Eagle Nuclear Energy (NUCL) Q2 2026 earnings summary

Executive summary

• Completed a reverse recapitalization (de-SPAC) with Spring Valley Acquisition Corp. II, resulting in public listing on Nasdaq and significant changes to capital structure.

• Acquired Oregon Energy LLC, securing uranium mining claims for the Aurora Uranium Project (AUP) in Oregon and Nevada.

• Advanced the Aurora Uranium Project toward a Pre-Feasibility Study (PFS) scheduled for completion in late 2027, with key environmental and site-readiness initiatives completed in Q2 2026.

• Progressed proprietary Small Modular Reactor (SMR) technology, including a partnership with Tensor Medium for AI-enabled reactor modeling and simulation.

• Marked the first full quarter as a publicly traded company, positioning to support the domestic nuclear fuel supply chain.

Financial highlights

• Net loss for six months ended May 31, 2026: $26.5 million, compared to $1.7 million for the same period in 2025.

• Operating expenses rose sharply across all categories, notably salaries and wages ($3.4 million), professional fees ($2.5 million), and office/admin ($1.2 million).

• Significant non-cash loss of $17.8 million from change in fair value of PIPE warrant liability.

• Ended Q2 2026 with a cash balance of $28.1 million and no outstanding interest-bearing debt; liabilities are primarily operating obligations.

• Working capital as of May 31, 2026: $27.2 million; cash and restricted cash: $28.3 million.

Outlook and guidance

• Company remains pre-revenue and expects to continue incurring significant operating losses as it advances exploration and SMR development.

• Cash resources are projected to sustain operations for approximately 21 months.

• Planned 27,000 ft drill program at AUP to commence July 2026, pending permits.

• Pre-feasibility study for AUP expected by end of calendar year 2027.

• Ongoing environmental studies and technical work to support future permitting and mine design.