Detailed financial statements for Nano Nuclear Energy Inc. (NNE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
NANO Nuclear Energy Inc. operates as a nuclear energy company. The company is developing KRONOS MMR Energy System, a high-temperature gas-cooled reactor; LOKI MMR, a compact microreactor designed for remote and specialized applications; ZEUS, a solid core battery reactor; and ODIN, a low-pressure salt coolant reactor.
Analysis Summary
Trailing-twelve-month margins: gross margin 29.1%, operating margin -242.3%, net margin -158.2%.
At the current price of $15.64, NNE has negative trailing earnings (P/E not meaningful) and an ROE of -6.66%. Market capitalisation stands at $840M.
Balance sheet quality for NNE: current ratio of 53.5, net cash position of $200.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Research & Development | $140304 | $1.5M | $3.7M | $15.4M |
| Selling, General & Admin | $919520 | $4.7M | $6.9M | $29.6M |
| Operating Expenses | $1.1M | $6.3M | $10.5M | $46.2M |
| Operating Income | -$1.1M | -$6.3M | -$10.5M | -$46.2M |
| EBITDA | -$1.0M | -$6.3M | -$10.5M | -$44.4M |
| Interest Expense | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.0M | -$6.3M | -$10.2M | -$40.1M |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income | -$1.0M | -$6.3M | -$10.2M | -$40.1M |
| EPS | $-0.04 | $-0.22 | $-0.39 | $-1.06 |
| EPS (Diluted) | $-0.04 | $-0.22 | $-0.39 | $-1.06 |
| Shares Outstanding (Diluted) | $28.6M | $28.6M | $26.2M | $37.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | $214042 |
| Gross Profit | 0 | 0 | 0 | $62211 |
| Operating Income | -$10.4M | -$11.6M | -$14.1M | -$15.8M |
| EBITDA | -$10.2M | -$11.9M | -$13.9M | -$9.3M |
| Net Income | -$8.1M | -$6.5M | -$9.2M | -$10.1M |
| EPS | $-0.19 | $-0.13 | $-0.18 | $-0.19 |
| EPS (Diluted) | $-0.19 | $-0.13 | $-0.18 | $-0.19 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.1M | $7.0M | $28.5M | $203.3M |
| Short-term Investments | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | $250000 |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.2M | $7.2M | $29.3M | $204.7M |
| Property, Plant & Equipment | 0 | 0 | $3.5M | $12.3M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $9.1M |
| Total Assets | $2.2M | $7.2M | $35.1M | $228.7M |
| Accounts Payable | $102771 | $190005 | $761479 | $1.3M |
| Short-term Debt | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $137771 | $225005 | $1.8M | $3.8M |
| Long-term Debt | 0 | 0 | 0 | 0 |
| Total Liabilities | $137771 | $225005 | $3.5M | $6.1M |
| Retained Earnings | -$1.0M | -$7.3M | -$17.4M | -$57.5M |
| Total Equity | $2.1M | $7.0M | $31.6M | $222.6M |
| Total Debt | 0 | 0 | $1.9M | $2.8M |
| Net Debt | -$2.1M | -$7.0M | -$26.6M | -$200.5M |
| Working Capital | $2.1M | $6.9M | $27.5M | $200.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $203.3M | $577.5M | $197.7M | $298.5M |
| Total Assets | $228.7M | $606.1M | $603.9M | $628.0M |
| Total Liabilities | $6.1M | $6.5M | $8.0M | $12.0M |
| Total Equity | $222.6M | $599.6M | $595.9M | $616.0M |
| Total Debt | $2.8M | $2.7M | $2.6M | $2.8M |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$1.0M | -$6.3M | -$10.2M | -$40.1M |
| Depreciation & Amortization | 0 | 0 | $106925 | $650738 |
| Stock-based Compensation | $705 | $2.4M | $320257 | $18.8M |
| Change in Working Capital | $20323 | -$1175 | $473728 | -$237340 |
| Operating Cash Flow | -$621501 | -$3.9M | -$8.5M | -$19.6M |
| Capital Expenditure | 0 | 0 | -$1.7M | -$17.5M |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$621501 | -$3.9M | -$10.2M | -$37.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.9M | -$4.0M | -$5.3M | -$9.4M |
| Capital Expenditure | -$4.6M | -$1.5M | -$8.8M | -$1.1M |
| Free Cash Flow | -$9.6M | -$5.4M | -$14.0M | -$10.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.4M | $2.1M | $2.7M | $2.3M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -505.8% | -62.4% | -294.7% |
| EPS Growth (YoY) | | -509.4% | -77.3% | -171.8% |
| Shares Change (YoY) | | +0.0% | -8.2% | +44.6% |
| FCF Growth (YoY) | | -522.3% | -162.8% | -265.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.02 | $-0.14 | $-0.39 | $-0.98 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $28.6M | $28.6M | $26.2M | $37.9M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -6.66% |
| Return on Invested Capital | -8.35% |
| Return on Assets | -5.39% |
| Gross Margin | 29.06% |
| Operating Margin | -24233.52% |
| Net Margin | -15815.12% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 79.18 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 144.10 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -143.77 | -23.59 | -36.95 | -36.38 |
| P/B | 70.28 | 21.16 | 11.95 | 6.57 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% |