Core Viewpoint - Oklo, a U.S. nuclear startup, reported significant losses in its latest financial results, with no revenue generated and increased operating and net losses compared to the previous year [1][2]. Financial Performance - For Q3 2025, Oklo reported an operating loss of $36.31 million, up from $12.28 million in Q3 2024 [2]. - The net loss for the same period was $29.72 million, compared to $9.96 million in Q3 2024, with a loss per share of $0.20, exceeding analyst expectations of $0.13 [1][2]. - Total operating expenses for the nine months ended September 2025 reached $82.20 million, significantly higher than the previous year's figures [2]. Stock Performance - Oklo's stock has seen a decline of over 20% since reaching a historical high in November, with a cumulative drop of approximately 46% since October 15, when it peaked at $193.84 [3]. - Despite the recent downturn, the stock has increased by about 391% year-to-date, driven by strong market interest in energy demands from AI data centers [3]. Industry Support - The U.S. government, through Energy Secretary Chris Wright, announced funding support for new nuclear power plant construction, with $300 to $400 million allocated to assist initial projects [4]. - Analysts view this as a significant development, noting Oklo's strong recognition within the government and its alignment with federal energy initiatives [4]. - Oklo has been selected to participate in three pilot reactor projects by the U.S. Department of Energy, indicating its strategic importance in the nuclear sector [4].

Financial Data and Key Metrics Changes - Oklo reported a third-quarter operating loss of $36.3 million, including non-cash stock-based compensation of $9.1 million [43] - The loss before income taxes was $29.2 million, reflecting an operating loss adjusted for net interest income of $7.1 million [44] - The company closed the quarter with approximately $1.2 billion in cash and marketable securities, with cash burn tracking in line with expectations [14][45] Business Line Data and Key Metrics Changes - Oklo's Advanced Fuel Center represents a significant investment of up to $1.68 billion, anchoring the long-term fuel supply chain [11] - The company achieved key regulatory milestones, including the approval of the Nuclear Safety Design Agreement for the Aurora Fuel Fabrication Facility [12] - The Reactor Pilot Program awarded Oklo three projects, enhancing its position in advanced nuclear energy deployment [15][16] Market Data and Key Metrics Changes - Oklo signed new international partnerships with European companies Moltex and Nucleo to advance technology and fuel manufacturing capabilities [41][42] - The company is evaluating potential power sales with the Tennessee Valley Authority as part of its Tennessee Fuel Center initiative [13] Company Strategy and Development Direction - Oklo's mission is to deliver clean, reliable, affordable energy at a global scale, focusing on advanced nuclear power as a transformative energy solution [5] - The company employs a build, own, operate model to create recurring revenue through long-term contracts, streamlining regulatory processes [6] - Oklo's strategy includes leveraging its scalable design and proven technology to deploy assets quickly and efficiently [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Oklo's unique positioning to thrive in the evolving advanced nuclear sector, driven by federal support and growing customer interest [5][6] - The company anticipates that the new DOE authorization pathway will accelerate construction and operational timelines for its projects [17][19] - Management highlighted the importance of building partnerships and securing long-term contracts with customers to de-risk operations [59][61] Other Important Information - Oklo's Advanced Fuel Center in Tennessee is the first privately funded recycling facility of its kind in the U.S., expected to create over 800 permanent jobs [37] - The company is actively working on regulatory engagement for its Tennessee facility, which could benefit from the proposed Nuclear Refuel Act of 2025 [39] Q&A Session Summary Question: Does the INL plant shifting to the DOE pathway change the requirement to submit a COLA with the NRC? - Management confirmed that the DOE authorization process eliminates the need for a COLA, allowing for a more flexible construction timeline [51][56] Question: Are you still targeting commercial operations at INL to commence between late 2027 and early 2028? - Management reiterated the target timeline for the Aurora INL plant to commence operations in 2027-2028, with the DOE pathway enabling quicker construction activities [65][69]

