Nano Nuclear NNE Q1 2026 Earnings Transcript Highlights

Call Participants

The key individuals participating in the earnings call included Executive Chairman Jiang Yu, Chief Executive Officer James Walker, Chief Financial Officer Jaisun Garcha, and Chief Operating Officer Matthew James Barry. Their contributions provided comprehensive insights into the company’s performance and strategic direction during the quarter.

Key Financial and Operational Takeaways

Nano Nuclear Energy reported a robust cash position of $577,500,000 at the end of the quarter, marking a substantial increase of $374,000,000 from the previous period. This growth was primarily fueled by a successful $400,000,000 private placement that closed in October 2025, bolstering the company’s liquidity and supporting ongoing initiatives.

The State of Illinois provided significant support by awarding $6,800,000 in incentives specifically aimed at advancing the development of the Cronos MMR project. This funding highlights the strong public-sector endorsement and commitment to fostering innovative nuclear technologies within the region.

Operationally, the company recorded a loss from operations amounting to $11,600,000, which represented an uptick of approximately $8,000,000 compared to the same period in the prior year. This increase stemmed largely from elevated operating expenses, particularly those associated with accelerating the Cronos MMR development efforts.

On the net income front, the reported net loss stood at $6,500,000, reflecting a rise of about $3,000,000 year-over-year. However, this was partially mitigated by roughly $5,000,000 in interest income generated from the expanded cash reserves, demonstrating effective cash management amid operational investments.

Cash utilization in operating activities increased by around $1,000,000 compared to the previous year, reaching $4,000,000. This rise was attributable to heightened expenditures in general and administrative functions as well as research and development activities.

Strategic Partnerships and Collaborations

The company forged several important memoranda of understanding (MOUs) during the quarter. These included an agreement with DS Danzic, a prominent South Korean firm, focused on manufacturing and localizing production efforts. Another key partnership was with Ameresco, centered on engineering, procurement, and construction (EPC) integration for deployments at federal and commercial locations. Additionally, a collaboration with Barupon initiated a feasibility study for deploying up to 1 gigawatt of power to support an AI data center campus.

Progress on Cronos MMR Licensing

Significant strides were made in the licensing process for the Cronos MMR. Site characterization and drilling activities were fully completed at the University of Illinois, with the resulting data being integrated into the forthcoming construction permit application submitted to the U.S. Nuclear Regulatory Commission. Furthermore, a formal MOU was executed with the University’s Board of Trustees to delineate subsequent project phases.

Commercialization Timeline

Management projects submitting the NRC construction permit application in the near future. Initial construction at the University of Illinois site is targeted for mid to late 2027, with the goal of having an operational prototype by 2030. Opportunities for further acceleration are under active consideration to potentially expedite these milestones.

Expansion into Canada

The acquisition of Global First Power, now operating as True North Nuclear, has propelled advancements toward obtaining a formal license in Canada. This move expands the company’s regulatory presence and operational capabilities in a key international market.

Supply Chain and Vertical Integration Efforts

Discussions progressed for securing essential long-lead components, with particular emphasis on nuclear-grade graphite and TRISO fuel. These efforts involve prospective commercial and manufacturing partnerships to ensure reliable supply chains. Vertical integration strategies are being pursued aggressively, exemplified by affiliate LISS Technologies obtaining a radioactive material license in Tennessee and planning a $1,380,000,000 investment in a commercial enrichment facility at Oak Ridge.

Revenue Diversification Opportunities

Leadership expressed intentions to generate value throughout the nuclear fuel cycle, encompassing conversion, enrichment, and transportation services, thereby diversifying revenue streams beyond reactor sales.

Index Inclusion Milestone

During the quarter, Nano Nuclear Energy earned inclusion in the Morgan Stanley National Security Index, enhancing its profile and appeal to institutional investors.

