Oklo Inc., a leading small modular reactor (SMR) nuclear energy company supported by OpenAI CEO Sam Altman, has yet to generate revenue. While recent progress in fuel facility development marks a milestone, its latest financial results underscore the challenges in achieving profitability.
After U.S. markets closed on Tuesday, Oklo reported a Q3 loss per share (EPS) of $0.20, significantly wider than analysts' expectations of a $0.14 loss and a sharp increase from the $0.08 loss in the same period last year. The company’s net loss for the quarter reached $29.72 million, nearly 60% higher than the anticipated $18.2 million and far exceeding the $9.96 million loss a year ago.
Following the earnings release, Oklo’s shares, which closed down 6.6% on Tuesday, extended losses in after-hours trading, dropping over 3%. Despite this, the stock has surged 391% year-to-date and 361% over the past 12 months, reflecting investor optimism about SMR technology and the nuclear energy sector.
Earlier on Tuesday, Oklo achieved a key regulatory milestone for its fuel fabrication facility at Idaho National Laboratory. The U.S. Department of Energy (DOE) approved the nuclear safety design agreement for the facility, clearing a hurdle for fuel supply to its first commercial-scale plant, Aurora-INL, and bolstering confidence in meeting its ambitious 2026 pilot reactor timeline.
**Financial Pressures Persist** Oklo’s Q3 operating loss widened to $36.3 million, driven by salaries, stock-based compensation, and professional fees tied to capital market activities. R&D expenses totaled $14.9 million, 55% above the $9.62 million analysts projected. As of Q3-end, the company held $410 million in cash and equivalents and $773.5 million in marketable securities.
As a pre-revenue startup, Oklo’s high valuation and stock performance continue to draw Wall Street skepticism. The company went public in 2024 via a SPAC merger led by Altman but faces scrutiny over its commercialization timeline. It has yet to secure regulatory approval for its first reactor.
In August, Oklo’s narrower Q2 loss sent shares soaring over 9%, with management affirming cash burn was on track and reiterating operational targets. However, Tuesday’s post-earnings reaction was muted. After hitting an all-time high of $174.14 on October 14, the stock has since pulled back sharply, mirroring volatility in peers like Bloom Energy.
**Fuel Facility Breakthrough vs. Reactor Deadline Challenges** Despite financial headwinds, Oklo is advancing on regulatory and execution fronts. The DOE’s approval of its fuel facility design marks a critical step for Aurora-INL, which was selected for a DOE reactor demonstration program in August. The facility itself secured separate federal funding in late September.
CEO Jacob DeWitte hailed the progress as a "clear sign of momentum," stating that advanced fuel fabrication and recycling technologies represent a "major breakthrough" to address supply challenges and unlock new revenue streams.
In September, Oklo broke ground on its first reactor at Idaho National Laboratory, one of 42 U.S. federally funded labs. The company expects to begin controlled site blasting by mid-November, with full excavation slated for January 2026, aligning with the DOE’s mandate to deploy at least three test reactors by July 2026—months or years ahead of Oklo’s original 2027–28 target.
Oklo also announced a memorandum of understanding with Battelle Energy Alliance to expand R&D collaboration on advanced fuels. DeWitte framed the partnership as a way to "accelerate learning" and reduce future deployment costs.
The company faces scrutiny over its valuation and political ties, including reports that former board member Chris Wright—now U.S. Energy Secretary—recused himself from Oklo-related matters upon assuming office.