Strong Cash Position and Successful Capital Raise
Ended Q1 with $577.5M in cash and cash equivalents, an increase of approximately $374M during the quarter driven by gross proceeds of $400M from an October 2025 private placement. Interest income on the larger cash balance contributed roughly $5M, helping reduce reported net loss.
Progress Toward Licensing and Clear Development Timeline
Completed site characterization and drilling at the University of Illinois and signed an MOU with the Board of Trustees. Targeting submission of a construction permit application to the NRC in the coming months (Part 50 pathway). Management aims to begin construction mid- to late-2027 and has a roadmap to a full-scale prototype online around 2030.
Expanding Commercial Pipeline and Strategic Partnerships
Signed feasibility study with BaRupOn to evaluate up to 1 GW of KRONOS deployments for an AI data center and manufacturing campus. Announced MOU with DS Dansuk for localization/manufacturing in South Korea and an MOU with Ameresco to explore EPC integration. Company reports a growing pipeline of data center, industrial and military customers and was added to the Morgan Stanley National Security Index.
Advancement of Vertical Integration Across Fuel Supply Chain
Acquired Global First Power (rebranded True North Nuclear) and reported progress on conversion and transportation capabilities. Affiliate LIS Technologies received a key radioactive material license for a Tennessee demonstration facility and announced plans to invest $1.38B over time to build a commercial enrichment facility in Oak Ridge (laser enrichment technology). Ongoing discussions with commercial enrichment providers and TRISO manufacturers to secure fuel for initial prototypes.
Technology Differentiation and High Technical Readiness
KRONOS MMR is a 15 MWe prismatic high-temperature gas-cooled reactor leveraging TRISO fuel, helium coolant and graphite moderation — technologies with decades of operating history. Management cites prior ~$120M invested in design by the prior owner and emphasizes passive safety, modular factory fabrication potential, and ability to support co-location and off-grid baseload use cases.
Manageable Near-Term Cash Flow Impact
Q1 net cash used in operating activities was $4M and net cash used in investing activities was $3.1M (includes Oak Brook engineering facility payments), indicating relatively modest near-term cash burn against a large cash balance.