Financial Data and Key Metrics Changes - Oklo reported a third-quarter operating loss of $36.3 million, including non-cash stock-based compensation of $9.1 million [43] - The loss before income taxes was $29.2 million, reflecting an operating loss adjusted for net interest income of $7.1 million [44] - The company closed the quarter with approximately $1.2 billion in cash and marketable securities, with cash burn tracking in line with expectations [14][45] Business Line Data and Key Metrics Changes - The company has made significant progress in licensing, project execution, fuel development, partnerships, and customer pipeline [9] - Oklo's Advanced Fuel Center represents a $1.68 billion investment aimed at anchoring the long-term fuel supply chain [11] - The company achieved a key regulatory milestone with the Department of Energy's approval of the Nuclear Safety Design Agreement for the Aurora Fuel Fabrication Facility [11] Market Data and Key Metrics Changes - Oklo was selected for three projects under the Department of Energy's Reactor Pilot Program, which accelerates deployment timelines [9][15] - The company is evaluating potential power sales with the Tennessee Valley Authority as part of its Tennessee Fuel Center initiative [13] Company Strategy and Development Direction - Oklo's mission is to deliver clean, reliable, affordable energy at a global scale, focusing on advanced nuclear power [5] - The company employs a build, own, operate model that allows for direct power sales under long-term contracts, creating recurring revenue [6] - Oklo is building on its proven technology to become a hub for metal fuel and fast reactor innovation, integrating design, licensing, fuel supply, and recycling [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Oklo's unique positioning to thrive in the current advanced nuclear sector environment, driven by federal programs and growing customer interest [5] - The company anticipates that the new DOE authorization pathway will accelerate construction and operation timelines for its projects [17][19] Other Important Information - Oklo's partnerships with European companies Moltex and Nucleo aim to advance joint technology and fuel manufacturing capabilities [41][42] - The company is focused on building a resilient, diversified fuel strategy to adapt to changing market dynamics [30][36] Q&A Session Summary Question: Does the INL plant shifting to the DOE pathway change the requirement to submit a COLA with the NRC? - Management confirmed that the company no longer needs to submit a COLA, as it is going through the DOE authorization process, which allows for more flexibility in construction [51][56] Question: Are you still targeting commercial operations at INL to commence between late 2027 and early 2028? - Management stated that they are still targeting the 2027-2028 timeline for the Aurora INL plant to commence operations, with the DOE pathway allowing for quicker construction activities [65][69]

Financial Data and Key Metrics Changes - Oklo reported a third-quarter operating loss of $36.3 million, which includes a non-cash stock-based compensation expense of $9.1 million [39] - The loss before income taxes for the third quarter was $29.2 million, reflecting an operating loss adjusted for net interest income of $7.1 million [40] - The company closed the quarter with approximately $1.2 billion in cash and marketable securities, with cash burn tracking in line with expectations [11][41] Business Line Data and Key Metrics Changes - Oklo's Advanced Fuel Center represents a significant investment of up to $1.68 billion, anchoring the long-term fuel supply chain [9] - The company achieved a key regulatory milestone with the Department of Energy's approval of the Nuclear Safety Design Agreement for the Aurora Fuel Fabrication Facility, completed in under two weeks [10] - The Atomic Alchemy pilot facility was selected under the Department of Energy's Reactor Pilot Program, creating a faster pathway to construction and operations [22] Market Data and Key Metrics Changes - Oklo was selected for three projects under the Department of Energy's new Reactor Pilot Program, which is expected to accelerate deployment timelines [7][12] - The company is evaluating potential power sales with the Tennessee Valley Authority as part of its Tennessee Fuel Center initiative [11] - Oklo signed new international partnerships with European companies Moltex and Nucleo to advance joint technology and fuel manufacturing capabilities [38] Company Strategy and Development Direction - Oklo's mission is to deliver clean, reliable, affordable energy at a global scale, focusing on advanced nuclear power as a transformative energy solution [4] - The company is building on its proven liquid metal sodium-cooled technology, which has over 400 combined reactor years of operating experience [6] - The strategy includes a build, own, operate model that allows for direct power sales under long-term contracts, creating recurring revenue [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Oklo's unique positioning to thrive in the current advanced nuclear sector environment, driven by federal programs and growing customer interest [4] - The company anticipates that the DOE authorization pathway will de-risk the regulatory process and allow for faster construction and operation timelines [16] - Management highlighted the importance of a diversified fuel strategy to adapt to changing market dynamics and ensure long-term supply security [27] Other Important Information - The Advanced Fuel Center in Tennessee is expected to create over 800 permanent jobs and is the first privately funded recycling facility of its kind in the U.S. [34] - The Nuclear Refuel Act of 2025 aims to provide regulatory clarity for licensing advanced fuel recycling facilities, which could streamline the licensing process for Oklo's Tennessee facility [36] - Oklo's partnerships with international companies are expected to enhance its supply chain strategies and expand its technology base [38] Q&A Session Summary Question: Does the INL plant shifting to the DOE pathway change the requirement to submit a COLA with the NRC? - Management confirmed that they no longer need to submit a COLA and will go through the DOE authorization process instead [43][44] Question: Are you still targeting commercial operations at INL to commence between late 2027 and early 2028? - Management stated that they are still targeting that timeline, but the DOE pathway may allow for accelerated milestones [55][58] Question: Can you help me understand the conversion math regarding the 20 tons of plutonium reserves potentially being made into 180 tons of Aurora fuel? - Management expressed enthusiasm about the question and indicated that the conversion process could significantly accelerate deployment schedules [64]

