Holtec Nuclear Corporation podala žádost o IPO na Nasdaq pod tickerem HNUC a nabízí investorům nižší riziko než Oklo díky tržbám i zisku. V prvním čtvrtletí měla tržby 165 milionů USD a čistý zisk 17,8 milionu USD.
Holtec Nuclear Corporation recently filed for an initial public offering, planning to list on the Nasdaq stock exchange under the ticker HNUC. Here's why that IPO should worry Oklo (OKLO -0.39%) investors. Holtec has something Oklo lacks: revenue and earnings. That should make it a more appealing alternative for investors seeking exposure to the nuclear renaissance in the U.S.
Here's a look at this upcoming nuclear energy stock and how it differs from investing in Oklo.
Image source: The Motley Fool.
Introducing Holtec Nuclear Unlike Oklo, Holtec isn't a pre-commercial nuclear start-up. It has been around since 1986 and currently supplies nuclear equipment, manages spent nuclear fuel, and, like Oklo, develops small modular reactors (SMRs). Its core business of nuclear fuel and waste management funds its current operations. The company generated $165 million of revenue and $17.8 million of net income during the first three months of this year. While that was down from $177.7 million in revenue and $25.4 million in net income in the prior-year period, it's an already-functioning commercial business that supports its growth initiatives, including its SMR program.
Holtec is leading the restart of the 800-megawatt Palisades nuclear plant in Michigan, which shut down in 2022 after 50 years of operation. Additionally, it plans to build two SMR-300s at that site. It has already received $400 million from the U.S. Department of Energy to support its development plans at this site. Holtec aims to use its IPO proceeds to further its SMR program, expand its manufacturing capacity, and support its other growth initiatives. It has several planned SMR sites beyond Palisades, including at the decommissioned Oyster Creek nuclear power plant in New Jersey, where it plans to deploy four SMR-300s.
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Why Holtec's IPO should worry Oklo investors Now let's contrast Holtec's business model with Oklo. The SMR start-up generated a mere $1.2 million in revenue during the second quarter. It didn't record any revenue during the first quarter or during the first six months of last year. Meanwhile, it has been piling up losses. Its net loss totaled $48.5 million in the second quarter and $81.6 million year-to-date. Oklo is a long way from generating meaningful revenue, as it likely won't book its first commercial power revenue before 2028.
Oklo is still in the early stages of building a scalable, vertically integrated nuclear platform from the ground up, including power, fuel, and isotopes. That's expensive. It spent $126.9 million on capex in the first half of this year and an additional $25.7 million on acquisitions to expand its capabilities. That's on top of the $65.5 million in cash it used in operating activities. The company does have some breathing room, as it ended the second quarter with $3 billion of cash and marketable securities after issuing $1.9 billion of stock through its at-the-market program. However, continued cash burn is something Oklo investors will need to monitor until it begins generating meaningful revenue to fund its operations and expansion initiatives.
New competition for investors Holtec's upcoming IPO doesn't diminish the investment thesis for Oklo. The SMR start-up is building an integrated platform from the ground up, which has high risks but high reward potential. However, it will add a new, lower-risk option for investors looking to play the nuclear renaissance. As a result, it could take a lot longer for Oklo's stock to recover from the more than 75% plunge from its peak.
PJM vyřadil projekt OKLO v Ohiu o výkonu 750 MW z aktuálního přezkumu připojení k síti kvůli nedostatkům v žádosti. OKLO varuje, že to může výstavbu zpozdit nejméně o 14 měsíců a zvýšit náklady.
Key Takeaways PJM removed Oklo's 750-MW Ohio project from its current grid-connection review over application issues.Oklo says losing its current review position could delay the project at least 14 months and raise costs.FERC could restore Oklo's place in PJM's process; otherwise, a later review cycle may add uncertainty. Oklo Inc. (OKLO - Free Report) is facing a new hurdle for its planned Ohio energy project after PJM Interconnection, the regional organization that manages the power grid across parts of the eastern United States, removed the project from its current grid-connection review process. The 750-megawatt project combines 150 MW of advanced nuclear power, 300 MW of fuel cells and 300 MW of natural gas generation. PJM cited several shortcomings in OKLO’s application, including technical questions about how the project would perform during sudden grid-voltage problems.
The bigger concern for OKLO is not that the project will be canceled, but that it could face a lengthy delay. OKLO believes the issues raised by PJM can be fixed and has challenged how the grid operator handled the review. The company estimates that losing its current place in PJM’s study process could delay the project by at least 14 months and push up development costs. This matters because power projects generally must secure approval to connect to the regional electricity grid before commencing supply. OKLO had already been working on grid studies and transmission planning for its Ohio development.
For investors following advanced nuclear names such as NuScale Power (SMR - Free Report) and NANO Nuclear Energy (NNE - Free Report) , the dispute also highlights an important point: developing a reactor is only part of the challenge; projects must also secure timely access to the electricity grid.
What It Could Mean for SMR and NNE
Although NuScale Power and NANO Nuclear are not involved in this dispute, OKLO’s experience shows why grid access can become an important execution issue for emerging nuclear projects.
OKLO has asked FERC, or the Federal Energy Regulatory Commission — the federal agency that oversees interstate electricity markets and transmission — to restore the project to its original place in PJM’s review process. If that happens, the impact on the development schedule could be limited. If not, OKLO may have to enter a later review cycle, creating greater uncertainty around the Ohio project’s timing and costs. The dispute therefore puts the timing of OKLO’s Ohio project at risk until the grid-connection issue is resolved.
Investors watching NuScale Power and NANO Nuclear may therefore increasingly consider grid-connection progress alongside licensing, construction and other project milestones.
The Zacks Rundown on OKLO
Shares of OKLO have lost 43.5% so far this year, underperforming the industry's essentially flat performance.
Image Source: Zacks Investment Research
OKLO currently has an average brokerage recommendation of 1.96 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 23 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for OKLO’s earnings has been revised over the past month.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Akcie Oklo v pondělí 25. srpna vyskočily o více než 12 % a dostaly se nad 44 USD za akcii, ale letos jsou stále níže o více než 38 %. Firma zatím nemá komerční tržby a její první SMR má začít fungovat až za několik let.
Shares of Oklo (OKLO -5.62%) jumped more than 12% on Aug. 25, reaching more than $44 per share. That's the good news. The bad news is that the small nuclear reactor company's shares are down more than 38% so far this year.
The bounce-back, while a positive sign for those who have already invested in this nuclear energy stock, won't be luring me anytime soon. The company went public through a special purpose acquisition company (SPAC) and began trading publicly in May 2025. There are a lot of reasons I'm planning to stay on the sidelines, but they can be summed up as one: Oklo's hype is outpacing its reality. Here's why.
Image source: Getty Images.
It's a pre-revenue company with a long horizon to profitability Oklo has a market cap of around $8 billion, but it generates no commercial energy income today, and its first Small Modular Reactor (SMR), the Aurora Powerhouse, isn't expected to enter commercial operation for years. In June, Oklo announced that the Department of Energy's Idaho Operations Office had approved the preliminary documented safety analysis (PDSA) for the company's first deployment of its Aurora Powerhouse, which is under construction at Idaho National Laboratory. In the meantime, the company is incurring tens of millions in operating losses annually, which means sustained cash burn and an ongoing risk of share dilution if it needs to raise additional equity to fund construction.
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In the second quarter, the company reported a loss from operations of $124.2 million. The net loss was $81.6 million, partially offset by $44.5 million in net interest and dividend income. The company has $1.6 billion in cash, but $78.6 million in debt, so interest and loan payments eat into its earnings.
Regulators are not sold yet on small modular reactors SMR development faces one of the strictest regulatory environments in the world through the Nuclear Regulatory Commission (NRC).
Oklo was already denied an initial custom combined license application in 2022, with the NRC citing gaps in safety baseline data. Navigating approvals, reactor construction, and fuel supply chains, such as securing high-assay low-enriched uranium, or HALEU, on schedule is notoriously difficult, and single delays can push revenue out by years. The NRC and Oklo are still going back and forth on the potential approval for the company's Aurora. Regulatory bodies such as the NRC were designed to evaluate traditional, massive light-water reactors. Novel SMR designs, such as gas-cooled microreactors or molten-salt reactors, require custom safety evaluations, leading to multiyear approval timelines.
It's an expensive process, one reason why SMR competitor NuScale Power (SMR -4.62%) and its partner, Utah Associated Municipal Power Systems, dropped the Carbon Free Power Project (CFPP) in Idaho in November 2023 after projected costs ballooned from $5.3 billion to more than $9.3 billion.
Its valuation is still too high because of the hype Fueled by market enthusiasm around powering artificial intelligence (AI) data centers, Oklo's stock has experienced extreme volatility. At a multibillion-dollar valuation, much of its long-term success is already baked into the price despite the company having zero proven operational track record at scale.
You can't analyze its valuation by traditional metrics since it doesn't have product revenue or earnings yet. However, its price-to-book ratio is around 2.5, meaning investors are paying $2.50 for every $1 of net assets (total assets minus total liabilities) reported on the company's balance sheet.
Any negative headline regarding licensing delays, technical issues, or broader pullbacks in AI infrastructure spending could trigger sharp drawdowns. I'm not saying the stock doesn't have tremendous long-term prospects, but the risks are too high for me until it has its first SMR approved and running.
Oklo tvrdí, že 94 000 metrických tun použitého jaderného paliva v USA má energetický potenciál až 1,3 bilionu barelů ropy. Firma chce palivo recyklovat pro pokročilé reaktory, ale závod má začít vyrábět kovové palivo až na počátku 30. let.
For decades, the U.S. has treated spent nuclear fuel as one of the biggest environmental problems left behind by nuclear power, with roughly 94,000 metric tons of spent fuel stored in facilities across the country. And while the materials are safely contained, some of the isotopes in this spent fuel have a half-life of nearly 25,000 years -- so yes, they're dangerous, and an enormous liability.
But Oklo (OKLO -5.70%) is proposing something audacious. The company argues that all that fuel sitting in storage still contains enormous amounts of usable energy. And you know what? The science -- and more importantly, the regulators -- support the premise.
Image source: Getty Images.
This is where Oklo sees the silver lining -- one that could rival some of the world's largest energy reserves. But is all this a pipe dream, or is there an actual business opportunity here? And more importantly, how close is Oklo to taking this opportunity and delivering a real return on investment?
Inside Oklo's $1.68 billion nuclear fuel recycling plan In 2025, Oklo announced plans to build a fuel recycling facility in Tennessee as part of a larger $1.68 billion advanced fuel center project.
"The recycling facility will recover usable fuel material from used nuclear fuel and fabricate it into fuel for advanced reactors," the company said in its announcement. "This process can reduce waste volumes for more economical, clean, and efficient disposal pathways."
But the even bigger headline here is that the estimated 94,000 metric tons of used nuclear fuel could generate energy equivalent to 1.3 trillion barrels of oil. That's five times Saudi Arabia's estimated oil reserves.
The U.S. Department of Energy itself notes that more than 90% of the potential energy in spent nuclear fuel remains even after it has been used in a conventional reactor. So that's a viable claim.
Oklo CEO Jacob DeWitte highlights the claim, saying, "By recycling used fuel at scale, we are turning waste into gigawatts, reducing costs, and establishing a secure U.S. supply chain that will support the deployment of clean, reliable, and affordable power."
Now, those are some big numbers being thrown around, so let's frame it against the potential scope of this opportunity.
The U.S. operates a once-through nuclear fuel cycle. Uranium is mined, processed into fuel, used in reactors, and then stored as waste. It's not exactly the most efficient or environmentally friendly of processes. Oklo's proposal would move away from that strictly once-through model by recovering usable material from spent fuel.
Even better, DeWitte says its recycling process can shorten the material's half-life from tens of thousands of years to a few hundred years while also reducing the volume of the material up for final disposal. That plan checks every box on an ESG rating scorecard.
And on top of that, many U.S. leaders view the country's dependence on imported oil as a major strategic vulnerability. One need only look at the havoc caused by the repeated closure of the Strait of Hormuz this past year to see just how vulnerable the global energy market is.
So, Oklo's planned recycling program could potentially become a valuable piece of America's energy-security strategy.
The risks behind Oklo's ambitious nuclear timeline But there's a caveat here: While the proposal is ambitious, it's also theoretical.
The fuel recycling plant isn't expected to begin producing metal fuel until the early 2030s. It doesn't even have a groundbreaking date set yet.
On top of that, it also needs to work within the company's larger Aurora reactor business, which is still moving through the regulatory and development process.
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Granted, Oklo has managed to jump some hoops since the initial announcement. It received a DOE start-up authorization for its Groves Isotope Test Reactor in Texas in July 2026. Then, in early August, it achieved a controlled, self-sustaining nuclear chain reaction at low power -- a criticality in nuclear science terms. This is an important step toward establishing operating experience and demonstrating deployment capabilities that could inform Oklo's future commercial facilities.
But the fact remains that Oklo does not yet have an operating commercial nuclear power reactor, nor is it anywhere close to completing the fuel recycling facility.
So it's a bet, and a long one at that.
And yet, many Wall Street analysts are willing to underwrite that bet, with the stock getting a solid Moderate Buy rating from consensus estimates. So if you're willing to go the distance, Oklo is a viable long-term choice, but it needs to execute and deliver for all this to make sense.
Oklo podle vlastního plánu nečeká první komerční tržby z elektřiny dříve než v roce 2028. Do té doby čeká na další schválení, palivo a spuštění provozu.
