NANO Nuclear Energy (NNE) Q3 2025 earnings summary

Executive summary

• Advanced KRONOS MMR micro-reactor toward construction, demonstration, and licensing in the U.S. and Canada, with collaborations including UIUC, AECOM, and DOE, and resumed Canadian licensing activities.

• Expanded vertical integration and business partnerships, including MOUs with UrAmerica, LIST Technologies, Namibia, and Argentina to secure nuclear fuel supply.

• Attracted high-profile leadership, such as former U.S. Secretary of Energy Rick Perry and senior industry experts, and increased engineering staff.

• Acquired and expanded facilities in Oak Brook, IL and Oak Ridge, TN to support engineering, R&D, and manufacturing for KRONOS MMR.

• Advanced proprietary ALIP technology, with commercial potential in fission, fusion, and space sectors.

Financial highlights

• Year-to-date net loss was $32 million for the nine months ended June 30, 2025, up $24 million year-over-year, mainly due to higher R&D and G&A expenses.

• Cash and cash equivalents rose to $210.2 million as of June 30, 2025, up from $28.5 million on September 30, 2024, mainly from $99 million private placement and other equity raises.

• Net cash used in operating activities increased to $14.7 million for the nine months ended June 30, 2025.

• Working capital reached $209.3 million as of June 30, 2025.

• Accumulated deficit totaled $49.5 million as of June 30, 2025.

Outlook and guidance

• Targeting KRONOS MMR construction permit application at UIUC by late 2025 or early 2026, with expected approval in 12–18 months and commercial launch in the early 2030s.

• Projected cash burn of $40 million over the next 12 months, with $25 million for R&D, $10 million for fuel processing, and $5 million for administrative costs.

• Sufficient cash to fund operations for at least the next twelve months; additional capital needed for long-term commercialization.

• Plans to hire up to 60 staff for new Illinois facility and expand consulting services and strategic acquisitions.

• Actively pursuing vertical integration, commercial negotiations for AI data center projects, and M&A to de-risk deployment.