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Utilities · NYSE: OKLO

Oklo: how the business works

Oklo plans to build and own small nuclear power plants and sell their electricity; it has built none, and had no revenue and a $105.7 million net loss in FY2025.

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Oklo Inc. · Santa Clara, California · Founded 2013

Last updated

Revenue, FY2025
$0
Net loss, FY2025
−$105.7M
Revenue, Q2 FY2026
$1.21M
Cash and securities, Jun 30, 2026
$3,006.3M
Full-time employees, Dec 31, 2025
207

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Oklo in 5 points

  1. 1 · What it sells

    Oklo plans to build, own and run small nuclear plants and sell their power; it has built none, and its first revenue was $1.21 million in Q2 FY2026, mostly from engineering firms bought in June 2026.

    More: what it sells

  2. 2 · Who pays it

    No one pays Oklo for power yet and it gives no split by customer; Q2 FY2026 revenue was 66.1% engineering and consulting, 13.9% manufacturing and fabrication and 20.0% other.

    More: who pays it

  3. 3 · What it keeps from $100

    Oklo had no revenue in FY2025, so of every $100 that came in, from interest ($29.1 million) and a tax benefit ($4.5 million), costs were $414.2 and it lost $314.2; its operating loss was $139.3 million.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Oklo has one segment and no operating profit: its FY2025 operating loss was $139.3 million, and $29.1 million of interest on its cash and securities was its main income.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Oklo's stated first-plant date moved from 2027 to 2028, and its FY2025 10-K reports no binding power purchase agreement, with no material change to that risk in its Q2 FY2026 10-Q.

    More: the one thing to watch

Sources: From Oklo's FY2025 10-K, Q2 FY2026 10-Q and June 2024 S-1 · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Oklo's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Oklo · FY2025

Receipt for every $100

Where $100 of Oklo's money went in FY2025
Research and development$175.0
General and administrative$239.2
Net loss (costs above money in)−$314.2
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Oklo had no revenue in FY2025, so all of the money in was interest and dividend income ($29.1 million) plus a $4.5 million tax benefit, $33.6 million in total. Costs came to $414.2 per $100 that came in, so the last line is a net loss of $314.2. The base is small: these lines show how far spending exceeded that income, and they are not a margin on sales. Stock-based pay ($41.8 million) sits inside the cost lines.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Oklo do?

Share buyers fund Oklo's work on small nuclear plants it plans to own; most of the money goes on research and overhead, and nothing is left yet.

  • No one pays Oklo for power yet. Its first revenue, $1.21 million in Q2 FY2026, came mostly from engineering firms it bought in June 2026.
  • In FY2025 it spent $139.3 million on research and overhead, against $29.1 million of interest income. Selling stock raised $1,263.6 million net that year.
Next: Who pays it

03Who pays it

Who pays Oklo?

  • Engineering and fabrication clients

    Not disclosed

    Government agencies and commercial counterparties paid all of the $1.21 million of Q2 FY2026 revenue. Oklo gives no split between them.

  • Meta (no power sold yet)

    Not disclosed

    A prepayment agreement signed Jan 5, 2026, for a planned 1.2 gigawatt campus in Pike County, Ohio. Oklo says it will use Meta's funding to secure nuclear fuel. No amount is stated.

  • Switch and other named companies (no power sold yet)

    Not disclosed

    A 12 gigawatt Master Power Agreement with Switch, from December 2024, plus non-binding letters of intent with Equinix, Diamondback Energy and Prometheus Hyperscale.

  • Government and utility talks (no power sold yet)

    Not disclosed

    A Notice of Intent to Award tentatively selects Oklo to supply at least 5 megawatts to Eielson Air Force Base, Alaska. Oklo is also exploring work with the Tennessee Valley Authority.

How spread out the customers are

Oklo does not disclose revenue by customer. Its Q2 FY2026 10-Q calls the Switch deal one of the largest corporate power purchase agreements in history. Its FY2025 10-K lists master power agreements among non-binding types, says many may not come to fruition, and says it has no binding power purchase agreement.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does Oklo make money?

Oklo does not make money from power yet: share sales pay for the work, and interest on that cash is its main income.

Oklo plans to own its plants and earn from selling power, not from selling designs. Until a plant runs, costs grow with no power revenue. The operating loss went from $5.2 million in FY2021 to $139.3 million in FY2025.

Operating loss (US$ million)

−$5.2−$139.3

FY2021 to FY2025

  1. Oklo sells new shares: $1,263.6 million net in FY2025
  2. Cash and securities reached $3,006.3 million at Jun 30, 2026
  3. Interest on that money brought in $23.2 million in Q2 FY2026
  4. Spending goes on research, overhead and building: $94.1 million of plant and equipment in Q2 FY2026
  5. The plan is to earn from power sold under long contracts once a plant runs
  6. No plant or binding power contract exists yet, so the money still starts with share sales

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · Q2 FY2026

Which businesses make up Oklo?

