Nano Nuclear Energy Inc. (NNE)

Price$17.72Cached quoteAs of 2026-09-05 07:45 UTC

AI: Fair-priced

Price checkThe headline valuation is high for a company with almost no operating revenue, but the unusually large cash and Treasury balance means investors are assigning a much smaller value to the reactor, fuel-cycle and logistics businesses than market capitalization alone suggests.

With about 53.7 million shares outstanding, NANO Nuclear's equity value is roughly $850 million. Against that, June liquidity included $298.5 million of cash and $281.5 million of short-term Treasury investments, while reported debt was modest, leaving an implied enterprise value of roughly $270 million. That remains a substantial valuation for technology without a licensed commercial reactor, but it is not extreme relative to the optionality created by an NRC-docketed project, a revenue-producing logistics subsidiary and prospective data-center deployments. Conventional earnings or sales multiples are not meaningful at this stage.

Big pictureThe investment thesis is primarily an option on successful commercialization of KRONOS and a vertically integrated nuclear-fuel ecosystem rather than on current financial performance.

The June quarter generated only about $0.21 million of revenue, entirely from Secured Transportation Services after its May acquisition, while reactor development continued to generate substantial operating losses. KRONOS is the lead program: the NRC accepted the University of Illinois construction-permit application for formal review in May, with the company targeting possible permit approval and initial construction activities in 2027. Alongside reactor development, NANO Nuclear is building capabilities in HALEU fuel fabrication and transportation, including its licensed high-capacity HALEU transportation basket and the acquired STS nuclear-logistics operation. These businesses could eventually reduce deployment bottlenecks and create revenue independent of reactor sales, but most of the fuel-cycle strategy is still developmental.

Business strengthThe balance sheet provides substantial development runway and management has achieved tangible regulatory and engineering milestones, but technology, licensing and commercial execution remain largely unproven.

June liquidity totaled approximately $580 million when short-term Treasury investments are included, versus only $18.7 million of operating cash used during the first nine months of fiscal 2026. That gives NANO Nuclear considerable near-term flexibility to fund engineering, licensing, acquisitions and staffing. However, management explicitly expects commercialization to require significant additional capital and does not anticipate meaningful reactor-related revenue for several years. Dilution remains a material risk: the company raised substantial equity capital in fiscal 2026 and still had approximately $373 million of capacity remaining under its at-the-market program at June. Technically, the KRONOS helium circulator has advanced into detailed design with Howden, while component qualification, testing, manufacturing planning and ultimately NRC licensing still lie ahead.

What could change the storyRegulatory progress and conversion of non-binding partnerships into funded reactor orders could materially de-risk the valuation; licensing delays, technology setbacks or repeated equity issuance could do the opposite.

Important catalysts include the NRC's planned environmental assessment and safety review for the University of Illinois KRONOS project, progression toward initial construction, completion of critical subsystem engineering, additional fuel-cycle transactions and binding commercial commitments. The Tillman framework provides a potentially large data-center pathway, targeting multi-gigawatt deployments over the next decade, but it remains non-binding and requires definitive agreements, financing, customer commitments and regulatory approvals. The AFWERX Phase I award provides another potential defense pathway. The bear case is that licensing takes longer than expected, engineering or fuel-supply challenges increase costs, prospective customers never convert into firm purchases, or cash is deployed into acquisitions and development faster than commercial value is created, requiring further dilution.

AI: News

KRONOS entered formal NRC review as STS added first operating revenueThe lead microreactor moved into the formal federal licensing process while the nuclear-logistics acquisition made NANO Nuclear an early-revenue-stage company.

The NRC accepted the University of Illinois construction-permit application for KRONOS, beginning formal review. Management said the NRC expects its environmental assessment in early 2027 and its safety evaluation later that year, consistent with NANO Nuclear's targeted second-half 2027 construction start. Separately, the May acquisition of Secured Transportation Services added an established nuclear-logistics business that had generated about $7.1 million of revenue in calendar 2025 and produced NANO Nuclear's first reported operating revenue during the June quarter.

Tillman framework created a potential multi-gigawatt data-center pathwayNANO Nuclear was named the anticipated preferred nuclear technology provider for Tillman's planned U.S. AI industrial zones, although the arrangement is not yet a binding reactor order.

The August framework contemplates collaboration on site evaluation, licensing, project structuring and eventual KRONOS deployment, with the parties targeting at least 2 GW of advanced nuclear capacity by the mid-2030s and a longer-term objective of at least 6 GW. Most associated warrants would vest only after binding reactor purchase commitments, creating a concrete commercial milestone. All deployments remain dependent on definitive agreements, financing, end-customer commitments and regulatory approvals.

