Standard Nuclear — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, increased to $6.0 million from $0.9 million in the prior-year quarter.
• Product revenue was $3.7 million from TRISO deliveries; service revenue was $2.2 million from fuel development contracts and government projects.
• Gross profit was $1.8 million with a gross margin of 30%, compared to a gross loss of $1.5 million (margin of -169%) in the prior-year quarter.
• Adjusted gross margin, excluding share-based compensation, was 40% for the quarter, compared to an adjusted gross loss of 128% in the prior-year quarter.
• Net loss was $13.1 million ($0.10 per share) for the quarter, compared to $3.2 million ($0.12 per share) in the prior-year quarter.
• For the nine months ended September 30, 2026, total revenue was $11.3 million compared to $1.8 million in the prior-year period.
• Net loss for the nine months ended September 30, 2026, was $24.2 million ($0.38 per share), compared to $13.2 million ($0.47 per share) in the prior-year period.
• Cash and cash equivalents at September 30, 2026, were $223.1 million, up from $69.2 million in the prior-year quarter.
• The company reported no debt at the end of the period.
• Total Contract Backlog was $577.2 million at September 30, 2026, up from $241.5 million at June 30, 2026.
• Funded Backlog nearly doubled to $119.6 million from $61.9 million at June 30, 2026.
• Qualified Pipeline was $844.7 million at September 30, 2026, down from $986.3 million at June 30, 2026.
• Total Contract Backlog and Qualified Pipeline combined were approximately $1.4 billion.

Guidance and Future Outlook:

• The Company targets receiving DOE authorization to operate both the Tennessee (SN-TN) and Idaho (SN-ID) facilities in February 2027.
• Facilities are designed to scale to 2.5 MTU annually each, for a combined capacity of up to 5 MTU per year.
• The Company expects to begin HALEU TRISO production once final authorization is received, though it can run natural uranium through modules prior to authorization.
• The joint venture with Framatome plans to begin TRISO production at the Richland, Washington facility in 2027, with initial capacity of approximately 1 MTU annually, expandable to 2 MTU.
• The Company estimates a serviceable addressable market of $3.2 billion through 2030.

Business Segments and Product Lines:

• Completed delivery of the first commercial reactor core (Kaleidos) supplied by an independent U.S. manufacturer for Radiant Industry, Inc.
• Executed a definitive fuel supply agreement with Radiant Industry, Inc., converting a May binding term sheet.
• Executed a fuel supply agreement with Antares Nuclear, Inc. in August 2026 for a firm commitment of 1 MTU of HALEU TRISO fuel plus options for up to 7 additional MTU.
• 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 to develop TRISO fuel made with recycled transuranic material.
• SN-0 facility in Oak Ridge operates at just above 25% of its 0.5 MTU annual capacity.
• SN-TN and SN-ID facilities construction is substantially complete with all long-lead manufacturing-module equipment in hand.
• Final Documented Safety Analysis for SN-TN was submitted to the DOE on November 6, 2026; SN-ID submission follows shortly.

Market and Competitive Landscape:

• Standard Nuclear is the only TRISO producer in the U.S. working under both DOE and NRC jurisdictions.
• The Company is reactor-agnostic and does not compete with its customers.
• The Company is the only participant in the DOE's Surplus Plutonium Utilization Program without a proprietary reactor program.
• The Company views the NTP program as a foundational piece of its space nuclear fuel line.

Risks and Challenges:

• Forward-looking statements note risks related to reliance on commercialization timelines of advanced reactor developers.
• Risks include regulatory enforcement actions, safety culture concerns, and the ability to maintain an effective nuclear-grade quality assurance program.
• Potential risks involve competition from existing or new competitors, termination of government contracts due to policy shifts, and disruptions at manufacturing facilities.
• Risks include the inability to achieve or sustain profitability, backlog not resulting in profits, and dependence on public support for nuclear power.
• Specific risks include the transition from DOE to NRC oversight, potential dissolution of the Framatome joint venture, and governance deadlocks.
• Risks related to cost increases, delivery delays, and the ability to obtain HALEU are highlighted.
• The Company faces risks regarding cybersecurity, environmental conditions, and legacy liability for Ultra Safe assets.

Management Commentary and Tone:

• CEO Kurt Terrani stated, "Advanced nuclear deployment depends on industrial-scale fuel supply, and this quarter we delivered," highlighting the delivery of the first reactor core and doubling of backlog.
• CFO Kevin Harrill emphasized "conversion," noting the shift of Funded Backlog from development work to fuel supply agreements and the company's strong cash position of $223.1 million with no debt.
• Management expressed a focus on securing authorization to expand production operations and delivering fuel to customers.
• The tone indicates confidence in the capital efficiency of the facility build and the strength of the backlog pipeline.

Other Key Points:

• The Company completed its Initial Public Offering (IPO) on July 17, 2026, issuing 10.0 million Class A common shares at $15.00 per share, receiving net proceeds of approximately $137.4 million.
• On July 21, 2026, the Company acquired a 5.45-acre property at 100 Europia Avenue in Oak Ridge for $5.5 million to add space for non-radiological manufacturing, 3D printing, and training.
• The Company converted 20,000,000 shares of redeemable preferred stock to Class A common stock during the period.
• Share-based compensation expense was $10.3 million for the quarter and $13.9 million for the nine months ended September 30, 2026.
• The Company has a joint venture with Framatome for TRISO fabrication at their Richland, Washington facility.
• The Company is the only independent manufacturer of TRISO fuel in the U.S.