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 no direct involvement in reactor design or operation.

• Utilizes a modular, scalable manufacturing process, with current and planned facilities in Tennessee, Idaho, and Washington, and a joint venture with Framatome.

• Business model is reactor-agnostic, supplying fuel to a range of advanced reactor developers and government agencies under long-term supply agreements.

• Customers provide enriched uranium feedstock, which is converted into finished fuel; company avoids direct uranium price exposure.

• Holds a leading position as the only U.S. company with industrial-scale TRISO fuel fabrication capabilities as of the filing date.

Financial performance and metrics

• Reported $3.1 million in revenue for 2025, primarily from fuel development agreements and government R&D projects; no revenue in 2024.

• Operating losses and negative cash flows: net loss of $15.5 million in 2025 and $56.6 million in 2024; accumulated deficit of $79.9 million as of March 31, 2026.

• Cash and cash equivalents of $124.9 million as of March 31, 2026, bolstered by preferred stock financings.

• Total contract backlog of up to $245 million and a qualified pipeline of $986 million in potential additional fuel order opportunities as of the filing date.

• Gross margin negative due to early-stage operations and ramp-up costs; expects improvement with scale and process optimization.

Use of proceeds and capital allocation

• Estimated net proceeds of $136.5 million from the IPO (at $15.00 per share), to be used for working capital, general corporate purposes, and potential acquisitions or investments.

• Capital allocation priorities include facility build-out, manufacturing equipment, R&D, and expansion of production capacity.

• Management has broad discretion over use of proceeds; no current commitments for acquisitions.