AltC Acquisition Corp.

Oklo did not report revenue or EPS on the call. Year-to-date net loss for the second quarter was $81.6 million, including $124.2 million of loss from operations, partially offset by $44.5 million of net interest and dividend income. Year-to-date cash used in operating activities was $65.5 million, and cash used in investing activities was $912.7 million, including $743.6 million for purchases of marketable securities and $126.9 million of capital spend on property, plant and equipment. Quarter-end cash and marketable securities totaled $3 billion, split between $1.6 billion of cash and cash equivalents and $1.4 billion of marketable securities. For 2026, Oklo raised guidance for cash used in operating activities to $120 million-$150 million from $80 million-$100 million, and cash used for PP&E to $400 million-$500 million from $350 million-$450 million. Management said the higher spend reflects accelerated procurement and construction at Aurora INL, grid interconnection work, an opportunistic fuel purchase, and first-of-a-kind project costs, while noting 2028 remains the target go-live for Aurora INL.

Jake Dewitte framed the quarter around execution and platform-building. He said Oklo is using Groves, Aurora INL, fuel infrastructure and isotopes to create reusable capabilities inside one vertically integrated nuclear technology platform, and emphasized that the company is not relying on a single fuel path. His tone was highly confident and expansive, with repeated emphasis that Groves de-risked future projects by proving Oklo can design, procure, construct, authorize and operate a full-scale nuclear asset on private land.

Craig Bealmear focused on liquidity, capital deployment and the updated cash plan. He highlighted year-to-date net loss of $81.6 million, operating cash use of $65.5 million and investing cash use of $912.7 million, while ending the quarter with $3 billion of cash and marketable securities. He said the 2026 guidance increase is driven by more spending on Aurora INL, grid interconnections, earlier deployment costs on other projects and an opportunistic fuel purchase, and stressed that the company is using its balance sheet to secure critical-path items and reduce delivery risk.

Analysts pressed on plutonium allocations, the timing of first isotope revenue, fuel sequencing, project costs at Aurora INL, interconnection risk and the role of partner capital. Management said plutonium allocations are still pending DOE engagement, but reiterated the plan is a blended fuel strategy combining Centrus, government materials and recycling rather than relying on a single source. On isotopes, management said first revenue is more likely from the Idaho lab than Groves, with revenue expected in the first part of next year, and on interconnection they said they are pursuing more than one PJM path and are watching turnaround time closely.