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Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue Recognition and Deferred Revenue [Abstract]  
Revenue Recognition Revenue Recognition
The Company recognizes revenue at a point in time or over time consistent with how it satisfies its performance obligations and transfers control to its customers.
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, when control of promised goods or services transfers to the customer in an amount reflecting the consideration the Company expects to receive. The Company's revenue recognition policies are consistent with those described in Note 2, Summary of Significant Accounting Policies, to the audited consolidated financial statements included in the Company's Registration Statement, except as described below with respect to product revenue, which the Company began recognizing during the three months ended June 30, 2026.

Services Revenue

The Company provides fuel development, engineering, testing, and other technical services under contracts structured as time-and-materials or fixed-price, milestone-based arrangements. These services are typically accounted for as a single performance obligation satisfied over time. The Company measures progress using a cost-to-cost input method, except for time-and-materials arrangements, for which it applies the right-to-invoice practical expedient under ASC 606-10-55-18.

Product Revenue

The Company also generates revenue from the sale of TRISO fuel and related products under contracts that represent distinct performance obligations satisfied at a point in time. The Company recognizes revenue from product sales at the point in time at which control of the product transfers to the customer, which generally occurs upon shipment or delivery of the product to the customer, or over time as the product is produced, in accordance with the terms specified in the applicable customer contract.

A receivable is recorded when the Company has an unconditional right to receive payment based on the satisfaction of performance obligations. The Company’s unbilled contract assets are recorded when revenue has been recognized for performance obligations for which the Company does not yet have an unconditional right to payment because contractual billing conditions remain unsatisfied. Accounts receivable and unbilled contract assets consist of the following:

June 30, 2026December 31, 2025
Accounts receivable$7,635,277 $2,090,087 
Unbilled accounts receivable48,037 — 
Unbilled contract assets445,503 201,582 
Accounts receivable and contract assets, net$8,128,817 $2,291,669 
The Company receives payments from customers based on billing schedules, as established in its contracts. Deferred revenue relates to payments received in advance of performance under the contract and is recognized as revenue as, or when, the related performance obligations are satisfied.
Deferred revenue was $4.0 million and $1.1 million at June 30, 2026 and December 31, 2025, respectively. Revenue recognized during the six months ended June 30, 2026 that was included in deferred revenue at December 31, 2025, was $1.0 million. The increase in unbilled contract assets was primarily due to additional amounts recognized in revenue in advance of billing. Deferred revenue increased due to advance billings and customer payments received under new and ongoing contracts.

Customer Owned Material
The Company provides TRISO fabrication services where it converts customers’ uranium feedstock into TRISO fuel at its facility in Oak Ridge, Tennessee. Under these arrangements, customers deliver uranium feedstock to the Company several months in advance for processing and fabrication into TRISO fuel that it returns to the customer upon completion.

In accordance with ASC 330, Inventory, the Company does not recognize customer-supplied uranium feedstock or work-in-process TRISO fuel as inventory on its balance sheet. Title to both the feedstock and the resulting TRISO fuel remains with the customer or the applicable government authority at all times; no title passes to the Company at any point during receipt, processing, or delivery.

The Company maintains a custodial memorandum ledger to track the receipt, processing stage, and disposition of all customer-owned nuclear material held at its facility. This material is not included in the Company's inventory or total assets.

Disaggregated Revenue
The Company’s revenues disaggregated by revenue type are as follows:
Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
Product revenue$3,100,000 $— $3,101,741 $— 
Fixed price contracts
1,628,442 171,184 2,220,503 242,051 
Time and materials contracts
7,349 381,755 7,349 688,814 
Total
$4,735,791 $552,939 $5,329,593 $930,865 
The Company’s revenue disaggregated by geographic region are as follows:
Three Months Ended
June 30, 2026		Three Months Ended
June 30, 2025		Six Months Ended
June 30, 2026		Six Months Ended
June 30, 2025
United States
$4,711,632 $552,939 $5,187,945 $930,865 
France
4,409 — 121,898 — 
Canada19,750 — 19,750 — 
Total
$4,735,791 $552,939 $5,329,593 $930,865 
The Company has elected the practical expedient in ASC 606-10-50-14 that exempts it from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. The Company has also elected the practical expedient in ASC 606-10-55-18 that allows revenue to be recognized in the amount to which the Company has the right to invoice when that amount corresponds directly with the value transferred to the customer. Accordingly, the Company has not disclosed the value of remaining performance obligations for contracts qualifying for those practical expedients.
Significant Customers
For the three and six months ended June 30, 2026 and 2025, customers that each accounted for more than 10% of total revenue were as follows (in millions):
Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Customer A$3.2 $0.1 $3.4 $0.1 
Customer B— 0.4 — 0.7 
Customer C1.0 — 1.0 — 

Allowance for Credit Losses
The Company accounts for expected credit losses on financial assets in accordance with ASC 326, Financial Instruments — Credit Losses. The Company’s methodology for estimating expected credit losses is consistent with that described in the audited Consolidated Financial Statements annual financial statements for the year ended December 31, 2025 included in the Registration Statement. In developing its estimate, the Company considers historical credit loss experience, the aging of receivables, customer-specific facts and circumstances, current economic conditions, and reasonable and supportable forecasts of future collectability.

As of June 30, 2026 and December 31, 2025, the Company concluded that expected credit losses were not material based on the composition of its customer base, historical collection experience, the short-term nature of the receivables, and the absence of significant collection issues. Accordingly, no allowance for credit losses was recorded as of June 30, 2026 and December 31, 2025.