Core Viewpoint - Oklo Inc. (OKLO) has experienced a significant share price increase of 87.1% year-to-date, outperforming both the Zacks Alternative-Energy industry and the broader Zacks Oils-Energy sector [1] Company Performance - OKLO's strong performance is attributed to its first-quarter 2025 results, which showed a narrower loss per share than the Zacks Consensus Estimate, alongside year-over-year improvement in its bottom line [4] - The company completed the acquisition of Atomic Alchemy in February 2025, enhancing its capabilities in radioisotope production, which is expected to meet rising demands across various sectors [5] - In March 2025, OKLO 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 in Idaho [6] Industry Context - Global electricity demand is increasing, particularly due to the growth of data centers and consumption in emerging economies, with the U.S. contributing approximately 30% to global nuclear electricity generation [7] - OKLO is developing next-generation fast-fission power plants, specifically the Aurora powerhouse product line, which aims to produce between 15-50 megawatts electric (MWe) from recycled and fresh nuclear fuel, with potential expansion to 100 MWe [8] Future Prospects - The completion of borehole drilling for site characterization at the Idaho National Laboratory marks a significant step in the development of OKLO's first Aurora Powerhouse, indicating strong long-term growth prospects in the nuclear power generation market [10] Financial Metrics - OKLO shares are currently trading at a high Price/Book (P/B TTM) ratio of 20.53X, significantly above the industry average of 4.68X, indicating a premium valuation [15] - The Zacks Consensus Estimate for OKLO's 2025 earnings suggests a year-over-year improvement, while the estimate for 2026 indicates a deterioration, reflecting mixed sentiment among analysts [13][14]

Core Insights - Oklo's stock surged 28.2% this week, outperforming the S&P 500 and Nasdaq-100, which rose 4.3% and 6.2% respectively [1] - The company reported a Q1 2025 loss of $0.07 per share, significantly better than Wall Street's expectation of a $0.10 loss, and a substantial improvement from a $4.79 loss in Q1 2024 [2] - Oklo reaffirmed its full-year guidance and is on track to launch its first commercial small modular reactor (SMR) by late 2027 or early 2028 [4] Financial Performance - The Q1 2025 loss of $0.07 per share represents a major year-over-year improvement from the previous year's loss of $4.79 per share [2] - The company maintained its full-year guidance, indicating confidence in its financial outlook [2] Strategic Developments - Oklo completed drilling at the site for its future Aurora reactor, validating the site as safe and suitable for construction [4] - The appointment of Pat Schweiger as chief technology officer (CTO) is expected to enhance the company's capabilities in power engineering [5] Industry Outlook - CEO Jacob DeWitte noted strong momentum in both the industry and political landscape, which is expected to positively influence the company's future [2] - The leadership change with the addition of Schweiger is seen as a strategic move to bolster Oklo's position in the advanced nuclear technology market [5]

Core Insights - Oklo Inc reported a narrower-than-expected adjusted first-quarter loss of $0.07 and is progressing towards the location of its first plant, aiming for commercial power by the end of 2027 [2] - Oklo's stock surged by 17.4% to $37.30, marking a 76.2% year-to-date gain, with significant options trading activity [3] - NuScale Power Corp's shares increased by 4.3% to $22.59, following a 21.6% rise the previous day due to first-quarter revenue exceeding expectations [4] Company Performance - Oklo's stock performance reflects strong market interest, with nearly 100,000 call options traded, six times the average intraday volume [3] - NuScale's stock has seen a year-over-year increase of 212%, with 39,000 options contracts traded, five times the average intraday amount [5] Market Dynamics - Both Oklo and NuScale have significant short squeeze potential, with 13.8% of Oklo's float sold short and 20% of NuScale's float sold short [6]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Core Viewpoint - Oklo is positioned for significant growth with plans to commence commercial operations by late 2027 or early 2028, ahead of competitors, driven by increasing demand for its nuclear power technology and a developing fuel recycling business [1][2]. Group 1: Company Outlook - Oklo's stock price has seen volatility but is expected to realize substantial upside as it approaches commercial operations [1]. - The company has established a fuel allotment for its reactors from the U.S. Department of Energy, which mitigates some operational risks [3]. - Oklo's operational losses are narrowing, and the balance sheet remains strong despite no revenue in Q1 2025 [4][5]. Group 2: Financial Position - The company's cash position has decreased compared to the end of 2024, but it is still well-capitalized to sustain operations for several years at the current burn rate [5]. - Total liabilities are approximately 0.13 times equity, indicating a low leverage and flexible financial position [6]. Group 3: Market Sentiment - Institutional ownership is high at about 85%, with institutions actively buying shares, contributing to a bullish sentiment [9]. - Short interest is elevated at 15%, which could lead to a short squeeze, further supporting price increases [9][10]. - Analysts have a Moderate Buy rating on Oklo, with a consensus price target of $46.40, indicating a potential upside of 22.02% [4][10]. Group 4: Technical Analysis - The stock market for Oklo is in a rebound phase following Q1 earnings, with expectations to retest critical resistance near $40 [11]. - There is potential for the stock to reach new highs by the end of the year, supported by bullish market trends [10][11].

Core Viewpoint - Oklo's performance exceeded analyst expectations with a non-GAAP loss per share of $0.04, compared to the expected loss of $0.11, indicating a high-risk, high-reward investment opportunity [1] Group 1: Business Model and Strategy - Oklo aims to reshape nuclear energy by constructing small, scalable reactors that are cheaper and easier to deploy than traditional nuclear power plants, selling clean, carbon-free energy directly to customers without requiring them to comply with nuclear regulations [3] - The company is entering the radioactive isotope market through the acquisition of Atomic Alchemy, which could provide much-needed revenue starting in 2026 [6] Group 2: Financial Health and Cash Flow - Oklo has no debt and a strong balance sheet, holding approximately $260 million in cash and securities, allowing it to avoid immediate capital raises and minimize shareholder dilution [7] - The company reported an operating cash flow of approximately $12 million this quarter, primarily driven by general and administrative costs, with cash burn expected to be within the projected range of $65 million to $80 million for 2025 [8] Group 3: Future Projections and Risks - If Oklo uses $70 million in free cash flow this year and around $100 million in 2026, it may not need to raise additional funds, but its current stock price reflects a valuation of 40 times projected sales of $100 million by 2028, which is considered expensive [10] - Oklo faces competition from other small modular reactor companies like TerraPower and NuScale Power, making it uncertain which company will lead the market [11] - Regulatory processes remain complex and slow, posing risks for timely deployment, especially with the stricter requirements for commercial projects [13]

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 ...