California Nanotechnologies (TSX-V: CNO) (OTCBB: CANOF) just landed the largest purchase order in its history, and it comes from one of the hottest corners of the energy market: advanced nuclear power.

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The company announced Monday that an existing U.S.-based advanced nuclear customer placed an order for boron-carbide reactor control components expected to be used in a small modular reactor (SMR) program. Cal Nano didn't disclose the value of the contract or identify the customer, but management says the order represents a significant increase in scope from its previous work. That's notable for a company this small.

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Cal Nano generated just $2.8 million in revenue in fiscal 2026, so moving from development work into larger-scale nuclear component production could materially change the business if additional orders follow. In its latest quarter, revenue increased 28% year over year to $918,000.

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This isn't Cal Nano's first nuclear order

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In November 2025, the company received two purchase orders worth approximately $196,250 from a U.S. advanced SMR developer for boron-carbide reactor control rods. Those components were intended for the customer's first demonstration reactor. Cal Nano says it has now used components from previous orders in another customer's reactor that recently achieved criticality.

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Cal Nano expects to deliver the latest order in full by the end of its current fiscal year.

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If you’re unfamiliar, Boron carbide is used because of its ability to absorb neutrons, making it useful in reactor control and shielding applications. Cal Nano specializes in processing these advanced materials using technologies including Spark Plasma Sintering, with manufacturing conducted domestically at its California facilities. The company says it can support everything from prototype work to multi-ton annual production. 

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That puts this tiny company in an interesting position as the U.S. tries to build a domestic supply chain for advanced nuclear reactors.

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The Department of Energy recently awarded more than $94 million to eight companies specifically to address barriers to deploying additional small modular reactors, including supply-chain constraints. Cal Nano is essentially trying to become one of the companies supplying the specialized parts those reactor developers will need.

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But there's an important distinction here.

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Cal Nano isn't developing an SMR. It doesn't need to spend billions of dollars designing, licensing, and building a reactor. It's trying to sell components to the companies that are.

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Think of it as a picks-and-shovels play on advanced nuclear.

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That doesn't make CANOF a slam-dunk investment. This is still an extremely small company with only a few million dollars in annual revenue, and management hasn't disclosed the dollar value of today's order. But the progression is encouraging.

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Cal Nano went from receiving roughly $196,000 in initial nuclear orders last year to announcing its largest purchase order ever from an existing nuclear customer. More importantly, management says the relationship has progressed from development work to larger-scale production.

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That's exactly what I'd want to see from a company trying to establish itself as a supplier to the emerging SMR industry.

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One order isn't enough to prove the thesis. But if Cal Nano can turn this customer into recurring production revenue and add several more advanced reactor developers, this little company could become a very interesting backdoor play on the nuclear buildout.

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