Standard Nuclear Emerges from Stealth with $42 Million in Funding to Secure the Domestic Advanced Nuclear Fuel Supply Chain
Standard Nuclear is accelerating the production of TRISO nuclear fuel for advanced reactors at industrial scale, emerging as the nation's only reactor-agnostic TRISO fuel manufacturer and poised to transform domestic nuclear energy supply chains
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As power demands surge for data centers, energy-intensive industries, and transportable energy solutions in defense and remote locations, Standard Nuclear is focused exclusively on supporting the advanced nuclear fuel supply chain through scaled production of TRISO, a critical and highly durable fuel for advanced nuclear reactors. Following decades of U.S. Department of Energy (DOE) scientific research, in 2019, the U.S. Nuclear Regulatory Commission (NRC) issued a safety evaluation report confirming the exceptional performance and robust safety profile of TRISO fuel, marking a significant step toward its use in advanced nuclear reactors.
Next-generation nuclear reactors, such as small modular reactors (SMRs) and micro reactors, will drive the future of reliable and flexible energy, but these systems require specialized advanced nuclear fuels to unlock their full potential. Currently, few companies are producing TRISO fuel, and production is limited to small batches for their own proprietary reactor designs. As the country's first and only independent TRISO fuel manufacturer without reactor development operations of its own, Standard Nuclear's model strengthens the advanced reactor supply chain by providing a reliable, independent source of fuel.
Standard Nuclear owns and operates a set of fully equipped commercial-scale facilities totaling 19,000-square-feet that sit on its 36.8 acre campus located at the former K-25 Nuclear site in Oak Ridge, TN. The Company operates its fully permitted radiological facilities to manufacture and supply TRISO fuel forms with varying specifications for its multiple commercial and government customers.
'As the demand for power accelerates, nuclear is a clear and practical solution. Advanced nuclear fuels like TRISO for small modular and micro-reactors are necessary to unleash American energy dominance and enable a future with abundant power,' said Thomas Hendrix, General Partner at Decisive Point and Executive Chairman of Standard Nuclear. 'With the capital from this funding round, Standard Nuclear is positioned to deliver on our growing customer orders, accelerate our growth, and fill the domestic supply gap. We are rapidly scaling TRISO fuel production to advance our mission of securing the domestic supply chain and achieving energy independence.'
The Standard Nuclear team is comprised of over two dozen employees with 150+ years combined DOE National Lab experience. Founded in 2024, the company has booked $5 million in contracts in the first quarter of 2025, and signed a major fuel offtake agreement for over 1 MTU of fuel with an additional 1.5 MTU in negotiation, representing more than $100 million in non-binding fuel sales for 2027. In just a few months, the company has established strategic customer relationships for its various products and services with a diversified group of commercial and government customers including Radiant Industries, Antares, Nano Nuclear Energy, Jimmy Energy, The U.S. Department of Energy National Laboratories, and the Department of Defense.
'Most of the long-anticipated wave of advanced reactors finally arriving to market are harnessing the unique, inherent advantages of TRISO fuel—benefits that have been validated through decades of DOE and NRC investment and scientific rigor,' said Dr. Kurt Terrani, PhD, Chief Executive Officer of Standard Nuclear. 'These reactors can't run without fuel, and we're here to ensure there are no uncertainties in that supply. We're not just delivering TRISO fuel at scale—we're doing it at a cost that enables a robust, competitive, and sustainable advanced reactor industry.'
About TRISO — T he Most Robust Nuclear Fuel on Earth
Tristructural Isotropic (TRISO) particle fuel is composed of tiny uranium-bearing spheres encapsulated by successive layers of carbon and ceramic-based materials. Each TRISO particle, about the size of a poppy seed, acts as its own containment system for uranium and its radioactive fission products and eliminating the possibility of a meltdown event. The unique coated layer structure of TRISO particles enhances fuel performance and safety, making TRISO particularly well-suited for high-temperature gas-cooled reactors (HTGRs) and other emerging advanced nuclear reactors. TRISO production has been substantially de-risked, as its design and manufacturing processes have matured over six decades. Initially developed in the late 1950s and early 1960s for the Dragon Reactor, an HTGR, the technology saw meaningful advancements in the following decades. After various phases of research, development, and occasional dormancy, the U.S. Department of Energy revived and began further improving TRISO fuel in 2002 with the Advanced Gas Reactor (AGR) Fuel Development and Qualification Program, focusing on modernization of the manufacturing and quality control methods, as well as irradiation performance tests of UCO fuel kernel system.
The AGR program paved the way for further advancements in TRISO fuel, setting an international record by demonstrating that TRISO fuel could safely withstand temperatures up to 1800°C throughout a multi-year campaign led by Idaho National Laboratory (INL) and supported by Oak Ridge National Laboratory (ORNL). According to INL, the fuel performed even better than they expected. Based on these results, the NRC reviewed the data and gave a safety approval in 2019, further advancing TRISO's widespread adoption as the premiere fuel for next-generation nuclear reactors.
