Oklo TodayOKLOOklo$38.15 +6.12 (+19.10%) 52-Week Range$5.35▼$59.14Price Target$46.40Add to WatchlistOklo’s NYSE: OKLO stock price has experienced violent swings due to its rapidly improving outlook and lack of revenue. However, the market for Oklo stock reached a critical mass in May 2025, and a violent, atomic-sized upside will soon be realized. The reason is that the nuclear energy company is on track to commence commercial operations by the end of 2027 or early 2028, fully three years ahead of its close ...

作者 | Michael Wiggins De Oliveira 编译 | 华尔街大事件 Oklo ( NYSE： OKLO ) 的业绩远远超出分析师的预期，其非公认会计准则每股收益为 负 4 美 分， 而分析师预期为负 11 美分。 企业没有收入真的 重要吗？在牛市肆虐之际提出这样的问题，显得极其不合时宜，与动物精神格 格不入，甚至令人反感。这话或许难以揣测，但语气中却透着讽刺。 尽管如此，分析师还是要把这只股票的评级上调到买入？这可能让你觉得奇怪，但以下是事实。 简而言之，这是一个 高 风险、高回报的投资机会。它并不适合所有人。 对于寻求高投机性、高风险企业的投资者来说，这是一类不错的股票。再次提醒读者，由于该股 票风险较高，因此要适当调整其投资规模。 Oklo 正试图通过建造小型、可扩展的反应堆来重塑核能，这些反应堆比传统核电站更便宜、更 易于部署。他们的模式是建造、拥有和运营这些反应堆，然后将清洁、无碳的能源直接出售给客 户，从而满足人工智能等行业日益增长的电力需求，而无需这些客户遵守核能法规。这是一个听 起来很棒的宣传，也是典型的"故事股"，正借着清洁技术和人工智能的热潮炒作。 尽管前景光明，但 O ...

Group 1 - Michael Wiggins De Oliveira is an inflection investor, focusing on buying undervalued companies at pivotal moments when their profitability is expected to improve significantly over the next year [1] - The investment strategy emphasizes technology and the Great Energy Transition, including uranium, with a concentrated portfolio of approximately 15 to 20 stocks and an average holding period of 18 months [1] - Michael has over 10 years of experience analyzing companies in tech and energy sectors, and has built a following of over 40,000 on Seeking Alpha [2] Group 2 - The Investing Group Deep Value Returns, led by Michael, offers insights through its concentrated portfolio of value stocks, timely updates on stock picks, and a weekly webinar for live advice [3] - The group provides "hand-holding" support for both new and experienced investors, fostering an active and vibrant community accessible via chat [3] - Seeking FCF is associated with Michael Wiggins De Oliveira, indicating a collaborative investment approach [3]

Financial Data and Key Metrics Changes - The company's first quarter operating loss was $17.9 million, including non-cash stock-based compensation of $2.3 million [34] - Loss before income taxes was $14.2 million, reflecting an operating loss adjusted for net interest income of $3.6 million [34] - Cash used in operating activities was $12.2 million, with a full-year guidance of $65 million to $80 million for total cash used in operations [34] - At the end of the quarter, cash and marketable securities totaled $260.7 million [35] Business Line Data and Key Metrics Changes - The company is advancing steadily toward commercial deployment, having completed a major milestone in preparing the INL site for the Aurora Powerhouse [15] - The customer pipeline totaled over 14 gigawatts, spanning sectors like data centers and defense, indicating strong and growing demand [35] Market Data and Key Metrics Changes - The current administration has made nuclear energy a strategic priority, with executive orders supporting regulatory reform and streamlined permitting for nuclear projects [4][5] - The administration is considering new executive orders to quadruple the size of the U.S. nuclear fleet by 2050, which aligns with the company's mission [7] Company Strategy and Development Direction - The company’s competitive advantage is based on a build-own-operate business model, small-scale modern design, and proven technology [9][10] - The company aims to bring its first commercial unit online in late 2027 to early 2028, focusing on delivering a commercial powerhouse rather than a demonstration plant [12] - The company is also pursuing partnerships to support technology development and deployment of POWERHOUSE and radioisotope assets [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the alignment of federal support for nuclear energy with the company's mission, highlighting the administration's commitment to advanced nuclear technologies [8] - The company is optimistic about its regulatory strategy and the potential for faster licensing pathways, which will support its commercialization goals [22] Other Important Information - The company acquired Atomic Alchemy to expand its reach into the high-growth radioisotope market, which is expected to drive near-term revenue and long-term market leadership [25] - The company is actively developing a fuel recycling program, which is expected to provide a significant cost and commercialization advantage [23] Q&A Session Summary Question: Can you talk about the regulatory authority for nuclear power that the DoD has today? - The DoD has the authority to regulate nuclear plants for their use cases, and there is potential for them to accelerate reactor deployments through programs like ANPI [40] Question: Can you give us an update on other parts of the supply chain and your confidence in commencing construction? - The company is leveraging existing supply chains and is focused on fuel as the main challenge, but is optimistic about breaking ground soon [44][46] Question: When might you start taking delivery of fuel from the fuel MOU with Centrus? - The first fuel for the initial plant is allocated from government reserves, while commercial procurement will happen for subsequent plants [53][57] Question: Will additional capital be needed given the larger reactor size and growth needed for Atomic Alchemy? - The balance sheet has adequate capital for the deployment of INL, but the company will raise capital strategically if needed [66][67] Question: What does the NRC process look like for the Viper facility? - The licensing process for the Viper facility is simpler and more straightforward than for power reactors, benefiting from a two-step process [70] Question: Is the company more confident about the licensing process as it approaches the submission of the COLA? - The company has had extensive engagement with the NRC and is optimistic about the efficiency and effectiveness of the licensing process [86][88]

