Terra Innovatum Global N.V. (NKLR) Q2 2026 earnings summary

Executive summary

• Advanced NRC licensing with initial CPA chapters submitted and readiness-review activities initiated; transitioned from development to execution for SOLO™ micro-modular reactor deployment.

• Selected 30 FOAK suppliers, issued orders covering over 80% of FOAK bill of materials, and strengthened supplier relationships.

• Signed non-binding LOI for up to 8 MWe SOLO capacity for data centers in Argentina and Brazil; established U.S. headquarters and new leadership.

• Completed reactor design and initiated regulatory engagement with the U.S. NRC; business operates as a single segment focused on R&D, regulatory, and supply chain planning.

• Transitioned to public company status after business combination with GSR III Acquisition Corp. in October 2025.

Financial highlights

• Ended June 30, 2026, with $91.1 million in cash and cash equivalents; accumulated deficit reached $632.4 million.

• Q2 2026 GAAP net loss was $18.0 million, or $0.16 per share, including $13.2 million non-cash fair-value remeasurement expense; operating loss was $6.1 million.

• Operating expenses for Q2 2026 were $6.1 million, with $4.6 million in G&A and $1.5 million in development costs.

• Net cash used in operating activities for the first half of 2026 was $8.8 million.

• No revenue generated as product remains under development.

Outlook and guidance

• No revenue expected until at least 2028, pending completion of development, regulatory licensing, and commercialization.

• Next milestones include continued NRC engagement, refining CPA preparation, and advancing manufacturing planning.

• Focus on maturing qualified commercial opportunities toward definitive agreements in the U.S. and select international markets.

• Ongoing need for additional capital to fund operations and development; evaluating potential equity or debt financing.

• Targeting FOAK deployment in 2027 and commercial scale-up in 2028.