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Nano Nuclear Energy Inc. (NNE)
NASDAQ:NNE
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Nano Nuclear Energy Inc.
(NASDAQ:NNE)
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Rating:47Neutral
Price Target:
$21.00
▼(-1.13% Downside)
Action:ReiteratedDate:02/18/26
The score is held down primarily by weak financial performance (pre-revenue, ongoing losses and cash burn) and bearish technicals (price below all key moving averages with negative MACD). These are partly offset by a relatively positive earnings-call backdrop highlighted by a strengthened cash position and clear near-term licensing milestones, while valuation is difficult to support due to negative earnings and no dividend.
Positive Factors
Strong Cash Position
A large cash balance from the $400M private placement provides a durable runway to fund licensing, engineering and prototype activities without immediate financing. Modest near-term cash burn (~$4M operating use in Q1) means liquidity materially reduces near-term dilution risk and supports multi-year development milestones.
Clear Licensing Roadmap
Having a defined regulatory pathway and target dates (construction-permit submission, mid/late-2027 start, prototype by ~2030) materially de-risks program sequencing. Progress toward formal NRC filings strengthens the company’s ability to convert technical work into deployable assets and supports medium-term commercial planning and partner commitments.
Vertical Integration & Fuel‑Chain Progress
Advances in vertical integration—acquisition, affiliate investments and licensing—improve control over conversion, enrichment and transport of TRISO fuel. Building in-house or affiliated supply capabilities reduces long-run supply risk, supports prototype fueling and enhances the company’s ability to offer a more complete commercial solution to customers and partners.
Negative Factors
Pre‑Revenue with Ongoing Cash Burn
Being pre-revenue and consistently cash‑negative means the firm must rely on external financing to execute its multi‑year plan. Even with current liquidity, negative returns and weak capital efficiency imply dilution risk and recurring funding needs until commercialization and positive cash flow are achieved, affecting long-term investor outcomes.
Constrained Fuel & Graphite Supply Chain
Critical inputs like nuclear‑grade graphite, TRISO fabrication and enrichment have very limited global capacity and long lead times. These structural supply constraints can delay prototypes, increase unit costs, and force dependency on third parties or lengthy qualification processes, undermining planned timelines and scalable deployment economics.
Large Future Capital & Execution Risk
Transitioning from design to mass manufacture and fuel‑cycle infrastructure is capital intensive and execution‑heavy. The company will need substantial additional funding, successful M&A or partner investments and effective project delivery; failure on any front would delay commercialization, raise costs and increase long‑term dilution risk.
Nano Nuclear Energy Inc. (NNE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.11B
Dividend YieldN/A
Average Volume (3M)1.55M
Price to Earnings (P/E)―
Beta (1Y)3.83
Revenue GrowthN/A
EPS Growth-194.11%
CountryUS
Employees5
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.13
Shares Outstanding52,083,195
10 Day Avg. Volume1,820,040
30 Day Avg. Volume1,552,860
Financial Highlights & Ratios
PEG Ratio0.37
Price to Book (P/B)6.57
Price to Sales (P/S)0.00
P/FCF Ratio-0.05
Enterprise Value/Market Cap0.27
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-340.05
Enterprise Value/Ebitda-6.18
Forecast
1Y Price Target
$48.00Price Target Upside125.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.04
Revenue Forecast (FY)N/A
Nano Nuclear Energy Inc. Business Overview & Revenue Model
Company DescriptionNANO Nuclear Energy Inc. operates as a microreactor technology company. The company is developing ZEUS, a solid-core battery reactor, and ODIN, a low-pressure coolant reactor. It is also developing a high-assay low-enriched uranium fabrication facility to supply fuel to the nuclear reactor industry and fuel transportation and nuclear consultation businesses. The company was founded in 2021 and is based in New York, New York.
How the Company Makes Moneynull
Nano Nuclear Energy Inc. Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:May 15, 2026
Earnings Call Sentiment Positive
The call emphasized substantial progress across licensing preparation, strategic partnerships, vertical integration of the fuel supply chain and a materially strengthened balance sheet following a $400M private placement. Management highlighted technical differentiation and multiple commercial engagements (including a feasibility study for up to 1 GW). Key risks disclosed include growing operating expenses and operating losses, constrained long‑lead fuel and graphite supply chains, and regulatory/timing uncertainty for licensing and first‑of‑a‑kind deployment. On balance the positives (strong cash runway, clear licensing milestones, partnerships and technology maturity) outweigh the risks, though execution and supply‑chain constraints remain important near‑ to mid‑term challenges.Q1-2026 Updates
Positive Updates
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.