Financial Data and Key Metrics Changes - Oklo's first quarter operating loss was $17.9 million, including non-cash stock-based compensation of $2.3 million [35] - Loss before income taxes was $14.2 million, reflecting an operating loss adjusted for net interest income of $3.6 million [35] - Cash used in operating activities was $12.2 million, with a full-year guidance of $65 million to $80 million for total cash used in operations [35] - At the end of the quarter, cash and marketable securities totaled $260.7 million [36] Business Line Data and Key Metrics Changes - The company is advancing steadily toward commercial deployment, having completed a major milestone in preparing the INL site for the Aurora Powerhouse [13] - The customer pipeline totals over 14 gigawatts, spanning sectors like data centers and defense, indicating strong and growing demand [36] Market Data and Key Metrics Changes - The U.S. administration has made nuclear energy a strategic priority, with recent executive orders supporting nuclear energy initiatives [5][6] - The Department of Defense (DoD) is expected to take a more active role in nuclear procurement, which could accelerate reactor deployments [40] Company Strategy and Development Direction - Oklo's competitive advantage is based on a build-own-operate business model, small-scale modern design, and proven technology [8][9] - The company aims to bring its first commercial unit online in late 2027 to early 2028, focusing on delivering a commercial powerhouse rather than a demonstration plant [11] - Oklo is pursuing a comprehensive fuel strategy, including partnerships for HALEU supply and in-house fuel recycling capabilities [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the alignment of federal support for nuclear energy with Oklo's mission and model [6][7] - The company is optimistic about the regulatory environment, noting the NRC's increasing embrace of flexible and modern approaches [18] - Management highlighted the importance of efficient and effective licensing processes to support scalable deployment [84] Other Important Information - Oklo acquired Atomic Alchemy to expand its reach into the high-growth radioisotope market, which is expected to drive near-term revenue and long-term market leadership [25][26] - The company is formalizing new partnerships to support technology development and deployment of POWERHOUSE and radioisotope assets [13] Q&A Session Summary Question: Can you talk about the regulatory authority for nuclear power that the DoD has today? - The DoD has authority to regulate nuclear plants for their use cases and is exploring ways to streamline regulatory processes to accelerate reactor deployments [40][41] Question: Can you give us an update on other parts of the supply chain and your confidence in commencing construction? - The company is leveraging existing supply chains and is focused on fuel as the primary challenge, with plans to accelerate construction efforts [44][46] Question: When might you start taking delivery of fuel from the MOU with Centrus? - The first fuel for the initial plant is allocated from government reserves, while commercial procurement for subsequent plants is still being structured [53][55] Question: Will additional capital be needed given the larger reactor size and growth plans? - The balance sheet has adequate capital for the deployment of the INL plant, but the company will raise capital strategically if needed [64][65] Question: What does the NRC process look like for the Viper facility? - The licensing process for the Viper facility is simpler and more straightforward than for power reactors, benefiting from a two-step process [66][68]

Company Update 1Q 2025 1 1 Forward-looking statements ABOUT THIS PRESENTATION This presentation is provided by Oklo Inc. ("Oklo") for informational purposes only. The information contained herein does not purport to be all inclusive and no representations or warranties, express or implied, are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will Oklo or any of its subsidiaries, interest holders, affiliates, representatives, partners, directors, offi ...

[Special Note Regarding Forward-Looking Statements](index=4&type=section&id=SPECIAL%20NOTE%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This note clarifies forward-looking statements regarding future performance, cautioning that actual results may differ due to various risks [Forward-Looking Statements Disclosure](index=4&type=section&id=Forward-Looking%20Statements%20Disclosure) This disclosure details forward-looking statements on future performance, highlighting risks and the Company's non-obligation to update them - Forward-looking statements cover **business strategy**, **future revenues**, **market growth**, **capital requirements**, **product introductions**, **expansion plans**, and **funding adequacy**[12](index=12&type=chunk) - Actual outcomes may **differ materially** from forward-looking statements due to known and unknown risks, trends, uncertainties, and factors beyond the Company's control[13](index=13&type=chunk) - Key risks include **development and deployment of powerhouses**, emerging market pursuit, **regulatory uncertainties**, **financing needs**, **competition**, access to HALEU and recycled fuels, **supply chain**, **PPAs**, **human capital**, **intellectual property**, **cybersecurity**, and **changes in laws/regulations**[14](index=14&type=chunk) [Part I. Financial Information](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Unaudited Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) This section presents Oklo Inc.'s unaudited condensed consolidated financial statements and detailed notes for Q1 2025 and 2024 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (in thousands) | Item | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------- | :------------- | :---------------- | | **Assets** | | | | Cash and cash equivalents | $90,078 | $97,132 | | Marketable debt securities (current) | $110,940 | $130,682 | | Total current assets | $204,906 | $231,939 | | Marketable debt securities (non-current) | $59,670 | $47,473 | | Property and equipment, net | $1,450 | $1,202 | | Indefinite-lived intangible assets | $27,500 | — | | Goodwill | $6,720 | — | | Total assets | $302,146 | $281,736 | | **Liabilities** | | | | Accounts payable | $1,430 | $2,970 | | Accrued expenses and other | $3,544 | $1,885 | | Total current liabilities | $5,655 | $5,336 | | Right of first refusal liability | $25,000 | $25,000 | | Total liabilities | $32,816 | $30,879 | | **Stockholders' Equity** | | | | Additional paid-in capital | $412,583 | $383,739 | | Accumulated deficit | $(144,919) | $(135,109) | | Total stockholders' equity | $269,330 | $250,857 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (in thousands) | Item | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Research and development | $7,846 | $3,660 | | General and administrative | $10,028 | $3,710 | | Total operating expenses | $17,874 | $7,370 | | Loss from operations | $(17,874) | $(7,370) | | Change in fair value of simple agreements for future equity | — | $(16,793) | | Interest and dividend income, net | $3,653 | $141 | | Total other income (loss) | $3,653 | $(16,652) | | Loss before income taxes | $(14,221) | $(24,022) | | Income taxes | $4,411 | — | | Net loss | $(9,810) | $(24,022) | | Net