  • Engineering and consulting services

    66%

    Oklo reports one segment, so this is a type of revenue, not a segment. It was 66.1% of the $1.21 million of Q2 FY2026 revenue. Revenue in every earlier period shown was zero.

    Revenue $0.8M

  • Manufacturing and fabrication services

    14%

    13.9% of Q2 FY2026 revenue. Of all revenue that quarter, $0.968 million came from the firms bought in June 2026.

    Revenue $0.2M

  • Other

    20%

    20.0% of Q2 FY2026 revenue, from other ancillary service arrangements.

    Revenue $0.2M

Sources (1)
Next: How has it done

06The numbers · Consolidated · US$

How has Oklo done?

Revenue

$0MFY2025

Oklo had no revenue in any year from FY2021 to FY2025; its first revenue was $1.21 million in Q2 FY2026, of which $0.968 million came from firms bought in June 2026.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$0M
FY2022$0M
FY2023$0M
FY2024$0M
FY2025$0M
Q1 FY2024$0M
Q2 FY2024$0M
Q3 FY2024$0M
Q4 FY2024$0M
Q1 FY2025$0M
Q2 FY2025$0M
Q3 FY2025$0M
Q4 FY2025$0M
Q1 FY2026$0M
Q2 FY2026$1.2M

Net profit

−$106MFY2025

Net loss grew from $5.2 million in FY2021 to $105.7 million in FY2025; FY2024 includes a non-cash $27.9 million charge on early-investor agreements (SAFEs), and FY2021 and FY2022 per-share losses use pre-merger share counts, so they are not comparable with later years.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021−$5.2M−$1.16
FY2022−$10M−$2.16
FY2023−$32.2M−$0.47
FY2024−$73.6M−$0.74
FY2025−$106M−$0.72
Q1 FY2024−$24M−$0.34
Q2 FY2024−$27.3M−$0.27
Q3 FY2024−$10M−$0.08
Q4 FY2024−$12.3M–
Q1 FY2025−$9.8M−$0.07
Q2 FY2025−$24.7M−$0.18
Q3 FY2025−$29.7M−$0.20
Q4 FY2025−$41.4M–
Q1 FY2026−$33.1M−$0.19
Q2 FY2026−$48.5M−$0.28

Free cash flow

−$115MFY2025

Free cash flow was an outflow every year, $115.4 million in FY2025 and $141.7 million in Q2 FY2026 alone; it does not count stock-based pay, which was $41.8 million in FY2025, or 39.6% of the net loss.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021−$5.5M$0.1M−$5.6M
FY2022−$10M$0.2M−$10.1M
FY2023−$16M$0.1M−$16.1M
FY2024−$38.4M$0.4M−$38.7M
FY2025−$82.2M$33.2M−$115M
See all yearly numbers
Oklo annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$0M−$5.2M−$5.2M−$1.16−$5.5M$0.1M−$5.6M
FY2022$0M−$10M−$10M−$2.16−$10M$0.2M−$10.1M
FY2023 (restated)$0M−$18.6M−$32.2M−$0.47−$16M$0.1M−$16.1M
FY2024$0M−$52.5M−$73.6M−$0.74−$38.4M$0.4M−$38.7M
FY2025$0M−$139M−$106M−$0.72−$82.2M$33.2M−$115M

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31. FY2021 to FY2023 are figures for Legacy Oklo, the company before its May 2024 merger. Q4 figures are the full year minus the first nine months.). Net profit is the share belonging to the company's owners.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (9)
Next: What they said, and what happened

07Who runs it

Who runs Oklo, and did they deliver?

  • Jacob DeWitte

    Co-founder, Chief Executive Officer and Chairman · since 2013

    Chairman since April 2025. FY2025 total pay was $7,037,160, of which $5,991,910 was stock.

  • Caroline DeWitte

    Co-founder and Chief Operating Officer · since 2013

    Married to Jacob DeWitte. Form 4s list her as Caroline Cochran. FY2025 total pay was $2,039,495.

  • R. Craig Bealmear

    Chief Financial Officer · since 2024

    CFO since May 2024, with Legacy Oklo from August 2023. FY2025 total pay was $5,867,895.

  • Michael Thompson

    Lead independent director · since 2026

    Lead independent director since Apr 10, 2026. Joined the board and audit committee in March 2025. The board had 11 members after Apr 10, 2026.

What they said, and what happened

2 withdrawn · 2 too early to tell · 2 missed · 1 delivered

  1. Said on Jun 20, 2024

    Oklo's S-1 said its first plant was "targeted for deployment in 2027."

    What happened

    Later filings gave late 2027 or early 2028, then 2028.

    Withdrawn

  2. Said on Mar 24, 2025

    Oklo's FY2024 10-K gave first-plant "completion in late 2027 or early 2028."

    What happened

    The Q3 FY2025 10-Q changed this to a target of 2028.

    Withdrawn

  3. Said on Aug 7, 2026

    Oklo's Q2 FY2026 10-Q states "an ambitious target of deploying our first powerhouse in 2028."

    What happened

    No powerhouse built as of that 10-Q. Q3 FY2026 results were not reported as of Nov 5, 2026.

