Oklo Inc. (OKLO)
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Oklo is building small nuclear power plants for data centers and has raised $2,536.9 million to do it. What the company did not have as of March 31, 2026: revenue, a binding power purchase agreement, a reactor license, or a single plant in the ground. We read the filings with the U.S. securities regulator and worked out what actually sits behind the gigawatt arithmetic.
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This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
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AI Rating
Uses AIOklo verkauft keine KI, sondern Strom — setzt aber laut Geschäftsbericht 2025 selbst KI-Technologien samt großer Sprachmodelle in Forschung, Einkauf und Vertragsmanagement ein; KI-Rechenzentren sind zugleich der benannte Nachfragetreiber, aber keine Umsatzquelle (Umsatz gibt es bislang gar keinen).
View the full file — quotes, sources, reviewed filings
„Like many companies, we are using and looking for more opportunities to use artificial intelligence technologies, including those that leverage large language models, in an effort to reduce costs and run our business efficiently. In particular, we are evaluating opportunities to leverage artificial intelligence operations in our research & development efforts, as well as in operational areas like procurement and contract management."
Wie viele Unternehmen setzen wir Technologien der künstlichen Intelligenz ein und suchen nach weiteren Einsatzmöglichkeiten — darunter solche, die große Sprachmodelle nutzen —, um Kosten zu senken und unser Geschäft effizient zu führen. Insbesondere prüfen wir Möglichkeiten, KI-Anwendungen in unserer Forschung und Entwicklung sowie in operativen Bereichen wie Einkauf und Vertragsmanagement zu nutzen.
„Demand for energy in the U.S. is currently being driven by the explosive growth in the data center industry, particularly as AI deployment, cloud computing adoption, and digital transformation initiatives accelerate across sectors. Should power demand growth in the AI data center market slow, customer demand for our baseload low-carbon power could be negatively impacted."
Die Energienachfrage in den USA wird derzeit vom explosiven Wachstum der Rechenzentrums-Branche getrieben, insbesondere weil KI-Einführung, Cloud-Nutzung und Digitalisierungsvorhaben quer durch alle Branchen an Tempo gewinnen. Sollte sich das Wachstum der Stromnachfrage im Markt für KI-Rechenzentren verlangsamen, könnte die Kundennachfrage nach unserer grundlastfähigen, kohlenstoffarmen Energie negativ beeinflusst werden.
Filings Reviewed: 10-K 2026-03-17 · 10-Q 2026-05-12 · 10-Q/A 2026-06-17
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -5.17 | -8,847.90 | 0 | – | – | -10 | -10 |
| 2024: Q3 | -0.08 | -311.60 | 0 | – | – | -8 | -8 |
| 2024: Q4 | -0.09 | -264.10 | 0 | -100.00 | – | -14 | -14 |
| 2025: Q1 | -0.07 | -7.40 | 0 | – | – | -12 | -13 |
| 2025: Q2 | -0.18 | 96.50 | 0 | – | – | -19 | -19 |
| 2025: Q3 | -0.20 | -150.00 | 0 | – | – | -18 | -23 |
| 2025: Q4 | -0.27 | -201.30 | 0 | – | – | -33 | -60 |
| 2026: Q1 | – | – | 0 | – | – | -18 | -51 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
As of March 31, 2026, Oklo held $2,536.9 million in cash and marketable debt securities against only $64.9 million of total liabilities — no bank debt, no bond, no covenant. Stockholders' equity stood at $2,638.6 million, up from $269.3 million a year earlier. Cash used in operating activities was just $17.9 million in the first quarter of 2026; the company expects $80 million to $100 million for 2026.
There is no revenue line — neither in the 2025 annual report nor in the quarterly report as of March 31, 2026. Operating expenses rose to $51.2 million in the first quarter of 2026 (prior-year quarter $17.9 million) and the net loss to $33.1 million. The loss was not larger only because $21.3 million of interest and dividend income came in from the company's own portfolio.
