Eagle Nuclear Energy (NUCL) Q3 2026 earnings summary

Executive summary

• Pre-revenue uranium exploration and SMR-development business; Q3 net income reflected an $8.1M non-cash warrant-liability gain, while 9M net loss reached $22.2M.

• De-SPAC and $29.7M PIPE financing supported $25.7M cash and restricted cash at Aug. 31, 2026; management expects cash to fund operations for at least 12 months.

Financial highlights

• Q3 2026 net income was $4.35M versus a $1.28M net loss YoY; 9M net loss was $22.19M versus $2.97M in 9M 2025.

• Q3 operating expenses were $3.72M, including $3.36M G&A and $360K exploration; 9M operating expenses totaled $12.49M.

• Q3 included an $8.08M non-cash gain on warrant remeasurement; 9M included a $9.68M non-cash warrant-liability loss.

• 9M G&A rose to $11.41M, including $6.08M stock-based compensation; excluding stock-based compensation, the remaining increase was $2.58M YoY.

Outlook and guidance

• Cash resources were assessed as sufficient to sustain operations for at least 12 months from Aug. 31, 2026; advancing projects beyond current permitting and exploration objectives will require additional financing.

• Drilling is expected to begin after Oregon state permit approvals; a pre-feasibility study is expected in H2 2027, with the next SK1300 resource update planned alongside it.

• A positive pre-feasibility study and qualifying resource update could trigger up to $10M of additional Aurora Energy share payments; neither milestone had been achieved by Aug. 31, 2026.