Nano Nuclear Energy Inc. (NNE) shares rose Friday as investors digested a compelling story: a microreactor developer with serious cash, regulatory momentum, and a clear path from blueprints to actual hardware.

The company's balance sheet transformation tells the tale. Cash and equivalents hit $203.3 million as of September 30, compared to just $28.5 million the prior year. That's the kind of financial firepower needed when you're trying to build something as complex as portable nuclear reactors. And Nano Nuclear isn't just sitting on the money—they're deploying it strategically toward sectors where energy demand is exploding, particularly AI data centers and defense.

Following the Money

For the twelve months ended September 30, Nano Nuclear used $19.6 million in operating activities. Another $17.5 million went toward investing activities, including $9.1 million for asset acquisitions. That's real capital allocation, not just slideware.

The company has positioned itself as a leading North American developer of micro modular nuclear reactors, with management emphasizing progress across reactor development, regulatory engagement, and commercial partnerships.

The KRONOS Reactor Takes Center Stage

Early in 2025, Nano Nuclear completed its acquisition of the KRONOS MMR, a reactor design that already had eight years of engineering investment behind it. That's a smart move—buying proven engineering work rather than starting from scratch.

Now comes the regulatory dance. The company is advancing licensing preparation with the U.S. Nuclear Regulatory Commission and plans to submit a construction permit application during the first quarter of 2026. Getting nuclear technology approved isn't quick, but Nano Nuclear is methodically checking the boxes.

The University of Illinois will host the KRONOS prototype development site. Site drilling and geological analysis wrapped up in November with engineering partner AECOM (ACM) handling the technical work. These aren't theoretical exercises—this is the groundwork for an actual facility.

Pushing North

Nano Nuclear has resumed regulatory engagement with Canadian nuclear authorities, building on KRONOS's earlier entry into Canada's Phase 1 microreactor licensing process. The company further strengthened its Canadian position through the Global First Power acquisition.

The strategic logic is straightforward: develop microreactors that can serve remote locations, data centers hungry for reliable power, and defense applications where energy security matters. Whether the execution matches the ambition remains to be seen, but the pieces are moving into place.

NNE Price Action: Nano Nuclear Energy shares traded up 3.21% at $31.20 during Friday's premarket session.