Deep Fission (FISN) Q2 2026 earnings summary

Executive summary

• Developing a small modular reactor (SMR) using pressurized water reactor technology, with novel deep borehole emplacement for enhanced safety and efficiency.

• Commercialization strategy is phased, with engineering validation, DOE pilot participation, and plans for NRC licensing and commercial deployment by 2027.

• No revenue generated to date; company remains in development stage, focusing on R&D, site development, and regulatory engagement.

Financial highlights

• Net loss for Q2 2026 was $31.0 million, compared to $3.8 million in Q2 2025; net loss for the first half of 2026 was $52.4 million, up from $6.9 million year-over-year.

• Operating expenses for Q2 2026 were $31.6 million, up from $2.1 million in Q2 2025, driven by increased R&D and stock-based compensation.

• Cash and cash equivalents as of June 30, 2026 were $93.0 million.

• Completed a $80 million private placement in February 2026 and a $40 million IPO in June 2026, with net IPO proceeds of $34.3 million.

Outlook and guidance

• Existing cash and proceeds from recent financings are not sufficient to fund operations for the next twelve months; substantial additional capital will be required.

• Management is actively evaluating further equity, debt, and strategic partnership opportunities.

• Targeting commercial licensing and revenue generation as early as 2027, contingent on regulatory approvals and successful demonstration.