OKLO

1. Key Historical Highlights

• October 1, 2025: Oklo was selected by the U.S. Department of Energy for the Advanced Nuclear Fuel Line Pilot Projects to build and operate three fuel-fabrication facilities.
• September 30, 2025: The NRC accepted Oklo’s Principal Design Criteria topical report for review under an accelerated timeline with a reduced schedule.
• September 29, 2025: Oklo formed a transatlantic partnership with Blykalla, committing approximately $5 million and signing a Joint Technology Development Agreement.
• September 25, 2025: Oklo conducted full-scale flow testing of a prototypical fuel assembly at Argonne National Laboratory under a DOE GAIN voucher.
• September 22, 2025: Oklo broke ground on its first Aurora powerhouse at Idaho National Laboratory with Kiewit as lead constructor.
• September 4, 2025: Oklo announced a fuel recycling facility in Tennessee as the first phase of an advanced fuel center with up to $1.68 billion investment.
• August 21, 2025: Oklo signed an MOU with ABB and commissioned a digital monitoring room to support operator training and licensing preparation.
• August 13, 2025: Oklo and subsidiary Atomic Alchemy were selected for three projects under DOE’s Reactor Pilot Program targeting criticality by July 4, 2026.
• August 11, 2025: Oklo reported a Q2 2025 operating loss of $28.0 million and ended the quarter with about $683.0 million in cash and securities after a June equity raise.
• August 11, 2025: Oklo and Lightbridge announced a strategic collaboration to explore co-location of an advanced nuclear fuel fabrication facility.
• July 23, 2025: Oklo and Liberty Energy launched a strategic alliance to provide integrated power solutions combining natural gas generation and advanced nuclear.
• July 22, 2025: Oklo and Vertiv announced a collaboration to co-develop advanced power and thermal management solutions for data centers with a pilot at the initial Aurora.
• July 17, 2025: Oklo completed the NRC’s pre-application readiness assessment for its first commercial Aurora powerhouse at Idaho National Laboratory.
• June 17, 2025: Oklo began site characterization work for a commercial radioisotope production facility at Idaho National Laboratory through Atomic Alchemy.
• June 12, 2025: Oklo priced a public offering of 6,666,667 shares at $60.00 per share for approximately $400 million in gross proceeds.
• June 11, 2025: Oklo received a Notice of Intent to Award to provide clean power to Eielson Air Force Base under a long-term power purchase agreement.
• June 10, 2025: The NRC accepted Oklo’s Licensed Operator Topical Report for review to enable fleetwide operator licensing aligned to the Aurora design.
• May 27, 2025: Oklo signed an MOU with Korea Hydro & Nuclear Power to collaborate on advanced nuclear technology and standard design development.
• May 13, 2025: Oklo reported Q1 2025 operating expenses of $17.9 million and cash of $260.7 million while targeting first unit operations in late 2027 to early 2028.
• December 18, 2024: Oklo and Switch entered a non-binding Master Power Agreement to deploy 12 gigawatts of advanced nuclear power for data centers.

2. Financial Performance Overview

• Operating losses are consistent with a pre-revenue buildout phase, with Q1 2025 operating loss of $17.9 million and Q2 2025 operating loss of $28.0 million; Gap: revenue and gross margin metrics not disclosed.
• Liquidity strengthened materially after a June 2025 follow-on equity raise of $460.0 million gross, ending Q2 2025 with approximately $683.0 million in cash and marketable securities.
• Management reiterated full-year 2025 cash used in operating activities guidance of $65.0 million to $80.0 million and indicated potential modest CapEx pull-forward without changing that range.
• Strategic capital commitments include up to $1.68 billion for a Tennessee fuel recycling facility, which is expected to begin producing metal fuel in the early 2030s pending approvals.
• Historical strategic cash inflows include a $25 million prepayment tied to a 500 MW Equinix agreement in 2024, supporting non-dilutive funding for development activities.

3. Management Effectiveness

• Strategy execution centers on a build-own-operate model selling power via long-term agreements, evidenced by the 12 GW Master Power Agreement with Switch and the Notice of Intent to Award for Eielson Air Force Base.
• Capital deployment appears disciplined: raised $460 million gross in June 2025, completed an all-stock $25 million acquisition of Atomic Alchemy, and is advancing a phased $1.68 billion fuel recycling project while keeping 2025 cash-use guidance intact.
• Regulatory advancement is notable, with NRC acceptance of operator licensing and PDC topical reports under accelerated timelines and completion of the pre-application readiness assessment, indicating strong engagement and preparatory rigor.
• Partnership network de-risks commercialization and supply chain via alliances with Kiewit, ABB, Vertiv, KHNP, Liberty Energy, Lightbridge, and Blykalla, broadening construction, digital, and fuel capabilities.
• Operational milestones such as groundbreaking at INL and full-scale fuel assembly flow testing at Argonne suggest tangible progress toward manufacturing and deployment readiness.
• Evidence lacking: demonstrated operating margins, return on invested capital, and multi-plant operating performance track record.

4. Key Quotes from Management

• "We are honored to be selected by DOE for these historic projects that will help restore America’s nuclear fuel supply chain. Through the Fuel Line Projects and Reactor Pilot Programs, DOE is laying the groundwork for the next wave of nuclear development and deployment, and Oklo is proud to contribute by building the advanced fuel infrastructure needed to deploy our powerhouses and strengthen U.S. energy security." — Jacob DeWitte, Co-founder and CEO, Oklo Inc. (Press release, October 1, 2025)
• "This is a reflection of the work by the Oklo team, and the NRC’s commitment to timely oversight." — Jacob DeWitte, Co-founder and CEO, Oklo Inc. (Press release, September 30, 2025)
• "Recent legislation and executive orders have called for the delivery of more nuclear power for clean, reliable energy on accelerated timelines, and this is how it’s done. Modernized, non-duplicative processes are key enablers for how advanced nuclear can scale rapidly and safely." — Jacob DeWitte, Co-founder and CEO, Oklo Inc. (Press release, September 30, 2025)
• "These full-scale, prototypical tests are vital in moving us from design into production." — Jacob DeWitte, Co-founder and CEO, Oklo Inc. (Press release, September 25, 2025)
• "This milestone demonstrates how our licensing strategy supports our mission to deliver clean, reliable, and affordable energy quickly and at scale, By combining all aspects of design, construction, and operation into one application, we’re streamlining the path to deployment. Since we build, own, and operate our powerhouses to sell energy directly to customers, it makes sense to align that with a more integrated licensing pathway." — Jacob DeWitte, Co-founder and CEO, Oklo Inc. (Press release, June 10, 2025)
• "We continue to see strong momentum across both the industry and the political landscape in support of nuclear energy, and that momentum is accelerating in 2025." — Jake DeWitte, Co-Founder and Chief Executive Officer, Oklo Inc. (Earnings call transcript, May 13, 2025)
• "Fuel is the most important factor in bringing advanced nuclear energy to market. By recycling used fuel at scale, we are turning waste into gigawatts, reducing costs, and establishing a secure U.S. supply chain that will support the deployment of clean, reliable, and affordable power. Tennessee is showing the nation that recycling can be done to support new nuclear development and growth." — Jacob DeWitte, Co-founder and CEO, Oklo Inc. (Press release, September 4, 2025)