Regulatory Engagement and Licensing Process

In Q3 2024, Oklo detailed its combined license application approach, reference and subsequent licenses, parallel applications, and benefits such as the ADVANCE Act along with noting regulatory complexities and site-specific factors. " " " " "

In Q1 2025, Oklo emphasized a proactive pre‐application readiness assessment, regulatory modernization (including a licensed operator topical report and fuel foundry licensing), and long-term engagement with the NRC while acknowledging potential delays from assessment feedback. " " " " "

Increased emphasis on early-stage, proactive regulatory engagement with enhanced detail on readiness measures and modernization efforts.

Comprehensive Fuel Strategy and Supply Chain Challenges

In Q3 2024, discussion centered on fuel recycling benefits, integration of radioisotope production from recycling, and leveraging existing supply chains to avoid large capital investments. " " " "

In Q1 2025, Oklo presented a more segmented three-pronged strategy—government-awarded material, commercial HALEU access, and future recycled fuel—along with detailed supply chain challenges such as fuel as the primary challenge, long lead times, and supplier partnerships. " " " " "

A refined, more segmented strategy is evident with greater detail on fuel supply challenges and mitigation measures.

Customer Demand Pipeline and Revenue Conversion Uncertainty

In Q3 2024, Oklo highlighted strong customer interest with new LOIs totaling 2.1 GW, diversified signed agreements, and a deliberate focus on quality in converting LOIs to PPAs supported by pricing signals. " " "

In Q1 2025, the discussion focused on an aggregated customer pipeline exceeding 14 GW and strategic alignment on fuel supply and customer partnerships, with less emphasis on revenue conversion uncertainty details. " "

A shift from granular revenue conversion concerns to an emphasis on the overall robust customer pipeline and strategic partnerships.

Rising Capital Expenditures and Cost Pressures

In Q3 2024, Oklo stressed its cost-conscious culture, capital efficiency, effective cash burn management, and strong financial positioning with clear operating loss guidance. "

In Q1 2025, there was an explicit discussion of rising HALEU prices, larger reactor sizes driving higher per-unit capital investments, and incremental costs for fuel foundry and recycling facility projects, alongside strategic capital planning. " "

An increased focus on higher capital expenditures and cost pressures with more explicit details on rising fuel prices and investment needs.

Execution Risk and Project Timeline Delays

In Q3 2024, while Oklo outlined its regulatory and permitting progress, including the planned COLA submission and targeted reactor online dates, there was no explicit discussion of execution risk. " "

In Q1 2025, timeline details were provided for COLA submissions, fuel facility licensing (with estimates of 24–36 months), and sequential licensing strategies, indirectly highlighting potential execution risks tied to regulatory reviews. " " "

More detailed timeline disclosures indicate an ongoing focus on managing execution risks and potential delays despite the absence of explicit risk labels.

Strategic Acquisition and Diversification into the Radioisotope Market

In Q3 2024, Oklo discussed its acquisition of Atomic Alchemy, outlining the acquisition structure, synergies between fast fission technology and isotope production, market opportunity, and diversification benefits. " " "

In Q1 2025, the acquisition was similarly highlighted with additional emphasis on proprietary VIPR technology, near-term revenue potential, and integration with fuel recycling to unlock new revenue streams. " " "

Consistent strategic focus with a slight enhancement toward capital‐light revenue diversification and integrated isotope production.

Reactor Design Flexibility for Data Center Applications

In Q3 2024, the focus was on a 50‐megawatt modular design with emphasis on scalability, modularity, and flexible siting to suit data center campus expansion. "

In Q1 2025, Oklo discussed a 75‐megawatt standard design that could be “underrated” for lower capacity needs, along with active discussions on customer term sheets and evolving siting and contracting strategies. " "

A shift from a modular 50 MW focus to a centralized 75 MW baseline with flexible operating adjustments, indicating evolving design optimization for data centers.

Reduced Emphasis on Granular Regulatory Interactions and Fuel Procurement Metrics

There was no explicit mention of these themes in Q3 2024; discussions focused broadly on regulatory efficiency and supply chain management without breaking down granular metrics [–].

In Q1 2025, while not explicitly labeled, there was an indirect focus on streamlined regulatory interactions through strategic topical reporting and a comprehensive fuel procurement strategy detailed by the integrated three-pronged approach. " " "

Emerging emphasis on high-level, strategic interactions and streamlined procurement rather than detailed granular metrics, marking a subtle shift in focus.