Oklo Inc. 2026 Q2 Earnings Call

Sam, please go ahead. Thank you, operator, welcome everyone to Oklo's second quarter 2026 earnings and company update call.

I'm Sam Doane, Oklo's Senior Director of Investor Relations. Joining me today are Jake DeWitte, Oklo's Co-founder and Chief Executive Officer, and Craig Bealmear, our Chief Financial Officer. Earlier today, we released our second quarter 2026 financial results. Today's accompanying slide presentation is available on the investor relations section of our website. Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the question and answer session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review our forward-looking statements disclaimer included in our supplemental presentation.

Additional information regarding relevant risks can also be found in our filings with the Securities and Exchange Commission. Oklo undertakes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. With that, I'll turn the call over to Jake.

Jake? Thanks, Sam. I want to start with two developments that are expanding the capabilities available to execute advanced nuclear projects in the U.S.

The first is the U.S. Department of Energy's Genesis Mission. We see Genesis as a sizable opportunity for Oklo and for the broader nuclear industry. DOE is bringing together its 17 national laboratories, industry, academia, advanced computing infrastructure, experimental facilities, scientific data, and artificial intelligence capabilities. In July, DOE announced the first project selections and more than $800 million in mission-wide partner commitments. Prometheus, an INL-led project in which Oklo is participating, was selected for a $60 million phase two award over three years, subject to appropriations. Oklo is participating in multiple projects connected to the Genesis Mission. One example is our announced collaboration with NVIDIA and Los Alamos National Laboratory.

That work brings together Oklo's reactor and fuel capabilities, NVIDIA's AI infrastructure, and Los Alamos's expertise in nuclear fuels and materials. Together, we are working to develop and deploy physics and chemistry-based AI models, digital twins, modeling and simulation tools that can accelerate fuel validation and improve the workflows used to design, deploy, and operate nuclear facilities. These are not generic AI applications. They are focused on some of the most time-intensive and technically demanding parts of nuclear deployment. The second development is on DOE's Nuclear Lifecycle Innovation Campus initiative. DOE recently selected Utah, Tennessee, Oklahoma, Louisiana, and Idaho as potential host states for campuses that could bring together fuel fabrication, enrichment, recycling, reactor development and deployment, power generation, advanced manufacturing, and data centers. We have held productive conversations with all five states.

We are excited about the potential in each of them and look forward to further engagement as the process advances and the campus plans take shape. The United States is building real execution capabilities across artificial intelligence, national laboratories, fuel infrastructure, manufacturing, and deployment. Oklo has deliberately positioned itself to be a central participant in these efforts. Before we move into the quarter's project updates, I want to reinforce how we think about Oklo and reemphasize that we are not building three isolated businesses. We are building one integrated nuclear technology platform across power, fuel, and isotopes. We see this as a fundamental and distinctive strategy. Power is the anchor. Our Aurora powerhouses are designed to deliver clean, reliable, and affordable electricity and heat under long-term commercial arrangements. Fuel is the enabler. No matter how strong the customer demand or how mature the reactor design, no nuclear deployment can scale without a reliable fuel supply.

Fuel has always been a focus for Oklo. That is why we are building capabilities across fuel sourcing, fabrication, and recycling rather than relying on a single externally managed pathway. Isotopes expand the value of the platform. They allow us to apply many of the same nuclear materials, processing, licensing, procurement, and operating capabilities to high-value markets across space, healthcare, defense, industry, and research. Importantly, vertical integration is not simply about expanding the scope of our platform. It can also create greater flexibility in how we fund growth. By investing in fuel sourcing, fabrication, recycling, and related infrastructure, Oklo can capture value across the full life cycle of a nuclear asset, including in structures where third-party capital could fund a greater share of powerhouse deployment.

Over time, this model could reduce the amount of direct capital Oklo must invest per deployed megawatt while preserving recurring revenue opportunities across power, fuel supply operations, recycling, and isotope production. This flexibility can improve capital efficiency, expand the range of financing structures available to us, and support faster and more scalable deployment of the broader platform. Because Oklo develops, owns, and operates these assets, we retain the operating experience, procedures, and execution knowledge generated across the platform. This slide shows the practical logic behind the integrated platform. The conventional nuclear fuel cycle is largely linear and extremely fragmented. Mining, enrichment, fuel fabrication, power generation, and long-term used fuel management are typically handled by different parties. Each participant is usually involved in only one part of the system, and most of the remaining fuel value is not returned to productive use.

For the advanced nuclear industry, fuel cannot be treated as a procurement item that gets solved at the end of a project. It is one of the most important constraints on deployment. A reactor strategy without a credible and scalable fuel strategy has a fundamental gap. Oklo is building what we believe to be a distinctive and differentiated model. Initial HALEU feedstock can move through our fuel fabrication capabilities to supply Aurora powerhouses and potentially other nuclear fuel customers. Those powerhouses would generate reliable heat and power while creating used fuel that can ultimately be recycled, both of which use proven technologies. Through recycling, usable material can be recovered, returned through fuel fabrication, and reused in future powerhouses. Conventional and used nuclear fuel could also provide an additional feedstock source over time. In addition, recycling may create opportunities to recover valuable isotope materials.

We are not optimizing this system for one core load or a single reactor. We are building the supply, fabrication, recycling, and operating capabilities required to support a fleet of reactors that will support the strong demand we continue to see from our potential customers. That creates a flywheel. Power creates recurring fuel demand. Scale supports investment in fabrication and recycling. Recycling expands long-term supply and enhances availability in addition to the commercial HALEU fuel markets. Isotopes create additional value from shared nuclear capabilities. Not every part of this system is commercially operating today, but this is the platform we are actively building. It is designed to support repeatable growth across an Oklo fleet. This is where the strategy we just described becomes tangible. We are actively putting capital to work, building physical assets, and developing the infrastructure needed to deliver the integrated platform across power, fuel, and isotopes.

In power, Aurora-INL is our anchor deployment and the foundation for future Aurora projects. In Ohio, we are advancing a planned 1.2 gigawatt clean energy campus designed around phased deployment of multiple powerhouses. At Eielson Air Force Base, we are developing an Aurora application designed to provide both electricity and heat for a mission-critical defense installation. In fuel, the Aurora Fuel Fabrication Facility is being developed to fabricate fuel for our first Aurora core. Our Advanced Fuel Center in Tennessee is intended to establish domestic recycling capability and expand the long-term fuel supply available to our fleets. In isotopes, Groves is now complete, and we have reached first criticality. Our NRC-licensed Idaho Radiochemistry Laboratory is supporting initial commercial isotope activities. These assets are at different stages and serve different markets, but they are all part of the same execution strategy.

Each project advances an immediate commercial or technical objective while also building capabilities that supports the broader Oklo platform. That includes engineering, licensing, procurement, construction, fuel handling, operations, and customer delivery. We are using the capital we have raised to build real assets and the execution infrastructure behind them. This is how the integrated model shown on the prior slide moves from strategy into operation, and how we build the foundation to deploy repeatedly rather than one project at a time. Since our last update, we made substantial progress across power, fuel, and isotopes business lines within our vertically integrated nuclear technology platform. The most important point is that we are not advancing these business lines independently. We are continuing to build the shared capabilities that support all three. During the quarter, we strengthened our manufacturing, engineering, and specialized systems capabilities through the acquisitions of ARMEC and Creative Engineers, Inc.