NANO Nuclear Energy Inc. (NNE) Q4 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call summary shows mixed signals: strong financial metrics with increased cash position and strategic plans, but also significant losses and increased expenses. The Q&A reveals optimism about regulatory processes and strategic partnerships, but lacks detailed financial guidance. The lack of specific LCOE figures and incomplete details on uranium conversion raise uncertainties. Overall, the positive strategic outlook is balanced by financial concerns, leading to a neutral sentiment.
Key Financial Performance
Cash and Cash Equivalents $203.3 million, an approximately $175 million increase from the end of fiscal 2024. The increase was mainly driven by net proceeds from several successful equity capital raises. After fiscal year-end, cash position increased to approximately $580 million following an October 2025 private placement.
Loss from Operations $46.2 million, an increase from fiscal 2024 driven by an approximately $23 million increase in G&A expenses and an approximately $12 million increase in R&D expenses, primarily focused on advancing KRONOS MMR and adjacent growth initiatives.
Net Loss $40.1 million, up approximately $30 million from the prior year, reflecting the increase in operating expenses. This was partially offset by an approximate $6 million increase in other income from higher interest income on a larger cash balance.
Net Cash Used in Operating Activities $19.6 million, an increase of approximately $11 million from the prior year, driven by a higher net loss, partially offset by an increase in equity-based compensation.
Net Cash Used in Investing Activities $17.5 million, an increase of approximately $14 million from the prior year, driven by an increase in process R&D from the acquisition of KRONOS MMR as well as property, plant, and equipment additions related to the purchase of the Oak Brook, Illinois engineering and demonstration facility and the build-out of the Westchester, New York demonstration facility.
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Operating Highlights
KRONOS MMR Energy System: Advanced significantly, including acquiring the asset out of bankruptcy, securing collaboration with the University of Illinois, achieving NRC milestones, and completing site characterization and drilling work for a planned Q1 2026 construction permit application.
ODIN Design: Simplified microreactor portfolio with a Letter of Intent to sell ODIN design to Cambridge AtomWorks for $6.2 million.
AI Data Centers: Feasibility study agreement with BaRupOn to evaluate up to 1 gigawatt of power with KRONOS MMR.
Military Applications: Secured AFWERX Direct to Phase 2 contract to conduct a feasibility study to site KRONOS MMR at the Joint Base Anacostia Bolling.
Financial Position: Raised over $600 million since May 2024 IPO, with a cash position of $580 million as of October 2025.
Vertical Integration: Progress in nuclear fuel supply chain through collaboration with affiliate LIST technologies and DOE's LEU Acquisition Program.
Regulatory Support: Benefited from U.S. federal and state support, including $6.8 million incentive award from Illinois and federal executive actions to expedite advanced reactor development.
Global Expansion: Rebranded Global First Power as True North Nuclear and resumed licensing activities with the Canadian Nuclear Safety Commission.
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Risk or Challenges
Regulatory and Licensing Risks: The company faces significant risks related to obtaining regulatory approvals and licensing for its KRONOS MMR reactor in both the U.S. and Canada. Delays or failures in securing these approvals could adversely impact project timelines and financial performance.
Supply Chain Risks: The nuclear fuel supply chain is identified as a critical constraint for deploying advanced reactors at scale. Any disruptions or delays in securing necessary materials could hinder the company's ability to meet deployment goals.
Financial Risks: Despite a strong cash position, the company reported a net loss of $40.1 million for fiscal 2025, driven by increased R&D and G&A expenses. Sustained losses could impact long-term financial stability.
Market and Competitive Risks: The company faces competitive pressures from other advanced reactor developers and traditional energy sources. Additionally, the ability to secure large-scale commercial contracts remains uncertain.
Operational Risks: The company’s reliance on modular and factory-fabricated components introduces risks related to manufacturing and on-site assembly. Any delays or inefficiencies in these processes could lead to cost overruns and project delays.
Grid and Infrastructure Constraints: The lack of sufficient transmission infrastructure and long interconnection queues pose challenges for integrating microreactors into the existing energy grid, potentially limiting market opportunities.
Strategic Execution Risks: The company’s ambitious plans for vertical integration and M&A to derisk the nuclear fuel supply chain require precise execution. Missteps in these areas could lead to financial and operational setbacks.
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Guidance & Outlook
Electricity Demand Growth: Electricity usage is projected to increase by 5% to 6% annually over the next 5 years, driven primarily by AI data centers, which could account for more than half of this growth.
Microreactor Deployment: The U.S. Army's Janus program and other federal initiatives are creating pathways for microreactor deployment later this decade, with NANO Nuclear's KRONOS MMR positioned to benefit from these opportunities.
Global Nuclear Energy Growth: Global commitment to triple nuclear capacity by 2050 is expected to drive demand for advanced nuclear reactors, including microreactors.
Regulatory and Federal Support: Recent U.S. executive orders and federal actions are accelerating the development and deployment of advanced reactors, including microreactors.
