Oklo Inc. (ALCC)·Q2 2024 Earnings Summary

Executive Summary

• Oklo’s Q2 2024 was execution-heavy: cash and marketable securities rose to $294.6M post de‑SPAC, funding R&D, licensing and supply chain buildout; operating expenses scaled as planned and non‑cash de‑SPAC adjustments drove GAAP net loss .
• Customer pipeline nearly doubled to ~1,350 MW in non‑binding LOIs, led by data center demand; preferred supplier agreement with Siemens Energy strengthens turbine/steam-side supply chain .
• Guidance was reaffirmed: FY2024 operating loss $40–50M and cash used in operations $35–45M; management emphasized sufficient liquidity for one year after issuance while noting longer‑term going concern uncertainty absent additional capital over future years .
• Key catalysts: NRC pre-application readiness review in 2H24, combined license submission in 2025, fuel recycling milestones and LOI conversion to PPAs; macro tailwinds via ADVANCE Act and IRA support .

What Went Well and What Went Wrong

What Went Well

• Pipeline expansion: non‑binding agreements increased ~93% from ~700 MW (July 2023) to ~1,350 MW by August 2024, with data centers driving growth .
• Supply chain maturation: signed preferred supplier agreement with Siemens Energy for steam turbine generator packages, standardizing non‑reactor components and reducing costs/downtime .
• Fuel recycling progress: completed first end‑to‑end demonstration of key stages with Argonne and INL; atomic isotope partnership for incremental revenue streams in early 2030s .
• Management tone: “Oklo is well capitalized to execute our business strategy and is positioned to be the first advanced fission company to generate revenue from selling clean power” (Shareholder Letter) . Sam Altman: “Oklo has proven itself to be an innovative energy leader… There are huge growth opportunities ahead.” .

What Went Wrong

• Higher Opex and non‑cash items: Total operating expenses rose to $17.8M (+430% YoY), with R&D $10.7M and G&A $7.1M; non‑cash fair value changes on SAFEs ($13.1M in Q2; $29.9M YTD) and earn‑out‑related SBC ($7.8M YTD) amplified GAAP net loss .
• GAAP net loss widened: Q2 net loss was $29.3M vs $4.5M in Q2 2023, reflecting growth investments and de‑SPAC accounting impacts; basic and diluted EPS was $(0.29) vs $(0.06) .
• Going concern disclosure: sufficient liquidity for one year post issuance, but substantial doubt beyond that absent future financing to construct plants and fund operations .
• LOI conversion risk: strong pipeline remains non‑binding; conversion to PPAs is a near‑term execution focus .

Financial Results

Income Statement (Quarterly Comparison – oldest → newest)

Balance Sheet (Point-in-time)

Cash Flow (Six months ended June 30 – oldest → newest)

KPIs and Operating Metrics

Guidance Changes

Earnings Call Themes & Trends

Note: Oklo hosted Q2 webcast and posted materials (presentation, shareholder letter); third-party transcript available on Seeking Alpha and company webcast page .

Management Commentary

• “Oklo is well capitalized to execute our business strategy and is positioned to be the first advanced fission company to generate revenue from selling clean power” (Shareholder Letter) .
• “Our mission is to provide clean, reliable, and affordable energy on a global scale” (Shareholder Letter) .
• Sam Altman (Chairman): “Oklo has proven itself to be an innovative energy leader… There are huge growth opportunities ahead.” .
• On data centers: “By merging sustainability with advanced technology, we are setting a new standard for the future of accelerated computing.” — Trenton Thornock, Wyoming Hyperscale .

Q&A Highlights

• Conversion of LOIs to PPAs: Management reiterated priority on converting 1,350 MW non‑binding LOIs to long‑term PPAs, with focus on data centers and O&G customers .
• Licensing timeline clarity: Pre‑application readiness review in 2H24 to de‑risk COL application submission in 2025; ADVANCE Act expected to reduce fees/timelines .
• Supply chain & cost control: Standardization via Siemens Energy preferred supplier agreement to reduce maintenance downtime and improve reliability .
• Liquidity & runway: Sufficient liquidity for one year post issuance; continued discipline on Opex with FY24 operating loss and operating cash guidance maintained .

Estimates Context

• S&P Global consensus EPS/revenue estimates for Q2 2024 were unavailable for ALCC/OKLO due to mapping and the company’s pre‑revenue status. Values not retrieved; Wall Street consensus unavailable at this time (S&P Global).

Key Takeaways for Investors

• Oklo is pre‑revenue but well funded post de‑SPAC: $294.6M liquidity supports near‑term licensing, engineering, and supply chain buildout; FY24 loss and cash use guidance reaffirmed .
• Execution focus in H2 2024–2025: NRC pre‑application readiness review, combined license submission, and LOI conversions to PPAs are major near‑term catalysts .
• Supply chain de‑risking underway: Siemens Energy agreement strengthens turbine/steam-side integration and standardizes equipment across deployments .
• Fuel recycling offers optionality: End‑to‑end demonstration advances commercial facility plans and opens radioisotope revenue opportunities in early 2030s .
• Policy tailwinds reduce regulatory friction: ADVANCE Act/IRA support licensing efficiency and fuel cycle investments; Oklo highlights potential fee reductions and awards .
• Risk monitor: Non‑binding LOIs must convert to PPAs; higher R&D/G&A and non‑cash de‑SPAC impacts weigh on GAAP results; longer‑term going concern disclosure underscores eventual need for project capital despite current liquidity .
• Trading lens: Narrative is driven by execution milestones (NRC steps, PPAs) rather than near‑term financials; track webcast updates and SEC filings for timing signals .

Sources

• Q2 2024 8‑K and Shareholder Letter: .
• Q2 2024 10‑Q: .
• Oklo Q2 press release and investor page: .
• Q2 webcast: .
• Earnings call transcript: .