Core Viewpoint - The performance of nuclear power stocks, particularly small modular reactors (SMRs), has been significantly influenced by recent government support, but financial sustainability remains a concern for companies like Oklo and Nano Nuclear Energy [1][2]. Group 1: Industry Performance - The Global X Uranium ETF has seen a remarkable increase of 72% year-to-date, outperforming the S&P 500 [1]. - President Trump's executive orders in May have promoted American nuclear power, particularly SMRs, which has contributed to strong market performance [2]. Group 2: Company Overview - Oklo - Oklo is developing a microreactor called Aurora, which will utilize High-Assay Low-Enriched Uranium (HALEU) fuel to generate between 1.5 to 75 megawatts of electrical power [5]. - The company has received significant regulatory approvals, including a site use permit from the U.S. Department of Energy and a combined license application for an advanced reactor [6]. - Oklo has secured multiple contracts from the Department of Energy to develop its technology and build fuel fabrication plants [7]. Group 3: Financial Outlook - Oklo - Oklo anticipates its first reactor will be operational by 2027, with GAAP profit expected in 2030 and positive free cash flow by 2033 [8]. - The company currently has over $920 million in cash but is burning less than $40 million annually, with projected expenses exceeding $580 million over the next three years and close to $1 billion each year for the following four years [9]. - Analysts suggest that Oklo may run out of cash before achieving positive free cash flow, necessitating debt or stock sales, which could dilute shareholder value [10]. Group 4: Company Overview - Nano Nuclear Energy - Nano Nuclear Energy is diversifying its operations by not only focusing on microreactors for data centers but also exploring reactors for spacecraft and providing consulting services [11]. - The company is expected to start generating revenue in 2027 and profit by 2033, similar to Oklo, but has only about $200 million in cash, raising concerns about its financial viability [13]. Group 5: Financial Outlook - Nano Nuclear Energy - Analysts are hesitant to project future cash flows for Nano Nuclear Energy due to uncertainty about its financial stability [13]. - The company is perceived to be in a weaker financial position compared to Oklo, with a higher risk of failing to sustain operations [13].

Core Insights - NANO Nuclear Energy Inc. congratulates its partner LIS Technologies for receiving a Radioactive Material License from the State of Tennessee, allowing LIS to procure uranium hexafluoride (UF₆) feedstock and advance its patented laser uranium enrichment technology [1][2][4] Group 1: Company Developments - LIS Technologies is the only U.S.-origin developer of patented advanced laser technology for uranium enrichment, enabling it to handle various forms of uranium and support technology development for a commercial uranium laser enrichment facility [2][3] - NANO Nuclear and LIS Technologies have a collaboration agreement where NANO Nuclear will develop fuel cycle capabilities to integrate LIST's enriched UF₆ into a manufacturing process, supporting both NANO Nuclear's micro modular reactors and the broader nuclear energy industry [3][4] Group 2: Strategic Importance - The achievement of the Radioactive Material License is seen as a major milestone for the U.S. nuclear fuel supply chain, with NANO Nuclear emphasizing the importance of restoring domestic enrichment capacity for advanced reactors [4] - NANO Nuclear believes that LIST's laser enrichment technology could eventually produce commercial quantities of Low Enriched Uranium (LEU) and High-Assay Low Enriched Uranium (HALEU) fuel, contributing to U.S. domestic enrichment capabilities [4] Group 3: Financial and Regulatory Context - In late 2024, LIST was selected by the U.S. Department of Energy for a $3.4 billion contract aimed at expanding U.S. domestic commercial enrichment capabilities, with NANO Nuclear acting as a key subcontractor [4]

Core Viewpoint - NANO Nuclear Energy Inc. celebrates its commercial partner LIS Technologies Inc. receiving a Radioactive Material License from the State of Tennessee, marking a significant milestone for the U.S. nuclear fuel supply chain and the development of advanced nuclear technologies [1][6]. Group 1: License and Technology Development - The Radioactive Material License allows LIST to procure uranium hexafluoride (UF₆) feedstock and advance research and development for a commercial uranium laser enrichment facility in the U.S. [2] - LIST is recognized as the only U.S.-origin developer of patented advanced laser technology for uranium enrichment, which is crucial for NANO Nuclear's fuel cycle capabilities [3]. Group 2: Collaboration and Strategic Importance - NANO Nuclear and LIST have a collaboration agreement where NANO Nuclear will develop fuel cycle capabilities to integrate LIST's enriched UF₆ into a manufacturing process, supporting both NANO Nuclear's micro modular reactors and the broader nuclear energy market [3]. - The partnership aims to restore secure domestic enrichment capacity and support the next generation of advanced reactors, reinforcing a vertically integrated U.S. nuclear fuel platform [6]. Group 3: Government Support and Future Prospects - In late 2024, LIST was awarded a contract by the U.S. Department of Energy as part of a $3.4 billion initiative to enhance U.S. domestic enrichment capabilities, with NANO Nuclear serving as a key subcontractor [6]. - NANO Nuclear believes that LIST's laser enrichment technology has the potential to produce commercial quantities of Low Enriched Uranium (LEU) and High-Assay Low Enriched Uranium (HALEU) fuel in the future [6].

