The Fly | NNE

May 14th, 2026

Summary

Earnings Call Date:: 2026-05-14
Change Since:: -25.02%
Next Earnings Date:: 2026-08-13

Earnings Call Sentiment

Positive

The call emphasized meaningful technical and commercial milestones — notably the CPA submission to the NRC, a completed 1 GW feasibility study and several strategic MOUs — supported by a solid cash position and shelf registration. These positives were balanced by rising operating expenses, a QoQ increase in net loss, a large reallocation of cash into short‑term investments, unresolved supply‑chain/transportation execution items and the inherent timing and execution risk associated with regulatory reviews and prospective commercial agreements. Overall, the tone is constructive and milestone‑driven but acknowledges near‑term cost increases and remaining execution risks.

Company Guidance

Management's guidance emphasized near‑term regulatory and project milestones and clear financial positioning: the University of Illinois construction permit application (filed end‑March) is expected to be accepted imminently, triggering an approximate 12‑month NRC review and enabling potential initial construction in mid‑ to late‑2027; the first‑of‑a‑kind UIUC KRONOS capital estimate remains roughly $300–$350 million (supported by >$120 million of historical investment) and KRONOS can be scaled to supply up to 1 GW in stages per the BaRupOn feasibility study. Financially, Q2 cash, cash equivalents and short‑term investments totaled ~$569 million, Q2 net loss was $9.2 million (≈$3 million higher sequentially, ≈$12 million lower YoY), YTD net cash used in operations was ~$9.3 million (≈$4 million higher YoY) and YTD net cash used in investing was ~$381 million (≈$368 million higher YoY, driven by ~ $371 million increase in short‑term investments); a $900 million shelf (including a $400 million ATM) is effective but unused. Management expects expenses to trend higher as hiring and long‑lead procurements ramp, is pursuing nondilutive funding and M&A/partnerships to de‑risk supply chain and transportation, and sees Part 57/53 regulatory reforms as important enablers for fleet‑scale deployment (commercial scale targeted by 2030).

Construction Permit Application (CPA) Submitted to U.S. NRC

Nano's KRONOS MMR CPA was formally submitted to the U.S. NRC (by the University of Illinois), making Nano one of only a handful of Gen‑4 developers at this stage and the first commercially ready microreactor to submit a CPA. The company expects a ~12‑month NRC review period following acceptance and targets initial construction activities in mid‑ to late‑2027, validating design maturity and advancing the program from engineering to potential construction.

Feasibility Study Confirms 1 GW Scalability with BaRupOn

Completed a feasibility study with BaRupOn showing the KRONOS MMR solution can be scaled in stages to meet up to 1 gigawatt of power for an AI/data center campus; project is moving into licensing discussions and site characterization to support future permitting.

Strategic Partnerships and MOUs to Accelerate Commercialization

Announced MOUs and collaborations with Supermicro (AI server/data center integration), EHC Investment (potential JV and localized deployment in the UAE/Gulf region) and DS Dansuk (South Korea localization/manufacturing potential), strengthening commercial go‑to‑market routes, regional execution capability and alignment with major AI/data center infrastructure players.

Progress on Vertical Integration and Supply‑Chain M&A

Advancing M&A and partnership discussions across the nuclear fuel supply chain, enrichment and TRISO fuel suppliers, and fuel transportation; management is in late‑stage discussions on at least one acquisition target intended to address transport/refueling bottlenecks and de‑risk future deployments.

Strong Liquidity Position and Capital Market Flexibility

Ended Q2 with approximately $569 million in cash, cash equivalents and short‑term investments. The company's $900 million shelf registration (including a $400 million ATM) became effective in March, providing optionality to access capital markets opportunistically.

Technology and Design Strengths

KRONOS is presented as a high‑TRL high‑temperature, helium‑cooled, TRISO‑fuel prismatic reactor emphasizing passive safety, factory fabrication/modularity and use of commercially off‑the‑shelf components; historical investment noted at roughly $120 million and the design supports LEU+ today with flexibility for HALEU in future deployments.

Improved YoY Net Loss and Notable Cash Management

Q2 net loss of $9.2M represented an approximate $12M decline versus the prior year period (≈56.6% YoY improvement), attributed primarily to higher interest income and lower equity‑based compensation. Management also reallocated cash into short‑term investments to earn higher yields.

Operator

Greetings, and welcome to the NANO Nuclear Q2 2026 Financial Results and Business Update Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matthew Barry. Thank you. You may begin.

Matthew Barry

Thank you, and good afternoon, everyone. Joining me on the call today are Jay Yu, NANO Nuclear's Founder, Chairman and President; James Walker, our CEO; and Jaisun Garcha, our CFO. Please note that today's press release and slide presentation to accompany this webcast are available on our website. Before moving ahead, I'll quickly address forward-looking statements made on this call. As reflected in more detail on Slide 2, today's presentation contains forward-looking statements about Nano's future that are made under the safe harbor provisions of the applicable federal securities laws. You are cautioned that actual results, including without limitation, the results of Nano's microreactor development activities, our plans for vertical integration, other strategies and plans, time lines for achieving goals and other matters related to our future operations may differ materially and adversely from those expressed or implied by the forward-looking statements. Important risks and other factors that could cause actual results to differ from those in our forward-looking statements are contained in our filings with the SEC, including our annual report on Form 10-K filed this past December, which you're encouraged to review. The forward-looking information provided today is accurate only as of today, and Nano disclaims any obligat...

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