Key Highlights

  • Revenue of USD 6 million compares with USD 4.7 million in the second quarter.
  • Product Revenue was USD 3.7 million, mainly TRISO fuel deliveries under one Supply agreement.
  • Gross profit was USD 1.8 million, a gross Margin of approximately 30%.
  • Cash and equivalents stood at USD 223.1 million at September 30, 2026.

Standard Nuclear (NYSE:STDN) reported third-quarter 2026 revenue of USD 5.96 million, against an estimate of USD 5.54 million. Loss per share was USD 0.10, against an estimate of a loss of USD 0.05. Revenue was up from USD 4.7 million in the second quarter and USD 900,000 in the prior-year quarter.

The company describes itself as an independent advanced nuclear fuel company and the only Business in the United States with industrial-scale TRISO Manufacturing facilities. It designs, engineers and manufactures advanced nuclear fuels, with a primary focus on TRISO fuel.

Revenue Composition and Gross Margin

Product revenue was USD 3.7 million, mainly from deliveries of TRISO fuel under one fuel supply agreement, including the balance of the Radiant core. Service revenue was USD 2.2 million from fuel development contracts and government projects. Product revenue made up the majority of the Top Line for a second consecutive quarter.

Gross profit was USD 1.8 million, a gross margin of approximately 30%, compared with 67% in the prior quarter. Excluding USD 600,000 of share-based compensation in cost of revenue from IPO awards and other awards, adjusted Gross Profit was USD 2.4 million, and adjusted gross margin, a non-GAAP measure, was approximately 40%.

Cost of revenue was USD 4.2 million, up USD 2.6 million from the second quarter, as the SN-0 line ran at a commercial production rate for the full quarter to complete the Radiant core. Production labor and payroll, including overhead labor supporting production, added USD 1.5 million. Subcontract and consulting support added about USD 900,000, production supplies, Facility and insurance costs added another USD 700,000, and share-based compensation added about USD 100,000. Lower Depreciation and lower travel partly offset these increases.

Liquidity and Facility Build-Out

Cash and cash equivalents were USD 223.1 million at September 30, 2026, compared with USD 63.1 million at December 31, 2025. Since inception the company has financed operations mainly through equity financings, issuance of SAFE notes and customer payments under fuel development and fuel supply agreements.

The principal uses of cash have been the continuing build-out and commissioning of the Oak Ridge and Idaho facilities, personnel-related costs, professional fees and other general corporate spending. The company describes itself as being in the early stages of commercializing its manufacturing platform.

Management presented non-GAAP measures alongside GAAP results and stated that GAAP results remain its primary measures, with reconciliations in the release and the Form 10-Q.

Reported Lines Behind the Third Quarter

Several lines in the report frame the quarter. Product revenue and service revenue are reported separately, at USD 3.7 million and USD 2.2 million. Gross margin is shown on a GAAP basis, at approximately 30%, and on an adjusted basis, at approximately 40%.

The cost of revenue detail separates labor, subcontract support, supplies, facility and insurance costs, and share-based compensation. Cash, at USD 223.1 million, is reported against the USD 63.1 million at the start of the year, with the Oak Ridge and Idaho build-outs listed as the main uses of funds.