Key Highlights

● Second-quarter revenue was $1.21 million, the company's first ever, mainly from acquisitions.

● Net loss widened to $48.5 million from $24.7 million a year earlier.

● Cash, equivalents and marketable securities totalled about $3.0 billion at quarter end.

● The company raised roughly $1.85 billion through at-the-market share sales in the first half.

Oklo Inc. (NYSE:OKLO), whose Class A common stock trades on the New York Stock Exchange as OKLO, is developing advanced fission power plants, which it calls Aurora powerhouses, alongside fuel recycling, fuel fabrication and radioisotope activities. Its quarterly report for the period ended 30 June 2026 shows a company still at an early commercial stage. Revenue for the second quarter was $1.21 million, the first it has reported, and the company said it came mainly from recent acquisitions. Net loss was $48.5 million, or $0.28 per share, against $24.7 million a year earlier. Research and development expense was $39.5 million, up from $11.5 million, and general and administrative expense was $34.2 million, up from $16.5 million. Interest and dividend income of $23.2 million partly offset the $73.2 million operating loss.

Liquidity and funding

At 30 June 2026 cash, cash equivalents and marketable debt securities totalled about $3.0 billion. The filing shows net proceeds from at-the-market share sales of roughly $1.85 billion in the first half, of which about $670 million came in the second quarter. Net cash used in operating activities for the six months was $65.5 million, and purchases of property, plant and equipment were $126.9 million. Management stated that existing resources should fund operations for at least a year after the financial statements were issued, and the filing contained no going-concern warning. One consequence of funding by share issuance is dilution: Class A shares outstanding were 186,017,650 on 4 August 2026. A secondary summary of the results call put 2026 operating cash use at $120 million to $150 million and capital expenditure at $400 million to $500 million; we could not confirm those guidance figures in the primary documents.

Operational milestones

Oklo's results release is dated 7 August 2026. Headlines on the company's own release page refer to a Department of Energy startup authorisation under its Reactor Pilot Program on 23 July 2026 for the Groves Isotope Test Reactor in Lockhart, Texas, and to first criticality reported on 6 August 2026. We read those as headlines rather than the underlying announcements. The same page states that Oklo received the first DOE site use permit for a commercial advanced fission plant, was awarded fuel by Idaho National Laboratory, and submitted the first custom combined licence application for an advanced reactor to the Nuclear Regulatory Commission. A secondary summary said the Aurora-INL project remains on course for a 2028 startup and that first isotope revenue is expected in early 2027. Both statements are management expectations, not completed events.

Near-Term Revenue Reflects Acquisitions, Not Power Sales

Oklo's first reported revenue came almost entirely from two small acquisitions completed in June, ARMEC and Creative Engineers, rather than from its core Aurora powerhouse technology, which remains a later-stage prospect with first isotope revenue not expected until early 2027 and a 2028 startup target for its first project. The company's roughly $3.0 billion cash position, built mainly through share issuance that pushed Class A shares outstanding to 186 million, management says can fund operations for at least a year, but continued dilution looks likely given the company's early commercial stage.