Oklo (NYSE:OKLO) used its fourth-quarter and full-year 2025 company update to outline what management described as a transition from product development to active project deployment across its power, fuel, and isotope businesses. Executives highlighted progress on multiple Department of Energy (DOE) authorized projects at Idaho National Laboratory (INL), the company’s commercial site and customer strategy in Ohio, and a strengthened balance sheet following significant financing activity.
Management frames 2025 as a deployment “step-change” year
Chief Executive Officer and co-founder Jake DeWitte said 2025 marked a “step-change” year as Oklo moved into active project deployment across business units. Among the year’s milestones, DeWitte said the company broke ground on its first Aurora powerhouse at INL under the DOE’s Reactor Pilot Program, began initial construction activities on its A3F fuel fabrication project at INL, and advanced commercial partnerships, including an “early 2026 prepayment agreement” with Meta tied to plans for a 1.2-gigawatt power campus in Pike County, Ohio.
Management also pointed to an improved U.S. policy backdrop for nuclear, referencing executive actions and regulatory direction aimed at licensing acceleration, federal support mechanisms such as tax credits and loan guarantees, “fuel sovereignty” measures for domestic fuel supply, and implementation of the ADVANCE Act.
Power: Aurora at INL advances under DOE authorization; Ohio campus tied to Meta
On the power side, DeWitte emphasized Oklo’s long-term offtake model and described customer demand for “clean, dependable baseload power” across data centers, industrial customers, and government applications.
For Aurora INL, the company said it has executed its DOE Other Transaction Agreement (OTA) under the Reactor Pilot Program and received DOE approval of its Nuclear Safety Design Agreement (NSDA). DeWitte said construction activities are underway, including blasting, and Oklo signed with Siemens Energy for the power conversion system. He described upcoming DOE milestones as the Preliminary Documented Safety Analysis (PDSA), the documented safety analysis, and readiness reviews and startup approvals.
Oklo also provided supply chain and procurement color. DeWitte said the company has received responses for the “majority” of long-lead component requests for proposal, is down-selecting suppliers, and has vendors under contract for major equipment, including reactor module components and refueling equipment.
In Ohio, management highlighted the Meta prepayment agreement supporting up to 1.2 gigawatts of phased deployment, with an initial phase of 150 megawatts targeted around 2030. DeWitte said Oklo expects to use funds from the prepayment structure to support fuel procurement. He also said Oklo owns approximately 206 acres in Pike County, providing site control as the company advances commercialization and permitting.
On customer pipeline and commercialization, executives told analysts that Meta serves as an anchor customer and that discussions are continuing with other customers, including “behind-the-meter on-campus” opportunities, industrial customers, and U.S. military-related work, which was described as focused “predominantly in Alaska” but not limited there. DeWitte said having a major lead customer can make it easier to attract follow-on customers.
Fuel: A3F progresses at INL; Tennessee recycling work and Centrus deconversion discussions
DeWitte positioned fuel as a major strategic focus, arguing that fuel availability is a key rate limiter for new nuclear deployment. Oklo described a strategy built around fabrication, upstream fuel steps such as deconversion, and longer-term recycling.
At A3F, Oklo said DOE approved both the NSDA and PDSA, and the facility was selected under the DOE Advanced Nuclear Fuel Line Pilot Program. DeWitte said initial construction activities have begun, and Oklo is advancing A3F in parallel with Aurora INL so fuel fabrication does not become a gating constraint. He noted Oklo’s PDSA was the first facility approved under the Fuel Line Pilot Program.
For recycling, management highlighted a Tennessee “Advanced Fuel Center” and said the company completed initial geotechnical surveys and soil borings and initiated site development. Oklo said it completed NRC pre-application engagement, initiated a “rolling NRC readiness review,” and was selected for DOE recycling R&D funding. The company also said it signed an agreement with TVA to explore fuel recycling.
