Standard Nuclear Reports Third Quarter and Year-to-Date 2026 Results
Customer purchase options account for $443.5 million of backlog, while new production facilities still require DOE operating authorization.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Total Contract Backlog More Than Doubles to
-
Total Contract Backlog* of
$577.2 million $241.5 million $119.6 million $61.9 million $1.4 billion
- In August 2026, executed a fuel supply agreement with Antares Nuclear, Inc. ("Antares") for a firm commitment of one metric ton of uranium contained in HALEU TRISO fuel (MTU), plus a customer option for up to seven additional MTU
-
Completed delivery of the fuel for Radiant Industry, Inc.'s ("Radiant") Kaleidos reactor core, the first reactor core of commercially produced TRISO fuel supplied by an independent
U.S . manufacturer, and executed a definitive fuel supply agreement with Radiant
-
Third-quarter revenue increased to
$6.0 million $0.9 million
-
Gross margin of
30% , and adjusted gross margin, a non-GAAP measure that excludes share-based compensation from IPO-related and other equity awards, of40% (reconciliation below)
-
Construction substantially complete at the new
Tennessee ("SN-TN") andIdaho ("SN-ID") production facilities, with all long-lead manufacturing-module equipment in hand and most long-lead module installation complete at SN-TN; final Documented Safety Analysis for SN-TN submitted to the Department of Energy ("DOE") on November 6, 2026, with SN-ID's to follow shortly, and a February 2027 target for DOE authorization to operate at both
- Delivered first-of-a-kind ultra-high-temperature fuel kernels for NASA’s Nuclear Thermal Propulsion ("NTP") program
-
Selected by DOE's ARPA-E office for approximately
$7.0 million
*See Key Performance Indicator definitions below
|
|
Quarterly Financial Summary |
||||||||||
GAAP Financial Summary ($ in millions, except percentages) |
|
Three Months
|
|
Three Months
|
|
Three Months
|
||||||
|
|
|
|
|
|
|
||||||
Total Revenue |
|
$ |
6.0 |
|
|
$ |
4.7 |
|
|
$ |
0.9 |
|
Gross Profit (Loss) |
|
|
1.8 |
|
|
|
3.2 |
|
|
|
(1.5 |
) |
Gross Margin |
|
|
30 |
% |
|
|
67 |
% |
|
|
(169 |
)% |
Net loss |
|
$ |
(13.1 |
) |
|
$ |
(3.4 |
) |
|
$ |
(3.2 |
) |
|
|
|
|
|
|
|
||||||
Cash and cash equivalents (end of period) |
|
$ |
223.1 |
|
|
$ |
102.2 |
|
|
$ |
69.2 |
|
Amounts are rounded. The financial statements and reconciliations below provide additional detail. |
||||||||||||
"Advanced nuclear deployment depends on industrial-scale fuel supply, and this quarter we delivered," said Kurt Terrani, President and Chief Executive Officer of Standard Nuclear. "We delivered our first reactor core, more than doubled our Total Contract Backlog, and submitted the final Documented Safety Analysis for our
Converting pipeline into contracted demand
The following table summarizes Total Contract Backlog and Qualified Pipeline:
($ in millions) |
|
March 31,
|
|
June 30,
|
|
September 30,
|
|||
|
|
|
|
|
|
|
|||
Funded Backlog |
|
$ |
8.2 |
|
$ |
61.9 |
|
$ |
119.6 |
Purchase Options under Executed Contracts |
|
|
— |
|
|
156.5 |
|
|
443.5 |
Unfunded Backlog |
|
|
83.1 |
|
|
23.1 |
|
|
14.1 |
Total Contract Backlog |
|
$ |
91.3 |
|
$ |
241.5 |
|
$ |
577.2 |
Qualified Pipeline |
|
|
573.0 |
|
|
986.3 |
|
|
844.7 |
Total Contract Backlog and Qualified Pipeline |
|
$ |
664.3 |
|
$ |
1,227.8 |
|
$ |
1,421.9 |
Total Contract Backlog was
In August, the Company executed a fuel supply agreement with Antares for a firm commitment of one MTU of HALEU TRISO fuel and customer options for up to seven additional MTU. The agreement converted a previously non-binding arrangement into an executed contract and contributed to the increase in Funded Backlog and Purchase Options under Executed Contracts.