Oklo (OKLO +1.03%) had the best month of its corporate life in August. The nuclear reactor developer reported its first revenue in company history, about $1.2 million, mostly from services. Days earlier, Groves (the company's isotope test reactor in Lockhart, Texas) sustained a controlled nuclear chain reaction for the first time. Nuclear engineers call that first criticality, and it arrived in early August, about 11 months after construction started on an empty site. A company long defined by promises now has an operating reactor.
But an operating test reactor is not a power business. Oklo's actual product -- electricity sold from its Aurora powerhouses under long-term contracts -- doesn't exist yet, and the growth stock's valuation rests on when it will.
So here is my prediction, built from Oklo's own published schedule: The company won't book its first dollar of commercial power revenue before 2028.
Image source: The Motley Fool.
Five steps, two doneThe timeline for Aurora-INL, the first powerhouse at Idaho National Laboratory, runs like this. Construction began with a groundbreaking on Sept. 22, 2025. In July 2025, when Oklo named the project's lead constructor, the company projected commercial operation in late 2027 or early 2028. By this month's quarterly filing, the language had firmed into "an ambitious target of deploying our first powerhouse in 2028." That adjective is management's own, and the early edge of the old window is gone.
Initial authorization for this plant runs through the Department of Energy (DOE), not the Nuclear Regulatory Commission (NRC). That is a faster path, but it has defined gates. Oklo's filing describes five steps in the DOE's regulatory pathway for operating a nuclear facility, and two are done: the Nuclear Safety Design Agreement, approved early in 2026, and the Preliminary Documented Safety Analysis, approved June 11. Three remain.
Then comes fuel. The first core depends on a DOE award of five metric tons of high-assay low-enriched uranium (HALEU) recovered from decades-old government reactor fuel, which Oklo must fabricate into finished fuel at a new facility at the Idaho site.
Commercial HALEU from Centrus Energy, the supply meant to feed later powerhouses, isn't expected to start delivery until 2029 under the companies' letter of intent.
That 2029 supply feeds a planned Ohio campus where social media giant Meta Platforms has agreed to support up to 1.2 gigawatts of development, prepaying to help fund fuel.
The operators of artificial intelligence (AI) data centers are lining up power years in advance, in other words, and the demand side of Oklo's model looks the readier half. The first plant, though, rides on a one-time government allocation.
Only after construction, the remaining approvals, fuel fabrication, fuel loading, and start-up testing does Oklo's business model switch on. The company builds, owns, and operates its plants and sells the electricity. Revenue arrives when the power does. If start-up comes in 2028, so does the revenue, at the earliest.
Could it come earlier? Startup would have to beat the company's own target by months, from a first-of-a-kind plant, on first-of-a-kind fuel, with three regulatory gates still open. Groves shows this team moves fast. It is also a low-power test reactor built on private land under the same DOE pilot program, a fraction of the 75-megawatt Aurora's complexity. Encouraging, yes. A schedule for a commercial plant, no.
Isotopes come firstThe prediction doesn't mean Oklo stays revenue-free until 2028. On the company's August earnings call, management said the first revenue out of its isotope business is more likely to come from the NRC-licensed Idaho Radiochemistry Laboratory than from Groves, in the first part of 2027. Groves, meanwhile, is expected to spend the next year or so working up to producing research-and-development quantities of isotopes.
So the sequence in Oklo's own statements is services now, isotopes in 2027, and power after that. My prediction says the last item doesn't jump the queue.
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Oklo can afford the wait, for what it's worth. The company ended June holding about $3 billion in cash and marketable securities. Guidance for 2026 calls for $120 million to $150 million of operating cash use, plus $400 million to $500 million of capital spending on property and equipment. The money to reach 2028 is in hand.
Why 2028 holdsTo be clear, a 2028 start would be an achievement, not a disappointment. If the company sells its first megawatt-hour that year, it will have gone from groundbreaking to commercial nuclear power in about three years, a pace the industry hasn't managed in decades.
The prediction only says the schedule means what it says. A first-of-a-kind reactor, three regulatory steps from operation, doesn't produce revenue a year ahead of its own ambitious target. Investors should expect 2026 and 2027 to be about milestones and isotope sales. The power revenue, if the target holds, comes in 2028.
Oklo dokončila stavbu pilotního reaktoru Groves One za 229 dní letos v červnu, což CEO označil za „rekordní rychlost“ pro budoucí komerční nasazení v USA. Společnost ale stále čeká na první komerční reaktory v Idahu v roce 2027.
Oklo (OKLO -0.56%), a developer of microreactors, completed its construction of Groves One, its pilot isotope-production reactor, in just 229 days this June. CEO Jacob DeWitte subsequently claimed Oklo would build its reactors at a "world record speed" in the U.S. to serve the soaring energy demands of the AI boom and American manufacturing.
Oklo's deployment of Groves One wasn't the fastest in history, since a few small reactors were deployed even faster during the early Atomic Age and Cold War. Still, it marked the fastest U.S. non-military reactor build under modern environmental and Department of Energy (DOE) regulations. Let's see why that's a bright green flag for Oklo's investors.
Image source: Getty Images.
The first major step toward its first commercial deployments Oklo's Aurora microreactor is tiny compared to a conventional nuclear reactor. It generates just 1.5 MWe, but it can be connected to more microreactors to generate up to 75 MWe per "Powerhouse" plant. That's not much power compared to a conventional nuclear power plant, which typically generates more than 1,000 MWe. Still, Oklo's smaller plants are well-suited for rapid deployments in remote and off-grid areas.
The Aurora runs on metallic uranium fuel pellets, which are denser, have higher thermal resistance, and are cheaper to fabricate than the uranium dioxide fuel pellets used in traditional reactors. By processing its pellets in a closed loop, its reactors can last for a decade without refueling. Conventional reactors are refueled in stages every two years.
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Oklo's microreactors sound like a game changer for the nuclear energy market, but they haven't been commercially deployed yet. It plans to start generating meaningful revenue after it deploys its first commercial reactors in Idaho in 2027, but it needs to pass a few crucial tests first.
Last month, Oklo received a Startup Authorization (to load nuclear fuel and start testing) from the DOE following a safety and operation readiness review. On Aug. 5, the Groves Isotope Test Reactor achieved criticality (a controlled, self-sustaining nuclear chain reaction) for the first time.
But is Oklo's stock worth buying today? Oklo's progress is encouraging, but it wasn't flawless. It actually missed the DOE's initial target for achieving criticality by July 4, while four other microreactor developers -- Antares, Valar Atomics, Deployable Energy, and Aalo Atomics -- met that deadline.
Assuming Oklo successfully deploys its first commercial reactors, analysts expect Oklo's revenue to surge from nothing in 2025 to $55 million in 2028. But with a market cap of $8.3 billion, it's already valued at 149 times its 2028 sales. It's also expected to stay unprofitable, and its share count has risen by more than 50% since its public debut in May 2024. Those issues make Oklo's stock a bit too hot to handle in this volatile market.
Oklo je asi 77 % pod 52týdenním maximem a obchoduje se kolem 44 USD. Mezitím firma vykázala první tržby ve výši asi 1,2 milionu USD a její testovací reaktor v Texasu dosáhl první kritičnosti.
Buy Oklo (OKLO -4.46%) at its 52-week high of $193.84, and a $10,000 stake would be worth about $2,300 as of this writing. Shares of the nuclear reactor developer trade near $44, down roughly 77% from that peak.
The odd part is what happened underneath the price. The company's operating record improved almost continuously while the stock collapsed.
Image source: The Motley Fool.
The record improved on the way down Oklo booked its first sales in company history in the second quarter: about $1.2 million, mostly from engineering and consulting services. Much of that revenue arrived with businesses Oklo acquired in June, so it's a purchased start more than an organic one. But a company that went public with no revenue at all now has some, plus the beginnings of a services operation.
The bigger milestone came from Texas. Oklo's Groves Isotope Test Reactor in Lockhart reached first criticality (a controlled, self-sustaining nuclear reaction) less than a year after groundbreaking, the company said in early August. Groves is the first reactor in the U.S. Department of Energy's Reactor Pilot Program to get there on private land, built from scratch.
The facility is designed to produce isotopes for healthcare, industrial, and national security applications. And it gives Oklo something the market has long doubted it could deliver: an operating nuclear facility, built fast.
The losses, of course, are still enormous. Oklo has lost about $153 million over the past 12 months, and management is spending faster to reduce the risks around its first projects, not slower.
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What the drawdown priced out So the business made progress, and the stock lost three-quarters of its value anyway. Both things are true, and the price investors were paying at the top is what reconciles them.
At $193.84, investors were paying more than four times today's price -- a valuation that assumed data-center power deals and profitable plants stacked years into the future, all arriving on schedule, from a company that had never generated a dollar of revenue and whose first commercial power plant remains under construction.
Today's $8.6 billion market value is a fraction of what investors once paid. But it is still about 7,000 times the company's trailing revenue -- an arguably extreme price in its own right. The drawdown didn't turn Oklo into a value stock. It moved the stock from pricing in everything to pricing in a lot.
However you weigh it, the operating record between the two prices runs in Oklo's favor. Revenue exists now, and a reactor reached criticality in under a year. The price still asks investors to fund years of losses before the power business proves out. And the 77% drawdown says less about what Oklo has done than about what its shareholders once paid for the promise.
GE Vernova rozšiřuje jaderné aktivity: ve 2. čtvrtletí vzrostly objednávky servisních služeb o 12 % a v Ontariu staví SMR BWRX-300, první grid-scale SMR v západním světě.
The AI-driven nuclear power resurgence has been one of the hottest storylines over the past year. It has driven significant interest in nuclear energy stocks. Nuclear names like Oklo (OKLO -4.46%) and NuScale (SMR -4.67%) have been hot commodities as investors buy into the hype that these promising companies can cash in on the nuclear power megatrend.
However, while all eyes have been on Oklo and NuScale, investors might be overlooking another company that's also building a small modular reactor (SMR): GE Vernova (GEV +1.32%). While more known for its leading gas turbine and wind energy business, the massive power equipment maker is becoming an underappreciated nuclear energy name to watch.
Image source: The Motley Fool.
GE Vernova's nuclear-powered upside GE Vernova already has an established nuclear power services business. During the second quarter, the company noted that power service orders rose 12%, driven by nuclear and gas power. The company also highlighted that its services revenue increased, due again to both nuclear and gas power.
The company is also investing in nuclear power for the long-term. CEO Scott Strazik highlighted this on the second-quarter call when discussing the company's long-term investments. He noted that, on nuclear, "we continue advancing the SMR for industrialization at scale, as evidenced by our progress on the existing project underway in Ontario." That project (using GVH's BWRX-300 design) is already under construction, with completion expected by the end of the decade. Once finished, it will be the first grid-scale SMR in the Western world, putting GE Vernova ahead of both Oklo and NuScale. Additionally, the CEO noted that in the second quarter, the company "secured two more tech selects in early work agreements for our SMR in the U.S.," potentially positioning it for greater nuclear-powered growth.
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It has since launched the next phase of what could become its next nuclear project. In mid-August, GE Vernova Hitachi Nuclear Energy (GVH) and Blue Energy signed an agreement to advance their collaboration to deploy a 2.5-gigawatt (GW) gas-plus-nuclear power plant in Texas. The project would deploy both GE Vernova 7HA.02 gas turbines and GVH BWRX-300 SMRs, subject to a final investment decision that could come in 2027. The project would initially power a 1 GW data center nearby using two GE Vernova gas turbines, and then add another 1.5 GW of nuclear capacity from up to five GVH SMRs, starting in 2032. The companies believe it could serve as a blueprint for deploying reliable baseload power at scale and speed.
GE Vernova: The lower-risk nuclear upside play GE Vernova doesn't get much discussion in the nuclear power story because it's not a pure-play on the trend. Gas is by far its most dominate business these days. Its gas power equipment backlog grew from 100 GW to 116 GW in the second quarter and is on track to reach 125 GW by year-end. Meanwhile, even though its wind business is struggling (with a 40% drop in orders and a 10% revenue decline in the second quarter), GE Vernova has the largest installed base of onshore wind turbines in the U.S.
However, while that makes it an overlooked nuclear play, it also helps significantly de-risk it as a nuclear energy investment. GE Vernova's legacy gas and wind businesses, which are benefiting from the same AI power megatrend as Oklo and NuScale, generate significant revenue and cash flow. Its revenue grew 22% in the second quarter to $11.1 billion, while it produced $5.5 billion in cash from operating activities. That enabled GE Vernova to build its cash balance to $13.1 billion while returning $3.9 billion to shareholders through dividends and repurchases this year. This strong financial profile provides ample funding for long-term SMR investments.
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Contrast that with Oklo and NuScale. Oklo generated a mere $1.2 million in revenue during the second quarter, compared to zero in the prior quarter and the prior year. That compares to a net loss of $48.4 million. On a more positive note, it has around $2.5 billion in cash and investments, providing liquidity to fund its operations and SMR investments for a while. Meanwhile, NuScale is in a similar financial position. It generated only $75,000 in revenue during the second quarter (down from $8 million in the year-ago period) and posted a $47.5 million net loss. Though it, too, has a liquidity buffer ($1.9 billion) to help fund its operations and SMR investments for a while.
Look beyond the obvious names Oklo and NuScale have received significant investor attention over the past year because they're pure-play SMR technology companies. That's causing investors to overlook the embedded SMR upside quietly building within GE Vernova. Unlike SMR start-ups Oklo and NuScale, GE Vernova is generating strong, growing revenues and cash flow, giving it the financial fortitude to make long-term SMR investments that could deliver a big payoff for shareholders in the coming years.