In its 2025 annual report, Oklo states that it has not yet constructed any powerhouses or entered into any binding power purchase agreement with any customer. The 12-gigawatt Switch agreement (December 2024) is a master framework; the arrangements with Equinix, Diamondback Energy, and Prometheus Hyperscale are non-binding letters of intent. The only customer money received so far: $25.0 million paid in March 2024 for a right of first refusal, still carried unchanged as a liability.
The combined license application from March 2020 was denied without prejudice in 2022; as of the quarterly report filed May 12, 2026, the updated application had not been refiled. Oklo states that it is uncertain when, if at all, NRC approvals will be obtained — while the first plant is targeted for 2028, described in the filing itself as "ambitious." Mitigating: since August 2025 the Aurora unit at Idaho National Laboratory may proceed under the Department of Energy authorization pathway.
Shares outstanding rose from 137.7 million (12/31/2024) to 184.8 million (07/01/2026, Schedule 13D/A). In January 2026 alone, 12,376,352 shares were sold at an average price of $96.95 (gross $1,199.9 million). A further sales program of up to $1.0 billion has been running since May 13, 2026 inside a $3.5 billion shelf registration; on June 24, 2026, another 9.63 million employee shares were registered on Form S-8.
Without revenue there is no P/E and no P/S ratio. On a book basis the stock trades at roughly 2.7 times equity per share (data as of 07/27/2026), against $14.97 of net tangible book value per share as of March 31, 2026 that consists almost entirely of cash and securities. Nine analysts cover the stock (four strong buy, two buy, three hold, none sell; average price target $86.20, data as of 07/27/2026).
Oklo Inc. is one of the best-funded revenue-less companies on the U.S. market: $2,536.9 million of liquidity against $64.9 million of liabilities as of March 31, 2026, plus $21.3 million of interest income in the first quarter alone. What is missing is everything else — revenue, a plant in the ground, a binding power purchase agreement, and a refiled license application. It is all funded with new stock: from 137.7 million shares (12/31/2024) to 184.8 million (07/01/2026), with an open program for a further $1.0 billion. Not investment advice.
- The hook for this analysis is an attention sweep across the most-discussed U.S. stocks in investor forums on July 27, 2026. At that point Oklo appeared in none of our in-house stock scanner lists — the metric filters require revenue or earnings, and Oklo has neither. Scanner lists are recalculated daily.
- Data as of: SEC filings through the Form 10-Q/A dated June 17, 2026, plus current reports, prospectus supplements, and beneficial ownership filings through July 6, 2026; market data (market capitalization, price-to-book, analyst coverage) as of July 27, 2026, last close July 24, 2026.
- The Form 10-Q/A dated June 17, 2026 is explicitly not a restatement: its sole purpose was to supply the chief financial officer's conformed signature, inadvertently omitted from the certification in Exhibit 31.2. No figures were changed and no material weakness was identified.
- Not to be confused: before May 9, 2024, Oklo Inc. was named AltC Acquisition Corp., a special purpose acquisition company. Figures from before the merger relate to the operating predecessor, Oklo Technologies, Inc.
About the Company
Oklo Inc. develops fission power plants to provide energy at scale to customers in the United States. The company offers Aurora Powerhouse, which is designed to produce between 15 and up to 75 megawatts of electricity. It is also commercializing nuclear fuel recycling and fuel fabrication technology that can convert used nuclear fuel into usable fuel for its reactors. The company was formerly known as AltC Acquisition Corp. and changed its name to Oklo Inc. in May 2024. Oklo Inc. was founded in 2013 and is headquartered in Santa Clara, California.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 215 |
| Headquarters | Santa Clara, CA |
| Website | oklo.com |
| IPO Date | 8. Jul 2021 |
| Next Earnings | 10. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Jacob Dewitte | Co-Founder, CEO & Chairman | 1987 |
| Caroline DeWitte | Co-Founder, COO & Director | 1984 |
| Richard Craig Bealmear | Chief Financial Officer | 1967 |
| Sam Doane | Senior Director of Investor Relations | – |
| William Goodwin J.D. | Chief Legal & Strategy Officer | 1985 |
| Bonita Chester | Head of Communications & Media | – |
| Alexandra Renner | Chief Product Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.