In August, the Company also executed a definitive fuel supply agreement with Radiant, converting its May binding term sheet into definitive form. The firm commitment and optional amounts were already included in June 30 backlog; signing the definitive agreement did not increase Total Contract Backlog.
Qualified Pipeline was
First commercial reactor core completed
In the third quarter, the Company completed delivery of a full core load of TRISO fuel for Radiant's Kaleidos microreactor, the first complete TRISO-based reactor core supplied by an independent
Construction is substantially complete at SN-TN in
The Company’s SN-0 facility in
The Company also continued to expand its
The following table summarizes the licensing status of the Company’s production facilities:
Project |
Licensor |
Licensee |
License Pathway |
License Status |
Target Approval |
SN-0 |
DOE |
SN |
10 CFR Part 830 |
Operational |
— |
SN-TN |
DOE |
SN |
10 CFR Part 830 |
Final DSA submitted November 6, 2026 |
February 28, 2027 |
SN-ID |
DOE |
SN |
10 CFR Part 830 |
Final DSA to be submitted shortly after SN-TN |
February 28, 2027 |
SN-F |
NRC |
Framatome |
10 CFR Part 70 (LAR) |
Approved |
— |
SN-TN and SN-ID Transition (DOE to NRC) |
NRC |
SN |
10 CFR Part 70 |
Pre-application engagement under way |
— |
Surplus Plutonium Utilization Program
Negotiations with DOE under the Surplus Plutonium Utilization Program, for which the Company was selected in the second quarter, continued during the third quarter. The program makes designated surplus plutonium available to industry for conversion into advanced reactor fuel, and the Company, the only participant without a proprietary reactor program, expects to fabricate plutonium-based TRISO as an independent supplier to any advanced reactor developer that demands fuel using the material as feedstock. Selection is for negotiation and does not constitute a contract award.
In addition, ARPA-E has selected the Company for approximately
Framatome joint venture
Following the NRC's July 2026 approval of a license amendment that authorizes TRISO fabrication at enrichments just under 10 weight percent U-235 at Framatome's
Nuclear Thermal Propulsion fuel for NASA
The Company fabricates fuel for NASA pursuant to its contract with Battelle Energy Alliance, the operator of Idaho National Laboratory, under NASA’s NTP program. Standard Nuclear delivered its first fuel kernels in the third quarter, with further deliveries scheduled. NTP relies on fuel engineered to withstand extreme core temperatures while transferring heat directly to a hydrogen propellant. Capable of unlocking long-duration and deep-space missions, NTP engines depend fundamentally on advanced fuels and high-temperature materials as the critical path to flight viability. The Company views the program as a foundational piece of its space nuclear fuel line, alongside its terrestrial TRISO business, and is supporting additional space reactor developers, programs, and initiatives.
"What this quarter demonstrates is conversion," said Kevin Harrill, Chief Financial Officer of Standard Nuclear. "Total Contract Backlog grew to
Initial Public Offering
The Company completed its initial public offering on July 17, 2026, issuing 10.0 million Class A common shares at
Financial Results
Amounts presented in this section are rounded to the nearest
Comparison of Three Months Ended September 30, 2026 to Three Months Ended September 30, 2025
Third-quarter revenue increased to
Cost of revenue was
Gross profit was
General and administrative costs ("G&A") were
Research and development expenses were
Operating loss was
Net loss was
Third-quarter loss per share is based on weighted-average common shares outstanding of 134.9 million. The July IPO and conversion of preferred stock into common stock increased the weighted-average share count, affecting per-share comparisons with earlier periods. Weighted-average shares used to calculate loss per share differ from shares outstanding at a specific date.
Comparison of Nine Months Ended September 30, 2026 to Nine Months Ended September 30, 2025
|
|
Nine-Month Financial Summary |
||||||
GAAP Financial Summary ($ in millions, except per share amounts) |
|
Nine Months
|
|
Nine Months
|
||||
|
|
|
|
|
||||
Total Revenue |
|
$ |
11.3 |
|
|
$ |
1.8 |
|
Gross Profit (Loss) |
|
|
0.6 |
|
|
|
(2.9 |
) |
General and administrative costs |
|
|
24.8 |
|
|
|
3.4 |
|
Research and development expenses |
|
|
3.4 |
|
|
|
— |
|
Loss from operations |
|
|
(27.6 |
) |
|
|
(6.3 |
) |
Net loss |
|
$ |
(24.2 |
) |
|
$ |
(13.2 |
) |
|
|
|
|
|
||||
Basic and diluted net loss per share |
|
$ |
(0.38 |
) |
|
$ |
(0.47 |
) |
For the nine months ended September 30, revenue growth reflected
The nine-month GAAP gross margin was
Nine-month loss per share is based on weighted-average common shares outstanding of 64.0 million. This period includes the pre-IPO capital structure and is affected by the July IPO and preferred-stock conversion.
