Deep Fission (FISN) Registration filing summary

Company overview and business model

• Designs and develops the Gravity Reactor, a modular pressurized water reactor (PWR) installed one mile underground, leveraging natural geology for containment and safety, reducing costs and deployment timelines.

• Targets rapid deployment for data centers, utilities, industrial operators, and defense, with initial focus on hyperscale data centers facing surging power demand.

• Business model includes revenue from electricity sales, technology licensing, and operations/maintenance services, with plans to use third-party project financing.

• Holds one issued U.S. patent and 24 pending applications covering core reactor and deployment technologies.

• Selected by the U.S. Department of Energy (DOE) for the Nuclear Reactor Pilot Program, aiming for pilot reactor criticality by July 2026.

Financial performance and metrics

• No revenue generated to date; net loss of $8.0M for 2024 and $47.5M for the nine months ended September 30, 2025.

• Accumulated deficit of $56.2M as of September 30, 2025; auditor issued a going concern opinion.

• Cash and cash equivalents of $30.2M as of September 30, 2025, primarily from equity issuances and a $30M private placement.

• Operating expenses driven by increased headcount, R&D, and legal/marketing costs.

Use of proceeds and capital allocation

• Proceeds from the private placement ($30M) and potential warrant exercises ($1.76M) allocated to working capital, engineering, R&D for the pilot reactor, and general corporate purposes.

• Anticipates $90M in pilot reactor development costs over the next 12 months, mainly for drilling, fuel procurement, and equipment.

• Existing cash and proceeds are not expected to fund operations for the next 12 months; additional capital will be required.