0001104659-26-057835
SEC filingOperating and net losses widened significantly year-over-year, driven by increased expenses and net losses, while operating cash outflows also expanded sharply; management states existing capital—including proceeds from the February 2026 Private Placement—will not be sufficient to operate for the next twelve months.
Since inception, the company has financed operations primarily through equity issuances. Its primary liquidity needs are to fund working capital, capital expenditures, and general corporate purposes. Based on expectations of continued operating losses, management states that existing cash and cash equivalents—along with net proceeds from the February 2026 Private Placement—will not be sufficient to operate for the next twelve months. The company anticipates future liquidity will principally come from sales of common stock and other equity instruments.
Net cash used in operating activities was -$14.0M, versus -$563 in the prior-year quarter. The filing identifies increased net losses and changes in working capital—including prepaids and accounts payable—as the principal drivers. This aligns with the broader pattern of operational expansion without corresponding revenue generation. Capital expenditures totaled $53K, described as arising from additions to property and equipment related to prototype reactor development. Free cash flow was therefore -$14.1M, reinforcing the magnitude of cash consumption during the period.
The company discloses substantial doubt about its ability to continue as a going concern. This conclusion stems directly from projected continuing operating losses and the explicit acknowledgment that current capital resources are insufficient to sustain operations for the next twelve months. While the February 2026 Private Placement provided funding, management does not represent it as a long-term solution—instead reiterating the necessity of raising substantial additional capital. The path forward remains contingent on progress toward commercial licensing with the NRC, targeted as early as 2027.