Conference Call and Webcast Details
The Company will host a conference call to discuss these results on November 12, 2026 at 8:30 a.m. Eastern Time. The conference call will be webcast live and may be accessed in the Investor Relations section of the Company's website at https://ir.standardnuclear.com. Investors and analysts may also register in advance at https://standard-nuclear-q3-2026-earnings-call-nov.open-exchange.net/, and upon registering will receive a confirmation email with instructions for joining. The webcast will be in listen-only format followed by a live Q&A. A webcast replay will be available after the call.
Investor Presentation
The Company will post an investor presentation providing an overview of its business, technology and strategy to the Investor Relations section of its website at https://ir.standardnuclear.com. Reconciliations of the non-GAAP financial measures in this press release to the most directly comparable GAAP measures are included in the tables at the end of this press release and are available in the Investor Relations section of the Company’s website. The Company intends to use its website as a means of disclosing material information and complying with its disclosure obligations under Regulation FD.
Key Performance Indicators
Total Contract Backlog represents the sum of Funded Backlog, Purchase Options under Executed Contracts and Unfunded Backlog. Because it includes unexercised customer options and non-binding arrangements, Total Contract Backlog is not a measure of contracted revenue. These definitions are unchanged from the second quarter of 2026. Funded Backlog is a management measure and is not the same as remaining performance obligations under ASC 606, which are reported in the Company’s Quarterly Report on Form 10-Q.
Funded Backlog represents contracted fuel sales under binding commitments or agreements with firm delivery obligations, providing direct visibility into near-term revenue. Funded Backlog is presented net of revenue recognized and is reduced as the Company performs and delivers under its contracts.
Purchase Options under Executed Contracts represents contractually granted but unexercised customer options. Exercise is at the sole discretion of the customer, and these amounts are not reflected in the Company’s financial statements until exercised.
Unfunded Backlog represents the dollar value of intended fuel sales under memoranda of understanding, non-binding framework agreements or non-binding term sheets, and letters of intent. Certain Unfunded Backlog is associated with Fuel Development Agreements that include nominal deposits to reserve production queue position.
Qualified Pipeline represents vetted potential sales opportunities not yet subject to executed agreements. These represent non-binding indications of interest and remain subject to negotiation of commercial terms and other conditions. Qualified Pipeline is not included in Total Contract Backlog.
Backlog is not a GAAP measure, may be defined differently by other companies, and is subject to cancellation or modification; it may not represent future revenue.
About Standard Nuclear
Standard Nuclear’s mission is to reliably deliver the essential building blocks of nuclear power at scale — enabling cost-effective, safe, and secure energy for the world. Standard Nuclear is focused on the large-scale production of advanced nuclear fuel and radioisotope power systems. It is the nation’s only independent manufacturer of TRISO fuel — a robust, high-performance fuel essential to advanced nuclear reactors for terrestrial, national security, and space applications. Standard Nuclear offers a reactor-agnostic supply of advanced fuels to the next-generation nuclear industry and delivers dependable radioisotope power solutions to the space and defense sectors. Through these efforts, it is helping to eliminate
Non-GAAP Financial Measures
In addition to results determined in accordance with
The adjustments include expense associated with IPO-related awards and other equity awards. Expense on outstanding awards will continue over their remaining vesting periods. These non-GAAP measures should not be considered in isolation or as substitutes for the most directly comparable GAAP measures. Reconciliations to GAAP are provided in the tables below.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Standard Nuclear’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “may,” “will,” “could,” “should,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continue,” “might,” “possible,” “potential,” “predict,” “project,” “goal,” “would,” “commit,” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, ability to scale and timelines for facility construction and commissioning, ability and timing for obtaining regulatory approvals, strategies and the markets in which Standard Nuclear operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.
