Oklo Inc

Hello, everyone. Thank you for joining us, and welcome to Oklo First Quarter 2026 Financial Results and Webcast. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Sam Doan, Senior Director of Investor Relations. Sam, please go ahead.

Thank you, operator. Good afternoon, everyone, and welcome to Okla's first quarter 2026 earnings and company update call. I'm Sam Doan, Okla's Senior 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. Today's accompanying slide presentation is available on the Investor Relations section of our website. After my opening remarks and the forward-looking statement disclosure, Jake will walk through our business update and strategic progress, and Craig will cover our financial results and closing remarks. 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 disclaimer included in our supplemental slides. Additional information on relevant risk factors can also be found in our most recent filings with the SEC. Please note that OCL 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.

Thank you, Sam. And thank you everyone for joining us today. Before we get into the quarter, I want to step back briefly. It has been almost exactly two years since Oklo became a public company. And since that time, there has been incredible progress at Oklo and for the industry as a whole. For Oklo, the story has increasingly moved from strategy to execution. Since becoming a public company, we have built a customer pipeline across data centers, industrials, energy, and government customers. We have advanced major customer relationships, including switch and meta. We broke ground on our first Aurora powerhouse at Idaho National Laboratory, advanced site work, procurement, and Department of Energy authorization for Aurora INL, and continue to make progress with the Nuclear Regulatory Commission, including approval of our principal design criteria topical report. We also advanced Aurora, Ohio, including plans with Meta for a 1.2 gigawatt power campus, while continuing to expand the fuel infrastructure needed to support deployment. This includes progress on the Aurora Fuel Fabrication Facility at INL, the Tennessee Advanced Fuel Center, and our Fast Spectrum Plutonium Criticality Experiments. On the isotope side, we acquired Atomic Alchemy, built the Groves test reactor facility in 229 days, and we are developing our first isotope customer contracts for offtake from the Radiochemistry Laboratory. And importantly, we strengthened the balance sheet to support deployment and long-term growth. Oklo is no longer just preparing for deployment, we are actively building the platform to support it. The broader environment continues to move in a direction that is providing tremendous momentum and supports our strategy. We are seeing U.S. nuclear tailwinds shift from policy endorsement to execution, which manifests across power markets, fuel recycling, and now into space travel and exploration. The White House launched the National Initiative for American Space Nuclear Power, and the DOE has been directed to assess readiness for up to four space reactors within five years. That is a very strong signal that nuclear is increasingly being viewed as strategic infrastructure beyond the grid, beyond this planet, and beyond this century. Our business touches several of the world's expanding needs. Almost every incredible thing we have done in space has been powered by isotopes, and that will most likely continue to be true, which means isotope production, fuel development, compact reactors, and materials testing are all relevant markets. And even before permanent space reactors are deployed, our isotope business can support space applications through radioisotope materials for systems like radioisotope thermoelectric generators, which are used to provide reliable power in extreme environments. At the same time, PJM continues to highlight the need for new firm supply, including bridging a potential 50 to 60 gigawatt capacity shortfall over the next decade and a proposed reliability backstop procurement framework. That supports our view that co-located and campus-style deployment models can be an important part of serving large loads and also underscores why we are progressing deployment of power assets in power park-type-like locations, such as those we are developing in Southern Ohio. Demand continues to build for reliable baseload power. And on the fuel side, the DOE has issued requests for applications to advance privately funded used nuclear fuel recycling, while states are increasingly competing to host integrated nuclear campuses that can support clean, reliable, and affordable energy at scale. Together, these developments reinforce the idea that used fuel should be viewed not as a liability, but as a strategic domestic energy resource. We are also seeing ongoing innovation at the NRC to expand the licensing pathways available to small advanced reactors, which helps accelerate deployment. Part 57 is designed around faster, repeatable deployment of microreactors and smaller advanced reactors. The NRC has discussed targeted licensing and deployment timelines of 6 to 12 months. That is a very different cadence