Core Viewpoint - Nano Nuclear Energy Inc. is experiencing a significant rise in stock value due to a strengthened balance sheet and increasing commercial momentum, particularly in high-demand sectors like AI data centers and defense [1]. Financial Performance - The company utilized $19.6 million in operating activities for the twelve months ended September 30 [2]. - In investing activities, $17.5 million was used, including $9.1 million for asset acquisitions during the same period [3]. - Cash and equivalents reached $203.3 million on September 30, a substantial increase from $28.5 million a year earlier [3]. Development and Regulatory Progress - Management reported advancements in reactor development, regulatory engagement, and commercial partnerships [4]. - The KRONOS MMR acquisition was completed early in 2025, benefiting from eight years of engineering investment [5]. - The company is preparing for licensing with the U.S. Nuclear Regulatory Commission and plans to submit a construction permit application in the first quarter of 2026 [5]. Prototype Development - The University of Illinois has been selected as the KRONOS prototype development site, with site drilling and geological analysis completed in November in collaboration with engineering partner AECOM [6]. Canadian Expansion - Regulatory engagement with Canadian nuclear authorities has resumed, with KRONOS entering Canada's Phase 1 microreactor licensing process [7]. - The acquisition of Global First Power has further strengthened the company's position in Canada [7]. Stock Performance - Nano Nuclear Energy shares increased by 3.21% to $31.20 during premarket trading [7].

Financial Data and Key Metrics Changes - The company ended fiscal 2025 with cash and cash equivalents of $203.3 million, an increase of approximately $175 million from the end of fiscal 2024, primarily driven by successful equity capital raises [25] - Fiscal 2025 loss from operations was $46.2 million, an increase from the previous year due to higher general and administrative expenses and R&D expenses [26] - The net cash used in operating activities increased to $19.6 million, while net cash used in investing activities rose to $17.5 million, reflecting increased R&D and facility acquisitions [27] Business Line Data and Key Metrics Changes - The company made significant progress in advancing the KRONOS MMR Energy System, including securing strategic collaborations and achieving important NRC milestones [10] - The acquisition of Global First Power, rebranded as True North Nuclear, marked progress in resuming licensing activities in Canada [11] Market Data and Key Metrics Changes - The demand for reliable baseload power is projected to increase significantly, with electricity usage expected to grow by 5%-6% annually over the next five years, driven largely by AI data centers [5][6] - There is a growing global commitment to triple nuclear capacity by 2050, indicating a long-term trend in nuclear energy growth [8] Company Strategy and Development Direction - The company aims to position itself at the center of a global nuclear renaissance, focusing on the development of micro-reactors to meet the increasing demand for clean energy [4] - The strategy includes vertical integration to de-risk the nuclear fuel supply chain, with a focus on enrichment and conversion capabilities [23][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the bipartisan policy support for nuclear energy in the U.S. and the favorable regulatory environment as key drivers for future growth [9] - The company expects to submit a construction permit application for the U of I project in Q1 2026, with a turnaround time from the NRC anticipated to be less than 12 months [32] Other Important Information - The company raised over $600 million since its May 2024 IPO, indicating strong institutional support and financial health [11] - The KRONOS MMR is designed to provide off-grid or behind-the-meter power, addressing the constraints faced by large energy users [15][20] Q&A Session Summary Question: Update on the U of I site and NRC permit application timeline - Management confirmed that the drilling was completed on schedule and the construction permit application is on track for Q1 next year, with an expected turnaround time from the NRC of less than 12 months [31][32] Question: Vertical integration strategy objectives for 2026 - The company aims to centralize reactor core manufacturing while recognizing the need for specialized components that may require external partnerships [35][36] Question: Progress on the Canadian project and licensing - The company is focused on site selection and expects to