Form 8-K

8-K — CENTRUS ENERGY CORP

Accession: 0001628280-26-030674

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001065059

SIC: 1400 (MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — leu-20260505.htm (Primary)

EX-99.1 (ex991-10q2026_05x05.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: leu-20260505.htm · Sequence: 1

leu-20260505

0001065059False00010650592026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

_________________

Date of Report (Date of earliest event reported): May 5, 2026

Centrus Energy Corp.

(Exact name of registrant as specified in its charter)

Delaware 1-14287 52-2107911

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

6901 Rockledge Drive, Suite 800

Bethesda, MD 20817

(301) 564-3200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered

Class A Common Stock, par value $0.10 per share LEU NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On May 5, 2026, Centrus Energy Corp. (the “Company”) issued a press release announcing financial results for the quarter ended March 31, 2026. A copy of the press release is being furnished as Exhibit 99.1 and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Description

99.1

Press Release dated May 5, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Centrus Energy Corp.

Date: May 5, 2026 By: /s/ Todd M. Tinelli

Todd M. Tinelli

Senior Vice President, Chief Financial Officer, and Treasurer

EX-99.1

Filename: ex991-10q2026_05x05.htm · Sequence: 2

Document

EXHIBIT 99.1

FOR IMMEDIATE RELEASE:

May 5, 2026

Centrus Reports First Quarter 2026 Results

•Revenue of $76.7 million, compared to revenue of $73.1 million in Q1 2025

•GAAP net income of $10.0 million compared to GAAP net income of $27.2 million in Q1 2025

•Non-GAAP adjusted net income (1) of $23.5 million, compared to non-GAAP adjusted net income(1) of $28.6 million in Q1 2025

•Launched multi-year investment in Oak Ridge, Tennessee, to expand and accelerate centrifuge manufacturing program

•Signed strategic collaboration with Fluor to oversee engineering, design, project management, supply chain activities, and procurement of key materials and services on plant expansion

•Partnered with Palantir to leverage its artificial intelligence platform; early work identified ~$300 million in potential costs savings and additional improvements expected to reduce manufacturing lead times and accelerate expansion’s timetable

•Exploring joint-venture with Oklo focused on deconversion services for high-assay, low-enriched uranium (HALEU)

•Raising full year 2026 revenue guidance based on commercial progress

BETHESDA, Md. - Centrus Energy Corp. (NYSE: LEU) (“Centrus” or the “Company”) today reported first quarter 2026 results. The Company reported net income of $10.0 million for the three months ended March 31, 2026, which is $0.51 (basic) and $0.45 (diluted) per common share. This translates to adjusted net income(1) of $23.5 million for the three months ended March 31, 2026, which is adjusted EPS(1) of $1.19 (basic) and $1.05 (diluted) per common share.

“The first quarter was marked by numerous wins and great operational progress as we accelerated our drive to restore America’s ability to enrich uranium at scale, including securing historic federal funding and launching a major expansion of our centrifuge manufacturing plant,” said Centrus President and CEO Amir Vexler.

“We have now switched to full execution mode to accelerate our build-out while building a best-in-class partnership network, including Palantir, Fluor, and Geiger Brothers, as part of our day-one focus to reduce costs and bring in lead times. We’ve already identified approximately $300 million in cost reductions as well as opportunities to both reduce manufacturing lead times and accelerate our timetable. Going forward we will continue to unleash our network’s full capabilities, including Palantir’s leading artificial intelligence platform, to unlock more efficiency gains.

“Our expansion is well timed. Global conflicts and rising tensions continue to highlight the need to diversify away from fossil fuels towards domestic power sources to drive future sustainable economic growth.”

(1)A reconciliation of non-GAAP results are detailed in the Financial Results section. Additional information can be found in the materials on the Centrus investor relations website at https://investors.centrusenergy.com.

Financial Results

Centrus generated total revenue of $76.7 million and $73.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $3.6 million (or 5%).

Revenue from the LEU segment was $44.6 million and $51.3 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $6.7 million (or 13%). Separative work units (SWU) revenue decreased by $9.7 million as a result of a 47% decrease in the volume of SWU sold, partially offset by a 52% increase in the average price of SWU sold. The Company had uranium revenue of $3.0 million for the three months ended March 31, 2026.

