Core Insights - The global clean energy industry is evolving, with nuclear energy stocks like OKLO Inc. and BWX Technologies gaining traction due to their low carbon emissions and increasing government support for small modular and microreactor technologies [1][2]. Summary of OKLO - Recent Achievements: OKLO has made significant strides in 2024, including signing a major corporate power agreement with Switch for 12 gigawatts (GW) of advanced nuclear power, claiming to have the largest order book in the advanced nuclear industry with a customer pipeline of 14 GW [3][4]. - Financial Stability: The company ended 2024 with cash and cash equivalents of $97.1 million, a substantial increase from $9.9 million at the end of 2023, and reported no notable debt, indicating solid financial stability [5]. - Challenges: OKLO has yet to generate revenue, with its first Aurora powerhouse expected to be deployed in 2027, leading to significant operating expenses and downward pressure on its bottom line [6][7]. Summary of BWXT - Recent Achievements: BWX Technologies ended 2024 with record bookings in Commercial Operations, driven by critical equipment for North America's first small modular reactor project, and a 21% growth in backlog [8][9]. - Financial Stability: The company concluded 2024 with cash and cash equivalents of $77 million, current debt of $13 million, and long-term debt of $1,043 million, suggesting a solid solvency position [10]. - Challenges: BWXT faces limited international exposure, being highly U.S.-centric, which restricts its revenue generation opportunities in international nuclear markets [11]. EPS Estimates Comparison - OKLO's 2025 earnings per share (EPS) is estimated at a loss of 43 cents, an improvement from a loss of 74 cents the previous year, but with a downward trend in estimates [12]. - BWXT's 2025 EPS is estimated at $3.50, reflecting a year-over-year improvement of 5.1%, with upward trending estimates [13]. Stock Price Performance - Over the past three months, BWXT has outperformed OKLO, with BWXT down 21.8% compared to OKLO's 47.4% decline, while OKLO has rallied 56.8% over the past year compared to BWXT's 7.2% growth [15]. Return on Equity (ROE) - BWXT exhibits a higher Return on Equity (ROE) compared to OKLO, indicating better efficiency in using shareholder equity to generate profits, while OKLO has a negative ROE due to incurring losses [16]. Investment Recommendation - BWXT is currently viewed as a more stable and financially sound investment opportunity, supported by solid revenue and operating cash flow, while OKLO, still in the pre-revenue phase, presents higher execution risk [20][21].

Among risky nuclear power stocks, one stock is less risky than most.Nuclear power stocks opened the post-holiday week broadly lower on Monday, with shares of Oklo (OKLO -7.83%) falling 6.3% through 10:45 a.m. ET, Constellation Energy (CEG -8.05%) down 6.5%, and Nano Nuclear Energy (NNE -9.62%) faring worst of all -- down 10.8%. Hydrogen power stocks are also suffering, with Plug Power (PLUG -14.71%) down 11.8%, one notable loser.And why? To learn the answer to that, you need to look back to the other side o ...

Strong demand for power-hungry data centers, particularly in view of Project Stargate, saw Sam Altman-backed nuclear stock OKLO (NYSE: OKLO) rally by 153% from January 1 to a February 7 all-time high (ATH) of $55.49. Despite several tailwinds early in the year, such as Department of Defense partnerships and multiple memoranda signed with potential business partners, Oklo stock remains a risky bet — even at its present valuation. As enticing as the company's technological developments are, its losses are wid ...

Shares of Oklo (OKLO -8.64%) are tumbling on Tuesday. The nuclear energy start-up's stock lost 7.4% as of 1:45 p.m. ET and was down as much as 10.7% earlier in the day. The drop comes as the S&P 500 (^GSPC -0.05%) and the Nasdaq Composite (^IXIC 0.20%) were mostly flat.The company is working to create small nuclear reactors, and released its year-end financial results that revealed widening losses.Oklo's losses doubled in 2024Oklo reported a loss of $73.62 million in 2024, more than double the $32.17 millio ...

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 ...