender offer - SWU revenue for the nine months ended Sep 30, 2020, includes **$32.4 million** collected from a customer in settlement of a supply contract rejected in bankruptcy court[22](index=22&type=chunk) - The company's order book for the LEU segment was **$1.0 billion** as of September 30, 2020, extending to 2030[26](index=26&type=chunk) - Under the HALEU Contract with the DOE, the company's cost of sales for the nine months ended Sep 30, 2020, benefited by **$8.7 million** from the reversal of previously accrued contract losses[33](index=33&type=chunk) - In August/September 2020, the company sold 2,537,500 shares of Class A Common Stock, generating gross proceeds of approximately **$25.4 million**[50](index=50&type=chunk)[51](index=51&type=chunk) - On October 19, 2020, the company commenced a tender offer to purchase up to **$60 million** of its Series B Senior Preferred Stock at a price of **$954.59 per share**[73](index=73&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses improved LEU segment profitability, HALEU contract progress, successful capital raise, and liquidity management [Overview](index=23&type=section&id=Overview) Centrus focuses on nuclear fuel supply and advanced production, with a $1 billion order book and key HALEU and Russian supply agreements - The company's LEU segment has a **$1 billion** global order book with contracts extending to 2030[81](index=81&type=chunk) - Centrus is working on a three-year, **$115 million** cost-shared contract with the DOE to demonstrate production of High-Assay, Low-Enriched Uranium (HALEU)[86](index=86&type=chunk) - The U.S. Department of Commerce and the Russian Federation agreed to extend the Russian Suspension Agreement through 2040, setting aside a significant portion of the import quota for Centrus's supply agreement with TENEX[82](index=82&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Gross profit significantly increased to $62.6 million for the nine months ended September 30, 2020, driven by LEU and Technical Solutions Segment Performance - Nine Months Ended September 30 (in millions) | Segment | Revenue 2020 | Revenue 2019 | Gross Profit 2020 | Gross Profit 2019 | | :--- | :--- | :--- | :--- | :--- | | **LEU Segment** | $112.8 | $125.5 | $61.0 | $25.1 | | **Technical Solutions** | $41.5 | $28.5 | $1.6 | $0.6 | | **Total** | $154.3 | $154.0 | $62.6 | $25.7 | - LEU segment revenue for the nine months ended Sep 30, 2020, includes a **$32.4 million** collection from a customer in settlement of a supply contract rejected in bankruptcy[134](index=134&type=chunk) - Technical solutions revenue increased by **$13.0 million (46%)** in the nine-month period, primarily due to work performed under the HALEU Contract[136](index=136&type=chunk) - Net income for the nine months ended Sep 30, 2020, was **$38.0 million**, a favorable variance of **$51.7 million** from the prior year, primarily due to a **$36.9 million** increase in gross profit and an **$11.2 million** decline in advanced technology costs[152](index=152&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) Centrus ended Q3 2020 with $152.8 million cash, maintaining adequate liquidity through operating cash, HALEU funding, and a stock offering - The company ended Q3 2020 with a consolidated cash balance of **$152.8 million**[154](index=154&type=chunk) Working Capital Summary (in millions) | Component | Sep 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Cash and cash equivalents | $152.8 | $130.7 | | **Working capital** | **$70.5** | **$32.8** | - Net proceeds from the August 2020 common stock offering were **$23.8 million**[165](index=165&type=chunk)[169](index=169&type=chunk) - The HALEU Contract with DOE is incrementally funded, with DOE currently obligated for costs up to approximately **$74.5 million** of the **$115 million** total[157](index=157&type=chunk) [Item 4. Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2020, with no material changes in internal controls - Based on an evaluation as of September 30, 2020, the CEO and CFO concluded that the Company's disclosure controls and procedures were effective[178](index=178&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[179](index=179&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) Centrus is involved in legal proceedings including a $42.8 million claim against DOE, Portsmouth GDP lawsuits, and a $32.4 million bankruptcy recovery - The company is appealing the DOE's denial of a **$42.8 million** claim for pension and postretirement benefits costs related to the former Portsmouth GDP[183](index=183&type=chunk) - Centrus is a defendant in several class-action lawsuits alleging off-site contamination from the Portsmouth GDP site and has invoked indemnification under the Price-Anderson Act[184](index=184&type=chunk)[186](index=186&type=chunk)[190](index=190&type=chunk) - In June 2020, the company collected approximately **$32.4 million** from a settlement of claims against FirstEnergy Nuclear Operating Company in its bankruptcy proceedings[191](index=191&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) Key risks include Russian SWU import restrictions, potential new duties on foreign uranium, and adverse impacts from the COVID-19 pandemic - A key risk is the restriction on Russian uranium imports. The amended RSA, effective through 2040, allocates a portion of export limits to Centrus, but the company's backlog is not yet sufficient to meet all minimum purchase obligations from its Russian supplier[195](index=195&type=chunk)[199](index=199&type=chunk)[200](index=200&type=chunk) - The company faces risks of new duties, sanctions, or other trade restrictions on SWU or uranium purchased from any foreign suppliers, which could adversely affect profitability[202](index=202&type=chunk) - The COVID-19 pandemic poses a risk to business operations, with potential for supply chain disruptions, increased costs, and delays, particularly for the Technical Solutions segment and the HALEU contract which requires on-site work[207](index=207&type=chunk)[208](index=208&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including a consulting agreement, CEO/CFO certifications, and XBRL financial data - Filed exhibits include a consulting agreement, CEO/CFO certifications (Rule 13a-14(a) and 18 U.S.C. Section 1350), and financial statements in XBRL format[210](index=210&type=chunk) [Signatures](index=50&type=section&id=Signatures) The report is duly signed on November 13, 2020, by Philip O. Strawbridge, Senior Vice President and Chief Financial Officer