Revenue from the Technical Solutions segment was $32.1 million and $21.8 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $10.3 million (or 47%). The increase in revenue was primarily attributable to a $9.8 million increase in revenue generated by the HALEU production contract with the Department of Energy (“DOE”) signed in 2022 (“HALEU Operation Contract”), while the remaining change was generally related to other contracts. Revenue from the HALEU Operation Contract is recorded on a cost-plus-incentive-fee basis and includes a target fee for Phases 2 and 3 of the contract.

Cost of sales for the LEU segment was $16.7 million and $20.1 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $3.4 million (or 17%). SWU costs decreased as a result of a 47% decrease in the volume of SWU sold, partially offset by a 45% increase in the average unit cost of SWU sold. Uranium costs increased primarily as a result of an increase in the volume of uranium sold.

Cost of sales for the Technical Solutions segment was $28.5 million and $20.1 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $8.4 million (or 42%). The increase was primarily attributable to an $8.2 million increase in costs incurred under the HALEU Operation Contract, while the remaining change was generally attributable to other contracts.

The Company recognized gross profit of $31.5 million and a gross profit of $32.9 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $1.4 million (or 4%).

Gross profit for the LEU segment was $27.9 million and $31.2 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $3.3 million (or 11%). LEU customers generally have multi-year contracts that carry annual purchase commitments, not quarterly commitments. The gross profit in our LEU business varies based upon the timing of those contracts. The pricing applied to deliveries varies depending upon the market conditions at the time the contract was signed. The increase for the three months ended March 31, 2026 was primarily due to the composition of contracts in the current quarter, compared to the prior quarter.

Gross profit for the Technical Solutions segment was $3.6 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively, an increase of $1.9 million (or 112%). Because of the delay in completing Phase 2 of the HALEU Operation Contract, DOE extended the Phase 2 period of performance through October 31, 2025. Costs incurred subsequent to November 2024 have not yet been subject to a fee as this portion of Phase 2 remains undefinitized and is subject to negotiation.

Net income was $10.0 million and $27.2 million for the three months ended March 31, 2026 and 2025, respectively, a decrease of $17.2 million (or 63%). The decrease was primarily attributable to an increase in advanced technology costs of $15.9 million and a decrease in extinguishment of long-term debt of $11.8 million. This decrease was partially offset by an increase of $9.7 million in investment income and a decrease of $5.5 million in income tax expense.

Backlog

The Company’s backlog across both segments is $3.9 billion as of March 31, 2026 and extends to 2040. Our LEU segment backlog as of March 31, 2026 is approximately $3.1 billion. The LEU backlog is the estimated aggregate dollar amount of revenue for future SWU and uranium deliveries primarily under medium and long-term contracts with fixed commitments and approximately $2.4 billion in contingent LEU sales commitments, all of which are under definitive agreements, in support of potential construction of LEU production capacity at the Piketon, Ohio facility. The contingent LEU sales commitments also depend on our ability to secure substantial public and private investment. Our Technical Solutions segment backlog is approximately $0.8 billion as of March 31, 2026, and includes both funded amounts (services for which funding has been both authorized and appropriated by the customer), unfunded amounts (services for which funding has not been appropriated), and unexercised options.

2026 Outlook

The Company is updating some of its financial and operational guidance for the full-year 2026 based on information available to the Company at the time of this release.

Financial 2026 Outlook

For the full year 2026, on a consolidated basis, Centrus expects:

•Upward revised total revenue to be in the range of $450 million to $500 million from $425 million to $475 million

•Total capital deployment to be in the range of $350 million to $500 million, driven by increased investment in the Company’s industrial build out related to its centrifuge manufacturing

Operational 2026 Outlook

For the full year 2026, on a consolidated basis, Centrus expects to:

•Finalize contracts with all partners identified as critical to its industrial build out

•At least 100 net new employee hires for Oak Ridge, Tennessee, facility

•At least 100 net new employee hires for Piketon, Ohio, facility up from 50 net new employee hires

•Release of a Certified for Construction package

The Company’s 2026 guidance is subject to a number of assumptions and uncertainties that could affect results either positively or negatively. Variations from these expectations could cause differences between this guidance and the ultimate results. This includes the assumption of no significant change in restrictions in our ability to receive and sell Russian LEU or other uranium products, no significant economic disruptions or downturns, the successful implementation of our planned expansion projects, including the finalization and funding of the DOE $900 million task order, and that current business operations will continue on an ongoing basis.

