• Advanced TRISO Nuclear Fuel Manufacturing: Standard Nuclear manufactures and supplies finished TRISO fuel products, converting customer-provided enriched uranium feedstock for use in Advanced Reactors.
• Nuclear Fuel Fabrication and Engineering Services: The company provides specialized design, engineering, and fabrication services for advanced nuclear fuels, primarily TRISO, tailored to various Advanced Reactor designs and customer specifications.

Based on the provided company description, Standard Nuclear (STDN) has not yet achieved large-scale commercial sales for its products, stating, "we have never sold our products at large-scale commercial levels." Therefore, no specific major customer companies are identified by name in the prospectus.

However, Standard Nuclear primarily sells its advanced nuclear fuel products to other companies and entities, not individuals. The company indicates that its fuel products can be used by the following categories of customers:

• Reactor owners and operators
• Utilities
• Hyperscale data center operators
• Domestic and international government entities that own or operate such reactors

The company also notes that it is "currently producing and shipping fuel for Advanced Reactor demonstrations scheduled for 2026," implying its current clients are developers of these early-stage advanced reactor projects, though specific names are not provided.

Kurt Terrani Chief Executive Officer and Director

Dr. Kurt Terrani was appointed Chief Executive Officer and Director of Standard Nuclear, Inc. in January 2025. An internationally recognized nuclear fuel expert, Dr. Terrani’s career is dedicated to the development and manufacturing of advanced nuclear fuels and materials. He spent over a decade at Oak Ridge National Laboratory, serving as National Technical Director for the U.S. Department of Energy (DOE). He earned his Ph.D. in Nuclear Engineering from the University of California, Berkeley in 2010. Prior to Standard Nuclear, Dr. Terrani served as Executive Vice President at Ultra Safe Nuclear Corporation (USNC) from 2022 and as interim CEO during USNC's bankruptcy proceedings. Standard Nuclear was formed after a consortium of venture capital funds, led by Decisive Point, acquired USNC's TRISO fuel assets, at which point Dr. Terrani became CEO. Many of his technical team members from USNC joined him at Standard Nuclear, with some working for months without pay to keep the fuel line operational during the bankruptcy. Standard Nuclear is backed by venture capital firms, including Decisive Point and Andreessen Horowitz.

Kevin Harrill Chief Financial Officer

Kevin Harrill serves as the Chief Financial Officer for Standard Nuclear.

Thomas Hendrix Executive Chairman

Thomas Hendrix is the Executive Chairman of Standard Nuclear and a founding partner of Decisive Point. He led the consortium of venture capital funds that acquired the TRISO fuel assets of the bankrupt Ultra Safe Nuclear Corporation (USNC) for $28 million in February 2025, which subsequently formed Standard Nuclear. This demonstrates a pattern of managing companies backed by private equity firms.

Keeley Marrocco Chief Operating Officer

Keeley Marrocco serves as the Chief Operating Officer for Standard Nuclear.

Shahram Ghasemian Chief Legal & Compliance Officer and Corporate Secretary

Shahram Ghasemian holds the position of Chief Legal & Compliance Officer and Corporate Secretary at Standard Nuclear.

Key Risks to Standard Nuclear (STDN)

1. Unproven Commercial Viability and Market Acceptance at Industrial Scale: Standard Nuclear has not yet sold its products at large-scale commercial levels, and the production of TRISO fuel at an industrial scale is generally untested. This results in limited data regarding the full cycle economics of manufacturing, marketing, pricing, and selling TRISO fuel, leaving the company with limited visibility into customer willingness to pay and the cost structures required for positive profit margins.
2. History of Significant Operating Losses and Negative Cash Flows: The company has historically incurred substantial operating losses and negative cash flows, with an accumulated deficit of $79.9 million as of March 31, 2026. This indicates that Standard Nuclear's financial sustainability is highly dependent on achieving successful large-scale commercialization and profitability in the future to reverse these trends.

The addressable markets for Standard Nuclear's main product, TRISO fuel, include both a U.S. cumulative opportunity and global market valuations.

• Standard Nuclear estimates a cumulative TRISO fuel opportunity exceeding $4 billion through 2030 within the U.S..
• The broader advanced nuclear capacity in the U.S. is projected to surpass 58 GWe by 2040.
• The global Tri-structural Isotropic (TRISO) fuel market was valued at approximately US$ 382.49 million in 2024 and is projected to reach about US$ 554.28 million by 2033, growing at a compound annual growth rate (CAGR) of 4.28%. Another estimate placed the global TRISO fuel market at US$ 370.0 million in 2023, with a projection to reach US$ 557.7 million by 2034, at a CAGR of 3.8%. Additionally, the global market was valued at USD 387.7 million in 2024 and is predicted to reach USD 558.4 million by 2034 with a 3.9% CAGR.
• Specifically for the United States, the market for Next-Generation Nuclear Fuel (TRISO) Commercialization for High-Temperature Reactors was valued at USD 1.19 billion in 2025 and is projected to grow to USD 2.32 billion by 2034, exhibiting a CAGR of 8.9% during the forecast period.

Standard Nuclear (STDN) is expected to drive future revenue growth over the next two to three years through several key initiatives, primarily centered on expanding its unique industrial-scale TRISO fuel manufacturing capabilities and capitalizing on the growing advanced nuclear reactor market.

One significant driver is the **expansion of TRISO production facilities and capacity**. Standard Nuclear is currently producing and shipping fuel for advanced reactor demonstrations scheduled for 2026. The company anticipates additional TRISO production facilities to come online in the second half of 2026, including a new facility in Oak Ridge, TN (Oak Ridge SN-TN), and a second manufacturing site, Standard Nuclear-West (SN-West), in Idaho Falls, Idaho. This increase in operational capacity directly correlates with a higher volume of fuel production and subsequent revenue generation, with plans to expand production capacity to more than 2 tonnes by mid-2026.

Another crucial driver is the **growth in the advanced reactor market and subsequent customer adoption**. Standard Nuclear aims to support the re-emergence of the U.S.'s newbuild nuclear infrastructure and meet the nation's growing demand for safe, reliable, and clean baseload power. The company's unique position as the only participant in the U.S. market positioned to work with any developer of Advanced Reactors using TRISO fuel, combined with a reactor-agnostic model, enables it to capture a broad customer base as new advanced reactors, including small modular reactors (SMRs) and microreactors, come online. The demand for nuclear fuel is also being fueled by decarbonization efforts and the rapidly growing power needs of data centers.

Finally, **securing and scaling long-term fuel supply arrangements** will be a primary revenue driver. Standard Nuclear's business model is based on establishing long-term fuel supply arrangements where customers provide enriched uranium feedstock, and Standard Nuclear converts it into finished fuel products. The company has already indicated a total contract backlog of up to $245 million and a potential pipeline of $416 million. Strategic collaborations, such as the joint venture with Framatome to supply commercial quantities of TRISO fuel and the alliance with Oklo to evaluate recycled materials as feedstock, further solidify its position in the domestic supply chain and pave the way for sustained, large-scale commercial contracts.