from traditional nuclear licensing frameworks we were discussing just a few years ago. Part 57 also proposes fleet-based licensing and more standardized reviews for smaller repeatable reactors, which could significantly streamline future licensing for projects with multiple same-kind assets, aligning with Oklo's repeatable deployment multiple powerhouse campus-style development approach. Part 57 also appears to leverage DOE and Department of War authorized operating experience to reduce duplicative NRC reviews. That is important because our initial deployments of DOE authorized assets will generate real engineering, construction, safety, and operating experience. And that experience may inform and streamline future NRC reviews, enhancing the strategy value of those early asset deployments. The NRC has also finalized Part 53, an important modernization step because it creates a risk-informed, technology-inclusive framework for advanced reactors, though the development of the proposed Part 57 may be even more directly relevant and beneficial for Oklo. NRC modernization is moving in a direction that appears highly aligned with Oklo's targeted fleet deployment model of advanced reactors with repeatable designs. Two years ago, the advanced nuclear conversation was still largely about policy support, customer interest, and long-term potential. Today, the conversation at Oklo is increasingly about execution. We are advancing licensing pathways across three businesses, securing multiple fuel pathways, converting demand into deployable, repeatable projects, and deploying and operating assets to meet that demand. We believe that Oklo is well positioned to meet market demand as an integrated platform across three business units, power, fuel, and isotopes. Power as the anchor product, clean, reliable baseload power and heat delivered through our Aurora powerhouses. Fuel is the enabler, fabrication, recycling, and multiple fuel supply pathways that support deployment. and isotopes that expand the platform into high-value domestic market sectors that will supply products for critical uses, including space, defense, industrial, and most importantly, healthcare. These are complementary businesses with capabilities designed to reinforce each other over time. That integration is central to how we believe Oklo can scale. And we are in action, building assets across all three of our business verticals as we speak. On the power side, we have Aurora INL, our Aurora powerhouse at Idaho National Laboratory. Aurora, Ohio, our planned 1.2 gigawatt clean energy campus, and Aurora Eielson, a cogeneration project planned to provide heat and power for Eielson Air Force Base in Alaska. On the fuel side, we have the Aurora Fuel Fabrication Facility at INL and the Advanced Fuel Center in Tennessee, which begins with our first phase, a used nuclear fuel recycling facility. We are also developing plans for the potential use of plutonium-based fuels as a bridge fuel. And in isotopes, we have Groves, our radioisotope test reactor, which is targeting criticality by July 4th of this year, and the Idaho Radiochemistry Laboratory, which already has an NRC license and is working toward generating early commercial isotope revenue starting in 2026. We are actively executing across all three business units of our vertically integrated nuclear platform, building the infrastructure, fuel pathways, licensing strategies, supply chain strategies, and commercial capabilities needed to deploy repeatedly. We used this slide last quarter, but it is worth revisiting briefly because it is a helpful reminder of how the pieces fit together. In the conventional nuclear value chain, mining, enrichment, power generation, and long-term waste storage are fragmented across different parties. Oklo's model is designed to connect fuel fabrication, power production, fuel recycling, and isotope production into an integrated loop. Power creates fuel demand. Recycling supports long-term supply. Recovered materials can support isotope opportunities. So this is a quick reminder, but an important one. Power, fuel, and isotopes are all synergistic capabilities, not separate strategic directions. We believe Oklo is the key player in the nuclear sector advancing the strategic integrated business model. Since our last company update just eight weeks ago, we've continued to make progress across all three business units. In power, Aurora INL has submitted the Preliminary Documented Safety Analysis, or PDSA, for review with the Department of Energy, Advanced Procurement and Site Development, and received approval from the NRC for our Principal Design Criteria Topical Report. Aurora, Ohio has moved forward with PJM interconnection applications. For Aurora-Eielson, site characterization has been initiated. And with Project Pluto, we announced a strategic partnership project with Battelle Energy Alliance and Idaho National Laboratory for an industry-leading initiative to integrate AI into reactor and fuel system design. In fuel, early construction activities at A3F are underway and final design deliverables are complete. The Tennessee fuel recycling facility continues through application readiness