Core Insights - The company operates in a sector akin to gold mining or biotech, relying on regulatory approvals for significant growth opportunities [1] - The focus is on producing power, a highly valuable and under-supplied commodity in the U.S., presenting a substantial market opportunity [2] - The company is uniquely positioned to leverage regulatory changes and has a reactor design that can utilize multiple fuel sources, enhancing its competitive advantage [3][8] Regulatory Environment - Recent executive orders have de-risked the regulatory landscape, which is crucial for the company's growth trajectory [4] - The company has experienced a shift in regulatory dynamics, with faster fuel permitting processes now in place, indicating a positive trend for future operations [14] - Ongoing collaboration with government entities like the Department of Energy and NRC is essential for navigating regulatory challenges [13] Fuel Supply and Recycling - The company has access to unique fuel sources, including excess plutonium from government stockpiles, which can significantly reduce reliance on enriched uranium [9][10] - Recycling used fuel presents a major opportunity, potentially saving costs and creating additional revenue streams [11] - The energy remaining in used fuel in the U.S. is equivalent to approximately 1.2 trillion barrels of oil, highlighting the vast potential in waste energy utilization [16]

Business Updates - Oklo was selected for three DOE Reactor Pilot Program projects, potentially accelerating deployment timelines[17, 20, 21] - Groundbreaking for the Aurora-INL powerhouse was completed in September, with site earthworks beginning in October[18, 26, 27] - Atomic Alchemy targets first operations by July 2026, focusing on isotope production[18, 31] - The company announced a Fuel Recycling Facility as phase I of an advanced fuel center in Tennessee, with a potential investment of up to $168 billion[19, 41, 44] - Oklo signed a Joint Technology Development Agreement with Blykalla and a fuel fabrication and manufacturing partnership with newcleo to collaborate on advanced nuclear ecosystem[17, 48, 50] Financial Highlights - The company's 3Q 2025 loss from operations was $363 million, driven by payroll, general business expenses, and non-cash stock-based compensation[52, 54] - The 3Q 2025 loss before income taxes was $292 million, derived from the loss from operations adjusted for net interest and dividend income of approximately $71 million[52] - Year-to-date 2025 cash used in operating activities totaled $487 million, including a net loss of $642 million, adjusted primarily for non-cash charges[53] - As of September 30, 2025, Oklo had cash and marketable securities totaling $1184 billion, including $4100 million in cash and equivalents and $7735 million in marketable securities[19, 54, 55]

