NNE HC Wainwright Aug 24 2026 Securing Fuel Supplies as Regulatory Process Chugs Along

Earnings Update Clean Technology August 24, 2026

NANO Nuclear Energy Inc. (NNE) Sameer Joshi Rating: Buy Amit Dayal

Securing Fuel Supplies as Regulatory Process Chugs Along; F3Q26 Results Update

Stock Data 8/21/2026 NRC environmental assessment and safety evaluation targeted Price $18.85 for 2027; steps to advance HALEU supply. NANO’s construction Exchange NASDAQ permit (CP) application, filed alongside the University of Illinois Urbana- Price Target $50.00 Champaign (UIUC), was formally accepted by the U.S. Nuclear 52-Week High $60.87 Regulatory Commission (NRC) for review in May 2026. The NRC has 52-Week Low $14.71 signaled an environmental assessment completion in 1Q27 and safety Enterprise Value (M) $436 evaluation during 3Q27, which paves the way for initial construction Market Cap (M) $1,012 activities in 2H27. The company believes that first power at UIUC Shares Outstanding (M) 53.7 could be generated during 2030. We believe that acceptance of the 3 Month Avg Volume 2,578,350 CP submission should be considered a meaningful validation of not Short Interest (M) 13.84 only the company’s technology, but also of the quality of the team that NANO has been able to put together. The flexibility of using Balance Sheet Metrics commercially available Low-Enriched Uranium plus (LEU+) fuel while Cash (M) $580.6 the High-Assay Low-Enriched Uranium (HALEU) fuel moves through Total Debt (M) $4.4 the approval process, we believe, gives the company a competitive Total Cash/Share $10.81 advantage. A meaningful development on the vertical integration front EPS ($) Diluted during F3Q26 was the acquisition of STS nuclear logistics May, adding Full Year - Sep 2025A 2026E 2027E a profitable fuel/spent-fuel transportation platform to the company’s 1Q (0.09) (0.13)A -- portfolio. Since closing, STS has transported HALEU from Japan to 2Q (0.57) (0.18)A -- the U.S. and removed highly enriched uranium from Venezuela for 3Q (0.19) (0.19)A -- National Nuclear Security Administration (NNSA), an agency of the 4Q (0.19) (0.24) -- U.S. Department of Energy (DoE). Management alluded to at least one FY ( ) additional deal in the fuel transportation business and/or nuclear fuel Revenue ($M) facility assets could be announced in coming months. The company Full Year - Sep 2025A 2026E 2027E has been prudent in spending its robust balance sheet (cash of 1Q 0.0 0.0A -- over $580M at the of the quarter) having made initial payments of 2Q 0.0 0.0A -- roughly $7M for the STS acquisition; we expect similar amount of 3Q 0.0 0.2A -- spend on additional acquisitions. After the announcement of its F3Q26 4Q 0.0 0.0 -- results, the company announced that it had signed a memorandum of FY 0.0 0.2 0.0 understanding (MoU) with Quadrant Nuclear Industries, Inc. (QNI), a Vol. (mil) Price developer of integrated nuclear fuel cycle capabilities, establishing a 15 60 non-binding framework for collaboration on the future supply of HALEU 50 fuel. The end goal is to establish an agreement for supply and long-term 10 offtake of HALEU produced at QNI's planned Vanguard facility at Idaho 40 National Laboratory (INL). Upcoming catalysts for the stock include: (1) announcements regarding aforementioned acquisitions; (2) completion 30 5 of environmental assessment in first calendar quarter of 2027; and (3) 20 completion of safety evaluation during the third calendar quarter of 2027.

0 10 F3Q26 results overview. NANO Nuclear reported its F3Q26 results on AUG-25 DEC-25 APR-26 AUG-26 August 14, 2026. During the quarter, overall operating expenses were $15.9M, compared to $14.1M in the previous quarter. The company reported net losses of $10.1M, or $0.19 per share in F3Q26, compared to 9.2M, or $0.18 per share, in the previous quarter. The company’s cash and cash equivalents, marketable securities, and long-term investments were $581M.

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NANO Nuclear Energy Inc. August 24, 2026

Reiterate Buy. We are projecting the company’s overall revenues to increase from under single-digit millions in FY2029, to over $8B in FY2040, at an eleven-year CAGR of over…