管理層發言
Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklo Third Quarter 2025 Financial Results and Business Update Call. It is now my pleasure to turn the call over to Sam Doane, Director of Investor Relations. Please go ahead.
Good afternoon, and thank you, operator. Welcome, everyone, to Oklo's Third Quarter 2025 Earnings and Company Update Call. I'm Sam Doane, Oklo's Director of Investor Relations. Joining me today are Jake Dewitte, Oklo's Co-Founder and Chief Executive Officer; and Craig Bealmear, our Chief Financial Officer. Today's accompanying slide presentation is available on the Investor Relations section of our website. Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclosure included in our supplemental slides. Additional information on relevant risk factors can also be found in our most recent filings with the SEC. Please note that Oklo assumes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required by law. With that, I'll now turn the call over to Jake Dewitte, Oklo's Co-Founder and Chief Executive Officer. Jake?
Thanks, Sam. The first half of this year brought an incredible wave of momentum across the advanced nuclear sector from new federal programs and executive actions to growing customer and investor interest in clean, reliable power. That momentum has continued into the third quarter and is creating a very different environment for deployment than even a year ago. We strongly believe Oklo is uniquely positioned to thrive in this environment. Our mission at Oklo continues to be focused and clear: to deliver clean, reliable, affordable energy at a global scale. We started this company with the belief that Advanced Nuclear Power could play a transformative role in the world's energy future. That meant rethinking everything — our design of reactors, how we license and fuel them, how we operate them, and how we engage customers. That same vision continues to guide us today and it remains fully aligned with where we believe policy, technology and customer demand are headed. Our competitive advantages come from the intersection of several core strategies: our business model, our scalable design and our proven technology. First, our build-own-operate model allows us to sell power directly to customers under long-term contracts. That creates recurring revenue and streamlines the regulatory process by keeping ownership and operational control within Oklo. Second, our small scalable design means we can deploy assets quickly and incrementally, matching customer demand while leveraging existing industrial supply chains and factory fabrication. That reduces on-site construction risk, lowers cost and supports faster rollout. And third, our liquid metal cooling technology is built on a foundation of more than 400 combined reactor years of operating experience worldwide, including the experimental breeder reactor 2, which operated successfully for 3 decades in the United States. That operating record is one of the most tested, demonstrated and validated in advanced nuclear history, and it gives us deep confidence in the performance, safety and reliability of our design. It's also the reason we can move directly into commercialization without the need for costly, time-consuming demonstration plans. Oklo is building on that proven foundation to become the hub for metal fuel and fast reactor innovation, integrating design, licensing, fuel supply and recycling into a unified platform. This gives us significant flexibility across fuels, recycled material and down-blended alternatives, and positions Oklo at the center of how this next phase of Advanced Nuclear Power will scale. Additionally, Oklo's work across areas needed to deploy its reactors positions the company to benefit from capabilities including products and services from fuel fabrication, recycling and isotopes to go along with power and heat sales from its reactors. Together, these advantages position Oklo to deploy at speed and scale with a model built for long-term growth and leadership in advanced nuclear energy. We have continued to make meaningful progress this quarter across every part of the business, from licensing and project execution to fuel development partnerships and the customer pipeline. On the regulatory front, we were selected for 3 projects under the Department of Energy's new Reactor Pilot Program, or RPP, giving Oklo access to Department of Energy authorization pathways that accelerate deployment timelines and complement our ongoing NRC work. We submitted our principal design criteria topical report to the NRC and received notice of acceptance in just 15 days, about half the time typically expected. NRC also indicated that the draft evaluation is expected in early 2026, which would be less than half the traditional review timeline. Just before the RPP announcement, Oklo also completed a readiness assessment with the NRC for the Phase 1 of its application, which found no gaps to application acceptance for review. We also broke ground on the Aurora INL, marking the start of physical construction activities. We also advanced plans for the Atomic Alchemy Pilot Project under the RPP. Finally, we successfully completed fuel assembly flow testing, demonstrating