Oklo dosáhla první kritičnosti v testovacím reaktoru Groves, což jí dává reálnou provozní zkušenost před většími projekty Aurora. Komercializace ale dál závisí na dalších regulačních a technických krocích.
Key Takeaways Oklo reached first criticality at Groves, adding demonstrated nuclear operating experience.Groves can inform future projects, but each facility still needs its own engineering and approvals.Aurora-INL faces final safety analysis, readiness review and startup authorization before operation.
Oklo Inc. (OKLO - Free Report) reached first criticality at its Groves isotope test reactor on Aug. 5, 2026, giving the company operating experience before its larger Aurora power projects enter service. The milestone matters because it moves part of Oklo’s execution case from planning into demonstrated nuclear operations. However, OKLO shares are still down some 37% over the past year, reflecting continued investor concerns about commercialization, costs and execution.
Image Source: Zacks Investment Research
Investors still need to separate execution proof from commercialization. Groves can inform future projects, but it does not by itself resolve the regulatory, engineering and revenue-timing risks attached to Oklo’s broader platform.
Why Oklo’s Groves Milestone MattersGroves reached first criticality less than a year after groundbreaking, after substantial construction was completed in 229 days. Oklo moved through construction, authorization, commissioning, fuel loading, startup testing and operation on a privately sited facility.
That makes Groves more useful as an execution proof point than as a near-term revenue event. The company expects roughly another 12 months of work before Groves produces research and development isotope quantities, while first isotope revenue is expected from its Idaho radiochemistry lab in the first part of 2027.
Image Source: Oklo Inc.
OKLO Gains a Real-World Execution Proof PointGroves gave Oklo direct experience with nuclear construction, safety documentation, operating procedures, supplier qualification, commissioning, operator training and project controls. Those capabilities now exist inside the organization rather than only as plans for future deployment.
The experience can support isotope, fuel and power projects, but it does not make them interchangeable. Each future facility still requires its own engineering, safety analysis, authorization or licensing work and execution plan.
Oklo Can Reuse Groves Lessons Across ProjectsAurora-INL is the clearest test of whether those lessons transfer. The Department of Energy approved the project’s preliminary documented safety analysis, while site mobilization, excavation, procurement, engineering and system integration are advancing.
Oklo can carry forward supplier experience, construction sequencing, readiness preparation and operating knowledge into Aurora-INL, a larger and more complex asset. NuScale Power Corporation (SMR - Free Report) is advancing its small modular reactor technology through partner-led projects. NANO Nuclear Energy Inc. (NNE - Free Report) is developing microreactor systems and related nuclear-fuel capabilities.
OKLO Still Has Bigger Milestones AheadAurora-INL still requires completion and approval of its final documented safety analysis, followed by a readiness review and startup authorization before operation. Those steps keep the larger power deployment dependent on additional regulatory and execution milestones.
Commercial timing remains another constraint. The first Aurora powerhouse is targeted for 2028, while isotope revenue is now expected later than previously indicated. Groves improves Oklo’s execution credibility, but it does not eliminate the risk that commercialization takes longer than planned.
Oklo’s Ratings Temper the Milestone OptimismGroves strengthens the qualitative case that Oklo can build, authorize, commission and operate a nuclear facility. The milestone is meaningful, but the investment case still depends on converting that capability into timely progress across larger power, fuel and isotope projects.
OKLO currently carries a Zacks Rank #4 (Sell), along with a Value Score of F, Growth Score of F, Momentum Score of F and VGM Score of F. The Zacks Rank reflects unfavorable earnings-estimate trends, while the weak Style Scores provide little quantitative support across value, growth and momentum. That combination argues for caution until operating progress is matched by stronger financial and estimate trends.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Akcie Oklo v červenci klesly o 25,8 % a smazaly zhruba 80 % hodnoty oproti říjnovému maximu z října 2025. Firma zároveň zvýšila celoroční odhad cash burn a její první Aurora powerhouse má přijít nejdřív v roce 2028.
The momentum behind artificial intelligence (AI)-linked nuclear energy stocks hit a brick wall in July, sending high-flying names like Oklo (OKLO +4.34%) into a nose-dive.
Shares of the nuclear energy start-up tumbled 25.8% last month, according to data provided by S&P Global Market Intelligence. By the end of July, the drop had wiped about 80% of the stock's value from its October 2025 peak of $193.84.
For a company promising to fuel the AI build-out with fast-fission reactors, winning important approvals from the Department of Energy (DOE), and securing massive partnerships, the sudden mid-summer fallout left many investors asking where the power went.
Image source: Getty Images.
The Oklo stock sell-off Oklo is building fast-fission nuclear power plants called Aurora powerhouses and is still a pre-revenue company.
The nuclear energy stock didn't fall because the company is falling apart. It fell because investors are demanding proof of execution, especially after the company missed a July 4 deadline of achieving criticality (a nuclear reactor reaching a self-sustaining nuclear fission chain reaction) at its first reactor. That was a deadline set by the DOE.
Instead, on July 23, Oklo received start-up authorization for its Groves Isotope Test Reactor, clearing the way for fuel loading and testing.
The missed deadline coincided with a sell-off across the advanced nuclear space, hitting early stage small and modular reactor developers hardest.
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Shares of Nuscale Power, for instance, fell around 16% in July. In contrast, nuclear energy companies like Constellation Energy and Vistra, which are actually operating large fleetS of nuclear reactors and powering up data centers, logged smaller losses, with Vistra falling only 1% in July. That divergence proves the market wasn't questioning nuclear energy's potential amid the AI boom, but trimming stakes in companies that haven't built anything yet.
The only thing you should know before buying Oklo stock Oklo achieved first criticality at its Groves Isotope Test Reactor on Aug 6, making it the first reactor under the DOE's Reactor Pilot Program to achieve criticality on private land built on a greenfield site from scratch.
Isotopes are chemical elements used for cancer treatment, medical imaging, industrial radiography, and space exploration. Oklo is among the few companies developing a domestic supply chain for isotopes.
Oklo shares rallied after the update, which coincided with its second-quarter earnings release, but seem to be struggling to sustain momentum.
Oklo's Q2 net loss doubled to $48.5 million, with earnings of $0.28 per share missing analysts' estimates by a wide margin. Oklo also raised its full-year cash-use guidance, now expecting to burn $120 million to $150 million in operating activities and $400 million to $500 million in capital spending, both well above prior targets.
Analysts are debating Oklo's costs and cash burn. Analysts from Truist Securities, for instance, just cut the stock's price target to $51 per share from $55 a share.
Oklo doesn't expect to deploy its first Aurora powerhouse before 2028, and is itself calling that target "ambitious", citing a range of "supply chain, construction, macroeconomic, and design complexities."
That's not analyst skepticism. It is the company's own risk estimate, and something anyone who wants to invest in Oklo stock should bear in mind.
OKLO ve 2. čtvrtletí 2026 vykázala ztrátu 28 centů na akcii, což je více než před rokem i než odhad, při tržbách 1,2 milionu USD. Náklady na výzkum a vývoj vzrostly meziročně o 244,2 %.
Key Takeaways Revenues reached $1.2 million, primarily from Oklo's 2026 acquisitions and their service businesses.R&D expenses surged 244.2% as greater engineering activity and employee headcount drove spending higher.Groves achieved first criticality Aug. 5, with initial isotope revenues expected from Idaho in early 2027. Oklo Inc. (OKLO - Free Report) reported a second-quarter 2026 loss of 28 cents per share, wider than the year-ago loss of 18 cents and the Zacks Consensus Estimate of a loss of 17 cents. The bottom line represented a negative earnings surprise of 64.7%. Revenues came in at $1.2 million.
Higher research and development and administrative spending weighed on earnings as OKLO accelerated project execution. Operationally, the company reached first criticality at its Groves isotope facility shortly after quarter-end.
OKLO Revenues Emerge From AcquisitionsSecond-quarter revenues included $800,000 from engineering and consulting services, $168,000 from manufacturing and fabrication services and $242,000 from other activities. OKLO generated no revenues in the year-ago quarter.
The company said revenues primarily resulted from its 2026 acquisitions. In June, it acquired ARMEC and Creative Engineers, adding precision manufacturing, mechanical engineering and chemical process engineering capabilities. The acquired businesses continue serving established third-party customers.
OKLO Costs Climb on Project ExecutionResearch and development expenses jumped 244.2% year over year to $39.5 million. The increase included $14.7 million of higher professional-services costs and $7.1 million of increased employee compensation, reflecting greater engineering activity and an average headcount increase of roughly 109 employees.
General and administrative expenses rose 106.7% to $34.2 million. Higher employee compensation contributed $6.6 million, while professional services added $6.2 million. Interest and dividend income increased 517.1% to $23.21 million, supported by larger cash and marketable-security balances following equity issuances.
The spending increase also comes as competition across advanced nuclear intensifies. NuScale Power (SMR - Free Report) emphasized in its latest quarter that it has spent years building commercial readiness through NRC approvals, conventional low-enriched uranium and a network of more than 60 specialized suppliers. NANO Nuclear Energy (NNE - Free Report) , meanwhile, is investing in the development and licensing of its KRONOS MMR while pursuing vertical integration across the nuclear fuel cycle.
OKLO Advances Aurora DeploymentAt Aurora-INL, the Department of Energy approved the Preliminary Documented Safety Analysis, establishing the preliminary safety basis needed to advance final design and construction. Site mobilization is underway, while excavation for the reactor area was nearing completion at the time of the earnings call.
OKLO is also advancing its planned 1.2-gigawatt Ohio power campus. An MOU with Kiewit covers engineering, procurement, construction and execution planning for the initial phase. The Zacks Rank #4 (Sell) company is progressing PJM interconnection applications, transmission planning and related technical studies for the site.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The push toward larger power opportunities reflects a broader industry focus on serving data centers and other energy-intensive customers. NuScale Power said it remains in discussions with hyperscalers and is supporting potential large-scale deployments through its commercial partner ENTRA1 Energy. NANO Nuclear has similarly highlighted data-center demand, completing a feasibility study for its KRONOS MMR to provide up to 1 gigawatt of power for BaRupOn's planned AI data-center and manufacturing campus in Texas.
OKLO Expands Its Fuel Supply StrategyOKLO is taking several steps to secure the fuel needed for its future reactors. The company signed a letter of intent with Centrus for enough high-assay low-enriched uranium (HALEU) to support the initial reactor cores and reloads for up to five Aurora powerhouses over several years. Deliveries are expected to begin in 2029. OKLO is also exploring government-supplied materials and fuel recycling to diversify its fuel sources.
Equipment for the Aurora Fuel Fabrication Facility is now being produced, with installation and start-up activities planned for 2027. OKLO is also advancing engineering and preparations for a license application for its Advanced Fuel Center in Tennessee. In addition, the company is in advanced discussions with the Department of Energy about potentially using surplus plutonium as reactor fuel.
OKLO’s Groves Facility Reaches CriticalityOKLO reached another important milestone when its Groves isotope facility achieved first criticality on Aug. 5, less than a year after construction began. The company said major construction work was completed in just 229 days. The project was built on private land using private funding and commercial suppliers, with safety oversight from the Department of Energy.
OKLO sees Groves as an example of how it could develop future nuclear projects more quickly. The project gave the company experience in areas ranging from purchasing and construction to regulatory approval, testing and operations. OKLO expects Groves to begin producing research and development quantities of isotopes in about 12 months, while its Idaho laboratory is expected to generate initial isotope revenues in early 2027.
OKLO Raises 2026 Cash-Use OutlookOklo ended June with $3 billion in cash, cash equivalents and marketable debt securities. Cash used in operating activities totaled $65.5 million during the first six months, while purchases of property, plant and equipment reached $126.9 million.
Management raised its 2026 operating cash-use forecast to $120-$150 million from $80-$100 million. The company also lifted its expected property, plant and equipment spending to $400-$500 million from $350-$450 million, reflecting accelerated Aurora-INL procurement and construction activity and an opportunistic fuel purchase for future isotope projects.
Peer liquidity is also sizable: NuScale Power ended the second quarter with approximately $1.9 billion in cash, cash equivalents and investments, while NANO Nuclear reported approximately $569 million in cash, cash equivalents and short-term investments. Against that backdrop, OKLO's $3 billion liquidity position provides substantial capacity to support its accelerated deployment and fuel strategy.
Oklo Inc. (OKLO) Q2 2026 Earnings Call August 7, 2026 8:30 AM EDT
Company Participants
Sam Doane - Senior Director of Investor Relations
Jacob Dewitte - Co-Founder, CEO & Chairman
Richard Bealmear - Chief Financial Officer
Conference Call Participants
Nathaniel Pendleton - Texas Capital Securities, Research Division
George Gianarikas - Canaccord Genuity Corp., Research Division
Joseph Osha - Guggenheim Securities, LLC, Research Division
Ryan Pfingst - B. Riley Securities, Inc., Research Division
Brian Lee - Goldman Sachs Group, Inc., Research Division
Christopher Souther - Truist Securities, Inc., Research Division
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Rinny Singh - BofA Securities, Research Division
Derek Soderberg - Cantor Fitzgerald & Co., Research Division
Jonathan Dorsheimer - William Blair & Company L.L.C., Research Division
Maxwell Hopkins - CLSA Limited, Research Division
Sherif Elmaghrabi - BTIG, LLC, Research Division
Craig Shere - Tuohy Brothers Investment Research, Inc.
Presentation
Operator
Hello, everyone. Thank you for joining us, and welcome to Oklo's Second Quarter 2026 Financial Results and Webcast. [Operator Instructions] I will now hand the conference over to Sam Doane, Senior Director of Investor Relations. Sam, please go ahead.