As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Standard Nuclear may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Standard Nuclear’s future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to our reliance on the commercialization timelines of advanced reactor developers; risks related to the fact that we are an early stage company with limited operating history; risks relating to any change to government policy, laws, or requirements from one administration to another; risk related to being subject to regulatory enforcement actions, safety culture concerns or quality program deficiencies; risks related to our ability to maintain an effective nuclear-grade quality assurance program; risks relating to competition from existing or new competitors or technologies that could have downward pressure on prices, customer orders, reduced margins or our ability to take advantage of new business opportunities; risks related to the termination of the OTA due to shifts in governmental policy, priorities or oversight approach under the OTA; risks related to disruptions or temporary shutdowns at any of our manufacturing facilities; risks relating to our inability to achieve or sustain profitability; our backlog and our qualified pipeline of carefully vetted sales opportunities may not be realized or may not result in profits; risks related to financial and other difficulties experienced by our customers and suppliers that delay our operational plans; risks relating to our dependence on public support for nuclear power and continued demand for it; risks relating to the reduction in demand from data centers and artificial intelligence applications; risks related to cost increases and delivery delays due to our suppliers or customers' fuel specifications; risks relating to the transition to NRC oversight from the DOE; risk related to negative publicity or adverse media coverage that could damage our reputation and harm our business; risks related to the lack of a market for alternative low-carbon energy generation technologies which may grow slower than expected; risks related to our ability to manage our growth effectively to execute our business plan; risks related to the price of non-nuclear energy sources falling; risk related to the cost of electricity generated from nuclear sources not being competitive; risk related to our dependency on our management and key personnel for our success; risk related to the long development cycles of nuclear power generation projects which could impact customer demand for our nuclear fuel; risks related to uncertainty in our cost forecasts, which are based on assumptions that may not materialize; risks related to our capacity and other estimates not reflecting our actual future performance; risks relating to our customers' ability to obtain HALEU; risks relating to the occurrence of a nuclear safety incident or nuclear accident that may change the course of the overall industry; risks related to the cancellation or delays of significant projects or cost structures and other negative announcements by competitors; risks related to our planned operations of the
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Standard Nuclear from time to time with the SEC. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Standard Nuclear. There can be no assurance that future developments affecting Standard Nuclear will be those that Standard Nuclear has anticipated. Standard Nuclear undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release, except as may be required by law.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this press release and in our filings with the SEC, including the Risk Factors in our Registration Statement on Form S-1, in our Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by law.