review with the NRC, and site preparation continues. We also announced a collaboration with NVIDIA and Los Alamos National Laboratory to support fuel validation work for plutonium-bearing fuels. And in isotopes, Groves has its PDSA in review, has its DSA submitted, and received a Certificate of Substantial Completion for Construction. The Idaho Radiochemistry Laboratory is also advancing our first customer contract, paving the way for potential revenue generation in 2026. Across the company, our mindset has shifted toward asset deployment, which is supporting asset delivery across all three business units, enabled by multiple regulatory pathways and unlocking several growing potential revenue opportunities. First, we'll start with the fuel business updates. Fuel availability is one of the most important gating items for advanced nuclear deployment and is one of the areas where Oklo has spent years building differentiated capabilities and optionality. A3F is the Aurora Fuel Fabrication Facility at INL, which will be fabricating fuel for the Aurora INL and supporting future Aurora deployments. On the DOE authorization side, A3F has received approval for its Nuclear Safety Design Agreement, or NSDA, and its Preliminary Documented Safety Analysis, or PDSA. The next milestones are approval of the Documented Safety Analysis, or DSA, completion of the readiness review, and startup approval. On execution, early construction activities are complete, final design deliverables are complete, and the next major execution milestone is expected to be the construction contract award. The Tennessee Advanced Fuel Center is our first major step toward long-term recycling capability. Site preparation activities continue in Tennessee, technology development continues to mature the design, and the NRC application readiness review continues. As of April 2026, the Department of Energy has initiated an accelerated private sector-led pathway for nuclear fuel recycling, moving away from the once-through cycle toward reprocessing for advanced reactors. We will continue to evaluate the right pathway as the project advances. We also announced a collaboration with NVIDIA and Los Alamos National Laboratory to advance nuclear fuel validation. We see this collaboration as a potential key strategic enabler because it brings together OKLO's fast reactor platform, NVIDIA's AI infrastructure, and Los Alamos' fuel and materials expertise. The collaboration supports AI-enabled modeling, digital twins, and validation work for plutonium-bearing fuels. It also advances fuel development for Pluto, one of our DOE reactor pilot program projects. The broader significance is that AI can help accelerate nuclear development, while nuclear can provide firm power for AI infrastructure. In this case, the collaboration links advanced nuclear power, AI-enabled research, and nuclear fuel R&D, and it supports the technical foundation for plutonium-bearing fuel work. It is another example of how our power and fuel strategies are connected to some of the most important infrastructure needs in the market today. Moving now to power asset updates. Aurora INL remains the anchor of our power deployment strategy, and we are advancing regulatory procurement and site work in parallel. On the DOE side, we have executed the Other Transaction Agreement, or OTA, and received approval for the Nuclear Safety Design Agreement. The Preliminary Documented Safety Analysis is currently in review, and the next milestones are approval of the Documented Safety Analysis, completion of the Readiness Review, and startup approval. The DOE pathway allows us to continue advancing construction, procurement, and system integration while the project moves through authorization. At the same time, and as we have noted in previous updates, we continue to work with the NRC in parallel as demonstrated by the NRC's approval of the Principal Design Criteria Topical Report for the Aurora INL. This approval is important because it establishes the fundamental safety, reliability, and performance requirements that can guide future reactor licensing and design activities. It also clears the path for the report to be referenced in future applications, reducing the need to re-review established material. To be clear, that is the point of parallel pathing our regulatory approach. We are using the DOE pathway to move the first asset forward while continuing NRC work that supports broader commercial licensing and future repeatability. On the site, field execution continues at INL, including the transition to deep foundation excavation, long lead procurement work is advancing across major systems, and supplier engagement is progressing for the reactor module and the balance of plant needs. We also announced a strategic partnership project with Patel Energy Alliance, the management and operating contractor for INL, to use AI technologies to accelerate advanced reactor and fuel system design work. The project will apply INL's Prometheus AI platform to support AI-enabled engineering workflows, modeling, simulation, and technical documentation, including work related to Pluto, which is a plutonium-fueled powerhouse. Together