progress in the fabrication and handling systems that will serve many Oklo powerhouses. In fuel and recycling, we announced Oklo's Advanced Fuel Center, up to $1.68 billion investment, that anchors our long-term fuel supply chain, and we were selected for the Department of Energy's Advanced Nuclear Fuel Line pilot program, which accelerates U.S. fuel fabrication capacity. We achieved a key regulatory milestone with the Department of Energy's approval of the Nuclear Safety Design Agreement for the Aurora fuel fabrication facility. The NSDA, the first approved under the DOE's fuel line pilot projects was completed in under 2 weeks and demonstrates a new authorization pathway that can help unlock U.S. industrial capacity, strengthen national energy security, and accelerate domestic fuel production under the executive order deploying advanced nuclear reactor technologies for national security. The approval reflects the strength of our technical submissions and proactive DOE engagement and builds on our Aurora INL groundbreaking to advance an integrated model of fuel production, plant construction and power delivery. We also strengthened our partnership with Idaho National Laboratory through a new agreement with Battelle Energy Alliance, the lab's management and operations contractor. The collaboration focuses on advancing fuel and materials research that supports Oklo's and other companies' commercial deployments and takes advantage of Aurora INL's unique ability to generate real-world data during operation, including fast neutrons for testing and research. This data will help us characterize materials faster, characterize fuels faster, improve designs more efficiently, and continue driving innovation across the nuclear technology landscape. In other words, this partnership is about expanding the Aurora INL's mission to include fast neutron radiation capabilities. These are capabilities that have been lacking in the U.S. for decades. We signed new international partnerships with European nuclear companies Blykalla and newcleo to advance joint technology and field manufacturing capabilities and demonstrate our emerging technical leadership in this space. On the customer pipeline side, we're evaluating potential power sales with the Tennessee Valley Authority as part of our Tennessee Fuel Center initiative, and we're continuing to advance discussions with both previously announced and new customers as we expand our commercial pipeline across data centers, utilities, and defense markets. We are also exploring potential fuel offtakes with the Tennessee Valley Authority as part of our Tennessee Fuel Center as well. And financially, we closed the quarter with a strong balance sheet, approximately $1.2 billion in cash and marketable securities with cash burn tracking in line with expectations. Following the close of the third quarter, we also filed a new shelf registration to maintain flexibility and access to capital markets as we scale. Taken together, these milestones reflect the execution momentum behind Oklo's potential for near-term success — licensing, acceleration, supply chain buildout, and commercial traction all living in parallel. This quarter marked a major milestone for Oklo with our selections under the Department of Energy's reactor pilot program. The RPP was established earlier this year following new executive actions that directed DOE to take a leading role in advancing next-generation reactor deployment as part of the broader U.S. energy renaissance. Nuclear power is a federal priority with strong bipartisan support, reflecting the shared recognition that Advanced Nuclear Energy is essential to meeting America's energy security and economic objectives. Oklo received 3 of the 11 granted awards, 2 led by Oklo and 1 by our subsidiary, Atomic Alchemy. The awarded projects include the Aurora INL, our first powerhouse, Atomic Alchemy Pilot plant for radioisotope production, and Oklo's Pluto, a test reactor supporting advanced fuel and component development. Participation in the reactor pilot program gives us access to a Department of Energy authorization pathway, aligning our projects with federal review and creating the potential to accelerate construction and operation timelines. Just as importantly, the RPP provides a venue for generating operating data that will help derisk commercial licensing for future powerhouses, strengthening our overall regulatory foundation. This selection positions Oklo as one of the first advanced reactor companies moving from design to build under DOE oversight, reinforcing that the momentum behind nuclear energy in the United States is broad-based, durable, and growing. The DOE's authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades, expanding regulatory tools without reducing safety expectations. For Oklo, it effectively provides a structured approach and process to begin constructing our first powerhouse under DOE oversight while maintaining full alignment with NRC standards. The DOE pathway enables faster demonstration of clean power while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an NRC license for full commercial operation. Here's what changed. In May, new executive actions established a clear