Management is prioritizing a vertically integrated nuclear fuel supply chain to mitigate industry-wide bottlenecks in enrichment and conversion, which they identify as the primary constraint to advanced reactor deployment. The KRONOS MMR design utilizes a high Technology Readiness Level (TRL) foundation based on decades of gas-cooled reactor history, a strategy intended to derisk licensing and accelerate construction timelines compared to experimental designs. Performance is being driven by a strategi ...

Financial Data and Key Metrics Changes - The company's cash and cash equivalents increased significantly to $577.5 million, a rise of approximately $374 million during the quarter, driven by net proceeds from a private placement [28] - The Q1 loss from operations was $11.6 million, with a year-over-year increase in operating expenses of about $8 million [28] - The net loss totaled $6.5 million, up approximately $3 million from the prior year, with interest income of about $5 million contributing to a lower net loss compared to operational losses [29] Business Line Data and Key Metrics Changes - The KRONOS MMR project is advancing towards licensing and construction, with site characterization and drilling completed at the University of Illinois [5][15] - A feasibility study agreement was signed with BaRupOn to evaluate the deployment of KRONOS MMR systems for up to 1 GW of power for their AI data center [7][17] - The company is expanding its pipeline of potential customers across data center, industrial, and military applications, reflecting growing interest in KRONOS [8][18] Market Data and Key Metrics Changes - The State of Illinois announced $6.8 million in incentive awards for the company, indicating growing support for advanced nuclear technology [7] - The company is exploring localization and manufacturing opportunities in South Korea through a partnership with DS Dansuk, a leading industrial enterprise [8][20] Company Strategy and Development Direction - The company focuses on vertical integration across the nuclear fuel supply chain to expedite reactor deployment and enhance long-term economics [4][5] - The strategic affiliate, LIS Technologies, is investing $1.38 billion to build a commercial enrichment facility in Tennessee, reinforcing the company's commitment to securing its nuclear fuel supply chain [9] - The company aims to submit a construction permit application to the NRC in the coming months, targeting initial construction at the University of Illinois by mid- to late 2027 [14][15] Management's Comments on Operating Environment and Future Outlook - Management believes that the demand for reliable baseload energy is increasing, driven by trends such as AI data centers and industrial reshoring [10][11] - The company views 2026 as a pivotal year with multiple potential catalysts for shareholder value creation, including regulatory licensing progress and commercial announcements [13][14] - Management emphasizes the importance of reliable, clean baseload energy as a strategic necessity, aligning the KRONOS MMR with national priorities and customer needs [12][13] Other Important Information - The company raised $400 million through a private placement, strengthening its balance sheet and extending its operational runway [9] - The company was added to the Morgan Stanley National Security Index, enhancing visibility among institutional investors [10] Q&A Session Summary Question: What milestones should be expected from the strategic alliance with DS Dansuk? - Management indicated that the partnership aims to address power bottlenecks in South Korea, with plans for local manufacturing facilities and increased engagement with government and industrial partners [33][34] Question: Will there be a strong EPC partnership in North America? - Management acknowledged the importance of EPC partnerships for mass manufacturing and deployment, with ongoing discussions with Ameresco and other contractors [37][38] Question: Is the construction permit submission on track for the first half of the year? - Management confirmed that the construction permit application is on track for submission in the first half of the year, emphasizing its significance in differentiating the company from competitors [40][42] Question: Can you elaborate on potential pathways to accelerate the 2030 timeline for the UIC project? - Management noted that government pressure on the NRC could expedite licensing timelines, but they prefer to maintain conservative estimates for project completion [46][47] Question: What options are being considered for the LOKI MMR reactor design? - Management explained that the LOKI reactor is being positioned for space power applications, with interest from organizations like NASA and Blue Origin, and they are seeking partnerships in the space industry [52][54] Question: What are the most challenging parts of the supply chain that need to be addressed? - Management highlighted nuclear-grade graphite and fuel supply as critical components with longer lead times, emphasizing the need for early engagement with suppliers [62][66]

