Hadron Energy (HDRN) investor relations material

Executive summary

• Q2 2026 GAAP net income was $17.6M despite a $6.1M operating loss; results included substantial noncash fair-value gains and a legal settlement gain. No revenue has been generated since inception.

• The May 22 business combination generated $22.9M net proceeds, and June 30 cash was $22.2M; no debt was outstanding, and cash was expected to fund operations for at least one year.

Financial highlights

• Q2 operating expenses were $6.1M vs. $1.0M YoY; operating loss was $6.1M vs. $1.0M.

• Q2 net income was $17.6M vs. a $6.8M net loss YoY; six-month net income was $30.9M vs. a $7.0M loss.

• Q2 G&A was $2.0M vs. $0.4M YoY; R&D was $1.2M vs. $0.02M; stock-based compensation was $7.9M vs. $0.6M.

• Six-month operating cash use was $4.4M; financing cash inflow was $24.8M, including business-combination proceeds and SAFE issuance proceeds.

Outlook and guidance

• No revenue is expected until reactors become commercially viable; ongoing losses, operating expenses and negative operating cash flows are expected for the foreseeable future.

• G&A and R&D costs are expected to rise with public-company obligations, hiring, commercialization preparation and continued reactor development.

• Manufacturing License and Combined Operating License submissions are targeted by 2028; licensing is targeted in 3–4 years, subject to regulatory review.

• Existing cash is expected to support operations for at least one year from the financial statement issuance date.