announce the site in the first half of next year, with plans to expedite the licensing process by leveraging previous work done at the site [45][46] Question: Scope of the AFWERX direct-to-phase two project - The AFWERX program aims to provide self-sufficient power solutions for military bases, with potential for mass production of reactor systems once the program advances [48][50] Question: State-level licensing opportunities - Management discussed the potential for states to take over licensing for certain facilities, which could expedite the process and reduce the NRC's workload [54][57] Question: Differences between the test reactor at UIUC and commercial reactors - The UIUC reactor will be a full-scale system, closely matching the commercial reactor design, with minor optimizations expected for commercial units [58][59]

Financial Data and Key Metrics Changes - The company ended fiscal 2025 with cash and cash equivalents of $203.3 million, an increase of approximately $175 million from the end of fiscal 2024, primarily driven by successful equity capital raises [25][26] - Fiscal 2025 loss from operations was $46.2 million, an increase from the previous year due to higher general and administrative expenses and R&D expenses [26][27] - Net cash used in operating activities increased by approximately $11 million to $19.6 million, while net cash used in investing activities rose by approximately $14 million to $17.5 million [27] Business Line Data and Key Metrics Changes - The company made significant progress in advancing the Kronos MMR energy system, including securing strategic collaborations and achieving important NRC milestones [10][11] - The acquisition of Global First Power, rebranded as True North Nuclear, strengthened the company's position in Canada [10] - The company executed a feasibility study agreement with BitRupon to evaluate up to one gigawatt of power with the Kronos MMR [11] Market Data and Key Metrics Changes - The demand for reliable baseload power is expected to surge, driven by AI data centers, with electricity usage projected to increase by 5%-6% annually over the next five years [5][6] - There is a growing global commitment to triple nuclear capacity by 2050, indicating a long-term trend in nuclear energy growth [8] Company Strategy and Development Direction - The company aims to position itself at the center of a global nuclear renaissance, focusing on micro-reactors to meet the increasing demand for clean, reliable energy [4][8] - The strategy includes vertical integration to de-risk the nuclear fuel supply chain, with a focus on enrichment and conversion capabilities [23][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented bipartisan policy support for nuclear energy in the U.S. and the growing global support, which is expected to accelerate the development of advanced reactors [9][10] - The company remains optimistic about its progress and the strong interest from potential customers in various sectors, including data centers and military applications [12][23] Other Important Information - The company raised over $600 million since its May 2024 IPO, indicating strong capital support from institutional investors [11] - The company is on track to submit a construction permit application for the U of I project in Q1 of 2026, with expectations for a quicker turnaround from the NRC compared to similar applications [32][33] Q&A Session Summary Question: Can you walk us through the timeline for the U of I site permit application? - The company is on track to submit the construction permit application in Q1 next year, with expectations for a turnaround substantially below 15 months due to the well-known technology being used [31][32] Question: What are the main objectives for vertical integration in 2026? - The company aims to centralize reactor core manufacturing while recognizing that certain specialized components will need to be sourced externally [35][36] Question: Can you provide more details on the Canadian project and its licensing process? - The company expects to finalize the site announcement in the first half of next year and will inherit previous licensing progress, allowing it to bypass initial phases [45][46] Question: What is the scope of the AFWERX direct-to-phase two project? - The AFWERX program aims to provide self-sufficient power solutions for military bases, with potential for mass production of reactor systems for various bases in the future [48][50] Question: Can you elaborate on the potential for state-level licensing of nuclear activities? - The company is exploring opportunities for states to take back control of licensing certain facilities, which could expedite the process and reduce the NRC's workload [54][57]

