Standard Nuclear, Inc.
For the period ended Jun 30, 2026. Filed Aug 27, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 27, 2026
STDN$12.16+5.7%Stored close · as of Nov 6, 2026
Contents
Table of Contents
| Page | ||
|---|---|---|
| Part I - Financial Information | ||
| Item 1. | Financial Statements | 6 |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 51 |
| Item 4. | Controls and Procedures | 52 |
| Part II - Other Information | ||
| Item 1. | Legal Proceedings | 54 |
| Item 1A. | Risk Factors | 54 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 54 |
| Item 3. | Defaults Upon Senior Securities | 55 |
| Item 4. | Mine Safety Disclosures | 55 |
| Item 5. | Other Information | 55 |
| Item 6. | Exhibits | 56 |
| Signatures | 58 | |
SELECTED DEFINITIONS AND ABBREVIATIONS
As used in this Quarterly Report on Form 10-Q, unless the context otherwise requires, the following abbreviations and terms have the meanings set forth below.
| 2025 Stock Plan | The Company’s 2025 Stock Plan, as amended, prior to the completion of the IPO, which was terminated in connection with the effectiveness of the 2026 Plan |
|---|---|
| 2026 Plan | The Company’s 2026 Equity Incentive Plan, which became effective immediately prior to the completion of the IPO |
| Advanced Reactors | Advanced nuclear reactors, including certain small modular reactors and microreactors, designed to be safer, more efficient, and more flexible than traditional nuclear reactors. |
| ASC | Accounting Standards Codification of the FASB |
| ASU | Accounting Standards Update issued by the FASB |
| Bonus Plan | The Standard Nuclear, Inc. 2026 Executive Incentive Bonus Plan |
| CFR | Code of Federal Regulations |
| Class B Conversion | Conversion of all outstanding shares of Class B common stock not beneficially owned by Mr. Hendrix into shares of Class A common stock immediately prior to the completion of the IPO |
| Class B Equity Exchange Agreement | Equity exchange right agreement between the Company and Mr. Hendrix, which gives Mr. Hendrix a right (but not an obligation) to require the Company to exchange any shares of Class A common stock received by Mr. Hendrix upon the exercise, vesting, and/or settlement of certain equity awards held by Mr. Hendrix or upon a distribution to Mr. Hendrix by Decisive Point Group, LLC following the IPO for an equivalent number of shares of Class B common stock |
| Class B Stock Exchange | The exchange of all of the outstanding shares of Class A common stock beneficially owned by Standard Nuclear Trust as of the Effective Time for an equivalent number of newly issued shares of Class B common stock in connection with the IPO |
| CODM | Chief operating decision maker; the Company's CODM is its Chief Executive Officer |
| Company / Standard Nuclear / SN / we / us / our | Standard Nuclear, Inc. and its consolidated subsidiary, unless the context otherwise requires. |
| DOE / Department | The United States Department of Energy |
| Effective Time | The time of effectiveness of the filing of the Company's restated certificate of incorporation with the Secretary of State of the State of Delaware, which occurred immediately prior to the completion of the IPO |
| EGC | An “emerging growth company,” as defined in the JOBS Act |
| ESPP | The Company’s 2026 Employee Stock Purchase Plan |
| Exchange Act | The Securities Exchange Act of 1934, as amended |
| FASB | The Financial Accounting Standards Board |
| Framatome | Framatome, Inc., a Delaware corporation that is a U.S. company and a U.S. subsidiary of Framatome SAS |
|---|---|
| Funded Backlog | Contracted fuel sales under binding commitments or agreements with firm delivery obligations, providing direct visibility into near-term revenue. Funded Backlog is presented net of revenue recognized and is reduced as the Company performs and delivers under its contracts |
| GAAP | Generally accepted accounting principles in the United States |
| HALEU | High-Assay Low-Enriched Uranium, which is uranium enriched to between 10% and 20% U-235. HALEU is a feedstock, not a fuel form, and is used to manufacture advanced fuels such as TRISO fuel |
| Idaho Facility / SN-ID | Company’s fuel line facility to be built on DOE property in Idaho pursuant to the OTA, which we refer to as our “SN-ID” facility |
| IPO | The Company's initial public offering of 10.0 million shares of Class A common stock at a public offering price of $15.00 per share, completed in July 2026 |
| JOBS Act | The Jumpstart Our Business Startups Act of 2012 |
| Joint Venture | Standard Nuclear x Framatome LLC, a Delaware limited liability company formed by the Company and Framatome in September 2025, in which the Company holds a 66.667% interest and Framatome holds 33.333% interest accounted for under the equity method, the purpose of which is to manufacture and bring advanced fuel products, including TRISO fuel particles and other TRISO-based fuel forms to market |
