Regulatory Milestones - The company has secured a site use permit from the U.S. Department of Energy for its first commercial Aurora powerhouse at the Idaho National Laboratory, marking a significant regulatory milestone [113]. Product Development and Capacity - The Aurora powerhouse product line is designed to produce between 15-75 megawatts electric (MWe), with potential expansion to 100 MWe and higher, tapping into vast energy reserves in spent nuclear fuel [112]. - The company has signed a 12 gigawatt (GW) Master Power Agreement with Switch data centers, contributing to a total order book of approximately 14,100 MWe in capacity, a nearly 2,000% increase since July 2023 [115]. - The company plans to deploy a commercial-scale nuclear fuel recycling facility in the U.S. by the early 2030s, leveraging the 94,000 metric tons of used nuclear fuel generated since 1950 [122]. - The company has achieved significant progress in its nuclear fuel recycling efforts, completing the first end-to-end demonstration of its advanced fuel recycling process [116]. - The company aims to be the designer, builder, owner, and operator of its powerhouses, focusing on small-scale powerhouses to manage lifecycle regulatory and operating costs effectively [119]. - The company has entered into a land rights agreement for two additional Aurora powerhouses in southern Ohio, expanding its market presence [115]. - The company’s fast fission reactor technology is expected to produce approximately 50 million times more energy than combustion, highlighting its energy density [112]. - The company has non-binding letters of intent with major clients, including Equinix and Diamondback Energy, indicating strong market interest in its energy solutions [115]. Financial Performance - Total operating expenses for the six months ended June 30, 2025, were $45.9 million, compared to $52.8 million for the year ended December 31, 2024 [131]. - The company expects total net cash used in operating activities for 2025 to be in the range of $65.0 million to $80.0 million [131]. - As of June 30, 2025, the company had cash, cash equivalents, and marketable debt securities totaling $683.0 million, with an accumulated deficit of $169.6 million [140]. - For the three months ended June 30, 2025, total operating expenses increased by 57.6% to $28.0 million compared to $17.8 million in the same period in 2024 [152]. - Research and development expenses for the three months ended June 30, 2025, were $11.5 million, a 7.0% increase from $10.7 million in the same period in 2024 [153]. - General and administrative expenses surged by 134.6% to $16.5 million for the three months ended June 30, 2025, compared to $7.1 million in 2024 [154]. - The company reported a net loss of $24.7 million for the three months ended June 30, 2025, a decrease of 9.5% from a net loss of $27.3 million in 2024 [152]. - Cash used in operating activities for the six months ended June 30, 2025, was $30.7 million, up from $17.0 million in the same period in 2024 [145]. - Cash used in investing activities for the six months ended June 30, 2025, was primarily due to $346.6 million spent on marketable debt securities [147]. - Cash provided by financing activities for the six months ended June 30, 2025, was $441.0 million, driven by proceeds from a public offering [149]. - Interest and dividend income increased by $5.6 million, or 299.2%, for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to higher cash and marketable securities balances [163]. - Total operating expenses for the six months ended June 30, 2025, were $45.9 million, an increase of $20.7 million or 82.5% compared to $25.1 million in 2024 [157]. - Research and development expenses rose by $4.9 million, or 34.3%, for the six months ended June 30, 2025, driven by a 48.1% increase in R&D personnel headcount [158]. - General and administrative expenses surged by $15.8 million, or 146.9%, for the six months ended June 30, 2025, primarily due to a $7.2 million increase in stock-based compensation [161]. - The net loss for the six months ended June 30, 2025, was $34.5 million, a decrease of $16.8 million or 32.8% compared to a net loss of $51.3 million in 2024 [157]. - The change in fair value of SAFEs resulted in a $27.9 million increase for the six months ended June 30, 2025, as all SAFEs were converted into common stock [162]. - The company recorded a deferred income tax benefit of $4.7 million related to acquired deferred tax liabilities from the Atomic Alchemy acquisition [164]. - Total other income for the six months ended June 30, 2025, was $7.4 million, compared to a loss of $26.0 million in 2024, marking a change of $33.4 million [162]. - The weighted-average headcount of general and administrative personnel increased by approximately 83.1% compared to the prior period [161]. Company Status - The company will lose its emerging growth company status effective December 31, 2025, as the market value of common stock held by non-affiliates exceeded $700 million as of June 30, 2025 [166].
Oklo(OKLO) - 2025 Q2 - Quarterly Report