DOE authorization process for first-of-a-kind nuclear plants, a process that now complements rather than replaces traditional NRC licensing. Within months, we moved to qualify our Aurora INL powerhouse under that framework. We expect to finalize our other transaction authority agreement and have approval of our Nuclear Safety Design Agreement with the DOE by the end of the year. So here's how it works: DOE will authorize construction and initial operations under its modernized framework, which allows us to begin building while the longer commercial NRC transition proceeds in parallel. We don't need full operating approvals to finalize construction, which reduces idle time without compromising safety. Once the initial data is collected, the project can then transition to NRC oversight. This approach builds on DOE's decades of experience managing nuclear facilities with an exceptional safety record from naval propulsion to national laboratory programs. It doesn't lower the bar. It simply puts the right reviewers in the right place. From a broader perspective, this model has the potential to unlock U.S. industrial capacity, strengthen national energy security, and create a repeatable template for future advanced reactor deployment. Importantly, DOE and the NRC are complementary, not competitive. Their teams have a long history of collaboration, and we expect continued coordination throughout this process to ensure a smooth handoff when conversion occurs. For investors and customers, this change hopefully means less timeline risk, better capital efficiency, and earlier validation of cost and performance. The bottom line is that DOE authorization derisks the Aurora INL regulatory path and allows Oklo to focus on building and operating powerhouses while maintaining the same safety rigor and establishing a scalable modern pathway for the next generation of advanced reactors. As we pursue authorization under the DOE, we're maintaining steady momentum with the NRC to prepare for full commercial licensing. This is a parallel engagement strategy, not competing reviews, but coordinated progress that lets us move faster while maintaining regulatory rigor. Our work with the NRC remains focused on 2 priorities: first, completing ongoing pre-application reviews and topical reports for the Aurora INL and future sites; and second, leveraging data from DOE authorized operations to further inform NRC licensing for the broader commercial fleet. In practice, this means we'll finalize DOE authorization documentation and begin Aurora INL construction and operations under DOE oversight while continuing NRC pre-application work for follow-on deployments. The learnings from real-world performance data, fuel behavior and operating experience will feed directly into the NRC's combined license process, which we expect could compress the timeline from the Aurora INL 2 fleet deployment. We expect to submit licensing actions next year to support construction for subsequent sites, and our goal is to use operating data from the Aurora INL to strengthen each subsequent submission. This strategy ensures that as DOE authorizations advance early construction and operation, the NRC pathway continues in parallel, creating a repeatable data-supported model for commercial powerhouse deployment. We expect the result to be a clear regulatory sequence: build and operate under DOE, then transition to NRC oversight. Acting on lessons learned, we will demonstrate a replicable commercial licensing framework for the next generation of Oklo powerhouses. At Idaho National Laboratory, we've officially broken ground on our first Aurora powerhouse, marking a major milestone in Oklo's transition from design and permitting to active construction. As mentioned, we're progressing under DOE's reactor pilot program, which provides federal oversight and coordination as we move from preparation to build. We've mobilized major equipment to the site, and earthworks began October 27, to be followed by controlled blasting in mid-November, targeting full excavation in early January. For Oklo, this is a defining moment. It represents the shift from planning to physical build with the same discipline and execution framework that will carry through our future projects. This first site establishes the template for our powerhouses, demonstrating our ability to execute as we move toward operations. With construction now underway at INL, we're also making strong progress on the procurement and supply chain front, securing the long lead components and supplier commitments that are scheduled on track. This quarter, we completed major procurements for in-vessel and ex-vessel handling machines, primary and intermediate sodium pumps, the reactor trip system, and fuel assembly nozzle fabrication. These are some of the most technically significant systems in the powerhouse, and having them under contract early locks in pricing, timelines, and fabrication slots with qualified vendors. It also demonstrates the maturity of our supply chain, a key differentiator for Oklo, showing that we can sort of put components through proven industrial partners rather than relying on bespoke first-time suppliers. We are procuring these components