Sam Doane
Senior Director of Investor Relations
Thank you, operator, and welcome, everyone, to Oklo's Second Quarter 2026 Earnings and Company Update Call. I'm Sam Doane, Oklo's Senior Director of Investor Relations. Joining me today are Jake Dewitte, Oklo's Co-Founder and Chief Executive Officer; and Craig Bealmear, our Chief Financial Officer. Earlier today, we released our second quarter 2026 financial results. Today's accompanying slide presentation is available on the Investor Relations section of our website.
Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the question-and-answer session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review our forward-looking
Oklo (NYSE:OKLO) shares opened about 7% higher on Friday after the advanced nuclear technology company reported second quarter results that included a wider-than-expected loss but revenue that came in well above analyst estimates.
The company reported a loss per share of $0.28, compared with the analyst consensus estimate of a $0.16 loss.
Revenue reached $1.2 million, significantly above the consensus estimate of about $83,800.
The company reported a net loss of $48.5 million for the quarter, compared with a net loss of $24.7 million in the year-ago period. Oklo attributed the increased loss to higher research, development and operating expenses as it continues to scale its business.
For the first six months of 2026, Oklo reported a net loss of $81.6 million. The loss from operations was $124.2 million, including payroll, stock-based compensation, general business expenses and professional fees. This was partially offset by $44.5 million in net interest and dividend income.
Oklo ended the second quarter with $3 billion in cash and marketable securities, consisting of $1.6 billion in cash and equivalents and $1.4 billion in marketable securities. The company said the balance increased by $1.9 billion during the first two quarters following the completion of its ATM offerings.
Cash used in operating activities totaled $65.5 million in the second quarter, while year-to-date cash used in operating activities was $81.6 million. Year-to-date cash used in investing activities was $912.7 million, including $743.6 million of net cash used for purchases of marketable securities related to the ATM program and $126.9 million in capital spending tied to planned property, plant and equipment growth across the company's three business units.
Společnost Oklo oznámila, že její Groves Isotope Test Reactor dosáhl první kritičnosti, tedy řízené samoudržné štěpné reakce. Jde o první reaktor v pilotním programu na soukromém pozemku.
Shares of Oklo Inc. (NYSE:OKLO) are trading flat Thursday morning despite the advanced nuclear technology company announcing a major operational milestone.
Oklo stock is trading near recent lows. Where is OKLO stock headed? Groves Isotope Reactor Reaches Landmark MilestoneOklo revealed that its Groves Isotope Test Reactor achieved first criticality, reaching a controlled, self-sustaining nuclear chain reaction at low power. The achievement comes less than a year after breaking ground, made possible through authorization under the U.S. Department of Energy’s Reactor Pilot Program.
Management Commentary and Industry ImpactThe project marks the first reactor under the pilot program to achieve criticality on private land, constructed from scratch on a greenfield site. The facility is designed to lay the foundation for domestic radioisotope production used in healthcare, industry, space and research applications, while streamlining future commercial powerhouse deployments.
“Reaching criticality in less than a year is an incredible milestone for our team,” said Oklo co-founder and CEO Jacob DeWitte. “Oklo developed Groves from a greenfield site on private land, completed full-scale civil excavation and construction, manufactured or commercially procured all components, including fuel, and developed its operating programs in-house. Taken together, we believe these accomplishments establish a new benchmark for the Reactor Pilot Program and set the stage for the future of advanced nuclear deployment at scale.”
OKLO Shares Pause Thursday MorningOKLO Price Action: Oklo shares were down 0.81% at $42.64 at the time of publication on Thursday. The stock is near its 52-week low of $36.61, according to Benzinga Pro data.
Image: Shutterstock
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OKLO před zveřejněním výsledků za 2. čtvrtletí 2026 pokračuje v projektech Aurora-INL a fuel fabrication, ale stále nevykazuje tržby a dál pálí hotovost.
Odhad ztráty je 17 centů na akcii a Earnings ESP je 0,00 %.
Key Takeaways OKLO advanced Aurora-INL, fuel fabrication and isotope initiatives ahead of its Q2 report.The consensus loss estimate is 17 cents per share, with an Earnings ESP of 0.00%.Heavy spending, high losses and pre-revenue status keep the near-term risk-reward profile unfavorable. Oklo Inc. (OKLO - Free Report) is slated to release second-quarter 2026 results on Aug. 7, before market open.
A pre-revenue company, the consensus earnings mark of -$0.17 per share has remained unchanged over the past 30 days, suggesting a 5.6% improvement from the year-ago reported number.
For full-year 2026, the Zacks Consensus Estimate for OKLO’s EPS is pegged at -$0.74, implying a decrease of 2.8% year over year.
OKLO's Earnings Surprise HistoryIn the last reported quarter, the advanced nuclear energy company delivered a positive earnings surprise of 5%. However, OKLO missed the Zacks Consensus Estimate in each of the preceding three quarters, resulting in an average negative earnings surprise of 37.2% over the past four quarters.
Q2 Earnings Whispers for OKLOThe proven Zacks model does not conclusively show that OKLO is likely to beat estimates in the second quarter. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: OKLO has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at -$0.17 per share each.
Zacks Rank: OKLO currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Factors Shaping OKLO’s Upcoming Q2 ResultsOKLO’s second-quarter 2026 performance was likely supported by steady execution across licensing and commercialization. The company continued advancing the Aurora-INL project, secured NRC approval of its Principal Design Criteria topical report, progressed DOE safety reviews, and moved Aurora-Ohio forward with PJM interconnection applications for its planned 1.2-gigawatt campus. These milestones, coupled with continued customer traction across data centers and government markets, could have reinforced confidence in OKLO’s execution. While NuScale Power (SMR - Free Report) highlighted its licensing leadership and NANO Nuclear (NNE - Free Report) advanced its own regulatory milestones, OKLO’s multi-project pipeline likely remained a key positive.
OKLO’s vertically integrated approach likely remained a major positive heading into second-quarter 2026 earnings. The company advanced construction activities at its Aurora Fuel Fabrication Facility, continued NRC readiness work for the Tennessee Advanced Fuel Center, expanded AI-driven fuel validation through NVIDIA and Los Alamos, and progressed isotope commercialization with its first customer contract pending. These initiatives could have strengthened expectations for long-term revenue diversification and supply-chain control. Compared with NuScale Power, which emphasizes conventional fuel availability, and NANO Nuclear, which is expanding vertically through partnerships, OKLO continued building multiple complementary growth platforms.
On a bearish note, OKLO’s aggressive expansion strategy also likely increased near-term financial pressure. First-quarter net loss reached $33.1 million, while operating cash outflow totaled $17.9 million and capital expenditures climbed to $32.8 million as investments accelerated across power, fuel and isotope businesses. Although management reaffirmed its 2026 operating cash-use guidance of $80-$100 million, investors may have remained cautious about the pace of spending before meaningful commercial revenue arrives. Against peers such as NANO Nuclear and NuScale Power, sustained cash burn may have tempered enthusiasm despite continued operational progress.
OKLO Price Performance & Stock ValuationOKLO shares have fallen about 49% over the past year, but the decline is less severe than NANO Nuclear’s 52.4% drop and NuScale’s 79.1% slide.
One-Year Price Performance Image Source: Zacks Investment Research
From a valuation perspective, OKLO is trading at 2.86 times book value — lower than its subindustry.
Image Source: Zacks Investment Research
How Should You Play OKLO Pre-Q2 Earnings?OKLO continues to make progress on its long-term nuclear strategy by advancing the Aurora-INL project, expanding fuel fabrication and recycling capabilities, and developing isotope production, which could diversify future revenue streams beyond electricity sales. The company also achieved important regulatory and operational milestones, reinforcing confidence in execution. However, it remains a pre-revenue company with commercialization dependent on regulatory approvals, project execution, fuel availability and customer adoption. Heavy investments across multiple projects are keeping cash burn elevated and losses high, while meaningful revenues remain some time away. With an Earnings ESP of 0.00%, an unchanged consensus estimate and a mixed earnings surprise history, expectations for a near-term earnings beat remain limited. In other words, OKLO’s risk-reward profile appears unfavorable ahead of the quarterly release.
Oklo má 18GW backlog, z něhož je zhruba 93 % spojených s datovými centry pro AI, takže bez boomu AI by jeho růstový příběh výrazně oslabil. Firma přitom letos nevykázala žádné tržby a obchoduje se za zhruba 127násobek forward sales.
It's a gut-wrenching feeling when a stock you're bullish on suddenly tanks. It's downright terrifying when the forces that were supposed to lift that stock higher all seem to vanish at once.
With that in mind, let's run a scenario on Oklo (OKLO -5.50%). Could this early-stage developer of advanced nuclear reactors, which has tanked about 80% since last October, survive without an AI boom?
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What could happen to Oklo if AI demand disappoints? On the one hand, Oklo could survive without an AI boom. On the other hand, its bull case would not.
A quick glance at Oklo's project pipeline would suffice to illustrate what I mean. Its 18-gigawatt (GW) backlog is anchored by two major agreements: Switch's, up to 12 GW, and Meta's, up to 1.2 GW. If we throw in Equinix's at 500 megawatts (MW), then about 93% of Oklo's backlog is associated with AI data centers.
Image source: Oklo.
None of these are binding agreements. An AI bust, by implication, could easily leave this non-diversified pipeline looking like a creek-bed in a dry spell.
In such a scenario, revenue growth from non-AI-related demand would be much harder to scale. Think about it like this. A single hyperscaler can absorb hundreds or thousands of megawatts (MW) of electricity, which requires a dozen or so of Oklo's 75-MW powerhouses to match it. If multiple data centers belong to the same operator, such as Equinix or Switch, then Oklo could potentially secure hundreds of millions or even billions of dollars in annual revenue through one relationship. As you can imagine, a few of these commercial partnerships could open the throttle on Oklo's growth.
If all our AI hopes and dreams flop, Oklo's fast-fission reactors could still attract clients, like chemical factories, military camps, and utilities. But none of these would likely need more than one or a few of Oklo's 75-MW powerhouses. The opportunity would be there, but it wouldn't be as big as the needs of a data center.
A bright spot, and a caveat That said, one non-AI bright spot for Oklo right now is its isotope business.
These special materials are used in cancer treatment and diagnostic imaging, among other things, and global supply is very constrained. Oklo's subsidiary, Atomic Alchemy, was recently granted a Nuclear Regulatory Commission (NRC) license for isotope material, which basically means it can start selling recovered and prepared materials from its Idaho laboratory. The larger point: Oklo could soon have a source of revenue that's not tied to AI, one that might even arrive before its first powerhouse begins generating electricity.
Still, even with a thriving radioisotope business, Oklo needs the opportunity from AI to justify its current valuation. It carries a market cap above $7 billion, which is mid-cap territory, yet it generated zero revenue in 2025.
When measured against Wall Street's revenue estimates, the valuation looks even more absurd. Two fiscal years from now, projected revenue is about $55 million, which means Oklo stock trades at about 127 times forward sales. That leaves absolutely no room for an AI bust, not even a small one.
Data by YCharts.
To get back to the question at hand: No, Oklo would not be an attractive buy if AI turns out to be a bust.
Without hyperscale customers, Oklo's order book would evaporate, and it would need to have binding agreements with industrial and defense clients to restore even a modicum of confidence. Likewise, radioisotopes are an exciting side venture, but if they turn into Oklo's main sale, the business's total addressable market (TAM) will shrink meaningfully.
Like other energy stocks connected to AI, Oklo needs the technology to justify its valuation. That tenuous relationship is why this stock will tank on any negative AI news -- and why investors with a weak stomach for volatility should probably stay away from it for now.
Oklo získala od DOE povolení k zavážce paliva, commissioning a zahájení počáteční kritičnosti v Groves Isotope Test Reactor v Lockhartu v okrese Caldwell County v Texasu. Od zahájení stavby k souhlasu regulátora to zvládla za necelých 10 měsíců.
Advanced nuclear fission developer Oklo (OKLO) reached a major regulatory milestone after receiving official startup authorization from the U.S. Department of Energy (DOE) for its Groves Isotope Test Reactor in Lockhart, Texas.
Key Takeaways Oklo received formal U.S. Department of Energy (DOE) authorization to load nuclear fuel and begin startup testing at its Groves reactor in Caldwell County, Texas. The facility progressed from groundbreaking to regulatory startup clearance in under 10 months, demonstrating unprecedented execution speed for advanced nuclear builds. Commercial radioisotope production offers the nuclear developer a rare near-term revenue model while broader small modular reactor deployments target AI data center demand. Oklo DOE Startup Authorization Signals Shift in Commercial Fission The DOE approval grants Oklo permission to begin fuel loading, commissioning, and initial criticality at the Texas facility. Moving from groundbreaking to full authorization in just over 10 months sets a remarkably fast precedent for advanced nuclear infrastructure.
For investors in the nuclear space, this operational speed proves that nuclear capital can clear regulatory hurdles quickly. Furthermore, it stands out in a sector often critiqued for prolonged development timelines.
Near-Term Revenue Model Complements Data Center Ambitions Most advanced reactor coverage centers on powering massive hyperscale data centers. However, the Groves facility unlocks an immediate commercial runway via isotope production. This milestone accelerates Oklo’s strategic expansion into local radioisotope manufacturing, addressing vital supply needs across oncological medicine, industrial applications, as well as high-level physics research.
This cash-flow strategy helps offset early-stage capital intensity, distinguishing Oklo. As tech giants look toward bridging natural gas, nuclear, and AI data centers, early cash flows give Oklo an advantage.
