Our mission is to supply advanced nuclear fuels that enable safe, reliable and
scalable nuclear power generation. We aim to support the re-emergence of the
U.S.βs newbuild nuclear infrastructure, strengthen domestic energy security and
meet the nationβs growing demand for safe, reliable and clean baseload power.
Standard Nuclear is a leading independent advanced nuclear fuel company and the
only company in the United States with industrial-scale TRISO manufacturing
facilities to date, based on our commercialized manufacturing capability
supported by production-grade equipment, established processes, and facility
infrastructure designed for sustained, high-throughput output and scalable
expansion. We design, engineer, and manufacture advanced nuclear fuels with a
primary focus on TRISO fuel that is utilized by Advanced Reactors, and we
believe we are the only participant in the market that is currently positioned
to be able to work with and develop fuel for any developer of Advanced Reactors
which use TRISO fuel. As of the date of this prospectus, we operate the only
dedicated, privately funded, industrial scale TRISO production line in the
United States and are currently producing and shipping fuel for Advanced Reactor
demonstrations scheduled for 2026, with additional TRISO production facilities
expected to come online in the second half of 2026.
Led by internationally recognized nuclear fuel expert Dr. Kurt Terrani, who
serves as our Chief Executive Officer, our technical team leverages over 150
years of combined U.S. National Laboratory experience in the development,
fabrication, and testing of advanced fuels, and many of our technical team
members have previously held critical leadership roles in the DOE advanced gas
reactor program, which established the modern TRISO fuel standard currently
accepted by the NRC. We believe the qualifications exhibited by our elite
technical team, together with our ownership and operation of facilities licensed
for the large-scale manufacturing of TRISO-based fuels, makes us a leading
nuclear fuel company capable of delivering advanced nuclear fuel to the growing
industry.
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Our capabilities position us at the fuel manufacturing layer of the nuclear
value chain, supporting Advanced Reactor developers and end customers with
scalable domestic fuel supply solutions. Our disciplined, repeatable and
reliable manufacturing process converts enriched uranium feedstock into finished
fuel products in accordance with nuclear-grade safety, quality, and regulatory
frameworks.
We do not design, own or operate nuclear reactors. Instead, our nuclear fuel
products are engineered to be compatible with a broad range of Advanced Reactor
designs which use TRISO fuel, and can be used by reactor owners and operators,
utilities, hyperscale data center operators, and domestic and international
government entities that own or operate such reactors. We believe we are well
positioned to capture a meaningful share of this market given our current and
planned industrial-scale operating capacity, technology platform, secured
licenses, and cost advantages derived from a modular manufacturing architecture.
In addition, we do not directly procure or source uranium for the nuclear fuel
we manufacture. Our customers are generally responsible for procuring enriched
uranium feedstock, which we then convert into nuclear fuel for our customers to
use in their reactors for their various commercial needs. Our business model is
based on long-term fuel supply arrangements under which our customers deliver
feedstock to us and purchase finished fuel products, typically priced on a kgU
basis and adjusted for enrichment level, final fuel form, and other specified
requirements. However, we have never sold our products at large-scale commercial
levels, and the production of TRISO fuel is generally untested at industrial
scale, and as a result, we have limited data regarding the full cycle economics
of manufacturing, marketing, pricing and selling TRISO fuel, leaving us with
limited visibility into the prices our customers are willing to pay for our
products and the cost structures that are required to ensure positive profit
margins. We also expect that long-term unit economics will improve through
automation, yield optimization, and replication of standardized fuel
manufacturing modules that we have developed. We do not take direct commercial
exposure to uranium price volatility, focusing instead on fabrication and fuel
engineering services within the nuclear fuel value chain. Given our focus to
date on investing in R&D, facilities, and commercialization of our nuclear fuel
manufacturing and products, we have historically incurred significant operating
losses and negative cash flows. As of March 31, 2026, we had an accumulated
deficit of $79.9 million, and negative operating cash flows of $4.3 million and,
for the year ended December 31, 2025 and the period ended December 31, 2024, we
had an accumulated deficit of $72.1 million and $56.6 million, respectively, and
negative operating cash flows of $6.7 million and $0.4 million, respectively.
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We were incorporated in Delaware on July 15, 2024 as a corporation and
ultimately commenced operations on January 13, 2025. Our principal executive
offices are located at 200 Europia Ave., Oak Ridge, TN 37830 and our telephone
number is 845-258-0016. Our website address is www.standardnuclear.com.
