Financial Data and Key Metrics Changes - The company ended fiscal 2025 with cash and cash equivalents of $203.3 million, an increase of approximately $175 million from the end of fiscal 2024, primarily driven by successful equity capital raises [25][26] - Fiscal 2025 loss from operations was $46.2 million, an increase from the previous year due to higher general and administrative expenses and R&D expenses [26][27] - Net cash used in operating activities increased by approximately $11 million to $19.6 million, while net cash used in investing activities rose by approximately $14 million to $17.5 million [27] Business Line Data and Key Metrics Changes - The company made significant progress in advancing the Kronos MMR energy system, including securing strategic collaborations and achieving important NRC milestones [10][11] - The acquisition of Global First Power, rebranded as True North Nuclear, strengthened the company's position in Canada [10] - The company executed a feasibility study agreement with BitRupon to evaluate up to one gigawatt of power with the Kronos MMR [11] Market Data and Key Metrics Changes - The demand for reliable baseload power is expected to surge, driven by AI data centers, with electricity usage projected to increase by 5%-6% annually over the next five years [5][6] - There is a growing global commitment to triple nuclear capacity by 2050, indicating a long-term trend in nuclear energy growth [8] Company Strategy and Development Direction - The company aims to position itself at the center of a global nuclear renaissance, focusing on micro-reactors to meet the increasing demand for clean, reliable energy [4][8] - The strategy includes vertical integration to de-risk the nuclear fuel supply chain, with a focus on enrichment and conversion capabilities [23][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented bipartisan policy support for nuclear energy in the U.S. and the growing global support, which is expected to accelerate the development of advanced reactors [9][10] - The company remains optimistic about its progress and the strong interest from potential customers in various sectors, including data centers and military applications [12][23] Other Important Information - The company raised over $600 million since its May 2024 IPO, indicating strong capital support from institutional investors [11] - The company is on track to submit a construction permit application for the U of I project in Q1 of 2026, with expectations for a quicker turnaround from the NRC compared to similar applications [32][33] Q&A Session Summary Question: Can you walk us through the timeline for the U of I site permit application? - The company is on track to submit the construction permit application in Q1 next year, with expectations for a turnaround substantially below 15 months due to the well-known technology being used [31][32] Question: What are the main objectives for vertical integration in 2026? - The company aims to centralize reactor core manufacturing while recognizing that certain specialized components will need to be sourced externally [35][36] Question: Can you provide more details on the Canadian project and its licensing process? - The company expects to finalize the site announcement in the first half of next year and will inherit previous licensing progress, allowing it to bypass initial phases [45][46] Question: What is the scope of the AFWERX direct-to-phase two project? - The AFWERX program aims to provide self-sufficient power solutions for military bases, with potential for mass production of reactor systems for various bases in the future [48][50] Question: Can you elaborate on the potential for state-level licensing of nuclear activities? - The company is exploring opportunities for states to take back control of licensing certain facilities, which could expedite the process and reduce the NRC's workload [54][57]

Financial Data and Key Metrics Changes - The company ended fiscal 2025 with cash and cash equivalents of $203.3 million, an increase of approximately $175 million from the end of fiscal 2024, primarily driven by successful equity capital raises [25][26] - Fiscal 2025 loss from operations was $46.2 million, an increase from the previous year due to higher general and administrative expenses and R&D expenses [26] - Fiscal 2025 net loss totaled $40.1 million, up approximately $30 million from the prior year, reflecting increased operating expenses [26] Business Line Data and Key Metrics Changes - Significant progress was made in advancing the Kronos MMR energy system, including securing strategic collaborations and achieving important NRC milestones [9][10] - The company executed a feasibility study agreement with BitRupon to evaluate up to one gigawatt of power with the Kronos MMR, indicating a growing pipeline of commercial opportunities [10][24] Market Data and Key Metrics Changes - The demand for reliable baseload power is increasing, driven by the growth of AI data centers and industrial reshoring, with electricity usage projected to increase by 5%-6% annually over the next five years [5][6] - There is a global commitment to triple nuclear capacity by 2050, solidifying growth in nuclear energy as a long-term trend [7] Company Strategy and Development Direction - The company aims to position itself at the center of a global nuclear renaissance, focusing on micro-reactors to meet the growing demand for clean, reliable baseload power [4][6] - The strategy includes vertical integration to de-risk the nuclear fuel supply chain, with a focus on enrichment and conversion capabilities [23][24] Management's Comments on Operating Environment and Future Outlook - Management highlighted the unprecedented bipartisan policy support for nuclear energy in the U.S. and the growing global support, which is expected to accelerate the development of advanced reactors [7][8] - The company remains optimistic about its opportunities in military applications and the potential for large-scale deployments of the Kronos MMR [8][23] Other Important Information - The company raised over $600 million since its May 2024 IPO, indicating strong institutional support and access to capital markets [10][25] - The company is actively working to reestablish formal licensing activities with the Canadian Nuclear Safety Commission, which could expedite its Canadian project [9][46] Q&A Session Summary Question: Timeline for the U of I site permit application - Management confirmed they are on track to submit the construction permit application to the NRC in Q1 of next year, with expectations for a turnaround time substantially below 15 months due to the use of well-known technologies [32][33][34] Question: Vertical integration strategy objectives for 2026 - Management indicated a focus on building internal capabilities for reactor components while recognizing the need for specialized external partnerships for certain materials [37][39] Question: Progress on the Canadian project and licensing - Management explained that the Canadian project is expected to inherit previous licensing progress, allowing them to bypass initial phases and expedite commercialization [46][47] Question: Scope of the AFWERX direct-to-phase two project - Management detailed that the AFWERX program aims to provide self-sufficient power for military bases, with potential for mass production of reactor systems for various bases in the future [48][50]