Deep Fission (FISN) Q3 2026 earnings summary

Executive summary

• Pre-revenue nuclear technology development centered on the Gravity Reactor, a pressurized-water SMR designed for deployment in deep boreholes; Q3 work advanced design, construction, and pre-operational activities.

• September 2026 quarter-end liquidity totaled $63.4M cash and cash equivalents plus $8.3M in available-for-sale securities; management said current resources are insufficient for the next 12 months without additional financing or material plan changes.

Financial highlights

• Q3 2026 operating expenses were $21.6M, up 148% YoY; G&A rose 50% to $10.2M and R&D rose 496% to $11.4M.

• Q3 operating loss was $21.6M versus $8.7M; net loss narrowed to $20.9M from $45.4M, largely reflecting the absence of the prior-year $36.7M SAFE-note fair-value loss.

• 9M 2026 operating expenses totaled $75.0M, up 499% YoY; net loss was $73.3M versus $52.4M, including the prior-year $39.8M SAFE-note fair-value loss.

• Basic and diluted loss per share was $0.36 in Q3 2026 versus $1.94; 9M loss per share was $1.33 versus $3.01.

• 9M operating cash use was $61.3M; financing provided $109.4M and cash increased $39.7M to $63.4M.

Outlook and guidance

• Targeting initial commercial deployment as early as 2027, at up to 5 MWe; a separate planned 150 MW project at Great Plains Industrial Park targets commercial operation in September 2028.

• Subject to further DOE authorization, targeting a commercial license application with the NRC in H1 2027; high-volume commercial licensing is also targeted as early as 2027.

• Estimated ~$90M of additional capital to complete development, licensing, and commercial deployment of the first reactor, beyond current cash and securities; additional capital is also needed for corporate costs.

• Management expects continuing operating losses and states current resources are not likely to fund operations for the next 12 months; substantial doubt about going concern remains.