    Too early to tell

  4. Said on Mar 24, 2025

    Oklo's Q4 FY2024 letter said: "On track to submit custom COLA to the NRC this year." A COLA is a combined license application.

    What happened

    The FY2025 10-K, filed in March 2026, says Oklo is "currently working toward submitting" one. The Q2 FY2026 10-Q makes DOE authorization the primary path for Idaho, with NRC timing under evaluation.

    Missed

  5. Said on May 13, 2025

    Oklo's Q1 FY2025 10-Q gave 2025 net cash used in operating activities of $65 million to $80 million.

    What happened

    Reported $82.2 million. The FY2024 10-K had given the same range for total operating expenses, which were $139.3 million, including $41.8 million of stock-based pay.

    Missed

  6. Said on Mar 24, 2025

    Oklo's Q4 FY2024 letter said it had forecast FY2024 cash used in operations of $40 million to $50 million.

    What happened

    Reported $38.4 million, below the range.

    Delivered

  7. Said on Aug 7, 2026

    Oklo's Q2 FY2026 10-Q gave 2026 cash used in operating activities of $120 million to $150 million and purchases of property, plant and equipment of $400 million to $500 million.

    What happened

    First half of FY2026: $65.5 million and $126.9 million. The FY2025 10-K gave $80 million to $100 million and $350 million to $450 million, for differently named measures.

    Too early to tell
Sources (13)
Next: What could go wrong

08What could go wrong

What could go wrong for Oklo?

  • Execution

    No plant built and no binding power contract

    Oklo's FY2025 10-K says it has not built any powerhouse or signed a binding power purchase agreement, with no guarantee it will. Its Q2 FY2026 10-Q reports no material change to its risk factors.

    Watch A signed binding power purchase agreement, and progress at the Idaho site.

  • Execution

    The first-plant date has moved

    Filings went from 2027 in June 2024 to late 2027 or early 2028 in March 2025, then to 2028. Oklo calls 2028 an ambitious target, and names supply chain, geopolitical, macroeconomic and design complexities.

    Watch The first-plant wording in the next 10-Q and 10-K.

  • Regulation

    Nuclear approvals are not complete

    The NRC denied Oklo's first license application without prejudice in 2022. For Idaho, Oklo now pursues DOE authorization, with two of five steps approved. Timing and form of its NRC applications are under evaluation.

    Watch The remaining DOE steps, and any NRC application.

  • Raw-material prices

    Fuel is not available at scale

    Oklo's FY2025 10-K says HALEU and plutonium-based fuels are not available at scale, and that tariffs and sanctions have affected fuel costs and availability. Its Centrus letter of intent, for up to five plants, is not a definitive contract.

    Watch A definitive fuel contract with Centrus. Oklo's Q2 FY2026 10-Q says deliveries are expected from 2029.

  • Demand

    Customer agreements may never become contracts

    Oklo says many of its agreements are non-binding and may not come to fruition. It also says customers may be able to void power purchase agreements in some circumstances. Oklo's filings state no amount for Meta's agreement.

    Watch Whether Meta, Switch or others convert to binding power purchase agreements.

  • Cash and liquidity

    Losses and building are paid for by selling shares

    Shares outstanding rose from 137.7 million at Dec 31, 2024 to 186.0 million at Aug 4, 2026. Oklo opened another program for up to $1,000 million on Sep 11, 2026. Each new share reduces the percentage held by existing owners.

    Watch The share count on the next 10-Q cover, and cash use against the stated 2026 ranges.

  • Competition

    Other power sources compete for the same customers

    Oklo's FY2025 10-K lists traditional baseload power, other advanced nuclear technologies, renewables with or without storage, advanced energy storage and fossil fuels with carbon capture as competitors. It names no company.

    Watch Whether the companies named in its filings sign binding agreements with Oklo.

Sources (6)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Oklo held $3,006.3 million of cash and marketable securities at Jun 30, 2026, against about $0.9 million of debt.
  • DOE selected Oklo and Atomic Alchemy for three of eleven reactor pilot projects, and approved two of five steps for the Idaho plant.
  • Meta signed a prepayment agreement on Jan 5, 2026, for a planned 1.2 gigawatt campus, and Oklo says the funding will go toward securing fuel.
  • Oklo's Groves test reactor reached first criticality on Aug 5, 2026, and Oklo reported its first revenue in Q2 FY2026.

What critics point to

  • Oklo had no revenue in any year from FY2021 to FY2025, and only $1.21 million in Q2 FY2026.
  • Oklo's FY2025 10-K says it has built no powerhouse and signed no binding power purchase agreement.
  • The stated first-plant date went from 2027 in the June 2024 S-1 to 2028 in the filings since November 2025.
  • The operating loss grew from $52.8 million in FY2024 to $139.3 million in FY2025, and was $73.2 million in Q2 FY2026 alone.
  • Shares outstanding rose from 137.7 million at Dec 31, 2024 to 186.0 million at Aug 4, 2026, and another share sale program opened on Sep 11, 2026.
Next: What to watch next

10What to watch next

What should you watch next at Oklo?

