Executive Summary

Q4 2024 EPS was -$0.09 versus S&P Global consensus of -$0.07, a miss, while revenue remained $0 in line with consensus expectations; FY 2024 EPS of -$0.74 was a major beat versus S&P consensus of -$4.81, largely reflecting the extraordinary Q2 deemed dividend effects that inflated consensus losses [Values retrieved from S&P Global]* .
Oklo expanded its powerhouse capacity range to 15–75 MW and signed a master power agreement with Switch for 12 GW, bringing confirmed customer interest to ~14 GW, positioning nuclear baseload as an AI/data center power solution .
Regulatory momentum continues: DOE site work and permits at INL, pre-app readiness engagement with NRC for the COLA submission in 2025, and first commercial power targeted for late 2027 to early 2028 .
FY 2024 operating loss was $52.8M (adjusted to $40.3M at the low end of prior guidance after non-cash items) and cash used in operations was $38.4M; year-end cash and marketable securities stood at $275.3M, underpinning execution capacity .
Watch risk catalysts: Pomerantz shareholder litigation investigations following a short report in Nov-2024 contributed to sentiment volatility; management disclosed a 2024 10-K material weakness tied to complex SPAC accounting presentation, with remediation expected by year-end .

What Went Well and What Went Wrong

What Went Well

Expanded powerhouse output to 75 MW from the same 50 MW design platform, improving scalability for large AI/data center customers; “no new technical or design risk” to achieve larger output per call commentary .
Landmark Switch master power agreement for 12 GW by 2044, elevating total pipeline to ~14 GW; “one of the largest corporate power agreements in history” with strategic collaboration beyond power delivery .
Regulatory and project progress at INL: DOE environmental and siting milestones achieved with drilling/site characterization started; “on track for deployment in late 2027 to early 2028” .

What Went Wrong

Q4 EPS missed S&P consensus (-$0.09 vs -$0.07), and Q3 also modestly missed (-$0.08 vs -$0.07), reflecting ongoing pre-revenue burn and extraordinary items in 2024 [Values retrieved from S&P Global]* .
Legal overhang emerged with shareholder litigation investigations post short-seller report, creating headline risk and near-term stock pressure .
A material weakness disclosure in the 2024 10-K related to infrequent, complex accounting tied to the SPAC deemed dividend presentation, though management expects remediation by year-end .

Financial Results

Quarterly EPS vs Estimates

Metric	Q2 2024	Q3 2024	Q4 2024
EPS (Primary, $USD)	-5.17*	-0.08	-0.09*
S&P Consensus EPS ($USD)	-0.06382*	-0.0741*	-0.0699*

Note: Asterisks indicate values retrieved from S&P Global (no document citation available).

Annual Operating Metrics

Metric ($USD Millions unless noted)	FY 2023	FY 2024
Total Operating Expenses	$18.6	$52.8
Loss from Operations	$(18.6)	$(52.8)
Net Loss	$(32.2)	$(73.6)
Cash Used in Operating Activities	$(16.0)	$(38.4)
Cash and Cash Equivalents (Year-end)	$9.9	$97.1
Marketable Debt Securities (Year-end)	$0.0	$178.2
Cash + Marketable Securities (Mgmt reported)	—	$275.3
Basic/Diluted Class A EPS ($)	$(0.47)	$(0.74)
Weighted Avg Shares (Millions)	68.9	98.9

KPIs and Commercial Pipeline

KPI	Q3 2024	Q4 2024
Total Customer Pipeline Capacity	2,100 MW	~14 GW
Equinix Prepayment	$25M	$25M (unchanged)
LOIs: Prometheus Hyperscale	100 MW	100 MW (unchanged)
LOIs: Diamondback Energy	—	50 MW
Switch Master Power Agreement	—	12 GW
Powerhouse Output Range	15 & 50 MW	15–75 MW
DOE INL Site Work	ECP secured	Drilling/site characterization begun
Fuel Secured for First Core	—	Secured; Centrus MOU supports HALEU

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Operating Loss	FY 2024	$40–$50M	Reported $52.8M; Adjusted $40.3M (ex non-cash)	Maintained at low end on adjusted basis
Cash Used in Operations	FY 2024	$35–$45M	$38.4M	Achieved mid-range
Cash Used in Operations	FY 2025	—	$65–$80M	Raised vs FY24 actual
COLA Submission	2025	H1 2025 target	2025, targeting Q4 to align with ADVANCE Act fee cuts	Maintained, refined timing
First Commercial Power	2027–2028	Late 2027	Late 2027–Early 2028	Window widened
Powerhouse Output	Ongoing	15 & 50 MW	15–75 MW platform	Raised capacity
Radioisotope Revenue Start	2028/2029 (facility online)	Potential as soon as 2026	Accelerated milestone timing

Earnings Call Themes & Trends

Note: Q2 2024 transcript retrieval failed (database inconsistency). Prior-period context uses Q3 2024.

