OKLO

1. Key Historical Highlights

• November 11, 2025: The DOE Idaho Operations Office approved the Nuclear Safety Design Agreement for Oklo’s Aurora Fuel Fabrication Facility at INL.
• November 11, 2025: Oklo signed an MOU with Battelle/INL to expand collaboration on advanced fuels and materials using the Aurora-INL reactor.
• November 11, 2025: Oklo reported a Q3 2025 operating loss of $36.3 million and a loss before income taxes of $29.2 million.
• November 11, 2025: Cash and marketable securities were approximately $1.2 billion, with full-year operating cash use guided to $65–$80 million.
• November 11, 2025: Oklo highlighted its Advanced Fuel Center in Tennessee with up to $1.68 billion of privately funded investment and active NRC pre-application engagement.
• November 11, 2025: Earthworks and excavation commenced at the Aurora-INL site following groundbreaking.
• October 17, 2025: Oklo, newcleo, and Blykalla announced a strategic partnership to advance U.S. fuel fabrication and manufacturing infrastructure.
• October 01, 2025: Oklo was selected by the DOE 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 accelerated review with a draft evaluation expected in early 2026.
• September 29, 2025: Oklo formed a transatlantic partnership with Blykalla, including a planned $5 million investment and a Joint Technology Development Agreement.
• September 25, 2025: Oklo conducted full-scale prototypical fuel-assembly flow testing at Argonne National Laboratory to validate models and manufacturing parameters.
• September 22, 2025: Oklo broke ground on its first Aurora powerhouse at Idaho National Laboratory with Kiewit as lead constructor.
• September 04, 2025: Oklo announced a fuel recycling facility in Tennessee as the first phase of an Advanced Fuel Center with investment up to $1.68 billion.
• August 21, 2025: Oklo and ABB signed an MOU and commissioned a digital monitoring room to support operator training and licensing.
• August 13, 2025: Oklo and subsidiary Atomic Alchemy were selected for three DOE Reactor Pilot Program projects 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 after a $460.0 million equity raise.
• July 22, 2025: Oklo and Vertiv announced a collaboration to co-develop advanced power and thermal solutions for data centers with a pilot at the initial Aurora powerhouse.
• July 17, 2025: Oklo completed the NRC pre-application readiness assessment for its first commercial Aurora powerhouse.
• June 12, 2025: Oklo priced a public offering of common stock expected to raise approximately $400 million in gross proceeds.
• June 11, 2025: Oklo was selected as the intended awardee to provide clean power to Eielson Air Force Base under a long-term power purchase agreement.

2. Financial Performance Overview

• Operating losses are increasing with scale: Q1 operating loss was $17.9 million, Q2 was $28.0 million, and Q3 reached $36.3 million, driven in part by higher stock-based compensation.
• Liquidity strengthened materially through midyear equity financing, with cash and marketable securities rising from $260.7 million at March 31, 2025 to approximately $1.2 billion by September 30, 2025.
• Cash used in operating activities is tracking guidance, with adjusted YTD cash use of $48.7 million by Q3 and full-year guidance maintained at $65–$80 million.
• Significant capital initiatives were announced, including an Advanced Fuel Center in Tennessee with up to $1.68 billion of private investment and DOE-supported fuel line pilot facilities, though spend timing and funding structures remain evolving.
• Gap: No revenue figures were disclosed for 2025, and there is no detail on unit economics, capacity factors, or levelized cost metrics.

3. Management Effectiveness

• Management is executing on regulatory strategy, achieving NRC acceptance of key topical reports, completing pre-application readiness, and securing DOE pilot program selections to accelerate licensing pathways.
• Capital discipline is evident with a sizable midyear equity raise, a large quarter-end cash position, and maintained full-year operating cash-use guidance despite pulling select 2026 activities into 2025.
• Project delivery capability is advancing with groundbreaking at INL, active earthworks, engagement of Kiewit as constructor, and completion of full-scale fuel assembly flow testing.
• Strategic ecosystem building through partnerships with ABB, Vertiv, KHNP, Blykalla, newcleo, and federal agencies aims to reduce cost, schedule, and supply chain risk across deployment and operations.
• Vertical integration in fuel supply is progressing via the Tennessee Advanced Fuel Center plan and DOE-backed A3F approvals, positioning the company to mitigate fuel availability risks and stabilize costs.
• Evidence lacking: Quantified project-level milestones, detailed capex schedules, cost-to-complete estimates, and realized ROI/KPI frameworks are not provided.

4. Key Quotes from Management

• "We strongly believe Oklo is uniquely positioned to thrive in this environment." — Jacob (Jake) DeWitte, Co-Founder and Chief Executive Officer, Oklo Inc. (Oklo Third Quarter 2025 Earnings and Company Update Call, November 11, 2025)
• "We don't need full operating approvals to finalize construction, which reduces idle time without compromising safety." — Jacob (Jake) DeWitte, Co-Founder and Chief Executive Officer, Oklo Inc. (Oklo Third Quarter 2025 Earnings and Company Update Call, November 11, 2025)
• "Modernized, non-duplicative processes are key enablers for how advanced nuclear can scale rapidly and safely." — Jacob DeWitte, Co-founder and CEO, Oklo Inc. (Oklo’s NRC Principal Design Criteria Topical Report Accepted for Review Under an Accelerated Timeline, September 30, 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, Oklo co-founder and CEO, Oklo Inc. (Oklo Announces Fuel Recycling Facility as First Phase of up to $1.68 Billion Advanced Fuel Center in Tennessee, September 04, 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 Inc. (Notice of Intent to Award for Clean Power Project at Eielson Air Force Base, June 11, 2025)
• "This milestone reflects another important step towards deployment, and deploying at scale." — Jacob DeWitte, Co-Founder and CEO, Oklo (Oklo Signs MOU with ABB and Commissions Monitoring Room to Advance Training for Aurora Powerhouse Deployment, August 21, 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." — Jacob DeWitte, Co-founder and CEO, Oklo (U.S. Nuclear Regulatory Commission Accepts Oklo’s Licensed Operator Topical Report for Review, June 10, 2025)