Thread by @Osinttechnical

Breaking investigation from @hntrbrkmedia: Nano Nuclear Energy $NNE stock rose over 450% after going public in May, reaching a market cap of more than $750 million at peak.

Just one issue: it seems the company has no revenue, products, or patents for its core technology.

NNE claims it will bring nuclear microreactors to market between 2030 and 2031. The former chair of the Nuclear Regulatory Commission said it “won't happen” — given that competitors with more resources have taken 15-20 years for similar projects.

Paul Dorfman (@dorfman_p), a visiting fellow at the University of Sussex’s SPRU, one of four nuclear experts who spoke with Hunterbrook Media for this investigation, said he believes Nano Nuclear is a “money-making exercise” for its executives. “And they know it is.”

NNE’s executive chairman and president, chief executive officer, and chief financial officer work just part-time at the company and continue to hold senior management positions at other public companies.

Here’s how some have performed:

Building a single small modular reactor, the product closest to what NNE is pitching that has actually been developed, costs at least hundreds of millions of dollars for research and development.

NNE reported having just under $6 million in cash in the first quarter of 2024.

During the same quarter, NNE spent almost twice as much on advertising ($434,800) as it did on research and development ($290,000), despite its status as a pre-product, pre-revenue company.

Contacted by Hunterbrook Media, an NRC public affairs officer said the agency’s advanced reactor department wasn’t familiar with NNE’s plans and that the company seemingly hadn’t initiated any pre-application processes.

NNE did not respond to repeated requests for comment.

For Hunterbrook’s article, and full disclosures, link here:

hntrbrk.com/nne/