OKLO INC.

Red flags

• The company has not constructed any powerhouse and has no binding power purchase agreement; revenue-generating commercial operations therefore remain unproven.
• 2025 net loss was $105.7 million, operating loss was $139.3 million, operating cash burn was $82.2 million, and accumulated deficit was $240.8 million.
• Management says existing liquidity is sufficient only for the one-year period following the financial-statement issuance date, despite plans requiring substantial spending on powerhouses, fuel facilities, recycling, and radioisotopes.
• The June 2025 offering issued 7.67 million shares for $460.0 million gross proceeds, and the company also has a $400.0 million ATM program, creating meaningful future dilution risk.
• The company relies partly on HALEU or plutonium-based fuels that it states are not currently available at scale.
• A material weakness related to infrequent and complex transactions existed at December 31, 2024; management says remediation was completed in 2025, but the control history remains a governance watchpoint.