Overall Summary of the Earnings Call

The discussion underscored steady progress in the Cronos MMR licensing journey, marked by critical site and regulatory achievements at the University of Illinois alongside expanded commercial pursuits via feasibility studies and MOUs with major potential clients. Executives detailed advancements in vertical integration, including safeguards for enrichment, graphite, and TRISO fuel supplies, all underpinned by strong liquidity from the recent $400,000,000 capital infusion. This financial strength enables pursuit of mergers, acquisitions, and greater control over supply chains.

Nano Nuclear Energy is venturing into promising new territories such as South Korea and Canada, while emphasizing de-risking strategies through manufacturing alliances and localized operations. Sector dynamics, including surging demand from AI data centers and policies promoting energy security, were framed as potent tailwinds uniquely favoring the Cronos platform’s positioning.

• Executives affirmed, “We remain on track to submit our construction permit application to the NRC in the coming months,” establishing Nano Nuclear Energy as a frontrunner in developing full-scale microreactors within the United States.
• Collaboration with the University of Illinois is confined to the initial prototype, with Nano Nuclear Energy retaining sole rights for all future commercial deployments.
• The technical underpinnings of the Cronos MMR draw from over $120,000,000 in prior investments and five decades of data from gas-cooled reactor operations, validating claims of a streamlined path to licensing and scaling.
• CEO James Walker noted that standardizing components and drawing from proven non-nuclear supply chains for most elements minimizes risks related to regulations and procurement, except for fuel and graphite.
• The fuel approach prioritizes low-enriched uranium (LEU) for its supply benefits, while maintaining adaptability for high-assay low-enriched uranium (HALEU) in licensing frameworks.
• Engagement with DS Danzic encompasses localized mass production of Cronos reactors to alleviate anticipated power constraints in Korea and East Asia.
• Further announcements on partnerships, acquisitions, and supply deals are anticipated soon as negotiations on fuel, manufacturing, and components conclude.

Industry Terminology Guide

• MMR (Micro Modular Reactor): A compact, factory-built nuclear reactor intended for modular installation and flexible power scaling.
• TRISO fuel: Tri-structural isotropic particle fuel noted for its durability and safety at high temperatures in cutting-edge reactor systems.
• LEU (Low-Enriched Uranium): Uranium fuel enriched to under 20% U-235, standard in commercial nuclear power plants.
• HALEU (High-Assay Low-Enriched Uranium): Uranium enriched between 5% and 20% U-235, enhancing performance in advanced reactors but necessitating stricter protocols.
• EPC (Engineering, Procurement, Construction): Comprehensive project delivery model handling design, sourcing, and construction for intricate endeavors.
• EPCM (Engineering, Procurement, Construction Management): Delivery approach where the contractor oversees design, procurement, and construction on the owner’s behalf.

Full Earnings Call Transcript

Thank you, Matthew, and a warm welcome to everyone participating in today’s call. Nano Nuclear Energy Inc. is steadfastly distinguishing itself as a pioneering developer of microreactors, placing a strong emphasis on achieving vertical integration throughout the nuclear fuel supply chain. We are steadily propelling our Cronos MMR forward—a high technology readiness level (TRL) high-temperature gas-cooled reactor design supported by decades of operational experience and substantial previous capital investments. This foundation, we firmly believe, will substantially mitigate risks associated with future construction, licensing, and deployment phases.

We anticipate that the compact modular configuration of our Cronos MMR will facilitate factory-based fabrication, consistent construction processes, and iterative improvements that can hasten deployment schedules and yield cost savings progressively. Crucially, the intrinsic safety characteristics of the Cronos MMR are poised to permit a reduced physical footprint, enabling co-location with end-users and off-grid installations—opening doors to premium applications that have historically been out of reach for conventional nuclear reactors.

Complementing this robust technical base, our strategy centers on vertical integration across vital segments of the nuclear fuel supply chain. We are convinced this approach will confer a competitive edge, uniquely equipping us to hasten reactor rollout, capitalize on the burgeoning nuclear renaissance, and optimize the long-term financial viability of our reactors.

First Quarter Highlights

Transitioning to the highlights from our first quarter, we have sustained notable momentum across our operations. The Cronos MMR licensing and construction efforts continue to forge ahead. We finalized comprehensive site characterization and drilling at the University of Illinois, and these findings are now being woven into our upcoming construction permit application for submission to the U.S. Nuclear Regulatory Commission.

