Highlights

  • Second quarter net loss widened to $48.5 million, or $0.28 per share, from $24.7 million a year earlier.
  • Cash and marketable debt securities totaled $3.0 billion, after at-the-market share sales raised $1.85 billion in six months.
  • The Groves Isotope Test Reactor received DOE startup authorization on July 23 and reached first criticality on August 5.
  • Management expects 2026 operating cash use of $120-$150 million and capital spending of $400-$500 million.

Oklo (NYSE:OKLO) shares were trading near their 52-week low at USD 28.13 on October 21, 2026, up 2.36%. The advanced fission developer reported a second quarter 2026 net loss of $48.5 million in a quarterly report filed on August 7, received a Department of Energy startup authorization for its Groves test reactor in July, and entered a new at-the-market sales agreement in May.

Oklo is a Delaware corporation based in Santa Clara, California, and says it was founded in 2013. It is developing fast fission power plants it calls powerhouses, under the Aurora product line designed to produce 15 to 75 megawatts of electricity, with potential for larger sizes. The company also pursues nuclear fuel recycling, fuel fabrication and radioisotopes, and plans to own and operate its powerhouses and sell power to customers such as data centers and government facilities. It has not yet deployed a commercial powerhouse.

Net Loss Widens as Spending Scales

Oklo reported revenue of $1.2 million, against none a year earlier, which it said resulted from businesses acquired in 2026. Research and development expenses rose 244% to $39.5 million, and general and administrative expenses rose 107% to $34.2 million, citing higher headcount, stock-based compensation and professional services. The net loss was $48.5 million, or $0.28 per basic and diluted Class A share, versus $24.7 million, or $0.18.

For the six months, the net loss was $81.6 million, or $0.47 per share, and the loss from operations was $124.2 million. Operating activities used $65.5 million of cash. The accumulated deficit stood at $322.4 million at June 30. In June, Oklo acquired ARMEC, a precision manufacturing business, and Creative Engineers, a chemical process engineering firm, for aggregate consideration of about $20.5 million and $12.9 million.

Funding, Dilution and Liquidity

Cash, cash equivalents and marketable debt securities were $3,006.3 million at June 30, 2026. In the six months, financing activities provided $1.85 billion, almost all from at-the-market sales of 23.1 million Class A shares at an average of $81.44, for net proceeds of $1.85 billion. A $1.5 billion program from December 2025 finished in the first quarter, and a $1.0 billion program signed in May was ongoing at quarter end, with sales agents paid commissions of up to 1.5%. The filing lists continued at-the-market sales among its capital-raising activities.

Management believes existing cash and securities will fund operations for at least one year after the filing and says significant operating and capital expenditure will be needed to build powerhouses, recycling facilities and fuel capacity.

Regulatory and Commercial Progress

On July 23, the DOE granted startup authorization for the Groves Isotope Test Reactor under its reactor pilot program, and on August 5 the reactor reached first criticality. Oklo calls it the first reactor under the program to reach criticality on private land. On June 11, the DOE approved the preliminary documented safety analysis for Aurora-INL, the first powerhouse planned at Idaho National Laboratory, and the NRC approved the principal design criteria topical report in April. Oklo says it is weighing the timing of NRC applications, and that it is uncertain when, if at all, it will obtain NRC approvals for any powerhouse.

Commercially, a January prepayment agreement with Meta supports a planned 1.2-gigawatt power campus in Pike County, Ohio, and in June Oklo signed a letter of intent with Centrus Energy for HALEU supply for up to five powerhouses, with deliveries expected from 2029, subject to a definitive agreement. A notice of intent to award has been issued for power and heat at Eielson Air Force Base in Alaska.

Outlook and Targets

Management expects total cash used in operating activities in 2026 of $120 million to $150 million and purchases of property, plant and equipment of $400 million to $500 million. It describes an ambitious target of deploying its first powerhouse in 2028, amid supply chain, construction, macroeconomic and design complexities. Planned activities include site preparation in Idaho and Ohio, work with Kiewit Nuclear Solutions as lead constructor for the first powerhouse, and converting letters of intent into binding power purchase agreements.