Nano Nuclear Energy Inc. 呈交 2026 財年第二季 10-Q 報告

false
 --09-30
 Q2
 0001923891
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 http://fasb.org/us-gaap/2026#UsefulLifeTermOfLeaseMember
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 0001923891
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 
 2026-05-12
 
 
 
 
 0001923891
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 
 2026-01-01
 2026-03-31
 
 
 
 
 0001923891
 
 
 2025-01-01
 2025-03-31
 
 
 
 
 0001923891
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-12-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2025-12-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2025-12-31
 
 
 
 
 0001923891
 
 us-gaap:AccumulatedOtherComprehensiveIncomeMember
 
 
 
 2025-12-31
 
 
 
 
 0001923891
 
 
 2025-12-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:AccumulatedOtherComprehensiveIncomeMember
 
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2024-12-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2024-12-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2024-12-31
 
 
 
 
 0001923891
 
 
 2024-12-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2024-09-30
 
 
 
 
 0001923891
 
 
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2026-01-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2026-01-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2026-01-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:AccumulatedOtherComprehensiveIncomeMember
 
 
 
 2026-01-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:AccumulatedOtherComprehensiveIncomeMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-01-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2025-01-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2025-01-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:AccumulatedOtherComprehensiveIncomeMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:AdditionalPaidInCapitalMember
 
 
 
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:RetainedEarningsMember
 
 
 
 2025-03-31
 
 
 
 
 0001923891
 
 
 2025-03-31
 
 
 
 
 0001923891
 
 
 2024-10-01
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:USTreasurySecuritiesMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:BuildingMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:EmployeeStockOptionMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:EmployeeStockOptionMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:USTreasurySecuritiesMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:IPOMember
 
 
 
 2024-05-07
 2024-05-07
 
 
 
 
 0001923891
 
 us-gaap:IPOMember
 
 
 
 2024-05-07
 
 
 
 
 0001923891
 
 us-gaap:OverAllotmentOptionMember
 
 
 
 2024-05-07
 2024-05-07
 
 
 
 
 0001923891
 
 us-gaap:OverAllotmentOptionMember
 
 
 
 2024-05-22
 2024-05-22
 
 
 
 
 0001923891
 
 us-gaap:IPOMember
 
 
 
 2024-05-22
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 us-gaap:IPOMember
 
 
 
 2024-05-22
 
 
 
 
 0001923891
 
 us-gaap:IPOMember
 
 
 
 2023-10-01
 2024-09-30
 
 
 
 
 0001923891
 
 NNE:July2024FirmCommitmentPublicOfferingMember
 
 
 
 2024-07-15
 2024-07-15
 
 
 
 
 0001923891
 
 NNE:July2024FirmCommitmentPublicOfferingMember
 us-gaap:CommonStockMember
 
 
 
 2024-07-15
 2024-07-15
 
 
 
 
 0001923891
 
 NNE:July2024FirmCommitmentPublicOfferingMember
 
 
 
 2024-07-15
 
 
 
 
 0001923891
 
 NNE:July2024FirmCommitmentPublicOfferingMember
 us-gaap:CommonStockMember
 
 
 
 2024-07-15
 
 
 
 
 0001923891
 
 NNE:July2024FollowOnOverallotmentWarrantsMember
 us-gaap:CommonStockMember
 
 
 
 2024-07-15
 2024-07-15
 
 
 
 
 0001923891
 
 NNE:July2024FollowonOverallotmentWarrantMember
 
 
 
 2024-07-15
 
 
 
 
 0001923891
 
 NNE:July2024FollowOnOverallotmentWarrantsMember
 us-gaap:CommonStockMember
 
 
 
 2024-07-15
 
 
 
 
 0001923891
 
 NNE:July2024FollowOnOverallotmentWarrantsMember
 us-gaap:CommonStockMember
 
 
 
 2024-07-18
 2024-07-18
 
 
 
 
 0001923891
 
 NNE:LeadManagingUnderwriterMember
 
 
 
 2024-07-18
 
 
 
 
 0001923891
 
 NNE:LeadManagingUnderwriterMember
 us-gaap:CommonStockMember
 
 
 
 2024-07-18
 2024-07-18
 
 
 
 
 0001923891
 
 NNE:LeadManagingUnderwriterMember
 us-gaap:CommonStockMember
 
 
 
 2024-07-18
 
 
 
 
 0001923891
 
 NNE:OctoberTwoThousandTwentyFourFollowOnOfferingMember
 
 
 
 2024-10-23
 2024-10-23
 
 
 
 
 0001923891
 
 NNE:OctoberTwoThousandTwentyFourFollowOnOfferingMember
 us-gaap:CommonStockMember
 
 
 
 2024-10-23
 2024-10-23
 
 
 
 
 0001923891
 
 NNE:OctoberTwoThousandTwentyFourFollowOnOfferingMember
 
 
 
 2024-10-23
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 NNE:OctoberTwoThousandTwentyFourFollowOnOfferingMember
 
 
 
 2024-10-23
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2024-10-23
 2024-10-23
 
 
 
 
 0001923891
 
 us-gaap:OverAllotmentOptionMember
 us-gaap:CommonStockMember
 
 
 
 2024-10-23
 2024-10-23
 
 
 
 
 0001923891
 
 us-gaap:OverAllotmentOptionMember
 us-gaap:CommonStockMember
 
 
 
 2024-10-23
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 us-gaap:OverAllotmentOptionMember
 
 
 
 2024-10-29
 2024-10-29
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2024-10-23
 
