OKLO

Oklo Inc. 10-Q Summary: Q1 2026

Business Context and Reporting Period

This report covers the quarterly period ended March 31, 2026. Oklo Inc. is an emerging growth company developing advanced fission power plants ("Aurora powerhouses"), nuclear fuel recycling, and radioisotope production. The company operates in a single segment focused on research, development, and deployment of these technologies. As of May 7, 2026, there were 173,990,987 shares of Class A common stock outstanding.

Key Financial Metrics

Note: The filing does not provide revenue figures as the company is pre-commercial. Margins and debt ratios are not applicable due to zero revenue and minimal debt obligations.

Material Changes vs. Prior Period

• Capital Raise: The company completed a $1.5 billion ATM (At-The-Market) offering program, raising net proceeds of approximately $1.18 billion in Q1 2026. This significantly increased cash and marketable securities from $788.4 million (Dec 31, 2025) to $2.54 billion (March 31, 2026).
• Expense Growth: Operating expenses increased 187% year-over-year to $51.2 million. Research and Development (R&D) expenses rose 245% to $27.0 million, and General and Administrative (G&A) expenses rose 141% to $24.2 million. Increases were driven by headcount growth (approx. 136 new employees combined) and higher stock-based compensation.
• Investing Activity: Net cash used in investing activities was $359.0 million, primarily due to the purchase of marketable debt securities ($451.7 million) and capital expenditures for facility deployment ($32.8 million).
• Acquisition Integration: The company continues to integrate Atomic Alchemy (acquired Feb 2025), which added $27.5 million in indefinite-lived intangible assets (IPR&D) and $6.6 million in goodwill to the balance sheet.

Guidance, Outlook, and Risks

• Outlook: Management expects total cash used in operating expenses for 2026 to range between $80 million and $100 million. Total cash used in investing activities is projected between $350 million and $450 million. The company believes its current liquidity is sufficient to fund operations for at least one year.
• Strategic Milestones:
  • Targeting deployment of the first Aurora powerhouse in 2028.
  • Secured a site use permit and fuel award for the Idaho National Laboratory (INL) site.
  • Entered a prepayment agreement with Meta Platforms for a 1.2 GW power campus in Ohio.
  • Advanced regulatory approvals for the Aurora Fuel Fabrication Facility and Radioisotope Pilot Facility with the DOE.
• Risks:
  • Regulatory Uncertainty: Success depends on obtaining NRC and DOE approvals for design, construction, and operation, which are not guaranteed.
  • Fuel Supply: Reliance on High-Assay Low-Enriched Uranium (HALEU) and potential future use of plutonium, subject to government authorization and market volatility.
  • Construction Risks: First-of-a-kind projects face potential cost overruns and delays due to supply chain constraints and design complexities.
  • Market Risk: Exposure to interest rate changes on a $2.5 billion investment portfolio, though management deems the impact immaterial.

Investor Verification Checklist

• Verify the status of the DOE authorization pathway for the Aurora-INL powerhouse and the timeline for NRC combined license application submission.
• Confirm the binding nature and specific terms of the Meta Platforms prepayment agreement and other Power Purchase Agreements (PPAs) with Equinix, Switch, and others.
• Monitor the burn rate relative to the $2.5 billion cash position to ensure the "one-year" liquidity runway remains accurate as capital expenditures for construction accelerate.
• Assess progress on the Atomic Alchemy integration, specifically the timeline for commercial radioisotope sales from the Abundantia and Meitner projects.
• Review updates on fuel supply contracts, particularly regarding HALEU availability and the potential utilization of DOE-managed plutonium.