Core Viewpoint - Oklo's stock price has significantly declined, presenting a potential buying opportunity for growth investors as it returns to more reasonable levels after a peak increase of over 110% in early 2025 [1] Group 1: Company Developments - Oklo has pushed back the timeline for its flagship reactor project, which is now expected to be operational by early 2028 instead of the previously anticipated end of 2027 [2] - The company has secured four new pipeline deals, increasing its backlog value to an industry record, with a notable deal with Switch, a major data center provider [3][4] - The deal with Switch involves 12 gigawatts of power-generating capacity, expected to generate billions in future revenue over decades as the AI sector grows [4] - Oklo is expanding the scalability of its Aurora powerhouses from 50 megawatts to 75 megawatts in response to rising demand from data centers [5] Group 2: Financial Outlook - Oklo's cash burn is projected to increase in 2025 due to staffing and growth initiatives, but the company is well-capitalized to sustain operations for several years at the forecasted cash-use rate [6] - The acquisition of Atomic Alchemy could enable revenue generation a year or more ahead of the flagship reactors becoming operational, as it specializes in creating radioactive isotopes for various industries [7] - Although dilution affected the stock price in early 2025, it is no longer an immediate concern, with institutional buying significantly increasing in Q1 2025, netting over $280 million in shares [8] Group 3: Analyst Sentiment - Analysts maintain a bullish outlook on Oklo's stock, with a 12-month price forecast of $44.50, indicating a potential upside of 55.13% [9][10] - The consensus estimate suggests a price near $44.50 by late March, which would represent a 45% upside from critical support levels around $25 [11]

Michael Wiggins De Oliveira is an inflection investor. This means buying into cheap companies at the moment when their narrative is changing and the business is on a path toward becoming significantly more profitable over the next year.With a focus on tech and “the Great Energy Transition (including uranium)”, Michael runs a concentrated portfolio with approximately 15 to 20 stocks and an average holding period of 18 months. Through his 10+ years analyzing countless companies, Michael has accumulated outsta ...

Financial Data and Key Metrics Changes - Oklo Inc. reported a full-year operating loss of $52.8 million, which included a one-time fair market value expense of $7.8 million and $4.7 million in non-cash stock-based compensation [78] - Adjusted for these non-cash amounts, the net loss was $40.3 million, at the low end of the forecasted range of $40 to $50 million [79] - The full-year cash used in operating activities was $38.4 million, with cash and marketable securities at $275.3 million at year-end [81][82] Business Line Data and Key Metrics Changes - The company expanded its powerhouse offering to support up to 75 megawatts of power output, building on the existing 50-megawatt design [25] - The customer pipeline has grown from 700 megawatts to over 14 gigawatts, driven by demand from major customers like Equinix, Prometheus, Switch, and Diamondback Energy [63] Market Data and Key Metrics Changes - Total US power demand is projected to grow greater than 160% through 2030, with data centers contributing approximately 31% of this increase [12] - The company signed a landmark 12-gigawatt master power agreement with Switch, equivalent to about 1% of the US grid capacity [18][56] Company Strategy and Development Direction - Oklo Inc.'s strategy is built on three core pillars: a simplified business model, small scalable reactors, and advanced technology utilizing plutonium coolant [13][15] - The company aims to streamline regulatory approval through a combined license application process, which is expected to accelerate deployment [36][39] Management Comments on Operating Environment and Future Outlook - Management emphasized the growing consensus on the importance of nuclear energy for energy abundance and the need for advanced nuclear deployment [11][10] - The company is positioned to capitalize on the increasing demand for clean, reliable energy, particularly in the data center and oil and gas sectors [17][19] Other Important Information - The acquisition of Atomic Alchemy marks a strategic expansion into the high-growth radioisotope market, projected to exceed $55 billion by 2026 [70][74] - The company has secured fuel for its first core load at INL and is collaborating with Centrus for a long-term fuel supply [47] Q&A Session Summary Question: Was the decision to go from 50 megawatts to 75 driven by customers you already have in your pipeline or potential customers? - The decision was largely informed by customer interest and market dynamics, particularly in the data center sector [90][92] Question: Now that you have a pipeline of 14 gigawatts, do other potential customers see that and think Oklo Inc. is pretty full? - The pipeline's growth has created a sense of urgency among potential customers, leading to increased interest in collaboration [99][100] Question: Does the increased range of the PowerHouse to 50 to 75 megawatts require any change in your total license approach? - The change is expected to have minimal effect on the licensing approach, as the existing infrastructure accommodates this flexibility [104][106] Question: Can you describe broadly what the readiness assessment entails and does it derisk your actual COLA application? - The readiness assessment is a pre-review process with the NRC that helps streamline the application and reduce risks associated with the review timeline [112][114] Question: What are the main drivers for the expected increase in cash used in operations this year? - The increase is driven by headcount growth, procurement activities for the first powerhouse, and costs associated with the Atomic Alchemy acquisition [126][128]

