Financial Data and Key Metrics Changes - Year to date loss from operations was $35.8 million, an increase of approximately $28 million from the comparable nine-month prior year period [43] - Year to date net loss totaled $32 million, up approximately $24 million from the prior year period, reflecting increases in R&D and G&A expenses [44] - Cash and cash equivalents increased to $210.2 million, an approximate $92 million increase from the end of the second fiscal quarter [45] Business Line Data and Key Metrics Changes - The company advanced its patented Cronos MMR energy system toward construction, demonstration, and licensing with the U.S. Nuclear Regulatory Commission (NRC) [20] - A strategic collaboration agreement was executed to build out the first Cronos MMR at the University of Illinois Urbana Champaign [21] - The company signed an MOU with UR America to explore strategic development across Argentina's uranium fuel supply chain [23] Market Data and Key Metrics Changes - Analysts project U.S. electricity consumption to rise at approximately 2.4% CAGR between 2022 and 2030, with data centers expected to comprise 8% of U.S. power by 2030 [12][13] - There is a growing global commitment to triple nuclear capacity by 2050, solidifying growth in nuclear energy as a secular trend for the coming decades [11] Company Strategy and Development Direction - The company is focused on a vertically integrated strategy to derisk microreactor development and enhance its competitive position [6][8] - The acquisition of Cronos MMR microreactor positions the company as a North American leader in microreactor commercialization [6] - The company aims to secure key stages of the nuclear fuel supply chain as a strategic priority [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on macro trends driving demand for advanced nuclear solutions [9] - The company highlighted the importance of bipartisan legislative and policy support for nuclear energy, which has emerged as a strategic focus for national security and climate goals [14][15] - Management is optimistic about the future, citing a strong team and a clear vision for commercialization [17] Other Important Information - The company closed a private placement for net proceeds of $99 million, strengthening its balance sheet and expanding institutional ownership [9] - Recent personnel additions and collaborations validate the company's strong competitive position [25][27] Q&A Session Summary Question: Progress in Canada to license there - The company is focused on reengaging with the Canadian licensing process and has almost completed the legal process of taking the holding entity out of bankruptcy [51][52] Question: Commercial sales opportunities for ALIP - The company is completing the SBIR Phase three process with the DOE, which will enable it to become a default contractor for supplying ALIP technology [58] Question: Cash usage during the remainder of 2025 and into 2026 - The estimated cash burn over the next twelve months is around $40 million, primarily for hiring and operational support [68] Question: Strategy of vertical integration - The company is examining how to involve itself in upstream processes like mining, milling, and conversion to derisk the fuel supply chain [75] Question: Application for the DOE Advanced Reactor pilot program - The company did not apply for the DOE program as it would result in higher costs and no commercial benefit [80][82] Question: Supply chain for nuclear grade graphite - The company is negotiating with suppliers for components like nuclear grade graphite and reactor pressure vessels, which will need to be outsourced [87]

Core Viewpoint - NANO Nuclear Energy Inc. is positioned to capitalize on the growing demand for clean and reliable nuclear energy solutions, driven by regulatory support and advancements in technology, particularly through its KRONOS MMR Energy System [2][11]. Financial Results - The company reported a cash and cash equivalents balance of $210.2 million as of June 30, 2025, a significant increase from $28.5 million on September 30, 2024, due to successful capital raises [9]. - Operating activities resulted in a cash outflow of $14.7 million for the nine months ended June 30, 2025, primarily due to increased operations and R&D expenses [3]. - Investing activities accounted for a cash outflow of $12.9 million, including $9.1 million for the acquisition of assets like the KRONOS MMR [4]. - Financing activities provided a net cash inflow of $209.3 million during the same period [5]. Technological Advancements & Regulatory Progress - The KRONOS MMR is advancing towards licensing and deployment in the U.S., with significant progress made in collaboration with the University of Illinois Urbana-Champaign [9][11]. - The company has received an approved Fuel Qualification Methodology Topical Report from the NRC and is focused on resuming licensing activities in Canada [9][11]. - NANO Nuclear aims to be the first commercial microreactor company in the U.S. to file for a construction permit application by late 2025 or early 2026 [11][12]. Operational Progress & Leadership - NANO Nuclear has made key appointments to its leadership team, including Rick Perry as Chairman of the Executive Advisory Board and Seth Berl as an independent director, enhancing its strategic capabilities [10][13]. - The company has initiated a recruitment drive to expand its engineering and project development teams, successfully hiring over a dozen engineers [13]. Strategic Collaborations & Market Position - NANO Nuclear signed a Memorandum of Understanding (MOU) with UrAmerica to secure resources and enhance its nuclear fuel supply chain [10]. - The company has been selected for inclusion in the Solactive Global Uranium & Nuclear Components Total Return Index, qualifying it for the Global X Uranium ETF, which enhances its market visibility [10][12]. - NANO Nuclear is exploring opportunities for vertical integration through collaborations and potential mergers and acquisitions to strengthen its competitive position [11][12].

