Oklo Inc. reported a net loss of $0.20 per share for the third quarter of 2025, a widening of the loss compared with the $0.13 per share loss reported in the same quarter a year earlier. The company generated no revenue during the period, consistent with its pre‑revenue status as it continues to build its first Aurora fast‑reactor at Idaho National Laboratory. Operating losses rose to $36.31 million from $12.28 million in Q3 2024, reflecting the company’s intensified spending on construction, licensing, and fuel‑recycling infrastructure.
The increase in operating loss is driven largely by higher research and development and administrative expenses, which grew in line with the company’s accelerated investment in the Aurora project. Cash used in operating activities reached $48.7 million, a decline from the $65–$80 million range that the company had forecast for the full year, indicating that the burn rate is lower than initially projected. Oklo’s cash balance stood at $1.18 billion as of September 30, 2025, giving the company an estimated 14–18 year runway at the current burn rate.
Regulatory progress continued to accelerate. The company secured approval of the Nuclear Safety Design Agreement for its Aurora Fuel Fabrication Facility, a critical step for producing fuel for the Aurora‑INL reactor. Ground‑breaking for the reactor itself took place on September 22, 2025, under the Department of Energy’s Reactor Pilot Program, underscoring the project’s momentum and the company’s partnership with Idaho National Laboratory.
CEO Jacob DeWitte emphasized that the collaboration with INL strengthens U.S. leadership in advanced nuclear technology and that the Aurora model will accelerate learning, optimization, and cost reduction for future deployments. He highlighted the company’s focus on building the first commercial fast‑reactor as a fully capable product that will serve as a learning platform for subsequent plants.
Investors reacted negatively to the earnings, citing the EPS miss of $0.07 per share versus the consensus estimate of $-0.13. The broader market reaction was driven by concerns over the widening loss and the company’s continued capital intensity, despite its strong liquidity position and regulatory milestones.
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