Oklo (NYSE: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.
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.
Groves reactor reaches first criticality
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 larger-scale production are being planned.
Bealmear said Oklo expects its first isotope-business revenue to more likely come from its NRC-licensed Idaho Radiochemistry Laboratory rather than Groves. He said revenue could begin in the first part of 2027, subject to the timing of commercial discussions and related activities.
Aurora and Ohio campus development
At Aurora-INL, Oklo said the Department of Energy approved the project’s preliminary documented safety analysis, which establishes a preliminary safety basis covering hazard analysis, accident analysis, safety controls and design commitments. The next DOE milestones include approval of a final documented safety analysis, followed by a readiness review and startup authorization.
Site mobilization is underway at Aurora-INL, and excavation for the reactor area is nearing completion, according to the company. Oklo is also advancing engineering, procurement and system integration for the project.
Oklo said it is accelerating certain procurement and grid-interconnection work to protect the critical path for the planned 2028 Aurora-INL startup. Bealmear said the company is not yet providing total project-cost guidance while it continues to refine cost estimates with construction partner Kiewit and evaluates the expected cost trajectory for future projects.
In Ohio, Oklo entered into a memorandum of understanding with Kiewit to support engineering, procurement, construction and execution planning for the initial phase of a planned 1.2-gigawatt clean-energy campus intended to supply Meta. The company is also advancing PJM interconnection applications, transmission planning and technical studies.
Bealmear said Oklo is pursuing more than one interconnection opportunity and is not relying on a single path to place power on the grid in the region. He identified turnaround times in the interconnection process as an important item to monitor.
Fuel strategy and manufacturing additions
Oklo reiterated its strategy of using multiple fuel pathways, including commercial high-assay low-enriched uranium, or HALEU, government materials and recycling. The company’s letter of intent with Centrus contemplates HALEU supply for initial cores and reload needs for up to five Aurora powerhouses, with deliveries expected to begin in 2029, subject to a definitive agreement.
The company is also in advanced negotiations with the DOE concerning surplus plutonium that could be fabricated into reactor fuel. DeWitte said the potential allocation remains subject to DOE decisions, safeguards and material allocation, and the company did not provide a timeline.
Management said the first Aurora reactor is expected to use recovered EBR-II material. Oklo described blended plutonium fuel as a potential bridge while uranium-enrichment capacity expands, followed by longer-term use of recycling capabilities. DeWitte said the company believes its fuel options provide sufficient confidence that Aurora-INL can operate at its planned 75-megawatt level, though the fuel mix will be optimized as supply pathways develop.
Equipment for Oklo’s Aurora Fuel Fabrication Facility is in production, with installation and startup activities planned for 2027. The company also said engineering, licensing-readiness work and permitting are advancing for its Advanced Fuel Center in Tennessee.
During the quarter, Oklo acquired ARMEC and Creative Engineers Inc. ARMEC is contributing to engineering and procurement work for Aurora-INL, while Creative Engineers adds experience in sodium and alkali-metal systems for the company’s reactor and recycling organizations.
AI and federal initiatives
Oklo is participating in multiple Department of Energy Genesis Mission projects. An Idaho National Laboratory-led project called Prometheus was selected for a $60 million phase-two award over three years, subject to appropriations.
The company also cited a collaboration with NVIDIA and Los Alamos National Laboratory aimed at developing physics- and chemistry-based artificial-intelligence models, digital twins, modeling tools and simulation capabilities for nuclear fuel validation and nuclear-facility design and operations.
DeWitte said the company is also engaging with five states selected by the DOE as potential hosts for Nuclear Lifecycle Innovation Campuses: Utah, Tennessee, Oklahoma, Louisiana and Idaho. The initiative could combine activities including fuel fabrication, enrichment, recycling, reactor deployment, power generation, manufacturing and data centers.
About Oklo (NYSE:OKLO)
Oklo, Inc is a California-based energy technology company specializing in the design and development of advanced nuclear microreactors. Headquartered in Fremont, the firm focuses on small modular reactor (SMR) technology that leverages fast-neutron fission and liquid-metal cooling to deliver carbon-free power. Oklo’s core objective is to bring compact, factory-built reactors online within a decade, offering a low-footprint alternative to traditional large nuclear plants.
The company’s flagship product, the Aurora microreactor, is a 1.5-megawatt electric (MWe) fast reactor cooled by a sodium alloy.
