Standard Nuclear (STDN) investor relations material

Company overview and business model

• Operates as an independent advanced nuclear fuel manufacturer focused on TRISO fuel for advanced reactors, with industrial-scale facilities and a modular, scalable manufacturing process.

• Business model is reactor-agnostic, supplying fuel to a range of advanced reactor developers, utilities, and government agencies under long-term supply agreements; customers provide enriched uranium feedstock.

• Facilities include operational and planned sites in Oak Ridge, TN; Idaho Falls, ID; and a joint venture facility with Framatome in Richland, WA, targeting up to 40 MTU annual TRISO production capacity by 2030.

• Expansion strategy emphasizes rapid scaling via standardized modules and additional facilities as demand warrants, with a one-year build and commissioning timeline per facility.

• Holds a unique position as the only U.S. company with industrial-scale TRISO fuel fabrication capabilities, supported by proprietary manufacturing processes and a highly experienced technical team.

Financial performance and metrics

• Reported $3.1 million in revenue for 2025, up from $0 in 2024, primarily from fuel development agreements and government R&D projects.

• Incurred net losses of $15.5 million in 2025 and $56.6 million in 2024, with accumulated deficit of $79.9 million as of March 31, 2026.

• Cash and cash equivalents totaled $124.9 million as of March 31, 2026, following multiple equity financings and customer deposits.

• Total contract backlog up to $245 million, with $65 million funded, $157 million in purchase options, and $23 million contingent unfunded backlog; qualified pipeline of $416 million in potential additional orders.

• Gross margins remain negative due to early-stage operations, high R&D and facility costs, and limited commercial-scale sales to date.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for working capital, general corporate purposes, and potentially for acquisitions or investments in complementary businesses, products, or technologies.

• Capital allocation priorities include facility build-out, equipment procurement, regulatory compliance, and scaling manufacturing capacity.

• Management has broad discretion in applying IPO proceeds, with no current commitments to specific acquisitions.