Deep Fission, Inc. Common Stock Status update

Please go ahead. Good morning and welcome to Deep Fission's October 2026 business update call.

I'm Jen Stakich. Thank you to our shareholders, analysts, and everyone for joining us. Today, we will focus on our business, our technology, recent progress, and the milestones ahead. Deep Fission is developing its first commercial power projects, so this call will have a different emphasis compared to a traditional quarterly earnings review. Our CEO and Co-Founder, Liz Muller, will begin with the market opportunity and technology. COO, Mike Brasel, will address the development and regulatory roadmap. David Nelson will cover borehole drilling and construction. And CFO Mark Schmitz will discuss the build, own, operate business model. Liz will then summarize the next key milestones before we open the call for questions. You may follow our presentation by navigating to the Events page on our website at deepfission.com.

We expect to make a replay available on the investor relations website shortly after the call concludes. Before we begin, please note that today's call, including our remarks and responses to questions, may contain forward-looking statements regarding Deep Fission's technology, regulatory approvals, deployment timelines, commercialization plans, financing, and future performance. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. For a discussion of these risks, please refer to the risk factors and other disclosures in our SEC filings, including our most recent Form 10-K and Form 10-Q, available at sec.gov. Forward-looking statements speak only as of today, and we undertake no obligation to update them except as required by law. With that, I'll turn it over to Liz.

Thank you, Jen, and thank you all for joining us. This is our first opportunity to bring together the full Deep Fission story for investors and show where we stand on regulation, siting, fuel and construction, and what comes next on our path to commercial nuclear power. Our goal is to deliver reliable commercial nuclear power using proven technology in a radically different deployment approach. Our design combines established pressurized water reactor technology, standard low-enriched uranium fuel, and well-documented industrial drilling methods to place our reactor roughly one mile underground. On slide 3, you will see that we've organized our work around five areas that ultimately need to come together before customers can receive electricity: regulatory approvals, commercial siting, fuel, construction, and of course, customers. Starting with regulatory. The Department of Energy approved our Nuclear Safety Design Agreement, or NSDA, in August.

That is an important early step as it established the safety framework for the DOE pilot program. On commercial siting, the Great Plains Industrial Park in southeast Kansas has several thousand acres for data center and industrial development, requiring up to 2 GW of power. Deep Fission controls a 100-acre site at the park for the DOE demonstration reactor and the first gigawatts of electricity, with more land available for expansion. For fuel, we have an announced uranium purchase agreement with Urenco for standard low-enriched uranium, or LEU, an established fuel type that is already used in commercial pressurized water reactors. With respect to construction, we have completed a 6,000-foot data acquisition borehole, demonstrated prototype canister handling at shallow depth, and are advancing the next phase of large-diameter drilling and non-nuclear testing. Finally, customers. We have signed our Master Energy Purchase Agreement with Great Plains Industrial Park in Parsons, Kansas.

We intend to be judged against our progress in each of these areas. Throughout today's discussion, we will highlight the progress in each of these areas and fill you in on the next steps we are targeting towards commercial execution. Moving to slide 4. Demand for reliable power is increasing, particularly among industrial parks, utilities, and data centers, as we all know. The forecast on this slide illustrates the gap between expected demand and the pace at which new generation can be brought online. For these customers, cost and timing both matter. Our design is intended to support smaller increments of generation located near demand, allowing development to proceed in stages as customer needs grow.

On slide 5, we are targeting an initial pilot and commercial power milestone in December 2027, followed by the beginning of repeatable deployments in 2028. That is about four years from concept to commercial power, with pilot construction targeted to begin in March 2027, and speed to market is central to our strategy. Those are our targets. We believe that they are realistic, and their achievement depends on the regulatory authorization, construction results, supply chain, financing, and customer agreements that Mike will discuss. In Parsons, Kansas, we've executed on the first application of that approach by signing a Master Energy Purchase Agreement, our first energy offtake agreement with the Great Plains Industrial Park. Our proposed development at Great Plains begins with a pilot-sized reactor for the available interconnection, currently targeted for up to 5 MW electric.

