Oklo Inc. Q2 FY2025 earnings call

Jake Dewitte highlighted federal actions accelerating advanced nuclear technologies, positioning Oklo well. Craig Bealmear discussed Oklo's mission, competitive edge from business model, sizing philosophy, and technology. Progress was made in licensing, project execution, customer growth, and strategic partnerships. Fuel strategy with access to government stockpiles, commercial supply partnerships, and recycling capabilities was emphasized. Partnerships with Kiewit, Korea Hydro and Nuclear Power, Vertiv, and Liberty Energy were mentioned, along with progress on the Aurora INL powerhouse and radioisotope business.

No detailed product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

Oklo still expects full-year cash used in operating activities to be within $65 million to $80 million. There's an opportunity to potentially accelerate some modest CapEx investments from 2026 into 2025. A successful marketed first follow-on equity transaction generated $460 million in gross proceeds, providing additional cash for growth agenda.

Risks include regulatory uncertainties in licensing and fuel recycling, challenges in amending laws to support recycling efforts, and logistical and infrastructure challenges in fuel recycling. There are also uncertainties around the timing and implementation of advanced enrichment technologies like Atlas.

Q: Regarding pressurized water reactor fuel and recycling effort, what's the take on amending law?

A: Jake Dewitte discussed working with utilities and government to recycle fuel, challenges with infrastructure, and opportunities with excess fuel and advanced recycling techniques.

Q: Color on recently announced Atlas effort?

A: Jake Dewitte explained Atlas is a promising isotope separation technique with potential cost benefits for enrichment, and Hexium's work on it aligns with Oklo's goals.

Q: On deal with Liberty, could Oklo start recognizing revenues sooner?

A: Richard Craig Bealmear said it's early days on commercial terms, but potential for revenue recognition exists if there's early power sales.

Q: Why Oklo's reactor design can run on down blended fuel?

A: Jake Dewitte explained fast spectrum reactors can handle materials with isotopic impurities better than moderated reactors, and excess plutonium inventories are available for use in fast reactors.

Q: Timing around Eielson project milestones and licensing on military sites?

A: Jacob Dewitte discussed accelerated reviews due to executive orders, but details on timelines are developing with site work and regulatory processes.

Q: LOI to order conversion and commercial customers?

A: Jacob Dewitte said conversations are at pace with enthusiasm, and partnerships like Liberty help set stage for different cadence in customer discussions.

Q: TerraPower's regulatory timeline and Oklo's benefits?

A: Jacob Dewitte discussed NRC's responsive approach, Oklo's Phase I readiness, and potential accelerated timelines with executive order support.

Q: Timeline for PPAs on INL plant and fuel supply?

A: Jacob Dewitte said there's demand for power, and Oklo is positioned with fuel sources, but details on PPAs and fuel supply are in progress.

Q: Topical report accepted by NRC and timeline speedup?

A: Jacob Dewitte explained topical reports help with subsequent licensing and scalability, providing strategic advantages for future deployments.

Q: Supply chain and MOU with KHNP?

A: Jacob Dewitte discussed non-nuclear materials and opportunities to work with partners, including Korea, to modernize nuclear-specific components and leverage supply chain advantages.