Financial Data and Key Metrics Changes - The company ended fiscal 2025 with cash and cash equivalents of $203.3 million, an increase of approximately $175 million from the end of fiscal 2024, primarily driven by successful equity capital raises [25][26] - Fiscal 2025 loss from operations was $46.2 million, an increase from the previous year due to higher general and administrative expenses and R&D expenses [26] - Fiscal 2025 net loss totaled $40.1 million, up approximately $30 million from the prior year, reflecting increased operating expenses [26] Business Line Data and Key Metrics Changes - Significant progress was made in advancing the Kronos MMR energy system, including securing strategic collaborations and achieving important NRC milestones [9][10] - The company executed a feasibility study agreement with BitRupon to evaluate up to one gigawatt of power with the Kronos MMR, indicating a growing pipeline of commercial opportunities [10][24] Market Data and Key Metrics Changes - The demand for reliable baseload power is increasing, driven by the growth of AI data centers and industrial reshoring, with electricity usage projected to increase by 5%-6% annually over the next five years [5][6] - There is a global commitment to triple nuclear capacity by 2050, solidifying growth in nuclear energy as a long-term trend [7] Company Strategy and Development Direction - The company aims to position itself at the center of a global nuclear renaissance, focusing on micro-reactors to meet the growing demand for clean, reliable baseload power [4][6] - The strategy includes vertical integration to de-risk the nuclear fuel supply chain, with a focus on enrichment and conversion capabilities [23][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented bipartisan policy support for nuclear energy in the U.S. and the growing global support, which is expected to accelerate the development of advanced reactors [7][8] - The company remains optimistic about its opportunities in military applications and the potential for large-scale deployments of the Kronos MMR [8][23] Other Important Information - The company raised over $600 million since its May 2024 IPO, indicating strong institutional support and access to capital markets [10][25] - The company is actively working to reestablish formal licensing activities with the Canadian Nuclear Safety Commission, which could expedite its Canadian project [9][46] Q&A Session Summary Question: Timeline for the U of I site permit application - Management confirmed they are on track to submit the construction permit application to the NRC in Q1 of next year, with expectations for a turnaround time substantially below 15 months due to the use of well-known technologies [32][33][34] Question: Vertical integration strategy objectives for 2026 - Management indicated a focus on building internal capabilities for reactor components while recognizing the need for specialized external partnerships for certain materials [37][39] Question: Progress on the Canadian project and licensing - Management explained that the Canadian project is expected to inherit previous licensing progress, allowing them to bypass initial phases and expedite commercialization [46][47] Question: Scope of the AFWERX direct-to-phase two project - Management detailed that the AFWERX program aims to provide self-sufficient power for military bases, with potential for mass production of reactor systems for various bases in the future [48][50]

Business Overview - NANO Nuclear is positioned to capitalize on the global nuclear renaissance driven by the need for reliable baseload energy, energy independence, and climate mandates[10, 11] - Tech leaders are rapidly expanding nuclear capabilities to address power needs, with examples including Microsoft's investment of ~$1.6 billion in the Three Mile Island nuclear power plant and AWS's investment of over $500 million into SMR development with Dominion Energy[13] - Nuclear energy is recognized as an ideal source of baseload power to meet climate goals, with a growing global commitment to triple nuclear capacity by 2050[19] - The company highlights unprecedented bipartisan support for nuclear energy in the U S, citing the ADVANCE Act and executive orders promoting the nuclear power industry[23, 26] KRONOS MMR Technology - KRONOS MMR is differentiated by its high technology readiness level and de-risked reactor design, supported by proven high-temperature gas-cooled reactor (HTGR) design using TRISO fuel[34, 39] - The company believes KRONOS benefited from over $120 million of capital