Standard Nuclear posts $13.1 million loss as gross margin falls to 30%
Key Facts
Standard Nuclear reported results on November 12 for the quarter ended September 30, posting a net loss of $13.1 million, or $0.10 per share, according to a company statement. The net loss was $3.2 million in the year-earlier quarter, while the company reported a loss of $3.4 million in the second quarter of 2026. On a per-share basis, the third-quarter loss was narrower than the $0.12 recorded a year earlier, despite the wider net loss. The comparison between the two periods shows a difference between the total loss and the per-share measure, which is affected by the number of shares outstanding. The company’s stock closed at $11.03 on November 12, according to EL7 internal data.
Growth in operating activity came with pressure on profitability: the company posted gross profit of $1.8 million and a gross margin of 30% in the third quarter, after a gross loss of $1.5 million in the year-earlier period. But the margin fell from 67% in the second quarter of 2026 as production costs rose while Radiant’s reactor was being completed, the company said. At the same time, the operating loss widened to $15.1 million, compared with $3.2 million a year earlier. The company attributed the increase to higher operating expenses and production costs, partly offset by revenue growth. It said interest income was $2.0 million and the quarterly loss included $10.3 million in stock-based compensation expense.
General and administrative expenses were among the items that increased, rising to $15.5 million in the third quarter from $1.8 million in the year-earlier period in 2025, according to the company’s filing with the U.S. Securities and Exchange Commission. The filing said the $13.7 million increase was mainly linked to a $9.0 million rise in stock-based compensation expense and a $3.5 million increase in salaries. The company added that some expenses reflect building the internal infrastructure needed to operate as a public company. Operating costs also include qualifying manufacturing operations at its Tennessee and Idaho facilities ahead of revenue expected from them. Cash and cash equivalents totaled $223.1 million at the end of September, compared with $69.2 million at the end of the year-earlier period.
On orders, total backlog rose to $577.2 million on September 30 from $241.5 million on June 30, while funded backlog increased to $119.6 million from $61.9 million, according to the company statement. This reflects an expansion in the value of work listed by the company during the quarter, while converting that value into revenue remains tied to execution. Standard Nuclear cautioned that total backlog includes customer purchase options that have not been exercised and nonbinding arrangements. The company therefore said the measure does not represent contracted revenue. The caveat highlights the distinction between backlog value and revenue that can be recognized on the basis of existing contractual obligations.
The company links its next phase of expansion to obtaining Energy Department operating authorizations for its Tennessee and Idaho facilities, targeting February 2027. It submitted the final safety analysis for the Tennessee facility on November 6 and said the Idaho facility’s analysis would be submitted shortly afterward. The remaining steps, according to its filing, include the department’s review of the safety analysis and an operational readiness review. Chief Executive Kurt Terrani said the company had “delivered our first reactor core, more than doubled total backlog, and submitted the final safety analysis for the Tennessee facility.” He added that the next focus is obtaining authorization to expand production. In premarket trading on November 12, the stock fell 12.02% to $10.98, compared with a previous close of $12.48 on November 11, Investing.com reported, citing Reuters.