Oklo Inc. OKLO used its second-quarter 2026 earnings call to emphasize execution, highlighting Groves criticality, Aurora INL progress and a broader fuel strategy.
Chief financial officer Craig Bealmear raised 2026 cash-use expectations as Oklo pulls forward procurement, construction and grid work to protect project schedules, including Aurora INL’s targeted 2028 start-up.
OKLO Raises 2026 Cash-Use Outlook
Bealmear said Oklo now expects 2026 cash used in operating activities of $120 million to $150 million, up from $80 million to $100 million.
Bealmear added that property, plant and equipment purchases increased to $400-$500 million from $350-$450 million, reflecting accelerated Aurora INL work and an opportunistic fuel purchase for isotope projects.
Oklo ended the quarter with just over $3 billion in cash and marketable securities. The company reported a second-quarter loss of 28 cents per share, wider than the Zacks Consensus Estimate for a loss of 17 cents per share.
Chief executive officer Jacob DeWitte said the Department of Energy approved Aurora INL’s Preliminary Documented Safety Analysis. Site mobilization is underway and reactor-area excavation is near completion.
Bealmear said the spending pull-forward is not meant to advance the 2028 target. The priority is reducing critical-path risk by securing long-lead items and supporting grid interconnection work.
DeWitte said Oklo signed an MOU with Kiewit for the initial phase of its planned 1.2-gigawatt Ohio power campus, extending the relationship used at Aurora INL.
OKLO Broadens Its Fuel Supply Strategy
DeWitte said Oklo is pursuing multiple fuel routes, including EBR-II recovered material, commercial HALEU, potential government plutonium and recycling.
CEO Jacob said the Centrus letter of intent contemplates multiple years of initial-core and reload fuel for up to five Aurora powerhouses, with deliveries expected to begin in 2029. Fuel-fabrication equipment is in production for planned 2027 installation and start-up.
In response to a Guggenheim analyst, DeWitte said EBR-II material supports the first reactor, blended plutonium can bridge enrichment scale-up, and recycling is intended to extend supply over time.
Oklo Turns Groves Into an Execution Template
CEO Jacob DeWitte said Groves reached first criticality a little over 11 months after groundbreaking, with substantial construction completed in 229 days. He emphasized the privately funded project was built on private land.
DeWitte said the larger benefit is the capability created across design, procurement, construction, authorization, commissioning and operations, with Oklo planning to carry those processes into future power, fuel and isotope assets.
CEO Jacob DeWitte said Groves could begin producing research-and-development isotope quantities in about 12 months. CFO Craig Bealmear identified the Idaho laboratory as the anticipated source of first isotope revenue and pointed to the first part of next year for timing.
OKLO Q&A Targets Cost, Fuel and Grid Risk
A Truist analyst asked about Aurora INL costs. CFO Craig Bealmear said Oklo is not yet providing full project-cost guidance while it narrows estimates with Kiewit and evaluates costs for future Ohio deployments.
A Bank of America analyst asked about customer confidence. CFO Craig Bealmear said demand is not the constraint and that Oklo is working to expand supply by addressing regulation, fuel, procurement, construction and capital.
A Cantor Fitzgerald analyst pressed on PJM interconnection risk. CFO Craig Bealmear said Oklo has more than one opportunity in the process and called turnaround time an important watch point, adding that the company is not relying on one grid path.
Oklo Keeps Focus on Repeatable Deployment
DeWitte closed by emphasizing execution at scale and reuse of the operating, construction and project-control capabilities established at Groves across the broader platform.
Bealmear said Oklo is using its liquidity to pull forward critical work and improve schedule confidence rather than changing its overall strategy.
OKLO Zacks Signals Skew Unfavorable
OKLO carries a Zacks Rank #4 (Sell), with Value and Growth Scores of F, a Momentum Score of C and a VGM Score of F. Under the Zacks framework, a #4 rank reflects an unfavorable earnings-estimate-revision backdrop, while A and B are the stronger Style Score grades. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
This combination does not match the more favorable Zacks profiles pairing a Zacks Rank #1 or #2 with A or B Style Scores. The Zacks Rank can change as analysts revise estimates after the just-reported results.
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