Oklo (OKLO) Q2 2026 earnings summary

Executive summary

• Achieved first criticality at the Groves isotope facility in under a year, setting a record for privately funded, full-scale nuclear deployment.

• Advanced Aurora-INL, Ohio clean energy campus, and Eielson Air Force Base projects, with key regulatory milestones and customer agreements secured.

• Strengthened vertical integration across power, fuel, and isotopes, supported by acquisitions of ARMEC and Creative Engineers, Inc.

• Expanded manufacturing, engineering, and sodium systems expertise through acquisitions and partnerships.

• Demonstrated execution capabilities, reducing future project risk and enabling repeatable, scalable deployment.

Financial highlights

• Year-to-date net loss for Q2 2026 was $81.6 million, with a loss from operations of $124.2 million, offset by $44.5 million in net interest and dividend income.

• Cash used in operating activities was $65.5 million; investing activities used $912.7 million, including $743.6 million for marketable securities and $126.9 million for property, plant, and equipment.

• Ended Q2 with $3.0 billion in cash and marketable securities, including $1.9 billion raised via ATM programs in 2026.

• Revenue for Q2 2026 was $1.2 million, primarily from recent acquisitions.

• Net loss per share for the six months ended June 30, 2026: $(0.47); weighted-average shares outstanding: 173.3–176.2 million.

Outlook and guidance

• Capital spending expected to be weighted toward the second half of 2026, with increased visibility into procurement, construction, fuel, and project payment milestones.

• Aurora-INL remains on track for 2028 startup, with proactive capital deployment to secure long-lead items and ensure project delivery.

• First isotope revenue anticipated from the Idaho Radiochemistry Lab in early 2027, with Groves ramping up R&D production over the next year.

• 2026 cash use guidance: $120–$150 million for operating activities and $400–$500 million for capital expenditures.

• Management believes current liquidity is sufficient for at least the next year.