Impact: Neutral
Global Atomic (GLO) reported Q2/26 results, with EPS of $0.01 driven by an $8.0M non-cash FX gain, beating our estimate of neg. $0.01. Adjusted EPS, removing FX and stock option expense, was Neg. $0.004. Management now guides process plant commissioning and first yellowcake at Dasa to H2/28, in line with our assumptions. Not much otherwise has changed for the core story, and we don’t pay much attention to the equity accounting earnings from the Turkish JV. We believe that financing remains the only re-rating catalyst that matters, and this release is largely a restatement of Q1/26 with two subtle shifts worth flagging: the pluralization of “JV partners” and management’s explicit attribution of the slip to “financing delays”. Cash at $30M against a ~$29M quarterly burn means the newly renewed $50M ATM may need to be tapped. At $0.59/sh, we don’t see the ATM as the solution, but a debt facility, or our less-preferred option of a JV or partial asset sale, may be required to move plant construction forward. We believe the funding gap is largely unchanged at ~US$245M, as implied during Q1/26.