Standard Nuclear, Inc. Unaudited Condensed Consolidated Statements of Operations |
||||||||||||||||
|
||||||||||||||||
|
|
Three Months
|
|
Three Months
|
|
Nine Months
|
|
Nine Months
|
||||||||
Revenue |
|
|
|
|
|
|
|
|
||||||||
Product Revenue |
|
$ |
3,718,831 |
|
|
$ |
— |
|
|
$ |
6,820,572 |
|
|
$ |
— |
|
Service Revenue |
|
|
2,245,648 |
|
|
|
875,299 |
|
|
|
4,473,500 |
|
|
|
1,806,163 |
|
Total Revenue |
|
|
5,964,479 |
|
|
|
875,299 |
|
|
|
11,294,072 |
|
|
|
1,806,163 |
|
Cost of Revenue |
|
|
|
|
|
|
|
|
||||||||
Cost of Revenue |
|
|
4,159,021 |
|
|
|
2,354,082 |
|
|
|
10,717,824 |
|
|
|
4,697,484 |
|
Total Cost of Revenue |
|
|
4,159,021 |
|
|
|
2,354,082 |
|
|
|
10,717,824 |
|
|
|
4,697,484 |
|
Gross Profit (Loss) |
|
|
1,805,458 |
|
|
|
(1,478,783 |
) |
|
|
576,248 |
|
|
|
(2,891,321 |
) |
General and administrative costs |
|
|
15,455,168 |
|
|
|
1,766,051 |
|
|
|
24,807,793 |
|
|
|
3,404,781 |
|
Research and development expenses |
|
|
1,418,748 |
|
|
|
— |
|
|
|
3,376,643 |
|
|
|
— |
|
Loss from operations |
|
|
(15,068,458 |
) |
|
|
(3,244,834 |
) |
|
|
(27,608,188 |
) |
|
|
(6,296,102 |
) |
Other expense (income): |
|
|
|
|
|
|
|
|
||||||||
Increase in fair value of SAFE Notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,725,000 |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(853,000 |
) |
Interest income |
|
|
(2,002,174 |
) |
|
|
— |
|
|
|
(3,409,168 |
) |
|
|
— |
|
Other income |
|
|
(2,806 |
) |
|
|
— |
|
|
|
(2,806 |
) |
|
|
(9,542 |
) |
Loss before income tax benefit |
|
|
(13,063,478 |
) |
|
|
(3,244,834 |
) |
|
|
(24,196,214 |
) |
|
|
(13,158,560 |
) |
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(13,063,478 |
) |
|
$ |
(3,244,834 |
) |
|
$ |
(24,196,214 |
) |
|
$ |
(13,158,560 |
) |
Weighted average common shares outstanding – basic and diluted |
|
|
134,924,112 |
|
|
|
28,000,000 |
|
|
|
64,033,612 |
|
|
|
28,000,000 |
|
Basic and diluted net loss per share |
|
$ |
(0.10 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.38 |
) |
|
$ |
(0.47 |
) |
Standard Nuclear, Inc. Unaudited Condensed Consolidated Balance Sheets |
||||||||
|
||||||||
|
|
September 30,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
CURRENT ASSETS: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
223,143,551 |
|
|
$ |
63,101,704 |
|
Accounts receivable, net |
|
|
10,606,999 |
|
|
|
2,090,087 |
|
Contract assets |
|
|
1,354,092 |
|
|
|
201,582 |
|
Prepaid and other current assets |
|
|
2,774,217 |
|
|
|
— |
|
Total current assets |
|
$ |
237,878,859 |
|
|
$ |
65,393,373 |
|
Property and equipment, net |
|
|
46,798,813 |
|
|
|
12,627,624 |
|
Investment in Joint Venture |
|
|
2,548,496 |
|
|
|
1,130,170 |
|
TOTAL ASSETS |
|
$ |
287,226,168 |
|
|
$ |
79,151,167 |
|
|
|
|
|
|
||||
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
|
|
||||
CURRENT LIABILITIES: |
|
|
|
|
||||
Accounts payable |
|
$ |
2,645,353 |
|
|
$ |
— |
|
Accrued and other liabilities |
|
|
2,084,094 |
|
|
|
— |
|
Early exercise liability, current |
|
|
831,340 |
|
|
|
— |
|
Deferred revenue, current |
|
|
2,224,325 |
|
|
|
— |
|
Total current liabilities |
|
$ |
7,785,112 |
|
|
$ |
3,513,679 |
|
Asset retirement obligations |
|
|
817,460 |
|
|
|
753,223 |
|
Deferred revenue, non-current |
|
|
4,442,000 |
|
|
|
— |
|
Early exercise liability, non-current |
|
|
1,170,548 |
|
|
|
— |
|
TOTAL LIABILITIES |
|
$ |
14,215,120 |
|
|
$ |
4,266,902 |
|
|
|
|
|
|
||||
MEZZANINE EQUITY: |
|
|
|
|
||||
Redeemable preferred stock, 20,000,000 shares and 101,948,458 shares authorized at September 30, 2026 and December 31, 2025, respectively; 0 shares and 101,948,458 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively; redemption value $— and |
|
$ |
— |
|
|
$ |