Our broader plan contemplates potential phased development of approximately 150 MW electric in 2028, and over time, up to 2 GW electric development opportunities. We are also developing relationships with infrastructure and commercial partners, including those shown here with Blue Owl, which has a real assets platform relationship with us and made a $20 million equity investment, and Endeavour for up to 2 GW electric across cloud provider projects. These discussions help connect potential customers, sites, and project capital for future operations. The important question then is why we believe our design could help bring that power to market differently from a conventional nuclear power plant. On slide 6, our approach brings together three technologies with long industrial track records. First is a conventional pressurized water reactor, or PWR, using standard low-enriched uranium. Second is deep borehole drilling, where industries have decades of experience drilling, casing, and sealing boreholes.

Third is a heat transfer approach informed by geothermal engineering. In a conventional above-ground PWR, substantial pressure management and containment infrastructure surrounds the reactor. Our approach, however, means that our reactors won't need a containment dome, pressurizer, or an additional emergency core cooling system. The rock provides containment, and the mile-deep water column provides the pressure and the emergency cooling. The innovation is in how these technologies work together. We plan to place a PWR in a purpose-built cased and cemented borehole roughly one mile underground, requiring minimal surface infrastructure. We benefit from existing fuel, industrial equipment, and specialized expertise as we advance the design. Moving to slide seven. At a depth of roughly one mile, a column of water produces the pressure in the neighborhood of 160 atmospheres.

Our reactor concept is designed so that the water pressure outside the canister is comparable with the pressure inside the primary reactor system. The reactor uses conventional PWR fuel, and heat is transferred from the reactor through a downhole heat exchanger, then towards the surface, where the power generation equipment can turn into electricity. The surrounding rock, cemented casing, and water column contribute to our proposed containment and safety approach, including removing loss of coolant as a credible accident scenario. On slide eight, our work progresses through a sequence of three phases. Each phase is intended to reduce a different development risk. Phase one, we drilled an approximately 6,000-foot data acquisition borehole in Kansas. That gave us direct information about the rock, drilling behavior, fluids, and conditions encountered at depth. Those lessons inform how we plan the more demanding boreholes.

Phase two, our next major construction step is a program of large-diameter drilling and testing. Since we laid out our initial plans, we have identified drillers with the capability to do much of this work. We now see phase 2 as a program rather than a single borehole, and part of it is already complete. The program is intended to test how we cut and remove rock, hold the borehole straight, install casing, place cement, and support the thermal and instrumentation equipment. As part of that program, we have already completed a separate shallow demonstration in Florida in which a full-size non-nuclear canister was installed and retrieved. We gained experience in handling and retrieval processes which will inform future deep borehole installations.

For phase three, our plan is to move from non-nuclear construction work towards the first nuclear pilot reactor, subject to the necessary Department of Energy authorizations, fuel and component readiness, and later, NRC commercial licensing. This phased program will help us develop a safe and repeatable construction and operations methodology. Moving to slides nine and 10. For a repeat deployment or Nth-of-a-Kind reactor, our current planning assumption is 15-megawatt electric output per unit. 10 such units would represent about 150 megawatts electric, and 100 units would represent approximately 1.5 gigawatts electric of generation capacity. Put simply, we have a modular system, so our customers can add capacity as demand grows. The illustration shows what a site could look like. Actual deployments will depend on customer commitments, engineering, and permits.

At scale, we are targeting months, not years, from the start of drilling to the delivery of power, with a six-month objective shown here. Getting there will take demonstrated drilling, equipment fabrication, permitting, and construction coordination. The economic advantage is easy to describe. A conventional PWR needs a great deal of above-ground infrastructure for pressure management, containment, cooling, and safety. A mile underground, the rock and the water column do much of that work for us. We still need an engineered reactor and pressure boundary, control systems, surface generation equipment, and regulatory approvals. The savings come from how much less we have to build above ground, and from building the same unit again and again. Deep Fission is designed for roughly 100 acres per gigawatt, compared with about 700 for the most recent conventional PWR and about 7,000 for utility-scale solar.