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The call highlights strong execution momentum across Oklo's integrated platform — notable regulatory approvals, material progress on fuel and isotope facilities, strategic commercial partnerships and a fortified balance sheet with $2.5B liquidity. At the same time, the company remains in a capital-intensive build phase with ongoing operating losses, substantial near-term cash deployment, and multiple timing dependencies (DSAs, readiness reviews, PJM interconnection and fuel availability) that present execution risk. Net-net, milestones achieved and the large cash buffer provide a positive outlook, but near-term delivery and regulatory timing remain key risks to monitor.
Oklo reaffirmed 2026 guidance and said it is trending toward the targets of $80–100 million of cash used in operating activities and $350–450 million of cash used in investing activities for property, plant and equipment; management expects continued progress as procurement and construction accelerate. In Q1 2026 the company reported a net loss of $33.1 million (loss from operations $51.2 million), income tax expense $3.2 million, offset by $21.3 million of net interest and dividend income, with cash used in operating activities of $17.9 million and cash used in investing activities of $359 million (including $321.2 million of marketable securities purchases, $32.8 million of capital spend and $5 million of other investing activity); non‑cash stock‑based compensation was $15.6 million. Oklo closed its ATM in Q1, generating $1.2 billion of capital, and ended the quarter with $2.5 billion of cash and marketable securities (cash and equivalents $1.6 billion; marketable securities $0.9 billion).
Oklo ended Q1 2026 with $2.5 billion in cash and marketable securities (cash $1.6B, marketable securities $0.9B). The company generated $1.2B in capital from the completion of its ATM program in the quarter (approximately 48% of the total cash+securities on hand). Cash represents ~64% of the combined balance, marketable securities ~36%.
Q1 cash used in operating activities was $17.9M and cash used in investing activities was $359M. Management reiterated 2026 guidance ranges: operating cash use $80M–$100M and P,P&E investing $350M–$450M, indicating Q1 activity is aligned with the annual deployment plan.
Aurora-INL executed an OTA with DOE, submitted its PDSA to DOE, and received NRC approval of the Principal Design Criteria topical report — a meaningful regulatory milestone that can be referenced in future applications to reduce re-review. Management is pursuing parallel DOE and NRC authorization pathways to accelerate a first build while enabling repeatable NRC licensing.
Aurora Fuel Fabrication Facility (A3F) at INL received NSDA and PDSA approval; final design deliverables are complete and early construction activities finished with the next milestone being a construction contract award. Tennessee Advanced Fuel Center site prep and NRC application readiness review are underway, giving multiple near- and mid-term fuel pathways (HALEU, government surplus, and recycling).
Groves test reactor reached certificate of substantial completion for construction in 229 days and is targeting criticality by July 4, 2026. Idaho Radiochemistry Laboratory has an NRC material handling permit and is advancing a pending first commercial isotope contract with potential early commercial isotope revenue in 2026.
Oklo announced major customer and site initiatives including a planned 1.2 GW Aurora-Ohio campus with Meta (PJM interconnection applications submitted) and Aurora-Eielson for Eielson Air Force Base with a DLA notice of intent to award, demonstrating commercial traction across data center, government and defense markets.
Collaborations with NVIDIA & Los Alamos National Laboratory and with Battelle/INL (Prometheus AI) were announced to apply AI and advanced modeling to fuel validation (including plutonium-bearing fuels) and reactor/fuel system design, accelerating design cycles and validation work for Pluto and other programs.
Groves construction achieved substantial completion in 229 days from greenfield start, serving as a proof point for faster nuclear asset deployment and informing procurement, construction and commissioning practices across Oklo's platform.
Hello, everyone. Thank you for joining us, and welcome to Oklo First Quarter 2026 Financial Results and Webcast. [Operator Instructions] I will now hand the conference over to Sam Doane. Senior Director of Investor Relations. Sam, please go ahead.
Thank you, operator, and good afternoon, everyone, and welcome to Oklo's First 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. Today's accompanying slide presentation is available on the Investor Relations section of our website. After my opening remarks and the forward-looking statement disclosure, Jake will walk through our business update and strategic progress, and Craig will cover our financial results and closing remarks. I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A 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 the forward-looking statements disclaimer included in our supplemental slides.
Additional information on relevant risk factors can also be found in our most recent filings with the SEC. Please note that Oklo assumes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required...