 
 
 
 0001923891
 
 NNE:OctoberTwoThousandTwentyFourFollowOnOverAllotmentOptionMember
 
 
 
 2024-10-23
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 NNE:OctoberTwoThousandTwentyFourFollowOnOverAllotmentOptionMember
 
 
 
 2024-10-23
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 
 
 
 2024-11-24
 2024-11-24
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 us-gaap:CommonStockMember
 
 
 
 2024-11-24
 2024-11-24
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 NNE:SecuritiesPurchaseAgreementMember
 
 
 
 2024-11-24
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 us-gaap:PrivatePlacementMember
 
 
 
 2024-11-24
 2024-11-24
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 
 
 
 2024-11-24
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 NNE:MayTwoThousandAndTwentyFivePrivatePlacementMember
 
 
 
 2025-05-26
 2025-05-26
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 NNE:MayTwoThousandAndTwentyFivePrivatePlacementMember
 
 
 
 2025-05-26
 
 
 
 
 0001923891
 
 NNE:MayTwoThousandAndTwentyFivePlacementAgencyAgreementMember
 us-gaap:PrivatePlacementMember
 
 
 
 2025-05-26
 2025-05-26
 
 
 
 
 0001923891
 
 NNE:TwoThousandAndTwentyFiveATMAgreementMember
 srt:MaximumMember
 
 
 
 2025-07-25
 2025-07-25
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 
 
 
 2025-10-07
 2025-10-07
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 
 
 
 2025-10-07
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 us-gaap:PrivatePlacementMember
 
 
 
 2025-10-07
 2025-10-07
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 us-gaap:PrivatePlacementMember
 
 
 
 2025-10-10
 2025-10-10
 
 
 
 
 0001923891
 
 NNE:SecuritiesPurchaseAgreementMember
 
 
 
 2025-10-10
 2025-10-10
 
 
 
 
 0001923891
 
 NNE:TwoThousandAndTwentyFiveEquityIncentivePlanMember
 
 
 
 2023-02-10
 2023-06-07
 
 
 
 
 0001923891
 
 NNE:TwoThousandAndTwentyThreeStockOptionPlanMember
 
 
 
 2023-02-10
 2023-06-07
 
 
 
 
 0001923891
 
 NNE:TwoThousandAndTwentyThreeStockOptionPlansMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 NNE:TwoThousandAndTwentyFiveEquityIncentivePlanMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 srt:MinimumMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 srt:MaximumMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 srt:MinimumMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 srt:MaximumMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-03-06
 2025-03-06
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-03-06
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-03-13
 2025-03-13
 
 
 
 
 0001923891
 
 us-gaap:CommonStockMember
 
 
 
 2025-03-13
 
 
 
 
 0001923891
 
 NNE:CommonStockOneMember
 
 
 
 2025-03-13
 2025-03-13
 
 
 
 
 0001923891
 
 NNE:CommonStockOneMember
 
 
 
 2025-03-13
 
 
 
 
 0001923891
 
 NNE:CommonStockTwoMember
 
 
 
 2025-03-13
 2025-03-13
 
 
 
 
 0001923891
 
 NNE:CommonStockTwoMember
 
 
 
 2025-03-13
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 
 
 
 2025-11-13
 2025-11-13
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 
 
 
 2025-11-13
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:OneThirdGrantDateAnniversaryMember
 
 
 
 2025-11-13
 2025-11-13
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:GrantDateAnniversaryMember
 
 
 
 2025-11-13
 2025-11-13
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:SixMonthGrantDateAnniversaryMember
 
 
 
 2025-06-03
 2025-06-03
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 
 
 
 2025-06-03
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 
 2023-10-01
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:TwoThousandAndTwentyFiveEquityPlanMember
 
 
 
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:TwoThousandAndTwentyFiveEquityPlanMember
 
 
 
 2024-10-01
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:TwoThousandAndTwentyFiveEquityPlanMember
 
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:TwoThousandAndTwentyFiveEquityPlanMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:RestrictedStockUnitsRSUMember
 NNE:TwoThousandAndTwentyFiveEquityPlanMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2023-10-01
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2024-10-01
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:WarrantMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:LandBuildingsAndImprovementsMember
 
 
 
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:LandBuildingsAndImprovementsMember
 
 
 
 2024-09-30
 
 
 
 
 0001923891
 
 us-gaap:LandBuildingsAndImprovementsMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:LandBuildingsAndImprovementsMember
 
 
 
 2024-10-01
 2025-09-30
 
 
 
 
 0001923891
 
 us-gaap:LandBuildingsAndImprovementsMember
 
 
 
 2026-03-31
 
 
 
 
 0001923891
 
 
 2024-08-31
 
 
 
 
 0001923891
 
 NNE:NuclearTechnologyHeadquatersMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 NNE:NuclearTechnologyHeadquatersMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 
 2025-07-31
 
 
 
 
 0001923891
 
 NNE:KRONOSMMRMicroreactorEnergySystemMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 NNE:KRONOSMMRMicroreactorEnergySystemMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 
 2026-01-31
 
 
 
 
 0001923891
 
 us-gaap:LandMember
 
 
 
 2025-10-01
 2026-03-31
 
 
 
 
 0001923891
 
 us-gaap:LandMember
 
 
 
 2024-10-01
 2025-03-31
 
 
 
 
 0001923891
 
 NNE:ALIPTechnologyMember
 NNE:DrMaidanaMember
 
 
 
 2024-06-21
 2024-06-21
 
 
 