loss per share (Basic and Diluted) | $(0.07) | $(0.34) | | Weighted-average common shares outstanding | 138,109,974 | 70,320,242 | [Condensed Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) Condensed Consolidated Statements of Comprehensive Loss (in thousands) | Item | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Net loss | $(9,810) | $(24,022) | | Other comprehensive loss: | | | | Change in unrealized loss on marketable debt securities | $(561) | — | | Total comprehensive loss | $(10,371) | $(24,022) | [Condensed Consolidated Statements of Stockholders' Equity (Deficit)](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Deficit)) Changes in Stockholders' Equity (Deficit) (in thousands) | Item | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Balance as of January 1 | $250,857 | $(34,361) | | Exercise of stock options | $720 | $440 | | Issuance of common stock in connection with acquisition | $27,408 | — | | Stock-based compensation | $2,311 | $667 | | Net loss | $(9,810) | $(24,022) | | Balance as of March 31 | $269,330 | $(57,276) | - Class A common stock shares issued and outstanding **increased from 137,706,596 as of December 31, 2024, to 139,188,804 as of March 31, 2025**[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (in thousands) | Item | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(12,243) | $(7,287) | | Net cash provided by (used in) investing activities | $6,064 | $(97) | | Net cash (used in) provided by financing activities | $(875) | $35,535 | | Net (decrease) increase in cash and cash equivalents | $(7,054) | $28,151 | | Cash and cash equivalents - end of period | $90,078 | $38,019 | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Note 1. Nature of Operations and Organization](index=10&type=section&id=Note%201.%20Nature%20of%20Operations%20and%20Organization) Oklo Inc. develops advanced fission power plants and radioisotope production, reporting significant operating losses and an accumulated deficit despite substantial liquidity - Oklo is developing advanced fission power plants (Aurora powerhouse product line) to produce **15-75 MWe** using recycled or fresh nuclear fuel, building on the legacy of the Experimental Breeder Reactor-II[33](index=33&type=chunk) - The Company completed a business combination (Recapitalization) on **May 9, 2024**, with AltC Acquisition Corp., resulting in AltC changing its name to Oklo Inc. and its Class A common stock commencing trading on NYSE under 'OKLO' on **May 10, 2024**[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) - On **February 28, 2025**, Oklo acquired Atomic Alchemy, Inc. to combine expertise in fast reactors and nuclear fuel recycling with radioisotope business for medical, energy, industry, defense, and AI applications[37](index=37&type=chunk) Liquidity and Capital Resources (in thousands) | Item | March 31, 2025 (in thousands) | | :--------------------------------- | :------------- | | Cash, cash equivalents and marketable debt securities | $260,688 | | Net loss (three months ended March 31, 2025) | $(9,810) | | Loss from operations (three months ended March 31, 2025) | $(17,874) | | Net cash used in operating activities (three months ended March 31, 2025) | $(12,243) | | Accumulated deficit (as of March 31, 2025) | $(144,919) | - Management believes existing cash, cash equivalents, and marketable debt securities will be sufficient to fund operations for **one year** following the issuance date of the financial statements[39](index=39&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=10&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note details accounting policies, including U.S. GAAP basis, consolidation, EGC status, intangible asset accounting, and new accounting standards - The financial statements are prepared in accordance with **U.S. GAAP** for interim reporting, with certain information condensed or omitted per SEC rules[41](index=41&type=chunk)[42](index=42&type=chunk) - The Company operates in **one reportable segment**, primarily focused on research and development for powerhouses, radioisotopes, and nuclear recycling facilities[43](index=43&type=chunk) - Consolidated financial statements include **Oklo Technologies, Inc., Atomic Alchemy, Inc., and Oklo Power LLC**[44](index=44&type=chunk) - The Company is an **Emerging Growth Company (EGC)** and has elected to delay adoption of new or revised financial accounting standards until private companies are required to comply, with EGC status expected to expire by **December 31, 2026**[50](index=50&type=chunk) - **Indefinite-lived intangible assets (IPR&D)** and **goodwill** are tested annually for impairment[51](index=51&type=chunk)[52](index=52&type=chunk) - New accounting standards **ASU 2023-09 (Income Tax Disclosures)** and **ASU 2024-03 (Expense Disaggregation)** are effective for annual periods beginning after **December 15, 2024**, and **December 15, 2026**, respectively, and are being evaluated for impact[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [Note 3. Business Combination](index=14&type=section&id=Note%203.%20Business%20Combination) Oklo acquired Atomic Alchemy for $28.4 million to expand into radioisotope production, allocating $27.5 million to IPR&D and $6.7 million to goodwill - Oklo acquired Atomic Alchemy, Inc. on **February 28, 2025**, to integrate radioisotope production with its fast reactor and nuclear fuel recycling expertise[56](index=56&type=chunk)[118](index=118&type=chunk) Atomic Alchemy Acquisition Purchase Price (in thousands) | Component | Amount (in thousands) | | :------------------------ | :----- | | Cash | $1,016 | | Common stock | $27,408 | | Total purchase consideration | $28,424 | Preliminary Purchase Price Allocation (in thousands) | Asset/Liability | Fair Value (in thousands) | | :--------------------------------- | :--------- | | Cash | $116 | | Prepaid expenses | $99 | | Property and equipment | $40 | | Operating lease right-of-use assets | $19 | | Indefinite-lived intangible assets (IPR&D) | $27,500 | | Goodwill | $6,720 | | Operating lease liability | $(19) | | Other current liabilities | $(268) | | Deferred tax liabilities | $(5,783) | | Net assets acquired | $28,424 | - The IPR&D consists of two projects, **Abundantia ($4.6 million)** and **Meitner ($22.9 million)**, with different revenue timelines and regulatory requirements[60](index=60&type=chunk)[62](index=62&type=chunk) - The acquisition of Atomic Alchemy is **not material** to the Company's condensed consolidated financial statements, with **no revenue** and an **immaterial loss from operations** included for the three months ended March 31, 2025[64](index=64&type=chunk) [Note 4. Balance Sheet Components](index=16&type=section&id=Note%204.