Company Participants - The conference call featured key executives from Lightbridge Corporation, including the CEO Seth Grae, CFO Lawrence Goldman, and Executive Vice President of Nuclear Operations Andrey Mushakov [1][3]. Earnings Update - Lightbridge Corporation released its earnings press release prior to the conference call, which is available on their Investor Relations page [3]. Forward-Looking Statements - The presentation included forward-looking statements regarding the company's competitive position and future product and service offerings, with terms like "expect," "anticipate," "believe," and "intend" indicating future goals [4].

Core Viewpoint - Oklo's stock experienced significant volatility, initially dropping after its quarterly earnings report but rebounding sharply due to a key federal program announcement from the Department of Energy [1][2]. Financial Performance - Oklo reported a net loss of $24.7 million, or $0.18 per share, for the second quarter, which was an improvement year-over-year and aligned with expectations [3]. - The company's financial results led to investor frustration due to a lack of clarity regarding its development timeline [3]. Government Involvement - The Department of Energy selected Oklo as one of 11 companies for a new initiative aimed at deploying advanced nuclear reactors at U.S. national laboratories, with a goal of having at least three operational by mid-2026 [4]. - This initiative's timeline is more aggressive than Oklo's own target for full commercial operations, which is set for late 2027 to early 2028 [4]. Market Sentiment - Investors reacted positively to the DOE's announcement, suggesting that Oklo's commercial timeline may be faster than previously indicated [6]. - Despite the optimism, the company is still in the early stages of developing new technology, and challenges remain before achieving full commercial operations [7]. Strategic Positioning - Oklo is well-funded and has significant connections within the artificial intelligence industry, with notable backing from figures like OpenAI's Sam Altman [7]. - For investors with a high risk tolerance interested in alternative nuclear investments, Oklo is considered a promising option [7].

Core Viewpoint - Wedbush has raised the target price for nuclear technology company Oklo from $75 to $80 while maintaining an "outperform" rating [1] Group 1 - The target price adjustment reflects a positive outlook on Oklo's performance in the nuclear technology sector [1] - Maintaining the "outperform" rating indicates confidence in Oklo's growth potential compared to its peers [1]

Core Insights - The future of nuclear energy lies in engaging youth and fostering international perspectives among the next generation of scientists, as emphasized by experts at the "Charming Light" nuclear science summer camp [1][3]. Group 1: Event Overview - The 13th "Charming Light" National Nuclear Science Summer Camp and International Public Communication Event concluded in Hainan, featuring expert speeches, the release of the "Communication Without Borders, Nuclear Innovation for the Future" initiative, and showcases of top nuclear science communicators [3][5]. - The event aimed to enhance international communication and cooperation in nuclear energy, promoting public understanding and the spirit of nuclear science [3][4]. Group 2: Expert Contributions - Various experts delivered keynote speeches on topics such as the rationale for choosing nuclear power, the importance of public acceptance in nuclear communication, and the role of high-level public communication in advancing quality nuclear power development [4][5]. - Discussions included the impact of nuclear communication on community development and youth growth, highlighting the need for effective outreach [5]. Group 3: Activities and Recognition - The event featured the launch of the "Linglong No. 1" IP image, a showcase of nuclear science communicators, and the awarding of the title "China Nuclear Power Harmony Practice Base" to Hainan Nuclear Power [5]. - Participants attended lectures on expanding the influence of science communication and explored local cultural institutions, enhancing their understanding of nuclear energy [5].

Core Viewpoint - Oklo reported a Q2 operating loss of $28 million, primarily due to compensation, general business expenses, and financing-related professional fees, including approximately $11.4 million in non-cash stock compensation [1] Financial Performance - Q2 loss per share was $0.18, which was worse than the market expectation of a loss of $0.12 but an improvement from the previous year's loss of $0.27 [1] Strategic Initiatives - The company plans to submit the first phase of its joint license application for the Aurora power station in early Q4 and expects to begin preliminary construction activities in Q3 [1] - Oklo aims to achieve commercial operation of its first nuclear power plant by the end of 2027 or early 2028 [1] Partnerships - Oklo announced a strategic partnership with Lightbridge to explore the possibility of establishing a Lightbridge fuel manufacturing facility within Oklo's planned advanced fuel manufacturing infrastructure, which will also serve as a joint R&D center for advanced fuel [1] - The CEO emphasized the importance of building infrastructure to support the development and deployment of new nuclear energy, aligning with federal policies promoting domestic fuel independence [1]

