Power Generation and Technology Development - The Aurora powerhouses are designed to produce between 15-75 MWe, with potential expansion to 100 MWe and higher, tapping into energy reserves equivalent to approximately 1.2 trillion barrels of oil equivalent[122]. - The company has secured a site use permit from the DOE for the INL site and received a fuel award of five metric tons of HALEU for a commercial Aurora powerhouse in Idaho[123]. - A Memorandum of Agreement with the DOE allows the company to conduct site investigations in Idaho, marking a key step toward construction[124]. - The company has signed non-binding letters of intent with major clients, including a 12 GW Master Power Agreement with Switch data centers, potentially increasing the order book to approximately 18,100 MWe in capacity[128]. - The company plans to deploy a commercial-scale fuel recycling facility by the early 2030s, with the potential to power the U.S. electrical needs for 100 years using existing used nuclear fuel[138]. - The acquisition of Atomic Alchemy for approximately $28.4 million aims to enhance capabilities in radioisotope production, addressing increasing demands across various sectors[139]. - The company has completed a Phase I pre-application readiness assessment with the NRC, reinforcing the strength of its technical and regulatory preparation for the Combined License application[125]. - The company is exploring opportunities with the Tennessee Valley Authority to recycle used fuel and evaluate potential power sales from future powerhouses[128]. - The Aurora Fuel Fabrication Facility has received approval for its Safety Design Strategy and is part of the DOE Fuel Pilot Line program, advancing the goal of utilizing recovered nuclear material[129]. - The company is developing a diversified fuel strategy to mitigate rising fuel costs and supply chain constraints, ensuring a stable supply for its powerhouses[131]. Financial Performance and Funding - The Company filed a registration statement for the issuance of up to $1 billion in securities, including 6,666,667 shares of common stock, generating total net proceeds of approximately $440.1 million from the Offering[140][142]. - The Company sold 5,458,953 shares through an ATM Program at an average price of $73.27 per share, resulting in aggregate gross proceeds of $400.0 million[143]. - The total potential aggregate gross proceeds under the updated ATM Program increased to approximately $540.0 million, with an additional sale of 1,925,066 shares at an average price of $72.72 per share, generating $140.0 million[144]. - Total operating expenses for the nine months ended September 30, 2025, were $82.2 million, with an expected net cash used in operating activities for 2025 ranging from $65.0 million to $80.0 million[154]. - As of September 30, 2025, the Company had cash, cash equivalents, and marketable debt securities totaling $1,183.6 million, with an accumulated deficit of $199.3 million[165]. - The Company plans to deploy its first powerhouse by 2028, focusing on regulatory approvals and partnerships related to fuel sourcing and construction[153]. - The NRC accepted the Company's PDC topical report for review, establishing a regulatory framework for future reactor licensing and design activities[151]. - The Company aims to be the designer, builder, owner, and operator of small-scale powerhouses, with a focus on reducing lifecycle regulatory and operating costs[152]. - The Company is engaged in various initiatives to progress regulatory approvals and partnerships, including fuel recycling and manufacturing activities[153]. Regulatory and Market Environment - The nuclear energy industry remains politically sensitive, with ongoing federal support for advanced nuclear technologies and regulatory streamlining efforts[155][156]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $48.7 million, an increase of $33.9 million compared to $25.0 million in 2024[171]. - Cash used in investing activities for the nine months ended September 30, 2025 totaled $605.9 million, primarily driven by $756.6 million for the purchase of marketable debt securities[173]. - Cash provided by financing activities for the nine months ended September 30, 2025 was $967.6 million, significantly higher than $300.8 million in 2024, mainly from the sale of common stock[175]. - Total operating expenses for the three months ended September 30, 2025 were $36.3 million, a 195.6% increase from $12.3 million in 2024[177]. - Research and development expenses for the nine months ended September 30, 2025 increased by $14.8 million, or 76.3%, totaling $34.3 million compared to $19.4 million in 2024[182]. - General and administrative expenses for the nine months ended September 30, 2025 rose by $29.9 million, or 166.4%, reaching $47.9 million compared to $18.0 million in 2024[184]. - Interest and dividend income for the nine months ended September 30, 2025 increased by $10.1 million, or 230.0%, totaling $14.5 million compared to $4.4 million in 2024[186]. - The net loss for the nine months ended September 30, 2025 was $64.2 million, a slight increase of 4.8% from a net loss of $61.3 million in 2024[181]. - The company recorded a deferred income tax benefit of $4.7 million related to acquired deferred tax liabilities during the nine months ended September 30, 2025[187]. - The company is classified as an Emerging Growth Company (EGC) and will lose this status effective December 31, 2025, due to exceeding a market value of $700 million[190]. - The company intends to take advantage of the extended transition period provided by the JOBS Act, allowing it to delay compliance with new financial accounting standards[191]. - Recent accounting standards and policies are detailed in the unaudited condensed consolidated financial statements[192]. - The company is classified as a "smaller reporting company," which exempts it from certain market risk disclosures[193].
AltC Acquisition (ALCC) - 2025 Q3 - Quarterly Report