Topic	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
AI/Data center demand	Hyperscalers committing to nuclear; LOIs up to 750 MW; Equinix $25M prepay roadmap	Switch 12 GW MPA; capacity scaled to 75 MW to match data hall needs	Increasing
Regulatory (NRC/DOE)	Target COLA in 2025; ADVANCE Act benefits; DOE permits at INL	Pre-app readiness assessment; drilling/site characterization; COLA submission targeted 2025	Progressing
Fuel/HALEU	HALEU supply chain support by DOE; strategy aligns with market	First core secured; Centrus MOU; recycling to diversify fuel and cut costs	Strengthening
Gas-to-Nuclear Bridge	—	RPower phased strategy to deliver near-term gas and transition to nuclear	New initiative
Radioisotopes/Atomic Alchemy	Proposed acquisition; limited near-term cost impact	Acquisition closed; potential revenue by Q1 2026; VIPR reactor progress	Accelerating
Financing/Costs	YTD cash used $24.9M; $288.5M cash+securities	FY cash used $38.4M; $275.3M cash+securities; 2025 burn guide $65–$80M	Higher burn to execute
PPAs vs MPAs	Focus on term quality over speed; building frameworks	Master partnerships first; PPAs sequenced; risk-mitigated approach	Strategy reiterated
Legal/Short report risk	—	Litigation investigations noted post short report (sentiment risk)	Emerging risk

Management Commentary

“We ended the year by signing what is potentially the largest corporate clean power agreement ever with Switch for 12 gigawatts of power… equivalent to approximately 1% of the U.S. grid.” – CEO Jacob Dewitte .
“Our 50 megawatt design now offers the flexibility to deliver up to 75 megawatts of power… with construction timelines of less than eighteen months.” – CFO R. Craig Bealmear .
“Backed by a DOE site use permit, the project remains on track for deployment in late 2027 to early 2028.” – CEO Jacob Dewitte .
“Year-end cash and marketable securities were $275.3 million… [we] expect cash used in operations to be in the range of $65–$80 million in 2025.” – CFO R. Craig Bealmear .

Q&A Highlights

Powerhouse scaling economics: Moving to 75 MW reduces unit count for a given capacity (e.g., 150 MW from three 50 MW to two 75 MW), improving $/MW and fuel efficiency; management indicated “no new technical or design risk” in scaling .
Licensing path/timing: Pre-app readiness assessment derisks content and timeline; COLA submission targeted in 2025, likely Q4 to align with ADVANCE Act fee changes; subsequent COLAs could shrink review to ~7 months per NRC white paper .
Commercial approach: Emphasis on master partnership agreements before PPAs to optimize pricing, sites, and risk-sharing; Switch partnership frames multiple collaboration avenues beyond power sales .
Fuel procurement: First core secured; Centrus MOU supports long-term HALEU; recycling and potential use of government reserves to bridge supply constraints uniquely suit fast reactors .
Atomic Alchemy milestones: Stand-alone isotope production capabilities and demo project underway; potential revenue as early as Q1 2026; strong demand in radiopharma and semiconductor doping (NTD) .

Estimates Context

Quarterly comparison: Q4 EPS -$0.09 vs -$0.07 consensus (miss); Q3 EPS -$0.08 vs -$0.07 consensus (miss); Q2 EPS -$5.17 vs -$0.06 consensus (large miss, driven by SPAC-related deemed dividends) [Values retrieved from S&P Global]* .
Annual comparison: FY 2024 EPS -$0.74 vs -$4.81 consensus, a significant beat due to normalization after Q2’s extraordinary items [Values retrieved from S&P Global]* .
Revenue: Consensus and actual remain $0, consistent with pre-revenue status [Values retrieved from S&P Global]*.
FY 2025 EPS consensus stands at -$0.58; with 2025 cash used in ops guided to $65–$80M as Oklo ramps headcount, licensing fees, and procurement for INL, sell-side models may need to reflect higher opex near-term while valuing long-term baseload and radioisotope optionality .

Key Takeaways for Investors

Oklo’s 12 GW Switch agreement and 15–75 MW platform materially strengthen the AI/data center narrative; phase-able deployment and >99% reliability via multi-unit sites address hyperscaler needs .
Regulatory path is clearer: DOE permits and site work underway; COLA readiness progressing with 2025 submission; first power targeted late 2027–early 2028, with subsequent COLAs potentially on materially faster timelines .
Balance sheet is robust for near-term execution ($275.3M cash+securities), but burn will step up in 2025 ($65–$80M) as licensing and procurement accelerate; monitor cash discipline and milestone cadence .
Pre-revenue profile means quarterly EPS noise persists; FY 2024 normalized EPS outcome (-$0.74) beat consensus heavily due to Q2 deemed dividend distortions—focus on regulatory/customer milestones versus near-term EPS [Values retrieved from S&P Global]*.
Fuel strategy is differentiated: first core secured, Centrus MOU, and recycling pathway offer supply resilience and potential fuel cost reductions up to ~80%, an economic moat versus peers .
Radioisotopes are an emerging revenue lever: Atomic Alchemy acquisition closed, with potential revenue as early as 2026; complements power sales and enhances recycling economics (co-products) .
Risk watch: shareholder litigation investigations following the Nov-2024 short report and disclosed 2024 material weakness in complex accounting; management expects remediation and continues to emphasize a risk-mitigated PPA strategy .

Asterisks indicate values retrieved from S&P Global (no document citation available).

Oklo Inc. (OKLO)·Q4 2024 Earnings Summary