Eagle Nuclear Energy (NUCL) Q1 2026 earnings summary

Executive summary

• Completed a reverse recapitalization (de-SPAC) with Spring Valley Acquisition Corp. II, resulting in public listing on Nasdaq under ticker NUCL and significant changes to capital structure, including PIPE financing and acquisition of Oregon Energy LLC.

• Acquired Oregon Energy LLC, securing mineral rights for the Aurora Uranium Project, covering 43 sq km in Oregon and Nevada.

• Advanced the Aurora Uranium Project, including planning and permitting for a 47-hole, 27,000 ft drill program to support a Pre-Feasibility Study expected in H2 2027.

• Engaged key partners for technical studies, permitting, and drilling, and joined the Uranium Producers of America to strengthen domestic uranium supply.

• Company remains pre-revenue and has not commenced principal operations as of February 28, 2026.

Financial highlights

• Net loss for the quarter ended February 28, 2026 was $1,504,430, compared to $666,995 for the same quarter last year.

• Operating expenses increased 119% year-over-year to $1,462,103, driven by business development, exploration, and administrative costs.

• Cash and restricted cash at quarter-end totaled $31,433,782, up from $1,301,928 at November 30, 2025, due to PIPE financing and recapitalization.

• Working capital at February 28, 2026 was $30,703,239, up from $621,306 at November 30, 2025.

• No outstanding interest-bearing debt; liabilities primarily consist of operating obligations.

Outlook and guidance

• Management expects to expend significant assets to fund ongoing operations and exploration, remaining pre-revenue for the foreseeable future.

• Cash resources are expected to sustain operations for the next 24 months.

• Drill program at Aurora scheduled to commence in July 2026, aiming to advance the project toward a Pre-Feasibility Study by the second half of 2027.

• Long-term strategy focuses on integrating domestic uranium resources with advanced SMR technology to build a secure nuclear supply chain.