Financial Data and Key Metrics Changes - The full year operating loss for the company was $52.8 million, which included a one-time fair market value expense of $7.8 million and $4.7 million in non-cash stock-based compensation [51] - Adjusting for non-cash amounts, the net loss attributable to common stockholders improved from $563 million to $73.6 million [52] - Cash and marketable securities at year-end were $275.3 million, primarily driven by $276 million in proceeds from the business combination [52] Business Line Data and Key Metrics Changes - The company expanded its POWERHOUSE offering to support up to 75 megawatts of power output, enhancing its ability to serve energy-intensive industries [16] - The partnership with Equinix for 500 megawatts and the agreement with Switch for 12 gigawatts highlight significant demand in the data center sector [10][11] Market Data and Key Metrics Changes - The U.S. power demand is projected to grow greater than 160% through 2030, with data centers contributing approximately 31% of this increase [7] - The customer pipeline has expanded from 700 megawatts to over 14 gigawatts, driven by major customers like Equinix, Prometheus, Switch, and Diamondback Energy [40] Company Strategy and Development Direction - The company’s strategy is built on three core pillars: a simplified business model, small scalable reactors, and advanced technology using liquid sodium coolant [8][9] - The company aims to leverage its unique licensing strategy to accelerate deployment and reduce regulatory hurdles compared to conventional nuclear approaches [25][26] Management's Comments on Operating Environment and Future Outlook - Management emphasized the growing consensus on the importance of nuclear energy for the future, supported by government policy and public endorsement [5][6] - The company is positioned to capitalize on the increasing demand for clean energy solutions, particularly in the data center and oil and gas sectors [11][12] Other Important Information - The acquisition of Atomic Alchemy marks the company's strategic expansion into the high-growth radioisotope market, projected to exceed $55 billion by 2026 [45] - The company is actively engaging with the NRC and DOE to streamline regulatory processes and ensure efficient deployment of its first commercial reactor [27][28] Q&A Session Summary Question: Was the decision to go from 50 megawatts to 75 driven by existing customers or potential customers? - The decision was largely informed by customer interest and market trends, particularly in the data center sector [57][58] Question: With a pipeline of 14 gigawatts, do potential customers feel that the company is full? - The company believes that the pipeline creates a sense of urgency among potential customers to engage and secure power agreements [62][63] Question: Does the increased powerhouse range require changes in the licensing approach? - The company indicated that the changes would have minimal effect on the licensing approach, as existing infrastructure accommodates the new range [65][66] Question: Can you describe the readiness assessment and its impact on the COLA application? - The readiness assessment is a pre-review process with the NRC aimed at ensuring an efficient review process for the COLA application [70][71] Question: What are the main drivers for the expected increase in operating expenses? - The increase in operating expenses is driven by headcount growth, procurement activities, and the integration of the Atomic Alchemy acquisition [78][80]

