Deep Fission (FISN) Q3 2025 earnings summary

Executive summary

• Completed a reverse merger with Surfside Acquisition, resulting in recapitalization and public company status.

• Selected by the U.S. Department of Energy for the Nuclear Reactor Pilot Program, targeting first test deployment by July 2026.

• Raised $30 million through a private placement concurrent with the merger.

• Focused on developing modular Deep Borehole pressurized water reactors for scalable, low-cost, and secure energy.

Financial highlights

• Cash and cash equivalents increased to $30.2 million as of September 30, 2025, from $6.7 million at year-end 2024.

• Net loss for the quarter was $40.4 million, compared to $1.9 million for the same quarter last year.

• Net loss for the nine months ended September 30, 2025, was $47.5 million, up from $4.1 million year-over-year.

• Operating expenses rose sharply due to increased headcount, stock-based compensation, and legal/marketing costs.

• Significant non-operating expense of $31.6 million in Q3 2025 due to change in fair value of SAFE Notes converted at merger.

Outlook and guidance

• Management expects continued significant operating expenditures to implement the business plan and develop products.

• Substantial doubt exists about the ability to continue as a going concern without additional capital; plans include further equity or debt financing.

• No binding customer agreements yet; commercialization and revenue generation depend on regulatory approvals and market adoption.