Company Update 1Q 2025 1 1 Forward-looking statements ABOUT THIS PRESENTATION This presentation is provided by Oklo Inc. ("Oklo") for informational purposes only. The information contained herein does not purport to be all inclusive and no representations or warranties, express or implied, are given in, or in respect of, this presentation. To the fullest extent permitted by law, in no circumstances will Oklo or any of its subsidiaries, interest holders, affiliates, representatives, partners, directors, offi ...

RoPower Project & Commercialization - NuScale is progressing with the RoPower project in Doicești, Romania, with ongoing site preparations after the physical decommissioning of the coal plant[9] - Phase 2 of the Front-End Engineering Design (FEED) study is underway, scheduled for completion in Q4 2025, with a potential extension into Q1 2026, aiming for a final investment decision by late Q1 or early Q2 2026[9] - NuScale anticipates Standard Design Approval (SDA) to increase power output per module from 50 MWe to 77 MWe by July 2025[12] - The company expects to have a firm customer order by the end of 2025 and has invested in long-lead materials to manufacture twelve modules[12, 18] - NuScale is positioning for commercial deployment of its first NuScale Power Module™ in 2030[12] Supply Chain & Customer Interest - NuScale is actively engaging with suppliers, including pre-bid meetings with Doosan on an Upper Reactor Pressure Vessel (URPV) fabrication proposal and issuing a Preliminary Scheduled Delivery Date (PSDD) notification to Framatome for the initial core[17] - The company executed the Neutron Monitoring System (NMS) supply agreement with Paragon[17] - NuScale is in advanced dialogue with government officials and industries, including data centers, utilities, and coal plant operators transitioning to nuclear, in the U S and globally[20] - NuScale's technology can support commercial-scale industrial applications requiring over 200 metric tons of hydrogen per day and produce ~150 million gallons of clean water per day through reverse osmosis with one NuScale Power Module™[24] Financials - NuScale's revenue for Q1 2025 was $13.4 million[25] - The company's liquidity as of March 31, 2025, was $491.4 million[25] - Operating expenses have remained relatively flat since the beginning of 2024, with Q1 2025 operating expenses at $42.3 million[27]

Core Viewpoint - The nuclear power sector is experiencing a surge in stock prices due to potential policy changes aimed at accelerating the construction of new nuclear plants and reactivating older ones, which could lead to increased revenues and reduced costs for companies in this industry [2][3][8]. Group 1: Market Reaction - Shares of nuclear power producers Constellation Energy, Vistra, and Oklo saw significant gains, with Vistra leading at a 6% increase, followed by Constellation at 5.9%, and Oklo at 3.3% [2][4]. - The stock price movements may be influenced by broader investor enthusiasm following the Trump administration's announcement of a temporary lifting of tariffs on China [2]. Group 2: Policy Implications - The Trump administration plans to issue executive orders to expedite the construction of new nuclear power plants and reactivate existing ones, aiming for a "wholesale revision" of federal safety guidelines to reduce regulatory hurdles [3][7]. - The goal is to quadruple nuclear power generating capacity to 400 gigawatts by 2050, indicating substantial growth potential in the sector [6]. Group 3: Financial Outlook - The anticipated reduction in construction costs and increased sales could significantly enhance profits for companies like Constellation, Vistra, and Oklo [7][8]. - Recent nuclear reactors in the U.S. have faced cost overruns and delays, with construction costs being twice the initial estimates and taking seven years longer than planned, primarily due to regulatory challenges [7]. Group 4: Investment Considerations - Despite the positive outlook, the average time to build a nuclear power plant in the U.S. is 11 years, suggesting that any new projects may not be completed for several years, potentially impacting stock performance [9]. - Valuations of these stocks vary, with Vistra trading at 22 times earnings and expected to grow earnings by 21% over the next five years, while Constellation trades at 28 times earnings with lower growth expectations [10]. - Oklo, as a start-up, does not have a P/E ratio and does not pay dividends, making it a riskier investment compared to established companies [11].

Google made several headlines related to artificial intelligence (AI) this week. And, despite the stock’s performance, not all were negative.  Of course, the news of search losing preference to AI chatbots like ChatGPT amongst iPhone users grabbed the top story, and the Department of Justice continues to look into antitrust measures against the company’s ad tech business. However, the Alphabet Inc. NASDAQ: GOOGL subsidiary continues to spend heavily on AI infrastructure and recently entered an agreement wit ...

Core Viewpoint - Constellation Energy Corporation (CEG) has shown strong performance in its first-quarter 2025 earnings, with a notable increase in earnings per share and revenues, while also making significant strategic moves such as the acquisition of Calpine [1][4][5]. Financial Performance - CEG reported earnings of $2.14 per share, matching the Zacks Consensus Estimate, and reflecting a 17.6% increase from $1.82 in the same quarter last year [1][4]. - Revenues reached $6.79 billion, exceeding the Zacks Consensus Estimate of $5.92 billion by 14.6%, and increased by 10.2% from $6.16 billion year-over-year [4]. - The stock closed at $270.59 on May 8, with a 14% gain over the past six months, outperforming the industry and S&P 500 [1]. Strategic Developments - CEG has entered into a definitive agreement to acquire Calpine for approximately $16.4 billion, which includes 50 million shares of CEG stock, $4.5 billion in cash, and the assumption of around $12.7 billion in Calpine's net debt [5]. - The company’s nuclear fleet produced 45,582 gigawatt-hours (GWhs) in Q1 2025, slightly up from 45,391 GWhs in Q1 2024 [5]. Capacity and Production - CEG's nuclear plants achieved a 94.1% capacity factor in Q1 2025, an improvement from 93.3% in Q1 2024, with no non-refueling outage days reported in Q1 2025 [6]. - The Crane Clean Energy Center has been selected for expedited grid connection, contributing over 1,150 megawatts of clean electricity to the grid [7]. Investment and Growth Prospects - CEG plans capital expenditures of nearly $3 billion for 2025 and $3.5 billion for 2026, with 35% allocated to nuclear fuel acquisition [12]. - The company is strategically partnering with tech firms like Microsoft to supply power to data centers, capitalizing on the rising demand for clean energy [13]. Shareholder Returns - CEG has authorized a share repurchase program of up to $3 billion, with approximately $841 million remaining as of March 31, 2025 [23]. - The company aims to increase its dividend by 10% annually, currently offering a quarterly dividend of 38.78 cents per share, equating to an annualized dividend of $1.55 [24]. Market Position - CEG's trailing 12-month return on equity stands at 21.93%, significantly higher than the industry average of 8.39% [19]. - The stock is currently trading at a premium compared to its industry on a forward 12-month P/E basis [20].