144,999,977 |
|
|
|
|
|
|
||||
STOCKHOLDERS EQUITY (DEFICIT): |
|
|
|
|
||||
Ordinary shares, |
|
$ |
— |
|
|
$ |
— |
|
Class A Common Stock, |
|
|
1,457 |
|
|
|
145 |
|
Class B Convertible Common Stock, |
|
|
116 |
|
|
|
135 |
|
Additional paid-in capital |
|
|
369,343,040 |
|
|
|
2,021,359 |
|
Accumulated deficit |
|
|
(96,333,565 |
) |
|
|
(72,137,351 |
) |
Total Stockholders’ Equity (Deficit) |
|
$ |
273,011,048 |
|
|
$ |
(70,115,712 |
) |
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity (Deficit) |
|
$ |
287,226,168 |
|
|
$ |
79,151,167 |
|
|
||||||||
(1) All share amounts above have been retrospectively adjusted to reflect the 2-for-1 stock split effected July 6, 2026. |
||||||||
Standard Nuclear, Inc. Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) |
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
|
Class A Common Stock |
|
Class B Common Stock |
|
Ordinary shares |
|
Additional
|
|
Accumulated
|
|
Total
|
||||||||||||||||
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
|||||||||||||
Balances as of December 31, 2024 |
— |
|
$ |
— |
|
— |
|
$ |
— |
|
28,000,000 |
|
|
$ |
280 |
|
|
$ |
279,720 |
|
$ |
(56,596,406 |
) |
|
$ |
(56,316,406 |
) |
Conversion of Ordinary Shares to Class A and Class B Common Stock |
14,504,000 |
|
|
145 |
|
13,496,000 |
|
|
135 |
|
(28,000,000 |
) |
|
|
(280 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
Net loss |
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
(8,285,791 |
) |
|
|
(8,285,791 |
) |
Balances as of March 31, 2025 |
14,504,000 |
|
$ |
145 |
|
13,496,000 |
|
$ |
135 |
|
— |
|
|
$ |
— |
|
|
$ |
279,720 |
|
$ |
(64,882,197 |
) |
|
$ |
(64,602,197 |
) |
Share-based compensation |
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
|
175,702 |
|
|
— |
|
|
|
175,702 |
|
Net loss |
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
(1,627,935 |
) |
|
|
(1,627,935 |
) |
Balances as of June 30, 2025 |
14,504,000 |
|
$ |
145 |
|
13,496,000 |
|
$ |
135 |
|
— |
|
|
$ |
— |
|
|
$ |
455,422 |
|
$ |
(66,510,132 |
) |
|
$ |
(66,054,430 |
) |
Share-based compensation |
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
|
790,657 |
|
|
— |
|
|
|
790,657 |
|
Net loss |
— |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
|
— |
|
|
|
— |
|
|
(3,244,834 |
) |
|
|
(3,244,834 |
) |
Balances as of September 30, 2025 |
14,504,000 |
|
$ |
145 |
|
13,496,000 |
|
$ |
135 |
|
— |
|
|
$ |
— |
|
|
$ |
1,246,079 |
|
$ |
(69,754,966 |
) |
|
$ |
(68,508,607 |
) |
Standard Nuclear, Inc. Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
|
Class A
|
|
Class B
|
|
Ordinary shares |
|
Additional
|
|
Accumulated
|
|
Total
|
|||||||||||||||||||
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
|
|
||||||||||||||||
Balances as of December 31, 2025 |
14,504,000 |
|
|
$ |
145 |
|
|
13,496,000 |
|
|
$ |
135 |
|
|
— |
|
$ |
— |
|
$ |
2,021,359 |
|
|
$ |
(72,137,351 |
) |
|
$ |
(70,115,712 |
) |
Share-based compensation |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,509,297 |
|
|
|
— |
|
|
|
1,509,297 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(7,714,951 |
) |
|
|
(7,714,951 |
) |
|
Balances as of March 31, 2026 |
14,504,000 |
|
|
$ |
145 |
|
|
13,496,000 |
|
|
$ |
135 |
|
|
— |
|
$ |
— |
|
$ |
3,530,656 |
|
|
$ |
(79,852,302 |
) |
|
$ |
(76,321,366 |
) |
Share-based compensation |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
2,148,205 |
|
|
|
— |
|
|
|
2,148,205 |
|
Exercise of stock options |
— |
|
|
|
— |
|
|
134,998 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,224 |
|
|
|
— |
|
|
|
1,224 |
|
Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(3,417,785 |
) |
|
|
(3,417,785 |
) |
Balances as of June 30, 2026 |
14,504,000 |
|
|
$ |
145 |
|
|
13,630,998 |
|
|
$ |
135 |
|
|
— |
|
$ |
— |
|
$ |
5,680,085 |
|