the regulatory progress site execution and Ai enabled design work are all aimed at accelerating deployment, while improving engineering efficiency. At Aurora, Ohio, we continue to advance campus development and permitting readiness. Meta and Oklo announced plans earlier this year to develop a 1.2 gigawatt advanced nuclear power campus in Ohio. And this quarter, Oklo submitted PJM interconnection applications as part of the most recent cluster study, which is key to overall site development and project deployment timelines. We are continuing to look for avenues to enhance site differentiators as we advance the Ohio campus and broader development strategy. We also continue coordination with regulatory bodies to support permitting site readiness and project scope alignment, while advancing engagement across community policy and commercial stakeholders in Ohio. Aurora Eielson represents a different but highly strategic power use case. The Defense Logistics Agency Energy, on behalf of the Department of the Air Force, issued a notice of intent to award to Oklo. The project is an Aurora-derived powerhouse planned for Eielson Air Force Base in Alaska. Site characterization is ongoing, with ground investigations expected to begin this summer. The project is planned to deliver and meter at least five megawatts of electric power, with the primary use case for the asset being the delivery of steam for district heating, integrating with existing base energy infrastructure. Strategically, this demonstrates distributed nuclear for mission-critical defense operations. It is not only about electricity, it is also about heat, resilience, and energy security in a demanding operating environment. It expands Aurora applications beyond commercial campuses and supports the broader case for resilient nuclear power. The last asset updates are on our isotope projects. This business continues to move from development toward near-term operations and commercial activity. This quarter, we completed construction activities for the Groves facility, receiving a Certificate of Substantial Completion for construction for this greenfield facility in just 229 days. That timing matters and is foundational to our strategy. Nuclear is often viewed as slow by default. Groves demonstrates that with the right design, scope, supply chain, authorization pathway, and commercial mindset, nuclear assets can move much faster than people may expect. And the implications go beyond Groves itself. The lessons we are learning around procurement, construction, installation, regulatory sequencing, and commissioning will inform how we deploy future nuclear assets across the platform. On the DOE authorization side, Groves has executed its OTA and received approval for its NSDA. The PDSA is in review and the DSA has been submitted. The next milestones are completion of the readiness review and startup approval. From an execution standpoint, the focus now is in final installation of reactor equipment, integrated system testing, and fuel delivery with the target of July 4th, 2026 criticality. We are pleased with the pace of progress and Groves is helping show what a faster model for nuclear asset deployment can look like. The second isotope update is the Idaho Radiochemistry Laboratory. This is an NRC authorized facility. Okla received its NRC material handling permit earlier this year, which enables the processing and handling of licensed radioactive materials and supports early commercial isotope activities. This facility gives us the ability to safely process, handle, and supply purified isotope materials under the appropriate regulatory framework, allowing us to engage on commercial offtake opportunities. On the commercial side, customer engagement continues to advance, and our first commercial isotope contract is pending. We are not naming the customer at this stage, but this represents continued movement toward early commercialization of Oklo's isotope platform. The broader read-through is that we are building the pieces required for commercial isotope supply, authorized isotope handling capabilities, purified isotope processing, and commercial supply opportunities. This is the path this lab is intended to support. Before turning it over to Craig, I want to briefly highlight our board of directors. As Okla moves from development into execution across multiple assets, we continue to build the board with experience aligned to the scale and complexity of what we are doing. Michael Thompson now serves as our lead independent director. We also added Dr. Mark Peters, David Christian, Derek Khan, and David Park as new directors. These additions bring deep experience executing complex and highly technical projects across energy, industrial, infrastructure, finance, and technology sectors. That breadth matters. We are building a vertically integrated business across fuel, power, and isotopes. Each has significant tailwinds, but each also has distinct execution needs. Adding this type of experience supports our ability to move faster and do more simultaneously as the company scales. With that, I will turn it over to Craig for the financial update and closing remarks. Craig?