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Company Overview - Oaklo is set to release its quarterly report, with estimates predicting a loss of 13 cents per share, which would represent an improvement over the previous quarter [1] - The company is focused on developing small nuclear reactors to power AI data centers, but its stock has experienced a significant pullback after a year of impressive gains [2][3] Market Performance - Oaklo's stock has declined by 6% on the day leading up to its earnings report, indicating a notable pullback in its market performance [3] - Over the past year, the S&P and utility sector ETF have shown a 12% increase, while Oaklo and other nuclear-related stocks have outperformed this benchmark [4][5] Technical Analysis - A head and shoulders pattern has been identified in Oaklo's stock chart, which is typically considered a bearish signal, with the stock trading below a supportive neckline around 110 [7][8] - Key resistance levels are noted at approximately 143, while potential support is identified around 84 [10][12] Options Activity - Options trading volume for Oaklo has been slightly above average, with about 105,000 options changing hands, indicating heightened interest ahead of the earnings report [13] - Unusually, 43% of the options traded were calls, which is atypical as calls usually outpace puts [14] Notable Trades - A significant trade involved the sale of 600 January 16th 125 puts, paired with the purchase of 1,200 95 puts, suggesting a closing position rather than a new one [15]

Core Viewpoint - Oaklo is a pre-revenue company in the nuclear energy sector, attracting investor interest due to its significant market cap and the growing demand for nuclear energy to support AI infrastructure [2][3][4]. Company Overview - Oaklo has a multi-billion dollar market cap despite being pre-revenue, indicating strong investor interest [2]. - The company has been associated with notable backing, including Sam Alman, which initially boosted its profile [3]. - The demand for nuclear energy is increasing as current sustainable energy sources struggle to meet the needs of AI technologies [4]. Financial Performance - The upcoming earnings call is focused on cash burn rates rather than revenue, with expectations of a loss of 12 to 13 cents per share [11][12]. - Previous reports indicated a higher cash burn rate of about 18 cents per share, which led to stock sell-offs [12][14]. - The company reportedly has around $100 million in cash, and monitoring its cash burn is critical for future performance [12][13]. Market Sentiment - The stock has seen a significant increase of approximately 600% over the past year, leading to strategic profit-taking by some investors [8]. - There is a cautious sentiment in the market regarding AI valuations, which may impact investor decisions related to Oaklo [17][18]. - The company is viewed as a long-term holding, but potential investors are advised to consider market conditions and avoid short-term speculation [17][19]. Future Outlook - Oaklo is expected to take several years before becoming a revenue-generating entity, with the Idaho plant projected to be functional by 2027 [10]. - The company is making progress with various deals and regulatory steps, which are essential for its future revenue generation [13][17].

Market Overview - The market is experiencing a sharp reversal from the previous week, indicating a collective sigh of relief as government operations appear to be stabilizing [2][3] - This shift allows traders to focus on actual trading rather than political uncertainties [3] Company Analysis: Oaklo - Oaklo is approaching an earnings event with current trading around $109, down from $194 in mid-October, indicating significant pressure despite a strong year-to-date performance of over 400% [4][15] - Technical analysis shows a broken uptrend and a falling wedge pattern, with a critical breakout point around $116-$117 [7][9] - The implied volatility rank (IVR) is relatively low at 46, suggesting that the stock is positioned for potential movement [12][13] - A proposed trade involves a 140 call calendar spread, with expectations of a potential profit of at least $250 [14][15] Company Analysis: Hazy Therapeutics - Hazy Therapeutics is identified as a potential swing breakout candidate, with a key resistance level around $70.50 and a target of at least $80 [16][21] - The stock has shown recovery after a significant drop post-earnings, with recent highs around $70.50 and a supportive moving average around $67.50 [18][21] - The volume profile indicates a bounce off a key volume node near $65, with the next significant point of interest at $74 [22] Company Analysis: Visa - Visa is currently trading in a rangebound manner, with recent trading around $336.35, close to a critical support level of $335 [26][34] - The implied volatility rank is low at 36, indicating a lack of fear regarding downside movement [27] - A proposed trade involves a November 21st versus November 28th 350 call calendar spread, with a potential maximum reward modeled at nearly $3 [28][34] - Technical indicators suggest a sideways trajectory, with moving averages converging and a risk of breaching the established support [30][32]