Next event

Q3 FY2026 results

Nov 6, 2026

Date confirmed by the company

  • Q3 FY2026 results on Nov 6, 2026

    Oklo announced the date on Oct 23, 2026. This page runs through Q2 FY2026, when revenue was $1.21 million and the net loss $48.5 million.

  • A binding power contract

    Oklo's filings report none. Its Q2 FY2026 10-Q lists negotiating term sheets and binding agreements with customers that signed non-binding ones as a key initiative.

  • Cash use and the share count

    Oklo said in August 2026 that it expects $120 million to $150 million of operating cash use in 2026. The last share count filed was 186,017,650 at Aug 4, 2026.

Next: Key facts

11Key facts

Key facts about Oklo

What does Oklo do?
Oklo Inc. is developing small nuclear power plants, called Aurora powerhouses, that it plans to own and run, selling the electricity and heat to customers. As of its Q2 FY2026 10-Q (quarter ended Jun 30, 2026), Oklo had not built any powerhouse.
How does Oklo make money?
Oklo does not yet earn money from power. It had no revenue from FY2021 to FY2025. Its first revenue was $1.21 million in Q2 FY2026, from engineering, consulting and fabrication work, and its interest income was $23.2 million that quarter.
What is Oklo's business model?
Oklo's stated business model is to sell energy from plants it owns under power purchase agreements, rather than sell reactor designs. Oklo's FY2025 10-K says it had signed no binding power purchase agreement with any customer, and its Q2 FY2026 10-Q reports no material change to its risk factors.
Is Oklo profitable?
No. Oklo had a net loss of $105.7 million and an operating loss of $139.3 million in FY2025, with no revenue. Its net loss was $48.5 million in Q2 FY2026.
What is Oklo's revenue by segment?
Oklo reports one segment. By type of work, its $1.21 million of Q2 FY2026 revenue was $0.800 million of engineering and consulting (66.1%), $0.168 million of manufacturing and fabrication (13.9%) and $0.242 million of other (20.0%).
Who are Oklo's customers?
Oklo does not disclose revenue by customer. Its Q2 FY2026 revenue came from government agencies and commercial counterparties. For power, Oklo's filings name Meta, under a Jan 5, 2026 prepayment agreement for a 1.2 gigawatt campus in Ohio, plus Switch, Equinix, Diamondback Energy and Prometheus Hyperscale. Oklo says many of its agreements are non-binding.
Who owns Oklo?
Co-founders Jacob DeWitte and Caroline DeWitte held 11.1% of Oklo at Jul 1, 2026, per their Schedule 13D/A. Oklo's officers and directors as a group held 12.70% at Apr 6, 2026, per the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more. Oklo has one class of common stock.
What is Oklo's Aurora powerhouse?
The Aurora powerhouse is Oklo's planned small fast fission plant, in designs of 15 and 75 megawatts of electricity, and potentially 100 megawatts and higher. Oklo had built none as of its Q2 FY2026 10-Q (quarter ended Jun 30, 2026).
What is Oklo's isotope business?
Oklo bought Atomic Alchemy on Feb 28, 2025, for $28.424 million to enter radioisotope production. Oklo's Groves Isotope Test Reactor in Lockhart, Texas, a low-power test reactor, reached first criticality on Aug 5, 2026. Oklo does not report isotope revenue separately.
How much cash does Oklo have?
Oklo held $3,006.3 million of cash and marketable securities at Jun 30, 2026, up from $1,412.5 million at Dec 31, 2025. Stock sales brought in $1,851.9 million in the first half of FY2026.
Sources (4)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Oklo sell?

Oklo plans to sell electricity and heat from small nuclear plants it would own and run. It has not built one yet. What it actually sold through Q2 FY2026 is engineering and fabrication work, $1.21 million in that quarter.

  • Power from Aurora powerhouses (not yet built)

    Small fast fission plants in designs of 15 and 75 megawatts of electricity, and potentially 100 megawatts and higher. Traditional large reactors run about 600 to over 1,000 megawatts. Oklo has earned nothing from power.

  • Nuclear fuel (in development)

    Oklo received an award of 5 metric tons of HALEU, a type of enriched uranium fuel, for its Idaho plant. Oklo's Q2 FY2026 10-Q says its fuel recycling goal is a commercial facility by the early 2030s. It reports no fuel revenue.

  • Radioisotopes (in development)

    Materials used in fields such as medicine and energy, through Atomic Alchemy, bought Feb 28, 2025. Oklo's Q2 FY2026 10-Q says its Abundantia isotope project is expected to produce revenue in 2027.

  • Engineering and fabrication services

    Design, licensing support, consulting and manufacturing work for government agencies and companies. This came with ARMEC, bought Jun 4, 2026, and Creative Engineers, bought Jun 15, 2026, and produced most of the first revenue.

