Nano Nuclear Energy Reports $3.1 Million Net Loss and Zero Revenue for December 2024

Nano Nuclear Energy Inc. reported a net loss of $3.1 million for the three months ending December 31, 2024, compared to a loss of $1.3 million during the same period in 2023. The company's revenue remains at zero, as it is still in the pre-revenue stage of development. Operating expenses surged to $3.9 million, up from $1.3 million a year earlier, primarily driven by a 201% increase in general and administrative expenses, which reached $2.5 million. Research and development costs also rose by 74% to $904,923, reflecting intensified efforts in developing advanced nuclear microreactors.

The company experienced significant changes in its financial position compared to the previous fiscal period. As of December 31, 2024, Nano Nuclear Energy had approximately $123.3 million in cash, a substantial increase from $28.5 million at the end of September 2024. This increase was largely due to successful financing activities, including net proceeds of approximately $92.3 million from a follow-on offering and a private placement. The company's working capital improved to $125.9 million, up from $27.5 million in the prior quarter.

Strategically, Nano Nuclear Energy has made notable advancements, including the acquisition of ALIP technology for $1.67 million and the establishment of two new subsidiaries to manage its recent acquisitions. The company also entered into a memorandum of understanding with the Department of Energy to explore collaboration on constructing a demonstration reactor. Additionally, it has expanded its workforce and appointed a new director to oversee its nuclear facilities and infrastructure.

Operationally, the company is focused on developing its microreactor technology, with ongoing testing and design audits conducted by the Idaho National Laboratory. The company plans to launch its microreactors by 2030-2031. As of December 31, 2024, Nano Nuclear Energy had increased its employee headcount and is expected to employ up to 30 personnel at its new facility in Oak Ridge, Tennessee, which is currently undergoing renovations.

Looking ahead, Nano Nuclear Energy anticipates continued operating losses as it invests heavily in research and development. The company aims to secure additional funding to support its growth and operational needs. Management believes that its current cash reserves will sustain operations for at least the next twelve months, but acknowledges the necessity of raising further capital to achieve its long-term objectives in the nuclear energy sector.