Industry Overview - The resurgence of nuclear power is driven by the needs of big tech and the growth of artificial intelligence (AI), as countries aim to meet rising energy demand [1] - Nuclear power accounts for nearly 20% of electricity generated in the U.S., with the Trump administration advocating for increased nuclear energy [1] Company Profiles Nano Nuclear Energy - Nano Nuclear Energy is a small-cap start-up founded in 2020, which went public in 2024, focusing on micro reactors and portable nuclear batteries for remote industrial sites, military bases, and space applications [3] - The company's micro-modular reactors (MMRs) are designed to be easier and less expensive to deploy than traditional reactors, with its flagship product being the Kronos MMR, acquired from Ultra Safe Nuclear Corporation [4] - As of the end of 2025, Nano reported a cash position of $203.3 million but had a net loss of $40.1 million, indicating it has several years before facing cash flow issues [5] Constellation Energy - Constellation Energy is a large-cap stock with the largest fleet of nuclear reactors in the U.S. and generates 10% of the clean energy in the U.S. through a diverse energy portfolio including nuclear, natural gas, geothermal, hydro, wind, and solar power [6] - The company reported revenue of $19.1 billion for the first nine months of 2025, reflecting a nearly 7% year-over-year increase, although its earnings per share (EPS) declined by 34% compared to the previous year [7] Stock Performance - Over the past year, Nano's shares have decreased by more than 27%, but they have increased by over 595% in the past three years [8] - Constellation's shares have fallen by more than 10% over the past year, while they have risen by more than 34% over the past three years [8]

Summary of NANO Nuclear Energy FY Conference Call Company Overview - **Company**: NANO Nuclear Energy (NasdaqCM:NNE) - **Focus**: Development of next-generation micro-reactors, nuclear fuel fabrication, and transportation technology aimed at providing smaller, simpler, and safer clean energy solutions [1] Key Areas of Focus - **Micro-Reactors**: The company is concentrating on micro-reactors, particularly the Kronos MMR, which has a capacity of approximately 15 megawatts electric [2] - **Market Applications**: Potential applications include data centers, industrial power needs, military bases, remote communities, and various process heat applications like desalination [2] Industry Dynamics - **Nuclear Renaissance**: The company is benefiting from a global nuclear renaissance driven by strong demand for clean, reliable base load energy, climate mandates, and bipartisan government support [3][4] - **Corporate Interest**: Major tech companies (Microsoft, Amazon, Google, etc.) are expanding their nuclear capabilities, indicating a growing reliance on nuclear energy for data centers [4] Value Proposition of Nuclear Energy - **Base Load Power**: Nuclear energy is recognized as the ideal source for base load power due to its reliability, zero emissions, and high capacity factor [5] - **Growth Commitment**: Countries and major companies are committing to significantly increase nuclear capacity by 2050, with the U.S. aiming to quadruple its capacity [5] Micro-Reactor Advantages - **Cost and Safety**: Micro-reactors are designed to address challenges faced by traditional reactors, such as long approval times and high construction costs, while enhancing safety through factory fabrication and modular assembly [8][9] - **Economies of Scale**: The design allows for cost-effective scaling and reduced initial capital expenditures, which is attractive to potential customers [9] Kronos MMR Specifics - **Design and Technology**: The Kronos MMR utilizes TRISO fuel and is nearing the formal licensing process in the U.S. and Canada, with significant prior investment and historical deployment data supporting its design [12][11] - **Licensing Timeline**: The company plans to submit a construction permit application in early 2026, aiming for operational status by 2029 or 2030 [21][36] Strategic Partnerships and Projects - **University of Illinois**: A prototype project is planned at the University of Illinois, with strong support from the university and state incentives [22][21] - **Chalk River Project**: A potential second prototype in Ontario, Canada, is being explored, which could benefit from the licensing progress made in the U.S. [23] Fuel Supply Chain and Vertical Integration - **Self-Sufficient Supply Chain**: The company is focused on vertical integration to ensure a self-sufficient nuclear fuel supply chain, including partnerships for enrichment and fuel transportation [25][26] - **LIS Technologies**: Collaboration with LIS Technologies aims to address enrichment bottlenecks, leveraging advanced laser-based enrichment technology [27][29] Financial Outlook and Valuation - **Market Valuation**: NANO Nuclear Energy's current valuation is approximately $1.7 billion, significantly lower than peers valued at $6 billion to $16 billion, indicating a potential valuation disconnect [32] Conclusion - **Growth Potential**: The company is optimistic about its growth trajectory, with a strong pipeline of commercial opportunities and plans for significant progress in licensing and project development in 2026 [32][19]

Core Insights - The rise in energy demand is prompting a resurgence in nuclear energy, with Nanuclear Energy positioned to address the supply gap through its micro reactor technology [1][4]. Company Overview - Nanuclear Energy is a vertically integrated micro reactor company, leading in the U.S. with its flagship product, the Kronos MMR (Modular Micro Reactor) [3]. - The company is collaborating with the University of Illinois to build a micro reactor on their campus and plans to drill on its land soon [3][4]. Strategic Partnerships - Nanuclear Energy is partnering with AECOM, a Fortune 500 company with $16 billion in annual revenue, to advance its projects [4]. - The UK government has selected Kronos MMR as the only micro reactor to receive £50 million in funding, highlighting its significance in the nuclear sector [6]. Micro Reactor Technology - Micro reactors are defined as having a capacity of 20 megawatts or less, with the Kronos MMR outputting 15 megawatts and 45 megawatts thermal [7]. - The technology is designed for factory fabrication and mass production, aiming to meet global energy needs, particularly in the context of AI data centers and decarbonization efforts [8]. Disaster Relief Applications - Nanuclear Energy aims to replace diesel generators used in disaster relief with its clean energy solutions, particularly in remote areas affected by natural disasters [9][10]. Data Center Demand - The increasing energy demands from data centers have created significant interest in the Kronos MMR, which can provide base load energy for future AI applications [12]. - The company is in discussions with major tech firms investing billions in data centers, recognizing the necessity of nuclear energy in their energy solutions [12]. Military Engagement - Nanuclear Energy has secured a feasibility study contract with the U.S. Air Force, which is looking to upgrade its aging energy systems [14][15]. - This engagement provides the company with a sole source vehicle for bidding on additional military grants, enhancing its market position [15]. Competitive Edge - Nanuclear Energy is poised to lead in the commercialization of micro reactors, with plans to submit a construction application after drilling this fall [16]. - The company is also establishing a demonstration site in Canada, which will contribute to its competitive advantage in North America [16].