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Oklo získala od amerického ministerstva energetiky povolení zahájit zavážení paliva, startovací testy a provoz svého testovacího reaktoru Groves Isotope Test Reactor. Akcie v premarketu vzrostly o 3,20 % na 41,54 USD.
Oklo stock is gaining positive traction. What’s pushing OKLO stock higher? What Is Driving Oklo’s Stock Momentum?A key backdrop is concern that the AI-driven data-center buildout is pushing electricity prices higher nationwide, which keeps the "new power supply" theme in focus for traders. That macro framing matters for Oklo because its valuation tends to move with expectations for sustained, high-load power demand from hyperscalers.
Additionally, Oklo last week received authorization from the U.S. Department of Energy to begin fuel loading, startup testing and operations for its Groves Isotope Test Reactor, a privately financed facility built on private land.
This low-power test reactor is a key step in Oklo’s plan to produce critical isotopes domestically and serves as a model for future commercial deployments of its advanced nuclear technology.
Critical Price Levels To Watch For OKLOEven with the premarket bounce, the longer-term chart is still heavy: the stock is trading 11.8% below its 20-day SMA ($47.00), 25.8% below its 50-day SMA ($55.83), and 47.1% below its 200-day SMA ($78.33). That distance from the major averages usually means rallies can run into overhead supply quickly, because prior buyers may look to sell into strength.
Trend structure also remains bearish, with the 20-day SMA below the 50-day SMA and a "death cross" (50-day SMA below the 200-day SMA) that occurred in February. From a momentum standpoint, MACD is below its signal line with a negative histogram, which typically means upside pressure is fading unless buyers can force a sustained turn back above that baseline.
The stock is also sitting just above the bottom of its 52-week range (low: $39.53 vs. current: $41.40), which can attract dip-buying but also highlights how little room there is before price revisits the lows. The most recent swing low was in July, so bulls generally want to see higher lows form above that area to argue the downtrend is easing.
Key Support: $39.50 — a nearby level where buyers previously stepped in, sitting right on the 52-week low zone. How Oklo Inc. Is Innovating Nuclear EnergyOklo is developing fission power plants aimed at delivering clean, reliable, and affordable energy at scale. It’s pursuing two tracks: selling commercial-scale power to customers and offering used nuclear fuel recycling services in the U.S. market.
The company plans to commercialize liquid metal fast reactor technology through its Aurora powerhouse product line. Its first commercial Aurora powerhouse is designed to produce up to 15 megawatts of electricity (MWe) using either recycled nuclear fuel or fresh fuel, which is why headlines tying nuclear buildouts to AI data-center demand can move the stock quickly.
Oklo’s AI-data-center angle is also being judged against broader market pressure on AI spending, after Big Tech earnings sparked concerns about sharply higher capex and weakening free cash flow. That risk backdrop can spill into "AI power" names even when the catalyst is positive, especially with Brent crude moving above $100 per barrel and reviving inflation sensitivity across growth trades.
Oklo Inc. Earnings Preview for August 2026The countdown is on: Oklo Inc. is set to report earnings on August 7, 2026 (confirmed).
EPS Estimate: Loss of 16 cents (Up from loss of 18 cents YoY) Revenue Estimate: $77,350 (Up from $0.00 million YoY) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $92.40 (high: $138.00; low: $55.00) across 22 analysts. Recent analyst moves include:
Barclays: Overweight (Lowers Target to $76.00) (July 23) Truist Securities: Initiated with Hold (Target $55.00) (July 14) Guggenheim: Initiated with Neutral (June 25) What Would $1,000 Invested In OKLO Be Worth Today?A $1,000 investment in Oklo Inc. on May 10, 2024 would have grown to $2,597 by July 24, 2026 — a 159.7% return over the roughly 2.2-year span. The stake swung between $361 and more than $11,000, ending well below its 2025 peak.
The ride started with Oklo at $8.45 on May 10, 2024, before sliding to its period low on September 3, 2024. Momentum later accelerated, pushing the position to its period high on October 14, 2025, but the path included a maximum drawdown of -76.9%. By May 11, 2026, the $1,000 stake had reached $5,041 before settling at $2,597 by July 24, 2026.
On an annualized basis, Oklo’s 21% return outpaced the S&P 500’s 7.2% and the Nasdaq 100’s 9.1% over the same holding period. Among the listed peers, NuScale Power Corporation was the closest comparator at 15.3% annualized.
Oklo Inc. has a market capitalization of about $7.19 billion.
OKLO Stock Price Activity During PremarketOKLO Stock Price Activity: Oklo shares were up 3.20% at $41.54 during premarket trading on Monday, according to Benzinga Pro data.
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Oklo získala od amerického ministerstva energetiky povolení ke spuštění reaktoru Groves v Texasu. Firma může naložit jaderné palivo, zahájit testy a míří k první kritičnosti.
On Thursday, nuclear start-up Oklo (OKLO -8.43%) announced some welcome news. The company received “startup authorization” from the U.S. Department of Energy (DoE) for its Groves Reactor in Texas under the Reactor Pilot Program (RPP).
According to the company, the authorization “allows Oklo to load nuclear fuel, conduct startup testing, and proceed toward first criticality.”
It’s a big step forward for Oklo and one that is likely to have a major impact on the company’s regulatory future. Here’s what this authorization means for Oklo and why it’s a bigger deal than it seems for Oklo investors.
Image source: The Motley Fool.
Slower than molassesIn the world of nuclear regulations, safety is the biggest priority. That makes sense given the massive destructive potential of even a small nuclear reactor. Speed, on the other hand, isn’t a priority.
If anything, that’s an understatement. Obtaining commercial certification from the U.S. Nuclear Regulatory Commission (NRC) for a new reactor design takes years or even decades.
Oklo knows this better than anyone: the company began the regulatory journey for its novel sodium-cooled fast reactor SMR with the NRC in November 2016, almost ten years ago. It finally was able to submit its combined license application for the Aurora Powerhouse design in March 2020. And it’s still anybody’s guess when it might be awarded a commercial license.
The company has completed three of the five steps of its DoE RPP regulatory review for construction and operation, while an NRC audit is in progress. Once the audit is completed, the company can formally request a commercial license. It will undergo further NRC review before receiving approval... assuming neither the audit nor the review turns up any material issues that need to be corrected.
A breakneck paceThis painfully slow process is one of the reasons the U.S. hasn’t begun construction of a new nuclear power plant since 1976, and why only two existing plants have added new reactors since 1993.
The Trump Administration aimed to change that with the RPP, which was enacted by executive order in 2025 to speed up the deployment of nuclear reactors in the U.S. The RPP instructs the NRC to create an expedited pathway to approve reactors that have been safely tested by the DoE, with a deadline of 18 months to evaluate and approve new construction and operation licenses.
The RPP allowed the Groves Reactor project to move forward at unprecedented speed. The time from groundbreaking to receiving start-up authorization was just over 10 months, which included construction, hiring, fuel and equipment procurement, and the DoE authorization process.
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Even Oklo CEO Jacob DeWitte seemed surprised by the breakneck pace. "This facility marks the fastest time that we are aware of to go from greenfield to substantial completion for a full-scale, privately funded and sited reactor in history,” he said in a press release.
But the important part was what he said next: “And this experience is fully translatable to future commercial deployments.” Here’s why that should be music to shareholders’ ears.
The hidden benefitThe Groves Reactor isn’t a nuclear power plant, nor does it feature Oklo’s unique sodium-cooled fast reactor SMRs. It’s a water-cooled test reactor designed to use low-enriched uranium for the production of isotopes, like those used in radiation therapy for cancer.
Currently, most radioactive isotopes used in the U.S. are produced overseas. The Groves Reactor is part of an effort to increase domestic production.
But Oklo’s primary goal is to build SMRs for power generation. The Aurora Powerhouse uses a different reactor design and fuel, and serves a different purpose. So, how does this move Oklo towards that goal?
Well, in the world of nuclear authorizations, repeating yourself is a good thing. Through the RPP, certain portions of DoE approval are expected to directly transfer to the NRC approval process, expediting the review time frame.
Image source: Getty Images.
The takeawayBecause Groves is a commercial-scale facility, Oklo notes it can “repeat the experience with demonstrated experience in siting, building, commissioning, and operating its commercial reactors in the future.”
The company also believes that the “repeatable approach to engineering, construction, commissioning, operations, and regulatory authorization ... helps reduce execution risk and accelerate future deployments across all of Oklo’s business units.”
If the process for the Aurora Powerhouse moves forward as quickly as the Groves process, Oklo could find itself months or even years ahead of schedule on its ultimate plan.
Oklo a X-Energy se mají připojit k programu Trumpovy administrativy za 200 milionů USD, který má urychlit výstavbu elektráren pro AI datová centra. Akcie Oklo po uzavření trhu vzrostly o 6,31 % a X-Energy o 7,22 %.
Oklo stock is charging ahead with explosive momentum. What’s driving OKLO stock higher? Oklo, X-Energy To Join Power Plant ProgramOklo and X-Energy will join Microsoft and Nvidia in a Trump administration-led effort to accelerate the construction of new power plants for AI data centers, according to a Bloomberg report citing a document reviewed by Bloomberg News.
The $200 million program reportedly aims to address mounting concern that the data center buildout fueling the AI boom has pushed up electricity prices across the country.
The report indicates that an official announcement could come as soon as Wednesday.
Nuclear power has emerged as one of the more compelling answers to AI’s soaring electricity demand, largely because it provides large amounts of around-the-clock baseload power without producing direct carbon emissions. That combination has driven a wave of activity, from tech companies signing long-term deals to restart or contract existing plants to growing investment in small modular reactors.
OKLO, XE Shares Rise After the BellAt the time of publication, Oklo shares were up 6.31% at $46.50 in after-hours, and X-Energy shares were up 7.22% at $16.79, according to Benzinga Pro.
Image: Shutterstock.com
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OKLO klesl na 52týdenní minimum 39,53 USD, protože investoři znovu hodnotí rizika rané jaderné firmy bez tržeb. Odhady ztrát pro roky 2026 a 2027 se dál zhoršují.
Key Takeaways OKLO hit a 52-week low as investors reassessed early-stage nuclear risks.OKLO is advancing fuel fabrication, Aurora projects and isotope capabilities despite remaining pre-revenue.Wider 2026 and 2027 loss estimates, heavy spending and execution risks keep the near-term outlook uncertain. After a strong run in 2025, Oklo Inc. (OKLO - Free Report) has come under heavy selling pressure, with the stock falling 42.7% over the past three months and recently touching a 52-week low of $39.53. The weakness has not been limited to OKLO, as NuScale Power (SMR - Free Report) has declined about 41% and NANO Nuclear Energy (NNE - Free Report) has dropped roughly 40% over the same period. The broad pullback suggests that investors have become more cautious about early-stage nuclear developers because of long commercialization timelines, ongoing losses and limited near-term revenue visibility.
3-Month Price Performance Comparison Image Source: Zacks Investment Research
Still, OKLO’s deeper slide raises an important question: Has the market already priced in most of the company’s execution risks, or could the stock remain under pressure until regulatory progress and project development begin producing clearer financial results?
Regulatory Progress, Customer Pipeline Back Long-Term StoryUnlike traditional reactor developers, OKLO is building a vertically integrated platform that combines power generation with fuel fabrication, fuel recycling and isotope production. This integrated approach could provide multiple revenue opportunities over time instead of relying solely on electricity sales.
The company has continued to make operational progress despite the stock's weakness. Construction activities are advancing at the Aurora Fuel Fabrication Facility, while work continues on the Aurora-INL project, where the Nuclear Regulatory Commission has approved the company's Principal Design Criteria topical report. Oklo is also progressing its Aurora-Ohio development alongside plans for a 1.2-gigawatt power campus with Meta, while expanding isotope capabilities through the Groves test reactor and the Idaho Radiochemistry Laboratory.
Compared with NuScale Power, which focuses primarily on commercializing light-water small modular reactors, and NANO Nuclear, which is developing portable microreactors, OKLO is attempting to build an entire nuclear ecosystem. While this broader strategy increases execution complexity, it also creates more potential growth avenues if commercialization succeeds.
Falling Earnings Estimates Reflect OKLO’s Near-Term ChallengesDespite these operational milestones, Wall Street remains cautious. The Zacks Consensus Estimate now points to roughly 3% and 9% wider losses for both 2026 and 2027, respectively. Those downward estimate revisions reflect investors' recognition that OKLO remains a pre-revenue company with significant development costs before meaningful commercial operations begin.
Image Source: Zacks Investment Research
The company continues to invest heavily across several projects simultaneously, including reactor deployment, fuel fabrication, recycling facilities and isotope production. While these investments may strengthen its long-term competitive position, they also delay profitability and increase execution risk.
The earnings outlook also compares unfavorably with peers. NuScale Power has progressed further in certain licensing activities, while NANO Nuclear continues to advance its own commercialization roadmap. Although all three companies remain early-stage nuclear developers, investors are increasingly rewarding companies that demonstrate clearer visibility toward future revenues.
Several Catalysts Could Change Investor SentimentAlthough current earnings remain weak, several upcoming developments could improve confidence in Oklo's business.
The company recently achieved an important milestone after receiving Department of Energy approval of the Documented Safety Analysis for its Groves Isotope Test Reactor. The project has now entered the final startup review process and targets first criticality after completion of readiness reviews. This milestone supports OKLO's broader isotope strategy, which aims to supply radioisotopes for healthcare, manufacturing, scientific research and national security applications.
