Power Generation and Technology - The Aurora powerhouses are designed to produce between 15-75 MWe, with potential expansion to 100 MWe and higher, tapping into energy reserves equivalent to approximately 1.2 trillion barrels of oil equivalent[122]. - The company has secured a site use permit from the DOE for the INL site and received a fuel award of five metric tons of HALEU for a commercial Aurora powerhouse in Idaho[123]. - A Memorandum of Agreement with the DOE allows site investigations in Idaho, marking a key step toward construction[124]. - The company has signed non-binding letters of intent with major clients, including a 12 GW Master Power Agreement with Switch data centers, potentially increasing the order book to approximately 18,100 MWe in capacity[128]. - The company plans to deploy a commercial-scale fuel recycling facility by the early 2030s, with the potential to power the U.S. electrical needs for 100 years using existing used nuclear fuel[138]. - The acquisition of Atomic Alchemy for approximately $28.4 million aims to enhance capabilities in radioisotope production, addressing increasing market demands[139]. - The company has completed a Phase I pre-application readiness assessment with the NRC, reinforcing its technical and regulatory preparation for the Combined License application[125]. - The company is developing a diversified fuel strategy to mitigate rising fuel costs and supply chain constraints, including evaluating alternative fuel materials[131]. - The Aurora Fuel Fabrication Facility has received DOE approval for its Safety Design Strategy and is part of the DOE Fuel Pilot Line program[129]. - The company anticipates that future powerhouses will benefit from substantial cost reductions compared to the first few reactors due to improved operational efficiency[136]. - The Company plans to deploy its first powerhouse by 2028, focusing on regulatory approvals and partnerships related to fuel sourcing and construction[153]. - The NRC accepted the Company's PDC topical report for review, establishing a regulatory framework for future reactor licensing and design activities[151]. - The Company aims to be the designer, builder, owner, and operator of small-scale powerhouses, with a focus on reducing lifecycle regulatory and operating costs[152]. - The Company is engaged in various initiatives to progress regulatory approvals and partnerships, including fuel recycling and manufacturing activities[153]. - The nuclear energy industry remains politically sensitive, with ongoing federal support for advanced nuclear technologies and regulatory streamlining initiatives[155][156]. Financial Performance - The Company filed a registration statement for a public offering of up to $1 billion in securities, including 6,666,667 shares of common stock, which generated total net proceeds of approximately $440.1 million[140][142]. - An Equity ATM Program was initiated, allowing the sale of shares up to $400 million, with 5,458,953 shares sold at an average price of $73.27 per share, resulting in gross proceeds of $400 million[143]. - The ATM Program was expanded by an additional $140 million, with 1,925,066 shares sold at an average price of $72.72 per share, generating gross proceeds of $140 million[144]. - Total operating expenses for the nine months ended September 30, 2025, were $82.2 million, with an expected net cash used in operating activities for 2025 projected between $65 million and $80 million[154]. - As of September 30, 2025, the Company had cash, cash equivalents, and marketable debt securities totaling $1,183.6 million, with an accumulated deficit of $199.3 million[165]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $48.7 million, an increase of $33.9 million compared to $25.0 million in the same period in 2024[171]. - Total operating expenses for the nine months ended September 30, 2025, were $82.2 million, a 119.6% increase from $37.4 million in 2024[181]. - Research and development expenses for the nine months ended September 30, 2025, increased by $14.8 million, or 76.3%, totaling $34.3 million compared to $19.4 million in 2024[182]. - General and administrative expenses for the nine months ended September 30, 2025, rose by $29.9 million, or 166.4%, reaching $47.9 million compared to $18.0 million in 2024[184]. - Cash provided by financing activities for the nine months ended September 30, 2025, was $968.1 million, significantly higher than $276.2 million in 2024[175]. - Interest and dividend income for the nine months ended September 30, 2025, increased by $10.1 million, or 230.0%, totaling $14.5 million compared to $4.4 million in 2024[186]. - The net loss for the nine months ended September 30, 2025, was $64.2 million, a slight increase of 4.8% from a net loss of $61.3 million in 2024[181]. - Cash and cash equivalents at the end of the period for September 30, 2025, were $410.0 million, compared to $91.8 million at the end of September 30, 2024[170]. - Cash used in investing activities for the nine months ended September 30, 2025, was $605.9 million, compared to $194.0 million in 2024[170]. Regulatory and Compliance - The company recorded a deferred income tax benefit of $4.7 million related to acquired deferred tax liabilities during the nine months ended September 30, 2025[187]. - The company intends to take advantage of the extended transition period provided by the JOBS Act, allowing it to delay compliance with new or revised financial accounting standards[191]. - Recent accounting standards have been adopted and additional information is available in the notes to the unaudited condensed consolidated financial statements[192]. - The company is classified as a "smaller reporting company," which exempts it from certain market risk disclosures[193].
Oklo(OKLO) - 2025 Q3 - Quarterly Report