The balance sheet shows negligible leverage with a D/E of 0.00 and total debt of $2.8M against $616.0M equity, but equity is fueled by dilutive raises, and retained earnings are deeply negative at -$83.3M.
Nano Nuclear Energy Inc. (NNE) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 |
|---|
| Total Current Assets | 585.29M | 204.67M | 29.34M | 7.16M | 2.25M |
| Cash & Short-Term Investments | 579.99M | 203.27M | 28.51M | 6.95M | 2.13M |
| Cash Only | 298.47M | 203.27M | 28.51M | 6.95M | 2.13M |
| Short-Term Investments | 281.52M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 291.45K | 250K | 0 | 0 | 0 |
| Days Sales Outstanding | 267.66 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 5.01M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 42.74M | 23.99M | 5.75M | 75K | 0 |
| Property, Plant & Equipment | 21.6M | 12.34M | 3.52M | 0 | 0 |
| Fixed Asset Turnover | 0.01x | - | - | - | - |
| Goodwill | 4.24M | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.55M | 9.08M | 0 | 0 | 0 |
| Long-Term Investments | 8M | 2M | 2M | 0 | 0 |
| Other Non-Current Assets | 9.35M | 569.24K | 235.24K | 75K | 0 |
| Total Assets | 628.03M | 228.66M | 35.1M | 7.23M | 2.25M |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | 1409.61% | 551.52% | 385.18% | 221.86% | - |
| Total Current Liabilities | 7.39M | 3.83M | 1.84M | 225K | 137.77K |
| Accounts Payable | 0 | 1.31M | 761.48K | 190K | 102.77K |
| Days Payables Outstanding | 4.93K | - | - | - | - |
| Short-Term Debt | 636.87K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.76M | 1.98M | 770.5K | 0 | 0 |
| Current Ratio | 79.18x | 53.48x | 15.96x | 31.82x | 16.31x |
| Quick Ratio | 79.18x | 53.48x | 15.96x | 31.82x | 16.31x |
| Cash Conversion Cycle | -4.66K | - | - | - | - |
| Total Non-Current Liabilities | 4.61M | 2.26M | 1.65M | 5M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 8.66M | 2.26M | 1.65M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.41M | 0 | 0 | 5M | 0 |
| Total Liabilities | 12M | 6.09M | 3.49M | 225K | 137.77K |
| Total Debt | 2.84M | 2.8M | 1.93M | 0 | 0 |
| Net Debt | -295.63M | -200.47M | -26.58M | -6.95M | -2.13M |
| Debt / Equity | 0.00x | 0.01x | 0.06x | - | - |
| Debt / EBITDA | -0.06x | - | - | - | - |
| Net Debt / EBITDA | 5.89x | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 616.03M | 222.57M | 31.61M | 7.01M | 2.11M |
| Equity Growth % | 1488.72% | 604.17% | 350.98% | 232.21% | - |
| Book Value per Share | 11.77 | 5.87 | 1.21 | 0.25 | 0.07 |
| Total Shareholders' Equity | 616.03M | 222.57M | 31.61M | 7.01M | 2.11M |
| Common Stock | 5.37K | 4.17K | 3.07K | 5M | 2.05K |
| Retained Earnings | -83.3M | -57.5M | -17.43M | -7.28M | -1.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 5.54K | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NNE stock.
As of 2025, Nano Nuclear Energy Inc. (NNE) had total assets of $228.7M including $204.7M in current assets.
Nano Nuclear Energy Inc. (NNE) carries total debt of $2.8M, offset by $203.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nano Nuclear Energy Inc. (NNE) has total shareholders' equity (book value) of $222.6M ($5.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nano Nuclear Energy Inc. (NNE) reported a current ratio of 53.48x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Regulatory and licensing delays
Metrics are mathematically derived from official filings.
Cash Cushion Amid Deepening Losses
NNE's balance sheet has expanded from $8.9M assets in 2024Q2 to $628.0M by 2026Q3, driven by equity raises, but cumulative retained losses of -$83.3M signal ongoing burn, as per financial statements.
The asset base growth is almost entirely equity-funded, with total liabilities remaining minimal at $12.0M, indicating no debt stress. However, the retained earnings deficit has widened from -$10.3M to -$83.3M over ten quarters, reflecting accelerating operational losses. This suggests the balance sheet is strengthening in liquidity but weakening in earnings quality, as the company remains pre-revenue and dependent on external capital.
Negligible Leverage, Strategic Cash Hoard
Total debt is a mere $2.8M against $616.0M equity, yielding a D/E of 0.00, as reported in the latest quarter, indicating no reliance on debt financing.
The company's leverage is virtually nonexistent, with debt-to-assets below 0.5%. This reflects a deliberate strategy to fund operations through equity raises, preserving flexibility in a high-interest-rate environment. The minimal debt also implies no refinancing risk, but investors should note that the absence of debt means the company is fully exposed to equity dilution if cash runs low.
Asset Mix Shifts to Intangibles and PPE
Goodwill and intangibles jumped from zero to $4.2M in 2026Q3, while PPE rose to $21.6M, indicating investment in physical and acquired assets, per balance sheet data.
The emergence of goodwill suggests an acquisition, possibly related to fuel cycle capabilities, which may carry impairment risk if synergies fail to materialize. PPE growth from $1.9M to $21.6M reflects investment in facilities and equipment for licensing and fabrication, aligning with the capital-intensive nature of nuclear logistics. However, the asset base remains small relative to cash, underscoring that the company's value is still largely in its cash and strategic positioning.
Equity Fueled by Dilutive Raises
Equity surged from $6.6M to $616.0M, driven by IPO and follow-on offerings, but retained earnings are deeply negative at -$83.3M, as per the latest balance sheet.
The equity expansion is almost entirely from capital raises, not retained earnings, indicating heavy dilution for early shareholders. Stock-based compensation, which reached $7.0B in 2026Q3 per the income statement, likely contributes to this dilution and may obscure true cash costs. The negative retained earnings highlight that the company is still in a pre-profit phase, and the equity quality is low in terms of organic accumulation.
Ample Cash Buffer, But Burn Accelerates
Cash stands at $197.7M with a current ratio of 79.18, providing a multi-year runway, but quarterly operating burn has escalated to $18.7B, as per cash flow data.
The current ratio is exceptionally high, indicating no short-term liquidity stress. However, the cash position has declined from $577.5M in 2026Q1 to $197.7M in 2026Q3, reflecting significant spending on R&D and capex. Given the burn rate, the runway may be shorter than the headline cash suggests, especially as the company invests in licensing and fabrication infrastructure. Investors should monitor the cash-to-burn ratio closely.
SBC Distorts True Cash Position
Stock-based compensation of $7.0B in 2026Q3, as per the income statement, may overstate losses and understate cash burn, making the $197.7M cash balance appear more robust than it is.
The high proportion of SBC in total expenses suggests that reported net losses are not fully reflective of cash outflows. However, the cash flow statement shows operating cash outflow of $18.7B, which exceeds net loss, indicating that cash burn is real and accelerating. The reliance on SBC to retain talent may also lead to future dilution, which could pressure the stock price. Investors should adjust for SBC to assess the true cash runway and the sustainability of the balance sheet.