raised by its prior owner to support its development[40] - KRONOS MMR has a 15MWe/45MWt capacity, ideal for data center projects, and is designed to benefit from economies of scale through modularity and factory production[41] - The company expects to submit a construction permit application to the NRC in Q1 2026, and KRONOS MMR was the first microreactor to enter the Canadian Nuclear Safety Commission's (CNSC) Phase 1 licensing process[42] Financial Performance - Cash and cash equivalents ended FY 2025 at $203.3 million, increasing by ~$175 million from the end of FY 2024, driven by net proceeds from private placements and a follow-on offering[77] - Following an October 2025 private placement, NANO Nuclear's cash position totaled ~$580 million[77] - FY 2025 net loss of $40.1 million increased by ~$30 million year-over-year, primarily due to an increase in R&D and G&A expenses[78] - FY 2025 loss from operations increased to $46.2 million, driven by an ~$23 million increase in G&A and an ~$12 million increase in R&D[71, 76]

Core Insights - NANO Nuclear Energy Inc. reported significant achievements in fiscal year 2025, focusing on the development of advanced nuclear microreactors and clean energy solutions [3][4] - The company raised over $600 million since its IPO in May 2024, indicating strong support from institutional investors and a growing commercial pipeline [4][10] Financial Performance - The company used $19.6 million in operating activities, reflecting increased expenses for operations and R&D to advance the KRONOS MMR [5] - Investing activities accounted for $17.5 million, including $9.1 million for asset acquisition and $8.4 million for facility purchases [6] - Financing activities provided $211.9 million in net cash, showcasing robust financial backing [7] Business Developments - NANO Nuclear made substantial progress in advancing the KRONOS MMR, including securing strategic collaborations and achieving key regulatory milestones [4][10] - The company expanded its physical presence with a new engineering and demonstration facility in Oak Brook, Illinois, supported by a $6.8 million state award [9][13] - A feasibility study agreement with BaRupOn aims to evaluate 1 GW of power for an AI data center, highlighting the growing interest in the KRONOS MMR [10][13] Market Position and Strategy - NANO Nuclear is positioned at the forefront of a global nuclear renaissance, driven by increasing demand for reliable energy sources amid the electrification of industries [4][10] - The company is focused on vertical integration within the nuclear fuel supply chain, distinguishing itself from competitors [9][10] - The KRONOS MMR is designed to provide scalable and dependable baseload power, appealing to various sectors including AI data centers and military applications [10][14]

Business Development and Acquisitions - The company is in the pre-revenue stage, focusing on four business lines, primarily the development of advanced nuclear microreactors, including the KRONOS MMR™ Energy System and LOKI MMR™ reactor[25]. - The acquisition of USNC Assets, including patents and contracts, was completed for a total purchase price of $8.5 million, significantly lower than the estimated $120 million raised by USNC for the KRONOS project[28]. - The company acquired Global First Power Ltd. for approximately $0.65 million in liabilities, which includes the rights to the Chalk River License Application necessary for the Chalk River Project[32]. - A letter of intent for the sale of the ODIN™ microreactor design was signed for a total purchase price of $6.2 million, with a $250,000 upfront payment and $5.95 million due in 2026[43]. - The company rebranded GFPL to True North Nuclear following the acquisition of GFPL and its associated assets[145]. - The company acquired Global First Power Ltd. in October 2025, renaming it True North Nuclear Ltd. as part of a rebranding effort[194]. Regulatory Approvals and Compliance - The U.S. Nuclear Regulatory Commission approved the Fuel Qualification Methodology Topical Report for the KRONOS MMR™ reactor, marking a significant milestone in the regulatory process[37]. - The company plans to submit a high-quality license application to the NRC, expecting the review to be completed within 12 to 18 months[168]. - The company is pursuing regulatory approvals for its microreactors in both the United States and international markets, focusing on efficient licensing pathways[157][158]. - The company plans to utilize a standard design for its microreactors to streamline regulatory approval processes in multiple markets[156]. Research and Development - The company has invested over $20.8 million in research and development for its microreactors, including technologies such as ZEUS™, ODIN™, and KRONOS MMR™[121]. - The company expects research and development expenses to increase significantly as it accelerates the development of its products and technologies[128]. - The company has established a collaboration with the University of Illinois for the KRONOS MMR™ project, with a budget not exceeding approximately $3.4 million for research costs[36]. - The company has entered into a Sponsored Research Agreement with the University of Illinois for the KRONOS MMR™ project, effective until February 28, 2027[146]. Financial Projections and Capital Needs - The anticipated capital costs for constructing prototype KRONOS MMR reactors are estimated to be between $300 million and $350 million per reactor[51]. - The company expects to raise additional capital through a $900 million shelf registration offering to support its fuel processing business[58]. - The company plans to raise additional capital through a $400 million at-the-market offering program to support logistics asset acquisitions[62]. - Future capital needs may require the company to raise substantial amounts of additional capital, potentially hundreds of millions of dollars, which could dilute existing stockholders[206]. - Estimated expenditures for the development of advanced microreactors and fuel processing business over the next twelve months are approximately $65 million, with $43 million allocated for R&D and testing[201]. Market Strategy and Positioning - The company aims to sell a majority of the energy produced at the University of Illinois using the KRONOS MMR reactor once operational[39]. - The company is focused on becoming a vertically integrated leader in the U.S. nuclear fuel cycle, with plans for deconversion and fuel processing facilities[82]. - The company is positioned to emerge as a leading supplier of carbon-free energy generation, leveraging its competitive strengths in microreactor technology[107]. - The company has identified a significant opportunity in the nuclear energy sector due to a shortage of qualified personnel, leading to increased demand for nuclear support services[92]. Challenges and Risks - The company faces significant risks related to obtaining necessary permits and licenses, which can impact project timelines and costs[203]. - The company acknowledges that public perception of nuclear energy poses challenges that must be addressed to gain social acceptance for its projects[209]. - Ongoing securities law and fiduciary duty lawsuits may divert significant financial and human resources, increasing legal expenses and reducing available capital for strategic initiatives[214]. - The current lawsuits may lead to delays or inefficiencies in executing the company's business strategy, impacting overall performance[215]. - The company may face challenges in attracting and retaining qualified employees due to perceived instability or legal risk associated with ongoing lawsuits[216]. Infrastructure and Facilities - A $1.7 million facility was purchased in Oak Ridge, Tennessee, to support the Nuclear Technology Branch, with a focus on reactor development and licensing[44]. - A $3 million investment was made to retrofit a facility in Westchester County, New York, for demonstrating non-nuclear components of microreactors, with operations commencing in May 2025[45]. - The company purchased a 1.64-acre land package in Oak Ridge, Tennessee for $1.7 million, which includes a 14,000 sq. ft. building for its Nuclear Technology Branch[183]. - A lease for a 6,800 sq. ft. facility in Westchester County, New York was established for $17,000 per month, effective January 1, 2025[184]. - The company purchased a 2.75-acre land package in Oak Brook, Illinois for $3.5 million, which includes a 23,537 sq. ft. building for the KRONOS MMR™ Microreactor Energy System[185]. Future Plans and Initiatives - The company plans to launch its fuel processing business in 2026, with a focus on developing a domestic low-enriched uranium supply chain[53]. - The fuel transportation business is expected to launch by 2028, pending asset acquisitions in the nuclear transport industry[60]. - Nuclear consultation services are anticipated to begin in 2026, with a goal of generating revenue from the nuclear energy industry[62]. - The company aims to provide consulting services for the nuclear energy industry starting in 2026, capitalizing on the increased demand for nuclear expertise[93]. - The company plans to file a construction permit application for the KRONOS microreactor in 2026, with full-scale operations expected by 2030[202].