The 2027 Nuclear Watch List: The Models
Cash runway, dilution and fast, base and slow timelines for $NUCL, $FISN, $PESI, $ONEN and $DBHL.
Our intro report named five small nuclear companies almost nobody covers: $NUCL, $FISN, $PESI, $ONEN and $DBHL. This report puts numbers under each one. For every company we model the same four things: how long the cash lasts, how much new money the next milestone likely needs and what that does to the share count, the one metric that best captures what the market is paying for, and a fast, base and slow timeline for the milestones that actually change the value.
Paid subscribers can download the model workbook at the end of this post. Blue cells are figures from filings and releases. Yellow cells are our scenario assumptions, and every output recalculates when you change them. Market data are quotes from midday Nov 12, 2026. Since the intro, Deep Isolation has reported its third quarter, and we have added Eagle Nuclear’s pending acquisition of Noble Plains Uranium.
The five at a glance
Together the five are worth about $838M, and hold about $130M of cash between them.
Runway at the latest disclosed burn, straight-line:
$NUCL: about 29 months, on $25.5M of cash and a $2.6M quarterly burn. Burn will rise once drilling starts.
$PESI: about 14 months on balance-sheet cash and the Q3 EBITDA loss, longer once its roughly $19.9M of total liquidity is counted.
$DBHL: about 14 months, on $16.5M of cash at Sept 30 and about $3.6M a quarter of operating cash use. That points to late 2027.
$FISN: about 11 months, on $71.7M of cash and securities and an $18.8M quarterly operating burn. That points to roughly Q3 2027.
$ONEN: not yet measurable. About $1.7M was left in the SPAC trust after $146.5M of redemptions, and the first post-merger 10-Q has not been filed.
Market value as a multiple of cash:
$FISN 1.8x · $NUCL 4.7x · $DBHL 6.1x · $PESI 22.6x · $ONEN not meaningful until it reports post-merger cash.
The pattern: the market pays the least over cash for $FISN, the name with the most binary technology risk and the most open questions in its own filings, and the most for $PESI, the only one with an operating business at scale. Cheap on cash and cheap on risk are not the same thing: $FISN also has the shortest measurable runway of the five.