Core Viewpoint - Centrus Energy Corp reported strong financial results for Q1 2025, with significant revenue growth and a return to profitability, positioning itself favorably for future expansion in the domestic nuclear fuel market [1][2][11]. Financial Results - The company generated total revenue of $73.1 million in Q1 2025, a 67% increase from $43.7 million in Q1 2024 [3]. - Revenue from the LEU segment rose to $51.3 million, up 117% from $23.6 million in the previous year, driven by a 46% increase in the average price and a 49% increase in volume of SWU sold [3]. - The Technical Solutions segment saw revenue increase to $21.8 million, an 8% rise from $20.1 million, primarily due to a $2.0 million increase from the HALEU Operation Contract [4]. - Cost of sales for the LEU segment decreased by 13% to $20.1 million, while costs for the Technical Solutions segment increased by 23% to $20.1 million [5][6]. - Gross profit surged to $32.9 million, a 665% increase from $4.3 million in Q1 2024, with the LEU segment contributing $31.2 million [7][8]. Operational Highlights - Centrus continues to produce HALEU at its American Centrifuge Plant in Piketon, Ohio, achieving cumulative deliveries of approximately 670 kilograms of HALEU UF6 to the DOE as of March 31, 2025 [10]. - The company has a backlog of $3.8 billion as of March 31, 2025, with $2.8 billion in the LEU segment and $0.9 billion in Technical Solutions [16]. Debt Management - The company redeemed its 8.25% Notes at a total cost of $74.3 million, resulting in a gain of $11.8 million in Q1 2025 [11][15]. Funding and Contracts - Centrus is well-positioned to leverage $3.4 billion in federal funding for domestic nuclear fuel production, emphasizing the importance of U.S.-owned technology and supply chains [2][14]. - The DOE has increased the Phase 2 contract value for the HALEU Operation Contract to $152.3 million, extending the performance period to June 30, 2025 [12]. Company Overview - Centrus Energy Corp is a supplier of nuclear fuel components and services, focusing on restoring America's uranium enrichment capabilities to meet clean energy and national security needs [17].

Core Insights - Google has signed an agreement with Elementl Power to develop three advanced nuclear reactor sites to meet the energy demands of data centers [1][2] - Each site is expected to generate a minimum of 600 megawatts of power capacity, with Google having the option to purchase the power once operational [2][3] - Elementl Power aims to add 10 gigawatts of nuclear power to the grid by 2035, indicating a significant commitment to nuclear energy development [6] Company Initiatives - Google is investing in early-stage development capital for the nuclear projects, focusing on site permitting and securing interconnection rights [2][5] - The collaboration is part of Google's strategy to enhance power grid reliability and support the growing energy needs driven by AI and innovation [3][6] - Elementl Power, founded in 2022, is currently technology agnostic regarding reactor types and will select the most advanced technology when construction begins [4][5] Industry Context - The demand for baseload power is increasing, with estimates suggesting that 50 gigawatts of new power capacity will be needed by 2027 to support AI [7][8] - Other tech companies, including Amazon and Nvidia, have acknowledged the ongoing need for reliable power sources despite concerns about AI efficiency reducing energy requirements [7]

Group 1 - The core viewpoint of the article highlights a significant rise in U.S. nuclear power stocks, with Constellation Energy increasing by over 12% and OKLO by more than 6% [1] - The White House is planning to sign an executive order aimed at accelerating the deployment of nuclear reactors [1]

美股核电股加速上涨，Oklo公司涨超7%，Constellation Energy涨超12%。 ...

Group 1: Company Overview - NuScale Power is an emerging player in the nuclear power industry, focusing on small modular reactors (SMRs) that are smaller, safer, and can be manufactured in a factory setting, thereby reducing costs [2][4] - The company holds the distinction of being the only SMR technology with U.S. Nuclear Regulatory Commission (NRC) design certification, giving it a competitive edge [4] Group 2: Commercialization and Market Potential - NuScale is working towards the commercialization of its product, with significant progress made and an agreement in principle with RoPower to provide six SMRs for a 462-megawatt nuclear power plant [6][8] - The successful deployment of its first reactor could lead to increased demand and a backlog of orders, significantly impacting the company's valuation on Wall Street [9] Group 3: Upcoming Milestones - Key updates to watch for include the progress on the first six reactors and the approval process for a larger reactor model in the U.S. [7] - The final decision from RoPower regarding the capital investment for the nuclear power plant is anticipated to be a pivotal moment for NuScale, marking its first official sale [8]