SANTA CLARA, California, March 17, 2026, 15:35 PDT.
- Oklo reported a net loss of $105.7 million for 2025, a jump from $73.6 million the prior year. Shares lately traded at $60.53, up 1.4% on the day.
- Liquidity at year-end was roughly $1.41 billion. Management expects investing cash outflows for 2026 to range between $350 million and $450 million.
- Oklo picked up key approvals from the DOE and NRC on Tuesday, clearing hurdles for its Idaho reactor project and isotope initiatives in both Idaho and Texas.
Oklo on Tuesday posted a larger loss for 2025, underscoring the hefty outlays required to get a pioneer nuclear venture off the ground before major revenue kicks in. Still, with new U.S. approvals advancing its reactor and isotope initiatives, investors shrugged off the red ink and shares ended up a bit.
This update lands as advanced nuclear startups hustle to convert AI-driven power needs at data centers into firm deals. U.S. electricity demand is on track for all-time peaks in 2026 and 2027, according to forecasts. Back in January, Meta spotlighted nuclear, naming projects with Oklo, TerraPower, and Vistra.
Oklo’s annual report showed its net loss deepened to $105.7 million, up from $73.6 million in 2024. Operating losses also increased, hitting $139.3 million. Loss per Class A share, both basic and diluted, landed at 72 cents.
The company hasn’t booked any revenue from power or radioisotope sales so far. No reactor has been built yet, and there’s still no binding power purchase agreement in place for electricity or heat. The commercial pitch, for now, relies on permits that haven’t arrived, plus future fuel and customer contracts.
Oklo is sitting on a sizable pile of cash. By the end of 2025, cash and cash equivalents totaled $788.4 million, with another $624.1 million parked in marketable debt securities. Financing activities added roughly $1.26 billion for the year. Looking to 2026, management expects to burn through $80 million to $100 million on operations and set aside between $350 million and $450 million for investments.
Oklo said it received DOE approval for the safety-design deal on Aurora-INL, marking a milestone for its first reactor at Idaho National Laboratory. The company reached that point after signing an Other Transaction Agreement—an OTA—under the federal Reactor Pilot Program, which is meant to speed up advanced reactor projects. CEO Jacob DeWitte said this route “supports a stepwise approach” for rolling out the first unit. Business Wire
Atomic Alchemy, a subsidiary, picked up its first NRC materials license—clearing the way to handle and ship isotope material from its Idaho facility and kick off initial commercial sales. Separately, the Department of Energy signed off on the next phase of safety review for the Groves Isotopes Test Reactor in Texas. Oklo is aiming for reactor criticality by July 4, 2026. “Demand for critical isotopes is rising,” DeWitte noted. Business Wire
Oklo hasn’t shifted its target for deploying the first powerhouse—still 2028. The company highlighted a roster of prospective customers, referencing non-binding LOIs with Equinix, Diamondback, and Prometheus Hyperscale. It also underscored a 12-gigawatt master power agreement struck with Switch, plus that January prepayment from Meta tied to a 1.2-gigawatt site planned for Ohio; Meta’s broader deal also looped in TerraPower and Vistra.
The risks stick out. Oklo still has to secure more regulatory clearances, and its plans hinge on access to HALEU—high-assay low-enriched uranium—an upgraded fuel that’s essential for many next-gen reactors. According to the company, U.S. supplies are both scarce and expensive. Any snags in fuel delivery, licensing, or construction could easily knock the 2028 timeline off course and ramp up costs.
Nate Pendleton of Texas Capital Securities kept his Buy rating and $138 target in place Tuesday, describing the day’s disclosures as “important milestones” that help “de-risk” Oklo’s isotope business. Still, Oklo’s own filing spells it out: shares remain a bet on future execution rather than any current revenue stream. StreetInsider.com
