Westinghouse Electric Co., which is jointly owned by Cameco Corp. and Brookfield Renewable Partners, has confidentially filed for an initial public offering with U.S. regulators.

Cameco said in a press release accompanying its second-quarter financial results that Westinghouse filed a draft registration statement regarding its IPO with the U.S. Securities and Exchange Commission. The number of shares being offered and the price range for the IPO have not yet been determined.

Cameco and Brookfield acquired Westinghouse in 2023, with Cameco taking a 49 per cent stake and Brookfield taking the remaining interest.

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On Friday, Cameco reported a drop in its revenue and profit in the second quarter compared with a year ago.

The company says its profit amounted to $25 million or six cents per diluted share for the quarter ended June 30.

The result was down from a profit of $321 million or 74 cents per diluted share in the second quarter of 2025.

Revenue totalled $814 million, down from $877 million in the same quarter last year.

“Our second quarter financial results reflect normal quarterly variability, and while uranium production was impacted by challenging spring road conditions along our northern Saskatchewan supply routes, our annual production outlook remains unchanged,” Cameco CEO Tim Gitzel said in a news release.

On an adjusted basis, Cameco says it earned 18 cents per share in its latest quarter, down from an adjusted profit of 71 cents per diluted share a year earlier.

Cameco says its quarterly and first-half results were lower than in 2025 mainly because of lower equity earnings from its investment in Westinghouse.