Financial Data and Key Metrics Changes - Oklo reported a second quarter operating loss of $28 million, which includes a non-cash stock-based compensation expense of $11.4 million [41] - The loss before income taxes for the second quarter was $24.3 million, reflecting an operating loss adjusted for net interest income of $3.8 million [41] - Year-to-date cash used in operating activities equated to $30.7 million, with expectations to remain within the guided range of $65 million to $80 million for the full year [41][42] - The company ended the second quarter with approximately $683 million in cash and marketable securities on its balance sheet following a successful equity transaction generating $460 million in gross proceeds [43] Business Line Data and Key Metrics Changes - The company advanced its NRC engagement, completing Phase one pre-application readiness and saw its licensed operator topical report formally accepted for review [18][19] - Oklo expanded its pipeline of commercial opportunities with both the Department of Defense and Liberty Energy, indicating growth in customer engagement [18] Market Data and Key Metrics Changes - The federal government's recent executive orders and legislation are expected to accelerate the deployment of advanced nuclear technologies, which aligns with Oklo's business model [5][6] - The one big beautiful bill signed into law in July preserves robust investment and production tax credits through 2033, enhancing project economics for Oklo [10] Company Strategy and Development Direction - Oklo's strategy focuses on delivering clean, reliable, and affordable energy at a global scale through advanced nuclear technologies [14] - The company aims to build, own, and operate its powerhouses, creating recurring revenue and enabling efficient regulatory processes [15] - Oklo's competitive edge lies in its small scalable design, allowing for quick deployment and reduced costs through factory fabrication [16] Management's Comments on Operating Environment and Future Outlook - Management highlighted a wave of federal actions that are accelerating momentum behind advanced nuclear technologies, positioning Oklo to benefit significantly [5][6] - The company is focused on delivering power solutions that meet the growing demand for reliable energy, particularly in the context of AI infrastructure expansion [12] Other Important Information - Oklo's reactors are designed to run on recovered fuel, supporting a closed fuel cycle and long-term resilience [28] - The company is operationalizing its fuel strategy, which includes securing HALEU from the Department of Energy and building partnerships for long-term fuel supply [26][27] Q&A Session Summary Question: How might current law regarding DOE's title to utility spent fuel be amended to support Oklo's future recycling efforts? - Management indicated that current law does not impede working with utilities and the government to recycle material, although infrastructure challenges exist [48][49] Question: Can Oklo start recognizing revenues sooner from the deal with Liberty Energy? - Management confirmed that if early power sales mechanisms are established, it could lead to revenue recognition for the company [69] Question: Why can Oklo's reactor designs run on down-blended fuel? - Management explained that fast reactors can handle isotopes that are not conducive to use in traditional reactors, providing a significant advantage [70][73]

Financial Data and Key Metrics Changes - Oklo reported a second quarter operating loss of $28 million, which includes a non-cash stock-based compensation expense of $11.4 million [41] - The loss before income taxes for the second quarter was $24.3 million, reflecting an operating loss adjusted for net interest income of $3.8 million [41] - Year-to-date cash used in operating activities equated to $30.7 million, with expectations to remain within the guided range of $65 million to $80 million for the full year [41][42] - The company ended the second quarter with approximately $683 million in cash and marketable securities on its balance sheet following a successful equity transaction generating $460 million in gross proceeds [42] Business Line Data and Key Metrics Changes - The company advanced its NRC engagement, completing Phase one pre-application readiness and saw its licensed operator topical report formally accepted for review [17][19] - Oklo expanded its pipeline of commercial opportunities with both the Department of Defense and Liberty Energy, indicating growth in customer engagement [17] Market Data and Key Metrics Changes - The federal government's recent executive orders and legislation are expected to accelerate the deployment of advanced nuclear technologies, which aligns with Oklo's business model [4][5] - The one big beautiful bill signed into law in July preserves robust investment and production tax credits through 2033, which improves project economics for Oklo [10] Company Strategy and Development Direction - Oklo's strategy focuses on delivering clean, reliable, and affordable energy at a global scale, leveraging advanced nuclear technologies [14] - The company aims to build, own, and operate its powerhouses, creating recurring revenue and enabling efficient regulatory processes [15] - Oklo is positioned to utilize down-blended alternative fuel materials, which do not require enrichment, providing a significant structural advantage [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted a wave of federal actions that are accelerating momentum behind advanced nuclear technologies, which Oklo is well-positioned to benefit from [4][5] - The company sees a growing consensus that nuclear power is fundamental to the country's energy future, with a disciplined approach to design and cost engineering [28] Other Important Information - Oklo's reactors are designed to run on recovered fuel, supporting a closed fuel cycle and long-term resilience [28] - The company has selected KeyWit as the lead constructor for the Aurora INL Powerhouse, with preconstruction activities scheduled to begin [32] Q&A Session Summary Question: How might current law regarding DOE's title to utility spent fuel be amended to support Oklo's future recycling efforts? - Management indicated that current law does not impede working with utilities and the government to recycle material, but infrastructure challenges exist [48][49] Question: Can Oklo start recognizing revenues sooner from the deal with Liberty? - Management confirmed that if a mechanism for early power sales is established, it could lead to revenue recognition for the company [66] Question: Why can Oklo's reactor designs run on down-blended fuel? - Management explained that fast reactors can tolerate lower purity fuel forms, allowing for the use of down-blended high enriched uranium and excess plutonium inventories [70][71] Question: What specific isotopes is Oklo focusing on in the radiopharma market? - Management noted that there are near-term opportunities for certain isotopes, with a focus on recycling and production capabilities to tap into new markets [84][90]

