Nano Nuclear Energy Inc.(NNE) - 2026 Q1 - Quarterly Report

Financial Performance - Total assets increased to $606.06 million as of December 31, 2025, up from $228.66 million on September 30, 2025, representing a growth of 165%[17] - Cash and cash equivalents rose significantly to $577.53 million, compared to $203.27 million at the end of the previous quarter, marking an increase of 184%[24] - Operating expenses for the three months ended December 31, 2025, were $11.56 million, up from $3.92 million in the same period of 2024, reflecting a year-over-year increase of 195%[18] - The net loss for the quarter was $6.52 million, compared to a net loss of $3.11 million for the same period in 2024, indicating an increase in losses of 109%[18] - The company reported a comprehensive loss of $6.53 million for the three months ended December 31, 2025, compared to $3.11 million in the prior year, a 109% increase[18] - The Company reported a working capital of $576,432,889 and an accumulated deficit of $64,017,136 as of December 31, 2025[32] - The Company incurred a net loss of $6,516,279 for the three months ended December 31, 2025, which contributed to the increase in cash used in operating activities[188] - The company has an accumulated deficit of approximately $64 million and anticipates continued operating losses and negative cash flows due to ongoing research and development activities[184] - The company has not generated any material revenue and does not expect to do so until it can commercialize its reactors[185] Capital and Funding - The company raised $400 million through common stock issuances during the quarter, significantly boosting its capital base[24] - The Company received approximately $378 million in net proceeds from a private placement offering during the three months ended December 31, 2025[32] - The Company completed an initial public offering on May 7, 2024, generating gross proceeds of $10,250,000 and net proceeds of approximately $9.0 million[75] - In the July 2024 follow-on public offering, the Company generated gross proceeds of $18 million and net proceeds of approximately $16.1 million[77] - The Company completed a follow-on public offering on October 23, 2024, raising approximately $36 million in gross proceeds and $32.3 million in net proceeds from the sale of 2,117,646 units at an offering price of $17.00 per unit[80] - A private placement on November 24, 2024, generated net proceeds of approximately $55.1 million from the sale of 2,500,002 shares and associated warrants at a combined purchase price of $24.00 per share[81] - The May 2025 private placement raised gross proceeds of $105 million, with net proceeds of approximately $99 million from the sale of 3,888,889 shares at a price of $27.00 per share[83] - The October 2025 private placement resulted in gross proceeds of approximately $400 million, with net proceeds of about $378.5 million from the sale of 8,490,767 shares at a price of $47.11 per share[84] Research and Development - Research and development expenses for the quarter were $5.40 million, compared to $0.90 million in the same period of 2024, representing a substantial increase of 497%[18] - The Company is developing a domestic low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU) fuel supply chain in collaboration with the Department of Energy[28] - The Company is also developing a high-capacity HALEU transportation product through its subsidiary, Advanced Fuel Transportation Inc.[28] - The Company is exploring commercial applications of micronuclear reactor technology in space through its subsidiary, Nano Nuclear Space Inc.[28] - The company plans to launch its nuclear fuel transportation business by 2028, pending asset acquisitions in the nuclear transport industry[139] - Estimated cash expenditures for the development of advanced reactors and related technologies over the next twelve months are approximately $65 million[142] - The company expects to submit a construction permit application for the KRONOS MMR™ reactor in the first half of 2026, with approval anticipated by mid-2027[148] - The company plans to invest over $12 million in a manufacturing and R&D facility in Illinois, creating 50 new full-time jobs[152] Business Strategy and Operations - The Company is focused on four main business lines: Nuclear Reactor Business, Fuel Supply Chain Business, Fuel Transportation Business, and Nuclear Consultation Services[28] - The KRONOS MMR™ reactor is the primary focus, with significant investment aimed at advancing its development, prototype construction, testing, and regulatory licensing[28] - The acquisition strategy is part of a broader goal for vertical integration across the nuclear energy supply chain[135] - The company aims to launch its fuel supply chain business in the second half of 2026, although no definitive agreements have been made yet[137] - The company is currently in the pre-revenue stage and has not generated any material revenues[135] - The company plans to establish a consulting and services business to generate immediate revenue by acquiring expertise in nuclear services[169] Assets and Liabilities - Total stockholders' equity increased to $599.58 million as of December 31, 2025, from $222.57 million at the end of the previous quarter, a growth of 169%[17] - The company reported total property, plant, and equipment, net of $11,029,284 as of December 31, 2025, an increase from $9,783,777 as of September 30, 2025[97] - Operating lease liabilities, current and long-term, totaled $540,801 and $2,145,365 respectively as of December 31, 2025[103] - The company had a weighted-average discount rate of 11.7% for operating leases as of December 31, 2025[106] Regulatory and Compliance - On January 16, 2026, the company received a subpoena from the SEC related to two service providers, following an initial request in April 2025[209] - The company completed a voluntary production of documents to the SEC in August 2025 and is fully cooperating with the investigation[209] - There were no defaults upon senior securities reported by the company[211] - The company disclosed that there were no mine safety disclosures applicable to its operations[212] - The company reported no other significant information that would impact its financial standing[213]