Financial Data and Key Metrics Changes - The company's full year operating loss was $52.8 million, which included a one-time fair market value expense of $7.8 million and $4.7 million of non-cash stock-based compensation [52][53] - Adjusted for non-cash amounts, the net loss was $40.3 million, at the low end of the forecasted range of $40 million to $50 million [52][53] - Cash and marketable securities at year-end were $275.3 million, primarily driven by $276 million in proceeds from the business combination [53] Business Line Data and Key Metrics Changes - The company expanded its POWERHOUSE offering to support up to 75 megawatts of power output, enhancing its ability to serve energy-intensive industries [17][20] - The customer pipeline has grown from 700 megawatts to over 14 gigawatts, driven by demand from major customers like Equinix, Prometheus, Switch, and Diamondback Energy [41] Market Data and Key Metrics Changes - Total U.S. power demand is projected to grow greater than 160% through 2030, with data centers contributing approximately 31% of this increase [9] - The company signed a landmark 12-gigawatt master power agreement with Switch, equivalent to about 1% of the U.S. grid capacity [12][36] Company Strategy and Development Direction - The company’s strategy is built on three core pillars: a simplified business model, small scalable reactors, and advanced technology using liquid sodium coolant [9][10] - The company aims to leverage its unique licensing strategy to accelerate deployment and reduce regulatory hurdles compared to conventional nuclear approaches [25][26] Management's Comments on Operating Environment and Future Outlook - Management emphasized the growing consensus on the necessity of nuclear energy for energy abundance and the administration's commitment to advanced nuclear technology [6][7] - The company is positioned to capitalize on the increasing demand for clean, reliable energy solutions across various sectors, including AI-driven data centers [9][19] Other Important Information - The company completed the acquisition of Atomic Alchemy, expanding into the high-growth radioisotope market, which is projected to exceed $55 billion by 2026 [44][46] - The NRC is expected to reduce licensing fees by nearly 55% for advanced reactor applicants, effective October 1, 2025, which will lower the financial burden of licensing [30] Q&A Session Summary Question: Was the decision to go from 50 megawatts to 75 driven by existing customers or potential customers? - The decision was largely based on market observations and customer interest, particularly in the data center sector, where a range of 60 to 75 megawatts aligns well with customer needs [58][60] Question: With a pipeline of 14 gigawatts, do potential customers feel that Oklo is full? - The pipeline's growth has created a sense of urgency among potential customers, leading to increased interest in collaboration rather than deterring them [63][65] Question: Does the increased powerhouse range require changes in the licensing approach? - The increase in powerhouse range is expected to have minimal effect on the licensing approach, as existing infrastructure accommodates the changes [67][69] Question: Can you describe the readiness assessment and its impact on the COLA application? - The readiness assessment is a pre-review process with the NRC that aims to streamline the review process and reduce risks associated with the COLA application [72][74] Question: What are the main drivers for the expected increase in cash used in operations? - The increase in cash used in operations is driven by headcount growth, procurement activities for the first powerhouse, and costs associated with the Atomic Alchemy acquisition [82][83]

Exhibit 99.1 FY 2024 Shareholder Letter Letter to shareholders Dear shareholders, The world is catching up to what we've known all along: nuclear power is essential to a clean, dependable, and scalable energy future. In 2024, Oklo took bold steps to lead this transformation. We went public, advanced development at our first commercial site at Idaho National Laboratory (INL), and built a customer pipeline of ~14 GW-one of the largest in our field. At the same time, nuclear energy has gained unprecedented gov ...