Oklo also discussed uranium deconversion and said it announced a potential joint venture with Centrus. Management emphasized the strategic value of co-locating deconversion with enrichment in Pike County, Ohio, adjacent to Oklo’s planned power campus. DeWitte said the deconversion concept is based on UF6 input and intended to support scaling and cost improvements, and he suggested the effort is meant to support growth and expansion alongside Centrus.
On plutonium-related work, DeWitte described a fast-spectrum plutonium criticality experiment conducted with Los Alamos National Laboratory at the Nevada National Security Site. He said the team used a small plutonium metal assembly with a uranium reflector, ran criticality benchmarks and reactivity measurements, and used the results to improve model validation and reduce uncertainties. He added the DOE is reviewing applications related to plutonium awards and that Oklo is watching expected timing “this quarter coming up,” while noting factors are still evolving.
Isotopes: NRC license for Idaho lab; Groves construction targets July 4 criticality
Oklo highlighted progress in its isotope business following its acquisition of Atomic Alchemy. DeWitte said the Idaho Radiochemistry Laboratory obtained an NRC materials license, calling it a key operational milestone. He said the facility is expected to generate first revenue “this year” and could serve as a foundation for developing and scaling isotope processing methods for future facilities.
Management also provided an update on Groves, described as a radioisotope test reactor intended as a test platform for Atomic Alchemy’s VIPER reactor concept. Oklo said Groves executed its DOE OTA and received NSDA approval, has submitted its PDSA, and is moving through the remaining DOE-first milestones toward startup approvals. DeWitte said site development and structure were completed in five months, the reactor tank is installed, fuel has been procured, and interior mechanical, electrical, and plumbing installation is ongoing.
The company maintained a target of achieving criticality by July 4. In response to an analyst question about confidence in the timeline, DeWitte said Oklo feels “pretty confident” it can hit or beat the date, while acknowledging logistical and execution challenges remaining around installation, testing, and fuel delivery.
Financial results and 2026 outlook: higher spending planned, balance sheet strengthened
Chief Financial Officer Craig Bealmear said Oklo strengthened its balance sheet in 2025 to support the strategic agenda. For the full year, the company reported a loss from operations of $139.3 million, which he said was driven primarily by payroll, general business expenses, and professional fees tied to capital markets and deployment activities. The operating loss included $41.8 million of non-cash stock-based compensation expense, which Bealmear said was impacted by an increase in the company’s share price during the year.
Oklo’s loss before income taxes was $110.2 million, which included $29.1 million of interest and dividend income from investments in marketable securities. Cash used in operating activities was $82.2 million, including approximately $13 million of prepaid capital project expense expected to ultimately become property, plant, and equipment. Adjusting for that, Bealmear said “adjusted cash used” in operating activities was $69.2 million, within the company’s prior guidance of $65 million to $80 million for 2025.
Looking ahead, Oklo raised its guidance for cash used in operating activities to $80 million to $100 million for 2026, citing planned headcount expansion and execution needs. The company also guided to $350 million to $450 million of cash used in investing activities in 2026, tied to projects across its power, fuel, and isotopes businesses, including work at INL, preliminary activity in Ohio, recycling work in Tennessee, isotope projects, and other corporate uses. Bealmear declined to provide a project-by-project breakdown, saying estimates and procurement plans are still being refined.
Oklo ended 2025 with $1.4 billion in cash and marketable securities. Bealmear added that in the first month of 2026 the company raised an additional $1.182 billion net of fees, completing a $1.5 billion at-the-market program, which he said leaves Oklo “well-positioned” to execute its plans in 2026 and beyond.
About Oklo (NYSE:OKLO)
Oklo, Inc is a California-based energy technology company specializing in the design and development of advanced nuclear microreactors. Headquartered in Fremont, the firm focuses on small modular reactor (SMR) technology that leverages fast-neutron fission and liquid-metal cooling to deliver carbon-free power. Oklo’s core objective is to bring compact, factory-built reactors online within a decade, offering a low-footprint alternative to traditional large nuclear plants.
The company’s flagship product, the Aurora microreactor, is a 1.5-megawatt electric (MWe) fast reactor cooled by a sodium alloy.