[Part I. Financial Information](index=6&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Unaudited financial statements reveal significant asset growth from financing, alongside widening operating losses and increased R&D and G&A expenses [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show a dramatic increase in total assets and cash, primarily from financing activities, alongside a growing accumulated deficit Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2025 | September 30, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $210,182,375 | $28,507,257 | | Total current assets | $212,202,459 | $29,341,204 | | Total assets | $231,532,212 | $35,096,170 | | **Liabilities & Equity** | | | | Total liabilities | $5,221,434 | $3,488,714 | | Total stockholders' equity | $226,310,778 | $31,607,456 | | Accumulated deficit | $(49,450,447) | $(17,433,781) | - Total assets increased dramatically from **$35.1 million** to **$231.5 million**, primarily driven by a surge in cash and cash equivalents from **$28.5 million** to **$210.2 million**[16](index=16&type=chunk) [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statements of operations indicate a substantial increase in net loss, driven by higher general and administrative and research and development expenses Condensed Consolidated Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | General and administrative | $5,324,260 | $2,301,307 | $23,516,008 | $4,553,512 | | Research and development | $3,666,513 | $2,019,812 | $11,283,979 | $2,830,367 | | Loss from operations | $9,392,273 | $4,706,619 | $35,803,987 | $7,769,379 | | Net loss | $(7,594,583) | $(4,668,247) | $(32,016,666) | $(7,659,820) | | Net loss per share (Basic & Diluted) | $(0.19) | $(0.17) | $(0.87) | $(0.31) | - Net loss for the nine months ended June 30, 2025, increased significantly to **$32.0 million** from **$7.7 million** in the prior-year period, driven by substantial increases in both General & Administrative and Research & Development expenses[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements show significant cash generation from financing activities, offsetting increased cash usage in operating and investing activities Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Nine Months Ended June 30, 2025 | Nine Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,713,509) | $(5,953,795) | | Net cash used in investing activities | $(12,876,519) | $0 | | Net cash provided by financing activities | $209,265,146 | $12,790,532 | | **Net increase in cash and cash equivalents** | **$181,675,118** | **$6,836,737** | - Financing activities provided **$209.3 million** in cash, primarily from common stock issuances, warrant exercises, and stock option exercises, which funded operations and investing activities[27](index=27&type=chunk) - Investing activities used **$12.9 million**, consisting of **$9.1 million** for in-process research and development (USNC asset acquisition) and **$3.8 million** for additions to property, plant, and equipment[27](index=27&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's early-stage nuclear energy focus, key asset acquisitions, significant capital raises, and subsequent land purchase - The company is an early-stage nuclear energy firm focused on four business lines: Nuclear Reactor Business, Fuel Processing Business, Fuel Transportation Business, and Nuclear Consultation Services[29](index=29&type=chunk)[30](index=30&type=chunk) - On January 10, 2025, the company acquired nuclear energy technology assets from Ultra Safe Nuclear Corporation (USNC) for **$8.5 million** in cash, including the KRONOS MMR and LOKI MMR businesses. The transaction was accounted for as an asset acquisition[119](index=119&type=chunk)[124](index=124&type=chunk) - The company has raised significant capital through multiple offerings, including an October 2024 Follow-on Offering (net proceeds **~$37.2 million**), a November 2024 Private Placement (net proceeds **~$55.1 million**), and a May 2025 Private Placement (net proceeds **~$99 million**)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - Subsequent to the quarter end, the company purchased a 2.75-acre land package in Oak Brook, Illinois for **$3.5 million** to serve as a regional demonstration and office facility[127](index=127&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's pre-revenue status, focus on nuclear energy business lines, significant increase in operating expenses, and strengthened liquidity from recent equity offerings - The company is focused on four main business lines: Nuclear Reactor development, Fuel Processing, Fuel Transportation, and Nuclear Consultation services, with a goal to commercially launch a reactor in the early 2030s[132](index=132&type=chunk) - On January 10, 2025, the company acquired the KRONOS MMR™ and LOKI MMR™ assets from Ultra Safe Nuclear Corporation (USNC) for **$8.5 million** in cash through a bankruptcy auction[132](index=132&type=chunk) - The company plans to spend approximately **$40 million** over the next twelve months, with **$25 million** for reactor R&D, **$10 million** for HALEU fuel facility development, and **$5 million** for miscellaneous and administrative costs[147](index=147&type=chunk) Comparison of Operating Expenses (Three Months Ended June 30) | Expense Category | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and Development | $3,666,513 | $2,019,812 | $1,646,701 | 82% | | General and Administrative | $5,324,260 | $2,301,307 | $3,022,953 | 131% | Comparison of Operating Expenses (Nine Months Ended June 30) | Expense Category | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and Development | $11,283,979 | $2,830,367 | $8,453,612 | 299% | | General and Administrative | $23,516,008 | $4,553,512 | $18,962,496 | 416% | - As of June 30, 2025, the company had approximately **$210 million** in cash and working capital of **$209 million**, which management believes is sufficient to fund operations for at least the next twelve months[185](index=185&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is a smaller reporting company and is therefore not required to provide the information under this item - As a smaller reporting company, NANO Nuclear Energy Inc. is not required to provide quantitative and qualitative disclosures about market risk[200](index=200&type=chunk) [Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to a material weakness in IT controls for cloud-based systems, with remediation efforts underway - Management concluded that disclosure controls and procedures were not effective as of June 30, 2025[201](index=201&type=chunk) - A material weakness was identified in internal control over financial reporting related to ineffective general information technology controls for certain cloud-based systems[202](index=202&type=chunk) - The company will cease to qualify as an emerging growth company and a smaller reporting company as of September 30, 2025, leading to increased disclosure obligations, including an auditor attestation of internal controls[204](index=204&type=chunk) [Part II. Other Information](index=48&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company faces a securities class action lawsuit and a shareholder derivative lawsuit, with the latter dismissed in April 2025, while the former is being vigorously defended - A putative securities class action lawsuit was filed against the company and certain directors/officers on August 9, 2024, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act. The company filed a motion to dismiss on April 11, 2025[207](index=207&type=chunk) - A putative shareholder derivative lawsuit was filed on August 23, 2024. On April 24, 2025, the court granted the company's and its directors' motions to dismiss without leave to amend[208](index=208&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, the company is not required to provide the information for this item - The company is not required to provide risk factor disclosures in this Form 10-Q as it qualifies as a smaller reporting company[211](index=211&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[212](index=212&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - None[213](index=213&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[215](index=215&type=chunk) [Other Information](index=49&type=section&id=Item%205.%20Other%20Information) There is no other information to report for this period - None[216](index=216&type=chunk) [Exhibits](index=50&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, warrant agreements, equity incentive plans, securities purchase agreements, and officer certifications - The report includes various exhibits, such as the 2025 Equity Incentive Plan, Securities Purchase Agreement from May 2025, and certifications from the CEO and CFO[217](index=217&type=chunk)

