Oklo Q2 Earnings Call Highlights

Oklo reported an $81.6 million year-to-date net loss through Q2 2026 but ended the quarter with $3 billion in cash and marketable securities.

The company raised its 2026 operating cash-use outlook to $120 million–$150 million and capital-spending forecast to $400 million–$500 million as it accelerates project execution.

The Groves isotope reactor in Texas reached first criticality less than a year after groundbreaking, providing operational and construction experience for future projects.

Oklo expects to complete commissioning over the next year, while initial isotope revenue is more likely to come from its Idaho laboratory beginning in early 2027.

Development of the Aurora reactor portfolio is advancing, including safety approval and site work at Aurora-INL, which remains targeted for a 2028 startup.

Oklo is also pursuing a 1.2-gigawatt Ohio clean-energy campus for Meta and multiple fuel pathways, including HALEU, recovered materials and potential surplus plutonium.

Oklo reported a year-to-date net loss of $81.6 million through the second quarter of 2026 while outlining progress across its power, fuel and isotope businesses, including first criticality at its Groves isotope facility in Texas and continued development of its Aurora powerhouse projects.

The company ended the quarter with $3 billion in cash and marketable securities, including $1.6 billion in cash and cash equivalents and $1.4 billion in marketable securities.

Chief Financial Officer Craig Bealmear said the balance included $1.9 billion raised through the company’s at-the-market programs during 2026.

Oklo increased its 2026 outlook for cash used in operating activities to between $120 million and $150 million, from a prior range of $80 million to $100 million.

It also raised expected spending on property, plant and equipment to $400 million to $500 million, compared with prior guidance of $350 million to $450 million.

Bealmear said the updated outlook reflects a decision to advance procurement, construction, fuel and other project activities intended to improve execution confidence for first-of-a-kind deployments.

The company continues to target a 2028 startup for Aurora-INL.

Chief Executive Officer and Co-founder Jake DeWitte highlighted first criticality at the company’s Groves facility, a full-scale nuclear isotope reactor built on private land in Texas.

Oklo said the project moved from groundbreaking to first criticality in a little over 11 months, including site preparation, construction, commissioning, fuel loading, startup testing and operations.

DeWitte said Groves reached first criticality in less than a year after groundbreaking and completed substantial construction in 229 days.

The facility was developed with private capital under Department of Energy safety oversight through the Reactor Pilot Program.

Oklo said Groves was the first Reactor Pilot Program reactor to achieve criticality on privately owned land after being constructed at a greenfield site.

Management characterized the facility as an important source of experience in construction, authorization, supplier management, commissioning, operator training and nuclear operations that can be applied to future projects.

The company expects to spend roughly the next 12 months completing operational commissioning activities at Groves and begin producing research-and-development quantities of isotope materials.

DeWitte said additional isotope projects intended for...