in a dynamic and continually evolving environment, including fluctuating tariffs, supply chain pressures, and inflation. These challenges make procurement especially challenging. But our business model and the repeatability of our asset deployment plans will allow us to learn from our experience over time, even if costs are higher or there are other unexpected developments that impact our first few powerhouses. We have the opportunity to iterate and improve as we scale up our operations to ultimately build a reliable and cost-effective supply chain. It is also worth noting that future reactor deployments may benefit from a reduction in costs compared to the Aurora INL, in part due to the required additional fuel and core testing capabilities. This progress builds real confidence in our ability to execute efficiently and scale repeatedly as we move from this first powerhouse to a broader fleet under the DOE's reactor pilot program and future commercial deployments. Our wholly owned subsidiary, Atomic Alchemy, also achieved a major milestone this quarter with its selection under the Department of Energy's reactor pilot program. The selection makes the Atomic Alchemy pilot facility eligible for DOE authorization, creating a faster pathway to construction and operations. The pilot facility is designed to prove isotope production, validate supply chain readiness, and derisk the deployment of a larger commercial scale VIPR facility. In the near term, the team is finalizing authorization documentation and advancing site selection and procurement with the intent to be operational by mid-2026. Over the medium term, Atomic Alchemy will begin at a separate lab scale facility, production and initial isotope sales, creating an early revenue stream while expanding commercial and operational experience. Longer term, the focus shifts to securing an NRC license for the full-scale VIPR facility, scaling to multiyear offtake agreements, and carrying forward the procedures and quality assurance systems proven in the pilot facility to streamline future deployment. What's important here is that Atomic Alchemy isn't just an adjacent business. It's a strategic extension of Oklo's technology platform. The business creates near-term production revenue potential and represents a paradigm shift in an underserved high-potential market. The Atomic Alchemy VIPR Reactor or Versatile Isotope Production Reactor is also quite a bit different than Oklo's Aurora. The VIPR reactor is designed to produce isotopes and therefore produce neutrons. It is an open water-cooled type reactor that is not pressurized and uses conventional 17x17 pressurized water reactor fuel bundles fueled with low-enriched uranium at a shortened length. This means the reactors can be built and supplied quickly and produce a variety of isotopes that serve healthcare, defense, and industrial applications. Isotopes are, generally speaking, vastly undersupplied in the U.S. and can play a role similar to critical minerals in terms of national resilience and security. Our unique and differentiated approach to fuel brings together several complementary sources to cover near, mid, and long-term needs. In the near term, we're drawing on DOE materials like EBR-II fuel and potentially plutonium-based feedstock to fuel early units. In the midterm, our partnerships with Centrus, Hexium, and others expand fresh HALEU and reduce single-vendor risk. Longer term, our Tennessee Advanced Fuel Center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories. Taken together, this strategy reduces cost and schedule risk, strengthens U.S. energy resilience, and ensures we can keep building regardless of how the enrichment market evolves. Fuel remains one of the most important inputs for advanced nuclear power and one of the most complex to forecast right now. The reality is that the cost environment for HALEU and related materials looks very different today than it did in 2024. Tariffs, supply chain constraints, inflation, and sanctions have all changed the market dynamics. The global investment landscape is still shifting, and so are the pricing assumptions that come with it. This is challenging work, and we're owning it. We're building the most resilient, diversified fuel strategy in the sector because we know fuel optionality will determine who scales successfully in the years ahead most quickly. We don't yet know where HALEU costs will ultimately land. But what we do know is that Oklo has more pathways than flexibility than other companies in the space. We'll continue refining our cost models and expect to share more detailed updates next year as the pricing picture becomes clear, but the takeaway today is straightforward: fuel markets are changing, and Oklo is built to adapt, especially in the current fuel environment with additional government materials becoming available to serve as bridge fuel supplies. We think it's useful to spend a little time eliminating HALEU's supply chains and how they work. The current models in the U.S. and in the world, generally speaking, involve several steps starting with mining, followed by conversion, enrichment, and ultimately to fuel fabrication. Next-generation models might change this