Financial Performance - Total revenue for the three months ended June 30, 2020, was $75.7 million, a significant increase from $10.6 million in the same period of 2019, representing a growth of 613%[14] - Gross profit for the six months ended June 30, 2020, was $63.4 million, compared to a gross loss of $9.8 million for the same period in 2019, indicating a turnaround in profitability[14] - Net income for the three months ended June 30, 2020, was $33.7 million, compared to a net loss of $15.6 million in the same period of 2019, marking a positive shift in financial performance[14] - For the six months ended June 30, 2020, total revenue was $94.1 million, up from $37.7 million in the same period of 2019, indicating a growth of 149%[23] - The company reported a net income of $33.7 million for the three months ended June 30, 2020, compared to a net loss of $15.6 million for the same period in 2019[54] - Basic net income per common share for the three months ended June 30, 2020, was $3.28, while diluted net income per common share was $3.19[54] Assets and Liabilities - Total current assets increased to $386.1 million as of June 30, 2020, compared to $369.6 million as of December 31, 2019, reflecting a growth of approximately 4.4%[12] - Total liabilities decreased to $760.6 million as of June 30, 2020, down from $792.8 million, a reduction of about 4.1%[12] - The accumulated deficit improved to $(360.0) million from $(405.0) million, indicating a reduction in losses[12] - Long-term debt decreased to $111.0 million from $114.1 million, a reduction of about 2.9%[12] - The company reported a total stockholders' deficit of $(291.7) million, improved from $(336.9) million[12] - Cash and cash equivalents decreased to $119.3 million from $130.7 million, a decline of about 8.5%[12] Revenue Sources - Revenue from separative work units (SWU) and uranium sales for the three months ended June 30, 2020, was $63.4 million, compared to $2.6 million in the same period of 2019, representing a significant increase[23] - The LEU segment generated revenue of $63.4 million in the three months ended June 30, 2020, compared to $2.6 million in the same period of 2019[73] - The technical solutions segment generated revenue of $12.3 million in the three months ended June 30, 2020, compared to $8.0 million in the same period of 2019[73] - The Company collected approximately $32.4 million as a recovery on claims related to a long-term contract breach with FirstEnergy, included in SWU revenue for the six months ended June 30, 2020[70] Cash Flow and Operating Activities - Cash used in operating activities for the six months ended June 30, 2020, was $8.4 million, a reduction from $45.1 million in the same period of 2019, reflecting improved cash flow management[15] - The company reported a decrease in cash, cash equivalents, and restricted cash of $11.4 million for the six months ended June 30, 2020, compared to a decrease of $47.7 million in the same period of 2019[15] Customer Advances and Receivables - Accounts receivable rose to $31.2 million, up from $21.1 million, representing an increase of approximately 47.9%[12] - Advances from customers increased to $44.4 million as of June 30, 2020, from $29.4 million as of December 31, 2019, reflecting a growth of 51%[26] - Accounts receivable as of June 30, 2020, totaled $31.2 million, an increase from $21.1 million as of December 31, 2019, reflecting a growth of 48%[25] Inventory and Cost of Sales - Total cost of sales for the three months ended June 30, 2020, was $31.9 million, up from $14.9 million in the same period of 2019, indicating increased operational activity[14] - Uranium inventories as of June 30, 2020, amounted to $73.8 million, compared to $56.7 million as of December 31, 2019, indicating an increase of 30%[40] Legal and Regulatory Matters - The Company is involved in various legal proceedings, but does not believe these will have a material adverse effect on its financial condition[72] - The 2002 DOE-USEC Agreement requires the Company to develop advanced enrichment technology and deploy a commercial American Centrifuge Plant[60] Market and Operational Risks - The company continues to face risks related to market conditions and supply chain dependencies, particularly in the low-enriched uranium market[9] Accounting and Valuation - The company adopted new accounting standards in the first quarter of fiscal 2020, which did not have a material impact on its financial statements[20] - The company recognized an income tax benefit of $0.8 million in Q2 2020 due to the release of a valuation allowance on state net deferred tax assets[52] - The company maintains a full valuation allowance on its federal net deferred tax assets due to a three-year cumulative pretax loss position as of June 30, 2020[53] Supply Agreements - The company has commitments under the Russian Supply Agreement with TENEX, which includes minimum purchase obligations for SWU each year[55] - The Company entered into a long-term supply agreement with Orano for SWU contained in LEU, starting in 2020 and extending to 2028, with an option to extend for an additional two years[59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (I.R.S. Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301) 56 ...