 
 0001923891
 
 NNE:ALIPTechnologyMember
 
 
 
 2024-06-21
 2024-06-21
 
 
 
 
 0001923891
 
 NNE:LISTechnologiesIncMember
 
 
 
 2024-08-31
 
 
 
 
 0001923891
 
 
 2024-12-18
 2024-12-18
 
 
 
 
 0001923891
 
 
 2025-01-10
 2025-01-10
 
 
 
 
 0001923891
 
 
 2024-12-18
 
 
 
 
 0001923891
 
 
 2025-08-14
 2025-08-14
 
 
 
 
 0001923891
 
 
 2025-08-14
 
 
 
 
 0001923891
 
 us-gaap:SubsequentEventMember
 
 
 
 2026-05-14
 2026-05-14
 
 
 
 
 0001923891
 
 NNE:CanadianConsentsMember
 
 
 
 2026-03-31
 
 
 
 iso4217:USD
 
 
 xbrli:shares
 
 
 
 
 iso4217:USD
 
 
 xbrli:shares
 
 
 
 
 xbrli:pure
 
 
 utr:sqft
 
 
 utr:acre
 
 
 iso4217:CAD
 
 
 

 

 

 

UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549

 

FORM
10-Q 

 

(Mark
One)

 

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For
the quarterly period ended March 31, 2026

 

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For
the transition period from ____________ to ____________

 

Commission
file number 001-42044

 

 
 NANO
 NUCLEAR ENERGY INC.

 
 (Exact
 name of registrant as specified in its charter)

 
 

 
 Nevada
  
 88-0861977

 
 (State
 or other jurisdiction of

 incorporation or organization)
  
 (I.R.S.
 Employer

 Identification No.)

 
 

 
 10
 Times Square, 30th Floor

 New
 York, New York

  
 10018

 
 (Address
 of principal executive offices)
  
 (Zip
 Code)

 
 

(212) 634-9206

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities
registered pursuant to Section 12(b) of the Act:

 

 
 Title
 of each class
  
 Trading
 symbol(s)
  
 Name
 of exchange on which registered

 
 Common
 stock, par value $0.0001 per share
  
 NNE
  
 Nasdaq
 Capital Market

 
 

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files.) Yes ☒ No ☐

 

Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 
  
 Large
 accelerated filer ☐
 Accelerated
 filer ☐

 
  
 Non-accelerated
 filer ☒
 Smaller
 reporting company ☐

 
  
  
 Emerging
 growth company ☒

 
 

If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

As
of May 12, 2026, there were 52,083,294 shares of the Company’s common stock issued and outstanding.

 

 

 

  

  

 

 

NANO
NUCLEAR ENERGY INC.

 

Form
10-Q

 

For
the Quarter Ended March 31, 2026

 

TABLE
OF CONTENTS

 

 
  
  
 Page

 
  
  
  

 
 Cautionary Note Regarding Forward-Looking Statements
 ii

 
  
  
  

 
 Part I. Financial Information
 1

 
  
  
  

 
 Item
 1.
 Financial Statements
 1

 
  
  
  

 
  
 Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and September 30, 2025
 1

 
  
  
  

 
  
 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended March 31, 2026 and 2025 
 2

 
  
  
  

 
  
 Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended March 31, 2026 and 2025
 3

 
  
  
  

 
  
 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2026 and 2025
 4

 
  
  
  

 
  
 Notes to the Condensed Consolidated Financial Statements (Unaudited)
 5

 
  
  
  

 
 Item
 2.
 Management’s Discussion and Analysis of Financial Condition and Results of Operations
 24

 
  
  
  

 
 Item
 3.
 Quantitative and Qualitative Disclosures About Market Risk
 35

 
  
  
  

 
 Item
 4.
 Controls and Procedures
 35

 
  
  
  

 
 Part II. Other Information
 36

 
  
  
  

 
 Item
 1.
 Legal Proceedings
 36

 
  
  
  

 
 Item
 1A.
 Risk Factors
 36

 
  
  
  

 
 Item
 2.
 Unregistered Sales of Equity Securities and Use of Proceeds
 37

 
  
  
  

 
 Item
 3.
 Defaults Upon Senior Securities
 37

 
  
  
  

 
 Item
 4.
 Mine Safety Disclosures
 37

 
  
  
  

 
 Item
 5.
 Other Information
 37

 
  
  
  

 
 Item
 6.
 Exhibits
 38

 
  
  
  

 
  
 Signatures
 39

 
 

 i

  

 

 

CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This
Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” (as defined in Section 27A
of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) that reflect our current expectations and views of future events. The forward-looking statements
are contained principally in the section of this Report entitled “Management’s Discussion and Analysis of Financial Condition
and Results of Operations.” Readers are cautioned that significant known and unknown risks, uncertainties and other important factors
(including those over which we may have no control) and others listed in this Report, in the “Item
1A. Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 (“2025 Annual
Report”), as filed with the Securities and Exchange Commission (the “SEC”) on December 18, 2025, and in our
other filings with the SEC may cause our actual results, performance or achievements to be materially different from those expressed
or implied by the forward-looking statements.

 

You
can identify these forward-looking statements by terms such as “anticipate,” “believe,”
“continue,” “could,” “depends,” “estimate,” “expects,”
“intend,” “may,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “aim,” “goal,” “should,” “will,” “would,”
“assumption” or “judgment” or derivatives of these terms or other similar expressions pertaining to the future, although not all
forward-looking statements contain those words.