OKLO has also strengthened its engineering capabilities through acquisitions while continuing to build fuel supply infrastructure. Its Aurora Fuel Fabrication Facility and Tennessee Advanced Fuel Center are designed to support long-term reactor deployment by improving access to nuclear fuel and recycling capabilities. The company's collaboration with NVIDIA and Los Alamos National Laboratory to apply artificial intelligence to fuel validation further demonstrates its effort to combine advanced computing with nuclear technology.
Image Source: Oklo Inc.
Meanwhile, NuScale Power and NANO Nuclear continue to compete for leadership in the emerging advanced nuclear market. Both companies are pursuing their own regulatory and commercialization milestones, meaning investor attention will likely shift toward whichever developer demonstrates the fastest progress. Even so, OKLO's vertically integrated strategy, customer relationships and fuel-cycle capabilities differentiate it from both SMR and NNE.
OKLO's Risks Still Cannot Be IgnoredThe biggest challenge remains execution. OKLO still generates virtually no recurring operating revenues, while commercial power production remains several years away. Delays in regulatory approvals, construction schedules or fuel availability could postpone commercialization further.
The company is also spending aggressively to develop multiple projects simultaneously. If timelines slip, additional financing may eventually become necessary despite its current liquidity. Moreover, valuation remains heavily dependent on future expectations rather than operating fundamentals.
Competition also continues to intensify. NuScale Power already possesses greater market visibility in certain reactor segments, while NANO Nuclear is pursuing similar opportunities in advanced microreactors. Investors therefore have multiple nuclear developers to choose from, making execution increasingly important.
Time to Buy the Dip or Stay Away?OKLO remains one of the most ambitious companies in the advanced nuclear industry, with progress across reactor development, fuel fabrication, recycling and isotope production supporting its long-term vision. However, the stock's sharp decline reflects legitimate concerns about widening losses, delayed revenue generation and significant execution risks. While upcoming regulatory milestones and commercialization progress could eventually improve investor sentiment, the near-term outlook remains uncertain. Given the weaker earnings estimate revisions and the risks associated with its pre-revenue business model, OKLO stock currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
USA za šest desetiletí nashromáždily téměř 100 000 metrických tun použitého jaderného paliva. Oklo chce tento odpad využít ve svém reaktoru Aurora a později z něj vyrábět nové palivo.
Over the last six decades, the United States has accumulated nearly 100,000 metric tons of used nuclear fuel. Despite generating about one-fifth of the nation's electricity from nuclear power, the U.S. never established a permanent geological repository for spent commercial nuclear fuel.
This spent fuel could get a second chance if Oklo (OKLO +1.09%) has its way. That's because Oklo's nuclear reactors are designed to efficiently utilize spent nuclear fuel, creating an opportunity to get more from existing nuclear waste.
Here's what investors need to know about Oklo's long-term vision.
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How Oklo plans to get more from nuclear waste When it comes to nuclear energy, used nuclear fuel is not fully depleted or useless material. That's because conventional light-water reactors extract less than 5% of the total energy potential from enriched uranium before the assemblies stop generating power efficiently and are removed. While conventional reactors cannot use the spent fuel, the remaining material still contains large quantities of uranium and other elements that advanced reactor designs could utilize.
Oklo plans to use this spent fuel in its Aurora fast reactor, a compact, advanced reactor designed to operate on high-assay low-enriched uranium (HALEU) and recycled nuclear materials. This is possible because fast reactors can more efficiently utilize the heavier isotopes in spent nuclear fuel, enabling closed-loop fuel cycles.
Image source: The Motley Fool.
Oklo's initial powerhouses are expected to use fresh HALEU fuel, but in the longer term, the company aims to recycle portions of the country's accumulated used-fuel inventory into new reactor fuel. If it succeeds, it could expand domestic fuel supplies, reduce dependence on newly mined uranium, and lessen the burden of nuclear waste management by producing 90% less high-level waste than conventional reactors.
Oklo's use of recycled nuclear fuel could make it an innovator in the nuclear energy space, and it is investing nearly $1.7 billion to build a nuclear fuel recycling facility in Tennessee. Construction is expected to begin here in 2027, with the facility projected to begin producing recycled fuel by the 2030s.
What's next for Oklo? Oklo is making important progress with its nuclear reactor technology. The company's anchor project is the Aurora Powerhouse located at the Idaho National Laboratory. Here, the company will build a 75-MWe liquid-metal-cooled, metal-fueled reactor and aims to begin operations as soon as 2028.
It also has a major deal with Meta Platforms to build a 1.2-GW clean energy campus in Ohio. It has signed a Letter of Intent (LOI) with Centrus Energy to purchase HALEU fuel for this facility, which is slated to start delivering power in 2030, and the full campus is expected to be completed by 2034.
That said, it has a long road ahead and is vulnerable to regulatory setbacks. On top of that, it will incur significant expenses (it projects $350 million to $450 million in capital expenditures this year) before becoming commercially viable.
For those reasons, Oklo is a speculative stock best left to aggressive investors with a long-term perspective.
Akcie Oklo klesly v první polovině roku 2026 o 27 %, protože slábne nadšení pro jaderný sektor a firma dál ředí akcie, aby získala kapitál. Nemá tržby a její volný peněžní tok byl za posledních 12 měsíců záporný 154 milionů USD.
Shares of Oklo (OKLO 0.95%) sank 27% in the first half of 2026, according to data from S&P Global Market Intelligence. The nuclear reactor upstart is seeing enthusiasm for the sector wane after a monstrous run in 2025. It is also taking advantage of its high price to sell more shares to raise funds. Even though shares are up 386% in the last five years, they are still down 71% from the highs set back in 2025.
Here's why Oklo stock has fallen so far this year, and whether now is a good time to buy the dip.
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Major dilution and long timeline to commercialization Oklo is a research firm working to bring new nuclear reactor designs to market. It has a design for a reactor called the Aurora Powerhouse, which it wants to sell for direct electricity generation in data centers and industrial use cases, keeping these electricity-intensive systems from burdening the grid that powers homes and consumer use cases.
The problem is, Oklo's reactor design has not yet been approved by the Nuclear Regulatory Commission (NRC) in the United States, which means it is still likely years away from building the Aurora Powerhouse for clients. It is working on radioisotope production and nuclear fuel recycling, but these are subscale opportunities compared to actually building and operating nuclear reactors.
With no revenue today, Oklo is burning cash and has had to raise capital to shore up its balance sheet. To do so, it has sold shares of its common stock, a dilutive strategy that typically puts pressure on the share price. Shares outstanding have more than doubled in the last few years. Free cash flow is now negative $154 million over the last twelve months, the worst cash burn in the company's history.
On top of the specific business concerns, Oklo was a major beneficiary of the hype cycle for nuclear energy stocks tied to artificial intelligence (AI) electricity needs. Now, this hype is beginning to fade, causing stocks like Oklo to fall in 2026.
Image source: Getty Images.
Should you buy the dip? The positive thing for investors is that Oklo had over $2 billion in cash and equivalents on its balance sheet at the end of Q1, and likely an even higher figure at the end of Q1. This will give it many years of runway to secure its reactor design approval before running out of funds.
On a negative note, nuclear energy has and will likely continue to be a tough sector to operate in. The industry moves slowly, making it tough for a start-up like Oklo to bring a new product to market in a timely manner. With a market cap still at $8.5 billion and no revenue, Oklo stock is likely one you shouldn't buy the dip on this year.
OKLO rozšiřuje podnikání v oblasti izotopů, aby posílila domácí dodávky radioizotopů pro medicínu, výzkum, vesmír a bezpečnost. Projekt Groves v Texasu po schválení DOE míří k nakládce paliva, spuštění testů a první kritičnosti, s cílem na červenec 2026.
Key Takeaways OKLO's isotopes business targets rising demand in medicine, manufacturing, research, space and security.OKLO plans to reprocess existing materials and produce fresh isotopes in purpose-built reactors.Groves could move toward fuel loading and first criticality after final reviews, targeted for July 2026. Oklo Inc.’s (OKLO - Free Report) isotopes business is becoming an important part of its advanced nuclear platform, with a focus on building a reliable U.S. supply of critical radioisotopes. These isotopes are used in cancer diagnosis and treatment, advanced manufacturing, scientific research, space exploration and national security. Demand is growing rapidly, while global supply remains constrained because many important isotopes are sourced overseas or produced in aging facilities.
To address this supply gap, OKLO is creating an integrated isotope production platform using multiple approaches, including reprocessing existing materials and producing fresh isotopes in purpose-built reactors. By sourcing material through U.S. and international waste partnerships, the company aims to process waste into valuable isotopes while reducing reliance on fragile foreign supply chains. Its Idaho Radiochemistry Laboratory is expected to support early isotope output and operational learning.
OKLO’s long-term strategy involves a phased rollout across multiple sites. The Groves Isotope Test Reactor in Texas has received DOE approval for its Documented Safety Analysis, moving it into final pre-startup review, with readiness review and startup approval remaining. After approval, Groves can move toward fuel loading, startup testing and first criticality, targeted for July 2026. The multi-reactor isotope foundry in Idaho and Advanced Fuel Center in Tennessee are expected to support commercial-scale isotope production and fuel-cycle integration.
While OKLO is pursuing a vertically integrated strategy, rising isotope demand is creating opportunities for companies with existing nuclear expertise, medical-isotope capabilities and global supply networks. These players could benefit as healthcare, research, industrial and security applications require more dependable isotope availability.
Other Companies Tapping Isotope Demand
BWX Technologies (BWXT - Free Report) is strengthening its role in nuclear materials and isotope production, including medical isotopes such as Mo-99 and actinium-225. BWX Technologies benefits from government partnerships and a secure domestic supply chain. As isotope demand rises, BWX Technologies is positioned as a strategic U.S. supplier.
Meanwhile, Sotera Health (SHC - Free Report) , through its Nordion business, is a major supplier of cobalt-60 used in cancer treatment and medical sterilization. Sotera Health supports global healthcare needs through an established distribution network and long-term customer ties. With supply constraints continuing, Sotera Health remains well placed in the isotope market.
The Zacks Rundown on OKLO
Shares of Oklo have lost some 12% over the past year, underperforming the industry's growth.
Image Source: Zacks Investment Research
OKLO currently has an average brokerage recommendation (ABR) of 2.00 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for OKLO’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Oklo v červnu získala klíčová schválení od DOE a partnerství v oblasti paliva, přesto akcie klesly o 21,8 %. Firma zatím nemá tržby a investoři se obávají ředění po nové emisi akcií.
Oklo (OKLO 0.17%) had what should have been a dream month in June 2026.
The nuclear energy start-up was racking up major wins left and right, including approvals from the Department of Energy (DOE) and a crucial partnership to secure the mission-critical uranium fuel needed to power Oklo's small modular reactors (SMRs) for a massive project.
Yet, Oklo stock slumped 21.8% in June, according to data provided by S&P Global Market Intelligence.
The disconnect comes down to a reality check on multiple fronts. But could the markets have overreacted, offering investors an opportunity to scoop up shares of a company with significant government collaborations amid a nuclear energy renaissance?
Image source: Getty Images.
Oklo's major recent wins Oklo stock sank after its first-quarter earnings in May and a $1 billion new equity offering. Oklo is still developing fast-fission nuclear power plants called Aurora powerhouses and has yet to commercialize its technology and generate its first revenue. Its spending, however, pushed Q1 net loss to $33 million. That massive share sale further hurt the stock price as investors feared dilution of their value.
June was, comparatively, a far more positive month for Oklo.
It won a crucial DOE safety approval for its Idaho National Laboratory (INL) plant under the DOE's Reactor Pilot Program.
The Auroral-INL will be Oklo's first fast-fission plant.
In mid-June, Oklo signed a memorandum of understanding (MOU) with Standard Nuclear to collaborate on nuclear fuel recycling and advanced fuel manufacturing.
The U.S. government is keen to use surplus plutonium lying in its stockpile as nuclear fuel for reactors, and Oklo is among the few companies developing nuclear fuel recycling facilities. It is also advancing Pluto, a plutonium-fueled fast test reactor.
Oklo also locked down a massive strategic partnership with Centrus Energy to secure high-assay low-enriched uranium (HALEU) supplies to power up to five Aurora powerhouses over the next few years. These reactors are for Oklo's planned 1.2 GW power campus in the Ohio region to support Meta Platforms data centers.
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Oklo closed out June by acquiring Creative Engineers to beef up their advanced reactor tech. Earlier in the month, it acquired ARMEC to strengthen its reactor manufacturing capabilities.
With everything lining up so perfectly, why did Oklo shares still fall?
Why Oklo stock could continue to be volatile First, the DOE threw a curveball into the SMR market when it announced a $17.5 billion loan program for traditional, large-scale nuclear reactors. Investors betting heavily on SMRs amid the artificial intelligence (AI) power boom were instantly spooked, triggering a broad sell-off that dragged Oklo stock with it.
To be sure, the government isn't souring on small reactors. If anything, the massive loan program serves as a broad validation of the nuclear energy upcycle. The issue is that when a pre-revenue company begins trading like a high-flying stock, any perceived distraction can hit the stock hard.
Oklo eventually aims to generate electricity from Aurora powerhouses and sell it under long-term power purchase agreements. But because commercial operations are still years away, even a single mixed signal can prompt investors to do a reality check and take profits.
Oklo získala od DOE schválení bezpečnostní analýzy pro Groves, čímž se projekt posouvá do finální fáze před spuštěním. První kritičnost cílí na červenec 2026.