What it does

  • Does: Plans to design, build, own and run its own plants
  • Does: Plans to sell the energy under long-term power purchase agreements
  • Does: Sells engineering, consulting and fabrication services, $1.21 million in Q2 FY2026

What it does not do

  • Does not: Has not built any powerhouse, as of its Q2 FY2026 10-Q
  • Does not: Does not plan to sell reactor designs to utilities, the traditional nuclear model
  • Does not: Does not report power, fuel and isotopes separately: it has one reportable segment
Sources (2)
13How the money flows

13How the money flows · FY2025

How does money flow through Oklo?

Money in

  • Revenue (none in FY2025)$0M
  • Interest and dividend income ($29.1M) and a tax benefit ($4.5M)$33.6M

The company

Oklo

$33.6M came in

Money out

  • Research and development$58.9M
  • General and administrative$80.4M
  • Net loss−$106M
  1. No customers paid Oklo in FY2025: revenue was zero.
  2. Interest and dividend income on its cash and securities brought in $29.1 million. A $4.5 million tax benefit, from deferred taxes, took money in to $33.6 million.
  3. Research and development took $58.9 million, and general and administrative costs took $80.4 million. Those lines include $41.8 million of stock-based pay.
  4. That left an operating loss of $139.3 million and a net loss of $105.7 million.
  5. Selling stock raised $1,263.6 million net in FY2025, against the $115.4 million of cash that operations and plant spending used.
Sources (1)
14What it needs to run

14What it needs to run

What does Oklo need to run?

  • Regulatory approval

    Oklo is pursuing Department of Energy (DOE) authorization as the primary path for its Idaho plant. DOE approved two of the five steps, the second announced Jun 11, 2026.

  • Nuclear fuel

    The FY2025 10-K says HALEU and plutonium-based fuels are not available at scale. Oklo's Q2 FY2026 10-Q says it signed a letter of intent with Centrus in June 2026 for fuel for up to five plants, with deliveries expected from 2029.

  • Outside capital

    Oklo used $115.4 million of cash on operations and plant spending in FY2025, and $192.4 million in the first half of FY2026. Selling new shares has paid for it.

  • People

    205 full-time employees in 33 states plus 2 in Canada at Dec 31, 2025, up from 113 plus 1 in Canada a year earlier. Eight are former Nuclear Regulatory Commission (NRC) staff.

  • Builders and land

    Kiewit Nuclear Solutions was selected as lead constructor for the first Idaho plant. Oklo's FY2025 10-K says its land in Piketon, Ohio, bought in December 2025, was not developed. Its Q2 FY2026 10-Q lists starting site preparation in Pike County.

Sources (3)
15Where growth could come from

15Where growth could come from

Where could Oklo's growth come from?

Oklo said in its Q2 FY2026 10-Q, filed Aug 7, 2026, that it expects 2026 cash used in operating activities of $120 million to $150 million and purchases of property, plant and equipment of $400 million to $500 million. It also states "an ambitious target of deploying our first powerhouse in 2028."
Management statement, Aug 7, 2026. Reported as a statement, not our forecast.

  • First Aurora plant, in Idaho

    Behind

    Target moved from 2027 to 2028

    The June 2024 S-1 said 2027. The FY2024 10-K said late 2027 or early 2028. Filings since the Q3 FY2025 10-Q say 2028. DOE approved the plant's Preliminary Documented Safety Analysis, announced Jun 11, 2026.

    Status: Behind, behind the company's own plan.

  • Meta campus in Ohio

    Early

    1.2 gigawatt planned campus

    Under the Jan 5, 2026 prepayment agreement, Meta can prepay for power and provide funding, which Oklo says it will use to secure fuel. No amount is stated. Oklo's FY2025 10-K says its Piketon, Ohio land was not developed. Its Q2 FY2026 10-Q lists starting site preparation in Pike County.

    Status: Early, too early to judge.

  • Isotopes

    Early

    First criticality on Aug 5, 2026

    Oklo's Groves test reactor in Texas reached first criticality, meaning a steady chain reaction, after DOE authorized startup on Jul 23, 2026. It is a low-power test reactor, and Oklo says it informs later commercial plants.

    Status: Early, too early to judge.

  • Fuel recycling

    Early

    Up to $1.68 billion roadmap

    Oklo plans a Tennessee fuel recycling facility, with a stated roadmap of up to $1.68 billion of investment. It is in pre-application talks with NRC staff. Oklo's Q2 FY2026 10-Q says its goal is a commercial facility by the early 2030s.

    Status: Early, too early to judge.

  • Engineering services

    New

    $1.21M of revenue in Q2 FY2026

    The two firms bought in June 2026 cost $20.462 million and $12.918 million. They added $0.968 million of revenue in the weeks Oklo owned them that quarter.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (5)
16The company's own measures (non-GAAP)

16The company's own measures · March 2025 pipeline; Jun 30, 2026 GAAP figure

What do Oklo's own measures show?

This is the company's own measure, shown next to the nearest official (GAAP) number and never added to it. The filings used for this page give no adjusted earnings figures.