%20Balance%20Sheet%20Components) This note details changes in prepaid assets, property and equipment, and accrued liabilities between December 2024 and March 2025 Prepaid and Other Current Assets (in thousands) | Item | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------ | :------------- | :---------------- | | Prepaid expense | $1,960 | $2,119 | | Costs-share receivables | $307 | $600 | | Accrued interest receivable | $1,336 | $1,138 | | Total prepaid and other current assets | $3,888 | $4,125 | Property and Equipment, Net (in thousands) | Item | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------------------- | :------------- | :---------------- | | Total property and equipment, gross | $1,949 | $1,577 | | Less accumulated depreciation and amortization | $(499) | $(375) | | Total property and equipment, net | $1,450 | $1,202 | | Depreciation and amortization expenses (3 months) | $124 (2025) | $49 (2024) | Accrued Expenses and Other (in thousands) | Item | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------ | :------------- | :---------------- | | Accrued professional fees | $1,380 | $652 | | Accrued payroll and bonuses | $1,177 | $636 | | Franchise and income taxes payable | $506 | $202 | | Total accrued expenses and other | $3,544 | $1,885 | [Note 5. Leases](index=18&type=section&id=Note%205.%20Leases) Oklo Inc. reports increased operating lease costs, a 37-month weighted-average lease term, and $1.79 million in operating lease liabilities Operating Lease Costs (in thousands) | Item | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Operating lease costs during the period | $160 | $90 | | Cash payments for operating lease liabilities | $150 | $57 | | Operating lease liabilities arising from ROU assets | $890 | — | | Total operating lease costs (including month-to-month) | $231 | $90 | - Weighted-average remaining lease term as of March 31, 2025, was **37 months**, with a weighted-average discount rate of **8.97%**[72](index=72&type=chunk) Maturities of Operating Lease Liabilities (in thousands) as of March 31, 2025 | Period | Amount (in thousands) | | :--------------------------------- | :----- | | Remaining 2025 | $604 | | 2026 | $825 | | 2027 | $203 | | Thereafter | $424 | | Minimum lease payments | $2,056 | | Less imputed interest | $(263) | | Present value of operating lease liabilities | $1,793 | | Current portion of operating lease liabilities | $681 | | Noncurrent portion of operating lease liabilities | $1,112 | [Note 6. Financial Instruments](index=20&type=section&id=Note%206.%20Financial%20Instruments) This note details cash, cash equivalents, and marketable debt securities, totaling $170.6 million in fair value as of March 31, 2025 Cash, Cash Equivalents and Marketable Debt Securities (in thousands) as of March 31, 2025 | Category | Amortized Cost (in thousands) | Unrealized Gains (in thousands) | Unrealized Losses (in thousands) | Fair Value (in thousands) | Cash and Cash Equivalents (in thousands) | Current Marketable Securities (in thousands) | Noncurrent Marketable Securities (in thousands) | | :------------------------ | :------------- | :--------------- | :---------------- | :--------- | :------------------------ | :---------------------------- | :------------------------------- | | Cash | — | — | — | — | $4,675 | — | — | | Money market funds | — | — | — | — | $85,403 | — | — | | U.S. Treasury securities | $168,958 | $1,652 | — | $170,610 | — | $110,940 | $59,670 | | Total | $168,958 | $1,652 | — | $170,610 | $90,078 | $110,940 | $59,670 | Marketable Debt Securities by Contractual Maturity (in thousands) as of March 31, 2025 | Maturity | Fair Value (in thousands) | | :--------------------------------- | :--------- | | Due within 1 year | $110,940 | | Due after 1 year through 5 years | $59,670 | | Total fair value | $170,610 | [Note 7. Simple Agreements for Future Equity](index=22&type=section&id=Note%207.%20Simple%20Agreements%20for%20Future%20Equity) SAFEs were converted to common stock upon Recapitalization, with no outstanding SAFEs as of March 31, 2025, and a prior year $16.8 million loss from fair value changes - SAFEs were converted into common stock upon the Recapitalization on **May 9, 2024**, with **no SAFEs outstanding** as of March 31, 2025[81](index=81&type=chunk)[149](index=149&type=chunk) - During the three months ended March 31, 2024, the Company issued SAFE notes for **$10.2 million** in cash proceeds, and the change in fair value resulted in a **$16.8 million loss**[82](index=82&type=chunk)[83](index=83&type=chunk)[145](index=145&type=chunk) [Note 8. Right of First Refusal Liability](index=22&type=section&id=Note%208.%20Right%20of%20First%20Refusal%20Liability) Oklo granted a third party a ROFR for 100-500 MWe energy output over 20 years, receiving a $25 million upfront payment recorded as a liability - Oklo granted a third party a right of first refusal (ROFR) for **100 MWe to 500 MWe** of energy output from its powerhouses for **20 years**, with renewal options[84](index=84&type=chunk)[85](index=85&type=chunk) - In **March 2024**, the Company received a **$25 million** nonrefundable upfront payment for the ROFR, which is recorded as a liability and will be attributed to future power delivery[85](index=85&type=chunk) - As of March 31, 2025, the outstanding balance under the right of first refusal liability remained **$25 million**[85](index=85&type=chunk) [Note 9. Stockholders' Equity (Deficit)](index=22&type=section&id=Note%209.%20Stockholders'%20Equity%20(Deficit)) Oklo Inc. is authorized for 500 million common and 1 million preferred shares, with recent issuances from options and RSUs, and shares withheld for taxes - The Company is authorized to issue **500,000,000 shares of common stock** and **1,000,000 shares of preferred stock**; no preferred stock is issued or outstanding[86](index=86&type=chunk) Common Stock Issuances and Withholdings (Three Months Ended March 31) | Activity | 2025 Shares | 2025 Proceeds (in thousands) | 2024 Shares | 2024 Proceeds (in thousands) | | :--------------------------------- | :---------- | :--------------------------- | :---------- | :--------------------------- | | Exercise of stock options | 318,921 | $720 | 1,345,625 | $440 | | Issuance from restricted stock units | 134,832 | — | — | — | | Common stock withheld for taxes | (66,724) | $(1,595) | — | — | [Note 10. Stock-Based Compensation](index=23&type=section&id=Note%2010.