Oklo Inc.

What they do

Oklo is commercializing fast fission reactor technology demonstrated by the U.S. government's Experimental Breeder Reactor-II, packaged in its Aurora powerhouse product line designed to produce 15-75 MWe with potential expansion to 100 MWe and higher. The powerhouses are designed to run on fresh, recycled, or down-blended nuclear fuel, and the company is also commercializing nuclear fuel recycling technology to convert used nuclear fuel into usable fuel. It is pursuing deployment at Idaho National Laboratory and radioisotope production through its February 2025 acquisition of Atomic Alchemy.

Revenue drivers

• Aurora powerhouse power and heat sales — Intended core business of selling electricity and heat from Aurora powerhouses, including a planned Aurora-derived unit of at least 5 MWe for Eielson Air Force Base; no powerhouses are built and no binding power purchase agreement exists, so this line has produced no revenue to date.
• Nuclear fuel recycling — Commercialization of technology to convert used nuclear fuel into usable fuel for Oklo's own powerhouses and those of others; pre-revenue and dependent on fuel fabrication capability not yet built.
• Radioisotopes (Atomic Alchemy) — Radioisotope business acquired February 28, 2025 for approximately $1.0 million cash plus 820,840 Class A shares valued at $33.39 per share (about $27.4 million), plus 274,339 shares subject to lock-up; the only reported revenue source in the latest quarter.
• Customer pipeline agreements — Non-binding letters of intent with Equinix, Diamondback E&P LLC, and Prometheus Hyperscale, and a December 2024 12 GW Master Power Agreement with Switch, Ltd.; these are pipeline arrangements, not reported revenue.

Recent performance

Oklo reported no revenue in the quarter ended June 30, 2025 and $1.2 million of revenue in the quarter ended June 30, 2026. Annual net losses have widened each year, from $32.2 million in 2023 to $73.6 million in 2024 and $105.7 million in 2025, with diluted EPS of -$0.47, -$0.74, and -$0.72 respectively. Operating cash flow has been negative and growing, from -$16.0 million in 2023 to -$38.4 million in 2024 and -$82.2 million in 2025. As of June 30, 2026, Oklo reported total assets of $3.36 billion, total liabilities of $84.3 million, shareholder equity of $3.27 billion, cash and equivalents of $1.64 billion, and long-term debt of $700,000.

Strategy

Oklo's stated goal is to deliver the first commercial advanced fission power plant in the U.S., starting with Aurora-INL in Idaho, where it holds a DOE site use permit and a five-metric-ton HALEU fuel award from recovered EBR-II uranium. It is advancing the five-step DOE regulatory pathway; early in 2026 the DOE approved the Nuclear Safety Design Agreement, and on June 11, 2026 the DOE approved the Preliminary Documented Safety Analysis for Aurora-INL under the reactor pilot program. The company is expanding beyond power generation through the Atomic Alchemy radioisotope acquisition and fuel recycling technology, and it has assembled a customer pipeline including non-binding LOIs and a 12 GW Master Power Agreement with Switch. Financing and construction of plants remain subject to market, financial, political, and legal conditions.

Risks

• No commercial operation — Oklo has not constructed any powerhouses and has not entered into any binding power purchase agreement to operate a plant or deliver electricity or heat.
• Early-stage losses — The company has a history of negative cash flows and expects significant expenses and continuing losses at least until powerhouses become commercially viable, which may never occur.
• Fuel availability — The powerhouses are expected to rely at least in part on HALEU or plutonium-based fuels, which are not currently available at scale, and building fuel fabrication facilities carries its own risks.
• Regulatory and market uncertainty — Oklo is pursuing an emerging market with no commercial project operating, subject to regulatory uncertainties and the need for financing to construct plants under acceptable market, financial, political, and legal conditions.

Outlook

Management frames the DOE approvals for Aurora-INL, including the Nuclear Safety Design Agreement and the June 2026 PDSA acceptance, as progress along the DOE regulatory pathway toward construction and operation. The company also points to the Eielson Air Force Base Notice of Intent to Award, its non-binding LOIs with Equinix, Diamondback, and Prometheus Hyperscale, and the 12 GW Master Power Agreement with Switch as evidence of commercial interest. Oklo states it expects to incur significant expenses and continuing financial losses at least until its powerhouses become commercially viable.