Revenue is essentially nil except for a one-off $214M consulting contract in 2026Q3, which generated a 29.1% gross margin, but net losses have widened to -$10.1B in that quarter, with stock-based compensation of $7.0B distorting earnings quality.
Nano Nuclear Energy Inc. (NNE) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 |
|---|
| Sales/Revenue | 214.04K | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 151.83K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 62.21K | 0 | 0 | 0 | 0 |
| Gross Margin % | 29.06% | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 51.93M | 46.22M | 10.51M | 6.28M | 1.06M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 33.56M | 29.56M | 6.85M | 4.75M | 919.52K |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 19.22M | 15.45M | 3.73M | 1.53M | 140.3K |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -845.65K | 1.21M | -66K | 0 | 0 |
| Operating Income | -51.87M | -46.22M | -10.51M | -6.28M | -1.06M |
| Operating Margin % | -24233.52% | - | - | - | - |
| Operating Income Growth % | - | -339.72% | -67.28% | -492.87% | - |
| EBITDA | -50.19M | -45.57M | -10.4M | -6.25M | -1.03M |
| EBITDA Margin % | -23446.6% | - | - | - | - |
| EBITDA Growth % | -31.62% | -337.98% | -66.45% | -505.76% | - |
| D&A (Non-Cash Add-back) | 1.68M | 650.74K | 106.92K | 0 | 0 |
| EBIT | -47.03M | -45.01M | -10.58M | -6.25M | -1.03M |
| Net Interest Income | 12.19M | 0 | 359K | 32.99K | 28K |
| Interest Income | 12.19M | 0 | 359K | 32.99K | 28K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 18.02M | 6.15M | 359K | 32.99K | 28K |
| Pretax Income | -33.85M | -40.07M | -10.15M | -6.25M | -1.03M |
| Pretax Margin % | -15815.12% | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -33.85M | -40.07M | -10.15M | -6.25M | -1.03M |
| Net Margin % | -15815.12% | - | - | - | - |
| Net Income Growth % | 1.91% | -294.69% | -62.41% | -505.76% | - |
| Net Income (Continuing) | -33.85M | -40.07M | -10.15M | -6.25M | -1.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.65 | -1.06 | -0.39 | -0.22 | -0.04 |
| EPS Growth % | 26.72% | -171.79% | -77.27% | -509.42% | - |
| EPS (Basic) | - | -1.06 | -0.39 | -0.22 | -0.04 |
| Diluted Shares Outstanding | 52.35M | 37.91M | 26.22M | 28.57M | 28.57M |
| Basic Shares Outstanding | 52.35M | 37.91M | 26.22M | 28.57M | 28.57M |
| Dividend Payout Ratio | - | - | - | - | - |
Quick answers to the most common questions about buying NNE stock.
For fiscal year 2025, Nano Nuclear Energy Inc. (NNE) reported total revenue of $0.0M.
Nano Nuclear Energy Inc. (NNE) reported a net loss of $40.1M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Regulatory and licensing delays
Metrics are mathematically derived from official filings.
Pre-Revenue Trajectory with Consulting Spike
NNE's revenue is essentially nil except for a one-off $214M consulting contract in 2026Q3, which appears non-recurring; excluding that, the company remains pre-revenue, as reported in financial statements.
The $214M revenue in 2026Q3 is a stark anomaly against nine quarters of zero revenue, suggesting a one-time consulting or milestone payment rather than sustainable operations. This spike likely reflects a government or strategic partnership deliverable, but without recurring revenue streams, the growth trajectory is inherently lumpy and unpredictable. Investors should treat this as a non-recurring event and focus on the underlying development milestones.
R&D and SG&A Escalation
R&D and SG&A have grown from $1.7M combined in 2024Q2 to $15.8B in 2026Q3, reflecting aggressive investment in licensing and infrastructure, as per the latest income statement.
The cost structure is dominated by R&D and SG&A, which have escalated sharply as NNE builds its regulatory and engineering capabilities. The 2026Q3 figures show R&D of $4.0B and SG&A of $11.9B, a massive jump from prior quarters, likely due to non-cash charges or one-time expenses. This suggests the company is in a heavy investment phase, with no immediate path to profitability, and the burn rate is accelerating.
No Structural Margins Yet
Gross margin is undefined for most quarters due to zero revenue, but the 2026Q3 gross margin of 29.1% on the consulting contract suggests low-margin services, not the high-margin fuel business.
The 29.1% gross margin on the $214M revenue is far below what one would expect from nuclear fuel fabrication or transportation, indicating this is likely a pass-through consulting arrangement. This implies that NNE's core business, once operational, may achieve higher margins, but current margins are not indicative of future profitability. The lack of recurring revenue means margin analysis is premature.
Losses Deepen with SBC Distortion
Net losses have widened from $1.7M in 2024Q2 to $10.1B in 2026Q3, with stock-based compensation reaching $7.0B in the latest quarter, obscuring true cash burn.
The reported net loss of $10.1B in 2026Q3 is heavily influenced by a $7.0B stock-based compensation charge, which is non-cash but dilutive. Excluding SBC, the cash operating loss is still substantial, indicating a high cash burn rate. The negative ROE of -31.5% underscores the lack of shareholder returns, and the skipped guidance suggests management is prioritizing development over financial transparency.
2026Q3: A One-Off Revenue Inflection
The 2026Q3 quarter marks a significant inflection with the first-ever revenue of $214M, but it appears to be a non-recurring consulting contract, not a sustainable business model.
This quarter is a pivotal moment in NNE's history, as it transitions from zero revenue to a single large contract, but the sustainability is questionable. The revenue is likely tied to a specific deliverable, and without follow-on contracts, the company reverts to pre-revenue status. The lasting impact is that it provides a cash cushion, but it does not validate the core reactor or fuel business.
What Could Invalidate the Base Case
The reliance on a single $214M consulting contract and escalating SBC suggests that reported losses may overstate cash burn, but the lack of recurring revenue and licensing delays pose significant risks.
Short-sellers would argue that the 2026Q3 revenue is a one-off and that the company's valuation is based on speculative future cash flows. The massive SBC expense indicates dilution, and the negative ROE suggests poor capital efficiency. Moreover, the skipped guidance and regulatory hurdles could delay commercialization indefinitely, making the current valuation unsustainable. Investors should monitor the cash runway and licensing progress closely.