Oklo Inc. (OKLO) Earnings

Management highlights

• **Strategic Progress Two Years Post-IPO** - Oklo has shifted from strategic planning to active execution, building a diversified customer pipeline across data centers, industrials, energy, and government, with key advanced relationships including Switch and Meta. - The company has broken ground on its first Aurora powerhouse at Idaho National Laboratory (INL), received NRC approval for its Principal Design Criteria Topical Report, and advanced site work, procurement, and DOE authorization for the INL project. - The board of directors has been expanded with new members bringing deep technical, project execution, finance, and infrastructure experience to support scaling across three business units. • **Regulatory Tailwinds** - The U.S. NRC’s proposed new Part 57 framework is highly aligned with Oklo’s repeatable fleet deployment model, targeting 6-12 month licensing timelines for micro/small advanced reactors, fleet-based licensing, and streamlined standardized reviews. Part 57 also allows leveraging existing DOE/DoD operating experience to reduce duplicative reviews, which benefits Oklo’s early DOE-authorized projects. - The completed Part 53 framework creates a risk-informed, technology-inclusive regulatory foundation for advanced reactors. - Broader policy tailwinds include the White House’s National Initiative for American Space Nuclear Power, DOE support for private fuel recycling, and growing state interest in integrated nuclear campuses. • **Power Segment Operational Updates** - *Aurora INL*: Preliminary Documented Safety Analysis (PDSA) is under DOE review, parallel NRC licensing work has secured approval of the core Principal Design Criteria Topical Report, deep foundation excavation is underway, and long-lead procurement is progressing. - *Aurora Ohio (1.2 GW Meta power campus)*: PJM interconnection applications have been submitted, and permitting and stakeholder engagement are ongoing. - *Aurora Eielson (Alaska Air Force Base cogeneration)*: Site characterization has been initiated, with ground investigations planned for summer 2026. The project will deliver at least 5 MW of power plus district heating steam, demonstrating distributed nuclear for mission-critical defense applications. - Oklo announced a partnership with Battelle Energy Alliance/INL to integrate AI into reactor and fuel system design to accelerate development. • **Fuel Segment Operational Updates** - *Aurora Fuel Fabrication Facility (A3F) at INL*: Early construction is complete, final design deliverables are finished, DOE has approved the Nuclear Safety Design Agreement and PDSA, and the next milestone is construction contract award. - *Tennessee Advanced Fuel Center (fuel recycling)*: Site preparation continues, NRC application readiness review is ongoing, and the project aligns with the new DOE accelerated private-sector fuel recycling pathway. - Oklo announced a collaboration with NVIDIA and Los Alamos National Laboratory to use AI for modeling, digital twins, and validation of plutonium-bearing fuels, supporting the Project Pluto pilot reactor program. • **Isotope Segment Operational Updates** - *Groves Test Reactor*: Completed construction in 229 days and received a Certificate of Substantial Completion; PDSA is under DOE review, DSA has been submitted, and the target is to achieve criticality by July 4, 2026. Construction lessons learned will inform future asset deployment across Oklo’s platform. - *Idaho Radiochemistry Laboratory*: NRC material handling permit is secured, the first commercial customer contract is pending, and the facility is on track to generate early commercial isotope revenue in 2026, supporting space, defense, healthcare, and industrial applications.

Guidance

• Oklo confirms it is currently trending toward its full-year 2026 guidance ranges. • Full-year 2026 guidance for cash used in operating activities is maintained at 80 to 100 million yen? No, correction: 80 to $100 million. • Full-year 2026 guidance for cash used in investing activities for property, plant, and equipment deployment is maintained at $350 to $450 million, aligned with the company’s accelerated construction and procurement plans across all three segments.

