Revenue Streams
Six diversified revenue streams
Business Model Overview
NuBatt operates a diversified business model spanning six complementary revenue streams. This multi-stream approach—internally referred to as the "Five Dragons" model plus technology licensing—provides revenue diversification, creates supply chain synergies, and positions the Company across multiple high-growth markets.
Revenue Stream Summary
| Stream | 2027 | 2031 | Primary Value Drivers |
|---|---|---|---|
| Nuclear Batteries | $5M | $1.2B | Core product sales |
| Medical Isotopes | $30M | $600M | Diagnostic and therapeutic isotopes |
| Industrial Isotopes | $10M | $350M | NDT, sterilisation, gauging |
| Nuclear Waste Recycling | — | $544M | Spent fuel conversion |
| Advanced Carbon Materials | $3M | $80M | SiC wafers, nanodiamonds, carbon nano-onions |
| Technology Licensing | $2M | $70M | IP licensing and partnerships |
| Total | $50M | $2.8B |
Strategic Rationale
The multi-stream model provides:
- Revenue Diversification: Exposure to multiple markets reduces single-market dependency
- Supply Chain Synergies: Nuclear waste recycling feeds battery production; advanced carbon materials serve internal needs
- Market Positioning: Presence across defence, healthcare, industrial, and clean energy sectors
- Risk Mitigation: Different market cycles and customer bases reduce overall business risk
- Dual Circular Economy: Nuclear waste becomes isotope feedstock; organic waste becomes nanodiamond feedstock
Stream 1: Nuclear Batteries
Overview
Nuclear battery sales represent NuBatt's core business, generating revenue from the sale of NuBatt-S1, L1, P1, and Q1 products to defence, aerospace, medical, and industrial customers.
Revenue Projection
| Year | Revenue | Commentary |
|---|---|---|
| 2027 | $5M | Initial defence contracts, pilot customers |
| 2028 | $50M | Defence expansion, first commercial sales |
| 2029 | $200M | Medical market entry, IoT scaling |
| 2030 | $600M | Multi-market penetration |
| 2031 | $1.2B | Scale production, global expansion |
Target Market Segments
| Segment | Products | Key Applications | Revenue Contribution (2031) |
|---|---|---|---|
| Defence | NuBatt-L1, S1 | UAVs, remote sensors, submarines | ~50% |
| Aerospace | NuBatt-L1, S1 | Satellites, space probes | ~15% |
| Medical Devices | NuBatt-S1 | Implants, monitors | ~15% |
| Industrial IoT | NuBatt-S1 | Remote sensors, beacons | ~15% |
| Specialty | NuBatt-P1, Q1 | Premium applications | ~5% |
Business Models
Direct Sales
- Outright sale of battery units to customers
- Higher upfront revenue per unit
- Customer owns and maintains the battery
- Primary model for defence and aerospace
Battery-as-a-Service (BaaS)
- Customers pay for power delivered rather than hardware
- Recurring revenue model
- NuBatt retains ownership and service responsibility
- Attractive for commercial and IoT applications
Leasing Programs
- Multi-year lease agreements
- Suitable for high-value, long-duration applications
- Provides financing flexibility for customers
- Recurring revenue with eventual buyout option
Service Contracts
- Monitoring and maintenance agreements
- Value-added services around core products
- Ongoing customer relationship
Pricing Strategy
| Product | Target Price Range | Basis |
|---|---|---|
| NuBatt-S1 | $1,000 - $10,000 | Per unit |
| NuBatt-L1 | $120,000 - $500,000 | Per unit (depending on spec) |
| NuBatt-P1 | Custom | Application-specific |
| NuBatt-Q1 | Premium | Application-specific |
Note: Pricing reflects total cost of ownership advantage over conventional batteries requiring replacement.
Competitive Position
Nuclear batteries command premium pricing justified by:
- 30-100+ year operational life vs. 2-5 years for conventional batteries
- Zero recharging requirement
- Extreme environment operation
- Reduced total cost of ownership for long-duration applications
Stream 2: Medical Isotopes
Overview
The NuFlux isotope production platform enables NuBatt to produce diagnostic and therapeutic radioisotopes for the global healthcare market. This stream leverages isotope handling expertise developed for battery production.