 

These
forward-looking statements present our estimates and assumptions only as of the date of this Report and are subject to several known
and unknown risks, uncertainties, and assumptions. Accordingly, you are cautioned not to place undue reliance on forward-looking statements,
which speak only as of the dates on which they are made. Important factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not limited to, those challenges summarized below:

 

 
  
 ●
 Our ability to design, develop, manufacture, demonstrate, obtain regulatory approval for and ultimately sell our proposed nuclear reactors or the power from our reactors, other products, technologies or services we are developing on the timelines we currently anticipate, if at all.

 
  
  
  

 
  
 ●
 Our ability to source or internally develop the necessary fuel and material supply chain to power our next generation of advanced nuclear reactors.

 
  
  
  

 
  
 ●
 Our ability to acquire or internally develop the required transportation capabilities to move our reactors, their fuel, and other special materials critical to the commercial deployment of our reactor systems.

 
  
  
  

 
  
 ●
 Our ability to build internally, and to externally provide, nuclear
 technical support and consultation services for the resurgent and expanding nuclear energy industry, both domestically and
 internationally.

 
  
  
  

 
  
 ●
 Our ability to source, retain, and expand our technical and business staff to meet the demands of our expanding and diversifying business.

 
  
  
  

 
  
 ●
 Our ability to raise the substantial amount of additional funds that will be necessary for our business to succeed, which funds may not be available on acceptable terms or available at all.

 
  
  
  

 
  
 ●
 The ability of key third party collaborators including, without limitation, The University of Illinois Urbana-Champaign, to perform their obligations to us and meet goals and timelines as expected.

 
  
  
 

 
  
 ●
 Assumptions relating to the size of the market for our nuclear reactors or other products, technologies or services we are developing.

 
  
  
  

 
  
 ●
 Our ability to navigate the complex and time-consuming nuclear regulatory regimes in the jurisdictions we operate, including unanticipated regulations or regulatory failures that could add barriers, time and cost to our business plans.

 
 

 ii

  

 

 

 
  
 ●
 Our
 estimates of future expenses, capital requirements, revenue potential and our needs for, or ability to obtain, additional financing.

 
  
  
  

 
  
 ●
 Our
 status as a pre-revenue company in a rapidly evolving, complex and highly competitive industry with a business model that is still
 being developed and is largely untested.

 
  
  
  

 
  
 ●
 Our
 ability to avoid a significant disruption in our information technology system, including security breaches, or our ability to implement
 new system and software successfully.

 
  
  
  

 
  
 ●
 Our
 ability to obtain and maintain intellectual property protection for our products.

 
  
  
  

 
  
 ●
 The
 other forward-looking statements regarding our company and its prospects included or incorporated by reference in this Report including,
 without limitation, those under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition
 and Results of Operations,” as such factors may be updated from time to time in our other filings with the SEC.

 
 

The
foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or
risk factors that we are faced with. Forward-looking statements necessarily involve significant risks and uncertainties, and our actual
results could differ materially from those anticipated in the forward-looking statements due to a number of factors, including those
set forth in our 2025 Annual Report and other SEC filings. All subsequent written and oral forward-looking statements attributable to
us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above. Prior to investing
in our common stock, you should read this Report, our 2025 Annual Report and other SEC filings completely and with the understanding
that our actual future results may be materially different from what we currently expect. We qualify all of our forward-looking statements
by these cautionary statements.

 

The
forward-looking statements made in this Report relate only to events or information as of the date of this Report. Except as required
by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

 

 iii

  

 

 

PART
I - FINANCIAL INFORMATION

 

Item
1. Financial Statements.

 

NANO
NUCLEAR ENERGY INC. AND SUBSIDIARIES

 

CONDENSED
CONSOLIDATED BALANCE SHEETS

 

 
   
 March 31, 

2026  
 September 30,
 2025 

 
   
 (Unaudited)  
   

 
 ASSETS 
     
    

 
   
     
    

 
 Current assets: 
     
    

 
 Cash and cash equivalents 
 $197,675,624  
 $203,265,052 

 
 Short-term investments 
  370,997,289  
  - 

 
 Accounts receivable, net 
  -  
  250,000 

 
 Prepaid expenses 
  1,502,378  
  902,861 

 
 Deposits, current 
  1,300,000  
  250,000 

 
 Marketable securities, at fair value 
  222,645  
  - 

 
 Total current assets 
  571,697,936  
  204,667,913 

 
 Deferred offering costs 
  385,500  
  300,000 

 
 Deposits, non-current 
  274,001  
  269,235 

 
 Property, plant and equipment, net 
  18,091,214  
  9,783,777 

 
 Right-of-use assets 
  2,392,837  
  2,560,896 

 
 Long-term investments, related party 
  2,000,000  
  2,000,000 

 
 In-process research and development 
  9,075,045  
  9,075,045 

 
 Total assets 
 $603,916,533  
 $228,656,866 

 
   
     
    

 
 LIABILITIES AND STOCKHOLDERS’ EQUITY 
     
    

 
   
     
    

 
 Current liabilities: 
     
    

 
 Accounts payable and accrued liabilities 
 $4,350,962  
 $1,314,596 

 
 Lease liabilities, current 
  547,394  
  534,128 

 
 Contingent consideration 
  1,074,000  
  1,978,000 

 
 Total current liabilities 
  5,972,356  
  3,826,724 

 
 Lease liabilities, non-current 
  2,054,989  
  2,261,414 

 
 Total liabilities 
  8,027,345  
  6,088,138 

 
   
     
    

 
 Stockholders’ equity 
     
    