Company Overview - NANO Nuclear Energy Inc aims to be a commercial leader in the U S nuclear industry, focusing on advanced technology and vertical integration[10, 15] - The company's development strategy includes advanced microreactors, fuel processing, nuclear fuel transportation, and consultation services[11, 13] Reactor Designs and Technology - NANO Nuclear acquired KRONOS MMR in January 2025, a modular High Temperature Gas Reactor with a power output of 10 MWe to 1000 MWe (multiple units)[28, 32] - The KRONOS MMR project has received NRC approval for Fuel Qualification Methodology (FQM)[35] - The LOKI MMR is a portable reactor with a power output of 05 MWe to 3 MWe, designed for terrestrial, marine, and space environments[43, 47] - ZEUS is a solid core battery reactor, with patent applications filed in May 2025[50] - ODIN is a Low-Pressure Coolant Reactor, with strategic alternatives being considered to focus on KRONOS MMR[58, 60] Fuel Processing and Transportation - NANO Nuclear is a member of the DOE's HALEU Consortium, supporting the development of enrichment technology[67, 72] - The company is collaborating with LIS Technologies Inc to advance uranium enrichment and fuel fabrication capabilities[73, 75] - Advanced Fuel Transportation Inc (AFT) has secured exclusive licensing rights for a high-capacity HALEU fuel transport basket technology[84, 88] Facilities and Collaborations - NANO Nuclear acquired a 23,537-square-foot facility in Oak Brook, Illinois, to support KRONOS MMR development[94, 98] - A 14,000 sq ft facility was purchased in Oak Ridge, Tennessee in August 2024 for $171 million to support collaboration with LIS Technologies[100, 106] - A demonstration facility in Westchester County, NY, is used to demonstrate components of microreactor designs and ALIP technology[108, 111]

