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]
Oklo(OKLO) - 2025 Q2 - Earnings Call Transcript