In parallel, we formalized a memorandum of understanding (MOU) with the Board of Trustees of the University of Illinois, outlining the subsequent phases as we progress the initiative. The State of Illinois has declared an award of $6,800,000 in incentives to us, which powerfully demonstrates the escalating backing for advanced nuclear innovations.

In our Canadian endeavors, we are making headway toward launching a formal licensing process subsequent to acquiring Global First Power—now rebranded as True North Nuclear. Moreover, we are deepening engagements with various supply chain collaborators for critical components and long-lead-time items, alongside talks with commercial enrichment providers and TRISO fuel producers to secure supplies for our inaugural Cronos MMR prototypes.

Commercial Developments

From a commercial standpoint, we entered into a feasibility study pact with Barupon to assess the viability of deploying multiple Cronos MMR units, potentially delivering up to one gigawatt of electricity to power their emerging AI data center and manufacturing complex. This development vividly illustrates the scalability inherent in our platform for clients with substantial energy demands.

Nano Nuclear Energy Inc. is actively broadening its roster of prospective clients in data centers, industrial sectors, and military applications, all expressing keen interest in Cronos for diverse power requirements. The surge in strategic partnership inquiries was exemplified by our recent MOU with DS Danzic, aimed at exploring opportunities for localization, manufacturing, and deployment of Cronos reactors in South Korea and wider Asian markets.

DS Danzic stands as a foremost industrial powerhouse in South Korea, boasting vast expertise in energy production, chemical processing, and sophisticated manufacturing. This alliance offers a solid foundation for commercializing our technology. We also inked an MOU with Ameresco to investigate merging their EPC expertise for Cronos MMR installations at federal and commercial venues.

These milestones signal a wider pattern of enthusiasm from strategic allies—seasoned enterprises with extensive track records in massive energy and industrial projects—who appreciate the compelling attributes of Cronos.

Vertical Integration Progress

Regarding our commitment to vertical integration, we advanced our capacities in conversion, transfer, and transportation through proactive partnership explorations and acquisition pursuits. Our affiliate, LISS Technologies, secured a pivotal radioactive material license for its Tennessee demonstration site and unveiled intentions to commit $1,380,000,000 over time toward constructing a commercial enrichment plant in Oak Ridge, Tennessee, leveraging its proprietary laser enrichment technology.

Each of these steps solidifies our strides in fortifying the nuclear fuel supply chain.

Financial Overview

Financially, we secured gross proceeds of $400,000,000 via an October private placement, markedly fortifying our balance sheet and prolonging our operational horizon. This funding round attracted participation from an expanding cadre of institutional investors, signaling rising trust in our strategic vision and operational delivery.

Our inclusion in the Morgan Stanley National Security Index has further amplified our visibility to institutional audiences. The achievements of this quarter encapsulate our persistent execution: propelling Cronos toward licensing and construction, amplifying commercial momentum, pursuing vertical integration across the nuclear fuel supply chain, and upholding a solid financial stance to fuel our enduring strategy.

We are persuaded that our technological differentiation and strategic maneuvers have optimally situated us to reap substantial rewards from the worldwide nuclear renaissance, propelled by enduring secular trends such as escalating needs for dependable baseload power in AI data centers, industrial reshoring, widespread electrification, energy autonomy, sustainability imperatives, climate regulations, and extraordinary policy endorsements.

Market Trends and Opportunities

Recent evolutions in U.S. power markets are sharpening attention on these dynamics. Electricity consumption linked to AI data centers and similar high-demand uses is surging beyond the pace of new generation capacity and transmission builds, sparking alarms over power availability, grid augmentation, and cost accessibility.

In January, the administration backed an emergency initiative from the nation’s largest regional grid operator to promote 15-year power purchase agreements funding some $15,000,000,000 in fresh generation. That operator is also pondering co-location policies to enable major consumers to position supply nearer to usage points.