 
 Preferred stock, $0.0001 par value; 25,000,000 authorized as of March 31, 2026 and September 30, 2025; none issued and outstanding as of March 31, 2026 and September 30, 2025 
  -  
  - 

 
 Common stock, $0.0001 par value; 275,000,000 authorized as of March 31, 2026 and September 30, 2025; 52,083,294  and 41,738,358 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively 
  5,208  
  4,173 

 
 Additional paid-in capital 
  669,086,072  
  280,065,412 

 
 Accumulated deficit 
  (73,197,302) 
  (57,500,857)

 
 Accumulated other comprehensive loss 
  (4,790) 
  - 

 
 Total stockholders’ equity 
  595,889,188  
  222,568,728 

 
 Total liabilities and stockholders’ equity 
 $603,916,533  
 $228,656,866 

 

 

The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 1

  

 

 

NANO
NUCLEAR ENERGY INC. AND SUBSIDIARIES

 

CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

 
   
 March 31, 2026  
 March 31, 2025  
 March 31, 2026  
 March 31, 2025 

   
 Three Months Ended  
 Six Months Ended 

 
   
 March 31, 2026  
 March 31, 2025  
 March 31, 2026  
 March 31, 2025 

 
 Operating expenses 
     
     
     
    

 
 General and administrative 
 $8,589,312  
 $15,697,178  
 $15,475,914  
 $18,191,748 

 
 Research and development 
  5,659,427  
  6,712,543  
  11,059,838  
  7,617,466 

 
 Change in fair value of contingent consideration 
  (176,500) 
  78,250  
  (904,000) 
  602,500 

 
 Loss from operations 
  14,072,239  
  22,487,971  
  25,631,752  
  26,411,714 

 
   
     
     
     
    

 
 Other income 
  4,949,105  
  1,179,250  
  9,962,662  
  1,989,631 

 
 Unrealized loss on marketable securities 
  (57,032) 
  -  
  (179,870) 
  - 

 
 Gain on settlement of accounts receivable 
  -  
  -  
  152,515  
  - 

 
 Net loss 
 $(9,180,166) 
 $(21,308,721) 
 $(15,696,445) 
 $(24,422,083)

 
   
     
     
     
    

 
 Other comprehensive income (loss):
 
     
     
     
    

 
 Cumulative translation adjustment 
  5,930  
  -  
  (4,790)
 
  - 

 
 Comprehensive loss 
 $(9,174,236)
 
 $(21,308,721)
 
 $(15,701,235)
 
 $(24,422,083)

 
   
     
     
     
    

 
 Net loss per share of common stock: 
     
     
     
    

 
 Basic 
 $(0.18) 
 $(0.57) 
 $(0.31) 
 $(0.69)

 
 Diluted 
 $(0.18) 
 $(0.57) 
 $(0.31) 
 $(0.69)

 
   
     
     
     
    

 
 Weighted-average shares of common stock outstanding: 
     
     
     
    

 
 Basic 
  51,649,161  
  37,074,514  
  50,718,061  
  35,502,417 

 
 Diluted 
  51,649,161  
  37,074,514  
  50,718,061  
  35,502,417 

 

 

The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 2

  

 

 

NANO
NUCLEAR ENERGY INC. AND SUBSIDIARIES

 

CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

For
the Three Months Ended March 31, 2026

 

 
   
 Common
 Shares
  
 Amount  
 Additional

 Paid-in

 Capital
  
 Accumulated

 Deficit
  
 Accumulated

 Other

 Comprehensive

 Loss
  
 Total

 Stockholders’

 Equity
 

 
 Balance as of December 31, 2025 
  50,581,794  
 $5,056  
 $663,601,589  
 $(64,017,136) 
 $(10,720) 
 $599,578,789 

 
 Exercise of warrants 
  1,500  
  -  
  28,500  
  -  
  -  
  28,500 

 
 Exercise of stock options 
  1,500,000  
  152  
  2,774,846  
  -  
  -  
  2,774,998 

 
 Equity-based compensation 
  -  
  -  
  2,681,137  
  -  
  -  
  2,681,137 

 
 Net loss 
  -  
  -  
  -  
  (9,180,166) 
  -  
  (9,180,166)

 
 Accumulated other comprehensive income 
  -  
  -  
  -  
  -  
  5,930  
  5,930 

 
 Balance as of March 31, 2026 
  52,083,294  
 $5,208  
 $669,086,072  
 $(73,197,302) 
 $(4,790) 
 $595,889,188 

 

 

For
the Six Months Ended March 31, 2026

 

 
   
 Common

 Shares
  
 Amount  
 Additional

 Paid-in

 Capital
  
 Accumulated

 Deficit
  
 Accumulated

 Other

 Comprehensive

 Loss
  
 Total

 Stockholders’

 Equity
 

 
 Balance as of September 30, 2025 
  41,738,358  
 $4,173  
 $280,065,412  
 $(57,500,857) 
 $-  
 $222,568,728 

 
 Common stock issuances 
  8,490,767  
  850  
  399,999,183  
  -  
  -  
  400,000,033 

 
 Offering costs 
  -  
  -  
  (21,520,711) 
  -  
  -  
  (21,520,711)

 
 Exercise of warrants 
  141,669  
  14  
  2,473,534  
  -  
  -  
  2,473,548 

 
 Exercise of stock options 
  1,695,000  
  171  
  3,314,827  
  -  
  -  
  3,314,998 