  • Official (GAAP): Contract liabilities, Jun 30, 2026 (US$ million)

    $0.1M

    Company's own measure: Customer pipeline (about), Mar 2025

    14 GW

    Oklo's own measure, in gigawatts, from its Q4 FY2024 shareholder letter; later filings state no total. It is not backlog: Oklo reports no binding power purchase agreement, and said remaining performance obligationsSigned contracts with customers that have not been billed yet. were not material at Jun 30, 2026.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (3)
17Financial strength and debt

17Financial strength · Jun 30, 2026

How much debt does Oklo have?

At Jun 30, 2026 Oklo held $3,006.3 million of cash and marketable securities against about $0.9 million of debt. That is before about $320 million gross of stock sold from Jul 1 to Sep 10, 2026.
  • Total debt$0.9M
  • Cash and investments$3.0B
  • Net cash (cash minus debt)$3.0B
  • Net worth (shareholders' money)$3.3B
Debt to equity
0×
$ of debt for every $1 of shareholders' money
  • Debt of about $0.875 million is a Cityfort calculation from Q2 FY2026 10-Q: $2.242 million assumed, less $1.367 million repaid. It leaves out $3.446 million of leases. Oklo had no debt at Dec 31, 2025.
  • Net cash of $3,005.4 million is a Cityfort calculation from Q2 FY2026 10-Q. Restricted cash of $16.9 million is not counted.
  • The $320 million is a Cityfort calculation from 8-K filed Sep 11, 2026 and Q2 FY2026 10-Q. Sales under the new program that opened Sep 11, 2026 are not yet reported.
  • A $25.0 million liability is a right of first refusal. An unnamed third party paid it in March 2024 for a 36-month right, with a 20-year power term.
  • Oklo said it believes its cash and securities will fund operations for one year after the Q2 FY2026 statements were issued.
Sources (3)
18Who owns it

18Who owns it · ownership as of Apr 6, 2026

Who owns Oklo?

Oklo has one class of common stock with one vote per share, so shares and votes match. Rows use different dates and counts, so they do not add up. The Vanguard Group reported 0 shares at Mar 13, 2026, after a Jan 12, 2026 internal realignment; it says certain subsidiaries now report separately. Company policy bars hedging, short sales and using shares as collateral for loans.
Officers and directors (as a group), shares
12.7%
Share classes
Oklo share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (186,017,650 shares at Aug 4, 2026, the last count a filing states. Oklo has sold more stock since then. No preferred stock is outstanding.)1861Public and institutional investors, officers and directors; trades on the NYSE as OKLO––Yes
Holders of 5% or more
Oklo holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Jacob DeWitte and Caroline DeWitte (co-founders)11.1%11.1%Jul 1, 2026S35, S1320,559,091 shares, per their Schedule 13D/A. The proxy showed 21,159,091 shares, or 12.16%, at Apr 6, 2026. They are married, and each is shown with the full amount, so count it once.
BlackRock, Inc.3.6%–Jun 30, 2026S37, S136,225,585 shares, per Schedule 13G/A, below the 5% line, with sole voting power over 5,955,474 of them. The 2026 proxy listed 14,419,350 shares, or 8.29%, as of Dec 31, 2025.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (5)
19What it does with profit

19What it does with profit

What does Oklo do with its profit?

Oklo has never paid a cash dividend, says it does not intend to, and has no buyback program. An at-the-market program sells new shares gradually at market prices. Gross raised from June 2025 to Sep 10, 2026 was about $3,499.9 million on 48.8 million shares (Cityfort calculation from FY2025 10-K and 8-K filed Sep 11, 2026).

  • Money raised · May 9, 2024

    Merger with AltC, a blank-check company, brought in $276.2 million gross, $259.0 million net.

    $276M

  • Money raised · Jun 16, 2025

    Underwritten offering of 7,666,667 shares at $60.00, June 2025. Net proceeds were $440.1 million.

    $460M

  • Money raised · Sep 3, 2025

    At-the-market sales, Aug 2 to Sep 3, 2025: 7,384,019 shares at an average sale price of $73.13.

    $540M

  • Money raised · Dec 31, 2025

    At-the-market sales, Dec 4 to 31, 2025: 3,397,872 shares at an average sale price of $88.29.

    $300M

  • Money raised · Jan 28, 2026

    At-the-market sales, Jan 1 to 28, 2026: 12,376,352 shares at an average sale price of $96.95.

    $1.2B

  • Money raised · Sep 10, 2026

    The May 2026 at-the-market program ended, with 17,971,448 shares sold for about $1,000 million gross. That includes 10,712,054 shares at an average sale price of $63.51 by Jun 30, 2026.

    $1.0B

  • Money raised · Sep 11, 2026

    A new at-the-market program opened for up to $1,000 million. Sales under it are not yet reported.

Sources (10)
20Governance signals

20Governance signals

What do Oklo's governance filings show?

