智通财经APP获悉，投行韦德布什证券称，Oklo(OKLO.US)的第三季度业绩再次表明，该公司正在为核 能在未来十年更广泛地应用奠定基础。该机构重申对Oklo股票的"跑赢大盘"评级及150美元的目标价。 韦德布什分析师丹尼尔·艾夫斯在报告中指出，AI数据中心的快速建设正推动对新能源的巨大需求，所 需算力预计到2030年将增长10倍。Oklo为满足这一需求已取得进展，正从设计阶段转向实际建设设施， 包括其首个商业部署项目。 Oklo的项目持续获得监管加速，美国能源部已授权批准其核设施的建造和运营，这为快速建设新核电站 创造了现代化路径。运营中的工厂可选择过渡至美国核管理委员会的许可和监管体系，以实现全面商业 运营。 艾夫斯写道："我们依然认为，Oklo正在为核能在未来十年广泛普及奠定基础。AI革命推动的数据中心 建设潮正催生对新能源的巨大需求，为这些计划供电所需算力预计到2030年将增长10倍。" 财报显示，2025年第三季度，Oklo未产生任何营收；运营亏损为3630.9万美元，高于上年同期的1228.2 万美元；净亏损为2972.2万美元，高于上年同期的996.0万美元；每股亏损0.20美元，高于上年同期 ...

Core Viewpoint - Oklo, a U.S. nuclear startup, reported significant losses in its latest financial results, with no revenue generated and increased operating and net losses compared to the previous year [1][2]. Financial Performance - For Q3 2025, Oklo reported an operating loss of $36.31 million, up from $12.28 million in Q3 2024 [2]. - The net loss for the same period was $29.72 million, compared to $9.96 million in Q3 2024, with a loss per share of $0.20, exceeding analyst expectations of $0.13 [1][2]. - Total operating expenses for the nine months ended September 2025 reached $82.20 million, significantly higher than the previous year's figures [2]. Stock Performance - Oklo's stock has seen a decline of over 20% since reaching a historical high in November, with a cumulative drop of approximately 46% since October 15, when it peaked at $193.84 [3]. - Despite the recent downturn, the stock has increased by about 391% year-to-date, driven by strong market interest in energy demands from AI data centers [3]. Industry Support - The U.S. government, through Energy Secretary Chris Wright, announced funding support for new nuclear power plant construction, with $300 to $400 million allocated to assist initial projects [4]. - Analysts view this as a significant development, noting Oklo's strong recognition within the government and its alignment with federal energy initiatives [4]. - Oklo has been selected to participate in three pilot reactor projects by the U.S. Department of Energy, indicating its strategic importance in the nuclear sector [4].

Core Viewpoint - The energy sector has faced challenges this year, but nuclear energy has emerged as a strong performer, driven by increasing energy demand from AI data centers and bipartisan support for nuclear power [1] Group 1: Company Performance - Cameco, the largest publicly traded uranium miner, has seen its stock rise nearly 45% this year [1] - NuScale, a producer of small modular reactors (SMRs), has experienced over a 110% increase in stock value [1] - Oklo, a newcomer in the nuclear sector, has had an impressive stock appreciation of 237% since the beginning of the year [2] Group 2: Regulatory and Operational Aspects - Oklo is expected to remain pre-revenue until late 2027 or early 2028 when its commercial Aurora reactor is projected to go online [2][3] - The company faces potential delays due to the combined license application and Nuclear Regulatory Commission review process [3] Group 3: Key Personnel and Institutional Support - Sam Altman, known for his role as CEO of OpenAI, is a significant figure associated with Oklo, having been involved since his time at Y Combinator [4][6] - Oklo has 85.03% institutional ownership, with institutional buyers significantly outnumbering sellers over the past year, resulting in $840.54 million in inflows [8] Group 4: Business Model and Client Agreements - Oklo plans to enter long-term Power Purchase Agreements (PPAs) rather than selling its SMRs directly to clients [9] - The company has secured a PPA with Switch for 12 GW of Aurora energy through 2044, marking one of the largest corporate clean energy deals [10] - Additional agreements include a non-binding agreement with Equinix for 500 MW and a letter of intent from Wyoming Hyperscale for 11 MW [11] Group 5: Strategic Partnerships and Future Prospects - Oklo has launched a partnership with Liberty Energy to accelerate integrated power solutions for high-demand customers [12] - The company has agreements in its pipeline for 14 GW of energy, sufficient to power between 10.5 million and 14 million homes [12]

Core Viewpoint - Citigroup maintains a neutral/high-risk rating on Oklo, setting a target price of $68, with a 90-day short-term bullish outlook due to potential catalysts for stock price increase [1] Regulatory Approval Progress - Oklo has completed the first phase of the design certification application for the Aurora reactor with the U.S. Nuclear Regulatory Commission (NRC), receiving B and C class feedback, with no A class issues reported - The company plans to submit a Combined License Application (COLA) in Q4 2025 and has selected Kiewit as the main contractor, aiming to start pre-construction in Q3, with commercial operations expected by late 2027 to early 2028 [2] Technological Breakthroughs and Strategic Partnerships - Oklo's unique sodium-cooled fast reactor technology can utilize degraded mixtures and plutonium-based materials as fuel, recognized by the U.S. Department of Energy - In 2025, Oklo established strategic partnerships with Vertiv, Liberty, and Lightbridge to develop integrated nuclear energy solutions, particularly enhancing energy efficiency through a cooling system driven by reactor waste heat - The company has been selected as a nuclear energy supplier for U.S. military facilities, indicating official recognition of its technology [3] Financial Status - Oklo reported mixed results for Q2 2025, with an operating loss of $28 million, exceeding Citigroup's expectation of $19.4 million, primarily due to management expenses rising to $16.5 million and R&D expenses reaching $11.5 million - The loss per share was $0.18, worse than the expected $0.10, but improved from a loss of $0.27 in the same quarter of 2024 - The company reaffirmed its annual cash burn guidance of $65 million to $80 million and indicated potential acceleration of some capital expenditures into 2025 to expedite site preparation and fuel manufacturing - As of the end of Q2, cash and securities totaled approximately $683 million, significantly higher than $261 million at the end of Q1, indicating strong liquidity [4] Market Expansion - Oklo's customer pipeline continues to grow, with total demand reaching 14 GW, remaining stable from the previous quarter - Management indicated that the agreement structure with LBRT may allow for earlier revenue recognition than expected - The company has signed multiple strategic partnerships, including supplying 12 GW of power to Switch data centers and delivering 100 MW of power to Wyoming Hyperscale, with intention orders covering data centers, industrial decarbonization, and defense facilities [5] Summary - Overall, Citigroup acknowledges Oklo's progress in licensing, supply chain, partnerships, and capital reserves, but notes the lack of new customer announcements, higher-than-expected expenses, and inherent risks as factors suppressing stock price, thus maintaining a neutral view while advising investors to monitor the 90-day short-term catalyst window [7]