Howden advanced a critical KRONOS subsystem into detailed designEngineering of the primary helium circulator progressed from preliminary work into detailed design, reducing some technical uncertainty around a key reactor component.

Howden, now part of Baker Hughes, completed engineering evaluations, three-dimensional design models and formal reviews for the KRONOS primary helium circulator. Work is continuing on component qualification, material and performance testing, design optimization and manufacturing planning. The milestone demonstrates tangible engineering progress but does not eliminate broader first-of-a-kind construction, testing and licensing risk.

Enveniam partnership broadened the nuclear-fuel and deployment strategyA new collaboration framework covers fuel transportation, uranium conversion and deconversion, reactor licensing, manufacturing and commercial energy projects.

NANO Nuclear and Enveniam signed a non-binding memorandum to evaluate cooperation across six nuclear workstreams, including HALEU transportation, fuel-cycle facilities, KRONOS commercialization and U.S. manufacturing. Enveniam could contribute engineering, safety-analysis, licensing and project-management expertise. The framework supports NANO Nuclear's vertical-integration thesis, but individual projects, funding and commercial commitments require separate definitive agreements.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2022

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$0	$0	$0
Research & development	$15.4M	$3.7M	$1.5M
Operating expenses	$46.2M	$10.5M	$6.3M
Operating income	−$45.0M	−$10.6M	−$6.3M
EBITDA	−$44.4M	−$10.5M	−$6.3M
Net income	−$40.1M	−$10.2M	−$6.3M
Basic EPSper basic share	-$1.06	-$0.39	-$0.28
Diluted EPSper diluted share	-$1.06	-$0.39	-$0.28

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈15.32%of listed shares

I Financial Ventures Group LLC8.22M shares · Jun 3, 2026

View holders

Top 20 reported holders of NNE
Holder	% owned
I Financial Ventures Group LLC	≈15.32%8.22M shares
VAN ECK ASSOCIATES CORP	7.11%3.82M shares
BlackRock, Inc.	6.50%3.49M shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	5.69%3.05M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.20%1.72M shares
GEODE CAPITAL MANAGEMENT, LLC	2.05%1.1M shares
STATE STREET CORP	1.93%1.03M shares
UBS Group AG	1.38%742.36K shares
MORGAN STANLEY	1.20%645.96K shares
EXCHANGE TRADED CONCEPTS, LLC	1.13%607.13K shares
NORTHERN TRUST CORP	0.69%372.23K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.64%342.47K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.53%287.21K shares
LPL Financial LLC	0.50%267.5K shares
Cambridge Investment Research Advisors, Inc.	0.48%258.87K shares
VANGUARD FIDUCIARY TRUST CO	0.48%256.61K shares
BNP PARIBAS FINANCIAL MARKETS	0.46%247.37K shares
WELLS FARGO & COMPANY/MN	0.34%184.44K shares
Pacer Advisors, Inc.	0.32%172.44K shares
Lido Advisors, LLC	0.32%171.93K shares

Percentages use 53.7M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)98$168.82M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4	Heidet FlorentChief Technology Officer	SellCommon Stock	3.0K	$24.95	$74.8K	6.2K
Jun 5, 2026Form 4	Berl Seth JasonDirector	SellCommon Stock	3.8K	$24.92	$93.5K	7.6K
Jun 3, 2026Form 4 · 10b5-1	Hare Diane ElizabethDirector	SellCommon Stock	100	$28.87	$2.9K	0
Jun 3, 2026Form 4 · 10b5-1	Hare Diane ElizabethDirector	SellCommon Stock	100	$27.84	$2.8K	100
Jun 3, 2026Form 4 · 10b5-1	Hare Diane ElizabethDirector	SellCommon Stock	1.0K	$27.04	$27.0K	200

Review ownership filings at SEC.gov ↗

Community posts

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@tickerstat16 days ago
NANO Nuclear outlines AI-infrastructure collaboration with IP3 and Cybernetic
NANO Nuclear ($NNE), IP3 and Cybernetic Intelligence disclosed a letter of intent to explore nuclear-powered AI, computing and other infrastructure projects in the United States and selected international markets. The framework names NANO N ...
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Nano Nuclear Energy Inc. (NNE)

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NANO Nuclear outlines AI-infrastructure collaboration with IP3 and Cybernetic