Business Development and Partnerships - The company secured a site use permit from the U.S. Department of Energy for the Idaho National Laboratory and received a fuel award for a commercial Aurora powerhouse[145]. - The company has signed non-binding letters of intent with potential customers that could lead to over 1,350 MWe in capacity for Aurora powerhouses[146]. - The company aims to deploy a commercial-scale fuel recycling facility in the U.S. by the 2030s, leveraging the energy content in over 90,000 metric tons of used nuclear fuel waste[154]. - The first Aurora powerhouse is targeted for deployment in 2027, with ongoing regulatory approvals being a critical factor for success[146][160]. - The company plans to focus on a business model of selling power through power purchase agreements (PPAs), which is expected to generate recurring revenue[149]. - The company has formed a strategic partnership with Atomic Alchemy to enhance isotope production capabilities, addressing increasing demands in various applications[148]. Financial Performance - Total operating expenses for the six months ended June 30, 2024, were 40 million and 260,859,623 from a business combination that closed on May 9, 2024[156]. - Operating expenses for the three months ended June 30, 2024, totaled 3,352,966 in the same period of 2023[184]. - The net loss for the three months ended June 30, 2024, was 4,474,829 in the same period of 2023[184]. - Cash used in operating activities for the six months ended June 30, 2024, was 6,820,207 for the same period in 2023[176]. - As of June 30, 2024, the company had cash, cash equivalents, and marketable securities totaling 13,126,959 related to the change in fair value of simple agreements for future equity (SAFEs) for the three months ended June 30, 2024[187]. - The company expects ongoing significant operating expenditures to implement its business plan and develop its powerhouses[171]. - The loss from operations for the six months ended June 30, 2024, was (18,452,102) or 275.8% compared to the prior year[189]. - Net loss for the six months ended June 30, 2024, was (44,184,267) or 481.1% compared to the same period in 2023[189]. Expenses and Cost Increases - Research and development (R&D) expenses increased by 10,719,142 for the three months ended June 30, 2024, compared to 1,833,269 in 2023[185]. - General and administrative (G&A) expenses rose by 5,532,139 or 364.0% to 1,519,697 in 2023[186]. - Research and development expenses rose to 10,630,065 or 283.5% year-over-year[190]. - General and administrative expenses increased by 10,761,582 for the six months ended June 30, 2024, compared to the same period in 2023[191]. - Interest expense for the six months ended June 30, 2024, was 462 in the same period of 2023[194]. - The weighted-average headcount for R&D personnel increased by approximately 68%, contributing to the rise in R&D expenses[185]. - The weighted-average headcount in research and development increased by approximately 64%, contributing to the rise in payroll and employee benefits expenses[190]. - The company anticipates that G&A expenses will continue to rise due to growth and increased costs associated with operating as a public company[168]. Income and Revenue - Interest and dividend income increased by 1,856,415 for the six months ended June 30, 2024, compared to the same period in 2023, driven by higher cash and marketable securities balances[195]. - The change in fair value of simple agreements for future equity resulted in a loss of (2,495,000) in the same period of 2023, representing a 1,099.2% increase[194]. Legislative Impact - The ADVANCE Act of 2023 is expected to provide benefits to the nuclear industry, including reduced licensing timelines and enhanced support for the nuclear fuel cycle[164].
AltC Acquisition (ALCC) - 2024 Q2 - Quarterly Report