Standard Nuclear manufactures TRISO nuclear fuel for advanced nuclear reactors, specifically small modular reactors and microreactors. The company’s core product, TRISO fuel, features uranium particles encased in ceramic layers to create a self-contained containment system. As a toll manufacturer, Standard Nuclear requires customers to provide enriched uranium feedstock, such as High-Assay Low-Enriched Uranium, which it converts into finished fuel for a fabrication fee. This model eliminates direct exposure to uranium price fluctuations. Standard Nuclear is reactor-agnostic and does not design, build, or operate reactors itself; it focuses exclusively on fuel manufacturing for third-party developers and federal agencies, including the DOE and NASA. The company generates revenue through Fuel Development Agreements for testing and surrogate production, and Fuel Sales Agreements for commercial-scale fabrication. These arrangements often involve upfront deposits and milestone-based payments. To scale production, Standard Nuclear uses a modular facility design and intends to improve efficiency through automation and in-line scrap recycling. The company recently achieved its first commercial delivery of fuel for use in a microreactor demonstration.