Revenue Projection
| Year | Revenue | Commentary |
|---|---|---|
| 2027 | $30M | Initial production, Mo-99 focus |
| 2028 | $80M | Expanded isotope portfolio |
| 2029 | $200M | Therapeutic isotope scaling |
| 2030 | $400M | Global distribution expansion |
| 2031 | $600M | Market share capture |
Key Isotopes
| Isotope | Application | Market Position |
|---|---|---|
| Mo-99/Tc-99m | Diagnostic imaging | 80% of nuclear medicine procedures; supply constraints |
| Lu-177 | Cancer therapy (PRRT) | Rapidly growing; chronic shortages |
| Ac-225 | Targeted alpha therapy | Limited global supply; high demand |
| I-131 | Thyroid treatment | Established market; stable demand |
| Y-90 | Liver cancer treatment | Growing applications |
| Ga-68 | PET imaging | Theranostic applications |
Market Opportunity
Supply Chain Vulnerabilities
The medical isotope market faces chronic supply constraints:
- Mo-99 production depends on aging research reactors
- Several key facilities have experienced extended shutdowns
- Limited production capacity for therapeutic isotopes (Lu-177, Ac-225)
- Growing demand from aging population and new therapies
NuFlux Capability
NuBatt's NuFlux platform provides:
- 40+ simultaneous isotope production capability
- Modern, reliable production infrastructure
- Reduced dependency on aging reactor networks
- Flexible production to match demand
Revenue Model
| Model | Description |
|---|---|
| Direct Supply | Sale of isotopes to hospitals, radiopharmacies |
| Contract Manufacturing | Production agreements with pharmaceutical companies |
| Partnerships | Joint ventures with established distributors |
| Licensing | Technology transfer for regional production |
Stream 3: Industrial Isotopes
Overview
Industrial isotope production serves non-medical applications including non-destructive testing (NDT), sterilisation, gauging, and tracer applications across oil & gas, manufacturing, and food safety sectors.
Revenue Projection
| Year | Revenue | Commentary |
|---|---|---|
| 2027 | $10M | Initial production capability |
| 2028 | $30M | Customer base expansion |
| 2029 | $100M | Broad market penetration |
| 2030 | $200M | Contract scaling |
| 2031 | $350M | Market leadership |
Key Isotopes and Applications
| Isotope | Applications | End Markets |
|---|---|---|
| Co-60 | Sterilisation, food irradiation | Healthcare, food safety |
| Ir-192 | Industrial radiography, NDT | Oil & gas, manufacturing |
| Am-241 | Smoke detectors, gauging | Construction, safety equipment |
| Kr-85 | Leak detection, lighting | Aerospace, automotive |
| Cs-137 | Gauging, calibration | Mining, manufacturing |
| Se-75 | Industrial radiography | Pipeline inspection |
Market Segments
Revenue Model
- Direct isotope sales to industrial users
- Long-term supply agreements
- Distribution partnerships
- Regional licensing for local production
Stream 4: Nuclear Waste Recycling
Overview
Nuclear waste recycling converts spent nuclear fuel and radioactive waste into usable materials—isotopes for batteries and medical/industrial applications. This stream transforms an environmental liability into a valuable resource while creating feedstock for other NuBatt operations.