 
 Equity-based compensation 
  17,500  
     
  4,753,827  
  -  
  -  
  4,753,827 

 
 Net loss 
  -  
  -  
  -  
  (15,696,445) 
  -  
  (15,696,445)

 
 Accumulated other comprehensive loss 
  -  
  -  
  -  
  -  
  (4,790) 
  (4,790)

 
 Accumulated other comprehensive income (loss) 
  -  
  -  
  -  
  -  
  (4,790) 
  (4,790)

 Balance as of March 31, 2026 
  52,083,294  
 $5,208  
 $669,086,072  
 $(73,197,302) 
 $(4,790) 
 $595,889,188 

 

 

For
the Three Months Ended March 31, 2025

 

 
   
 Common  
    
 Additional
 Paid-in
  
 Accumulated  
 Total
 Stockholders’
 

 
   
 Shares  
 Amount  
 Capital  
 Deficit  
 Equity 

 
 Balance as of December 31, 2024 
  36,742,099  
 $3,675  
 $150,600,504  
 $(20,547,143) 
 $    130,057,036 

 
   
     
     
     
     
    

 
 Exercise of warrants 
  374,832  
  37  
  6,373,085  
  -  
  6,373,122 

 
 Exercise of stock options 
  148,000  
  15  
  428,985  
  -  
  429,000 

 
 Equity-based compensation 
  -  
  -  
  16,476,053  
  -  
  16,476,053 

 
 Net loss 
  -  
  -  
  -  
  (21,308,721) 
  (21,308,721)

 
   
     
     
     
     
    

 
 Balance as of March 31, 2025 
  37,264,931  
 $3,727  
 $173,878,627  
 $(41,855,864) 
 $132,026,490 

 

 

For
the Six Months Ended March 31, 2025

 

 
   
 Common  
    
 Additional
 Paid-in
  
 Accumulated  
 Total
 Stockholders’
 

 
   
 Shares  
 Amount  
 Capital  
 Deficit  
 Equity 

 
 Balance as of September 30, 2024 
  30,715,663  
 $3,072  
 $49,038,165  
 $(17,433,781) 
 $    31,607,456 

 
 Balance 
  30,715,663  
 $3,072  
 $49,038,165  
 $(17,433,781) 
 $    31,607,456 

   
     
     
     
     
    

 
 Common stock issuances 
  4,935,294  
  494  
  101,399,518  
  -  
  101,400,012 

 
 Offering costs 
  -  
  -  
  (9,058,856) 
  -  
  (9,058,856)

 
 Exercise of warrants 
  975,974  
  97  
  14,387,311  
  -  
  14,387,408 

 
 Exercise of stock options 
  638,000  
  64  
  1,636,436  
  -  
  1,636,500 

 
 Equity-based compensation 
  -  
  -  
  16,476,053  
  -  
  16,476,053 

 
 Net loss 
  -  
  -  
  -  
  (24,422,083) 
  (24,422,083)

 
   
     
     
     
     
    

 
 Balance as of March 31, 2025 
  37,264,931  
 $3,727  
 $173,878,627  
 $(41,855,864) 
 $132,026,490 

 
 Balance 
  37,264,931  
 $3,727  
 $173,878,627  
 $(41,855,864) 
 $132,026,490 

 

The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements

 

 3

  

 

 

NANO
NUCLEAR ENERGY INC. AND SUBSIDIARIES

 

CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 
   
 For the Six
 Months Ended
 March 31, 2026
  
 For the Six
 Months Ended
 March 31, 2025
 

 
   
    
   

 
 OPERATING ACTIVITIES 
     
    

 
 Net loss 
 $(15,696,445) 
 $(24,422,083)

 
 Adjustments to reconcile net loss to net cash used in operating activities: 
     
    

 
 Equity-based compensation 
  4,753,827  
  16,476,053 

 
 Amortization of right-of-use assets 
  168,059  
  133,614 

 
 Depreciation 
  452,774  
  39,517 

 
 Changes in fair value of contingent liability 
  (904,000) 
  602,500 

 
 Bank revaluation 
  12,257  
  - 

 
 Unrealized loss on marketable securities 
  179,870  
  - 

 
 Non-cash interest income on short-term investments 
  (306,952) 
  - 

 
 Gain on settlement of accounts receivable 
  (152,515) 
  - 

 
 Change in assets and liabilities: 
     
    

 
 Prepaid expenses 
  (599,517) 
  161,725 

 
 Deposits 
  (4,766) 
  (284,000)

 
 Accounts payable and accrued liabilities 
  3,036,366  
  1,774,018 

 
 Due to related parties 
  -  
  5,000 

 
 Lease liabilities 
  (193,159) 
  (107,323)

 
 Net cash used in operating activities 
  (9,254,201) 
  (5,620,979)

 
   
     
    

 
 INVESTING ACTIVITIES 
     
    

 
 Purchase of short-term investments 
  (370,690,337) 
  - 

 
 Additions to property, plant and equipment  
  (8,760,211) 
  (3,625,846)

 
 Deposits 
  (1,050,000) 
  - 

 
 In-process research and development 
  -  
  (9,075,045)

 
 Net cash used in investing activities 
  (380,500,548) 
  (12,700,891)

 
   
     
    

 
 FINANCING ACTIVITIES 
     
    

 
 Proceeds from common stock issuances 
  400,000,033  
  101,400,012 

 
 Offering costs 
  (21,520,711) 
  (9,058,856)

 
 Proceeds from exercise of warrants 
  2,473,548  
  14,387,408 

 
 Proceeds from exercise of stock options 
  3,314,998  
  1,636,500 

 
 Payment of deferred offering costs 
  (85,500) 
  - 

 
 Net cash provided by financing activities 
  384,182,368  
  108,365,064 

 
   
