Standard Nuclear — Second Quarter 2026 Earnings Summary

Financial Performance

• Revenue for the three months ended June 30, 2026, was $4.7 million, an approximately eight-fold increase from $0.6 million in the prior-year period.
• Revenue for the six months ended June 30, 2026, was $5.3 million, an increase from $0.9 million in the prior-year period.
• Gross profit for the three months ended June 30, 2026, was $3.2 million, compared to a gross loss of $0.6 million in the prior-year period, marking the company's first quarter of gross profit.
• Gross loss for the six months ended June 30, 2026, was $1.2 million, compared to a gross loss of $1.4 million in the prior-year period.
• Net loss for the three months ended June 30, 2026, was $3.4 million ($0.12 per share), compared to $1.6 million ($0.06 per share) in the prior-year period.
• Net loss for the six months ended June 30, 2026, was $11.1 million ($0.40 per share), compared to $9.9 million ($0.35 per share) in the prior-year period.
• Loss from operations for the three months ended June 30, 2026, was $4.3 million, compared to $1.6 million in the prior-year period.
• Loss from operations for the six months ended June 30, 2026, was $12.5 million, compared to $3.1 million in the prior-year period.
• Cash and cash equivalents at June 30, 2026, were $102.2 million.
• Pro forma cash on a debt-free balance sheet following the IPO was approximately $239.9 million.
• Deferred revenue increased to $4.0 million at June 30, 2026, from $1.1 million at December 31, 2025.
• Accounts receivable and contract assets increased to $8.1 million at June 30, 2026, from $2.3 million at December 31, 2025.

Guidance and Future Outlook

• Authorization to operate at the new Tennessee (SN-TN) and Idaho (SN-ID) production facilities is targeted for the fourth quarter of 2026.
• The company targets bringing a standard production facility online in approximately 11 months using its replicable facility model.
• The company intends to add capacity ahead of demand and deepen its supply chain as it looks to bring facilities online.
• The joint venture with Framatome is expected to begin production of TRISO-based fuels at the Richland, Washington site in 2027.
• The company estimates a serviceable addressable market of $3.2 billion through 2030.

Business Segments and Product Lines

• Delivered 50 kgU of TRISO fuel in the second quarter and the balance of the reactor core subsequent to quarter end, completing the first reactor core of commercially produced TRISO fuel supplied by an independent U.S. manufacturer.
• Executed a fuel supply agreement with Radiant Industries for a firm commitment of one MTU of HALEU TRISO fuel, plus a customer option for up to seven additional MTU.
• Executed a fuel supply agreement with Antares Nuclear, Inc. providing for a firm commitment of one MTU of HALEU TRISO fuel and a customer option for up to an additional seven MTU over the next several years.
• Construction is substantially complete at the SN-TN and SN-ID facilities, each designed to scale to 2.5 MTU annually, for a combined capacity of up to five MTU per year.
• The operating SN-0 facility in Oak Ridge continues to produce TRISO fuel with capacity of up to 0.5 MTU annually.
• The Framatome joint venture facility in Richland, Washington, received NRC approval to raise its licensed uranium enrichment limit to just under 10 weight percent of U-235, authorizing conversion of uranium hexafluoride to uranium oxide powder and fabrication of TRISO fuel particles.

Market and Competitive Landscape

• Standard Nuclear is the only independent U.S. company producing TRISO fuel at scale for commercial customers across diverse applications.
• The company was selected by the U.S. Department of Energy for advanced contract negotiations under the Surplus Plutonium Utilization Program.
• Total Contract Backlog grew to $241.5 million at June 30, 2026, from $91.3 million at March 31, 2026.
• Giving effect to the August 2026 fuel supply agreement, Total Contract Backlog increased to $576.9 million.
• Funded Backlog increased to $61.9 million at June 30, 2026, from $8.2 million at March 31, 2026, and to $119.3 million giving effect to the August agreement.
• Qualified Pipeline was approximately $696.3 million as of August 26, 2026, down from $986.3 million as of June 30, 2026, reflecting the conversion of pipeline opportunities into executed contracts.

Risks and Challenges

• Risks include reliance on the commercialization timelines of advanced reactor developers and the company's status as an early-stage company with limited operating history.
• Risks related to the inability to achieve or sustain profitability and the potential that backlog and qualified pipeline opportunities may not be realized or result in profits.
• Risks include dependence on public support for nuclear power, potential reduction in demand from data centers and AI applications, and competition from existing or new competitors.
• Regulatory risks include the transition from DOE oversight to NRC oversight and risks related to the joint venture with Framatome.
• Operational risks include potential disruptions or temporary shutdowns at manufacturing facilities and the ability to maintain an effective nuclear-grade quality assurance program.

Management Commentary and Tone

• CEO Kurt Terrani stated that advanced nuclear energy deployment is accelerating but growth relies on industrial-scale fuel supply, noting the company is the only independent U.S. producer of TRISO fuel at scale.
• CFO Kevin Harrill emphasized that the quarter demonstrated the conversion of pipeline opportunities into executed contracts, with Funded Backlog now predominantly under fuel sales agreements rather than development work.
• Management noted they accessed public markets from a position of strength with a debt-free balance sheet and significant cash reserves to move faster than the existing plan.

Other Key Points

• Completed an initial public offering on the New York Stock Exchange on July 17, 2026, selling 10.0 million shares at $15.00 per share, resulting in approximately $137.7 million of net proceeds.
• The IPO resulted in approximately 154.2 million shares of common stock outstanding following the offering.
• The company ended the period with a debt-free balance sheet.
• The Radiant Industries fuel supply agreement includes recurring refueling requirements over the unit's twenty-year operating life, with each initial core expected to be followed by refueling.
• The company is the only participant in the Surplus Plutonium Utilization Program without a proprietary reactor program, expecting to fabricate plutonium-based TRISO as an independent supplier.