| kgU | Kilogram of uranium, which is a unit for measuring uranium mass quantity. It is a common measurement for fuel pricing and sales agreements. See also “MTU” |
| LAR | A license amendment request submitted to the NRC |
| MTU | Metric ton of uranium, which is a unit for measuring uranium mass quantity. It is a common measurement for fuel pricing and sales agreements. 1 MTU = 1,000 kgU |
| NRC | United States Nuclear Regulatory Commission |
| NYSE | New York Stock Exchange |
| Oak Ridge Facilities | Oak Ridge SN-0 and Oak Ridge SN-TN facilities, collectively |
| Oak Ridge SN-0 | The Company's existing fuel line facility in Oak Ridge, Tennessee that is currently operational |
| Oak Ridge SN-TN | The Company's new production facility in Oak Ridge, Tennessee that is anticipated to become operational in the second half of 2026 |
| Oak Ridge SN-TN20 | The Company’s planned supplemental production facility in Oak Ridge, Tennessee, that is targeted to have annual throughput capacity of up to 20 MTU |
| OTA | Other Transaction Agreement for Fuel Production Line Authorization, dated as of September 26, 2025, between the Company and the DOE |
| Process Yield | Realizable throughput from each individual processing cycle for the Company's TRISO fuel, measured across the overall manufacturing process |
| Purchase Option under Executed Contracts | Represents the dollar value of contractually granted but unexercised customer options. Exercise is at the sole discretion of the customer, and these amounts are not reflected in the Company’s financial statements until exercised |
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| Qualified Pipeline | Represents vetted potential sales opportunities not yet subject to executed agreements. These represent non-binding indications of interest and remain subject to negotiation of commercial terms and other conditions. Qualified Pipeline is not included in Total Contract Backlog |
| Registration Statement | The Company's Registration Statement on Form S-1 (File No. 333-296922), as amended, declared effective by the SEC on July 15, 2026, including the final prospectus dated July 15, 2026 filed pursuant to Rule 424(b)(4) |
| Restated Bylaws | Amended and restated bylaws which became effective on July 17, 2026, immediately prior to the completion of the IPO |
| Restated Certificate of Incorporation | Represent the Sixth Amended and Restated Certificate of Incorporation which became effective on July 17, 2026, immediately prior to the completion of the IPO |
| Richland SN-F Facility | Framatome’s NRC-licensed nuclear fuel cycle facility in Richland, Washington |
| SAFE Notes | The simple agreements for future equity issued by the Company in 2024, which converted into Series Seed-1 Preferred Stock on February 13, 2025 |
| Sarbanes-Oxley Act | The Sarbanes-Oxley Act of 2002 |
| SEC | The United States Securities and Exchange Commission |
| Securities Act | The Securities Act of 1933, as amended |
| Stock Split | The 2-for-1 stock split of the Company's capital stock effected on July 6, 2026 |
| Throughput | Quantity of a material that is able to be processed through a manufacturing facility over a specified period of time. We use throughput to describe how much TRISO fuel we are or expect to be able to process through a given production facility over a given time frame, commonly expressed in kgU or MTU of finished TRISO fuel per year, based on our current process yield from our manufacturing processes |
| TRISO | Tristructural-isotropic fuel, consisting of poppyseed-sized fuel particles made from enriched uranium and coated in ceramic layers, used to fuel many Advanced Reactors |
| U-235 | A naturally occurring isotope of uranium that can sustain a nuclear chain reaction, making it essential for nuclear fuel |
| Total Contract Backlog | Represents the sum of Funded Backlog, Unfunded Backlog and Purchase Option under Executed Contracts |
| Unfunded Backlog | Represents the dollar value of intended fuel sales under memoranda of understanding, non-binding framework agreements or non-binding term sheets, and letters of intent. Certain Unfunded Backlog is associated with Fuel Development Agreements that include nominal deposits to reserve production queue position |
| USNC | Ultra Safe Nuclear Corporation and its subsidiaries, from which the Company purchased specific nuclear fuel-related assets through a Section 363 auction process under the U.S. Bankruptcy Code |
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| VIE | A variable interest entity is defined as an entity whose total equity investment at risk is not sufficient to finance its activities without additional subordinated financial support from equity holders or other parties |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.