Oklo (OKLO) Q4 2025 earnings summary

Executive summary

• Transitioned from product development to active project deployment in 2025, breaking ground on the Aurora Powerhouse at INL and advancing commercial partnerships, including a prepayment agreement with Meta for a 1.2 GW power campus.

• Completed the acquisition of Atomic Alchemy, advanced construction at Groves (radioisotope test reactor) in Texas, and made progress on licensing and construction activities across multiple assets.

• Strengthened balance sheet to fund asset deployment and long-term growth, with significant cash and marketable securities raised through equity financings.

• Vertically integrated platform spans power, fuel, and isotopes, unlocking multiple value streams and supporting long-term growth.

• Benefited from a favorable policy environment, with U.S. nuclear policy shifting to support licensing, asset deployment, fuel supply, and capital formation.

Financial highlights

• Full-year 2025 loss from operations was $139.3 million, primarily due to payroll, business expenses, and $41.8 million in non-cash stock-based compensation.

• Loss before income taxes was $110.2 million, benefiting from $29.1 million in interest and dividend income.

• Cash used in operating activities was $82.2 million; adjusted to $69.2 million after accounting for prepaid capital project expenses, within guidance.

• Ended 2025 with $1.4 billion in cash and marketable securities; raised an additional $1.182 billion in early 2026, completing a $1.5 billion ATM program.

• Net loss for 2025 was $105.7 million, with basic and diluted net loss per share of $0.72.

Outlook and guidance

• Raised 2026 guidance for cash used in operating activities to $80–100 million, up from $65–80 million in 2025.

• Projected cash used in investing activities for 2026 is $350–450 million, supporting asset deployment across all business units.

• CapEx expected to remain at elevated levels into 2027, reflecting multiple concurrent projects.

• Well-capitalized for 2026 and beyond, with additional asset-level and project financing under consideration.

• Continued focus on asset deployment, licensing, and commercialization, with phased development of the Aurora-Ohio campus and ongoing construction at INL and Groves.