Financial Data and Key Metrics Changes - The company's cash and cash equivalents increased significantly to $577.5 million, a rise of approximately $374 million during the quarter, driven by net proceeds from a private placement [28] - Q1 loss from operations was $11.6 million, with a year-over-year increase in operating expenses of about $8 million [28] - The net loss totaled $6.5 million, up approximately $3 million from the prior year, with interest income of about $5 million contributing to a lower net loss compared to operational losses [29] Business Line Data and Key Metrics Changes - The KRONOS MMR project continues to advance towards licensing and construction, with site characterization and drilling completed at the University of Illinois [5][6] - A feasibility study agreement was signed with BaRupOn to evaluate the deployment of KRONOS MMR systems for up to 1 GW of power [7][17] - The company is expanding its pipeline of potential customers across data center, industrial, and military applications, reflecting growing interest in KRONOS [8][18] Market Data and Key Metrics Changes - The State of Illinois announced $6.8 million in incentive awards for the company, indicating growing support for advanced nuclear technology [7] - The company is advancing discussions with numerous supply chain partners for key components and long lead items, as well as commercial enrichment providers [7][9] Company Strategy and Development Direction - The company focuses on vertical integration across the nuclear fuel supply chain to expedite reactor deployment and enhance long-term economics [4][5] - The strategic affiliate, LIS Technologies, is investing $1.38 billion to build a commercial enrichment facility in Tennessee, reinforcing the company's commitment to securing its nuclear fuel supply chain [9][26] - The company aims to submit a construction permit application to the NRC in the coming months, targeting initial construction at the University of Illinois by mid- to late 2027 [14][15] Management's Comments on Operating Environment and Future Outlook - Management believes that the demand for reliable baseload energy is growing, particularly for AI data centers and industrial applications, which will drive the need for solutions like KRONOS [10][11] - The company views 2026 as a pivotal year with multiple potential catalysts for shareholder value creation, including regulatory licensing progress and commercial announcements [13][14] - Management emphasizes the importance of addressing power availability and grid expansion challenges, positioning KRONOS as a solution to meet expected demand growth [12][13] Other Important Information - The company raised $400 million through a private placement, significantly strengthening its balance sheet and extending its operational runway [9] - The company was added to the Morgan Stanley National Security Index, enhancing visibility among institutional investors [10] Q&A Session Summary Question: What milestones should be expected from the strategic alliance with DS Dansuk? - Management indicated that the partnership aims to address power bottlenecks in South Korea, with plans for a centralized manufacturing facility and further engagement with local stakeholders [33][34] Question: Will there be a strong EPCM partnership in North America? - Management confirmed the importance of EPCM partnerships for coordinating local construction crews and deploying reactors effectively [37][38] Question: Is the construction permit application on track for the first half of the year? - Management affirmed that the application is on track and emphasized the significance of this milestone for the company's credibility in the market [40][42] Question: Can you elaborate on the potential pathways to expedite the 2030 timeline for the UIC project? - Management noted that government pressure on the NRC could expedite licensing timelines, but they prefer to maintain conservative estimates [46][49] Question: What options are being considered for the LOKI MMR reactor design? - Management explained that LOKI is being positioned for space power applications and is seeking partnerships with companies experienced in the space industry [52][54] Question: What are the most challenging parts of the supply chain that need to be addressed? - Management highlighted the need for nuclear-grade graphite and fuel supply as critical long lead items that require early engagement [62][66]

Financial Data and Key Metrics Changes - The company's cash and cash equivalents increased significantly to $577.5 million, a rise of approximately $374 million during the quarter, driven by net proceeds from a private placement [25][26] - Q1 loss from operations was $11.6 million, with a year-over-year increase in operating expenses of about $8 million [26] - The net loss totaled $6.5 million, up approximately $3 million from the prior year, with interest income of around $5 million contributing to a lower net loss compared to operational losses [27] Business Line Data and Key Metrics Changes - The KRONOS MMR project continues to advance towards licensing and construction, with site characterization and drilling completed at the University of Illinois [5][14] - A formal MOU was signed with the University of Illinois, detailing next steps for the KRONOS project [6][14] - The company signed a feasibility study agreement with BaRupOn to evaluate the deployment of KRONOS MMR systems for their AI data center, highlighting scalability potential [6][16] Market Data and Key Metrics Changes - The State of Illinois announced $6.8 million in incentive awards for advanced nuclear technology, indicating growing support for the sector [6] - The company is expanding its pipeline of potential customers across data centers, industrial, and military applications, reflecting increasing interest in KRONOS [7][17] Company Strategy and Development Direction - The company focuses on vertical integration across the nuclear fuel supply chain to expedite reactor deployment and enhance long-term economics [4][5] - The strategic affiliate, LIS Technologies, is investing $1.38 billion to build a commercial enrichment facility, reinforcing the company's commitment to securing its nuclear fuel supply chain [8][23] - The company aims to submit a construction permit application to the NRC in the coming months, targeting initial construction at the University of Illinois by mid- to late 2027 [12][14] Management's Comments on Operating Environment and Future Outlook - Management believes that the demand for reliable baseload energy will drive a global nuclear renaissance, supported by trends in AI data centers and energy sustainability [9][10] - The company views 2026 as a pivotal year with multiple potential catalysts for shareholder value creation, including regulatory licensing progress and commercial announcements [12][13] - Management emphasizes the importance of addressing supply chain challenges, particularly regarding nuclear-grade graphite and fuel supply, to ensure timely reactor deployment [60][62] Other Important Information - The company raised $400 million through a private placement, strengthening its balance sheet and operational runway [8] - NANO Nuclear was added to the Morgan Stanley National Security Index, enhancing visibility among institutional investors [9] Q&A Session Summary Question: What milestones should be expected from the strategic alliance with DS Dansuk? - The company is working on establishing a manufacturing facility in Korea and plans to advance the MOU into critical planning stages, with potential contracts for power agreements in the future [31][35] Question: Will there be a strong EPC partnership in North America? - The company is focusing on mass manufacturing and local construction coordination, with partnerships being explored with Ameresco and others for deployment [36][38] Question: Is the construction permit application on track for the first half of the year? - The application is on track, and the company plans to announce its submission, which is a significant differentiator in the market [39][40] Question: Can you elaborate on pathways to accelerate the 2030 timeline for the UIC project? - The company is considering government pressures to expedite licensing timelines and is focused on mass manufacturing capabilities to meet future demand [45][48] Question: What are the challenges in the supply chain that need to be addressed? - The company identifies nuclear-grade graphite and fuel supply as critical long lead items that require early engagement to mitigate risks [60][62] Question: What is the status of discussions regarding fuel supply and strategic opportunities? - The company is actively pursuing partnerships and acquisitions to secure fuel supply, with significant progress expected in the near future [70]

