By Mackenzie Tatananni
Oklo stock reversed course on Tuesday after the nuclear startup posted financial results for the full year and said it expected to incur continued losses.
The Santa Clara, California-based company, which is pre-revenue, posted a net loss of $105.7 million, or 72 cents a share, in 2025. This compares with a net loss of $73.6 million, or 74 cents a share, in the same period last year.
Operating expenses more than doubled to $139.2 million from $52.8 million in 2024. Oklo noted in a securities filing that it expects the metric to increase over the next several years "as we continue to expand and develop, and we may need additional capital from external sources."
The company ended the year with $1.4 billion in cash, cash equivalents, and marketable debt following a series of equity raises.
Shares declined 1.6% in after-hours trading, putting an end to the previous session's gains. Oklo stock closed up 1.4% Tuesday ahead of the report.
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Oklo's path to profitability has faced scrutiny as investors await updates on the regulatory front. On Tuesday, they got one.
The nuclear start-up announced that it had secured its first license from the Nuclear Regulatory Commission, a federal agency that oversees the civilian use of radioactive materials.
There's a catch: The license applies to Atomic Alchemy, a wholly-owned subsidiary Oklo acquired in 2025. The license allows Atomic Alchemy to handle, process, and distribute isotopes, which can be extracted from spent nuclear fuel and applied to diagnosing and treating certain diseases.
Crucially, the license allows Atomic Alchemy to begin initial commercial sales from its radiochemistry laboratory in Idaho, introducing a new revenue stream for the company, which remains in the pre-revenue stages.
It may not be the license Wall Street was most eager for, seeing as the startup's advanced fast reactors still await approval from the NRC. Until then, the company can't sell any electricity and generate revenue.
Still, as Oklo noted Tuesday, the license represents a step from design and planning to real-world execution. It also helps Oklo legitimize its business model as the company doubles down on its target for the commercial production of power by 2028.
The company separately announced that it had signed an agreement with the Energy Department to support the design, construction, and operation of its first reactor at Idaho National Laboratory under the department's Reactor Pilot Program.
Oklo has partnered with Meta Platforms to build a nuclear campus in southeastern Ohio, which BofA Securities analysts described as "one of a few firm, binding partnerships today" for Oklo as well as the broader nuclear industry.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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March 17, 2026 16:39 ET (20:39 GMT)
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