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Did Nano Nuclear beat or miss consensus estimates last quarter?

What were the key takeaways from Nano Nuclear's earnings call?

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What were the key takeaways from Nano Nuclear’s earnings call?

- **Strategic Momentum**: KRONOS MMR leads North American microreactor race with $99M private placement and UIUC prototype construction.
- **Regulatory & Bipartisan Support**: Accelerated licensing timelines in U.S. and Canada, backed by federal programs and $3.4B DOE funding.
- **Financial Strength**: $210M cash balance, $40M 12-month cash burn, and ATM program for capital flexibility.
- **Supply Chain Expansion**: Vertical integration into nuclear fuel cycle (enrichment, transportation, graphite sourcing) to derisk deployment.
- **Market Growth Drivers**: AI data centers (3%→8% U.S. power by 2030), industrial reshoring, and net-zero mandates driving 2.4% annual power demand growth.

**【Management Opening Remarks】**
- Matthew Barry provided an overview of the call, emphasizing forward-looking statements and cautionary language regarding risks and uncertainties. The presentation slides were made available on the company's website.

**【CEO Commentary】**
- **Jay Yu**: Highlighted the global nuclear renaissance, driven by AI data centers, industrial reshoring, and climate mandates. Discussed the KRONOS MMR's competitive position, including a $99 million private placement to accelerate development. Emphasized regulatory tailwinds and bipartisan support for advanced reactors.
- **James Walker**: Detailed Q3 milestones, including:
  - Submission of a construction permit application for the U.S. prototype at UIUC.
  - Collaboration with UrAmerica for uranium fuel supply chain derisking.
  - Hiring of 60 engineers and researchers for the new Illinois facility.
  - Appointment of high-profile advisors (e.g., Rick Perry, Seth Berl, Charles Leidig).
  - Inclusion in the Global X Uranium ETF, enhancing institutional exposure.

**【CFO Financial Commentary】**
- **Jaisun Garcha**: Reported Q3 financials:
  - Year-to-date loss from operations: $35.8 million (up $28 million YoY due to G&A and R&D expenses).
  - Cash position: $210.2 million (up $92 million YoY from the private placement).
  - Projected cash burn: $40 million over the next 12 months for personnel and development.
  - Established an at-the-market (ATM) equity program for future capital flexibility.

**【Q&A Highlights】**
- **Canada Licensing**: KRONOS MMR entered phase 2 of CNSC licensing, with collaboration with CNL and potential government funding. Expected to leverage existing regulatory momentum.
- **ALIP Commercialization**: Targeting DOE phase 3 validation, with potential sales to advanced reactors, fusion projects, and space agencies.
- **Cash Usage**: $40 million projected for hiring and operations over 12 months.
- **DOE Program**: Declined DOE's advanced reactor pilot program due to commercialization delays and cost inefficiencies.
- **Graphite Supply Chain**: Sourcing from global vendors (e.g., China, Japan), with no immediate plans for U.S. manufacturing.

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