While these measures are vital and indicative of awakening to power constraints, they are improbable to fully bridge the fundamental disparity between demand escalation and dependable supply. In this context, we foresee that assets delivering exceptional uptime, cost predictability over the long haul, and grid-independent resilience will garner significant premiums moving forward.

We regard our Cronos MMR as the quintessential forward-looking remedy to these intensifying issues. By furnishing behind-the-meter or off-grid baseload power straight to end-users, we can satisfy burgeoning demand without inflating expenses for average citizens.

In essence, nationwide actions are reaffirming the imperative for a global nuclear revival, illuminating our longstanding conviction: reliable, emission-free baseload power is a cornerstone of strategy, and we are crafting Cronos MMR as a next-era solution harmonized with national goals, client requirements, and the economics of an AI-powered energy landscape.

2026 Catalysts

Prior to passing the discussion to CEO James, allow me to underscore why we consider 2026 a pivotal year brimming with catalysts for shareholder value. Primarily, we foresee headway in regulatory licensing for Cronos in both the U.S. and Canada. Our target is to file the construction permit application with the NRC shortly, inaugurating the formal U.S. licensing trajectory—a landmark that could pave the way for construction commencement at the University of Illinois by mid to late 2027.

Secondly, multiple commercial disclosures are on the horizon this year, mirroring heightened customer intrigue across varied sectors. Thirdly, we are progressing talks on commercial alliances and acquisition prospects spanning the nuclear fuel supply chain, potentially alleviating pinch points in conversion and fuel transport.

Finally, we anticipate further strides in strategic partnerships capable of hastening and de-risking expansive reactor rollouts, while concurrently magnifying global commercial prospects. With that overview, I now hand over to James.

James Walker’s Update on University of Illinois Project

Thank you, Jiang. I’ll commence with an update on our prototype project at the University of Illinois, which plays a crucial role in propelling our Cronos MMR toward widespread commercial availability.

As Jiang outlined, we have concluded site characterization and drilling, and additionally formalized an MOU with the University of Illinois Board of Trustees to specify forthcoming actions concerning design, construction, ownership, and operation of the Cronos MMR system on campus.

We are steadfastly on course to lodge our construction permit application with the NRC in the coming months via the Part 50 licensing route. Our team is collaborating intently with AECOM and additional partners on the application, having initiated NRC engagements over recent months to synchronize on scope and technical stipulations.

Concurrently, we are advancing procurement dialogues for vital long-lead components, encompassing reactor pressure vessel capacities, fuel enrichment and fabrication, graphite sourcing, and sundry other essentials.

Drawing from our accomplishments thus far, we project initiating construction in mid to late 2027, with a feasible pathway to an operational full-scale prototype circa 2030. Our team is diligently assessing acceleration possibilities and supplementary funding to curtail total capital outlays.

Growing Commercial Pipeline

Shifting to our expanding array of commercial prospects, we attribute the rising interest to Cronos’ persuasive value proposition. It boasts a superior safety profile anticipated to permit direct co-location at customer premises, alongside off-grid power options.

Cronos is exceptionally apt for expansive multi-unit setups, where reactors can interconnect and expand incrementally to align with evolving customer loads. Its modular framework and factory-fabrication compatibility pave the way for substantial economies of scale at heightened deployment volumes.

We project that manufacturing optimizations coupled with operational proficiency gains will empower us to attain highly competitive cost structures over time, all while guaranteeing the 24/7 reliability essential for data centers, industrial operations, and other critical missions.

Furthermore, Cronos’ patented adaptable architecture accommodates smaller-scale projects needing just one or a handful of units, broadening our addressable market to novel nuclear-inaccessible uses.

In the recent quarter, we publicized the Barupon feasibility study for up to one gigawatt to underpin their AI data center and manufacturing site. We are vigorously progressing this analysis, incorporating site assessments, project delineation, and scheduling. Upon finalization, we intend to derive EPC cost projections, launch preliminary development, and pursue a definitive reactor sales contract.