Key Takeaways Oklo received DOE approval for its DSA, advancing Groves into the final startup review phase.It targets July 2026 for the first criticality after readiness review, fuel loading and startup authorization.Oklo says Groves will support U.S. isotope production for medicine, research, manufacturing and security. Oklo Inc. (OKLO - Free Report) has achieved a major milestone in the development of its Groves Isotope Test Reactor after receiving approval for its Documented Safety Analysis (DSA) from the U.S. Department of Energy (DOE). The approval, granted under the DOE's Reactor Pilot Program, moves the Texas-based project one step closer to operational authorization and highlights the growing momentum behind advanced nuclear technology in the United States.
The achievement reinforces Oklo's strategy of accelerating commercial nuclear deployment while supporting a more resilient domestic supply of critical medical and industrial isotopes.
DOE Safety Approval Moves Groves Into Final Startup PhaseThe DOE's approval of the DSA marks the completion of the reactor's final safety documentation process. The DSA provides a comprehensive technical assessment of potential hazards, required safety controls and operational procedures needed to ensure safe reactor startup.
This follows the earlier approval of the Preliminary Documented Safety Analysis, which established the project's initial safety basis during the design and construction stages.
With both approvals now secured, the Groves reactor enters the DOE's final pre-startup review, which includes a readiness review and startup authorization. Once approved, the facility will be permitted to receive and load nuclear fuel, conduct startup testing and advance toward first criticality — the point at which the reactor achieves a controlled, self-sustaining nuclear chain reaction.
Oklo is targeting July 2026 for its first criticality.
A First for Commercial Advanced Nuclear ProjectsAccording to Oklo’s co-founder and CEO, the project represents a significant milestone for the advanced nuclear industry.
Groves is the first advanced reactor project to receive DSA approval while being located on privately owned land and relying entirely on commercially sourced fuel, equipment and systems supplied by the private sector. Construction and planned operations have also been led by a private-sector team under DOE oversight, making the facility representative of future commercial reactors that Oklo intends to build and operate.
The company also noted that the project demonstrates how advanced reactors can move from construction to deployment on a commercial timeline while maintaining rigorous safety standards.
Supporting Domestic Isotope ProductionBeyond reactor development, the Groves facility plays a strategic role in expanding Oklo's isotope business.
The reactor is expected to strengthen domestic production of critical isotopes used across several sectors, including cancer diagnosis and treatment, advanced manufacturing, scientific research, space exploration and national security.
Many of these isotopes are currently imported or produced at aging facilities, creating supply chain vulnerabilities for hospitals, research institutions and government agencies across the United States.
By launching operations through a pilot facility, Oklo aims to validate production processes, optimize reactor performance and establish reliable commercial-scale isotope production within the country.
Oklo Continues to Build MomentumThe DOE approval comes shortly after Oklo announced its acquisition of Creative Engineers Inc., a company specializing in alkali metal engineering for the nuclear industry. Although financial details of the acquisition were not disclosed, the move further strengthens Oklo's technical capabilities as it advances its next generation of nuclear technologies.
With regulatory progress accelerating, strategic acquisitions expanding its expertise and the Groves reactor approaching startup, Oklo continues to position itself as a leading developer of advanced nuclear solutions while helping build a more secure domestic isotope supply chain.
OKLO’s Zacks Rank & Key PicksOklo is an advanced nuclear energy company focused on developing, owning and operating small nuclear power plants under its Aurora product line. Currently, OKLO has a Zacks Rank #3 (Hold).
Investors interested in the nuclear energy sector may consider some top-ranked stocks like GE Vernova Inc. (GEV - Free Report) , NextEra Energy, Inc. (NEE - Free Report) and The Southern Company (SO - Free Report) — each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
GE Vernova is an energy company that includes Power, Wind and Electrification segments and is supported by its accelerator businesses of Advanced Research, Consulting Services and Financial Services. The Zacks Consensus Estimate for GEV’s 2026 earnings indicates 73.2% year-over-year growth.
Juno Beach, FL-based NextEra Energy is a public utility holding company engaged in the generation, transmission, distribution and sale of electric energy. The Zacks Consensus Estimate for NEE’s 2026 earnings indicates 8.1% year-over-year growth.
Atlanta, GA-based Southern Company is one of the largest utilities in the United States. The company deals with the generation, transmission and distribution of electricity. The Zacks Consensus Estimate for SO’s 2026 earnings indicates 6.5% year-over-year growth.
OKLO koupí Creative Engineers, aby si interně zajistila klíčové sodium inženýrství pro komercializaci reaktorů Aurora. CEI si zároveň ponechá obsluhu komerčních jaderných zákazníků.
Key Takeaways OKLO acquired CEI to bring critical sodium engineering expertise in-house for Aurora commercialization.CEI's team adds sodium handling, testing, manufacturing and fabrication capabilities to OKLO.CEI will keep serving commercial nuclear customers, preserving revenue alongside its role at OKLO. Oklo Inc.’s (OKLO - Free Report) acquisition of Creative Engineers, Inc. (“CEI”) is more than a routine bolt-on deal. It reflects the nuclear operator’s strategy of bringing highly specialized engineering capabilities in-house to support the commercialization of its Aurora sodium-cooled fast reactors. CEI has decades of expertise in sodium, sodium-potassium alloy (NaK) and other alkali-metal systems, along with experience in liquid-metal component development, fabrication, manufacturing and applied research.
Since liquid sodium is the coolant used in Aurora reactors, these capabilities directly address one of the most technically demanding parts of reactor development. The two companies have already collaborated for several years on sodium loops, pumps, flow meters and safety training, making the acquisition a natural extension of an existing working relationship.
The acquisition also strengthens OKLO’s execution model by reducing its dependence on outside contractors for critical engineering work. Bringing CEI’s approximately 20 engineers, fabricators and welders into the organization gives OKLO greater control over sodium handling, testing, equipment manufacturing and research activities that are essential for reactor deployment. The company expects this closer integration to accelerate design improvements, shorten development timelines and lower execution risks associated with specialized equipment and fabrication. Instead of coordinating these capabilities externally, OKLO can now manage them internally, creating tighter feedback loops between engineering, manufacturing and deployment.
The transaction also aligns with OKLO’s broader strategy of building a vertically integrated nuclear platform. CEI has generated positive free cash flow for more than five years, allowing OKLO to add specialized expertise while acquiring an operating business with an established financial track record. Importantly, CEI will continue serving its existing commercial nuclear customers, preserving an additional revenue stream alongside its expanded role within OKLO.
Following the recent ARMEC acquisition, the CEI deal further demonstrates that OKLO is prioritizing ownership of critical engineering and manufacturing capabilities to improve execution speed and strengthen its path toward Aurora commercialization.
OKLO is not the only nuclear company using acquisitions to address execution and supply-chain bottlenecks. Across the sector, companies are buying targeted technology, logistics and manufacturing assets to improve control over critical capabilities and prepare for rising nuclear demand.
Nuclear Players Turn to Deals for Execution ControlNANO Nuclear Energy (NNE - Free Report) is using acquisitions to broaden its nuclear platform and support commercialization. NANO Nuclear acquired USNC patents tied to its ZEUS, ODIN, KRONOS MMR and LOKI Micro Modular Reactor programs. NANO Nuclear also bought Secured Transportation Services, adding in-house nuclear fuel logistics and transport expertise. These moves help NANO Nuclear protect key technology, strengthen deployment planning and reduce reliance on outside partners.
Meanwhile, BWX Technologies (BWXT - Free Report) is expanding its U.S. nuclear manufacturing base through acquisitions. BWX Technologies agreed to acquire Precision Components Group, including Precision Custom Components and DC Fabricators. The deal adds heavy-manufacturing space, skilled labor and capabilities in pressure vessels, heat exchangers, machining, welding and fabrication. For BWX Technologies, this improves speed, capacity and control as commercial nuclear demand grows.
The Zacks Rundown on OKLOFrom a valuation standpoint, OKLO trades at a price-to-book ratio of 3.45, below the industry.
Image Source: Zacks Investment Research
OKLO currently has an average brokerage recommendation (ABR) of 2 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 24 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for OKLO’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DOE schválilo finální bezpečnostní analýzu pro Groves Isotope Test Reactor od Oklo, což posouvá projekt do závěrečné fáze před spuštěním. Firma míří k první kritičnosti v červenci 2026.
U.S. Department of Energy Approves Final Safety Analysis for Oklo's Groves Isotope Test Reactor, Advancing the Project Toward Operational Authorization Oklo Inc. (NYSE: OKLO) (“Oklo”), an advanced nuclear technology company, today announced that the U.S. Department of Energy (DOE) has approved the Documented Safety Analysis (DSA) for Oklo Isotopes’ Groves Isotope Test Reactor in Texas under DOE’s Reactor Pilot Program (RPP).
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260701843499/en/
Oklo's Isotopes Test Reactor (Image: Oklo)
The DSA is the facility’s final safety basis grounded on a detailed technical analysis of potential hazards, safety controls, and operating requirements needed to support safe startup. The DSA approval follows DOE’s approval of the Preliminary Documented Safety Analysis (PDSA), which established the facility’s preliminary safety basis during design and construction.
With both the PDSA and DSA approved, Groves moves from the documentation phase into DOE’s final pre-startup review. The remaining steps are DOE’s readiness review and startup approval. Following startup approval, the facility will be authorized to receive and load nuclear fuel, conduct startup testing, and proceed toward first criticality, the point at which a reactor achieves a controlled, self-sustaining nuclear chain reaction. Oklo is targeting first criticality for Groves in July 2026.
“When the Administration issued its Executive Order calling for multiple advanced reactors to go critical outside the national laboratories, it challenged the industry to demonstrate a new way forward,” said Oklo co-founder and CEO Jacob DeWitte. “Groves is that demonstration. It is the first advanced reactor project to receive approval of its Documented Safety Analysis that is on privately owned land, with wholly commercially sourced fuel, equipment, and systems delivered by the private sector. And with full, enduring civil construction, and operations led entirely by a private-sector team under DOE oversight. This is a truly representative facility of future commercial facilities that Oklo intends to build and operate.”
“With approval of both the Preliminary and Documented Safety Analyses, Groves now moves into the final phase before startup, including readiness review, fuel loading, and criticality,” DeWitte added. “Less than a year after breaking ground, Groves is advancing toward criticality and demonstrating that advanced nuclear can move from an open field to deployment on a commercial timeline and with a commercially representative facility. DOE demonstrated remarkable capabilities to review and reach this milestone for a facility of this type, and for a facility outside of a national laboratory on this timescale. As the first project of this nature to achieve this milestone under the DOE Reactor Pilot Program, Groves provides a blueprint for how the United States can accelerate advanced reactor deployment while maintaining a rigorous, practical safety process.”
Groves supports the development of Oklo’s isotope business and helps establish a stronger domestic supply chain for critical isotopes used in cancer diagnosis and treatment, advanced manufacturing, scientific research, space exploration, and national security applications. Many important isotopes are currently sourced from overseas suppliers or produced in aging facilities, creating supply risks for U.S. hospitals, industry, researchers, and government users.
By starting with a pilot facility, Oklo’s isotopes business has developed operating procedures, evaluated reactor system performance, will validate production processes, and build dependable domestic isotope production at commercial scale in the US.
About Oklo Inc.: Oklo Inc. is developing fast fission power plants to deliver clean, reliable, affordable energy at global scale; establishing a domestic supply chain for critical isotopes; and advancing nuclear fuel recycling to convert used nuclear fuel into clean energy. Oklo was the first to receive a site use permit from the U.S. Department of Energy for a commercial advanced fission plant, was awarded fuel from Idaho National Laboratory, and submitted the first custom combined license application for an advanced reactor to the U.S. Nuclear Regulatory Commission. Oklo is also developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.
Forward-Looking Statements
This press release includes statements that express Oklo’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “may,” “will,” “could,” “should,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continue,” “might,” “possible,” “potential,” “predict,” “project,” “goal,” “would,” “commit,” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.
As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo’s future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the development and deployment of Oklo’s powerhouses, fuel fabrication and fuel recycling facilities, and radioisotope production activities; the risk that Oklo is pursuing an emerging market with no commercial project operating and regulatory uncertainties; risks related to acquisitions, divestitures, or joint ventures we may engage in; the need for financing to construct plants, which remain subject to market, financial, political, and legal conditions; risks related to an inability to raise additional capital to support our business and sustain our growth on favorable terms; the effects of competition; risks related to accessing high-assay low-enriched uranium, plutonium, and other fuels (including recycled fuels) at acceptable costs and under acceptable timelines; risks related to our supply chain; risks related to power purchase agreements; risks related to human capital; risks related to our intellectual property; risks related to cybersecurity and data privacy; changes in applicable laws or regulations, including tariffs; the outcome of any government and regulatory proceedings and investigations and inquiries; and the other factors set forth in our documents we have filed with the U.S. Securities and Exchange Commission (the “SEC”).
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the SEC. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260701843499/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Oklo a Centrus podepsaly předběžnou smlouvu o dodávkách HALEU pro až pět reaktorů Aurora s tím, že dodávky mají začít v roce 2029. Palivo má podpořit plánovaný areál o výkonu 1,2 GW v jižním Ohiu.
