Oklo(NYSE) OKLO

Oklo makes power plants that create clean and steady energy from nuclear fission. These small powerhouses help data centers and factories get reliable electricity and heat without burning fossil fuels. The company also builds technology to turn used nuclear fuel into fresh energy sources.

What Oklo Builds

• Aurora Powerhouses: Small-scale nuclear plants designed to produce between 15 and 75 megawatts of electricity and heat for industrial and remote customers.
• Nuclear Fuel Recycling: Technology and facilities designed to convert used nuclear fuel from older plants into usable fuel for fast fission reactors.
• Fuel Fabrication: Specialized facilities located at the Idaho National Laboratory intended to manufacture the fuel needed to start and run the company's powerhouses.
• Radioisotopes: Medical and industrial materials produced through the Atomic Alchemy subsidiary for use in healthcare, defense, and artificial intelligence.

Recent Strategic Moves

• Acquired Atomic Alchemy on February 28, 2025, to expand into the production of isotopes for medical and industrial use.
• Finalized a Memorandum of Agreement with the U.S. Department of Energy in September 2024 to begin site investigations for a power plant in Idaho.
• Signed a 12-gigawatt Master Power Agreement with Switch in December 2024, marking one of the largest corporate power deals in history.
• Entered a Prepayment Agreement with Meta in January 2026 to develop a 1.2-gigawatt power campus in Ohio to support data centers.
• Launched an "at-the-market" equity program in December 2025 that raised $300 million in gross proceeds by the end of that year.

How the Company Stands Out

Oklo uses fast fission technology, which can extract energy from used nuclear fuel that traditional plants leave behind. Unlike standard nuclear firms that sell designs to utilities, Oklo plans to own and operate its plants to sell power directly to customers.

The Financial Scorecard

• Operating income was negative $57.1 million in Q4 2025, down 271.3% from the previous year.
• Net income fell to negative $41.4 million in Q4 2025, a 302.8% decrease compared to Q4 2024.
• Operating cash flow was negative $33.4 million in Q4 2025, down 148.2% from the prior year.
• Free cash flow reached negative $60.4 million in Q4 2025, down 346% year-over-year.
• Market capitalization grew to $10.5 billion by Q4 2025, up 259.2% from $2.9 billion in Q4 2024.

The Final Word

Oklo is transitioning from a nuclear design firm into an integrated energy company that manages fuel recycling and power delivery. Its strategy focuses on small, automated plants and recycled fuel to meet the rising energy needs of the digital economy.