Benchmark has reaffirmed a Buy rating on Nano Nuclear Energy (NASDAQ:NNE) and kept a $45.00 price target, noting tangible movement on the company’s test reactor project as well as advances on the regulatory front. That target would imply roughly a 78% gain relative to the recent quoted share price of $26.13, and stands materially above InvestingPro’s Fair Value assessment, which regards the stock as fairly valued.
Financially, Nano Nuclear reported a first-quarter net loss of $0.13 per share, a shortfall Benchmark attributed in part to elevated research and development expenditures. Capital spending in the quarter was lower than expected. InvestingPro data included in the company overview shows Nano Nuclear is not profitable on a trailing twelve-month basis, with a diluted EPS of -$1.04, and consensus estimates project continued losses with an expected EPS of -$1.20 for fiscal 2026.
The company’s cash position strengthened markedly after a capital raise, with cash balances increasing to $578 million from $203 million sequentially. Management says the proceeds are adequate to fund the test reactor planned at the University of Illinois Urbana-Champaign, advance licensing work in Canada and develop a commercial pipeline in the United States. That funding strength is reflected in an exceptionally high current ratio of 134.06, indicating liquid assets far exceed short-term obligations.
On project timing, Nano Nuclear has completed site characterization work and expects to submit a Construction Permit application to the U.S. Nuclear Regulatory Commission within a few months. The company anticipates the regulator will issue the permit roughly one year after submission, and it plans to begin construction of the test reactor in late 2027. Management projects a working reactor will be operational by 2030.
Benchmark identified several potential catalysts for 2026. Those items include the Construction Permit application itself, progress on licensing in Canada, investments into uranium supply chain activities, the development of industrial relationships related to reactor construction and announcements of prospective customers.
Recent corporate moves include the appointment of Michael Montecalvo as Licensing Director. Montecalvo has more than 30 years of experience in the nuclear sector, including prior roles at the U.S. Nuclear Regulatory Commission and as a Senior Licensing Manager for other advanced reactor developers.
Separately, Texas Capital Securities initiated coverage of Nano Nuclear with a Buy rating and set a $49.00 price target, citing the company’s KRONOS MMR as a differentiator in the advanced nuclear space and highlighting safety and efficiency characteristics of that reactor design.
Operational and business development activity continues across multiple fronts. Nano Nuclear issued a Request for Information to identify partners for its LOKI microreactor program, which is targeted at space applications and aims to advance technology development and system integration. The company also signed a Memorandum of Understanding with South Korea’s DS Dansuk Co., Ltd. under which the parties will work to develop and deploy micro modular reactor systems in South Korea, with DS Dansuk serving as the local industrial coordinator.
Taken together, the analyst ratings and recent corporate developments underscore Nano Nuclear’s focus on moving its test reactor program through licensing and toward construction while expanding commercial and international partnerships. At the same time, the company remains unprofitable on a trailing basis and continues to spend on R&D as it pursues regulatory approvals and technology validation.
Key takeaways:
- Benchmark maintains a Buy rating and $45.00 target on NNE, implying about 78% upside from $26.13.
- Nano Nuclear reported a Q1 loss of $0.13 per share amid higher R&D; LTM diluted EPS is -$1.04 and FY2026 EPS is forecast at -$1.20.
- Cash balances rose to $578 million after a capital raise, supporting test reactor funding, licensing work in Canada and U.S. commercial development.
Recent developments:
- Site characterization complete; Construction Permit expected to be filed with the NRC within months, with issuance anticipated about one year after submission and construction slated to start in late 2027.
- Company projects a working reactor by 2030 and lists potential 2026 catalysts including permitting, licensing in Canada, uranium supply chain investments, industrial construction relationships and customer announcements.
- Michael Montecalvo named Licensing Director; Texas Capital Securities initiated coverage with a Buy and $49.00 target; RFI issued for the LOKI microreactor program for space; MOU signed with DS Dansuk Co., Ltd. for South Korea deployment.
Outlook: Nano Nuclear’s near-term story centers on advancing regulatory filings and preparing for construction while leveraging cash from a recent capital raise to support development activities and partnership formation. The company’s path includes defined milestones but also continued investment before profitability is achieved.