Standard Nuclear (STDN) Q3 2026 earnings summary

Executive summary

• Total contract backlog rose to $577.2M at September 30 from $241.5M at June 30; funded backlog reached $119.6M.

• Delivered Radiant’s complete Kaleidos TRISO core and signed fuel supply agreements with Radiant and Antares, advancing commercial-scale production.

Financial highlights

• Q3 revenue was $6.0M vs. $0.9M YoY; product revenue was $3.7M and service revenue was $2.2M.

• Q3 GAAP gross profit was $1.8M vs. a $1.5M loss YoY; adjusted gross profit, excluding share-based compensation, was $2.4M.

• Q3 operating loss was $15.1M and adjusted operating loss was $4.8M; net loss was $13.1M, or $0.10 per share.

• 9M revenue was $11.3M vs. $1.8M; net loss was $24.2M, or $0.38 per share. Adjusted gross profit was $2.1M and adjusted operating loss was $13.7M.

• Q3 G&A expense was $15.5M, including $9.5M of share-based compensation; IPO awards accounted for $7.7M.

Outlook and guidance

• No financial guidance was issued; DOE operating authorization for SN-TN and SN-ID is targeted for February 2027, with Richland production planned for 2027.

• SN-TN and SN-ID are designed for initial capacity of up to 1 MTU annually each, scalable to 2.5 MTU each; combined planned capacity is up to 5 MTU annually.

• Richland JV production is planned at ~1 MTU annually, with expansion potential to 2 MTU; the long-term capacity plan targets up to 40 metric tons by decade-end.

• Remaining performance obligations were $115.2M at September 30, with $41.4M expected to be recognized within 12 months and $73.8M thereafter.

• Transportation package designs target NRC Part 71 approvals in Q4 2028 and Q1 2029.