Core Viewpoint - Oklo Inc. (NYSE:OKLO) has experienced a significant decline in share price, dropping by 10.94% from February 3 to February 10, 2026, making it one of the worst-performing energy stocks during that week [1]. Group 1: Price Target and Analyst Ratings - Goldman Sachs has reduced its price target for Oklo Inc. from $106 to $91 while maintaining a 'Neutral' rating, indicating a potential upside of over 37% from current levels [4]. - The reduction in price target reflects a cautious outlook due to rising nuclear fuel costs, which could impact the affordability of nuclear power and subsequently the demand for Oklo's small modular reactors [5]. Group 2: Market Context and Industry Trends - There is a growing global interest in nuclear power, as highlighted by Goldman's February Global Reactor Tracker, which covers developments in North America, Europe, and Asia [4]. - The investment bank has noted a strong start-of-year rally in uranium spot prices, which may influence future pricing forecasts ahead of Q4 earnings [4].

Core Insights - The company reported a record financial performance for the full year 2025, with significant growth in revenue and operating income across all segments, driven by strong demand in naval defense and commercial nuclear markets [1][4][11] - New orders increased by 18% in the fourth quarter, resulting in a book-to-bill ratio of nearly 1.2 times, indicating robust demand [1][6] - The company achieved a record operating margin of 18.6%, reflecting a year-over-year expansion of 110 basis points, attributed to operational excellence initiatives and restructuring actions [1][5][11] Financial Performance - Total sales for the fourth quarter reached $947 million, a 15% increase year-over-year, with organic growth of 11% [3][12] - Operating income rose by 14%, with diluted earnings per share growing by 16% year-over-year, driven by higher aerospace and defense sales [2][5] - Free cash flow was strong at $315 million, up 13%, reflecting a conversion rate of 224% [2] Segment Performance - Aerospace and Defense markets saw a 16% growth, exceeding expectations, driven by increased revenues in Ground and Naval Defense [3][12] - Commercial aerospace sales increased by over 20%, with a 13% growth in commercial markets, primarily due to higher revenues in the Power and Process market [2][15] - The Enablement Power segment reported a 21% increase in sales, driven by strong revenue growth in Naval Defense and aftermarket services [15][16] Future Outlook - For 2026, the company projects organic sales growth of 6% to 8%, with operating income growth expected to outpace sales growth [10][11] - The guidance includes anticipated operating margin expansion of 30 to 60 basis points, reaching a range of 18.9% to 19.2% [10][11] - Diluted EPS is expected to grow by 11% to 15%, supported by strong operational performance and a reduction in share count due to share repurchases [31][32] Market Trends - The company is well-positioned to benefit from increased global defense spending, particularly from the U.S. budget and NATO commitments [35][39] - In the commercial nuclear sector, the U.S. government's support for nuclear energy is expected to accelerate opportunities, including the construction of new reactors [41][42] - The company anticipates strong growth in small modular reactor (SMR) developments as projects transition from design to prototype stages [43][44] Operational Excellence - The company continues to focus on operational and commercial excellence, which has contributed to margin expansion and improved profitability [66][70] - Investments in research and development are being accelerated to support future organic growth, with a commitment to grow R&D faster than sales over time [5][37] - The disciplined approach to capital allocation aims to enhance shareholder value through strategic investments and share repurchases [9][10]

Solstice Is Getting Ready for a Nuclear-Power Surge. The Stock Is Up. - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Solstice Is Getting Ready for a Nuclear-Power Surge. The Stock Is Up.By [Al Root]ShareResize---ReprintsStorage containers ...

Core Viewpoint - NuScale Power's stock has experienced a significant decline following a downgrade by TD Cowen analyst Marc Bianchi, who shifted the rating from buy to hold due to anticipated negative catalysts affecting the stock [1][4]. Group 1: Stock Performance - NuScale Power's shares fell by 9.3% as of 11:45 a.m. ET on Wednesday [1]. - The stock has already seen a 36% decline over the past year, indicating ongoing investor concerns [1]. Group 2: Project Developments - Nuclearelectrica is expected to make a Final Investment Decision (FID) on its Doicesti Romanian small modular reactor (SMR) project this week, with Bianchi predicting that the project will proceed but with increased risk shifted to NuScale and a potential delay in completion to 2033 or 2034 [2]. - The original completion date was anticipated to be no later than 2030, making this a significant setback for NuScale [2]. Group 3: Market Implications - Bianchi suggests that other nuclear utilities are observing the Doicesti project as a test case for NuScale's commercial viability, which could influence their future decisions [3]. - Delays in the Doicesti project could have cascading effects on the timelines for NuScale's other customers, potentially pushing back the company's expected profitability, which analysts had projected for 2030 [4].

