Centrus Energy reported a resilient Q4 2024 that capped a transformative year, underscored by robust revenue growth, stronger LEU and HALEU engagement, and a deliberate balance-sheet de-risking program. For the full year 2024, Centrus generated $442 million in revenue, up ~40% YoY, with gross profit of $111.5 million and operating income of $48 million. The company entered 2025 with a fortified liquidity position (ending cash of $671.4 million) and a lean pension obligation profile that reduced annual cash costs and enhanced optionality to deploy capital toward domestic enrichment capacity. Backlog remains healthy at $3.7 billion through 2040, including roughly $2.8 billion in LEU backlog and $0.9 billion in Technical Solutions backlog, reflecting a diversified revenue base across LEU, SWU, and HALEU activities. Management emphasized a first-mover US manufacturing advantage, a sizable contingent LEU sales program (approximately $2.0 billion), and a ramp plan tied to DOE task orders that, if realized, could meaningfully accelerate domestic enrichment capacity. The near-term catalysts include the November 2024 $60 million investment to restart centrifuge manufacturing at Oak Ridge, the late-2024 convertible notes closing (net proceeds ~$388.7 million), and a potential $62.4 million in investment tax credits tied to Oak Ridge manufacturing. However, the company faces meaningful execution and geopolitical risks, including timing of DOE task orders, ongoing license considerations with TENEX in Russia, and the broader transition of US-enriched uranium supply away from foreign dependencies. Overall, Centrus presents a compelling strategic positioning in a multi-year domestic enrichment cycle, with the potential to translate DOE-driven demand into a scalable, American-owned production platform over the next 2–4 years, subject to public funding and supply-chain execution.