Nano Nuclear Energy Q3 FY26 earnings call NNE

The NRC formally accepted the construction permit application for the Kronos MMR at the University of Illinois, Urbana-Champaign, initiating formal review activities. The NRC expects to complete its environmental assessment in Q1 2027 and safety evaluation in Q3 2027, aligning with NANO's expectation to begin initial construction activities in H2 2027. Engineering collaborations with Fortil and another globally recognized firm are advancing the Kronos fuel handling and storage system and primary helium circulator, maturing key reactor subsystems and establishing repeatable designs for future standardized commercial deployments.

NANO completed the acquisition of Secure Transportation Services (STS) in May, accelerating its progress in the nuclear fuel cycle. STS, a profitable nuclear logistics and transportation company, generated $3.9 million of unaudited revenue in H1 2026, including $0.2 million from May 22nd through June 30th. This acquisition reduces reliance on third-party providers, expands capabilities across the fuel cycle, and supports critical missions for the U.S. DOE and NNSA. NANO is also evaluating additional M&A opportunities in fuel transportation and nuclear fuel facility assets.

The company is advancing discussions towards an initial framework with a strategic collaborator and customer for a planned multi-gigawatt pipeline of AI data center projects, potentially positioning NANO as their preferred nuclear technology provider. A feasibility study for deploying up to 1 gigawatt of Kronos MMR capacity with Bonn-Rupon was completed, with discussions progressing towards initiating the NRC licensing process. NANO also signed an MOU with Supermicro to evaluate integrating Kronos with AI server and data center infrastructure platforms for joint go-to-market opportunities and off-grid deployments.

NANO ended the quarter with $580 million in liquidity, an increase of $11 million from the prior quarter, primarily due to $26 million in net proceeds from its at-the-market (ATM) facility. This strong financial position provides flexibility to advance the first-of-a-kind prototype deployment and pursue value-accretive acquisitions across the fuel cycle. The company is also exploring non-dilutive funding opportunities for the UIUC project, including investment tax credits and DOE programs, to meaningfully reduce required capital.

The team has grown significantly over the past year, with headcount increasing to 85 employees and contractors as of Q3 FY26, up from 31 one year prior. NANO has assembled an experienced team from the DOE, NRC, U.S. National Labs, and military, and expects further significant growth, particularly in technical staff. This expansion is crucial for carrying reactor projects forward and supporting fuel supply chain initiatives, with a focus on sensible hiring to ensure proper allocation and task designation.

Kronos is designed for fuel flexibility, utilizing LEU Plus fuel commercially available today, with the ability to use HALU in the future without redesign. NANO is actively engaging with enrichment providers like Urenco for LEU and emerging Triso fabricators (e.g., B2XT, Standard Nuclear, Framatome, TrisoX) to secure long-term contracts. The company aims to de-risk the nuclear fuel cycle by expanding capabilities in fuel transportation, conversion, and deconversion, ensuring fuel supply for mass manufacturing of reactors beyond the first-of-a-kind deployment.