Financial Data and Key Metrics Changes - In 2025, the company booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [22] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [22][26] - Adjusted EPS was $0.46, a 12% increase despite an approximately 50 million share increase in 2025 [23] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, with full year medical segment revenue growing 3.7% [27] - Adjusted nuclear power orders grew 52% in 2025, supported by all three verticals: new utility-scale reactors, the installed base, and SMRs [20] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [21] - The medical segment faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Certrec and Paragon Energy Solutions to augment its North American nuclear power presence [5][11] - The company expects to leverage its strong international presence to take the capabilities of the acquired companies global [11] - The focus on AI and digital strategies is expected to enhance productivity and customer-facing applications, with significant investments being made in this area [61][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to the aging installed base and modernization needs [6][7] - The company anticipates double-digit organic growth in nuclear power and nuclear medicine for 2026, supported by favorable macro conditions [4][15] - Management noted that the headwinds faced in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow totaled $131 million in 2025, approximately double 2024's performance, reflecting improved earnings and reduced net interest expense [29] - The company expects 2026 total revenue to grow between 22%-24%, with organic revenue growth guidance of 5%-7% [15][16] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the dynamics driving growth in the nuclear power vertical [36][38] Question: What is the expectation for medical growth in 2026? - Management indicated that they expect a quick recovery in medical, particularly in Europe and China, and are optimistic about mid-single-digit growth [39][40] Question: How does the Paragon acquisition impact growth expectations? - Management highlighted that Paragon's strong customer intimacy and market coverage are expected to drive significant growth, with a projected 25% growth for Paragon in 2026 [68][70] Question: What is the expected contribution from large orders booked in 2025? - Management clarified that while there will be some contribution, the first year of larger contracts tends to be the lightest [78] Question: How material are SMRs to the growth story? - Management acknowledged that while SMRs are currently a small percentage of total revenue, they see significant growth potential and are actively engaging with key players in the market [81]

Financial Data and Key Metrics Changes - In 2025, the company booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [22] - Adjusted EBITDA for the year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [22][26] - Adjusted EPS was $0.46, a 12% increase despite an increase in diluted shares due to convertible notes and equity raises [23] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, with full year medical segment revenue growing 3.7% [27] - Adjusted nuclear power orders grew 52% in 2025, supported by all three verticals: new utility-scale reactors, the installed base, and SMRs [20] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, with $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [21] - The medical segment faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Sertrek and Paragon Energy Solutions to enhance its North American nuclear power presence [5][12] - The company expects to leverage its strong international presence to take the capabilities of the acquired companies global [11] - The focus on AI and digital strategies is expected to enhance customer-facing applications and internal productivity, with significant investments being made in this area [58][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to the aging installed base and modernization needs [6][7] - The company anticipates double-digit organic growth in nuclear power and nuclear medicine for 2026, supported by favorable macro conditions [4][15] - Management acknowledged headwinds in the medical segment but remains optimistic about margin expansion and operational improvements [27][29] Other Important Information - Adjusted free cash flow totaled $131 million in 2025, approximately double that of 2024, reflecting improved earnings and reduced net interest expense [29] - The company expects 2026 total revenue growth between 22%-24%, with organic revenue growth guidance of 5%-7% [15][16] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the underlying dynamics driving growth in the nuclear power vertical [34][36] Question: What is the expectation for medical segment growth in 2026? - Management indicated that they expect mid-single-digit growth in the medical segment, with a recovery anticipated in Europe and China [37][38] Question: How does the Paragon acquisition impact Q1 guidance? - Management stated that Q1 will be the lightest quarter for both Mirion and Paragon, with expected margin contraction due to the dilutive nature of the Paragon acquisition [44][46] Question: What is the expected contribution from SMRs to growth? - Management indicated that while SMRs are currently a small percentage of total revenue, they see significant growth potential and are actively engaging with key SMR developers [75][77] Question: Can you provide insights on the Sertrek acquisition? - Management highlighted that Sertrek broadens the nuclear power portfolio and enhances access to the SMR market, contributing positively to overall growth [79]