Segment performance

Oklo operates three vertically integrated business segments: Power, Fuel, and Isotopes. No separate segment-level revenue or profit figures are reported for the first quarter 2026, as the company remains in pre-revenue deployment phase. Aggregate company-wide financial results are as follows: Q1 2026 net loss of $33.1 million, consisting of $51.2 million operating loss and $3.2 million income tax expense, offset by $21.3 million in net interest and dividend income. Cash used in operating activities totaled $17.9 million, and cash used in investing activities totaled $359 million, including $321.2 million for purchases of marketable securities and $32.8 million in capital expenditures across all three segments. Ending Q1 2026 cash and marketable securities totaled $2.5 billion, including $1.2 billion in new capital raised via the completed ATM program.

Risks & headwinds

No explicit new material risks were discussed in the prepared remarks or Q&A section of the call. Management noted existing general forward-looking risk disclosures are available in Oklo’s recent SEC filings, referencing uncertainties that could cause actual results to differ from forward-looking statements, including regulatory approval timelines, fuel supply chain development, and construction execution challenges.

Analyst Q&A

• Q: What is Oklo’s fuel procurement strategy for midterm projects like the Aurora Ohio Meta plant, and what is the outlook for sourcing from enrichment companies? /

  A: Oklo is pursuing a multi-pathway hands-on-deck approach to secure fuel for Ohio, working proactively with long-term partner Centrus and other enrichment providers to accelerate supply timelines, which are shifting left for the first time as industry activity grows. The company is also pursuing government excess materials, including high-assay low-enriched uranium recoverable from surplus stocks and surplus weapons-grade plutonium that can be blended into usable fuel, which can come to market much faster than new large-scale enrichment capacity. Oklo’s fast reactor technology is uniquely able to use fuel from multiple sources: fresh HALU, government surplus, and recycled fuel, creating strategic optionality as the company scales to Ohio and other mid-term projects, with the plan to transition to commercial HALU supplies long-term before recycled fuel becomes broadly available.

• Q: What are the challenges and advantages of using plutonium fuel for the Project Pluto reactor? /

  A: The key advantage is that surplus government plutonium (deemed surplus from the legacy weapons program and slated for disposal) exists today in concentrated form, providing a large volume of immediately available fuel that can help kickstart faster near-term reactor deployment. The 20 tons of plutonium available in the first government tranche is equivalent to 120 to 200 tons of HALU, enough to support a large number of initial reactors, acting as a bridge to longer-term commercial fuel supplies and recycling. While there are some unique handling challenges, plutonium-based metallic ternary alloy fuel has a long history of R&D and operational experience in U.S. fast reactor programs, so challenges are manageable. Plutonium is a finite reserve, so it will only be used as an initial bridge fuel, with reactors transitioning to HALU or recycled fuel over time.

• Q: What is the expected timeline for NRC Part 57 implementation, and does it facilitate conversion of existing DOE-authorized assets to NRC licenses? /

  A: NRC Part 57 is currently in the public comment period, and based on NRC public timelines, the framework is expected to be available for use as early as late 2026, with possible minor delays. The Part 57 framework is highly aligned with Oklo’s strategy of repeatable fleet deployment of standardized small reactors, as it is performance-based, streamlines reviews by leveraging existing completed work, and enables fleet licensing, which matches Oklo’s passive safety, low consequence design profile. The conversion process for DOE-authorized assets to NRC licenses can accommodate multiple NRC pathways, and Part 57 is the most likely framework Oklo will use to convert its initial INL asset and license future plants, depending on final rule details.

• Q: What are the distinct goals and synergies between the two AI partnerships with INL/Battelle and NVIDIA/LANL? /

  A: The NVIDIA/LANL partnership focuses on applying AI-driven modeling and computational capabilities to plutonium fuel chemistry, material handling, and processing, to streamline conversion of surplus plutonium into usable fuel, reduce costs, and accelerate technology development for the Pluto reactor. The INL/Battelle partnership focuses on applying agentic AI workflows to reactor design, analysis, licensing, and construction, to help Oklo’s engineering team do more with less by accelerating multi-physics optimization and design iteration, starting with Pluto and expanding to other projects over time. The two partnerships are complementary, both focused on accelerating development timelines and increasing throughput to help Oklo capitalize on its growing pipeline of opportunities, with long-term potential to optimize fuel use and power output across the future fleet of reactors.