Centrus Energy Corp Liquidation Value

Centrus Energy Corp (LEU) presents a balance sheet as of March 31, 2026 that is dominated by a $1.87 billion cash and cash equivalents position, funded primarily by the August 2025 issuance of $805.0 million in 0% Convertible Notes and the November 2024 issuance of $402.5 million in 2.25% Convertible Notes. Total assets are $2.43 billion against total liabilities of $1.66 billion, yielding reported book equity of $775.2 million. Under a liquidation lens, the recovery posture is materially positive relative to peers but substantially degraded versus the reported book figure once the full liability stack is mapped at face value.

On the asset side, the $1.87 billion cash position recovers at 100%, contributing the overwhelming share of liquidation value. Accounts receivable of $41.8 million recover at ~90-95% ($38-40 million). Inventory of $336.0 million — consisting of SWU and uranium held at average cost — recovers at roughly 60%, or approximately $202 million. This is the largest haircut-bearing asset line and the most judgment-sensitive: LEU/SWU inventory has specialty market characteristics and concentrated buyer exposure, but spot prices at $200/SWU as of March 31, 2026 provide some support. PP&E net of $59.5 million recovers at 50-70%, or approximately $30-42 million. Intangibles net of $19.4 million (gross $123.5 million, accumulated amortization $104.1 million) carry zero recovery under the liquidation lens. Other current assets and restricted cash add modest incremental value.

On the liability side, the $1.18 billion in long-term convertible debt (face value: $402.5 million 2.25% Notes due 2030 plus $805.0 million 0% Notes due 2032, less $31.4 million unamortized issuance costs per the carrying value implied by $1.176 billion reported) sits at face value of approximately $1.207 billion. Current liabilities include $112.8 million in deferred revenue (a cash obligation to perform), $401.3 million total current liabilities, and $49.5 million accounts payable and accrued liabilities. Non-current liabilities include $70.4 million other post-retirement benefit obligations and $2.9 million pension liability — neither extinguishes on windup. Total liability stack at face approximates $1.66 billion (as reported), but the two convertible issuances alone represent $1.207 billion in principal-level claims.

MFFAIS CLV of $290.8 million, LLV of $332.6 million, and OLV of $668.6 million reflect this structure: positive but well below book equity, with the large convertible debt stack and benefit obligations as the primary drag. The key change since the prior filing (10-K, December 31, 2025) is the sharp acceleration in capital expenditure ($23.2 million in Q1 2026 vs. $2.1 million in Q1 2025) and the 530% surge in advanced technology costs to $18.9 million, signaling the Piketon and Oak Ridge expansion programs are now consuming significant cash. The $900 million DOE HALEU task order award is discussed extensively in MD&A but is not separately tagged in XBRL — it represents a contingent future asset/revenue stream that carries no balance-sheet recognition and no liquidation value until definitized.