OKLO

1. Key Historical Highlights

• August 21, 2025: Signed a memorandum of understanding with ABB to explore collaboration on digitalization, automation, and electrification for Aurora deployment.
• August 21, 2025: Commissioned a digital monitoring room in Santa Clara to anchor operator training and simulation for fleet deployment.
• August 13, 2025: Selected with Atomic Alchemy for three U.S. DOE Reactor Pilot Program projects to demonstrate criticality by July 4, 2026.
• August 11, 2025: Completed NRC Phase One pre-application readiness for the Aurora INL combined license application.
• August 11, 2025: Selected KeyWit as lead constructor for the Aurora INL powerhouse with preconstruction activities ahead of a late Q3 groundbreaking.
• July 23, 2025: Launched a strategic alliance with Liberty Energy to offer integrated power solutions combining natural gas and advanced nuclear.
• July 22, 2025: Announced a collaboration with Vertiv to co-develop advanced power and thermal solutions for data centers powered by Aurora.
• July 17, 2025: Completed the NRC’s pre-application readiness assessment for the first commercial Aurora powerhouse at Idaho National Laboratory.
• June 12, 2025: Priced a public offering of 6,666,667 shares at $60 per share for approximately $400 million in gross proceeds.
• June 11, 2025: 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 U.S. Nuclear Regulatory Commission accepted the Licensed Operator Topical Report for review to enable centralized monitoring across plants.
• May 27, 2025: Signed an MOU with Korea Hydro & Nuclear Power to collaborate on advanced nuclear design, manufacturability, and supply chain development.
• May 13, 2025: Completed borehole drilling for site characterization at the Idaho National Laboratory for the first Aurora powerhouse.
• May 13, 2025: Appointed Pat Schweiger as Chief Technology Officer to support the commercialization of advanced nuclear technologies.
• March 24, 2025: Initiated the NRC Pre-Application Readiness Assessment for the Aurora combined license application focusing on siting and environmental topics.
• March 05, 2025: Closed the acquisition of Atomic Alchemy to establish a resilient U.S.-based radioisotope supply chain.
• January 17, 2025: Entered a memorandum of understanding with RPower to deploy a phased power model for data centers transitioning from gas to nuclear energy.
• December 18, 2024: Entered a non-binding Master Power Agreement with Switch to deploy 12 gigawatts of advanced nuclear power.

2. Financial Performance Overview

• Operating losses are increasing with execution ramp: Q2 2025 operating loss was $28.0 million (including $11.4 million SBC) versus Q1 2025 operating loss of $17.9 million, following a 2024 net loss of $73.6 million driven by higher R&D and G&A.
• Liquidity strengthened materially after capital raises: a follow-on equity offering in June added roughly $460.0 million gross, ending Q2 2025 with about $683.0 million in cash and marketable securities.
• 2025 cash use guidance remains disciplined at $65.0 million to $80.0 million even as management may modestly accelerate certain 2026 CapEx into 2025 to advance INL deployment and fuel activities.
• Commercial pipeline is substantial but revenue remains pre-operational: 14+ GW order book including a 12 GW framework with Switch, a 500 MW Equinix agreement, 750 MW in LOIs, and an intended award at Eielson AFB; Gap: revenue timing and PPA pricing terms not disclosed.
• Capital allocation emphasizes strategic capability-building: $25 million all-stock acquisition of Atomic Alchemy to enter radioisotopes, collaborations on fuel fabrication with Lightbridge, and DOE-backed projects aim to diversify future cash flows and de-risk supply chains.
• Regulatory progress may reduce future operating costs: acceptance of the Licensed Operator Topical Report supports centralized fleet operations that could lower staffing and licensing overhead over time.

3. Management Effectiveness

• Strategy execution is coherent and leveraged: the build-own-operate model aligns licensing, operations, and customer delivery, reinforced by an integrated COLA and product-based operator licensing approach enabling centralized monitoring.
• Capital deployment has been timely and accretive to runway: leadership raised significant equity to reach roughly $683 million in liquidity while maintaining measured cash-burn guidance amid accelerated project work.
• Partner ecosystem accelerates commercialization: agreements with KHNP, ABB, Vertiv, Liberty Energy, RPower, and Switch expand go-to-market channels, supply chain depth, and end-market fit in data centers and industrial loads.
• Regulatory and project delivery milestones are tracking: NRC readiness completions, INL and DOE agreements, and site characterization progress suggest effective stakeholder engagement and execution discipline.
• Portfolio diversification supports resilience: acquiring Atomic Alchemy and advancing radioisotope facilities create adjacent markets that complement core fast reactor and fuel-recycling capabilities; Evidence lacking: detailed unit economics, LCOE targets, construction capital intensity, and fuel supply risk-mitigation specifics.

4. Key Quotes from Management

• "This milestone reflects another important step towards deployment, and deploying at scale." — Jacob DeWitte, Co-Founder and CEO, Oklo Inc. (Oklo Signs MOU with ABB and Commissions Monitoring Room to Advance Training for Aurora Powerhouse Deployment, August 21, 2025)
• "We’re proud to be selected by the DOE for these three projects. This shows that the DOE is ushering in a new era of building new nuclear in America by unleashing its unique capabilities to enable American nuclear innovators to build. The DOE is opening the door to the market so new ideas, new approaches, and new designs can be built more quickly and efficiently. American innovation is one of our strategic advantages, and the DOE’s selection of a number of projects provides a sweeping injection of urgency to meet the moment and unleash American nuclear innovation." — Jacob DeWitte, CEO, Oklo Inc. (Selection for U.S. Department of Energy’s Reactor Pilot Program Projects, August 13, 2025)
• "These executive orders build on legislation from the last Congress and administration to clearly recognize civil nuclear energy as a national and economic security priority." — Jake DeWitt, Co-Founder and Chief Executive Officer, Oklo Inc. (Q2 2025 Earnings Call Transcript, August 11, 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 (U.S. Nuclear Regulatory Commission Accepts Oklo’s Licensed Operator Topical Report for Review, June 10, 2025)
• "This Notice of Intent to Award reflects continued confidence in Oklo’s ability to deliver clean and secure energy solutions for mission-critical infrastructure. We are honored to support national defense resilience objectives while demonstrating the value of U.S.-pioneered fast reactor technology." — Jacob DeWitte, Co-Founder and CEO, Oklo (Notice of Intent to Award for Clean Power Project at Eielson Air Force Base, June 11, 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. (Q1 2025 Earnings Call Transcript, May 13, 2025)
• "We are excited to collaborate with Switch on this historic agreement." — Jacob DeWitte, Co-Founder and CEO, Oklo (Strategic Partnership for Clean Energy Deployment, December 18, 2024)