Oklo Q3 Earnings Call Highlights

Key Points

• Oklo’s first Aurora powerhouse in Idaho may not begin operating until 2028 or 2029. Construction and fuel-fabrication work are advancing, but the company is allowing time for testing, equipment calibration and commissioning.
• Oklo reported a $123.3 million net loss for the first nine months of 2026 and held $3.1 billion in cash, cash equivalents and marketable securities at Sept. 30. It maintained its full-year guidance for $120 million–$150 million in operating cash use and $400 million–$500 million in capital spending.
• Oklo is pursuing an Ohio power campus of up to 1.2 gigawatts under an agreement with Meta, but the agreement is not binding to build a reactor; the project is progressing through PJM’s interconnection process. The company is also developing fuel and isotope businesses, with early third-party fuel-services revenue potentially emerging within two years.

Oklo NYSE: OKLO is building in additional time for commissioning and startup of its first Aurora powerhouse in Idaho, with its filing indicating the plant could come online in 2028 or 2029, executives said during the company’s third-quarter 2026 earnings call.

CEO Jake DeWitte said lessons from Oklo’s Groves-1 test reactor informed the need for schedule flexibility, including time for equipment calibration, testing and integration. The company is advancing construction, fuel fabrication and regulatory work in parallel while developing additional power and isotope projects.

Oklo reported a $123.3 million net loss for the first nine months of 2026 and said it held $3.1 billion in cash, cash equivalents and marketable securities as of Sept. 30. The balance included proceeds from $2.3 billion raised through at-the-market offerings during the period.

Aurora construction and startup

At the Aurora-ID site, reactor-area excavation is complete, safety-related rebar work is underway and structural steel is being installed, DeWitte said. The Department of Energy has approved the project’s preliminary documented safety analysis, a review milestone that supports safety-related construction and procurement.

Remaining steps include approval of the documented safety analysis, a readiness review and startup authorization. DeWitte said he expects the documented safety analysis to move forward closer to construction completion, likely in 2028.

Asked about the 2028-to-2029 startup window in Oklo’s quarterly filing, DeWitte said the company wanted to allow for potential equipment recalibration and the time needed to integrate and commission the plant. He cited electrical noise management in sensitive nuclear monitoring systems as one example of work that can require attention once the facility is assembled.

Oklo is also installing equipment at its Aurora Fuel Fabrication Facility, or A3F, to make the plant’s first core from secured EBR-II material. The company is targeting its first full fuel assembly in 2027.

DeWitte said Aurora-ID could generate revenue from power sales, irradiation services and isotope production. Some activities, including certain power sales, can occur under DOE authorization, he said. CFO Craig Bealmear said the company expects the laboratories to be the initial power customer and intends to transition the plant to a Nuclear Regulatory Commission permit, though he did not provide a timeline.

Ohio project and supply chain

Oklo continues to pursue a planned Ohio power campus of up to 1.2 gigawatts under its agreement with Meta. DeWitte said the agreement is not binding to build the reactor, although Bealmear said it contains binding elements, including capital Meta provided to reserve capacity. Securing fuel is an early milestone for use of that capital, he said.

The Ohio project is moving through PJM’s interconnection process. PJM withdrew a separate application for a potential Virginia site, and the Federal Energy Regulatory Commission dismissed Oklo’s complaint challenging that withdrawal. DeWitte and Bealmear said the decision does not affect Ohio. Bealmear estimated that the PJM process for Ohio would take place over the next 24 months.

For future deployments, Oklo has signed an agreement with U.S. Forged Rings for manufacturing capacity equivalent to 27 Aurora modules from 2030 through 2035. The capacity covers large components including vessels, lids and support structures. Deliveries depend on completion and qualification of the supplier’s planned facility, and individual purchases will be documented in later orders.

Fuel and isotope opportunities

Oklo is exploring third-party revenue from fuel fabrication, recycling and related services. DeWitte said the company could manufacture advanced fuel for other customers or provide space for them to bring in equipment. Early services revenue could emerge over the next two years, he said, while a larger ramp would depend on facilities scaling into operation and other companies deploying reactors.

DOE selected Oklo for approximately $6.8 million to advance recycled metal fuel with Idaho National Laboratory. DeWitte said the work focuses largely on process optimization and generating data to support fuel use.

In isotopes, Oklo said its Groves-1 low-power test reactor reached first criticality less than a year after groundbreaking. DeWitte put construction costs at approximately $65 million, plus about $10 million for commercially sourced fuel.

The planned Groves-2 facility would combine irradiation, processing and product finishing. Its site is still being finalized, but Oklo has secured fuel and the project has been selected for DOE’s Nuclear Energy Launch Pad. Bealmear said the company is discussing potential isotope needs with pharmaceutical and other customers.

Spending outlook

Bealmear said the nine-month net loss included a $195.2 million operating loss, partially offset by $72.4 million in net interest and dividend income. Cash used in operations was $110.9 million, while year-to-date capital spending was $280.9 million.

Oklo maintained its guidance for full-year operating cash use of $120 million to $150 million and property, plant and equipment spending of $400 million to $500 million. Its upcoming targets include commissioning a recycling pilot facility in 2027, starting Groves-2 construction and completing its first contracted isotope delivery. DeWitte cautioned that timing depends on execution and required approvals.

About Oklo (NYSE:OKLO)

Oklo Inc is an advanced nuclear technology company developing compact fission power plants designed to provide reliable, carbon-free electricity. Its flagship product, the Aurora powerhouse, is a small modular reactor intended to operate with a high degree of fuel efficiency and to supply power directly to customers such as utilities, industrial facilities, data centers and other energy-intensive operations.

The company is also developing fuel-recycling capabilities intended to convert used nuclear fuel and other material into fuel for advanced reactors.

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