Oklo (OKLO) Financials

Oklo Inc. (NYSE: OKLO) continues to operate without generating revenue, as total revenue has remained at $0 from Q3 2022 through Q2 2025. This confirms the company is still pre-revenue, likely in a developmental or pre-commercial stage. Investors should understand this context when evaluating the financials.

Profitability and Earnings Trends:

• Oklo has incurred consistent net losses in every quarter from Q3 2022 through Q2 2025, with the consolidated net loss deepening to approximately -$24.7 million in Q2 2025 from about -$8.7 million in Q3 2023, indicating growing operating and other expenses.
• Basic and diluted earnings per share have been negative each quarter, reaching a low of -$0.18 in Q2 2025, reflecting ongoing losses and dilution from increasing share count.
• Interest and investment income have been a positive contributor to pre-tax income each quarter, somewhat offsetting operational losses, increasing from around $79k in Q3 2022 to over $3.7 million in Q2 2025.

Operating Expenses and Cash Flow:

• Selling, general & administrative (SG&A) expenses and research & development (R&D) expenses have increased over time, with SG&A rising from under $500k in Q4 2022 to approximately $16.5 million, and R&D increasing to about $11.5 million in Q2 2025. This growth in expenses drives the losses.
• Negative net cash flows from operating activities worsened, from about -$7.3 million in Q1 2024 to approximately -$18.5 million in Q2 2025, indicating growing cash burn as the company advances its business.
• Depreciation expenses remain low in comparison to operating expenses, consistent with Oklo’s likely limited fixed assets at this stage.

Investing Activities:

• Net cash used in investing activities surged substantially in Q2 2025 to about -$287 million, reflecting heavy investments in property, plant & equipment and investments, up from smaller numbers in prior quarters. This indicates capital deployment towards asset build-out or technology acquisitions.
• Purchase of investments and property, plant & equipment dominate investing cash flows, suggesting strategic focus on building capabilities.

Financing Activities and Liquidity:

• Oklo raised substantial cash via financing activities in recent quarters, with net cash inflows of $441.9 million in Q2 2025 and $301.2 million in Q2 2024, providing strong liquidity.
• Cash and equivalents have grown accordingly, reaching $227 million at Q2 2025, compared to $106 million at Q2 2024 and very low amounts in earlier years, supporting ongoing R&D and capital investments.

Balance Sheet Highlights:

• Oklo's cash and short-term investments combined stood at about $534 million at Q2 2025, up significantly from prior quarters, indicating strong cash reserves.
• Total assets increased substantially from around $516 million in Q2 2023 to $731 million by Q2 2025, driven largely by growing investments and cash balances.
• Total liabilities remain relatively low compared with equity and total assets, signaling a strong balance sheet structure with limited debt burden.

Summary:

Over the past two years, Oklo Inc. has consistently operated at a loss with negative earnings and cash flows from operations. However, the company has substantially increased its investments in assets and technology and has successfully raised significant capital via financing activities, bolstering its cash position. The continued increase in R&D and SG&A expenses is typical for a company investing heavily in growth and development at this stage.

For retail investors, Oklo remains a development-stage company with no revenue and ongoing losses. The company's strong financing and cash position are positives as it funds its operations and future growth. However, the lack of revenues and recurring losses highlight risks typical of an early-stage enterprise.