|
$ |
(83,270,087 |
) |
|
$ |
(77,589,722 |
) |
Conversion of redeemable preferred stock to Class A common stock |
116,141,488 |
|
|
|
1,161 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
214,998,836 |
|
|
|
— |
|
|
|
214,999,997 |
|
Class B Conversion (conversion of Class B common stock to Class A common stock) |
7,876,998 |
|
|
|
79 |
|
|
(7,876,998 |
) |
|
|
(77 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
Class B Stock Exchange (exchange of Class A common stock for Class B common stock) |
(5,824,308 |
) |
|
|
(58 |
) |
|
5,824,308 |
|
|
|
58 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of Class A common stock in initial public offering, net of underwriting discounts and offering costs |
10,000,000 |
|
|
|
100 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
137,408,063 |
|
|
|
— |
|
|
|
137,408,163 |
|
Share-based compensation |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
10,434,745 |
|
|
|
— |
|
|
|
10,434,745 |
|
Exercise of stock options |
26,250 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
61,137 |
|
|
|
— |
|
|
|
61,137 |
|
Repayment of promissory notes for restricted stock |
1,978,020 |
|
|
|
20 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
465,710 |
|
|
|
— |
|
|
|
465,730 |
|
Vesting of restricted stock awards |
1,011,102 |
|
|
|
10 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
294,466 |
|
|
|
— |
|
|
|
294,476 |
|
Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(13,063,478 |
) |
|
|
(13,063,478 |
) |
Balances as of September 30, 2026 |
145,713,550 |
|
|
$ |
1,457 |
|
|
11,578,308 |
|
|
$ |
116 |
|
|
— |
|
$ |
— |
|
$ |
369,343,040 |
|
|
$ |
(96,333,565 |
) |
|
$ |
273,011,048 |
|
Standard Nuclear, Inc. Unaudited Condensed Consolidated Statements of Cash Flows |
|||||||
|
|||||||
|
Nine Months
|
|
Nine Months
|
||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(24,196,214 |
) |
|
$ |
(13,158,560 |
) |
Adjustments to reconcile net loss to net cash flows from operating activities: |
|
|
|
||||
Share-based compensation expense |
|
13,933,089 |
|
|
|
966,359 |
|
Depreciation expense |
|
444,884 |
|
|
|
127,539 |
|
Change in fair value of SAFE Notes |
|
— |
|
|
|
7,725,000 |
|
Gain on extinguishment of SAFE Notes |
|
— |
|
|
|
(853,000 |
) |
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
(8,516,912 |
) |
|
|
(447,591 |
) |
Contract assets |
|
(1,152,510 |
) |
|
|
(286,010 |
) |
Prepaid and other current assets |
|
(2,774,217 |
) |
|
|
(31,250 |
) |
Accounts payable |
|
(1,688,288 |
) |
|
|
308,988 |
|
Accrued expenses and other liabilities |
|
1,793,730 |
|
|
|
118,065 |
|
Deferred revenue |
|
5,589,794 |
|
|
|
126,118 |
|
Net cash used in operating activities |
$ |
(16,566,644 |
) |
|
$ |
(5,404,342 |
) |
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment |
$ |
(32,205,821 |
) |
|
$ |
(4,941,689 |
) |
Contributions to equity method investment |
|
(1,418,326 |
) |
|
|
— |
|
Net cash used in investing activities |
$ |
(33,624,147 |
) |
|
$ |
(4,941,689 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Proceeds from IPO, net of underwriting discounts and commissions |
$ |
141,000,000 |
|
|
$ |
— |
|
Payment of offering costs |
|
(3,591,837 |
) |
|
|
— |
|
Proceeds from repayment of promissory notes for restricted stock purchases |
|
2,762,094 |
|
|
|
— |
|
Proceeds from the exercise of stock options |
|
62,361 |
|
|
|
— |
|
Proceeds from issuance of redeemable preferred shares |
|
70,000,020 |
|
|
|
77,945,676 |
|
Net cash provided by financing activities |
$ |
210,232,638 |
|
|
$ |
77,945,676 |
|
|
|
|
|
||||
Net increase in cash and cash equivalents |
|
160,041,847 |
|
|
|
67,599,645 |
|
Cash and cash equivalents at beginning of period |
|
63,101,704 |
|
|
|
1,619,817 |
|
Cash and cash equivalents at end of period |
