OKLO

Oklo Inc. 10-Q Summary: Quarter Ended June 30, 2026

Business Context and Reporting Period

This report covers the quarterly period ended June 30, 2026, for Oklo Inc., a Delaware corporation developing advanced fission power plants ("powerhouses"), nuclear fuel recycling, and radioisotope production. The Company is classified as an Emerging Growth Company (EGC) and a non-accelerated filer. As of August 4, 2026, there were 186,017,650 shares of Class A common stock outstanding.

Key Financial Metrics

Material Changes vs. Prior Period

• Revenue Generation: The Company recorded $1.2 million in revenue for the first time in the current period, primarily driven by the acquisition of ARMEC, LLC and Creative Engineers, Inc. in June 2026. No revenue was recognized in the comparable periods of 2025.
• Expense Growth: Operating expenses increased significantly. Research and Development (R&D) expenses rose 244% year-over-year for the six-month period to $66.5 million, and General and Administrative (G&A) expenses rose 119% to $58.1 million. Increases were attributed to higher headcount, professional services, and stock-based compensation.
• Investment Income: Interest and dividend income surged 501% year-over-year to $44.5 million for the six months ended June 30, 2026, due to a larger portfolio of cash and marketable debt securities funded by equity issuances.
• Capital Deployment: Net cash used in investing activities increased to $912.7 million (six months), driven by $1.2 billion in purchases of marketable debt securities and $126.9 million in capital expenditures for property, plant, and equipment.

Guidance, Outlook, and Risks

• Liquidity Outlook: Management believes existing cash, cash equivalents, and marketable debt securities ($3.0 billion) are sufficient to fund operations for at least the next 12 months.
• 2026 Guidance: The Company expects total cash used in operating activities for 2026 to range between $120 million and $150 million. Capital expenditures for purchases of property, plant, and equipment are expected to range between $400 million and $500 million.
• Strategic Milestones:
  • Targeting deployment of the first Aurora powerhouse in 2028.
  • Received DOE approval for the Preliminary Documented Safety Analysis (PDSA) for the Aurora-INL powerhouse.
  • Groves Isotope Test Reactor achieved first criticality on August 5, 2026 (subsequent event).
  • Secured a 12 GW Master Power Agreement with Switch, Ltd. and a prepayment agreement with Meta Platforms, Inc.
• Risks: Key risks include regulatory uncertainties (DOE/NRC approvals), supply chain constraints for fuel (HALEU) and construction materials, inflation, and the ability to raise additional capital on favorable terms. The Company maintains a full valuation allowance against deferred tax assets.

Investor Verification Checklist

• Verify the status of regulatory approvals for the Aurora-INL powerhouse and the Advanced Fuel Center in Tennessee.
• Confirm the execution of definitive Power Purchase Agreements (PPAs) and fuel supply agreements following the current non-binding letters of intent (e.g., with Meta, Switch, Centrus).
• Monitor the burn rate against the provided 2026 guidance for operating cash use ($120M-$150M) and capital expenditures ($400M-$500M).
• Assess the integration and revenue contribution of the newly acquired engineering firms (ARMEC and Creative Engineers).
• Review the timeline for the Groves Isotope Test Reactor commercialization and the Idaho Radiochemistry Laboratory operations.