Core Insights - The "Charm of Light" Cup National Nuclear Science Popularization Summer Camp and International Public Communication Event was held at the Changjiang Nuclear Power Base in Hainan, focusing on nuclear energy education and international exchange [1] - Experts delivered keynote speeches on core issues of nuclear energy development, creating a comprehensive understanding of the value of nuclear energy through global perspectives and practical enterprise sharing [1] - The event featured the release of the initiative "Communication Without Borders, Nuclear Innovation for the Future," advocating for resource sharing in nuclear science popularization and the joint cultivation of professional talent [1] Event Highlights - The event included a showcase of the top ten nuclear science popularizers, who presented complex nuclear science knowledge in an engaging and accessible manner [1] - A cartoon character named "Linglong Baby," representing the world's first land-based commercial modular small reactor "Linglong No. 1," was unveiled during the event [1] - The event was guided by several national organizations, including the Ministry of Ecology and Environment, the National Atomic Energy Agency, and the China National Nuclear Corporation, with the China Nuclear Power Company as the host [1]

Core Points - Ukrainian President Zelensky signed a decree on August 9 to impose sanctions on multiple individuals and entities related to the Russian state nuclear energy company and Russian energy sector [1] - The sanctions list includes 18 individuals and 17 legal entities involved in attempts to integrate the Zaporizhzhia Nuclear Power Plant into the Russian power grid [1] - The Zaporizhzhia Nuclear Power Plant, located in southern Ukraine, is one of the largest nuclear power plants in Europe and has been under Russian control since shortly after the outbreak of the Russia-Ukraine conflict in 2022 [1] Industry Impact - The sanctions are aimed at countering actions that threaten the operational integrity of the Zaporizhzhia Nuclear Power Plant, which has been a focal point of conflict between Russia and Ukraine [1] - Ongoing tensions and accusations of attacks on the Zaporizhzhia Nuclear Power Plant highlight the geopolitical risks associated with energy infrastructure in the region [1]

Core Insights - NuScale Power reported Q2 2025 results with a revenue of $8.1 million, missing analyst expectations by approximately 30.5% compared to the consensus of $11.65 million, but showing a significant year-over-year growth of over 700% from $1.0 million in Q2 2024 [1][2][5] - The company achieved a key regulatory milestone by receiving early approval for its 77-megawatt design from the U.S. Nuclear Regulatory Commission, positioning it uniquely in the market [1][7] - Despite the revenue growth, the company continues to face financial losses, with costs rising due to the shift towards commercialization and ongoing pre-commercial operating expenses [1][6][12] Financial Performance - Revenue for Q2 2025 was $8.1 million, a 710% increase year-over-year from $1.0 million in Q2 2024, but a 39.6% decrease from the previous quarter's $13.4 million [2][5] - Cost of sales increased to $6.3 million from $0.9 million a year ago, while general and administrative expenses rose to $22.5 million from $16.8 million, reflecting expanded business development activities [2][6] - The company ended the quarter with $489.9 million in cash, cash equivalents, and investments, providing a runway for two or more years at current expenditure levels [1][11] Business Model and Strategy - NuScale focuses on building small modular reactors (SMRs) that can be deployed flexibly, with its flagship product capable of delivering 77 MWe per unit [3][9] - The company aims to commercialize its technology for global, carbon-free baseload power, with key success factors including regulatory approvals and strategic partnerships [4][10] - Ongoing negotiations with about ten advanced customers in the U.S. and abroad indicate potential for future sales, particularly related to the RoPower project in Romania [8][10] Regulatory and Market Position - The early receipt of Standard Design Approval for the 77 MWe SMR design gives NuScale a competitive edge as the only SMR provider with NRC-certified technology [7] - The company is actively working on the RoPower project, which remains a primary source of near-term contracted revenue, with key engineering deliverables expected later in the year [8][10] - Management emphasizes the importance of converting customer interest into binding module orders as central to future growth [4][12]