Standard Nuclear Inc. (STDN) Pureplay nuclear fuel supplier poised to capture significant share in a growing nuclear SMR TAM...

Equity Research 10 August 2026 | 9:24AM EDT

Standard Nuclear Inc. (STDN) Pureplay nuclear fuel supplier poised to capture significant share in a growing nuclear SMR TAM; Initiate at Buy

STDN 12m Price Target: $18.00 Price: $8.44 Upside: 113.3% BUY Brian Lee, CFA We initiate coverage of Standard Nuclear (STDN) with a Buy rating | Goldman Sachs & Co. LLC and 120% implied upside to our 12-month price target of $18. We Tyler Bisset, CFA view STDN as well positioned to leverage the growing breadth of | Goldman Sachs & Co. LLC nuclear power deployment in the US and its early-mover advantage as only domestic industrial-scale supplier of tri-structural isotropic Keshav Choudhary | Goldman Sachs India SPL (TRISO) fuel, a specialized nuclear fuel used to power reactors with a unique safety and higher burn-up rate potential that positions it favorably for use in microreactors and small modular reactors (SMR), Key Data _____________________________________ Market cap: $1.5bn in particular. Near-term, we expect traction on commercialization of Enterprise value: $1.5bn 3m ADTV: NA new reactor designs, primarily in the microreactor category, across United States multiple OEMs focused on government applications (e.g. defense) to Americas Clean Energy M&A Rank: 3 drive the bulk of STDN’s growth. Over the medium-to-longer term GS Forecast __________________________________ we see significant potential from SMR adoption of TRISO fuel, with 12/25 12/26E 12/27E 12/28E

our nuclear supply-demand model forecasting ~15GW of Revenue ($ mn) EBITDA ($ mn) cumulative SMR deployment (from zero today) by 2035 and driving EBIT ($ mn) ( EPS ($) ( ~100 MTU of demand for STDN or a revenue trajectory implying P/E (X) NM NM NM 7.9 over $1bn by 2030 (up from <$20mn in ‘26). With a relatively EV/EBITDA (X) -- NM 253.9 5.6 FCF yield (%) NM (7.9) (2.5) 14.4 capital-light business model, aided by significant pricing power in Dividend yield (%) -- -- -- -- the early-stages of TRISO fuel adoption and broader nuclear Net debt/EBITDA (X) -- -- (30.7) (1.7)

development, we estimate EBITDA margins to reach ~65% by 2030, 3/26 6/26E 9/26E 12/26E positive FCF starting in 2028 and no need for further external EPS ($) ( )

capital to fund STDN’s growth — the latter makes it unique amongst GS Factor Profile ______________________________ Growth peers tied to the growth of SMRs. Financial Returns

Percentile 20th 40th 60th 80th 100th

STDN relative to Americas Coverage STDN relative to Americas Clean Energy

Source: Company data, Goldman Sachs Research estimates. See disclosures for details.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Standard Nuclear Inc. (STDN)

Standard Nuclear Inc. (STDN) Balance Sheet ($ mn) _______________________________________ BUY Rating since Aug 10, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents Accounts receivable Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets -- 1.1 2.2 8.3 12/25 12/26E 12/27E 12/28E Total current assets P/E (X) NM NM NM 7.9 Net PP&E EV/EBITDA (X) -- NM 253.9 5.6 Net intangibles -- -- -- -- EV/sales (X) -- 48.4 25.3 3.7 Total investments 1.1 1.1 1.1 1.1 FCF yield (%) NM (7.9) (2.5) 14.4 Other long-term assets -- -- -- -- EV/DACF (X) NM NM NM 6.7 Total assets CROCI (%) NM ( ROE (%) NM NM (219.6) 192.9 Accounts payable Net debt/EBITDA (X) -- -- (30.7) (1.7) Short-term debt -- -- -- -- Net debt/equity (%) ( ) Current lease liabilities -- -- -- -- Interest cover (X) -- (5.4) (4.4) 12.7 Other current liabilities Inventory days NM NM NM NM Total current liabilities Receivable days -- Long-term debt -- -- -- -- Days payable outstanding -- Non-current lease liabilities -- -- -- -- Growth &…