Revenue Projection
| Year | Revenue | Commentary |
|---|---|---|
| 2027 | — | Technology development |
| 2028 | — | Pilot operations |
| 2029 | $100M | Initial commercial operations |
| 2030 | $300M | Capacity expansion |
| 2031 | $544M | Full-scale operations |
Value Proposition
Current Situation
Globally, over 430,000 tonnes of spent nuclear fuel sits in storage, representing:
- Long-term liability for governments and utilities
- Ongoing storage and security costs
- Public concern about nuclear waste
- Unutilised energy potential
NuBatt Solution
NuBatt's recycling approach:
- Extracts valuable isotopes from spent fuel
- Converts waste into battery feedstock
- Reduces volume of material requiring long-term storage
- Creates economic value from environmental liability
Revenue Model
| Model | Description |
|---|---|
| Processing Fees | Charged for accepting and processing waste materials |
| Recovered Materials | Sale of extracted isotopes and materials |
| Government Contracts | Waste remediation and management agreements |
| Internal Supply | Feedstock for battery production (cost savings) |
Strategic Benefits
- Feedstock Security: Internal supply of isotopes for battery production
- Cost Advantage: Lower raw material costs than external procurement
- ESG Value: Environmental remediation creates positive impact narrative
- Government Relationships: Partnerships with national laboratories and regulators
Stream 5: Advanced Carbon Materials
Overview
NuBatt's Advanced Carbon Materials division produces critical semiconductor and electrode materials for internal battery production while serving growing external markets. This division encompasses silicon carbide (SiC) wafers, synthetic diamonds and nanodiamonds, and carbon nano-onions—creating a vertically integrated supply chain with a unique sustainability story.
The NuCarbon Facility: From Organic Waste to Clean Energy
A Second Circular Economy: Just as NuBatt transforms nuclear waste into valuable isotopes and battery feedstock, our NuCarbon facility transforms organic waste into advanced carbon materials that power our batteries. Nature itself helps generate clean energy.
The Vision
| Input | Process | Output | Application |
|---|---|---|---|
| Tree pruning waste | High-temperature carbonisation | Nanodiamonds | Battery electrodes |
| Agricultural residues | HPHT/CVD synthesis | Synthetic diamonds | Wide bandgap converters |
| Organic carbon sources | Nanodiamond annealing | Carbon nano-onions | High-performance electrodes |
Environmental and Marketing Impact
Sustainable Feedstock
Organic waste from forestry, agriculture, and urban tree management becomes valuable raw material
Carbon Sequestration
Carbon captured in diamonds is permanently sequestered rather than released as CO₂
Circular Economy
Waste streams become inputs for clean energy technology
Compelling Narrative
"Nature powering nuclear batteries" creates powerful marketing differentiation
Revenue Projection
| Year | Revenue | Commentary |
|---|---|---|
| 2027 | $3M | Initial production, primarily internal |
| 2028 | $10M | External sales growth, nanodiamond production begins |
| 2029 | $30M | Capacity expansion, diamond synthesis scaling |
| 2030 | $50M | Market penetration across all product lines |
| 2031 | $80M | Full-scale production |
Product Lines
Silicon Carbide Wafers
SiC is a critical wide bandgap semiconductor for nuclear voltaic converters and the broader power electronics market.
| Specification | Target |
|---|---|
| Wafer Sizes | 4-inch, 6-inch |
| Material Grade | Device-grade for converters |
| Capacity | Scaling with demand |
| Quality | Automotive/aerospace grade |
Internal Use: Wide bandgap enables efficient radiation-to-electricity conversion with high radiation tolerance.
External Market: Growing demand from electric vehicles, 5G communications, renewable energy, and industrial power electronics.
The Organic Waste to Clean Energy Pathway
Collection: Partner with forestry operations, municipalities, and agricultural processors to source organic carbon waste (tree prunings, crop residues, urban green waste)
Carbonisation: Process organic material through high-temperature treatment to produce carbon precursors
Nanodiamond Synthesis: Convert carbon precursors into high-purity nanodiamonds through controlled synthesis
Carbon Nano-Onion Production: Anneal nanodiamonds to produce carbon nano-onions for battery electrodes
Battery Integration: Incorporate advanced carbon materials into nuclear voltaic converters and electrodes
Clean Energy Output: Batteries powered by materials derived from nature provide decades of zero-emission electricity
Strategic Rationale
Revenue Model
| Channel | Description |
|---|---|
| Internal Consumption | Cost centre supporting battery production |
| External Wafer Sales | SiC wafers to power electronics manufacturers |
| Nanodiamond Sales | Industrial and research applications |
| Carbon Nano-Onion Sales | Advanced electrode and composite markets |
| Diamond Sales | Industrial and specialty applications |
| Waste Processing Fees | Potential revenue from organic waste processing services |
Partnerships and Supply Chain
| Partner Type | Value Exchange |
|---|---|
| Forestry Operations | Waste supply agreements; potential processing fees |
| Municipal Green Waste | Urban tree pruning and organic waste sourcing |
| Agricultural Processors | Crop residue and biomass supply |
| Research Institutions | Process optimisation and material development |
| Industrial Customers | Long-term supply agreements for carbon materials |
Stream 6: Technology Licensing
Overview
Technology licensing generates revenue from NuBatt's intellectual property portfolio through geographic licenses, application-specific licenses, and technology transfer agreements.