One of the first large-scale commercial high-assay low-enriched uranium (HALEU) supply agreements that could include prepayments from Oklo. Centrus to provide Oklo with enough HALEU to support multiple years of Oklo reactor cores, covering up to five Aurora powerhouses as part of Oklo's planned 1.2 GW Clean Energy Campus. Oklo and Kiewit Nuclear Solutions Co. ("Kiewit") have entered into an MOU intended to support engineering, procurement, and construction planning for the initial planned Aurora powerhouse deployments in southern Ohio. Work expected to bring multi-billion-dollar private clean energy investment and hundreds of jobs to southern Ohio. PIKETON, Ohio, /PRNewswire/ -- Oklo Inc. (NYSE: OKLO) ("Oklo"), an advanced nuclear technology company, and Centrus Energy Corp. (NYSE: LEU) ("Centrus"), a uranium enrichment and nuclear fuel services provider, announced today a Letter of Intent under which Centrus agrees to supply enough domestic high-assay low-enriched uranium (HALEU) to power up to five Aurora powerhouses for multiple years, with deliveries to Oklo scheduled to begin in 2029. Centrus will supply HALEU from its American Centrifuge Plant in Pike County, Ohio to support Oklo's planned 1.2 GW power campus in the region.
The agreement, which anticipates a further definitive contract, brings together domestic fuel supply, planned advanced nuclear power generation, customer demand, and project execution in southern Ohio while strengthening fuel certainty for Oklo's planned Aurora powerhouse deployments at a time when access to domestically sourced HALEU remains one of the central constraints facing the advanced nuclear sector.
The Letter of Intent could include prepayments from Oklo to Centrus to support fuel supply for Oklo's planned campus buildout and will be further negotiated in a future definitive agreement. It follows Oklo's January 2026 announcement with Meta, which included prepayment to advance project certainty for Oklo's planned Aurora powerhouse campus. Centrus plans to leverage billions in private capital along with the previously announced $900 million HALEU task order from the U.S. Department of Energy.
The development advances Oklo's broader southern Ohio deployment strategy by aligning Centrus' enrichment capabilities at Piketon, Oklo's planned Aurora powerhouse campus, established customer demand, and engineering and construction experience from Kiewit, one of North America's largest construction and engineering organizations.
"This agreement aligns core elements of advanced nuclear deployment: power generation, fuel, and customer demand," said Oklo co-founder and CEO Jacob DeWitte. "Southern Ohio brings together decades of nuclear experience and a highly qualified workforce that can move advanced nuclear from planning to deployment."
"Today's announcement is an important step toward ensuring reliable HALEU supply for next generation reactors and represents a crucial milestone as we work to restore America's ability to enrich uranium at scale," said Centrus President and CEO Amir Vexler. "By connecting advanced nuclear power generation and customer demand with domestic HALEU production in southern Ohio, this agreement helps establish a foundation for a new U.S. advanced nuclear energy hub."
The work to establish a commercial supply chain for advanced nuclear fuel and build a campus of Aurora powerhouses will require over 700 full-time construction employees for multiple years across the deployment of sequential units. Oklo also expects each planned powerhouse to support approximately 40 to 50 permanent, well-paying jobs, including technical support, engineering, administration, warehouse and logistics, routine maintenance, and periodic refueling activities. For every eight Aurora powerhouses, an additional 80 to 120 permanent roles will be created to support site-wide operations.
Centrus' expansion, which launched late last year, is expected to create 1,000 construction jobs and 300 new operating jobs in Ohio alone, while retaining the 150 jobs that existed at the Piketon plant when the expansion began.
Oklo's fast fission Aurora powerhouses are designed to provide reliable clean power under a build-own-operate model, using liquid-metal cooling with low-water requirements, low emissions, and inherent safety characteristics that make the technology well suited to support new industrial growth in southern Ohio.
About Oklo Inc.: Oklo Inc. is developing fast fission power plants to deliver clean, reliable, affordable energy at global scale; establishing a domestic supply chain for critical isotopes; and advancing nuclear fuel recycling to convert used nuclear fuel into clean energy. Oklo was the first to receive a site use permit from the U.S. Department of Energy for a commercial advanced fission plant, was awarded fuel from Idaho National Laboratory, and submitted the first custom combined license application for an advanced reactor to the U.S. Nuclear Regulatory Commission. Oklo is also developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.
About Centrus: Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, which in this context means statements that express Oklo's and Centrus' opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "may," "will," "could," "should," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "continue," "might," "possible," "potential," "predict," "project," "goal," "would," "commit," or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo and/or Centrus operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.
As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo's future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the development and deployment of Oklo's powerhouses, fuel fabrication and fuel recycling facilities, and radioisotope production activities; the risk that Oklo is pursuing an emerging market with no commercial project operating and regulatory uncertainties; risks related to acquisitions, divestitures, or joint ventures we may engage in; the need for financing to construct plants, which remain subject to market, financial, political, and legal conditions; risks related to an inability to raise additional capital to support our business and sustain our growth on favorable terms; the effects of competition; risks related to accessing high-assay low-enriched uranium, plutonium, and other fuels (including recycled fuels) at acceptable costs and under acceptable timelines; risks related to our supply chain; risks related to power purchase agreements; risks related to human capital; risks related to our intellectual property; risks related to cybersecurity and data privacy; changes in applicable laws or regulations, including tariffs; the outcome of any government and regulatory proceedings and investigations and inquiries; and the other factors set forth in our documents we have filed with the U.S. Securities and Exchange Commission (the "SEC").
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the SEC. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation, except as may be required by law.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: our ability to conclude negotiations with our customers, including with Oklo, Inc. regarding the Letter of Intent; the war in Ukraine and other geopolitical conflicts; our government contracts, including related to changes to the U.S. government's appropriated funding levels for HALEU and the government's inability to satisfy its obligations, our lease to our facility in Piketon, Ohio; whether or when government demand for HALEU or LEU for government or commercial uses will materialize and at what level; the impact and potential extended duration of a supply/demand imbalance in the market for LEU; significant competition from major LEU producers, including foreign competitors, who may be less cost sensitive then we are; limitations on our ability to compete in foreign markets; pricing trends and demand in the uranium and enrichment markets, especially in light of the potential of limited supply and our dependence on others for deliveries of LEU; and our ability to successfully implement our planned expansion projects in Piketon, Ohio and Oak Ridge, Tennessee.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A – "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Centrus:
Media -- Dan Leistikow [email protected]
Investors -- Neal Nagarajan [email protected]
Media Contact for Oklo:
Bonita Chester, Head of Communications and Media at [email protected]
Investor Contact:
Sam Doane, Senior Director of Investor Relations at [email protected]
OKLO letos kleslo asi o 18 % a po korekci působí vyváženěji, ale firma je stále před generováním tržeb. Pomáhá jí pokrok v Aurora-INL, výrobě paliva a partnerstvích, zatímco rizikem zůstává cash burn a načasování milníků.
Key Takeaways OKLO's YTD decline has made investors reassess whether the advanced nuclear stock is a better bet.Project progress, fuel fabrication, recycling plans and customer momentum support OKLO's long-term story.OKLO's valuation has compressed, but pre-revenue risks, cash burn and milestone timing remain concerns. Oklo Inc. (OKLO - Free Report) has lost about 18% year to date, making investors ask whether the pullback has created a better entry point into one of the most-watched advanced nuclear names. The broader nuclear trade has cooled as well, with NuScale Power (SMR - Free Report) down 27% and NANO Nuclear (NNE - Free Report) off 5.4%.
YTD Price Performance Comparison Image Source: Zacks Investment Research
All three companies are benefiting from the same long-term theme of rising demand for reliable, carbon-free power from data centers, industrial customers and government users.
However, investors should recognize that OKLO remains at a much earlier stage of commercialization than many traditional energy companies. As a pre-revenue business, its investment case depends less on current financial performance and more on whether management can successfully convert development progress into commercial deployment.
OKLO’s Pullback Looks Less Extreme Than NuScale’s
OKLO’s decline this year is meaningful, but it is less severe than NuScale Power’s drop. NANO Nuclear has held up better, but it is also at an early stage, with investors watching licensing, fuel logistics and microreactor commercialization milestones. The decline in OKLO shares appears to reflect a reset after strong enthusiasm for advanced nuclear stocks.
Investors still like the long-term theme, but they are being more selective about companies that need regulatory approvals, financing, fuel access and customer conversion before meaningful revenue arrives. OKLO’s correction may make the stock more balanced, but not necessarily low risk.
Execution Progress Strengthens the OKLO Story
OKLO has made several moves that support its long-term plan. The company has advanced its Aurora-INL project, including DOE-related safety and authorization work, and is pushing fuel fabrication readiness through its Aurora Fuel Fabrication Facility. It has also built customer momentum across data centers, industrials, energy and government users. The company’s model is broader than simply building reactors. OKLO wants to connect power generation, fuel fabrication, fuel recycling and isotope production into one integrated platform. This could prove valuable as fuel supply is becoming a key bottleneck for advanced nuclear deployment.
The MOU with Standard Nuclear adds another important piece. The companies plan to explore nuclear fuel recycling and advanced fuel manufacturing, including the potential use of recycled materials as feedstock for domestic TRISO fuel production. OKLO and Standard Nuclear are also advancing DOE discussions tied to surplus plutonium utilization. This fits OKLO’s strategy of turning used or surplus nuclear materials into productive energy assets. It also differentiates OKLO from NuScale Power, which is built around a light-water small modular reactor design, and from NANO Nuclear, which is developing microreactor and fuel-related capabilities.
Earnings Estimates Show the Risk
The main caution is that OKLO remains pre-revenue. That makes earnings estimates less useful than they would be for a mature power producer, but they still show how far the company is from profitability. The Zacks Consensus Estimate for OKLO’s 2026 loss per share has moved 8% lower, while the 2027 estimate has moved 17% lower. Analysts expect a bigger loss than before. That is not surprising for a company investing in first-of-a-kind nuclear assets, fuel facilities and regulatory work. However, investors must be comfortable with cash burn, uncertain timelines and possible future capital raises. NuScale Power and NANO Nuclear face similar early-stage risks.
Image Source: Zacks Investment Research
OKLO’s Valuation Is Better, But Still Requires Patience
OKLO now trades at about 3.9 times book value, only slightly above its subindustry and far below its earlier peak of more than 35 times. That sharp valuation reset is one reason the stock looks more interesting after the correction. A lower price-to-book multiple gives investors less exposure to the aggressive nuclear expectations previously built into the stock. Even so, OKLO is not a simple value play. Book value does not fully capture uncertainty around licensing, construction, fuel qualification, customer contracts and project economics. In particular, the stock remains highly sensitive to milestone timing.
Image Source: Zacks Investment Research
Conclusion
After a reasonable year-to-date correction, OKLO looks like a better-balanced bet than when expectations were higher. The company has visible progress in Aurora-INL, fuel fabrication, recycling, customer development and strategic partnerships, while its valuation has compressed.
However, OKLO is still pre-revenue. Earnings estimates have weakened and commercialization remains a long, regulated and capital-intensive process. For investors seeking exposure to advanced nuclear power, OKLO deserves attention alongside NuScale Power and NANO Nuclear, but the risk-reward is not yet strong enough to call it an outright buy. OKLO stock is currently a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
OKLO získala od NRC schválení svého reportu Principal Design Criteria, což podporuje budoucí licencování reaktorů. U projektu Aurora-INL už splnila klíčové milníky DOE.
Key Takeaways OKLO is using flexible regulatory pathways to support fast fission reactor deployments at scale.Aurora-INL has completed key DOE milestones tied to reactor safety and project design agreements.NRC approval of OKLO's design criteria report supports future licensing and repeatable reactor approvals. Regulatory execution is becoming a key factor in bringing advanced nuclear technologies to market. For Oklo Inc. (OKLO - Free Report) , progress with the U.S. Nuclear Regulatory Commission (“NRC”) and the U.S. Department of Energy (“DOE”) is central to its plan to deploy fast fission reactors at scale. By engaging early with regulators and using pathways suited to each asset, the company aims to reduce uncertainty, improve timeline visibility and support a more repeatable deployment model.
OKLO is taking a flexible approach to regulatory approvals rather than relying on a single process. For its Aurora-INL project, the company has already completed several important DOE milestones, including agreements related to reactor safety and project design. The next major steps involve final safety reviews, readiness assessments and approval to begin operations. Progress under the DOE's Reactor Pilot Program is important because it could help OKLO gain practical operating experience before expanding into broader commercial deployments.
OKLO is also making progress with the NRC. The agency recently approved the company's Principal Design Criteria topical report, an important step that supports future licensing work. OKLO has indicated that some of the technical and regulatory work completed for Aurora can be reused for future projects, which could help shorten approval timelines. At the same time, the company's Aurora-Ohio project is moving toward the combined license application stage. Together, these efforts suggest that OKLO is building a repeatable process for licensing future reactors while continuing to advance development, procurement and commercialization activities.
How Nuclear Peers Are Managing Licensing and Fuel Risk
NuScale Power (SMR - Free Report) stands out for having one of the most advanced regulatory positions in small modular nuclear power. NuScale Power says its design received U.S. NRC standard design approval in 2020, design certification in 2023 and a second standard design approval in 2025. NuScale Power also highlights an NRC-approved safety case, including passive safety features and a site-boundary emergency planning zone. This regulatory head start supports NuScale Power as projects such as RoPower and TVA/ENTRA1 move ahead.
NANO Nuclear Energy (NNE - Free Report) is at an earlier but active regulatory stage. NANO Nuclear expects to begin the Part 50 NRC licensing process after formal acceptance of the construction permit application for its KRONOS MMR deployment at the University of Illinois, with about 12 months of review expected. NANO Nuclear also lists regulatory progress in the United States and Canada as a key catalyst. For NANO Nuclear, early licensing work is important to reduce project risk and support future deployment.
The Zacks Rundown on OKLO
From a valuation standpoint, OKLO trades at a price-to-book ratio of 3.77, below the industry.
Image Source: Zacks Investment Research
OKLO currently has an average brokerage recommendation (ABR) of 1.96 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 23 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for OKLO’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