Operational Risks - The company has not yet constructed any powerhouses or entered into binding contracts with customers for electricity or heat delivery, which poses significant operational risks[58] - The company is an early-stage entity with a history of financial losses and expects to incur significant expenses and continuing losses until its powerhouses become commercially viable[64] - The company relies on high-assay low-enriched uranium (HALEU) for its powerhouses, which is currently not available at scale, potentially affecting fuel manufacturing and power production[71] - The U.S. government has allocated $700 million for HALEU development, but the program is still in early stages, and significant progress is needed for reliable production[73] - The construction and delivery timelines for powerhouses may increase due to various factors, including contractor performance and procurement challenges[65] - The company faces risks related to acquisitions, divestitures, or joint ventures, which could disrupt operations and financial results[68] - The company’s management has limited experience in operating a public company and in the nuclear power sector, which may impact decision-making[63] - The company’s ability to forecast future results is limited due to its evolving industry and changing market conditions, which may lead to operational results below investor expectations[62] Revenue Generation Challenges - The company has entered into contingent non-binding letters of intent for power purchases, but these may not lead to binding agreements, delaying revenue generation[61] - Non-binding agreements with customers may be rescinded, adversely affecting revenue streams and project timelines[83] - Fluctuations in energy prices could impact the viability of power purchase agreements, especially if contract prices are fixed[89] - Penalties for not delivering sufficient energy on schedule may adversely affect profitability and cash flow[90] - The novelty of the business model for deploying fission power plants may introduce uncertainties that could impact business projections[92] Market and Competitive Landscape - The company’s business model of directly providing power to customers is unique in the nuclear industry, presenting both opportunities and challenges[63] - The company faces competition from existing and new technologies, which could lead to downward pressure on prices and reduced margins[106] - The cost of electricity generated from the company's powerhouses may not be competitive with other energy sources, impacting business prospects[110] - The market for alternative carbon-free energy generation technologies may not achieve expected growth, adversely affecting the demand for the company's powerhouses[104] Regulatory and Compliance Issues - The company has not received any regulatory approvals for its powerhouses, and the timing of such approvals is uncertain, which could affect its ability to meet construction and operation timelines[161] - The company must obtain governmental licenses to transport and use radioactive materials, and delays in obtaining these licenses could materially affect its business operations and cash flows[162] - The NRC has not yet established an oversight program for advanced reactors, which could substantially affect the operation of the company's commercial facilities[163] - Any penalties imposed by the NRC for regulatory violations could adversely affect the company's results of operations and liquidity[165] - The NRC's current framework has not been applied to license a commercial nuclear fuel recycling facility, and there is no guarantee of support for the proposed facility on the anticipated timeline[169] - Changes in federal, state, and local government policies could significantly impact the company's operations and business plans, including regulatory oversight and financial incentives[173] Financial and Funding Concerns - The company expects to require additional funding to support operations and growth plans due to recurring losses and significant ongoing operating expenditures[206] - The company does not anticipate generating meaningful revenue until the Aurora product line is finalized and commercialized, with expenses and capital expenditures expected to increase[207] - The company may need to make significant adjustments to its business plan or delay, scale back, or discontinue deployments of facilities and research programs due to funding shortfalls[200] - The company relies on capital raises as its primary source of funding, with no substantial doubt about its ability to continue as a going concern for the next year[208] - The company’s financial results may vary significantly from quarter to quarter due to factors such as customer contract terms and demand variability[212] Intellectual Property and Cybersecurity - The company relies on a combination of patents, trademarks, copyrights, and trade secret laws to protect its intellectual property, but faces challenges in enforcing these rights[123] - Patent applications may not result in issued patents, and failing to obtain patent protection could adversely affect the company's competitive position[124] - The company may need to defend against intellectual property infringement claims, which could incur substantial costs and divert management's focus[130] - Cybersecurity risks pose a significant threat to the company's IT systems, potentially leading to data breaches and reputational damage[136] - The company is subject to evolving laws and regulations regarding data privacy and security, which could require significant compliance costs and operational changes[141] Economic and Environmental Factors - Inflation and rising costs may disproportionately impact the company, affecting its competitiveness and ability to operate fuel fabrication and recycling facilities[142] - Uncertain global macroeconomic and political conditions could materially adversely affect the company's business prospects, financial condition, results of operations, and cash flows[143] - The ongoing military conflict in Ukraine has led to sanctions that present potential supply chain risks, particularly affecting the availability and cost of HALEU, which could increase the cost of uranium enrichment services[145] - Global supply chain disruptions have increasingly affected the availability and cost of materials, which may result in delays in equipment deliveries and cost escalations, adversely impacting the company's business prospects and financial performance[146] - The direct and indirect impacts of climate change could adversely affect the company's financial condition, operating results, and cash flows, including increased costs from natural disasters[148] Internal Control and Governance - A material weakness in internal control over financial reporting has been identified, specifically related to complex accounting matters associated with the business combination with AltC[229] - The company plans to improve processes and controls regarding third-party information review and amendments to agreements to remediate the identified material weakness[231] - Failure to effectively implement controls required by the Sarbanes-Oxley Act could negatively impact the company's business and investor confidence[228] - The company has provisions in its bylaws that may discourage or delay transactions involving a change in control, potentially affecting minority stockholders[224] - The existence of certain provisions may adversely affect the market price of the company's common stock if perceived as discouraging future takeover attempts[224] - The company is not required to comply with new or revised financial accounting standards until private companies are required to do so, as per the JOBS Act[226] - If the material weakness is not remediated, it could result in misstatements of account balances or disclosures, adversely affecting investor confidence[230] - The company may face regulatory scrutiny and potential sanctions if it fails to maintain adequate internal controls over financial reporting[228]

