Standard Nuclear revenue jumps to $6.0 million as loss widens to $13.1 million
Key Facts
Standard Nuclear said third-quarter 2026 revenue rose to $6.0 million from $0.9 million in the same period last year, as commercial deliveries of TRISO fuel increased and development services grew. But its net loss widened to $13.1 million, or $0.10 per share, from $3.2 million, or $0.12 per share, a year earlier, while the loss was $3.4 million in the second quarter of 2026. The company said quarterly revenue came from products and services, reflecting a shift to commercial fuel deliveries alongside development contracts and government projects. Revenue for the first nine months of the year was $11.3 million, compared with $1.8 million in the same period of 2025. The loss for those nine months was $24.2 million, compared with $13.2 million a year earlier.
Product revenue was $3.7 million, from TRISO fuel deliveries under one supply agreement, while services revenue was $2.2 million from fuel development contracts and projects for U.S. government agencies, the company said. Revenue costs rose to $4.2 million from $2.4 million in the year-earlier quarter. Despite the higher costs, the company posted gross profit of $1.8 million and a gross margin of 30%. It had recorded a gross loss of $1.5 million in the third quarter of 2025. General and administrative expenses totaled $15.5 million, including $9.5 million in stock-based compensation; the company attributed the increase in this line mainly to that compensation, salaries and benefits.
Total backlog stood at $577.2 million on September 30, up from $241.5 million on June 30, but the figure includes different categories of commitments. The total included $119.6 million funded, $443.5 million in purchase options under signed contracts, and $14.1 million unfunded. The company cautioned that total backlog is not a measure of contracted revenue. Separately, the qualified order pipeline was $844.7 million at the end of September, compared with $986.3 million at the end of June. The company said some opportunities converted into signed contracts, while new opportunities replenished the pipeline from about $696 million in late August to its level at quarter-end.
Chief Executive Kurt Terrani said the company delivered its first reactor core, more than doubled its total backlog, and submitted the final safety analysis for its Tennessee facility. The company said construction work at its Tennessee and Idaho facilities was largely complete. Each facility is designed to start at a capacity of up to 1 ton of uranium in fuel per year, with the potential to increase to 2.5 tons per facility. That would bring the two facilities' target combined capacity to up to 5 tons annually. The company ties expanded production to obtaining U.S. Department of Energy authorization to operate both facilities.
Standard Nuclear submitted the final safety analysis for its Tennessee facility to the Department of Energy on November 6, 2026, and said the Idaho filing would follow soon. The company is targeting department authorization to operate both facilities in February 2027. In a development involving one of its customers, Radiant said on October 29 that the department had approved the documented safety analysis for its Kaleidos reactor to operate at full power. Next steps include a readiness review, fueling and a test campaign, according to a Standard Nuclear statement. ARPA-E also selected the company on November 2 for nearly $7.0 million in funding to develop TRISO fuel using recycled transuranic materials.
Standard Nuclear ended September with $223.1 million in cash and equivalents and said it had no debt. The stock closed at $12.48 on November 11, then fell 12.02% to $10.98 in premarket trading on November 12. The company is hosting a call to discuss its results on November 12, 2026, at 8:30 a.m. Eastern time. The call comes as the company reports quarterly revenue growth and a shift to gross profit, while its net losses and general and administrative expenses increased. The company also places its targeted February 2027 licenses at the center of its plan to increase production at its two facilities.