Negative Updates
Operating Losses and Rising Expenses
Q1 loss from operations was $11.6M. Q1 net loss totaled $6.5M, up approximately $3.0M year-over-year (prior period implied ~$3.5M), an increase of roughly 86% YoY. Management attributed the higher loss to an approximate $8M increase in operating expenses related primarily to KRONOS advancement and strategic growth activities.
Supply-Chain Bottlenecks: Graphite, Fuel Fabrication and Enrichment
Management flagged nuclear-grade graphite as a constrained input (only ~3 global nuclear-grade graphite producers noted, with major capacity in China and Japan), with new certified capacity potentially taking >10 years to bring online. Fuel-side constraints include limited TRISO fabrication capacity and uncertainties/timing around enrichment and conversion (HALEU-related upgrade needs and category upgrades for facilities), posing timeline and cost risks for prototype and scaled deployment.
Regulatory and Timing Uncertainty for Deployment
While the company is targeting construction-permit submission in the coming months and has a conservative 2030 prototype target, licensing timelines remain uncertain and are dependent on NRC processes and potential expediting efforts. Management acknowledges first-of-a-kind risks and that mass-manufacturing, EPC coordination and customer offtake must be addressed to realize economics and scale.
Ongoing Capital Allocation Needs and Execution Risk
Although the balance sheet is strong today, significant future capital will be required for mass-manufacturing facilities, fuel supply investments and scaling commercialization (LIS's $1.38B enrichment plan is multi-year). Management is pursuing M&A and strategic partnerships, but outcomes and timing remain uncertain and execution-heavy.
Company Guidance
On the call Nano provided explicit near‑term program and financial guidance: management expects to submit a construction‑permit application to the NRC in the coming months (on track for H1 2026) under the Part 50 pathway, target construction start in mid‑ to late‑2027 and a full‑scale prototype online around 2030 (while noting possible licensing acceleration if NRC timelines shorten from ~18 to ~12 months); commercial activity includes a feasibility study with BaRupOn to evaluate up to 1 GW of KRONOS capacity and customer power needs ranging from <50 MW to >1 GW; Q1 financials showed cash and cash equivalents of $577.5M (up ~ $374M in the quarter following a $400M October private placement), Q1 loss from operations of $11.6M, Q1 net loss of $6.5M (≈$3M worse Y/Y), ~ $5M interest income, net cash used in operations of $4M and investing of $3.1M; program and supply‑chain metrics highlighted include a prior ~$120M invested in KRONOS design, a $6.8M Illinois incentive award, LIS Technologies’ plan to invest $1.38B over time in an Oak Ridge enrichment facility and active engagement with TRISO fuel and enrichment suppliers (noting only ~3 nuclear‑grade graphite producers globally), all of which management said derisks timelines and supports multiple potential 2026 catalysts (licensing submissions, commercial announcements, partnerships and fuel‑cycle M&A).Nano Nuclear Energy Inc. Financial Statement Overview
Summary
Income statement quality is weak: the company is pre-revenue with persistent losses, and TTM operating profit metrics appear distorted by non-operating/one-time items. Cash flow remains negative (ongoing burn), partially offset by a low-leverage balance sheet and a strong liquidity snapshot cited in the latest update.Income Statement
The company is still pre-revenue (revenue is 0 across annual periods and TTM (Trailing-Twelve-Months)), with consistently negative earnings in the annual results (net losses in 2022–2025 annual data). Profitability is therefore weak and not yet demonstrating an operating model that can generate positive income. The one notable outlier is TTM (Trailing-Twelve-Months) showing extremely large positive EBIT/EBITDA alongside a very large net loss, suggesting non-operating or one-time items are distorting operating profit and reducing the reliability of the period’s earnings quality.12
Very Negative
Balance Sheet