Financial Data and Key Metrics Changes - In 2025, Mirion Technologies booked record orders totaling more than $1 billion, representing a 26% increase compared to 2024 [4][8] - Full year revenue totaled $925.4 million, up 7.5% versus 2024, with more than half of the growth being organic [23] - Adjusted EBITDA for the full year was $227.9 million, up 12% compared to 2024, with margins expanding by 90 basis points [23][27] - Adjusted EPS for the full year was $0.46, a 12% increase despite an increase in diluted shares [24] Business Line Data and Key Metrics Changes - Nuclear power organic revenue grew more than 11% in 2025, while nuclear medicine organic revenue grew more than 13% [4] - The medical segment revenue declined 3.5% in Q4 2025, but full year medical segment revenue grew 3.7% [28] - The nuclear and safety segment revenue for Q4 was $194.9 million, up 15.5%, with organic revenue increasing 3.1% [25] Market Data and Key Metrics Changes - The nuclear power end market demonstrated the strongest growth, supported by $150 million from the large opportunity pipeline [8] - The defense and diversified end market saw a doubling of orders in Q4, primarily in the U.S. and with NATO [22] - Medical segment orders faced headwinds due to tough comps from the prior year, with nuclear medicine orders down only 6% in 2025 [9] Company Strategy and Development Direction - The company articulated a strategic priority to increase nuclear power exposure, acquiring Sertrek and Paragon Energy Solutions to augment its North American nuclear power presence [5][12] - The focus is on broadening exposure to dynamic verticals and enhancing customer intimacy through acquisitions [12] - The company expects to leverage AI for both customer-facing applications and internal productivity improvements [59][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the nuclear power sector, citing a robust demand for solutions due to a shortage in generating capacity in developed markets [6] - The company anticipates double-digit organic growth in nuclear power for 2026, supported by a growing opportunity pipeline [6][20] - Management noted that headwinds in 2025 were seen as demand deferrals rather than a secular change in the market [10] Other Important Information - Adjusted free cash flow for 2025 totaled $131 million, approximately double that of 2024, with a 57% conversion rate [30] - The company expects 2026 total revenue growth between 22%-24%, with organic revenue growth guidance of 5%-7% [16][17] Q&A Session Summary Question: Can the large opportunity pipeline translate to double-digit growth in backlog for 2026? - Management noted that while large project timing is complex, they feel good about the underlying dynamics driving growth in the nuclear power vertical [36][39] Question: What is expected for medical segment growth in 2026? - Management indicated that they expect mid-single-digit growth in the medical segment, with a stronger performance anticipated in the second half of the year [40][41] Question: How does the Paragon acquisition impact margins and growth? - Management expects Paragon to contribute positively to margins over time, with significant growth anticipated in 2026 [65][66] Question: What is the expected contribution from large orders booked in 2025 to 2026 revenue? - Management indicated that while there will be some contribution, the first year of larger contracts tends to be the lightest [74] Question: How material are SMRs to Mirion's growth story? - Management noted that while SMRs currently represent a small percentage of total revenue, they are excited about the growth potential and ongoing engagement with SMR developers [75][76]

Core Viewpoint - NuScale Power is focused on developing small modular reactors (SMRs) for power generation, facing significant competition and valuation concerns in the market [1][2][4]. Company Overview - NuScale Power is developing small modular reactors (SMRs) that are designed to be more efficient and flexible than traditional nuclear power plants [1]. - The company plans to develop up to 6 gigawatts of SMR capacity but faces challenges such as securing power purchase agreements and licensing [4][6]. Financial Performance - NuScale's stock was downgraded to "Hold" by Cowen & Co. at a price of $16.75, reflecting concerns about its valuation [2]. - The company's price-to-sales (P/S) ratio is 33.46, significantly higher than the industry average of 8.39, indicating potential overvaluation [2][6]. - Over the past six months, NuScale's shares have dropped by 54.1%, underperforming its peers [3][6]. - The stock is currently priced at $16.75, with a market cap of approximately $4.99 billion and a trading volume of 14,086,954 shares [5]. Competitive Landscape - NuScale faces stiff competition from companies like BWX Technologies, Constellation Energy, and GE Vernova, which have lower P/S multiples of 4.89, 3.48, and 4.66, respectively [4][6].

February 10, 2026 Fourth Quarter & Full Year 2025 Earnings Presentation Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "hope", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "strive", "seeks", "plans", "would", "will", "understand" and similar words are i ...

Summary of Nuclear Industry Conference Call Industry Overview - The conference call focused on the nuclear energy sector, highlighting a significant global shift towards nuclear power as countries seek clean energy solutions. [6][9] Key Points and Arguments Global Nuclear Capacity Growth - Global nuclear installed capacity estimates have increased by approximately 40% over the last five years, with the current total at 420 GW. [6] - The U.S. aims for 400 GW of nuclear capacity by 2050, while India targets 100 GW by 2047. [6] Regulatory Changes in the U.S. - The U.S. government has signed four executive orders to accelerate nuclear power development, including reducing the Nuclear Regulatory Commission (NRC) decision-making timeline for permits from multi-year to 18 months. [10][11] - Concerns were raised regarding operational safety due to expedited processes and relaxed environmental safety requirements for advanced reactors. [15][16] Developments in India - India plans to increase its nuclear capacity from approximately 8 GW to 100 GW by 2047, with new legislation allowing private sector participation in nuclear operations. [18] - The new nuclear bill reduces liability for smaller reactors and removes the right to recourse for equipment suppliers, which may encourage foreign investment. [19][20] Japan's Nuclear Revival - Japan is reversing its post-Fukushima nuclear shutdown policy, with plans to restart approximately 13 GW of nuclear capacity by 2024 and an additional 12 GW by 2026. [21][22] Small Modular Reactors (SMRs) - The U.S. Department of Energy (DoE) is supporting the development of SMRs, with companies like Terra Power and X-Energy making progress towards construction permits. [26][27] - Terra Power aims to begin commercial operations by 2031, while X-Energy is expected to receive construction approval by early 2027. [28][31] International Trends - Other countries, including Spain and Germany, are reconsidering their nuclear phase-out plans due to energy security concerns and rising electricity prices. [25] Additional Important Information - The conference highlighted the efficiency of nuclear plants, which require significantly less fuel compared to coal plants, and their long operational life of over 60 years. [2] - The potential for nuclear energy to meet the growing demand for clean, dispatchable power was emphasized, particularly in light of increasing data center energy needs. [6] This summary encapsulates the key discussions and insights from the conference call regarding the nuclear energy sector's current landscape and future prospects.