Auditor
Deloitte & Touche LLP, since 2024
Auditor changes
Oct 9, 2024: Marcum LLP → Deloitte & Touche LLP (Marcum was dismissed on Oct 9, 2024, and Deloitte appointed on Oct 10. The 8-K reports no disagreements.)
Audit qualifications
None reported
Related-party dealings
Director Michael Klein's firm, M. Klein and Company, signed a one-year advisory agreement on Jun 25, 2025: a $250,000 quarterly retainer plus possible transaction fees. The filings do not say whether it was renewed. Oklo paid it $502,000 in the first half of FY2026. Klein was Chairman of AltC, the blank-check company Oklo merged with, until May 2024.
Credit rating
No public credit rating found

Flags to know about

  • disclosure · Mar 24, 2025

    Corrected 2024 quarterly figures

    Oklo corrected its 2024 interim statements in the FY2024 10-K, including a $2.056 million cut to a fair-value loss in Q2 FY2024, and removed a deemed-dividend line as a presentation error. It called the correction immaterial. This page uses the corrected figures.

  • disclosure · Mar 17, 2026

    A control weakness, since fixed

    Oklo reported a material weakness on infrequent and complex transactions at Dec 31, 2024. It said this was remediated, and controls were effective, at Dec 31, 2025.

  • disclosure · Aug 7, 2026

    No auditor attestation on controls yet

    As an emerging growth company, Oklo is exempt from an auditor's attestation on its internal controls. It says it keeps that status until Dec 31, 2026.

  • regulatory · Feb 5, 2025

    NYSE notice on audit committee size

    Christopher Wright left the board on becoming Energy Secretary on Feb 3, 2025. That left the audit committee short, and the NYSE sent a notice with no immediate effect. Michael Thompson joined the committee on Mar 4, 2025.

  • other · Nov 4, 2026

    Insider sales under trading plans

    Under a Rule 10b5-1 planAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more adopted Mar 31, 2025, the DeWittes and their trusts sold 2,260,000 shares from Jan 5 to Nov 2, 2026 (Cityfort calculation from Form 4s filed Jan 6 to Nov 4, 2026, and Schedule 13D/As filed Apr 21 and Jul 6, 2026). That was 200,000 on each of Jan 5, Feb 2, Mar 2, Apr 1, May 1, Jun 1 and Jul 1, and 420,000 on Jan 7 to 9. Then came 120,000 on each of Aug 3, Sep 1 and Oct 1, and 80,000 on Nov 2. They also sold 117,788 shares on Mar 13, 2026, to cover tax on vested stock. The CFO sold 16,727 shares on Nov 2, 2026, the latest of monthly sales since Feb 2, 2026, under a plan adopted Sep 22, 2025.

  • other · Apr 21, 2026

    Staggered board

    Directors serve three-year terms, so only some are elected each year. Jacob DeWitte is both CEO and Chairman.

Sources (33)
21What the market paid

21What the market paid · price as of Nov 4, 2026

What did the market pay for Oklo on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: Oklo closed at $22.12, from Nasdaq's price table for this NYSE-listed share. Market value = $22.12 × 186,017,650 shares (Aug 4, 2026, the last count a filing states) = about $4,114.7 million (Cityfort calculation from the Nov 4, 2026 closing price and Q2 FY2026 10-Q). Stock sold after that date is not in the count. P/E (price ÷ earnings per share) is not shown because Oklo has net losses.

Share price
$22.12
Market value (market cap)
$4.1B

Source: OKLO historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 4, 2026: $22.12); Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026); Form 8-K, Items 1.01 and 1.02: Sep 2026 sales agreement; May 2026 program ended

Sources (3)
22How it got here

22How it got here

How did Oklo get here?

  1. 2013

    Milestone

    Founded

    Legacy Oklo was incorporated on Jul 3, 2013, as UPower Technologies.

  2. 2020

    Milestone

    First license application

    Oklo filed a custom combined license application with the NRC in March 2020.

  3. 2022

    Crisis

    Application denied

    The NRC denied the application without prejudice in 2022, identifying additional information it required.

  4. 2024

    Business-model change

    Listed through a merger

    Oklo merged with AltC Acquisition Corp. on May 9, 2024, bringing in $276.2 million gross. Trading began on the NYSE on May 10.

  5. 2025

    Business-model change

    Bought an isotope business

    Oklo bought Atomic Alchemy on Feb 28, 2025, for $28.424 million.

  6. 2025

    Milestone

    Change of chair

    Sam Altman resigned as Chair and director on Apr 22, 2025, with no disagreement stated. Jacob DeWitte became Chairman.

  7. 2025

    Milestone

    DOE reactor pilot

    On Aug 13, 2025, DOE selected Oklo and Atomic Alchemy for three of eleven reactor pilot projects, including the Idaho plant.

  8. 2026

    Business-model change

    Meta agreement

    Oklo signed a prepayment agreement with Meta on Jan 5, 2026, for a planned 1.2 gigawatt campus in Ohio.

  9. 2026

    Business-model change

    First revenue

    Oklo bought two engineering firms in June 2026 and reported its first revenue, $1.21 million, in Q2 FY2026.

  10. 2026

    Milestone

    Test reactor reached criticality

    The Groves Isotope Test Reactor in Texas reached first criticality on Aug 5, 2026.