     
    

 
 Net increase (decrease) in cash and cash equivalents 
  (5,572,381) 
  90,043,194 

 
 Cash and cash equivalents, beginning of period 
  203,265,052  
  28,507,257 

 
 Effect of exchange rate changes on cash 
  (17,047) 
  - 

 
 Cash and cash equivalents, end of period 
 $197,675,624  
 $118,550,451 

 
   
     
    

 
 Non-cash transactions: 
     
    

 
 Inception of Right-of-Use Asset / Liability 
 $-  
 $1,026,348 

 
 Supplemental disclosures of cash flow information 
     
    

 
 Cash paid for income and franchise taxes 
 $595,746
  
 $56,717
 

 

 

The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 4

  

 

 

NANO
NUCLEAR ENERGY INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As
of March 31, 2026

 

1.
ORGANIZATION AND OPERATIONS AND BASIS OF PRESENTATION

 

NANO
Nuclear Energy Inc. (“NANO”, the “Company”, “we”, “us”, “our” and
similar terminology) was incorporated under the laws of the State of Nevada on February 8, 2022 (“Inception”) and is
headquartered in New York, New York. The Company is a nuclear energy and technology company, developing smaller, simpler, and safer
advanced reactors utilizing proprietary microreactor designs, intellectual property and research methods.

 

With
the goal of vertical integration across key aspects of the nuclear fuel supply chain, the Company is principally focused on the following
four business lines as part of its development strategy :

 

 
  
 ●
 Nuclear
 Reactor Business. The Company is developing the next generation of advanced nuclear
 microreactors, with its current principal allocation of time and capital resources directed
 toward the development of the KRONOS MMR™ Energy System. This high technology readiness
 (“TRL”) level, high-temperature gas-cooled reactor (“HTGR”), Tristructural-Isotropic
 (“TRISO”) fueled reactor is designed for both small- and large-scale operations,
 optimizing between size and output to allow for modularity and easier mass manufacturing,
 and efficient scalable energy generation. On April 2, 2026, the Company announced the formal
 submission of the Construction Permit Application by The Grainger College of Engineering
 at The University of Illinois at Urbana- Champaign (“UIUC”), the Company’s
 partner for the KRONOS MMR™ deployment, to the U.S. Nuclear Regulatory Commission
 (“NRC”). The Company’s KRONOS MMR™ reactor at UIUC is being developed
 as a research microreactor for demonstration, testing, and research purposes. The Company
 also intends, subject to applicable approvals and arrangements, to supply power generated
 by the KRONOS MMR™ reactor to the UIUC grid. The reactor is expected to be a
 full-scale system – analogous to the commercial KRONOS MMR™ reactor the Company
 intends to sell and deploy after receiving an operating license. The UIUC project will also
 serve as the reactor which the NRC will be evaluating as part of its licensing process for
 the entire system under the Part 50 licensing rules and regulations.

  

 The
 Company’s portfolio of reactors also includes the LOKI MMR™ reactor, a portable nuclear reactor designed for versatility
 in application and deployment, which is also a HTGR utilizing TRISO fuel, and ZEUS™ reactor, a portable modular solid core
 battery reactor.

 
  
  
  

 
  
 ●
 Fuel
 Supply Chain Business. Through its subsidiary, HALEU Energy Fuel Inc., and in coordination with the Department of Energy
 (“DOE”), the Company is also seeking to develop a low-enriched uranium (“LEU”) and high-assay low-enriched
 uranium (“HALEU”) fuel supply chain to supply fuel not only for its own reactors but also to the broader advanced nuclear
 reactor industry. In December 2024, the Company announced that LIS Technologies Inc., a related party through common ownership and
 management (“LIST”) (see Note 9), and the Company, were selected by the DOE to participate as one of six contract awardees
 in the DOE’s LEU Enrichment Acquisition Program. Under the contract awarded to LIST, LIST was selected as the prime contractor,
 with the Company as the key subcontractor bringing the Company’s technical and regulatory expertise in advanced nuclear solutions
 to the collaboration (see Note 9 for further information). The Company is also evaluating ways to participate in other key aspects
 of the nuclear fuel supply chain in areas such as conversion through commercial agreements or acquisitions to achieve its goal of
 vertical integration across key aspects of the nuclear fuel cycle. 

 
  
  
  

 
  
 ●
 Fuel
 Transportation Business. Through its subsidiary, Advanced Fuel Transportation Inc., the Company is developing a high-capacity
 HALEU transportation product, capable of moving commercial quantities of HALEU fuel, which is expected to be integrated into its
 fuel transportation business. The Company’s transportation business will build on existing work completed at the Idaho National
 Laboratory (“INL”), Oak Ridge National Laboratory (“ORNL”) and Pacific Northwest National Laboratory (“PNNL”),
 the world’s premier U.S.-backed nuclear research facilities. The Company is actively evaluating the potential acquisition of an existing, revenue-generating business focused
on the transportation of nuclear fuel and nuclear waste that could provide internal and external capabilities to support future nuclear
fuel logistics requirements for the Company and third parties.