Revenue Projection
| Year | Revenue | Commentary |
|---|---|---|
| 2027 | $2M | Initial licensing agreements |
| 2028 | $10M | Geographic expansion |
| 2029 | $20M | Application licensing |
| 2030 | $40M | Partnership scaling |
| 2031 | $70M | Global licensing network |
Licensing Models
Geographic Licenses
- Regional exclusive or non-exclusive licenses
- Local manufacturing rights
- Distribution agreements
- Market-specific partnerships
Application-Specific Licenses
- Vertical market licenses (e.g., medical devices only)
- Technology subset licenses
- Integration licenses for OEMs
Technology Transfer Agreements
- Full technology packages for manufacturing
- Training and support services
- Ongoing technical assistance
- Quality certification programs
Joint Development Partnerships
- Co-development with strategic partners
- Shared IP ownership for new applications
- Access to partner distribution networks
Strategic Benefits
- Revenue with minimal capital requirements
- Market access without direct investment
- Risk sharing with local partners
- Validation of technology value
- Strategic relationships with industry players
Revenue Summary
Total Revenue Projection
| Year | Revenue | EBITDA | EBITDA Margin |
|---|---|---|---|
| 2027 | $50M | $12M | 23.9% |
| 2028 | $200M | $65M | 32.5% |
| 2029 | $650M | $248M | 38.2% |
| 2030 | $1.5B | $615M | 41.0% |
| 2031 | $2.8B | $1.2B | 43.3% |
Revenue Mix Evolution
| Stream | 2027 | 2029 | 2031 |
|---|---|---|---|
| Nuclear Batteries | 10% | 31% | 43% |
| Medical Isotopes | 60% | 31% | 21% |
| Industrial Isotopes | 20% | 15% | 13% |
| Nuclear Waste Recycling | 0% | 15% | 19% |
| SiC Wafers | 6% | 5% | 3% |
| Technology Licensing | 4% | 3% | 3% |
Margin Profile
| Metric | 2027 | 2029 | 2031 |
|---|---|---|---|
| Gross Margin | ~40% | ~50% | ~55% |
| EBITDA Margin | 23.9% | 38.2% | 43.3% |
| Operating Leverage | Building | Improving | Optimised |
Key Financial Characteristics
Revenue Growth Drivers
- Defence contract expansion
- Medical market penetration
- Manufacturing scale-up
- Waste recycling operations launch
Synergies Across Revenue Streams
The six revenue streams create significant operational synergies:
Supply Chain Integration
Shared Infrastructure
| Capability | Streams Served |
|---|---|
| Isotope handling facilities | Batteries, Medical, Industrial, Recycling |
| SiC fabrication | Batteries, SiC Sales |
| Regulatory expertise | All streams |
| Quality systems | All streams |
Customer Relationships
- Defence customers may require both batteries and isotopes
- Medical device companies are customers for batteries and isotope sources
- Industrial customers need both batteries and industrial isotopes
Technology Transfer
- Battery production expertise informs isotope handling
- Semiconductor capabilities serve both batteries and wafer sales
- Licensing leverages all technology development
Summary
NuBatt's six revenue streams provide a diversified, synergistic business model:
- Nuclear Batteries: Core technology driving defence and commercial sales
- Medical Isotopes: High-margin healthcare market addressing supply constraints
- Industrial Isotopes: Steady demand across multiple industrial applications
- Nuclear Waste Recycling: Circular economy creating feedstock and environmental value
- SiC Wafers: Vertical integration supporting batteries and external market
- Technology Licensing: IP monetisation with minimal capital requirements
This multi-stream approach positions NuBatt for sustainable growth while mitigating single-market risk.
[End of Revenue Streams]