NANO Nuclear Q1 2026 Financial Results & Business Update Call February 17 t h 2026 © 2026 NANO Nuclear Energy, Inc. All rights reserved. Cautionary Note Regarding Forward -Looking Statements This presentation and statements of NANO Nuclear's management in connection with this presentation contain or may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-l ...

Core Insights - NANO Nuclear Energy Inc. (NNE) is set to report its fiscal first-quarter results on February 17, with a consensus estimate indicating a loss of 32 cents per share, reflecting a 255.6% decrease from the previous year [1][5] - Earnings estimates for the fiscal first quarter have improved by 36% over the past 60 days [1] - NNE has a history of earnings surprises, beating estimates in three of the last four quarters, but with an average negative surprise of 74.03% [2] Earnings Prediction - The current model does not predict an earnings beat for NNE, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [3][4] Recent Developments - In the fiscal first quarter, NNE completed the acquisition of Global First Power from USNC, which will enable the demonstration of its KRONOS MMR in the U.S. and Canada [7] - NNE received support for its prototype project, including a potential customer's announcement to pursue a feasibility study for deploying 15 KRONOS MMR microreactors [8] - An agreement was signed with BaRupOn LLC to conduct a feasibility study for producing up to 1 GW of power using multiple KRONOS MMR units in Texas, reinforcing NNE's position in the advanced reactor development space [9] Stock Performance - NNE's shares have declined by 25.8% over the past three months, contrasting with a 9.7% rise in the Zacks Alternative Energy – Other industry [10] - The company is currently trading at a premium valuation, with a price-to-book (P/B) ratio of 6.47X compared to the industry average of 3.92X [11]

Core Viewpoint - Nano Nuclear Energy Inc. is experiencing a significant rise in stock value due to a strengthened balance sheet and increasing commercial momentum, particularly in high-demand sectors like AI data centers and defense [1]. Financial Performance - The company utilized $19.6 million in operating activities for the twelve months ended September 30 [2]. - In investing activities, $17.5 million was used, including $9.1 million for asset acquisitions during the same period [3]. - Cash and equivalents reached $203.3 million on September 30, a substantial increase from $28.5 million a year earlier [3]. Development and Regulatory Progress - Management reported advancements in reactor development, regulatory engagement, and commercial partnerships [4]. - The KRONOS MMR acquisition was completed early in 2025, benefiting from eight years of engineering investment [5]. - The company is preparing for licensing with the U.S. Nuclear Regulatory Commission and plans to submit a construction permit application in the first quarter of 2026 [5]. Prototype Development - The University of Illinois has been selected as the KRONOS prototype development site, with site drilling and geological analysis completed in November in collaboration with engineering partner AECOM [6]. Canadian Expansion - Regulatory engagement with Canadian nuclear authorities has resumed, with KRONOS entering Canada's Phase 1 microreactor licensing process [7]. - The acquisition of Global First Power has further strengthened the company's position in Canada [7]. Stock Performance - Nano Nuclear Energy shares increased by 3.21% to $31.20 during premarket trading [7].

