Business Development and Partnerships - The company secured a site use permit from the U.S. Department of Energy for the Idaho National Laboratory and received a fuel award for a commercial Aurora powerhouse[145]. - The company has signed non-binding letters of intent with potential customers that could lead to over 1,350 MWe in capacity for Aurora powerhouses[146]. - The company aims to deploy a commercial-scale fuel recycling facility in the U.S. by the 2030s, leveraging the energy content in over 90,000 metric tons of used nuclear fuel waste[154]. - The first Aurora powerhouse is targeted for deployment in 2027, with ongoing regulatory approvals being a critical factor for success[146][160]. - The company plans to focus on a business model of selling power through power purchase agreements (PPAs), which is expected to generate recurring revenue[149]. - The company has formed a strategic partnership with Atomic Alchemy to enhance isotope production capabilities, addressing increasing demands in various applications[148]. Financial Performance - Total operating expenses for the six months ended June 30, 2024, were $25,141,366, with expectations for 2024 to be between $40 million and $50 million[163]. - The company received net proceeds of $260,859,623 from a business combination that closed on May 9, 2024[156]. - Operating expenses for the three months ended June 30, 2024, totaled $17,770,978, a 430.0% increase from $3,352,966 in the same period of 2023[184]. - The net loss for the three months ended June 30, 2024, was $29,345,984, a 555.8% increase from a net loss of $4,474,829 in the same period of 2023[184]. - Cash used in operating activities for the six months ended June 30, 2024, was $17,040,149, compared to $6,820,207 for the same period in 2023[176]. - As of June 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $294,571,209[171]. - The company incurred a loss of $13,126,959 related to the change in fair value of simple agreements for future equity (SAFEs) for the three months ended June 30, 2024[187]. - The company expects ongoing significant operating expenditures to implement its business plan and develop its powerhouses[171]. - The loss from operations for the six months ended June 30, 2024, was $(25,141,366), a significant increase of $(18,452,102) or 275.8% compared to the prior year[189]. - Net loss for the six months ended June 30, 2024, was $(53,368,069), an increase of $(44,184,267) or 481.1% compared to the same period in 2023[189]. Expenses and Cost Increases - Research and development (R&D) expenses increased by $8,885,873 or 484.7% to $10,719,142 for the three months ended June 30, 2024, compared to $1,833,269 in 2023[185]. - General and administrative (G&A) expenses rose by $5,532,139 or 364.0% to $7,051,836 for the three months ended June 30, 2024, compared to $1,519,697 in 2023[186]. - Research and development expenses rose to $14,379,784 for the six months ended June 30, 2024, reflecting an increase of $10,630,065 or 283.5% year-over-year[190]. - General and administrative expenses increased by $7,822,037 or 266.1% to $10,761,582 for the six months ended June 30, 2024, compared to the same period in 2023[191]. - Interest expense for the six months ended June 30, 2024, was $1,856,877, a substantial increase from $462 in the same period of 2023[194]. - The weighted-average headcount for R&D personnel increased by approximately 68%, contributing to the rise in R&D expenses[185]. - The weighted-average headcount in research and development increased by approximately 64%, contributing to the rise in payroll and employee benefits expenses[190]. - The company anticipates that G&A expenses will continue to rise due to growth and increased costs associated with operating as a public company[168]. Income and Revenue - Interest and dividend income increased by $1,715,437 for the three months ended June 30, 2024, compared to the same period in 2023, primarily due to higher cash and marketable securities balances[188]. - Interest and dividend income increased by $1,856,415 for the six months ended June 30, 2024, compared to the same period in 2023, driven by higher cash and marketable securities balances[195]. - The change in fair value of simple agreements for future equity resulted in a loss of $(29,919,959) for the six months ended June 30, 2024, compared to a loss of $(2,495,000) in the same period of 2023, representing a 1,099.2% increase[194]. Legislative Impact - The ADVANCE Act of 2023 is expected to provide benefits to the nuclear industry, including reduced licensing timelines and enhanced support for the nuclear fuel cycle[164].
AltC Acquisition (ALCC) - 2024 Q2 - Quarterly Report