About Centrus Energy Corp.

Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.

With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America’s uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.

###

Forward-Looking Statements:

This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions with respect to future events and operational, economic and financial performance. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may be exacerbated by any worsening of the global business and economic environment, including but not limited to, risks and uncertainties related to the following:

•the war in Ukraine and other geopolitical conflicts, including the resulting bans, laws, tariffs, sanctions or other government measures, and actions by third parties, including contractual counterparties, as a result of such conflicts that could directly or indirectly impact our ability to obtain, deliver, transport, sell or collect payment for, LEU or the SWU and natural uranium hexafluoride components of LEU;

•our reliance on third party suppliers to provide essential products and services to us;

•restrictions on imports and exports, including those imposed under the RSA, and related international trade legislation;

•our lease to our facility in Piketon, Ohio and our government contracts, including related to government shutdowns, changes to the U.S. government’s appropriated funding levels for HALEU and the government’s inability to satisfy its obligations;

•our receipt of additional task orders under the HALEU Production Contract, LEU Production Contract and HALEU Deconversion Contract and, if awarded, the nature, timing and amount thereof;

•our ability to obtain new contracts or funding to be able to continue operations;

•whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level;

•the impact and potential extended duration of a supply/demand imbalance in the market for LEU;

•significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive than we are;

•limitations on our ability to compete in foreign markets;

•pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU;

•our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee;

•our ability to successfully integrate artificial intelligence technologies into our operations;

•natural and other disasters;

•pandemics and other health crises;

•the fact that our revenue is largely dependent on our largest customers and our sales backlog;

•our long-term liabilities, including our postretirement health and life benefit obligations, our 0% Convertible Notes and our 2.25% Convertible Notes;

•failures or security, including cybersecurity, breaches of our information technology systems; and

•the impact of, or changes to, government regulation and policies or interpretation of laws or regulations, including by the U.S. Securities and Exchange Commission, the DOE, the U.S. Department of Commerce, and the U.S. Nuclear Regulatory Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2025, under Part II, Item 1A - “Risk Factors” in our Quarterly report on Form 10-Q for the quarter ended March 31, 2026, and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Contacts:

Investors: Neal Nagarajan at NagarajanNK@centrusenergy.com

Media: Dan Leistikow at LeistikowD@centrusenergy.com

CENTRUS ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited; in millions, except share and per share data)

Three Months Ended

March 31,

2026 2025

Revenue:

Separative work units $ 41.6 $ 51.3

Uranium 3.0 —

Technical solutions 32.1 21.8

Total revenue 76.7 73.1

Cost of Sales:

Separative work units and uranium 16.7 20.1

Technical solutions 28.5 20.1

Total cost of sales 45.2 40.2

Gross profit

31.5 32.9

Advanced technology costs 18.9 3.0

Selling, general and administrative 10.0 8.3

Amortization of intangible assets 1.8 1.1

Operating income

0.8 20.5

Nonoperating components of net periodic benefit loss

1.0 0.9

Interest expense 4.0 3.4

Investment income (17.0) (7.3)

Extinguishment of long-term debt

— (11.8)

Other expense, net

0.3 0.1

Income before income taxes

12.5 35.2

Income tax expense

2.5 8.0

Net income and comprehensive income

$ 10.0 $ 27.2

Net income per share:

Basic $ 0.51 $ 1.60

Diluted $ 0.45 $ 1.60

Average number of common shares outstanding (in thousands):

Basic 19,773 16,982

Diluted 22,446 17,048

CENTRUS ENERGY CORP.

NON-GAAP ADJUSTED OPERATING INCOME, ADJUSTED NET INCOME AND ADJUSTED NET INCOME PER SHARE RECONCILIATION TABLE

The Company measures Operating Income, Net Income and Net Income per Share both on a GAAP basis and on an adjusted basis (“Adjusted Operating Income”, “Adjusted Net Income” and “Adjusted Net Income per Share”) to exclude short-term, non-capitalizable costs related to the expansion of our operations in Piketon, Ohio and Oak Ridge, Tennessee to scale up uranium enrichment operations (“Growth Costs”) and stock-based compensation. Growth Costs relate to the initial phase of our expansion projects (e.g. manufacturing readiness and the training and onboarding of new employees) and are included as Advanced Technology Costs on the Condensed Consolidated Statements of Operations and Comprehensive Income. The Company expects to stop expensing Growth Costs as costs related to our expansion projects become capitalizable. We incur expense related to stock-based compensation which are included as Selling, General and Administrative expense on the Condensed Consolidated Statements of Operations and Comprehensive Income.

