Nano Nuclear Energy Q4 Earnings Call Highlights

Nano Nuclear Energy (NASDAQ:NNE) used its fiscal 2025 results call to outline the company’s progress advancing its KRONOS micro-reactor program, expanding its fuel-cycle strategy, and strengthening its balance sheet following multiple capital raises. Executives also discussed U.S. and Canadian licensing timelines and early-stage commercial and government opportunities for the company’s micro-reactor design.

Management highlights macro tailwinds for advanced nuclear

Founder, Chairman, and President Jay Jiang framed the company’s strategy around what he described as durable trends supporting nuclear energy, including rising demand for reliable baseload power, climate and energy security mandates, and increasing policy support in the U.S. and globally.

Jiang cited projected growth in electricity demand driven by AI data centers and electrification, referencing a Grid Strategies report that includes estimates for 5% to 6% annual increases in electricity usage over the next five years. He also pointed to constraints in transmission infrastructure and long interconnection queues as factors increasing interest in “off-grid or behind-the-meter” solutions, positioning micro-reactors as an option to address those challenges.

He said U.S. policy support has continued to build, referencing executive actions and subsequent federal initiatives, including the U.S. Army’s Janus program as a “defined near-term pathway” for micro-reactor deployment later this decade, and a Nuclear Fuel Cycle Defense Production Act consortium intended to support domestic fuel supply chains.

KRONOS development and licensing: UIUC and Canada

CEO James Walker said the company believes micro-reactors can offer advantages versus traditional gigawatt-scale nuclear projects and larger small modular reactor designs, emphasizing factory fabrication, modular deployment, and passive safety features that could enable co-location at customer sites.

Walker described KRONOS as a high-temperature gas-cooled reactor using TRISO fuel and helium coolant. He said the design builds on established technologies with operating history and that the company believes more than $120 million was invested into the design prior to Nano Nuclear’s acquisition. He also said the company is using commercially available balance-of-plant components, including steam generation and turbines, and thermal storage systems used in concentrated solar plants.

On U.S. licensing, Walker said Nano Nuclear is on track to submit a construction permit application for its University of Illinois (U of I) project in the first quarter of 2026. In response to an analyst question, he said geotechnical drilling was completed on schedule and provided data needed for the construction permit submission. He also said the company’s engineering is “way ahead of the licensing,” and discussed expectations for NRC review timing. Referencing Kairos’ construction permit turnaround of about 15 months for a different project, Walker said Nano Nuclear expects “substantially below that,” and indicated a ballpark expectation of within 12 months, citing the use of “well-known” technology and large data sets.

For Canada, management said progress was supported by the acquisition of Global First Power, now rebranded as True North Nuclear. On the call, Walker said siting is a key near-term focus and that the company expects a site announcement in the first half of next year. He added that prior licensing work at the site allows the company to bypass phase one and move straight into phase two of the CNSC process (LTPS two), which he said “leapfrogs” progress. He also said Nano Nuclear is negotiating with the Canadian government regarding potential support that could take the form of incentives, investment, or other backing.

Commercial pipeline: data centers and military interest

Nano Nuclear highlighted commercial and government-related initiatives aimed at demonstrating demand for KRONOS.

• BitRupon feasibility study: Walker said the company is conducting a feasibility study with BitRupon to explore up to one gigawatt of deployed power for a data center and manufacturing campus in Liberty, Texas, and expects the study to be followed by early project development activities.
• AFWERX Direct to Phase II award: Management said Nano Nuclear secured an AFWERX Direct-to-Phase II contract to conduct a feasibility study to site KRONOS at Joint Base Anacostia-Bolling. In Q&A, Walker described the program as aligned with military mandates for bases to be self-sufficient for at least a two-week period, and said later phases could expand opportunities across multiple bases.

Executives also said the company continues discussions with potential data center, industrial, and defense customers, and cited other potential markets such as remote communities and mining projects.

Fuel-cycle and vertical integration strategy

Management reiterated a strategic focus on vertical integration, with Walker arguing that fuel availability could be a larger constraint to deploying advanced reactors at scale than reactor technology itself. He highlighted Nano Nuclear’s collaboration and investment in affiliate LIS Technologies, noting that LIS owns a U.S.-origin patented laser enrichment technology and was selected as a DOE LEU acquisition program prime contractor. Walker said Nano Nuclear’s role as a subcontractor positions the company to participate in strengthening the domestic fuel supply chain.

In Q&A, Walker also emphasized the importance of conversion capacity for producing uranium hexafluoride feedstock, calling it a potential bottleneck and saying the company has been examining how to become involved. He said he expects “some developments” next year related to conversion efforts, but noted he was limited in what he could disclose.

Separately, Walker discussed licensing at the state level for certain activities, suggesting that some facilities—such as conversion—could potentially be licensed by states given their similarity to chemical plants. He said Nano Nuclear expects the bulk of its reactor licensing to go through the NRC and added that the company does not anticipate significant issues with licensing its reactor design, characterizing it as largely a process to work through.

Financial results: cash build and higher operating losses

CFO Jaisun Garcha said Nano Nuclear ended fiscal 2025 with $203.3 million in cash and cash equivalents, an increase of approximately $175 million from the end of fiscal 2024, driven mainly by net proceeds from equity raises. He added that after fiscal year-end, cash increased to approximately $580 million following an October 2025 private placement.

On the income statement, Garcha reported:

• Loss from operations: $46.2 million in fiscal 2025, with year-over-year increases attributed to roughly $23 million more in G&A and about $12 million more in R&D focused on KRONOS and related initiatives.
• Net loss: $40.1 million, up about $30 million from the prior year, partially offset by approximately $6 million higher other income from interest on a larger cash balance.
• Operating cash use: Net cash used in operating activities was $19.6 million, up about $11 million, driven by higher net loss and partially offset by increased equity-based compensation.
• Investing cash use: Net cash used in investing activities was $17.5 million, up about $14 million, driven by process R&D associated with the KRONOS acquisition and additions tied to facilities in Oak Brook, Illinois and Westchester, New York.

Garcha said the company views its cash position and access to capital markets as a differentiator and stated that Nano Nuclear intends to allocate capital with discipline while accelerating KRONOS licensing and commercialization and pursuing partnerships or targeted M&A tied to fuel-cycle de-risking and potential near-term revenue opportunities.

About Nano Nuclear Energy (NASDAQ:NNE)

NANO Nuclear Energy, Inc is a microreactor and nuclear technology company, which provides supply energy services. Its products in technical development are ZEUS, a solid core battery reactor, and ODIN, a low-pressure coolant reactor. The company is founded by Jiang Yu in February, 2022 and is headquartered in New York, NY.