Deep Fission (FISN) Q4 2025 earnings summary

Executive summary

• Developing a small modular reactor (SMR) based on established pressurized water reactor (PWR) technology, with novel deep borehole emplacement for enhanced safety, lower costs, and faster deployment timelines.

• Remains a pre-revenue, early-stage company with no commercial reactor deployed; focus is on engineering, regulatory engagement, and site development.

• Commercialization strategy is phased: engineering validation, DOE pilot, and NRC licensing for multi-reactor sites, targeting initial commercial licensing as early as 2027.

• Raised $80 million in February 2026, but current cash and proceeds are insufficient for the next twelve months; substantial additional capital required.

Financial highlights

• Net loss for 2025 was $61.0 million, compared to $5.7 million in 2024 (as restated), driven by increased R&D and G&A expenses and a $39.8 million loss from SAFE Note conversion.

• Operating expenses rose sharply: G&A up $11.3 million and R&D up $6.0 million year-over-year.

• Cash and cash equivalents at year-end 2025 were $23.7 million; $76 million net proceeds raised in early 2026.

• Accumulated deficit reached $66.7 million as of December 31, 2025.

• No revenue generated to date; all funding from equity, SAFE Notes, and private placements.

Outlook and guidance

• Management expects continued operating losses and negative cash flow for the foreseeable future.

• At least $200 million in additional capital estimated to be needed for first commercial deployment; initial test reactor may require half that amount.

• Ongoing efforts to secure further financing through equity, debt, and strategic partnerships.