 
 

 5

  

 

 

NANO
NUCLEAR ENERGY INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As
of March 31, 2026

 

1.
ORGANIZATION AND OPERATIONS AND BASIS OF PRESENTATION (Continued)

 

 
  
 ●
 Nuclear
 Consultation and Technical Services. The Company also sees an opportunity to provide nuclear technical support and
 consultation services for the resurgent and expanding nuclear energy industry in the future, primarily by acquiring businesses whose
 technical expertise will provide internal capabilities necessary to support the Company in developing and deploying its reactors or
 advancing its fuel supply chain business. Regulatory approval is not required to provide such services. As of the date of this
 Report, the Company has not yet formally launched its nuclear consultation business, although the Company generated a small amount
 of revenue from providing such services in its 2025 fiscal year. The timing and formal launch of this business, should the Company elect to proceed, will depend on the Company’s ability
 to identify and complete its evaluation of potential acquisition targets and to consummate one or more such acquisitions, as well as
 the satisfaction of applicable conditions. 

 
 

These
unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned legal subsidiaries, American
Uranium Inc., HALEU Energy Fuel Inc., Advanced Fuel Transportation Inc., Nano Nuclear Space Inc., KRONOS MMR Inc., LOKI MMR Inc., and
True North Nuclear Ltd. Each of these subsidiaries is a Nevada corporation except for True North Nuclear Ltd., which is a Canadian corporation.

 

As
used herein, the term “Common Stock” refers to the common stock, $0.0001 par value per share, of the Company.

 

Liquidity

 

These
unaudited condensed consolidated financial statements have been prepared on a going concern basis, which assumes the realization of
assets and settlement of liabilities in the normal course of business. At March 31, 2026, the Company had working capital of $565,725,580
and accumulated deficit of $73,197,302.
For the six months ended March 31, 2026, the Company had net loss of $15,696,445,
and negative cash flows from operations of $9,254,201.
At September 30, 2025, the Company had working capital of $200,841,189
and accumulated deficit of $57,500,857.
For the year ended September 30, 2025, the Company had net loss of $40,067,076,
and negative cash flows from operations of $19,621,963.
The ability of the Company to continue as a going concern is dependent on the Company’s ability to secure financing from
capital markets or other sources, including investors, loans, government grants or alternative funding and, ultimately, on the
Company’s ability to generate revenue and profitable operations. Management is of the opinion that sufficient working capital
is available to meet the Company’s liabilities and commitments as they become due at least for the next twelve months after
the date the unaudited condensed consolidated financial statements are issued to conform to the going concern uncertainty period.
During the six months ended March 31, 2026, the Company received approximately $2.5 million
from exercises of warrants, $3.3
million from exercises of stock options, and net proceeds of approximately $378
million from the Company’s private placement offering, net of offering costs. In order to achieve the Company’s long-term strategy, the
Company expects to raise additional capital or secure other sources of financing to support its growth in the future.

 

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis
of Presentation

 

The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and the rules and regulations of the
Securities and Exchange Commission (“SEC”). References to ASC and ASU included herein refer to the Accounting Standards Codification
and Accounting Standards Update established by the Financial Accounting Standards Board (“FASB”) as the source of authoritative
U.S. GAAP. All intercompany balances and transactions have been eliminated in consolidation.

 

 6

  

 

 

NANO
NUCLEAR ENERGY INC. AND SUBSIDIARIES

NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As
of March 31, 2026

 

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

In
management’s opinion, the unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s
annual audited consolidated financial statements. They included all adjustments, consisting of only normal recurring adjustments, necessary
for the fair statement of the Company’s financial position as of March 31, 2026, and its results of operations for the three and
six months ended March 31, 2026 and 2025 and cash flows for the six months ended March 31, 2026 and 2025. The results for the three and
six months ended March 31, 2026 are not necessarily indicative of the results expected for the year or any other periods. The condensed
consolidated balance sheet as of September 30, 2025 has been derived from the Company’s audited consolidated financial statements.

 

Cash
Equivalents

 

The
Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.
Cash equivalents are stated at cost, which approximates market value, because of the short maturity of these instruments. As of March
31, 2026, cash and cash equivalents included $132.2 million of U.S. Treasury securities.

 

Short-term
Investments 

 

The
Company’s short-term investments consist primarily of U.S. Treasury securities with original maturities greater than three
months but less than one year at the time of purchase. Management has the positive intent and ability to hold these securities to
maturity; accordingly, they are classified as held-to-maturity and are stated at amortized cost. Because these securities are
explicitly guaranteed by the U.S. Government, the Company considers the risk of default to be negligible and records no allowance
for credit losses.

 

Use
of Estimates

 

The
preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain
estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions made when accounting for items
and matters such as, but not limited to, equity-based compensation, right-of-use assets and lease liabilities, and contingencies are
reasonable, based on information available at the time they are made. These estimates, judgments and assumptions can affect the reported
amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as amounts reported
on the unaudited condensed consolidated statements of operations during the periods presented. Actual results could differ from those
estimates.

 

Fair
Value Measurement

 

The
Company measures certain financial assets and liabilities at fair value. Fair value is a market-based measurement that should be determined
based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions,
the Company uses a three-level hierarchy, which prioritizes fair value measurements based on the types of inputs used for the various
valuation techniques (market approach, income approach and cost approach). The levels of hierarchy are described below.

 

Level
1 – Quoted prices in active markets for identical instruments.

 

Level
2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that
are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

 

Level
3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

The
Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and considers factors specific to the asset or liability. Financial assets and liabilities are classified in their entirety based on
the most stringent level of input that is significant to the fair value measurement. The carrying amount of certain financial instruments,
including prepaid expenses, short-term investments, marketable securities and accounts payable, approximates fair value due to their short maturities.

 

 7

  

 

 

NANO
NUCLEAR E