Oklo Inc. Q4 FY2025 earnings call

2025 was a step - change year for Oklo with transition from product development to active project deployment across business units. In power, broke ground on Aurora powerhouse at Idaho National Laboratory, advanced partnerships like with Meta, and had construction activities. In fuel, completed fast spectrum plutonium criticality experiments, announced advanced fuel center in Tennessee, and progressed licensing. In isotopes, made progress on Groves radioisotope test reactor. Also, discussed the shift in US nuclear policy and Oklo's position in the environment with three integrated business units: power, fuel, and isotopes.

Power business unit is focused on building clean baseload power with Aurora powerhouses. Fuel business unit is developing fuel capabilities including fabrication and recycling. Isotopes business unit is expanding into high - value isotope products and services. Specific absolute financial performance and revenue contribution % are not detailed in extractable form from the transcript.

Raising guidance for cash used in operating activities in 2026 from $65 - $80 million in 2025 to $80 - $100 million. Expect cash used in investing activities in 2026 to range between $350 million and $450 million, with investment across all three business units including powerhouse deployments, fuel development, and isotope projects.

Risks related to policy changes affecting nuclear sector progress, supply chain uncertainties, and regulatory hurdles in licensing and deployment

Q: Brian Lee with Goldman Sachs asked about commercialization progress and pipeline.

A: Jake and Craig discussed Meta as an anchor customer, ongoing conversations with other potential customers including military and industrial, and healthy pipeline growth.

Q: Brian Lee also asked about CapEx guidance.

A: Craig said no detailed breakdown at this point but CapEx is progressing across all three business units, with Idaho project important, and 26 - 27 CapEx likely to continue at similar levels.

Q: Dimple Gassai with Bank of America asked about regulatory strategy.

A: Jake discussed DOE authorization allowing faster building, NRC conversion process, regulatory work and rewriting, and experience from isotope licensing.

Q: George Gianakris with Canaccord Genuity asked about Aurora powerhouse components and Capex.

A: Jake said it's evolving, procurement side has insights, and not being a light water reactor gives flexibility.

Q: Ryan Fingst with B Reilly Securities asked about Meta agreement and PPA.

A: Jake and Craig discussed binding off - take structures, progress on PPA with Meta, and inbound conversations with other potential customers.

Q: Vikram Begri with Citi asked about Aurora ML timeline and plutonium experiment.

A: Craig talked about 2028 timeline for Aurora ML and Jake discussed plutonium criticality experiment and related timelines.

Q: Jeffrey Campbell with Seaport Research Partners asked about deconversion and fuel recycling licensing.

A: Jake discussed deconversion flexibility and NRC licensing for Tennessee recycling based on commercial use case.

Q: Sameer Joshi with HC Wainwright asked about Groves criticality deadline.

A: Jake said confident in meeting July 4th criticality deadline.

Q: Sharice L. Magrabi with BTIG asked about Ohio land and META deal.

A: Jake discussed Ohio land's attractiveness for META deal and similar opportunities in other states.

Q: Eric Stein with Craig Hallam asked about META PPA progress.

A: Jake and Craig talked about PPA progress with Meta and inbound conversations with other potential customers.

Q: Derek Soderberg with Cantor Fitzgerald asked about government programs and regulatory changes.

A: Jake discussed expected government support and regulatory changes to accelerate plans.

Q: Craig Scherer with Toohey Brothers asked about CapEx stair - stepping and fuel.

A: Craig talked about capitalization and Jake addressed fuel availability for INL 75 MW reactor