Oklo Inc. Q4 FY2024 earnings call

Oklo Inc. was founded with the mission to deliver clean, reliable, and affordable energy using advanced nuclear technology. 2024 was transformative with major commercial, technological, and regulatory milestones, including partnerships with Equinix, Diamondback Energy, Prometheus HyperScale, and Switch. Went public on NYSE. Made progress in regulatory strategy, nuclear technology platform, including Idaho National Lab powerhouse project, Aurora fuel fabrication facility, and end-to-end fuel recycling process. Expanded powerhouse offering to 75 MW, advanced regulatory approvals with NRC and DOE, and acquired Atomic Alchemy for entry into radioisotope market.

No detailed product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

Expect cash used in operations in 2025 to be in the range of $65 million to $80 million, driven by increases in headcount, procurement for first powerhouse, license application fees, fuel recycling activities, and Atomic Alchemy business.

Challenges in fuel supply chain, regulatory approval timelines, and scaling deployment of advanced nuclear reactors.

Q: Was the decision to go from 50 megawatts to 75 driven by customers or potential customers?

A: A lot of it is customer-informed design, matching the sweet spot in the market for data center architectures, with benefits like fewer powerhouses needed for larger outputs.

Q: Can you describe broadly what the readiness assessment entails and does it derisk the actual COLA application?

A: Readiness assessment is an optional pre-review with NRC to pre-converge and derisk the content and timeline of the review, positioning for efficient approval process.

Q: Can you give more detail on the Switch deal?

A: The Switch deal is a large 12-gigawatt opportunity with conditional elements, not a firm PPA, focusing on building a sustainable partnership spanning decades with shared engineering and deployment benefits.

Q: What specific changes or advances have you made to gain confidence in securing approval for nuclear projects?

A: Applied lessons learned from prior regulatory experiences, updated design to match market evolution, engaged in pre-application readiness assessments, and made progress in addressing NRC open items through iterative meetings and report submissions