$ |
223,143,551 |
|
|
$ |
69,219,462 |
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
||||
Cash paid for interest |
$ |
— |
|
|
$ |
— |
|
Cash paid for income taxes |
|
— |
|
|
|
— |
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
||||
Conversion of redeemable preferred stock to Class A common stock |
$ |
214,999,997 |
|
|
$ |
— |
|
Reclassification of deferred transaction costs to additional paid-in capital |
|
3,290,415 |
|
|
|
— |
|
Conversion of SAFE Notes into Series Seed-1 Preferred stock |
|
— |
|
|
|
32,500,000 |
|
Reclassification of SAFE Notes fair value to mezzanine equity upon conversion |
|
— |
|
|
|
32,500,000 |
|
Extinguishment of SAFE Notes (reduction of SAFE Notes liability) |
|
— |
|
|
|
1,000,000 |
|
Reclassification of short-term cash advances to Series Seed preferred stock |
|
— |
|
|
|
2,494,833 |
|
Investment in joint venture included in accounts payable |
|
66,667 |
|
|
|
— |
|
Property and equipment purchases included in accounts payable and accrued and other liabilities |
|
3,358,157 |
|
|
|
1,209,738 |
|
Share-based compensation capitalized to property and equipment |
|
159,159 |
|
|
|
— |
|
Vesting of early exercised restricted stock |
|
294,476 |
|
|
|
— |
|
Standard Nuclear, Inc |
||||||||||||||||
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months
|
|
Three Months
|
|
Nine Months
|
|
Nine Months
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenue |
|
$ |
5,964,479 |
|
|
$ |
875,299 |
|
|
$ |
11,294,072 |
|
|
$ |
1,806,163 |
|
Cost of revenue |
|
|
4,159,021 |
|
|
|
2,354,082 |
|
|
|
10,717,824 |
|
|
|
4,697,484 |
|
Gross profit (loss) |
|
$ |
1,805,458 |
|
|
$ |
(1,478,783 |
) |
|
$ |
576,248 |
|
|
$ |
(2,891,321 |
) |
Gross margin % |
|
|
30 |
% |
|
|
(169 |
)% |
|
|
5 |
% |
|
|
(160 |
)% |
Add: all share-based compensation in cost of revenue |
|
|
569,145 |
|
|
|
361,367 |
|
|
|
1,519,780 |
|
|
|
441,671 |
|
Adjusted gross profit (loss), excluding all share-based compensation |
|
$ |
2,374,603 |
|
|
$ |
(1,117,416 |
) |
|
$ |
2,096,028 |
|
|
$ |
(2,449,650 |
) |
Adjusted gross margin % |
|
|
40 |
% |
|
|
(128 |
)% |
|
|
19 |
% |
|
|
(136 |
)% |
|
|
|
|
|
|
|
|
|
||||||||
General and administrative costs (GAAP) |
|
$ |
15,455,168 |
|
|
$ |
1,766,051 |
|
|
$ |
24,807,793 |
|
|
$ |
3,404,781 |
|
Less: all share-based compensation in general and administrative costs |
|
|
(9,457,291 |
) |
|
|
(429,290 |
) |
|
|
(12,164,158 |
) |
|
|
(524,688 |
) |
Adjusted general and administrative costs, excluding all share-based compensation |
|
$ |
5,997,877 |
|
|
$ |
1,336,761 |
|
|
$ |
12,643,635 |
|
|
$ |
2,880,093 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating loss (GAAP) |
|
$ |
(15,068,458 |
) |
|
$ |
(3,244,834 |
) |
|
$ |
(27,608,188 |
) |
|
$ |
(6,296,102 |
) |
Add: all share-based compensation |
|
|
10,275,587 |
|
|
|
790,657 |
|
|
|
13,933,089 |
|
|
|
966,359 |
|
Adjusted operating loss, excluding all share-based compensation |
|
$ |
(4,792,871 |
) |
|
$ |
(2,454,177 |
) |
|
$ |
(13,675,099 |
) |
|
$ |
(5,329,743 |
) |
Share-Based Compensation Expense by Line Item (Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months
|
|
Three Months
|
|
Nine Months
|
|
Nine Months
|
||||
Cost of revenue |
|
$ |
569,145 |
|
$ |
361,367 |
|
$ |
1,519,780 |
|
$ |
441,671 |
General and administrative costs |
|
|
9,457,291 |
|
|
429,290 |
|
|
12,164,158 |
|
|
524,688 |
Research and development expenses |
|
|
249,151 |
|
|
— |
|
|
249,151 |
|
|
— |
Total share-based compensation |
|
$ |
10,275,587 |
|
$ |
790,657 |
|
$ |
13,933,089 |
|
$ |
966,359 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20261112888572/en/
Investor Contact:
investors@standardnuclear.com
Media Contact:
StandardNuclear@icrinc.com
Source: Standard Nuclear, Inc.