KRONOS MMR Construction Timeline: NANO Nuclear plans to submit a construction permit application for the KRONOS MMR project at the University of Illinois in Q1 2026.
Canadian Licensing Activities: NANO Nuclear is working to reestablish formal licensing activities in Canada and plans to submit a license to prepare a site with the Canadian Nuclear Safety Commission.
Commercial Opportunities: NANO Nuclear is conducting feasibility studies for large-scale deployments, including a 1-gigawatt project for an AI data center in Texas, and is in discussions with data centers, industrial, and defense customers.
Vertical Integration and Fuel Supply Chain: NANO Nuclear is focusing on vertical integration to address constraints in the nuclear fuel supply chain, including enrichment, conversion, and fuel transportation capabilities.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:Can you walk us through the timeline for the permit application at the U of I site and the expected turnaround time from the NRC?
A:The drilling was completed on schedule, providing the geotechnical data needed for the construction permit. The construction permit application is on track to be submitted to the NRC in Q1 next year. The expected turnaround time from the NRC is substantially below 15 months, likely within 12 months. The company plans to expedite the process by submitting the application early and working closely with the NRC.
Q:What are the main objectives for the vertical integration strategy in 2026, and do you prefer internal development or acquisitions?
A:The company acknowledges that certain components, like nuclear-grade graphite and reactor vessels, are too specialized for internal production. They plan to centralize reactor core manufacturing for economies of scale while relying on partners for specialized components. On the fuel side, they are working on derisking the supply chain, including involvement in uranium hexafluoride conversion. Developments in this area are expected to be announced next year.
Q:Can you provide more details on the progress in Canada and plans for 2026?
A:The company is focused on siting and expects to be formally awarded the site at the federal level in the first half of next year. They will inherit previous licensing progress, allowing them to bypass Phase 1 and move directly to Phase 2 of the licensing process. They anticipate government support in the form of incentives or investments for the reactor system.
Q:What is the scope of the AFWERX Direct to Phase 2 project, and what is the potential opportunity?
A:The project aims to provide self-sufficient power solutions for U.S. military bases, which currently rely on diesel. The initial phase is a small build-up program, expected to last around 12 months. The next phase will focus on deployment and logistics, potentially leading to mass production of reactors for military bases. The company’s solution was chosen for its suitability for military needs.
Q:What activities might states gain delegated authority over from the NRC, and are you looking at specific states?
A:States might gain authority over licensing facilities like conversion plants, which are more chemical than nuclear in nature. The company is working with states and the NRC to expedite licensing by delegating certain responsibilities to states. Illinois is a potential state for this initiative.
Q:What are the differences between the test reactor at UIUC and the commercial reactor?
A:The test reactor at UIUC will be a full-scale reactor with the same dimensions and components as the commercial reactor. The main difference is that the commercial reactors will likely have optimized engineering for higher power output. The test reactor will closely match the final commercial design.
Q:Will the test reactor at UIUC determine an LCOE value?
A:Yes, but the LCOE for the first-of-a-kind reactor will differ significantly from commercial reactors due to economies of scale. The company is confident that the LCOE will be competitive with solar, wind, and traditional nuclear, and potentially with gas and coal in the future.
Q:Review of Unclear Management Responses
A:The management avoided providing specific figures for the LCOE value, instead comparing it to other energy sources without detailed numerical evidence. Additionally, they mentioned ongoing work in uranium hexafluoride conversion but did not provide specific details, citing the lack of public release of information.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Acquisition Program
Army
BaRupOn gigawatt
Defense
Grid Strategies
KRONOS design
LEU Acquisition
NANO Nuclear
TRISO fuel
affiliate list
collaboration investment
community mining
demand Grid
demand reactor
deployment unit
deployment versatility
design modularity
developer
development reactor
electric
emergency planning
feasibility study
feature
firm
focus integration
fuel helium
gigawatt power
grid constraint
heat
list technology
plant
power grid
transmission
use
NNE Transcript
NANO Nuclear Energy Inc. (NNE) Q4 2025 Earnings Call Transcript
Unknown12-18
The earnings call summary shows mixed signals: strong financial metrics with increased cash position and strategic plans, but also significant losses and increased expenses. The Q&A reveals optimism about regulatory processes and strategic partnerships, but lacks detailed financial guidance. The lack of specific LCOE figures and incomplete details on uranium conversion raise uncertainties. Overall, the positive strategic outlook is balanced by financial concerns, leading to a neutral sentiment.
NANO Nuclear Energy Inc. (NNE) Q3 2025 Earnings Call Transcript
Unknown8-17
The earnings call reveals a significant increase in operational losses and net losses, driven by rising expenses. Despite a cash increase from a private placement, the financial health is concerning with higher cash burn expected. The Q&A session highlights uncertainties in licensing, commercialization, and supply chain strategies, with management providing unclear responses. These factors, combined with a lack of strong positive catalysts, suggest a negative sentiment.
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