We believe Adjusted Operating Income, Adjusted Net Income and Adjusted Net Income per Share, which are non-GAAP financial measures, provide investors with additional understanding of the Company’s overall financial performance as well as its strategic financial planning analysis and period-to-period comparability. These metrics are useful to investors because they reflect how management evaluates the Company’s ongoing operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations.

Our calculation of Adjusted Operating Income, Adjusted Net Income, and Adjusted Net Income per Share may not be comparable to similarly named measures reported by other companies.

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025

GAAP

Growth Costs

Stock-Based Compensation

Adjusted (Non-GAAP)

GAAP

Growth Costs

Stock-Based Compensation

Adjusted (Non-GAAP)

Gross profit

31.5 — — 31.5 32.9 — — 32.9

Advanced technology costs 18.9 (17.0) — 1.9 3.0 (1.3) — 1.7

Selling, general and administrative 10.0 — (0.4) 9.6 8.3 — (0.5) 7.8

Amortization of intangible assets 1.8 — — 1.8 1.1 — — 1.1

Operating income

0.8 17.0 0.4 18.2 20.5 1.3 0.5 22.3

Nonoperating components of net periodic benefit loss

1.0 — — 1.0 0.9 — — 0.9

Interest expense 4.0 — — 4.0 3.4 — — 3.4

Investment income (17.0) — — (17.0) (7.3) — — (7.3)

Extinguishment of long-term debt

— — — — (11.8) — — (11.8)

Other expense, net

0.3 — — 0.3 0.1 — — 0.1

Income before income taxes

12.5 17.0 0.4 29.9 35.2 1.3 0.5 37.0

Income tax expense

2.5 3.8 0.1 6.4 8.0 0.3 0.1 8.4

Net income and comprehensive income

$ 10.0 $ 13.2 $ 0.3 $ 23.5 $ 27.2 $ 1.0 $ 0.4 $ 28.6

Net income per share:

Basic $ 0.51 $ 0.67 $ 0.01 $ 1.19 $ 1.60 $ 0.06 $ 0.02 $ 1.68

Diluted $ 0.45 $ 0.59 $ 0.01 $ 1.05 $ 1.60 $ 0.06 $ 0.02 $ 1.68

Average number of common shares outstanding (in thousands):

Basic 19,773 — — 19,773 16,982 — — 16,982

Diluted 22,446 — — 22,446 17,048 — — 17,048

CENTRUS ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in millions)

Three Months Ended March 31,

2026 2025

OPERATING

Net income

$ 10.0 $ 27.2

Adjustments to reconcile net income to cash used in operating activities:

Depreciation and amortization 2.2 1.5

Deferred tax assets 2.5 7.5

Equity-related compensation

0.4 0.5

Revaluation of inventory borrowings

(0.6) 2.1

Gain on extinguishment of 8.25% Notes

— (11.8)

Amortization of debt issuance costs and discount

1.3 —

Other reconciling adjustments, net

0.3 0.6

Changes in operating assets and liabilities:

Accounts receivable (11.1) 41.3

Inventories (48.8) (268.1)

Inventories owed to customers and suppliers (21.9) 187.7

Other current assets (0.6) 0.8

Accounts payable and other liabilities 0.4 (6.2)

Payables under inventory purchase agreements 47.2 55.6

Deferred revenue and advances from customers, net of deferred costs (14.4) 0.1

Pension and postretirement benefit liabilities (2.0) (2.2)

Other changes, net

— (0.1)

Cash (used in) provided by operating activities

(35.1) 36.5

INVESTING

Capital expenditures (23.2) (2.1)

Cash used in investing activities (23.2) (2.1)

FINANCING

Proceeds from the issuance of common stock, net — 25.2

Common stock withheld for tax obligations under stock-based compensation plan

(0.3) —

Payment of interest classified as debt — (3.5)

