Nuclear startup secures $577M in cash despite rising losses and regulatory wins
Nuclear startup secures $577M in cash despite rising losses and regulatory wins
Nuclear startup secures $577M in cash despite rising losses and regulatory wins
A recent financial report shows the company faced a cash app net loss of $6.5 million, up by $3 million from the previous year. Despite this, cash reserves surged to $577.5 million after a $400 million private funding round in October 2025. The firm also achieved a key regulatory milestone for its advanced nuclear reactor project, KRONOS, through a partnership with the University of Illinois.
The company's operating losses grew to $11.6 million, an $8 million rise from last year. Higher expenses were tied to advancing the Cronos MMR reactor, with net cash used in operations climbing to $4 million. However, interest income of $5 million from increased cash holdings helped offset some losses.
Regulatory progress marked a significant step forward. Collaboration with the University of Illinois led to Nuclear Regulatory Commission (NRC) approval of the fuel qualification methodology for KRONOS. This milestone sets the stage for submitting a construction permit application in 2026. Site drilling and characterisation at the university have already been completed, with findings integrated into the upcoming permit submission.
The State of Illinois contributed $6.8 million in incentives to support Cronos MMR development. Meanwhile, the company expanded its supply chain by securing a radioactive material licence in Tennessee through its affiliate, LISS Technologies. Plans include a $1.38 billion investment in a commercial enrichment facility at Oak Ridge.
Strategic partnerships also advanced. The acquisition of Global First Power (now True North Nuclear) strengthened the firm's regulatory reach in Canada. Multiple memorandums of understanding (MOUs) were signed, including deals with South Korea's DS Danzic for manufacturing, Ameresco for engineering support, and Barupon for a feasibility study on deploying up to 1 GW of power for an Illinois lottery data centre campus.
Management now aims to submit the NRC construction permit application soon. Construction at the University of Illinois could begin as early as mid to late 2027, with an operational prototype targeted for 2030.
The company's financial position remains strong, backed by $577.5 million in cash and new funding. Regulatory approvals and partnerships have set clear timelines for reactor development, with construction potentially starting in 2027. If plans proceed as expected, the KRONOS prototype could be operational by the end of the decade.