%20Stock-Based%20Compensation) Stock-based compensation expense rose to $2.3 million, with $42.0 million unrecognized compensation expected over 3.46 years Stock-Based Compensation Expense (in thousands) | Category | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Research and development | $973 | $394 | | General and administrative | $1,338 | $273 | | Total costs charged to operations | $2,311 | $667 | - Approximately **740,000 awards** (restricted stock and restricted stock units) with a grant date fair market value of **$26 million** were granted during the three months ended March 31, 2025[90](index=90&type=chunk) Unrecognized Stock-Based Compensation Expense (in thousands) as of March 31, 2025 | Award Type | Unrecognized Compensation Cost (in thousands) | Weighted-Average Period (Years) | | :--------------------------------- | :----------------------------- | :------------------------------ | | Restricted Stock | $33,098 | 3.45 | | Option Awards | $8,861 | 3.50 | | Totals | $41,959 | 3.46 | [Note 11. Income Taxes](index=23&type=section&id=Note%2011.%20Income%20Taxes) Oklo Inc.'s effective income tax rate increased to 30.3% due to a $4.4 million benefit and deferred tax liabilities, with a valuation allowance maintained - The effective income tax rate for the three months ended March 31, 2025, was **30.3%**, compared to **0.0%** for the same period in 2024[93](index=93&type=chunk) - The Company recorded an income tax benefit of **$4.4 million** for the three months ended March 31, 2025, due to discrete items and the establishment of deferred tax liabilities from the acquisition[94](index=94&type=chunk) - A **valuation allowance** is maintained against most deferred tax assets due to historical operating losses and uncertainty of future taxable income[94](index=94&type=chunk) [Note 12. Commitments and Contingencies](index=23&type=section&id=Note%2012.%20Commitments%20and%20Contingencies) Oklo Inc. has no material contractual obligations or legal proceedings, only cancellable service contracts and a lease option agreement - The Company's contracts with third-party service providers are **generally cancellable** and not considered contractual obligations[97](index=97&type=chunk) - A non-assignable lease option agreement was entered into, with monthly payments of **$10** and an early termination fee of **$70** if terminated after July 1, 2025, otherwise **$120** for the option term[98](index=98&type=chunk) - As of March 31, 2025, the Company was **not a party to any legal proceedings** and was **unaware of any material pending or threatened litigation or contingent liabilities**[99](index=99&type=chunk) [Note 13. Segment Information](index=24&type=section&id=Note%2013.%20Segment%20Information) Oklo Inc. operates as a single reportable segment, with net loss as the primary measure for performance and resource allocation - The Company operates in **one reportable segment**, with management reviewing financial information on an aggregate basis[100](index=100&type=chunk) - **Net loss** is used to allocate resources and evaluate financial performance against historical budgets[100](index=100&type=chunk) [Note 14. Subsequent Events](index=24&type=section&id=Note%2014.%20Subsequent%20Events) No material subsequent events affecting financial statements or disclosures were identified through the filing date - **No material subsequent events** were identified that affected the financial statements or disclosures through the filing date[103](index=103&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Oklo Inc.'s financial condition and operational results for Q1 2025, covering strategic developments, performance factors, and financial analysis [Overview and Business Model](index=25&type=section&id=Overview%20and%20Business%20Model) Oklo develops Aurora powerhouses (15-75 MWe) using a 'build, own, operate' model for recurring revenue and leads in nuclear fuel recycling - Oklo is developing Aurora powerhouses (**15-75 MWe**, expandable to **100+ MWe**) to produce electricity and heat, utilizing metal-fueled fast reactor technology demonstrated by EBR-II[105](index=105&type=chunk)[107](index=107&type=chunk) - The business model is **'build, own, and operate,'** selling power directly to customers via PPAs, which allows for **recurring revenue** and integrated lifecycle cost management, differentiating it from traditional nuclear industry models[106](index=106&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - Oklo is a leader in nuclear fuel recycling, aiming to convert used nuclear fuel (which contains over **95% of its energy content**) into usable fuel for its reactors, with a commercial-scale facility targeted for the **early 2030s**[106](index=106&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Significant milestones include securing a **site use permit** and **fuel award from DOE** for the **Idaho National Laboratory (INL)** site, and finalizing an **MOA** for site investigations[108](index=108&type=chunk) - Oklo has a robust pipeline of customer engagements, including non-binding letters of intent with Equinix, Diamondback Energy, Prometheus Hyperscale, and a **12 GW Master Power Agreement** with Switch data centers, bringing the total order book to approximately **14,100 MWe**[109](index=109&type=chunk)[110](index=110&type=chunk) - The deployment of the first Aurora powerhouse is targeted for completion in **late 2027 or early 2028**[110](index=110&type=chunk) [Recent Developments](index=27&type=section&id=Recent%20Developments) Oklo Inc. acquired Atomic Alchemy for $28.4 million to expand radioisotope production and issued shares for post-combination services - On **February 28, 2025**, Oklo acquired Atomic Alchemy, Inc. for **$28.4 million** (approximately **$1.0 million cash** and **$27.4 million in Class A common stock**) to combine expertise in fast reactors and nuclear fuel recycling with radioisotope production[118](index=118&type=chunk) - In connection with the acquisition, **274,339 shares of common stock** were issued for post-combination services, subject to lock-up provisions, vesting conditions, and substantial risk of forfeiture[118](index=118&type=chunk) [Key Factors Affecting Our Performance](index=27&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) Oklo's performance depends on regulatory approvals, managing construction and operational costs amid supply chain risks, and public/political support for nuclear power - Commercial deployment requires obtaining **regulatory approvals** for design, construction, and operation, with the Company working on an updated custom combined license application after a previous denial[121](index=121&type=chunk) - The **'designer, builder, owner, and operator' model** exposes the Company to direct costs of building, owning, and operating powerhouses, with cost projections dependent on fuel, raw materials, equipment, and technical/construction service providers[122](index=122&type=chunk) - **Global supply chain