Standard Nuclear Inc. reported an eightfold increase in quarterly revenue for Q2 2026, driven by TRISO fuel shipments and government contracts, while narrowing its net loss despite higher expenses.
Revenue reached $4.7 million, up 683% from $0.6 million in the same period a year earlier. Product revenue totaled $3.1 million, primarily from TRISO fuel deliveries, while service revenue amounted to $1.6 million, supported by U.S. government agency fuel development contracts. The company reported a net loss of $3.4 million, an improvement from a $7.7 million loss in Q1 2026, with a loss per share of -$0.12.
Gross profit stood at $3.2 million, reflecting a 67% gross margin. Gross margin expansion was attributed to operational efficiency gains, with overall process yield at 63.3% and coating step efficiency between 95% and 97%. Cost of revenue rose to $1.6 million from $1.2 million a year earlier, while general and administrative expenses increased to $5.5 million from $1.0 million, partially offset by research and development spending of $2.0 million.
Cash and cash equivalents totaled $102.2 million, with no debt outstanding. Pro forma cash rose to approximately $240 million following its July 2025 IPO. The company’s stock last traded at $13.70, near the top of its 52-week range of $7.05 to $15.
Backlog expanded significantly, with total contract backlog reaching $241.5 million as of June 30, up from $91.3 million at March 31. Funded backlog increased to $61.9 million from $8.2 million. Following an August agreement with Antares Nuclear, funded backlog doubled to $119.3 million, and total backlog rose to $576.9 million.
Standard Nuclear achieved a milestone in June by shipping a 50-kilogram batch of HALEU TRISO fuel to Radiant Industries for its Kaleidos demonstration microreactor at the Department of Energy’s DOME facility in Idaho National Laboratory. The company also acquired land adjacent to its Oak Ridge facility for $5.5 million, expanding its Tennessee holdings to approximately 57 acres. Construction at its Oak Ridge and Idaho facilities is substantially complete, with targeted authorization to operate expected in Q4 2026.
A joint venture with Framatome in Richland, Washington, secured a Nuclear Regulatory Commission license amendment, allowing TRISO particle fuel fabrication with an enrichment limit of just under 10% U-235. Initial production is slated to begin in 2027, with capacity of about 1 metric ton per year, expandable to 2 metric tons.
The company highlighted multi-year fuel supply agreements with Radiant Industries and Antares Nuclear, securing commitments through the early 2030s and beyond. Standard Nuclear also serves as a fuel supplier for the Department of Defense’s Project Janus, targeting microreactor deployments at nine Army installations.
Chief Executive Officer Kurt Terrani emphasized the company’s progress, stating that the quarter marked a transition from market positioning to execution, including fuel delivery, contract conversion, and capacity scaling. Chief Financial Officer Kevin Harrill noted that strong gross margins were becoming a durable feature as volume scales.
