BWXT a Key Player in Meeting July 4 Executive Order Criticality Goal

Key Terms

tri-structural isotropic (triso) medical

Tri-structural isotropic (TRISO) is a type of nuclear fuel made of tiny spherical kernels of radioactive material each coated with three protective layers that act like microscopic, multi-layered armor. For investors, TRISO matters because its robust, heat-resistant design keeps radioactive fragments contained much better than conventional fuel, potentially lowering accident risk and enabling higher-temperature, more efficient reactors—factors that can reduce operating costs and regulatory uncertainty for companies in advanced nuclear technology.

triso medical

Triso is a type of nuclear fuel made of tiny kernels of fissile material encased in multiple microscopic layers of ceramic and carbon, creating a miniature, tough containment system for radioactive material. For investors, triso matters because it enables reactors to run hotter and more efficiently with lower risk of fuel failure—think of it as an armored seed that helps new reactor designs be safer and more commercially attractive, affecting technology adoption, regulatory approval, and company valuations.

high-assay low enriched uranium (haleu) medical

High-assay low-enriched uranium (HALEU) is uranium fuel enriched to a higher level than standard reactor fuel but far below weapons-grade, similar to using higher-octane gasoline for more demanding engines. It matters to investors because advanced nuclear reactors, some medical isotope production, and national-security applications specifically require HALEU, creating a niche, tightly regulated supply chain with long lead times and policy-driven demand that can drive significant commercial opportunity or risk.

haleu medical

HALEU (high-assay low-enriched uranium) is uranium fuel enriched to a higher level than traditional reactor fuel but below weapons-grade, roughly like a higher-octane gasoline for nuclear reactors. It matters to investors because this fuel enables newer, smaller and more efficient reactors to run longer or produce more power from less material, so availability, regulation and production costs can affect utilities, reactor developers and mining companies’ prospects.

executive order regulatory

An executive order is a formal directive issued by a country’s chief executive (for example, a president or prime minister) that tells government agencies how to apply or enforce laws and policies without waiting for new legislation. It matters to investors because these orders can quickly change rules, permits, taxes, trade or regulatory enforcement—like a manager changing company policy overnight—creating risks or opportunities that can affect company costs, revenues and share prices.

restricted stock units financial

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

dividend equivalent rights financial

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

employee stock option financial

An employee stock option is a promise that lets a worker buy company shares later at a predetermined price, often after they stay for a certain period or meet performance goals — think of it like a coupon that locks in today's price for a future purchase. It matters to investors because options align employees’ incentives with company performance, can increase the number of shares outstanding (dilution) when exercised, and represent a compensation cost that affects reported profits and shareholder value.

LYNCHBURG, Va.--(BUSINESS WIRE)-- Last May, the Administration issued a series of Executive Orders aimed at strengthening and, in some cases, jump-starting the commercial and national security nuclear industries. Since then, BWX Technologies, Inc. (NYSE: BWXT) has played a vital role in delivering on the goals of those executive orders, including Executive Order 14301, which directed the U.S. Department of Energy (DOE) to establish a reactor pilot program to test three advanced reactor designs by July 4.

Tri-structural isotropic (TRISO) particle fuel is composed of uranium, carbon and oxygen, which are formed into a small kernel, coated in multiple ceramic layers that make it extremely durable. Thousands of these poppy seed-sized particles are combined into compact fuel forms used in advanced reactors. (Source: BWXT)

BWXT announced today significant progress in the production of TRISO nuclear fuel compacts for Antares Nuclear, Inc., an advanced reactor developer targeting criticality by the July date. Fuel fabrication began in October and is on track for timely completion. When ready, the fuel will be packaged and shipped to Idaho National Laboratory where Antares plans to conduct its reactor demonstration.

“By using a TRISO fuel specification and compact that BWXT knows well through the Pele program, we’re building on an established, high-confidence manufacturing foundation,” said Jordan Bramble, president and CEO of Antares. “We’re thankful for the deep partnership that is enabling new advanced nuclear to support national security needs.”

Tri-structural isotropic (TRISO) particle fuel is composed of uranium, carbon and oxygen, which are formed into a small kernel. This kernel is coated in multiple ceramic layers—including silicon carbide—that make it extremely durable under high heat, radiation and corrosive conditions. Thousands of these poppy seed-sized particles are combined into compact fuel forms used in advanced reactors.

BWXT is manufacturing the fuel at its Specialty Fuels Fabrication facility in Lynchburg. BWXT also produced the high-assay low enriched uranium (HALEU) that will be used in the Antares TRISO fuel compacts. The DOE last year began allocating amounts of HALEU produced by BWXT to advanced reactor developers.

“BWXT is an essential piece of the supply chain that is enabling this new nuclear resurgence being spurred on by the president’s Executive Orders,” said Joe Miller, BWXT president for Government Operations. “Many advanced reactor designs need safe, reliable TRISO fuel to power them, and we are the experienced leader in this area. We continue to deliver for our customers.”

The Advanced Fuel Leader

BWXT is leveraging its longstanding NRC license and decades of experience processing various forms of highly enriched and low enriched uranium to support the nation’s goals for deployment of advanced nuclear technologies.

In addition to fabricating TRISO fuel, BWXT has contracted with DOE’s National Nuclear Security Administration (NNSA) to process thousands of kilograms of government-owned scrap material containing enriched uranium that is unusable in its present form. In December, BWXT shipped over 100 kilograms of purified HALEU oxide for the DOE HALEU availability program to support a second reactor developer targeting a July 4 criticality test. BWXT shipped the oxide less than one week after being notified that the receiving facility had been granted regulatory approval to receive and store this quantity of HALEU, demonstrating BWXT’s agility and commitment to supporting customer needs.

BWXT is fulfilling another of the President’s Executive Orders through the Project Pele program. Last year, BWXT shipped a full core of TRISO compacts to Idaho National Lab (INL) for the Project Pele demonstration reactor program. Meanwhile, work continues to build an entire power production system using an advanced reactor. This includes fabrication and assembly of the reactor core at BWXT’s Innovation Campus in Lynchburg, as well as the control and power conversion systems through collaborations with best-in-class organizations.

BWXT also shipped TRISO compacts to the Los Alamos National Laboratory’s National Criticality Experiments Research Center (NCERC) in Nevada. The TRISO fuel compacts delivered for these projects were manufactured to a variety of specifications, demonstrating BWXT’s agility to adapt production processes to meet varying customer requirements and provide fuel to multiple industry partners in their reactor demonstration programs.

Forward-Looking Statements

BWXT cautions that this release contains forward-looking statements, including, without limitation statements relating to the performance, design, suitability and impact of advanced reactor technology and TRISO nuclear fuel production. These forward-looking statements involve a number of risks and uncertainties, including, among other things, the timing of technology development; our ability to obtain the necessary regulatory approvals, licenses and permits in a timely manner; the ability to commercialize this technology; competition in an environment of rapid technological changes; and the enforcement and protection of our intellectual property rights. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2024, and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. A U.S.-based company with approximately 10,000 employees, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, nuclear medicine, space exploration and environmental restoration. BWXT owns and operates 15 manufacturing facilities globally, and its 14 strategic partnerships support the U.S. and Canadian governments at more than two dozen additional locations.

For more information, visit www.bwxt.com. Follow us on LinkedIn, X, Facebook and Instagram.

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Media Contact

John Dobken

Senior Manager, Media & Public Relations

202.428.6913

jcdobken@bwxt.com

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980.365.4300

investors@bwxt.com

Source: BWX Technologies, Inc.