disruptions**, **inflation**, and **geopolitical factors** (e.g., Ukraine, Israel conflicts) pose risks to deployment timelines and cost fluctuations[46](index=46&type=chunk)[122](index=122&type=chunk) - The nuclear energy industry operates in a politically sensitive environment, and the Company's success depends on **public support for nuclear power** and **stable government policies**[125](index=125&type=chunk)[127](index=127&type=chunk) [Plan of Operations](index=28&type=section&id=Plan%20of%20Operations) Oklo's 2025 plan includes advancing regulatory approvals, R&D, site preparation, PPA execution, radioisotope business development, and managing $65-80 million in operating cash outflows - Key initiatives for 2025 include progressing **regulatory approval** with the NRC for the Combined License Application and commercial fuel fabrication, continuing fuel recycling R&D, and working with INL on fuel manufacturing[126](index=126&type=chunk) - Operational plans involve **advancing partnerships** for fuel enrichment and fabrication, **executing non-fuel supply chain elements**, **progressing engineering procurement and construction**, and **initiating site preparation** for announced facilities[126](index=126&type=chunk) - The Company aims to negotiate and execute additional letters of intent and convert non-binding agreements into **binding power purchase agreements** with customers[126](index=126&type=chunk) - Development and execution of plans for the **radioisotope business** and scaling production by Atomic Alchemy are also key objectives[126](index=126&type=chunk) - Expected total net cash used in operating activities for 2025 is in the range of **$65.0 million to $80.0 million**[124](index=124&type=chunk) [Key Components of Results of Operations](index=29&type=section&id=Key%20Components%20of%20Results%20of%20Operations) This section details Oklo's operating expenses (R&D, G&A), other income/loss, and income taxes, explaining their drivers and accounting treatment - Operating expenses consist of **Research and Development (R&D)** and **General and Administrative (G&A) expenses**[128](index=128&type=chunk) - R&D expenses, including personnel, software, hardware, and consulting costs, are **expensed as incurred**, with **partial reimbursements from DOE's ARPA-E and TCF cost-share projects**[129](index=129&type=chunk)[130](index=130&type=chunk) - G&A expenses, covering personnel, regulatory fees, intellectual property, and professional services, are anticipated to **increase** due to workforce expansion and public company operating costs[131](index=131&type=chunk) - Other income (loss) includes **interest and dividend income** and changes in fair value of simple agreements for future equity (SAFEs)[132](index=132&type=chunk) - Income taxes primarily consist of taxes in certain jurisdictions and adjustments to the valuation allowance related to **deferred tax liabilities from business acquisitions**[133](index=133&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) Oklo Inc. holds $260.7 million in liquidity, deemed sufficient for one year despite a $9.8 million net loss and $144.9 million accumulated deficit - As of March 31, 2025, cash, cash equivalents, and marketable debt securities totaled **$260.7 million**[134](index=134&type=chunk) Key Liquidity Metrics (Three Months Ended March 31, 2025, in millions) | Metric | Amount (in millions) | | :--------------------------------- | :----- | | Net loss | $(9.8) | | Loss from operations | $(17.9) | | Net cash used in operating activities | $(12.2) | | Accumulated deficit (as of March 31, 2025) | $(144.9) | - Management expects existing liquidity to be sufficient to fund operations for the **one-year period** following the issuance date of the financial statements[135](index=135&type=chunk) - The Company has **no off-balance sheet arrangements** except for a lease option agreement and **no material commitments or contractual obligations** other than operating leases for office space[136](index=136&type=chunk)[137](index=137&type=chunk) [Cash Flows Comparison](index=30&type=section&id=Cash%20Flows%20Comparison) Operating cash outflows increased to $12.2 million, investing activities provided $6.1 million, and financing activities shifted to a $0.9 million use Consolidated Sources and Uses of Cash (in thousands) | Activity | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(12,243) | $(7,287) | | Net cash provided by (used in) investing activities | $6,064 | $(97) | | Net cash (used in) provided by financing activities | $(875) | $35,535 | | Net (decrease) increase in cash and cash equivalents | $(7,054) | $28,151 | | Cash and cash equivalents, end of period | $90,078 | $38,019 | - Operating cash outflows **increased by $8.2 million** year-over-year, primarily due to higher operating expenses, including **$6.8 million for payroll/benefits** and **$8.8 million for professional services**[139](index=139&type=chunk) - Investing activities in 2025 were driven by **$37.2 million in proceeds** from marketable debt securities redemptions, partially offset by **$29.9 million in purchases** and **$0.9 million for business acquisition**[140](index=140&type=chunk) - Financing activities in 2024 included **$25.0 million from right of first refusal liability** and **$10.2 million from SAFE issuances**, which were not present in 2025[144](index=144&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Oklo Inc. reported a $9.8 million net loss, a significant improvement driven by increased other income, despite a 142.5% rise in operating expenses Results of Operations Summary (in thousands) | Item | Three Months Ended March 31, 2025 (in thousands) | Three Months Ended March 31, 2024 (in thousands) | $ Change (in thousands) | % Change | | :--------------------------------- | :-------------------------------- | :-------------------------------- | :------- | :------- | | Total operating expenses | $17,874 | $7,370 | $10,504 | 142.5% | | Loss from operations | $(17,874) | $(7,370) | $(10,504) | 142.5% | | Total other income (loss) | $3,653 | $(16,652) | $20,305 | (121.9%) | | Loss before income taxes | $(14,221) | $(24,022) | $9,801 | (40.8%) | | Income taxes | $4,411 | — | $4,411 | NM | | Net loss | $(9,810) | $(24,022) | $14,212 | (59.2%) | - Research and development (R&D) expenses **increased by $4.2 million (114.4%)** due to a **61.4% increase in R&D personnel headcount**, higher salaries, **$0.6 million in stock-based compensation**, and increased professional services and other expenses[146](index=146&type=chunk) - General and administrative (G&A) expenses **increased by $6.3 million (170.3%)** due to a **57.1% increase in G&A personnel headcount**, higher salaries, **$1.1 million