Core Insights - NANO Nuclear Energy Inc. is actively participating in several upcoming industry-focused investor events to enhance its visibility and engagement with potential investors [1][8]. Company Overview - NANO Nuclear Energy Inc. is a leading advanced nuclear energy company focused on developing clean energy solutions and aims to become a diversified and vertically integrated company across five business lines: portable microreactor technologies, nuclear fuel fabrication, nuclear fuel transportation, nuclear applications for space, and nuclear industry consulting services [5][6]. - The company claims to be the first publicly listed portable nuclear microreactor company in the U.S. [5]. Product Development - NANO Nuclear is developing several advanced reactor products, including the KRONOS MMR™ Energy System, a high-temperature gas-cooled reactor, and the portable LOKI MMR™, which are designed to provide clean energy solutions [6]. - The company’s subsidiary, HALEU Energy Fuel Inc. (HEF), is focused on developing a domestic source for High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication for its microreactors and the broader advanced nuclear reactor industry [9]. Subsidiaries and Operations - Advanced Fuel Transportation Inc. (AFT), a subsidiary of NANO Nuclear, aims to build a North American transportation company for commercial quantities of HALEU fuel, leveraging a patented high-capacity fuel transportation basket [7]. - NANO Nuclear Space Inc. (NNS) is exploring commercial applications of its micronuclear reactor technology in space, focusing on systems like the LOKI MMR™ for extraterrestrial projects [10]. Upcoming Events - NANO Nuclear will attend the 14th Annual Needham Virtual Industrial Tech, Robotics, & Clean Tech Conference on August 18, 2025, and the TD Securities Nuclear & Uranium Conference on September 2, 2025, in London, UK, as well as the Barclays' 39th Annual Energy-Power Conference on the same day in New York, NY [8].

Core Insights - NANO Nuclear Energy Inc. has been included in the Solactive Global Uranium & Nuclear Components Total Return Index, enhancing its visibility and presence in the nuclear energy sector [2][4] - The inclusion allows NANO Nuclear's common stock to qualify for the Global X Uranium ETF, which has over $4 billion in net assets and provides broad exposure to uranium-related companies [3][4] Company Overview - NANO Nuclear Energy Inc. is focused on developing advanced nuclear energy solutions and aims to become a diversified, vertically integrated company across five business lines, including microreactor technologies and nuclear fuel fabrication [5] - The company is recognized as the first portable nuclear microreactor company to be publicly listed in the U.S. [5] Technological Developments - NANO Nuclear is developing several advanced reactor products, including the KRONOS MMR Energy System, ZEUS solid core battery reactor, and LOKI portable MMR, which represent significant advancements in clean energy solutions [6] - The company’s subsidiary, Advanced Fuel Transportation Inc., aims to establish a North American transportation company for HALEU fuel, potentially forming a unique vertically integrated nuclear fuel business [7][8] Strategic Importance - The inclusion in the Solactive Index and Global X Uranium ETF is seen as a milestone for NANO Nuclear, reflecting its strategic priorities and efforts to strengthen its market position [4] - The company is actively pursuing development programs and initiatives to enhance shareholder value and connect with investors interested in the growing nuclear sector [4]

NANO Nuclear Selected for Inclusion in the Solactive Global Uranium & Nuclear Components Total Return Index, Qualifying It for Inclusion in the Prominent Global X Uranium ETF ("URA") With over $4 billion in net assets, the Global X Uranium ETF is the world's preeminent ETF providing investors broad exposure to companies involved in uranium mining and the production of nuclear components Figure 1 - NANO Nuclear Energy Inc. Selected for inclusion in the Solactive Global Uranium & Nuclear Components Total Retu ...

