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Here are 1-3 brief analogies for Nano Nuclear Energy (NNE):

• Tesla for nuclear energy.
• A specialized General Electric for compact nuclear reactors.
• SpaceX for sustainable terrestrial power.

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• Microreactors: Nano Nuclear Energy is developing and commercializing compact, portable nuclear reactors, such as their flagship "ZEUS" microreactor, designed for distributed power generation.
• Nuclear Fuel Fabrication: The company, through its subsidiary Advanced Fuel Work, is engaged in the production of High-Assay Low-Enriched Uranium (HALEU) fuel, essential for advanced nuclear reactor designs.

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Nano Nuclear Energy (NNE) is currently in the development and regulatory approval phase for its proprietary ODIN microreactor technology. As such, the company does not yet have major commercial customers purchasing and deploying its reactors.

NNE's business model is primarily Business-to-Business (B2B), targeting specific sectors that require reliable, high-density power solutions. While specific customer companies are not yet established, NNE has identified the following primary categories of prospective customers for its future commercial operations:

1. Defense and National Security: This category includes various governmental and defense organizations, such as the U.S. Department of Defense and its allies, for applications at military bases, forward operating bases, and other critical defense installations where energy independence and resilience are paramount.
2. Industrial Applications: This encompasses large industrial operators, particularly those in remote or off-grid locations. Examples include mining operations, manufacturing plants, and oil and gas facilities that require a consistent and reliable power source, independent of conventional grid infrastructure.
3. Data Centers and Remote Communities: This category includes operators of power-intensive data centers seeking dedicated, carbon-free energy solutions, as well as utilities or governmental bodies responsible for providing power to remote communities that are underserved by or disconnected from existing power grids.

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Jay Jiang Yu Founder, Executive Chairman and President

Mr. Yu is the founder and chairman of NANO Nuclear Energy Inc., a vertically integrated advanced portable microreactor technology company. He is a serial entrepreneur and a leading U.S. advanced nuclear technology entrepreneur with 20 years of capital markets experience. Mr. Yu is a private investor in numerous companies and has advised many public and private company executives on corporate advisory services, including capital funding, mergers & acquisitions, structured financing, and IPO listings. He previously worked as an Analyst in the Corporate & Investment Banking Division at Deutsche Bank on Wall Street. Under his leadership, NANO Nuclear Energy acquired advanced microreactors, achieved a significant market capitalization, and raised substantial financing.

James Walker CEO and Board Member

Mr. Walker was appointed CEO in June 2022. He is a Nuclear Physicist and Nuclear Engineer with extensive experience in reactor core manufacturing facilities, primary and secondary reactor systems, and nuclear fuel reclamation plants. His professional background includes working as a nuclear physicist and thermal-hydraulicist on the U.K. successor class of submarines and serving as the U.K. Ministry of Defence subject matter expert for nuclear fuel reclamation. Mr. Walker has broad experience in engineering and project management across various domains, including mining, mechanical engineering, construction, manufacturing, and infrastructure. He has executive experience with several public companies and was previously the head of company strategy for Ares Strategic Mining.

Jaisun Garcha CFO and Board Member

Mr. Garcha has 20 years of experience in financial management, corporate governance, and risk management in both public and private companies, including high-growth and start-up organizations. He has taken several companies public through IPOs and RTOs and has served as CFO for multiple publicly traded companies over the last decade. He has played a key role in numerous equity and debt financings totaling over $35 million and has successfully integrated the financial operations of various companies through mergers and acquisitions.

Florent Heidet, Ph.D. Chief Technology Officer and Head of Reactor Development

Dr. Heidet is a world-renowned expert in advanced nuclear reactor technologies, leveraging two decades of nuclear engineering and project management expertise. He previously served as the Head of Engineering at Ultra Safe Nuclear Corp. (USNC), where he led a multidisciplinary team. His work at USNC involved advancing the development of the KRONOS MMR™ Energy System and LOKI MMR™ technologies prior to their acquisition by NANO Nuclear.

John G. Vonglis Executive Director of Global Government Affairs

Mr. Vonglis served as the Senate-confirmed Chief Financial Officer and Chief Risk Officer of the U.S. Department of Energy (DOE) from 2017 to 2019, overseeing all financial matters for the DOE. He was also appointed by the President as Acting Director of the Advanced Research Projects Agency-Energy (ARPA-E). His background includes roles in the U.S. Department of Defense and private sector positions in advisory, aerospace/defense, financial services, and high-technology firms. He is also a retired U.S. Army Reserve Colonel.

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The key risks for Nano Nuclear Energy (symbol: NNE) are primarily centered around the challenging nature of developing and commercializing advanced nuclear technology, significant capital requirements, and intense competition in a nascent market.

1. Regulatory and Technical Hurdles / Prolonged Commercialization Timeline: Nano Nuclear Energy faces substantial technical, regulatory, and financial hurdles in the development and commercialization of its nuclear microreactors. This includes obtaining necessary permits, ensuring safety standards, and navigating public perception. The company anticipates a lengthy timeline for the launch of its microreactors, with licensing processes alone projected to extend between 2026 and 2031, and commercial launch between 2030 and 2031. This extended period carries significant execution risk and potential for delays due to the complex and stringent oversight in the nuclear energy sector.
2. Funding and Lack of Revenue: As an early-stage company, Nano Nuclear Energy is currently pre-revenue and has incurred substantial operating losses, with continued losses expected due to high research and development (R&D) and operational costs. The company requires significant additional capital, potentially hundreds of millions of dollars, to execute its business plan. While a recent $105 million private placement increased its cash position to over $210 million, the long commercialization runway necessitates ongoing funding and poses a risk of further dilution for existing stockholders through future equity or debt issuances.
3. Competition and Market Acceptance: Nano Nuclear Energy operates in the nascent and uncertain market for small modular reactors (SMRs) and microreactors, where demand may not grow as anticipated. The company faces competition from other firms developing clean energy solutions, including established players such as Westinghouse Electric Company, which expects to deploy its eVinci microreactor by 2029, and NuScale Power Corporation, which has secured U.S. approval for its SMR design. Public perception of nuclear energy, geopolitical factors, and fluctuations in electricity prices could also adversely affect market dynamics and the company's revenue potential.