in stock-based compensation**, **$1.5 million in professional services (legal/accounting)**, and **$1.7 million in travel/entertainment**[147](index=147&type=chunk)[148](index=148&type=chunk) - Interest and dividend income **increased by $3.5 million** due to higher cash, cash equivalents, and marketable debt securities balances[149](index=149&type=chunk) - Income taxes for Q1 2025 included a **$4.7 million deferred income tax benefit** related to acquired deferred tax liabilities and a change in valuation allowance, offset by current income tax expense[150](index=150&type=chunk) [Critical Accounting Estimates](index=34&type=section&id=Critical%20Accounting%20Estimates) Fair value determination for business acquisitions is a critical accounting estimate, requiring significant judgment, assumptions, and third-party specialist input - Determining fair value for business acquisitions involves **significant estimates and assumptions**, including discount rates, future revenues, operating costs, and capital costs[151](index=151&type=chunk) - The Company engages **third-party appraisal firms** to assist in evaluating assumptions and measuring the fair value of acquired assets and liabilities[151](index=151&type=chunk) [Emerging Growth Company Status](index=34&type=section&id=Emerging%20Growth%20Company%20Status) Oklo Inc. retains EGC status under the JOBS Act, benefiting from reporting exemptions, with status expected to expire by December 31, 2026 - Oklo is an **Emerging Growth Company (EGC)** under the JOBS Act, benefiting from exemptions from certain public company reporting requirements[152](index=152&type=chunk) - The Company has elected to use the **extended transition period** for complying with new or revised financial accounting standards, aligning with private company requirements[153](index=153&type=chunk) - EGC status is expected to expire on **December 31, 2026**, but could end earlier if the market value of common stock held by non-affiliates exceeds **$700 million**[152](index=152&type=chunk) [Recent Accounting Pronouncements](index=35&type=section&id=Recent%20Accounting%20Pronouncements) No new accounting pronouncements were adopted by the Company during the current reporting period - **No new accounting pronouncements** have been adopted[154](index=154&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable as the Company qualifies as a 'smaller reporting company' under SEC Regulation S-K - This item is **not applicable** to the Company as it is a **'smaller reporting company'**[155](index=155&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls were ineffective due to a material weakness in complex transactions, with remediation efforts underway and expected completion by December 31, 2025 [Evaluation of Disclosure Controls and Procedures](index=35&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2025 - Management concluded that disclosure controls and procedures were **not effective** as of March 31, 2025[157](index=157&type=chunk) [Previously Reported Material Weakness](index=35&type=section&id=Previously%20Reported%20Material%20Weakness) A material weakness in infrequent and complex transactions was identified, with remediation efforts underway for completion by December 31, 2025 - A **material weakness** related to infrequent and complex transactions was identified as of December 31, 2024[158](index=158&type=chunk) - Despite the material weakness, management concluded that the unaudited condensed consolidated financial statements **fairly present** the financial position, results of operations, and cash flows in accordance with U.S. GAAP[159](index=159&type=chunk) - Remediation measures include improving management review of third-party information and implementing additional controls for finance and accounting review of third-party agreement amendments, with expected completion by **December 31, 2025**[160](index=160&type=chunk)[161](index=161&type=chunk) [Changes in Internal Control over Financial Reporting](index=36&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) No material changes in internal control over financial reporting occurred during the three months ended March 31, 2025 - **No material changes** in internal control over financial reporting occurred during the three months ended March 31, 2025[162](index=162&type=chunk) [Inherent Limitations on the Effectiveness of Controls](index=36&type=section&id=Inherent%20Limitations%20on%20the%20Effectiveness%20of%20Controls) Internal control systems are subject to inherent limitations, including judgment in design and operation, and the inability to eliminate misconduct - The effectiveness of any internal control system is subject to **inherent limitations**, including judgment in design and operation, and the inability to eliminate misconduct completely[163](index=163&type=chunk) [Part II. Other Information](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) Oklo Inc. is not involved in any material pending or threatened legal proceedings that would adversely affect its financial condition - The Company is **not subject to any pending or threatened legal proceedings** expected to have a material adverse effect on its business or financial condition[165](index=165&type=chunk) [Item 1A. Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, but new risks from trade policy changes could increase costs, disrupt supply chains, and impact operations - **No material changes** to risk factors previously disclosed in the Annual Report on Form 10-K, except as provided[166](index=166&type=chunk) - Changes in trade policies (e.g., higher tariffs, restrictions) may **increase procurement and operational costs**, lead to **supply chain disruptions**, and introduce new compliance requirements[167](index=167&type=chunk) - Attempts to mitigate supply chain disruptions and cost pressures may **not be successful**, potentially affecting business, financial condition, or operating results[168](index=168&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Oklo Inc. repurchased 66,724 common shares at $23.95 each to satisfy tax withholding obligations for RSU vesting Common Stock Repurchases (Three Months Ended March 31, 2025) | Period | Total Number of Shares Purchased | Average Price Paid Per Share ($) | | :--------------------------------- | :----------------------------- | :--------------------------- | | March 1 - 31, 2025 | 66,724 | $23.95 | | Total | 66,724 | $23.95 | - Repurchases were made to satisfy **tax withholding obligations** related to the vesting of restricted stock units, not under a publicly announced plan[169](index=169&type=chunk) [Item 3. Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - **No defaults** upon senior securities occurred[170](index=170&type=chunk) [Item 4. Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the Company - This item is **not applicable** to the Company[171](index=171&type=chunk) [Item 5. Other Information](index=38&type=section&id=Item%205.%20Other%20Information) CEO Jacob DeWitte and COO Caroline Cochran adopted Rule 10b5-1 trading plans to sell up to 600,000 common shares each [Rule 10b5-1 Trading Plans](index=38&type=section&id=Rule%2010b5-1%20Trading%20Plans) CEO Jacob DeWitte and COO Caroline Cochran adopted Rule 10b5-1 trading plans to sell up to 600,000 common shares each - CEO Jacob DeWitte adopted a Rule 10b5-1 trading plan on **March 31, 2025**, to sell up to **600,000 shares of common stock** between **June 30, 2025, and December 31, 2025**[172](index=172&type=chunk) - COO Caroline Cochran adopted a Rule 10b5-1 trading plan on **March 31, 2025**, to sell up to **600,000 shares of common stock** between **June 30, 2025, and December 31, 2025**[173](index=173&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report, including corporate documents, officer certifications, and Inline XBRL documents - Exhibits include the **Second Amended and Restated Certificate of Incorporation**, **Amended and Restated Bylaws**, **Section 302 and 906 certifications**, and **Inline XBRL documents**[176](index=176&type=chunk) [Signatures](index=40&type=section&id=SIGNATURES) [Report Signatures](index=40&type=section&id=Report%20Signatures) The Quarterly Report on Form 10-Q was signed by CEO Jacob DeWitte and CFO R. Craig Bealmear on May 13, 2025 - The report was signed by **Jacob DeWitte, Chief Executive Officer and Director**, and **R. Craig Bealmear, Chief Financial Officer**, on **May 13, 2025**[180](index=180&type=chunk)

Google made several headlines related to artificial intelligence (AI) this week. And, despite the stock’s performance, not all were negative.  Of course, the news of search losing preference to AI chatbots like ChatGPT amongst iPhone users grabbed the top story, and the Department of Justice continues to look into antitrust measures against the company’s ad tech business. However, the Alphabet Inc. NASDAQ: GOOGL subsidiary continues to spend heavily on AI infrastructure and recently entered an agreement wit ...

Core Viewpoint - Oklo, Inc. is expected to report a significant improvement in its first-quarter 2025 results, with a projected loss of 11 cents per share compared to a loss of $4.79 in the same quarter last year, although the earnings estimate has deteriorated over the past 60 days [1][2]. Financial Performance - The Zacks Consensus Estimate for Oklo's first-quarter bottom line is a loss of 11 cents per share, improving from a loss of $4.79 in the prior-year quarter [1]. - The earnings estimate has seen a downward revision of 22.22% over the last 60 days [1]. - Oklo's earnings missed the Zacks Consensus Estimate in the last reported quarter, with a reported loss of $4.79 [2]. Strategic Developments - In March 2025, Oklo acquired Atomic Alchemy, enhancing its capabilities in radioisotope production, which is crucial for healthcare, research, and defense [4][5]. - The company entered into an Interface Agreement with Idaho National Laboratory to ensure compliance with environmental regulations and finalized a Memorandum of Agreement with the U.S. Department of Energy for deploying its first commercial powerhouse [6]. - Oklo joined the DOE's Voucher Program to evaluate advanced structural materials for its Aurora powerhouse, strengthening its path to commercial deployment [7]. - A Memorandum of Understanding was signed with Lightbridge Corporation to explore co-locating a fuel fabrication facility, enhancing fuel recycling capabilities [8]. - Oklo partnered with RPower to transition data centers from diesel to natural gas, ultimately aiming for clean energy from its Aurora powerhouses [9]. Market Performance - Oklo's shares have surged 48.8% over the past year, outperforming the Zacks Alternative-Energy industry's return of 32.2% and the broader Zacks Oils-Energy sector's decline of 13.5% [11]. - The company is trading at a premium with a trailing 12-month Price/Book (P/B) ratio higher than its industry peers, indicating investor expectations for higher profit generation [12][15]. Industry Context - The global electricity demand is rising, particularly in emerging economies, driven by economic growth, with the U.S. being the largest producer of nuclear power, contributing nearly 30% to global nuclear electricity generation [16]. - Oklo is positioned for long-term growth in the nuclear power sector with its next-generation fast-fission power plants, designed to generate 15-50 megawatts electric (MWe) from recycled and fresh nuclear fuel [17]. Future Outlook - Despite the positive developments, Oklo has yet to generate revenues, with its first Aurora powerhouse expected to be deployed in 2027, indicating limited top-line performance in the near term [18]. - The company is likely to disappoint investors with its first-quarter results due to a negative earnings ESP and downward revisions in earnings estimates [19].

Core Viewpoint - The recent rally in shares of nuclear power providers is driven by positive financial results and capital spending guidance from AI leaders, indicating strong future demand for nuclear power due to the increasing electricity needs from AI data centers [1][2]. Group 1: Company Performance - Constellation Energy, Vistra Energy, and Oklo saw significant share price increases of 8%, 5.8%, and 8.5% respectively [1]. - Constellation Energy has the largest nuclear capacity among U.S. utilities and plans to reopen Three Mile Island by 2028 to support Microsoft data centers [5]. - Microsoft reported a revenue and earnings beat, with its Azure cloud platform growing 35% in constant currency terms, and reiterated its capital expenditure plans despite supply constraints [7][8]. - Meta Platforms also exceeded revenue and earnings expectations and raised its capital expenditure guidance for 2025 from $60 billion to a range of $64 billion to $72 billion [9]. Group 2: Industry Trends - The demand for electricity is projected to soar due to the needs of AI data centers, making nuclear power a viable solution for meeting this demand in a carbon-neutral manner [3][4]. - Despite recent volatility in utility stocks, the positive outlook from Microsoft and Meta has reassured investors about the sustainability of AI spending and its impact on electricity demand [6][10]. - The growth opportunities in AI infrastructure spending are significant, and leading companies in this space are expected to continue investing heavily in data centers, thereby driving electricity demand [10].