Because of its excellent performance and safety qualities, TRISO fuel will be used in the vast majority of new reactor designs.
About Standard Nuclear
Standard Nuclear's mission is to reliably deliver the essential building blocks of nuclear power at scale—enabling cost-effective, safe, and secure energy for the world. Supported by leading U.S. defense technology and critical infrastructure investment firms, Standard Nuclear is focused on the large-scale production of advanced nuclear fuel and radioisotope power systems. It is the nation's only independent manufacturer of TRISO fuel—a robust, high-performance fuel essential to advanced nuclear reactors for both terrestrial and space applications. Standard Nuclear offers a reactor-agnostic supply of advanced fuels to the next-generation nuclear industry and delivers dependable radioisotope power solutions to the space and defense sectors. Through these efforts, it is helping to eliminate U.S. reliance on geopolitical adversaries for these strategically vital technologies. For more information, visit: https://www.standardnuclear.com/
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We undertake no obligation to update or revise any forward-looking statements because of new information, future events or otherwise. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see MediaCo's other filings with the Securities and Exchange Commission. Definitions and Disclosures Regarding Non-GAAP Financial Information We define Adjusted EBITDA as consolidated Operating loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Loss on disposal of assets, change in fair value of warrant shares liability and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Change in fair value of warrant shares liability, Other income, and Other adjustments. We use Adjusted EBITDA, among other measures, to evaluate the Company's operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of our operational strength and performance of our business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. 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The company's innovative and culturally resonant content spans music, news, and entertainment across major local and national markets. More info at MEDIACO HOLDING INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Six Months Ended June 30, Change (Dollars in thousands) 2025 2024 $ % NET REVENUES $ 59,275 $ 32,908 26,367 80 OPERATING EXPENSES: Operating expenses 63,986 41,297 22,689 55 Corporate expenses 3,147 6,835 (3,688 ) (54 ) Depreciation and amortization 3,466 1,564 1,902 122 Loss on disposal of assets 144 5 139 2,780 Total operating expenses 70,743 49,701 21,042 42 OPERATING LOSS (11,468 ) (16,793 ) 5,325 (32 ) OTHER INCOME (EXPENSE): Interest expense, net (7,609 ) (3,918 ) (3,691 ) 94 Change in fair value of warrant shares liability — (31,027 ) 31,027 N/A Other income 2,230 20 2,210 11,050 Total other expense (5,379 ) (34,925 ) 29,546 (85 ) LOSS BEFORE INCOME TAXES (16,847 ) (51,718 ) 34,871 (67 ) PROVISION FOR INCOME TAXES 559 266 293 110 NET LOSS $ (17,406 ) $ (51,984 ) 34,578 (67 ) Expand MEDIACO HOLDING INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (1) AND NET LOSS MARGIN TO ADJUSTED EBITDA MARGIN (1) Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2025 2024 2025 2024 Net revenues $ 31,245 $ 26,202 $ 59,275 $ 32,908 Net Loss $ (8,521 ) $ (48,125 ) $ (17,406 ) $ (51,984 ) % Margin (28 )% (184 )% (29 )% (158 )% Provision for income taxes 279 182 559 266 Interest expense, net 3,855 3,782 7,609 3,918 Depreciation and amortization 1,697 1,431 3,466 1,564 EBITDA $ (2,690 ) $ (42,730 ) $ (5,772 ) $ (46,236 ) Loss on disposal of assets 5 5 144 5 Change in fair value of warrant shares liability — 31,027 — 31,027 Other income (2,119 ) (10 ) (2,230 ) (20 ) Other adjustments 6,595 6,486 10,776 10,725 Adjusted EBITDA (1) $ 1,791 $ (5,222 ) $ 2,918 $ (4,499 ) % Margin (1) 6 % (20 )% 5 % (14 )% (1) We define Adjusted EBITDA as consolidated Operating loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Loss on disposal of assets, change in fair value of warrant shares liability and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Change in fair value of warrant shares liability, Other income, and Other adjustments. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenue. We use Adjusted EBITDA and Adjusted EBITDA margin, among other measures, to evaluate the Company's operating performance. These measures are among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe these measures are an important indicator of our operational strength and performance of our business because they provide a link between operational performance and operating income. They are also primary measures used by management in evaluating companies as potential acquisition targets. We believe the presentation of these measures is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe they help improve investors' ability to understand our operating performance and make it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe these measures are also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA and Adjusted EBITDA margin are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating loss or net loss, or net loss margin as indicators of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA and Adjusted EBITDA margin are not necessarily measures of our ability to fund our cash needs. Because they exclude certain financial information compared with operating loss, consolidated net loss, and consolidated net loss margin, the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded. Expand
