Financial Data and Key Metrics Changes - In 2025, the company reported a loss from operations of $139.3 million, primarily due to payroll, general business expenses, and professional fees related to capital market and asset deployment activities [34] - The loss before income taxes was $110.2 million, which included interest and dividend income of $29.1 million from marketable securities [34] - Cash used in operating activities was $82.2 million, with an adjusted figure of $69.2 million, aligning with the guidance of $65 million to $80 million [35] - The company ended 2025 with cash and marketable securities totaling $1.4 billion and raised an additional $1.182 billion in early 2026, completing a $1.5 billion ATM program [37] Business Line Data and Key Metrics Changes - The company transitioned from product development to active project deployment across all business units in 2025, including the Aurora powerhouse and the acquisition of Atomic Alchemy [4][5] - Significant construction progress was made at Groves in Texas, the first radioisotope test reactor, and initial construction activities began on A3F at Idaho National Laboratory [4][17] - The fuel business unit is critical for supporting deployment and includes capabilities for fuel fabrication and recycling, which are essential for long-term supply and deployment readiness [9][10] Market Data and Key Metrics Changes - The U.S. nuclear policy has shifted towards a more execution-oriented approach, providing a strong tailwind for the nuclear sector, which benefits the company's strategic positioning [6][7] - The demand for firm, reliable power is increasing across various sectors, including data centers and industrial customers, which aligns with the company's focus on providing clean baseload power [8] Company Strategy and Development Direction - The company aims to build a vertically integrated nuclear platform encompassing power, fuel, and isotopes, which are designed to unlock multiple complementary value streams [8][12] - The strategy includes leveraging domestic capabilities for fuel supply and recycling, which is seen as a critical component for future growth and sustainability [14][15] - The company is focused on building infrastructure that utilizes used nuclear fuel as a resource rather than a liability, which could significantly enhance the U.S. energy landscape [15][16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of regulatory changes and federal support mechanisms that are improving pathways for project funding and deployment [6][7] - The company is optimistic about its growth trajectory, supported by strong customer demand and strategic partnerships, particularly with Meta for the Ohio power campus [40][41] - Management emphasized the need for flexibility in fuel supply and the importance of building a robust supply chain to support future deployments [23][24] Other Important Information - The company is actively pursuing partnerships and collaborations to enhance its fuel supply capabilities, including a potential joint venture with Centrus for uranium deconversion [27][28] - The Idaho Radiochemistry Laboratory is expected to generate revenue soon, marking a significant milestone for the isotopes business unit [28] Q&A Session Summary Question: Update on commercialization progress and customer pipeline - Management noted that Meta is a key anchor customer, and discussions are ongoing with other potential customers, including military and industrial sectors [40][41] Question: Breakdown of CapEx guidance for 2026 - Management refrained from providing a detailed breakdown but confirmed that spending will be across all three business units, with significant focus on the Idaho project and preliminary work in Ohio [43][44] Question: Status of COLA timing and NRC licensing - Management clarified that DOE authorization allows for faster project execution, and they are awaiting new frameworks from the NRC to facilitate future licensing [49][50][52]

Financial Data and Key Metrics Changes - In 2025, the company reported a loss from operations of $139.3 million, primarily due to payroll, general business expenses, and professional fees related to capital market and asset deployment activities [33] - The loss before income taxes was $110.2 million, which included interest and dividend income of $29.1 million from marketable securities [33] - Cash used in operating activities was $82.2 million, with an adjusted figure of $69.2 million, aligning with the guidance of $65 million-$80 million for 2025 [34] - The company ended 2025 with cash and marketable securities totaling $1.4 billion and raised an additional $1.182 billion in early 2026, completing a $1.5 billion ATM program [36] Business Line Data and Key Metrics Changes - The company transitioned from product development to active project deployment across all business units in 2025, including the groundbreaking of the first Aurora powerhouse at Idaho National Laboratory [3][4] - Significant progress was made in the fuel business unit, with the completion of fast-spectrum plutonium criticality experiments and advancements in fuel recycling initiatives [4][9] - The isotopes business unit is expanding with the construction of the Groves radioisotope test reactor and the Idaho Radiochemistry Laboratory, which is expected to generate revenue in the near term [26][27] Market Data and Key Metrics Changes - The U.S. nuclear policy has shifted towards a more execution-oriented posture, providing a strong tailwind for the nuclear sector, which benefits the company's strategic positioning [4][5] - The demand for clean, reliable baseload power is increasing across various sectors, including data centers and industrial customers, which aligns with the company's power business strategy [6][7] Company Strategy and Development Direction - The company aims to build a vertically integrated nuclear platform encompassing power, fuel, and isotopes, which is designed to unlock multiple complementary value streams over time [5][12] - The strategy includes leveraging federal support mechanisms such as tax credits and loan guarantees to enhance project funding pathways [4][5] - The company is focused on building a more integrated nuclear development model to unlock nuclear energy abundance, with ongoing projects across all three business units [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of the DOE's Nuclear Lifecycle Innovation Campuses in modernizing the nuclear fuel cycle and improving investment efficiency [15] - The company is optimistic about the regulatory environment, expecting the NRC to issue a new framework for converting DOE-authorized facilities to NRC-licensed facilities, which could expedite future projects [52][56] - Management emphasized the need for flexibility in capital allocation and cash management to support growth opportunities in 2026 and beyond [35] Other Important Information - The company is actively pursuing partnerships for fuel supply and recycling, including a joint venture with Centrus focused on uranium deconversion [25] - The Idaho Radiochemistry Laboratory has obtained its NRC materials license, marking a significant operational milestone [26] Q&A Session Summary Question: Status on commercialization and customer pipeline - Management noted that Meta is a key anchor customer, and discussions are ongoing with other potential customers, including military and industrial sectors [38][39] Question: Breakdown of CapEx guidance for 2026 - Management refrained from providing a detailed breakdown but indicated that significant spending will occur across all business units, particularly in Idaho and Ohio [41][43] Question: Update on COLA timing and NRC licensing - Management clarified that DOE authorization allows for faster project execution and that they are preparing for NRC licensing while leveraging experiences from the DOE pathway [49][50][52]