Oklo Inc.

Oklo did not give quarterly revenue or EPS on this call. Year-to-date net loss for Q2 2026 was $81.6 million, including $124.2 million of loss from operations offset by $44.5 million of net interest and dividend income. Year-to-date cash used in operating activities was $65.5 million, cash used in investing activities was $912.7 million, and capital spend was $126.9 million. The company ended Q2 with $3 billion of cash and marketable securities, consisting of $1.6 billion of cash and cash equivalents and $1.4 billion of marketable securities. Management raised 2026 cash flow guidance. Cash used in operating activities is now expected to be $120 million to $150 million, up from $80 million to $100 million, and cash used for purchases of PP&E is now expected to be $400 million to $500 million, up from $350 million to $450 million. The higher spend is tied mainly to Aurora INL, grid interconnection work, early deployment costs on other projects, and an opportunistic fuel purchase for future isotope projects. Aurora INL is still targeted for 2028 startup.

Jake Dewitte emphasized that Oklo is building one integrated platform across power, fuel and isotopes rather than separate businesses. He framed Groves as a major proof point for the company’s build-own-operate model, saying the project created reusable execution capability across licensing, construction, procurement, operations and project controls. His tone was highly confident and expansive, especially on fuel optionality and the long-term value of recycling and isotopes.

Craig Bealmear focused on liquidity, spend timing and execution risk management. He highlighted the quarter-end $3 billion of cash and marketable securities, including $1.9 billion raised through ATM programs in 2026, and explained that Oklo is intentionally bringing forward select project activities to improve execution confidence. He said the higher operating cash use reflects first-of-a-kind Aurora INL costs, grid interconnection spending and early-stage deployment costs, while the higher PP&E range reflects accelerated procurement and construction plus an opportunistic fuel purchase. He also said the updated plan is supported by current liquidity and does not represent a higher general corporate burn.

Analysts focused on plutonium as bridge fuel, the isotope revenue timeline, the order of fuel pathways, capital spending at Aurora INL, customer capital participation, and PJM interconnection risk. Management said plutonium allocation timing is not under Oklo’s control, but the company is progressing a multi-path fuel strategy that includes Centrus HALEU, DOE materials, plutonium and recycling. On isotopes, Jake said R&D quantities from Groves should come in about 12 months, while Craig said first revenue is more likely to come from the Idaho lab, probably in the first part of next year. On interconnection, Craig said Oklo is active in PJM with more than one opportunity and is not relying on a single path to get power onto the grid.