Outside of Barupon, we are cultivating an enlarging pipeline of candidates in data centers, industry, and defense. A recurring motif is the demand for steadfast baseload power, especially compact solutions deployable behind-the-meter to lessen grid reliance and expedite timelines. Project power needs span under 50 megawatts to over 1 gigawatt.

We also discern substantial promise in ancillary sectors like remote locales, mining ventures, and other off-grid intensive uses.

Strategic Partnerships Expansion

As Jiang noted, we are advancing multiple strategic partnerships to amplify commercial scope and hasten deployments, starting with our fresh MOU with DS Danzic. This alliance with the leading South Korean industrial player aims to quicken Cronos MMR rollout in South Korea.

DS Danzic contributes profound proficiencies and hands-on know-how in energy, chemicals, and advanced manufacturing, plus enduring ties to pivotal industrial and governmental figures in South Korea. We trust their stature in the Korean ecosystem will smooth interactions with state enterprises and industrial buyers pursuing dependable zero-carbon baseload power.

Thus, our DS Danzic partnership holds promise to substantially de-risk licensing, expedite site scouting and development, foster customer introductions, and bolster localized manufacturing and parts production in South Korea.

Beyond that, it opens avenues for enhanced project financing and wider strategic ties to spur commercialization and deployment in South Korea—one of the globe’s most advanced nuclear and industrial arenas—as well as across Asia.

Cronos Technical Differentiation

Having covered Cronos’ commercial surge and strengths, I now delve into its technical distinctions. Cronos rests on a validated, thoroughly comprehended base featuring nearly ten years of evolution and circa $120,000,000 in design investments from its antecedent owner. We hold that this substantially de-risks the platform and furnishes a sturdy technical groundwork for licensing and rollout.

The 15-megawatt electric Cronos leverages high-temperature gas-cooled tech deployed and proven in numerous nations for over 50 years. Pivotal design facets—TRISO fuel, helium cooling, graphite moderation—represent mature innovations backed by copious operational records.

Outside the reactor core, our balance-of-plant tactics favor proven commercial systems like steam generators, turbines, and thermal storage from existing solar thermal facilities. We plan operations within prudent temperature and pressure bounds mirroring triumphant precedents.

Consequently, our emphasis lies not in pioneering novel reactor tech but in assembling familiar components into an efficient compact modular microreactor ripe for licensing, production, and deployment.

Advantages of Prismatic High-Temperature Gas-Cooled Reactors

With this legacy in view, here are Cronos’ prime merits as a prismatic high-temperature gas-cooled reactor:

Firstly, technology readiness: These reactors employ well-documented materials with reliable commercial supply lines, and historical performance data affords a high TRL bedrock.

Secondly, safety: TRISO fuel confines fission products at extreme heats, helium serves as inert coolant, and passive heat dissipation predominates. No plausible meltdown scenario exists, with self-shutdown absent active interventions.

Thirdly, simplicity: Minimal active systems and high-stress parts; many can be off-the-shelf commercial rather than safety-qualified. The core lacks moving elements save control rods, using inert, familiar materials—unlike some intricate advanced designs.

Fourthly, export suitability: TRISO’s low proliferation risk and strong safety profile may streamline international licensing versus alternatives.

Fifthly, versatility: Standard designs scale down via pressure adjustments sans redesign, suiting diverse customer scales.

Finally, sustained economics: Inert coolant, passive safety, advanced fuel lessen needs for intricate controls and upkeep-heavy systems. Simpler builds and commercial components promise lower opex, maintenance, and scaling efficiencies.

Fuel Cycle Vertical Integration

Our vertical integration pursuit arises from recognizing fuel availability—not reactor tech—as the prime scaled-deployment barrier. We seek stakes in critical fuel cycle phases.

Enrichment begins with affiliate LISS Technologies, holder of the sole U.S.-patented laser enrichment tech, potentially supplying Nano Nuclear Energy Inc. a unique uranium enrichment avenue.

Simultaneously, we probe conversion and fuel transport expansions via commercial partnerships and buys. Advances here will not solely de-risk deployments but unlock value across the cycle, fortifying long-term positioning amid the nuclear surge.