Oklo (OKLO) Registration Filing summary

Company overview and business model

• Founded in 2013, aims to revolutionize energy with clean, reliable, affordable solutions at scale, focusing on next-generation fast fission power plants called Aurora powerhouses that use fresh or recycled nuclear fuel.

• Employs a build, own, and operate model, selling electricity and heat directly to customers via power purchase agreements (PPAs), enabling recurring revenue and project financing flexibility.

• Developing nuclear fuel recycling technology to convert nuclear waste into usable fuel, targeting commercial-scale recycling by early 2030s.

• Achieved key regulatory milestones, including site use permits and agreements with the U.S. Department of Energy for deployment at Idaho National Laboratory, and has a robust pipeline of customer engagements and non-binding agreements.

• Targeting small-scale powerhouses (15–75 MWe, expandable to 100+ MWe), with first deployment expected in late 2027 or early 2028.

Financial performance and metrics

• As of March 31, 2025, historical net tangible book value was $233.4 million ($1.68 per share), with 139,188,804 shares outstanding.

• After a $400 million offering at $55.24 per share, adjusted net tangible book value would be $632.9 million ($4.32 per share), resulting in immediate dilution of $50.92 per share to new investors.

• Outstanding options as of December 31, 2024, cover approximately 9.47 million shares at a weighted average exercise price of $1.95 per share.

Use of proceeds and capital allocation

• Net proceeds from the offering are intended for general corporate purposes, working capital, capital expenditures, and potential future investments.

• Management has broad discretion over the use of proceeds, which may not necessarily increase operating results or enhance stock value.