Oklo (NYSE:OKLO) reported a wider first-quarter 2026 loss as the advanced nuclear developer said it is moving further into asset deployment across its power, fuel and isotope businesses.
Co-founder and Chief Executive Officer Jacob DeWitte told investors that the company has shifted “from strategy to execution” roughly two years after becoming a public company. He pointed to progress on customer relationships, licensing, fuel infrastructure and isotope production, including work tied to Switch, Meta, Idaho National Laboratory and U.S. government-related projects.
Chief Financial Officer Richard Craig Bealmear said Oklo ended the quarter with $2.5 billion in cash and marketable securities, including $1.6 billion in cash and cash equivalents and $900 million in marketable securities. The balance includes $1.2 billion raised through the completion of the company’s at-the-market equity program during the quarter.
Quarterly Loss and Capital Spending
Bealmear said Oklo’s first-quarter net loss was $33.1 million. That included a $51.2 million loss from operations and $3.2 million of income tax expense, partially offset by $21.3 million of net interest and dividend income.
Cash used in operating activities totaled $17.9 million in the quarter. Bealmear said that figure included the net loss, adjusted primarily for $15.6 million in non-cash stock-based compensation and $400,000 of other adjustments.
Cash used in investing activities was $359 million, including $321.2 million of net cash used for purchases of marketable securities after the ATM program closed. Capital spending on property, plant and equipment totaled $32.8 million as the company advanced projects across its three business units.
Bealmear said Oklo is trending toward its 2026 guidance ranges of $80 million to $100 million in cash used in operating activities and $350 million to $450 million in cash used for property, plant and equipment.
Power Projects Advance Across Multiple Sites
DeWitte said Aurora-INL, the company’s first Aurora powerhouse project at Idaho National Laboratory, remains the anchor of Oklo’s power deployment strategy. The project has executed an Other Transaction Agreement with the Department of Energy and received approval for its Nuclear Safety Design Agreement. Its Preliminary Documented Safety Analysis is under review, with Documented Safety Analysis approval, readiness review completion and startup approval listed as next milestones.
Oklo is also continuing work with the Nuclear Regulatory Commission. DeWitte said the NRC’s approval of the Principal Design Criteria Topical Report for Aurora-INL establishes fundamental safety, reliability and performance requirements that can guide future reactor licensing and design activities.
At Aurora, Ohio, DeWitte said the company is advancing development of a planned 1.2-gigawatt advanced nuclear power campus with Meta. During the quarter, Oklo submitted PJM interconnection applications as part of the most recent cluster study. In response to an analyst question, Bealmear said the PJM process is measured “in months if not more than a year” and is “somewhat disconnected” from the nuclear regulatory process.
Oklo is also progressing a project at Eielson Air Force Base in Alaska. DeWitte said site characterization is underway, with ground investigations expected this summer. The Aurora-derived project is planned to deliver and meter at least 5 megawatts of electric power, while primarily supplying steam for district heating. In the question-and-answer session, DeWitte described it as a 60-megawatt thermal plant and said it uses the same fuel form and dimensions as other Oklo designs, with less fuel and a smaller vessel and plant footprint.
Fuel Strategy Includes HALEU, Recycling and Plutonium Options
DeWitte said fuel availability remains one of the most important gating items for advanced nuclear deployment, and Oklo is pursuing multiple fuel pathways. The Aurora Fuel Fabrication Facility at INL has received DOE approval for its Nuclear Safety Design Agreement and Preliminary Documented Safety Analysis. Early construction activities and final design deliverables are complete, with a construction contract award expected as a major next milestone.
The company is also advancing its Tennessee Advanced Fuel Center, beginning with a used nuclear fuel recycling facility. DeWitte said site preparation continues, technology development is maturing the design, and the NRC application readiness review is ongoing.
During the call, analysts asked about fuel procurement for midterm opportunities such as the Ohio plants with Meta. DeWitte said Oklo is actively working with enrichment companies and continues to have a long-standing partnership with Centrus. He said the company is also seeing increased opportunities involving government materials, including highly enriched uranium that could be down-blended into high-assay low-enriched uranium and surplus plutonium that could be blended with uranium into a fuel equivalent to HALEU fuel.
DeWitte said Oklo is taking an “all hands on deck” approach for the Ohio plants, looking at fresh fuel and government sources to start the facilities, with the expectation that they transition to commercial HALEU supplies and eventually recycling where appropriate.
In a separate response, DeWitte said surplus plutonium could serve as a bridge fuel for fast reactors. He said 20 tons of plutonium being made available through a government request for applications is equivalent to roughly 160 to 200 tons of HALEU. He described the material as finite but potentially useful for getting more reactors started sooner.
Isotope Business Targets Near-Term Commercial Activity
Oklo’s isotope business is also moving toward operations. DeWitte said the company completed construction activities for the Groves radioisotope test reactor facility and received a certificate of substantial completion for construction in 229 days. The facility has executed its DOE agreement, received approval for its Nuclear Safety Design Agreement, has its Preliminary Documented Safety Analysis under review and has submitted its Documented Safety Analysis.
The company is targeting July 4, 2026, for criticality at Groves, with current work focused on final reactor equipment installation, integrated system testing and fuel delivery.
DeWitte also said the Idaho Radiochemistry Laboratory has an NRC license and received an NRC Material Handling Permit earlier this year. Customer engagement is advancing, and Oklo’s first commercial isotope contract is pending, though the company did not name the customer. DeWitte said the lab could support early commercial isotope revenue beginning in 2026.
Regulatory and AI Partnerships Remain Key Themes
Management highlighted regulatory developments, particularly the NRC’s proposed Part 57 framework for smaller advanced reactors and microreactors. DeWitte said he understands the rule is going through a public comment period and could be usable as soon as later this year, depending on final timing. He said Part 57 appears aligned with Oklo’s fleet-based deployment model and could be used for future plants and possibly for converting Aurora-INL from DOE authorization to an NRC license.
Oklo also discussed two AI-related initiatives. DeWitte said a collaboration with NVIDIA and Los Alamos National Laboratory is focused on fuel validation and plutonium-related chemistry, materials handling and processing. A separate strategic partnership project with Battelle Energy Alliance and INL will use INL’s Prometheus AI platform to support reactor design, modeling, simulation and technical documentation, including work tied to the Pluto plutonium-fueled powerhouse.
In closing remarks, DeWitte said regulatory progress, multiple potential fuel pathways and faster construction experience from the Groves project support Oklo’s move into “build and execution and iteration mode.”
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.
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