Business Overview - NANO Nuclear is positioned to capitalize on the global nuclear renaissance driven by the need for reliable baseload energy, energy independence, and climate mandates[10, 11] - Tech leaders are rapidly expanding nuclear capabilities to address power needs, with examples including Microsoft's investment of ~$1.6 billion in the Three Mile Island nuclear power plant and AWS's investment of over $500 million into SMR development with Dominion Energy[13] - Nuclear energy is recognized as an ideal source of baseload power to meet climate goals, with a growing global commitment to triple nuclear capacity by 2050[19] - The company highlights unprecedented bipartisan support for nuclear energy in the U S, citing the ADVANCE Act and executive orders promoting the nuclear power industry[23, 26] KRONOS MMR Technology - KRONOS MMR is differentiated by its high technology readiness level and de-risked reactor design, supported by proven high-temperature gas-cooled reactor (HTGR) design using TRISO fuel[34, 39] - The company believes KRONOS benefited from over $120 million of capital raised by its prior owner to support its development[40] - KRONOS MMR has a 15MWe/45MWt capacity, ideal for data center projects, and is designed to benefit from economies of scale through modularity and factory production[41] - The company expects to submit a construction permit application to the NRC in Q1 2026, and KRONOS MMR was the first microreactor to enter the Canadian Nuclear Safety Commission's (CNSC) Phase 1 licensing process[42] Financial Performance - Cash and cash equivalents ended FY 2025 at $203.3 million, increasing by ~$175 million from the end of FY 2024, driven by net proceeds from private placements and a follow-on offering[77] - Following an October 2025 private placement, NANO Nuclear's cash position totaled ~$580 million[77] - FY 2025 net loss of $40.1 million increased by ~$30 million year-over-year, primarily due to an increase in R&D and G&A expenses[78] - FY 2025 loss from operations increased to $46.2 million, driven by an ~$23 million increase in G&A and an ~$12 million increase in R&D[71, 76]

Core Insights - NANO Nuclear Energy Inc. reported significant achievements in fiscal year 2025, focusing on the development of advanced nuclear microreactors and clean energy solutions [3][4] - The company raised over $600 million since its IPO in May 2024, indicating strong support from institutional investors and a growing commercial pipeline [4][10] Financial Performance - The company used $19.6 million in operating activities, reflecting increased expenses for operations and R&D to advance the KRONOS MMR [5] - Investing activities accounted for $17.5 million, including $9.1 million for asset acquisition and $8.4 million for facility purchases [6] - Financing activities provided $211.9 million in net cash, showcasing robust financial backing [7] Business Developments - NANO Nuclear made substantial progress in advancing the KRONOS MMR, including securing strategic collaborations and achieving key regulatory milestones [4][10] - The company expanded its physical presence with a new engineering and demonstration facility in Oak Brook, Illinois, supported by a $6.8 million state award [9][13] - A feasibility study agreement with BaRupOn aims to evaluate 1 GW of power for an AI data center, highlighting the growing interest in the KRONOS MMR [10][13] Market Position and Strategy - NANO Nuclear is positioned at the forefront of a global nuclear renaissance, driven by increasing demand for reliable energy sources amid the electrification of industries [4][10] - The company is focused on vertical integration within the nuclear fuel supply chain, distinguishing itself from competitors [9][10] - The KRONOS MMR is designed to provide scalable and dependable baseload power, appealing to various sectors including AI data centers and military applications [10][14]

Core Thesis - NANO Nuclear Energy Inc. (NNE) is positioned to lead in the nuclear micro-reactor sector, benefiting from a favorable regulatory environment and recent acquisitions that enhance its intellectual property [2][3] Company Developments - NNE is developing advanced systems like LOKI MMR and KRONOS MMR, aiming to be a significant player in North America's nuclear resurgence [3] - The company has strengthened its connections with the Department of Energy's national laboratory network, providing regulatory credibility [3] - Recent milestones include inclusion in the S&P Global Market Index (BMI) and an expansion in Illinois, indicating strong political and regional support [3] Financial Concerns - A recent $400 million equity raise has led to significant dilution, doubling the share count since the IPO, raising concerns about shareholder value without near-term revenue [4] - The stock faces resistance in the low $40s and may retrace to the $20–25 range due to selling pressure and lack of fundamental clarity [4] - NNE's valuation appears stretched with a 7x P/B ratio and no clear commercialization path, warranting caution among investors [4] Market Sentiment - The stock has appreciated approximately 26.19% since May 2025, driven by improved regulatory clarity [5] - NNE is not among the 30 most popular stocks among hedge funds, with a decrease in hedge fund portfolios holding NNE from 7 to 6 [6] - There are suggestions that certain AI stocks may offer greater upside potential with less downside risk compared to NNE [6]