Sources (8)

23Sources and changes

Where every number on this page comes from

Sources (50 documents)
  1. S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 17, 2026
  2. S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 24, 2025
  3. S3Form S-1, resale registration with Legacy Oklo FY2023, FY2022 and Q1 2024 statements · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 20, 2024
  4. S4Form S-4 (merger with AltC), with Legacy Oklo FY2022 and FY2021 audited statements · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 27, 2023
  5. S5Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
  6. S6Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2026
  7. S8Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2025
  8. S9Form 10-Q, Q2 FY2025 (quarter ended Jun 30, 2025) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 11, 2025
  9. S10Form 10-Q, Q1 FY2025 (quarter ended Mar 31, 2025) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2025
  10. S132026 proxy statement (DEF 14A), record date Apr 6, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  11. S15Form 424B5, prospectus supplement for the Sep 2026 at-the-market program, up to $1.0B · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2026
  12. S16Form 8-K, Items 1.01 and 1.02: Sep 2026 sales agreement; May 2026 program ended · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2026
  13. S17Form 8-K, Items 1.01 and 1.02: May 2026 at-the-market agreement · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2026
  14. S19Form 8-K, Item 1.01: Dec 2025 at-the-market agreement, up to $1.5B · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 4, 2025
  15. S20Form 8-K, Item 8.01: Sep 2025 prospectus supplement, up to $539,999,000 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 3, 2025
  16. S21Form 8-K, Item 8.01: Jun 2025 underwritten offering · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 16, 2025
  17. S23Form 8-K, Item 5.02: four directors added; CTO transition · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2026
  18. S25Form 8-K, Item 5.02: Sam Altman resigns as Chair and director · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2025
  19. S26Form 8-K, Item 5.02: Thompson and Poneman join the board · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 7, 2025
  20. S27Form 8-K, Item 3.01: NYSE notice on audit committee size · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
  21. S28Form 8-K, Item 5.02: Christopher Wright to resign on confirmation · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 17, 2025
  22. S30Form 8-K, Item 4.01: Marcum dismissed, Deloitte appointed · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 15, 2024
  23. S31Form 8-K: closing of the AltC business combination · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 13, 2024
  24. S34Shareholder letter for Q4 and FY2024 (8-K Exhibit 99.1) · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 24, 2025
  25. S35Schedule 13D/A No. 6: Jacob DeWitte and Caroline DeWitte (Cochran), event Jul 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 6, 2026
  26. S36Schedule 13D/A No. 5: Jacob DeWitte and Caroline DeWitte (Cochran), sales Mar 2 and Apr 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  27. S37Schedule 13G/A No. 2: BlackRock, Inc., event Jun 30, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2026
  28. S38Schedule 13G/A No. 2: The Vanguard Group, event Mar 13, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  29. S39Form 4: Jacob DeWitte, sales Nov 2, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  30. S40Form 4: Caroline Cochran, sales Nov 2, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  31. S41Form 4: R. Craig Bealmear, option exercise and sale Nov 2, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
  32. S42OKLO historical daily prices, Nasdaq's table for an NYSE-listed share (close of Nov 4, 2026: $22.12) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 4, 2026
  33. S44EDGAR submissions record for Oklo Inc., CIK 0001849056 · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 5, 2026
  34. S46Form 4: Jacob DeWitte, sales Jan 5, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 6, 2026
  35. S47Form 4: Jacob DeWitte, sales Jan 7 and 8, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 9, 2026
  36. S48Form 4: Jacob DeWitte, sales Jan 9, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 13, 2026
  37. S49Form 4: Jacob DeWitte, sales Feb 2, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
  38. S50Form 4: Jacob DeWitte, sales May 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 4, 2026
  39. S51Form 4: Jacob DeWitte, sales Aug 3, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  40. S52Form 4: Jacob DeWitte, sales Sep 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 2, 2026
  41. S53Form 4: Jacob DeWitte, sales Oct 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
  42. S54Form 4: R. Craig Bealmear, option exercise and sale Feb 2, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 4, 2026
  43. S55Form 4: R. Craig Bealmear, option exercise and sale Mar 2, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 3, 2026
  44. S56Form 4: R. Craig Bealmear, option exercise and sale Apr 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 3, 2026
  45. S57Form 4: R. Craig Bealmear, option exercise and sale May 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
  46. S58Form 4: R. Craig Bealmear, option exercise and sale Jun 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 3, 2026
  47. S59Form 4: R. Craig Bealmear, option exercise and sale Jul 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 6, 2026
  48. S60Form 4: R. Craig Bealmear, option exercise and sale Aug 3, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
  49. S61Form 4: R. Craig Bealmear, option exercise and sale Sep 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 3, 2026
  50. S62Form 4: R. Craig Bealmear, option exercise and sale Oct 1, 2026 · Oklo Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 5, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q2 FY2026 (quarter ended Jun 30, 2026). Q3 FY2026 results are due Nov 6, 2026. (first version)

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