Group 1: Market Context - U.S. stocks are under pressure due to President Trump's shift towards protectionist economic policies, creating potential buying opportunities for long-term investors [1] - Market pullbacks have historically provided exceptional opportunities for long-term investors willing to embrace volatility [12] Group 2: Palantir Technologies - Palantir Technologies is a leading provider of decision optimization software through its proprietary AI platforms, with a stock price that has retreated 27% from its 52-week high [2] - Wall Street anticipates approximately 58% revenue growth for Palantir over 2025 and 2026, justifying its high forward earnings multiple of 169 times [2] - The company's ontology framework enables advanced decision-making by establishing undiscovered relationships within complex datasets, with platforms Gotham and Foundry serving government and commercial clients respectively [3] - Palantir's innovative boot camp sales approach and AI orchestration capabilities position it for continued expansion amid early-stage enterprise AI adoption [4] - Despite its premium valuation, Palantir's long-tailed growth trajectory and importance in the U.S. military ecosystem are noteworthy [5] Group 3: Oklo - Oklo is a developer of advanced fast fission power plants aimed at providing clean, reliable energy, particularly in response to the high electricity demands of AI data centers [7] - The stock has declined 51% from its 52-week high and is currently operating cash flow negative, yet it offers exposure to the AI-powered future through energy infrastructure [8] - Oklo has achieved significant milestones towards deploying its first commercial powerhouse in Idaho, with agreements finalized with the U.S. Department of Energy and Idaho National Laboratory [9] - The company's Aurora powerhouses aim to meet the growing energy demands of AI infrastructure with carbon-free nuclear power [9] - Oklo's focus on next-generation fission technology positions it strategically at the intersection of clean energy and AI computing needs, though it faces risks from lengthy regulatory approval processes [10] - For investors seeking exposure to the infrastructure required for the AI revolution, Oklo represents a speculative but potentially transformative addition to a growth portfolio [11] Group 4: Investment Considerations - Palantir and Oklo represent distinct approaches to capturing growth, with Palantir focusing on software for decision-making and Oklo on next-generation energy infrastructure [12] - Both companies carry different risk profiles, with Palantir's premium valuation and Oklo's pre-revenue status and regulatory hurdles, yet both offer significant upside potential [13]

Oklo, Inc. (OKLO) is slated to report fourth-quarter 2024 results on March 24, after market close.     Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The Zacks Consensus Estimate for the fourth-quarter bottom line is pegged at a loss of 8 cents per share, suggesting a slight improvement from a loss of 9 cents reported in the prior-year quarter. The bottom-line estimate has remained unchanged in the past 60 daysImage Source: Zacks Investment ResearchOKLO’s earnings came in line with ...

Core Insights - The demand for GPUs is surging, leading to increased power consumption and a forecasted 100x growth in compute needs for next-generation AI models, indicating a sustained demand for nuclear energy as a sustainable power source [2] Group 1: Nuclear Industry Developments - Major tech companies like Amazon, Meta, and Alphabet have pledged to support the expansion of nuclear power, aiming to triple global nuclear capacity by 2050, despite the current limited project pipeline [3][4] - There are currently 60 atomic projects under construction globally, primarily in Asia, representing only a 13% increase from the 440 operational reactors [4] Group 2: Company-Specific Insights - NuScale Power is a leader in small modular reactors (SMRs), with plans to bring the first reactors online within 3-5 years and currently has 12 modules in production [5][6] - Analysts predict that NuScale Power will not generate significant revenue until 2030, with revenue expected to exceed $1 billion only after that [7] - Oklo focuses on liquid-metal-cooled fast reactors, which can operate at lower temperatures and reuse spent fuel, with initial projects set to commence operation in the coming years [9][11] - Cameco is a leading supplier of uranium fuel and reactor components, currently profitable and paying dividends, with revenue growth tracking higher over time [13][14]