Standard Nuclear manufactures TRISO nuclear fuel for advanced reactors, including small modular reactors and microreactors. TRISO fuel consists of uranium particles encased in ceramic coating layers that function as individual containment systems, allowing reactors to operate at higher temperatures with passive safety features. The company operates as a toll manufacturer in the nuclear fuel value chain, meaning it does not buy or own uranium. Instead, customers such as reactor developers and federal agencies provide enriched uranium feedstock, which Standard Nuclear converts into finished fuel for a fabrication fee. This business model eliminates direct exposure to uranium price fluctuations. Standard Nuclear secures revenue through fuel sales agreements involving non-refundable deposits and milestone-based payments, as well as cost-plus development agreements for testing and qualification. The company follows a "Replicate, Don't Redesign" growth strategy, using standardized modular production lines to scale manufacturing capacity across multiple facilities. Standard Nuclear currently operates one industrial-scale production line in Tennessee and is expanding its footprint to additional sites with a long-term target of 40 MTU of annual capacity by 2030. Business growth is contingent on the commercial deployment of advanced reactors and the consistent availability of HALEU feedstock.