Leverage appears low based on the reported debt relative to equity (debt-to-equity is very low in both annual 2025 and TTM (Trailing-Twelve-Months)), which is a balance-sheet positive. However, returns on equity are negative (including TTM (Trailing-Twelve-Months)), reflecting ongoing losses and weak capital efficiency. Additionally, equity and assets jump dramatically from 2024 to 2025 annual data, which may indicate major financing/valuation changes and adds volatility and interpretability risk despite low leverage.66
Positive
Cash Flow
Cash generation is weak: operating cash flow and free cash flow are negative across all periods shown, including TTM (Trailing-Twelve-Months), indicating continued cash burn to fund operations. While TTM (Trailing-Twelve-Months) free cash flow improved versus the prior annual period (positive free-cash-flow growth), the business still consumes substantial cash and would likely rely on external funding until it reaches sustainable revenue and cash flow.18
Very Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -878.71K | -650.74K | -106.92K | 0.00 | 0.00 |
| EBITDA | -48.36M | -39.42M | -10.04M | -6.25M | -1.03M |
| Net Income | -43.47M | -40.07M | -10.15M | -6.25M | -1.03M |
Balance Sheet | |||||
| Total Assets | 606.06M | 228.66M | 35.10M | 7.23M | 2.25M |
| Cash, Cash Equivalents and Short-Term Investments | 577.81M | 203.27M | 28.51M | 6.95M | 2.13M |
| Total Debt | 2.69M | 2.80M | 1.93M | 0.00 | 0.00 |
| Total Liabilities | 6.48M | 6.09M | 3.49M | 225.00K | 137.77K |
| Stockholders Equity | 599.58M | 222.57M | 31.61M | 7.01M | 2.11M |
Cash Flow | |||||
| Free Cash Flow | -13.25B | -28.07B | -10.16M | -3.87M | -621.50K |
| Operating Cash Flow | -9.62B | -19.62B | -8.46M | -3.87M | -621.50K |
| Investing Cash Flow | -3.07B | -17.52B | -3.70M | 0.00 | 0.00 |
| Financing Cash Flow | 381.44B | 211.90B | 33.72M | 8.69M | 2.75M |
Nano Nuclear Energy Inc. Technical Analysis
Negative
21.24
Price Trends
28.34
Negative
31.65
Negative
34.33
Negative
Market Momentum
-1.67
Positive
33.20
Neutral
14.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NNE, the sentiment is Negative. The current price of 21.24 is below the 20-day moving average (MA) of 24.72, below the 50-day MA of 28.34, and below the 200-day MA of 34.33, indicating a bearish trend. The MACD of -1.67 indicates Positive momentum. The RSI at 33.20 is Neutral, neither overbought nor oversold. The STOCH value of 14.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NNE.
Nano Nuclear Energy Inc. Risk Analysis
Nano Nuclear Energy Inc. disclosed 42 risk factors in its most recent earnings report. Nano Nuclear Energy Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nano Nuclear Energy Inc. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $65.41B | 92.81 | 8.76% | 0.19% | 23.88% | 350.69% | |
64 Neutral | $19.11B | 47.98 | 27.65% | 0.56% | 14.01% | 10.92% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $51.52M | 12.35 | 8.34% | ― | -1.47% | 52.65% | |
47 Neutral | $1.11B | -45.88 | -14.73% | ― | ― | -194.11% | |
47 Neutral | $4.07B | -6.52 | -41.93% | ― | 765.67% | -202.81% | |
35 Underperform | $23.19M | -0.91 | 168.54% | ― | -98.20% | 93.77% |
* Industrials Sector Average
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Nano Nuclear Energy Inc. Corporate Events
Business Operations and StrategyExecutive/Board Changes
Nano Nuclear Energy Formalizes Long-Term Executive Employment Agreements
Positive
Feb 5, 2026
On January 31, 2026, Nano Nuclear Energy Inc. formalized the roles of Chief Executive Officer James Walker and Chief Financial Officer Jaisun Garcha under Canadian employment law through new three-year employment agreements effective January 1, 2026, replacing prior consulting agreements while preserving key confidentiality and intellectual property provisions. The agreements, unanimously approved by the board’s compensation committee, leave existing compensation unchanged but clarify full-time employment status, renewal terms, severance, bonus eligibility, health coverage, equity treatment, and post-termination restrictive covenants, strengthening executive stability and governance protections for the company and its stakeholders.
The most recent analyst rating on (NNE) stock is a Hold with a $30.00 price target. To see the full list of analyst forecasts on Nano Nuclear Energy Inc. stock, see the NNE Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.