Oklo Inc

earnings and company update call. I'm Sam Doan, Okla's director of investor relations. Joining me today are Jake DeWitt, Okla's co-founder and chief executive officer, and Craig Bellmer, our chief financial officer. Earlier today, following the close of markets, we released our second quarter 2025 financial results. Today's accompanying slide presentation is available on the investor relations section of our website. Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows, will include forward looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclosure included in our supplemental slides. Additional details on relevant risk factors can also be found in our most recent filings with the SEC. Please note that OCWA assumes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. With that, I'll now turn the call over to Jake DeWitt, OCWA's co-founder and chief executive officer.

Jake. Thanks, Sam. We're starting today's update by highlighting a wave of federal actions that are accelerating momentum behind advanced nuclear technologies and how OKLO is extremely well positioned to benefit. Over the past quarter, we've seen exceptional policy movement, from sweeping executive orders to major legislation and national infrastructure strategies. Together, these actions reflect a coordinated federal push to speed up deployment of advanced nuclear technologies, strengthen domestic fuel supply chains, and enhance U.S. energy independence. For OKLO, this shift is highly beneficial. These aren't just favorable signals, they're concrete steps that support faster licensing, faster deployment, and better project economics for first-of-a-kind deployments. The next few slides will unpack the most significant drivers, the Executive Orders, the One Big Beautiful Bill, and the Federal AEI Action Plan, all of which align directly with OKO's licensing strategy, customer partnerships, and long-term cost advantage. The Executive Orders signed earlier this year mark a historic shift in federal policy toward advanced nuclear. These executive orders build on legislation from the last Congress and administration to clearly recognize civil nuclear energy as a national and economic security priority. That designation alone reshapes the policy landscape and unlocks access to key government assets, including alternative fuel materials that do not require further enrichment. When used in advanced reactors like Oklo's, these materials stockpiles could be made into fuel for more than three gigawatts of powerhouses. Just as important, these orders direct the DOE and NRC to move faster. streamlining regulatory reviews, reforming reactor testing, and targeting three operational advanced reactors by July 2026. It's rare to see this level of alignment across permitting, fuel access, and deployment. The executive orders go beyond signaling support. They include clear directives that align directly with OKOA's strategy. First, they revitalize the domestic nuclear fuel supply chain with a specific emphasis on recycling. OKOA is one of the few fast reactor companies positioned to use down-lended alternative fuel materials, which don't require enrichment. This fuel combined with the industry leading advances we are making in fuel recycling can give us a significant structural advantage. Second, the orders prioritize deployment of reactors at national security locations, including AI data centers and defense sites that aligns with where our customers are heading and where our small scalable powerhouse designs excel. Third, the orders mandate licensing reform, capping fees, and setting an 18-month review window for new reactors. That level of regulatory clarity and speed will accelerate Okla's path to market and strongly supports our combined license strategy. And finally, these orders direct DOE to accelerate reactor testing and target three operational advanced reactors by July 2026. That's an aggressive timeline and one Okla could qualify to help deliver on. The one big beautiful bill signed into law in July delivers a suite of policy wins that are directly aligned with Oklahoma's business model. First, it preserves robust investment and production tax credits through 2033 that then phase out through 2036. These credits improve our project economics and offer additional certainty for early stage deployment. Second, the bill strengthens the loan programs office, establishing the energy dominance financing program. This is important because it provides access to long term capital for projects that can't yet tap traditional debt markets like first of a kind deployments. Third, it accelerates NEPA, the National Environmental Policy Act, reviews by setting strict deadlines for environmental assessments and impact statements. That helps reduce permitting delays and improves timeline confidence across our project portfolio. And finally, the bill allows for 100% bonus depreciation for assets that begin construction by 2029 and are in service by 2033. That gives us the ability to capture meaningful tax benefits as we build out fuel and manufacturing capabilities. The federal government's AI action plan also released in July as a major new dimension to the demand landscape for advanced nuclear. The plan calls for a rapid expansion of AI infrastructure, including high security data centers and resilient domestic energy systems to support them. It explicitly recognizes that achieving AI dominance requires building new sources of reliable dispatchable power like advanced nuclear reactors. Our powerhouses are uniquely suited for this use case, delivering distributed base load power that can be co-located with mission critical AI workloads. The policy also calls for streamlining, permitting, deregulation and expanded workforce training to support infrastructure deployment. As AI infrastructure scales, we expect both commercial and policy momentum behind advanced nuclear to continue building. And Oklo is focused on delivering power solutions that meet that need. With that context, I'll turn it over to Craig to walk through how our mission, model and design choices are translating into real execution advantages.

Thank you, Jake. Our mission at Oklo has always been clear. to deliver clean, reliable, and affordable energy at a global scale. Our co-founders started this company with the belief that advanced nuclear could play a transformative role in the world's energy future. That meant rethinking the entire model from how we design reactors to how we license, fuel, and operate them. That vision continues to guide us today, and it's now clearly aligned with where policy, technology, and customer demand are headed. Moving to the next slide, Oklo's competitive edge comes from the intersection of three key strategies, our business model, our sizing philosophy, and our technology. First, we build, own, and operate our powerhouses, filling power under long-term contracts. That creates recurring revenue and enables us to move more efficiently through the regulatory process. Second, our small, scalable design allows us to deploy assets quickly, match customer demand in an incremental fashion, and significantly tap into existing supply chains with factory fabrication, which reduces site complexity, cuts cost, and supports faster rollout. And third, our technology is based on proven liquid metal fast reactor designs, with over 400 reactor years of operating history behind it worldwide. That gives us a deep technical foundation with built-in performance and safety benefits. Importantly, it enables us to move directly into commercialization without the need for a costly and time-consuming demonstration plant. And finally, I really can't emphasize this point enough. It provides flexibility for OKLO to use fresh HALU, recycled fuel, and down-blended alternative fuel for our powerhouses. Together, these advantages position us to deploy at speed and scale with a structure built for long-term growth. This past quarter, we made meaningful headway across all elements of our milestone framework, from licensing and project execution to field development, customer growth, and strategic partnerships. We advanced our NRC engagement, completing phase one pre-application readiness, and saw our licensed operator topical report formally accepted for review. We also took another step towards deployment at scale by selecting Kiewit as our lead constructor for the first Aurora powerhouse at INL. On the customer front, we expanded our pipeline of commercial opportunities with both the Department of Defense and Liberty Energy and advanced our corporate development efforts through agreements with Korea Hydro and Nuclear Power and Virtus. We also remained disciplined on spend, keeping our cash burn in line with expectations and ending the quarter with a strong balance sheet. I'll now hand it back to Jake to walk through the progress we made this quarter across our licensing, project, and commercial fronts. Jake?