Group 1 - China Biopharmaceutical (1177.HK) saw a rise of over 3% after announcing a successful licensing agreement with Merck for its PD-1/VEGF dual antibody, expecting a $300 million milestone payment soon [1] - CSPC Pharmaceutical Group (1093.HK) increased by over 5% following the announcement of an exclusive licensing agreement with Madrigal Pharmaceuticals for the global development of its GLP-1 receptor agonist SYH2086 [1] - Youzan (8083.HK) surged over 7% as it projected a revenue of approximately 709 to 719 million RMB for the first half of the year, a year-on-year increase of about 3.3% to 4.8%, and a net profit of 68 to 74 million RMB, marking a turnaround from a loss last year [1] Group 2 - Xingsheng International (6058.HK) rose nearly 18% after the bank announced its commitment to embrace technological transformation and explore stablecoins and AI initiatives [2] - New Oriental Education (9901.HK) fell nearly 4% after reporting a 9.4% year-on-year increase in net revenue to $1.243 billion for the fourth quarter of fiscal year 2025, but a 73.7% drop in net profit [2] - Kingdee International (0268.HK) saw a rise of over 7% as it announced a board meeting to review its interim results and potential dividend distribution [2] Group 3 - Macau gaming stocks rose, with MGM China (2282.HK) up over 4% after Macquarie raised its forecast for Macau's total gaming revenue for 2025 by 5% to 235.7 billion RMB, indicating a year-on-year growth of 4% [3] - Gold stocks in Hong Kong continued to decline, with Tongguan Gold (0340.HK) dropping over 9% for six consecutive days, as spot gold prices fell below $3,270 per ounce [4] - Kangfang Biopharma (9926.HK) rose nearly 5% after announcing the completion of the first patient dosing in a pivotal clinical trial for its PD-1/VEGF dual-specific antibody [4] Group 4 - Weishi Jiajie (0856.HK) increased by over 3% as a report indicated that its Southeast Asia business is expected to see a significant revenue increase of 74% in 2024, with net profit contributing about 51% [5] Group 5 - Meta (META.US) exceeded revenue expectations and provided strong guidance for the current quarter, leading to an after-hours increase of over 11% [6] - Microsoft (MSFT.US) reported an 18% year-on-year growth in revenue, driven by its cloud business, with Azure revenue up 34% for the full year, resulting in an after-hours increase of over 8% [6] - Wingstop (WING.US) surged by 26.85% after reporting adjusted earnings per share of $1.00 for the second quarter, exceeding analyst expectations [6] Group 6 - Several biopharmaceutical stocks surged, with Replimune (REPL.US) up 101.33% following news of regulatory changes at the FDA that may ease pressure on gene therapy and vaccine companies [7] - Marvell Technology (MRVL.US) rose 7.07% after announcing a partnership with Rebellions to provide AI systems for regional projects in Asia-Pacific and the Middle East [7] - Palo Alto Networks (PANW.US) fell 5.58% after agreeing to acquire CyberArk Software for approximately $25 billion [8]

Group 1 - The nuclear power sector experienced a rise on Wednesday, with Oklo Inc (OKLO.US) increasing by over 8% [2] - NANO Nuclear (NNE.US) saw an increase of over 5.8% [2] - NuScale Power (SMR.US) rose by over 3% [2]

Core Viewpoint - The nuclear power sector experienced a notable increase in stock prices, indicating positive market sentiment towards companies in this industry [1] Company Performance - Oklo Inc (OKLO.US) saw its stock price rise by over 8% [1] - NANO Nuclear (NNE.US) experienced a stock price increase of more than 5.8% [1] - NuScale Power (SMR.US) had a stock price increase of over 3% [1]