Revenue Generation - Centrus Energy Corp. generated approximately 81% of its total revenue from the low-enriched uranium (LEU) segment in 2019[32]. - The order book for the LEU segment was valued at $1.0 billion as of December 31, 2019, with anticipated revenue from sales in 2020 projected to be between $110 million and $120 million[40]. - The company’s ten largest nuclear fuel customers accounted for approximately 72% of total revenue in 2019, with the three largest customers representing about 56%[114]. - Revenue and operating results may fluctuate significantly due to customer demand and market conditions, with average payments for LEU orders around $10 million[137]. Contracts and Agreements - Under the HALEU Contract with the DOE, Centrus is eligible for reimbursement of 80% of its costs, up to a maximum of $115 million, with an accrued loss of $18.3 million recognized as of December 31, 2019[22]. - The company has a long-term agreement with TENEX for the purchase of SWU contained in LEU, with deliveries rescheduled through 2028[44]. - The company has a long-term supply agreement with Orano for SWU contained in LEU, commencing in 2023, with significant flexibility to adjust purchase volumes[50]. - The company has signed a three-year cost-share HALEU Contract with DOE, with DOE agreeing to reimburse 80% of costs up to a maximum of $115 million[57]. - The company is engaged in negotiations to extend the Russian Supply Agreement, which is crucial for importing Russian LEU, but future quotas are uncertain[104]. Market Conditions - The uranium enrichment market has seen a decline of more than 75% in published market prices since the 2011 Fukushima accident, leading to an oversupplied market[27]. - The enrichment industry market is estimated at approximately 50 million SWU per year, with the company holding less than 5% market share[66]. - The uranium enrichment sector remains oversupplied, leading to downward pressure on commodity pricing and uncertainty in customer spending patterns[168]. Strategic Initiatives - Centrus is actively diversifying its supply sources and logistics, acquiring additional enriched uranium from utility operators and other sources[31]. - The company is considering strategic transactions, including acquisitions and joint ventures, to enhance growth opportunities[29]. - Centrus is leveraging its technical expertise to expand into complementary markets beyond uranium enrichment, including advanced reactor and fuel fabrication projects[17]. - The company is actively seeking licenses or waivers from the U.S. government to continue purchasing LEU from TENEX in the event of sanctions, which could impact operations and competitive position[82]. Operational Risks - The company faces operational risks related to reliance on third-party suppliers for essential services, which could impact customer commitments and operational results[112]. - The company’s ability to fulfill purchase commitments may be threatened by quotas, duties, sanctions, or other trade restrictions, impacting business viability[109]. - The company is exploring options for returning to domestic production, facing challenges due to the current supply/demand imbalance in the LEU market[55]. - The company is dependent on existing inventory and purchases from suppliers like TENEX and Orano to meet customer obligations, with potential delays or terminations adversely affecting revenues[111]. Financial Obligations - The company has significant long-term liabilities, including 8.25% Notes maturing in February 2027, which could impact liquidity and operational flexibility[132]. - Material unfunded defined benefit pension plans and postretirement obligations may require substantial future contributions, affecting cash flow[134]. - The Company is obligated to pay cash dividends on its Series B Preferred Stock only if specific financial criteria are met, which were not met for the year ended December 31, 2019[206]. Regulatory Environment - The U.S. Department of Commerce is conducting administrative reviews of the Russian Suspension Agreement (RSA) for the periods October 2017 to September 2018 and October 2018 to September 2019, with a final determination expected in June 2020[73][74]. - The company is working with industry stakeholders to secure a significant extension of the RSA, which is crucial for fulfilling existing contracts and maintaining market position[75][76]. - The company is subject to significant regulatory oversight from the U.S. government, including the NRC and DOE, which could impact operations and financial performance[171]. Employee and Corporate Structure - The company has 230 employees as of December 31, 2019, an increase from 226 in 2018, with the majority located in Oak Ridge, TN[87]. - A new collective bargaining agreement for employees at the advanced technology facility in Piketon, Ohio, was ratified on January 16, 2020, effective through October 1, 2022[88]. - The Company has issued 9,472,389 shares of Common Stock, consisting of 8,673,976 shares of Class A Common Stock and 798,413 shares of Class B Common Stock as of March 2, 2020[203]. Legal and Compliance Issues - The company is involved in multiple legal proceedings related to alleged off-site contamination from its operations at the Portsmouth GDP site[193][194][196]. - The company has faced past compliance issues with the NYSE American, which could lead to delisting if standards are not maintained[180]. - Legal and compliance risks could impose additional costs or require changes to business practices, adversely affecting results[170].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (I.R.S. Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (I.R.S. Employer Identification No.) Indicate by check mark whether the registrant is a large accelerate ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Data File required to be s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 Commission file number 1-14287 Centrus Energy Corp. Delaware 52-2107911 (State of incorporation) (IRS Employer Identification No.) 6901 Rockledge Drive, Suite 800, Bethesda, Maryland 20817 (301) 564-3200 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exch ...