Payment of principal to redeem 8.25% Notes

— (74.3)

Cash used in financing activities

(0.3) (52.6)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(0.3) (0.1)

Decrease in cash, cash equivalents and restricted cash

(58.9) (18.3)

Cash, cash equivalents and restricted cash, beginning of period 1,960.1 704.0

Cash, cash equivalents and restricted cash, end of period $ 1,901.2 $ 685.7

Three Months Ended March 31,

2026 2025

Supplemental cash flow disclosures:

Cash paid for interest

— $ —

Cash paid for income taxes

Federal

— $ —

State

— $ —

Foreign

— $ —

Non-cash activities:

Property, plant and equipment included in accounts payable and accrued liabilities $ 9.2 $ 0.2

Common stock withheld for tax obligations under stock-based compensation plan

$ — $ 0.3

CENTRUS ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except share and per share data)

March 31,

2026 December 31,

2025

ASSETS

Current assets:

Cash and cash equivalents $ 1,868.2 $ 1,957.2

Accounts receivable 41.8 30.7

Inventories 336.0 322.9

Deferred costs associated with deferred revenue 37.0 40.9

Other current assets 12.4 11.9

Total current assets 2,295.4 2,363.6

Property, plant and equipment, net of accumulated depreciation of $7.1 million and $6.7 million as of March 31, 2026 and December 31, 2025, respectively

59.5 29.5

Deposits for financial assurance 32.8 2.7

Intangible assets, net 19.4 21.2

Deferred tax assets 19.5 21.9

Other long-term assets 6.6 7.0

Total assets $ 2,433.2 $ 2,445.9

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable and accrued liabilities $ 49.5 $ 41.6

Payables under inventory purchase agreements 65.7 18.5

Inventories owed to customers and suppliers 170.8 192.7

Deferred revenue and advances from customers 112.8 131.1

Short-term inventory loans

2.5 38.9

Current debt — —

Total current liabilities 401.3 422.8

Long-term debt 1,176.1 1,174.8

Postretirement health and life benefit obligations 70.4 72.2

Pension benefit liabilities 2.9 3.0

Advances from customers — —

Long-term inventory loans — —

Other long-term liabilities 7.3 8.0

Total liabilities 1,658.0 1,680.8

Stockholders’ equity:

Preferred stock, par value $1.00 per share, 20,000,000 shares authorized

Series A Participating Cumulative Preferred Stock, none issued — —

Series B Senior Preferred Stock, none issued — —

Class A Common Stock, par value $0.10 per share, 70,000,000 shares authorized, 18,952,387 and 18,945,365 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

1.9 1.9

Class B Common Stock, par value $0.10 per share, 30,000,000 shares authorized, 719,200 shares issued and outstanding as of March 31, 2026 and December 31, 2025

0.1 0.1

Excess of capital over par value 762.4 762.3

Retained earnings

11.5 1.5

Accumulated other comprehensive loss

(0.7) (0.7)

Total stockholders’ equity

775.2 765.1

Total liabilities and stockholders’ equity

$ 2,433.2 $ 2,445.9

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xbrli:normalizedStringItemType

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duration

- Definition

Address Line 2 such as Street or Suite number

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No definition available.

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Name:

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Namespace Prefix:

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xbrli:normalizedStringItemType

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- Definition

Name of the City or Town

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No definition available.

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Name:

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Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

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- Definition

Code for the postal or zip code

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No definition available.

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Name:

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xbrli:normalizedStringItemType

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- Definition

Name of the state or province.

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No definition available.

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Name:

dei_EntityAddressStateOrProvince

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dei:stateOrProvinceItemType

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Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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Period Type:

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityEmergingGrowthCompany

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

+ Details

Name:

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Namespace Prefix:

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Balance Type:

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duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

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Data Type:

dei:edgarStateCountryItemType

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Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

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- Definition

Local phone number for entity.

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No definition available.

+ Details

Name:

dei_LocalPhoneNumber

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Name:

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Namespace Prefix:

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Data Type:

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Balance Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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Name:

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Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

dei_SecurityExchangeName

Namespace Prefix:

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Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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Name:

dei_SolicitingMaterial

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Data Type:

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

+ Details

Name:

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Namespace Prefix:

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Balance Type:

Period Type:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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