Nano Nuclear Energy (NASDAQ:NNE) used its fiscal first-quarter 2026 earnings call to outline progress on its KRONOS micro modular reactor (MMR) program, provide updates on licensing and supply chain planning, and review financial results that reflect higher spending alongside a substantially stronger cash position following a recent capital raise.
KRONOS development: University of Illinois project and NRC path
Founder, Chairman and President Jay Yu said the company is advancing KRONOS toward licensing and construction and emphasized a strategy centered on vertical integration across the nuclear fuel supply chain. Management highlighted the KRONOS design as a high-temperature gas-cooled reactor backed by decades of operating history and prior capital investment, which it believes can reduce risk across construction, licensing, and deployment.
Walker said the company remains on track to submit a construction permit application to the U.S. Nuclear Regulatory Commission (NRC) “in the coming months” under the Part 50 licensing pathway, adding that the team has been engaging with the NRC for several months on scope and technical requirements. He also said Nano Nuclear is working on the application with AECOM and other partners.
On timing, Walker said the company aims to begin construction in mid- to late 2027 and sees a “realizable roadmap” to having a full-scale prototype online “in or around 2030.” In the Q&A, he said the construction permit submission is on track for the first half of the year and that the company plans to announce when the application is submitted, but does not expect to announce anything specific before then.
Commercial activity and strategic MOUs
On commercial opportunities, the company cited a feasibility study agreement with BaRupOn to evaluate deploying multiple KRONOS systems to provide up to 1 gigawatt of power for an AI data center and manufacturing campus. Walker said the study includes site evaluation, project scoping, and timeline development, and that after completion the parties would aim to perform EPC cost estimates, begin early development activities, and work toward a formal reactor sales agreement.
Nano Nuclear also discussed recent MOUs intended to support deployment and commercialization. Yu pointed to an MOU with DS Dansuk to explore localization, manufacturing, and deployment opportunities in South Korea and the broader Asia region, and an MOU with Ameresco to explore integrating Ameresco’s engineering, procurement, and construction (EPC) capabilities for deployments on federal and commercial sites.
In response to an analyst question on DS Dansuk milestones, management described work on breaking the reactor into manufacturable sections and assessing what could be fabricated and sourced in Korea. Walker said the company expects deeper planning with DS Dansuk over the coming year, potentially including steps toward a centralized local manufacturing facility, additional partnerships around items such as graphite and fuel supply, and engagement with stakeholders in South Korea.
Supply chain priorities: fuel, graphite, and manufacturing scale-up
Management spent significant time on supply chain planning and the company’s vertical integration strategy. Walker said Nano Nuclear believes one of the biggest constraints to deploying advanced reactors at scale is fuel availability, and that it is seeking exposure to key stages of the fuel cycle including enrichment, conversion, and transportation.
During Q&A, Walker identified nuclear-grade graphite and fuel supply as key long-lead items. He said there are only a limited number of nuclear-grade graphite producers globally and described the lengthy timeline required to bring new certified production online. On fuel, he discussed enrichment capacity and conversion (including uranium hexafluoride feedstock) as areas requiring early engagement.
Walker also discussed the company’s fuel approach, noting that KRONOS is designed to use low-enriched uranium (LEU), which he said can be manufactured today, while retaining the ability to use HALEU in the future. In response to a question on regulatory implications, he said the company expects to license the reactor in a way that can demonstrate it could operate with HALEU, while initially deploying with LEU and switching to HALEU when available, without further licensing engagement.
In addition, Walker said the company is weighing how to structure fuel fabrication arrangements for TRISO fuel amid expected demand, referencing established participants in the space. He said Nano Nuclear’s strategy is to invest heavily into fuel supply so it can own its fuel and supply it to fabricators.
On possible acquisitions and partnerships in the fuel chain, Walker said the company has made “substantial progress” in discussions involving conversion-related facilities and indicated the company expects “sometime this year” to make “big announcements” as discussions and acquisitions are completed, while declining to provide details.
Additional programs: Loki MMR request for information
Walker also addressed a request for information tied to the company’s Loki MMR concept, which he described as originally envisioned for space power and as a design that can be viewed as scaled down from KRONOS. He said the company issued the RFI to find partners already involved in the space industry, noting Nano Nuclear is not itself a space-industry operator. Walker said the company received a large number of responses and that a submission had been completed with one party, while emphasizing the effort remains in early stages.
Financial results: higher spending, interest income, and expanded cash balance
CFO Jaisun Garcha reported that cash and cash equivalents ended the quarter at $577.5 million, an increase of approximately $374 million during the quarter ended December 31, driven by net proceeds from an October 2025 private placement. Yu separately characterized the private placement as raising $400 million in gross proceeds.
Garcha said operating loss for the quarter was $11.6 million, reflecting an approximate $8 million year-over-year increase in operating expenses that he said was largely tied to advancement of KRONOS and other growth opportunities. Net loss totaled $6.5 million, about $3 million higher than the comparable prior-year period, which Garcha said was partially offset by approximately $5 million of interest income on the larger cash balance.
Net cash used in operating activities was $4 million, up about $1 million from the prior year, which the CFO attributed to higher general and administrative and research and development expenses. Net cash used in investing activities was $3.1 million and included payments for the company’s Oak Brook, Illinois engineering facility.
Management said the strengthened balance sheet provides flexibility to accelerate development and commercialization and to pursue M&A and strategic partnerships aligned with the company’s vertical integration strategy.
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.
