The share price of Oklo Inc. (NYSE:OKLO) surged by 29.55% between September 9 and September 16, 2025, putting it among the Energy Stocks that Gained the Most This Week. OKLO Hit a Record High This Week. Here is Why. dan-meyers-xXbQIrWH2_A-unsplash Backed by OpenAI’s Sam Altman, Oklo Inc. (NYSE:OKLO) develops advanced fission power plants to provide clean, reliable, and affordable energy at scale to customers in the United States. Oklo Inc. (NYSE:OKLO) hit an all-time high this week after the company an ...

Core Insights - Oklo Inc. is developing the Aurora powerhouse, a next-generation nuclear reactor that utilizes a liquid-metal-cooled, metal-fueled fast reactor design, which has over 400 years of combined operating experience globally [1][10] - The reactor features inherent safety characteristics, being "walk-away safe" and capable of self-regulating its temperature without human intervention or power supply [2][10] - Oklo's technology includes the ability to recycle used nuclear fuel, transforming waste into a valuable energy source, thereby promoting sustainability and reducing nuclear waste [3][10] Peer Comparison - NuScale Power has developed a small modular reactor (SMR) called the Power Module, which is the first of its kind to receive approval from the U.S. Nuclear Regulatory Commission, designed for factory manufacturing and easy installation [4] - Dominion Energy operates seven nuclear reactors and is exploring SMR technology, having issued a request for proposals to evaluate options for future energy needs [5] Investment Research - Oklo's shares have increased by nearly 247% this year [8] - The company is trading at a significant premium in terms of the trailing 12-month price-to-book (P/B) ratio compared to the industry average [9] - The Zacks Consensus Estimate for Oklo's earnings has seen revisions, with current estimates indicating losses for upcoming quarters [12]

Financial Performance - Oklo reported a loss from operations of $28 million for Q2 2025 [59] - The loss before income taxes for Q2 2025 was $243 million [59] - Cash used in operating activities YTD 2025 totaled $3071 million [60] - Oklo's cash and marketable securities amounted to approximately $683 million as of June 30, 2025 [29] Licensing and Regulatory Progress - The NRC accepted Oklo's licensed operator topical report for review [29] - Oklo completed Phase I of the NRC pre-application readiness assessment for the Aurora-INL combined license application (COLA) [29, 32] - Oklo is targeting submission for Phase I of Aurora-INL's COLA early Q4 2025 [32] Fuel Strategy and Supply - Oklo secured 5 metric tons of HALEU fuel from the U S Department of Energy in 2019 [33] - Oklo is collaborating with Hexium to expand the commercial HALEU supply [29, 33] - Oklo's fast reactors can utilize spent nuclear waste recovered by Oklo's nuclear fuel recycling technology [33] Partnerships and Project Execution - Kiewit was selected as the lead constructor for the Aurora-INL project [29, 43] - Oklo and Korea Hydro & Nuclear Power (KHNP) signed a collaboration agreement [29, 46] - Oklo and Vertiv partnered to advance solutions for U S data centers [29, 49]

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 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]