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The clear emerging threat for Nano Nuclear Energy (NNE) is the aggressive entry and potential early market dominance by well-established, significantly larger, and better-funded companies in the burgeoning micro-Small Modular Reactor (mSMR) and advanced nuclear technology space. Companies such as Westinghouse (with its eVinci microreactor), Rolls-Royce (with its SMR program), X-energy (with its Xe-100 reactor), and GE-Hitachi are actively developing, testing, and seeking regulatory approval for their own advanced reactor designs. These entities possess vast financial resources, extensive existing nuclear expertise, established supply chains, and long-standing relationships with potential governmental and utility customers. Should any of these more resourced competitors achieve significant regulatory milestones (e.g., design certification from bodies like the NRC) or secure major commercial contracts for their mSMRs before NNE, they could capture critical early market share, define industry standards, and establish dominant positions, thereby creating substantial barriers to entry and growth for NNE.

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Nano Nuclear Energy (NNE) is positioning itself for future revenue growth over the next 2-3 years through several strategic initiatives in the burgeoning nuclear energy sector. The company's focus on advanced microreactor technologies, vertical integration of the nuclear fuel supply chain, and expansion into nuclear services are expected to be key drivers.

Here are 3-5 expected drivers of future revenue growth for Nano Nuclear Energy:

1. Commercialization and Deployment of Advanced Microreactors: Nano Nuclear Energy is actively developing and seeking licensing for its microreactor technologies, including the KRONOS MMR Energy System, ZEUS, and ODIN microreactors, and the space-capable LOKI MMR. The KRONOS MMR Energy System is already in construction permit pre-application with the U.S. Nuclear Regulatory Commission (NRC) in collaboration with the University of Illinois Urbana-Champaign. The company recently announced a prospective customer planning a feasibility study for 15 KRONOS MMR microreactors, signaling potential future orders. These compact and portable reactors are designed to address rising electricity demand from sectors like artificial intelligence (AI) data centers, electric vehicles, and remote communities, where reliable and clean power solutions are crucial. Initial demonstration work for microreactors is estimated to be conducted between 2024 and 2026.
2. Vertical Integration of the Nuclear Fuel Business: Nano Nuclear Energy aims to become a vertically integrated nuclear fuel business in North America, encompassing nuclear fuel fabrication and transportation. This includes developing a domestic High-Assay Low-Enriched Uranium (HALEU) fuel processing facility and a high-capacity HALEU transportation system. Collaborations, such as with LIST, are in progress to develop a vertically integrated fuel pipeline that ensures a seamless supply chain from enrichment to reactor deployment. This strategy is designed to capture revenue across multiple stages of the nuclear fuel cycle.
3. Launch of Nuclear Service Support and Consulting Services: The company plans to introduce nuclear service support and consultation services, with an anticipated launch in 2025. This business line could provide near-term revenue by leveraging Nano Nuclear Energy's expertise and intellectual property in the advanced nuclear sector.
4. Strategic Partnerships and Market Expansion: Nano Nuclear Energy has been actively pursuing and signing agreements with various entities across several industries, including data centers, AI, vertical farming, and spent fuel recycling. The company is also evaluating opportunities for remote projects in the U.S., Canada, and internationally, including governmental entities in Africa. These strategic collaborations and market expansion efforts are expected to translate into new customer acquisitions and project contracts, thereby driving future revenue growth. The acquisition of Global First Power also expands its microreactor presence.

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Share Repurchases

Nano Nuclear Energy has not reported any share repurchases over the last 3-5 years. The company has experienced an increase in outstanding shares, indicating share issuances rather than repurchases.

Share Issuance

• On October 10, 2025, Nano Nuclear Energy completed a $400 million private placement of common stock, issuing 8,490,767 shares.
• On May 29, 2025, the company closed a $105 million common stock private placement, selling 3,888,889 shares at $27.00 per share and netting approximately $99 million.
• In October 2024, Nano Nuclear Energy conducted an equity offering that included the issuance of 1,398,602 shares of common stock and warrants for an additional 699,301 common shares, followed by another offering of 630,253 shares and 315,127 warrants. Additionally, a placement on October 24, 2024, raised $36 million through the issuance of 2,117,646 shares.

Inbound Investments

• A $400 million private placement of common stock, closed on October 10, 2025, involved initial investments from preeminent asset managers and other institutional investors.
• A $105 million common stock private placement, which closed on May 29, 2025, was primarily supported by institutional investors, including a global investment manager and a leading long-only mutual fund.

Outbound Investments

• In December 2024, Nano Nuclear Energy signed a definitive agreement to acquire select nuclear energy technology assets from Ultra Safe Nuclear Corporation (USNC), specifically including USNC's patented Micro Modular Reactor system. This was later finalized as the acquisition of Global First Power from USNC.

Capital Expenditures

• Annual capital expenditures for 2024 were $1.7 million. For the last 12 months, capital expenditures were reported as $5.50 million.
• The company spent over $5.4 million on research and development (R&D) related to its ODIN and ZEUS microreactors over the last 2.8 years, as of April 2025.
• Capital expenditures have been focused on advancing micro nuclear reactors, including the KRONOS MMR™ Energy System, and establishing a purpose-built demonstration facility in Westchester County, New York, to test non-nuclear components and support ALIP technology development.