Oklo (OKLO) Q1 2026 earnings summary

Executive summary

• Marked two years since going public, advancing from strategy to execution with a robust customer pipeline across data centers, industrials, energy, and government sectors.

• Broke ground on the first Aurora powerhouse at Idaho National Laboratory, advanced major projects in Ohio and Alaska, and secured agreements with Meta and Switch.

• Strengthened balance sheet with a $1.2 billion ATM equity offering, completed Groves test reactor facility in 229 days, and announced the Tennessee Advanced Fuel Center.

• Acquired Atomic Alchemy and added experienced board members to support scaling and long-term growth.

• Focused on developing advanced fast fission power plants, nuclear fuel recycling, and radioisotope production, targeting commercial deployment by 2028.

Financial highlights

• Q1 2026 net loss was $33.1 million, with $51.2 million loss from operations, $3.2 million income tax expense, and $21.3 million net interest/dividend income.

• Cash, cash equivalents, and marketable securities totaled $2.54 billion as of March 31, 2026, up from $1.23 billion at year-end 2025, bolstered by a $1.2 billion ATM program.

• Cash used in operating activities was $17.9 million, adjusted for $15.6 million non-cash stock-based compensation.

• Cash used in investing activities totaled $359 million, including $321.2 million for marketable securities and $32.8 million for property, plant, and equipment.

• Operating expenses rose to $51.2 million (R&D: $27.0 million, G&A: $24.2 million), driven by headcount and stock-based compensation.

Outlook and guidance

• On track for 2026 guidance: $80–100 million cash used in operations and $350–450 million in capital deployment for property, plant, and equipment.

• Management believes current liquidity is sufficient to fund operations for at least one year.

• Targeting first commercial powerhouse deployment in 2028, with ongoing regulatory and construction milestones.

• Expect continued progress in procurement and construction, leveraging strong balance sheet and policy tailwinds.