significantly. This is one of the reasons why we take a multipronged approach in partnering with HALEU providers, not just to work with those operating today in the supply chains that fit today's models, but also for next-generation technologies that have the potential to have lower capital and operating costs and ultimately, the ability to use lower-cost feedstocks. This can ultimately translate to lower-cost HALEU at scale as well. And ultimately, recycling is a key part of our fuel strategy because of how significant it is in unlocking substantial reserves of fuel. I use that term 'substantive' on purpose because it is hard to overstate how much material there is in the U.S. that can be made into fuel. The reason this is the case is that reactors, in general, only use a few percent of the fuel in one path. Today's reactors, for example, only use about 5% of the fuel in a single path through the reactor. That means the used fuel that's discharged or often referred to as waste, actually has about 95% of its fuel remaining. With our recycling technologies, we tap into that, pull that material out and reuse it as fuel in our reactors. We can also recycle the fuel from our reactors as well as other advanced reactors that likely will get built. This positions Oklo well to have a long-term, very durable supply of fuel going forward. Continuing on recycling, one of our biggest advancements this quarter was the announcement of our Advanced Fuel Center in Tennessee, beginning with the fuel recycling facility located at Oak Ridge. This is the first privately funded recycling facility of its kind in the U.S., representing an investment of up to $1.68 billion in creating more than 800 permanent jobs. In addition to the fuel recycling facility, this investment is expected to include other Oklo assets, such as one or more powerhouses and a fuel fabrication facility. The facility has another layer of vertical integration to Oklo's business, enabling us to convert used fuel into new metal fuel for our powerhouses. It strengthens U.S. capability and gives Oklo more supply chain control on our path to scale. We're tracking towards an initial production ramp-up in the early 2030s with regulatory engagement already underway through the NRC pre-application process. We're also working with the Tennessee Valley Authority on potential collaboration around used nuclear fuel feedstock transfer as well as power generation from our powerhouses. This project isn't just about fuel supply; it's about creating a durable domestic foundation for advanced nuclear power. It anchors Oklo's long-term fuel strategy and positions Tennessee as a national hub for clean energy manufacturing and innovation. In parallel, there's growing federal support for advanced fuel recycling. Just last week, the Senate Energy and Public Works Committee announced the Nuclear Refuel Act of 2025, which proposes updates to the Atomic Energy Act to provide regulatory clarity for licensing advanced fuel recycling facilities. If enacted, this legislation could further streamline the licensing process for our Tennessee facility. Building on the momentum from the Tennessee Fuel Center, we were also selected by the Department of Energy for the Advanced Nuclear Fuel Line Pilot Program. This program is designed to accelerate construction and operation of domestic fuel fabrication facilities, strengthening U.S. capability and ensuring that advanced reactors like ours have a reliable long-term supply of fuel. Under this initiative, DOE awarded 3 Oklo-led fuel-related projects, allowing us to build and operate facilities that directly support our powerhouse deployments and complement the work underway at our Advanced Fuel Center and Aurora INL fuel fabrication facility. The Fuel Line Pilot Program mirrors the intent of the reactor pilot program to create alternative pathways for advanced nuclear deployment that move faster, streamline reviews, and leverage private investment alongside federal oversight. For Oklo, it does 3 important things. It presents an opportunity to secure near-term fuel for early powerhouses, producing one of the biggest bottlenecks facing the industry. It reinforces U.S. manufacturing and fuel independence, supporting the national effort to rebuild nuclear capacity, and it stacks directly with our Tennessee facility, creating a vertically integrated ecosystem for recycling, fabrication, and deployment. Together, these programs, the reactor pilot and fuel line pilots, form the backbone of a modern U.S. nuclear strategy. And Oklo is one of the few companies positioned across both with the capabilities to deliver on near-term milestones while building the infrastructure for the long term. With that, I'll pass it to Craig to share progress on our strategic partnerships and financials. Craig?
Thanks, Jake. As Jake mentioned, Oklo is leading the advanced nuclear effort here in the United States, but we are also experiencing growing international momentum around fast reactors and metal fuel technology. This quarter, we signed new transatlantic partnerships with Blykalla and newcleo, 2 European companies advancing fast reactor and fuel fabrication technologies. These collaborations strengthen our supply chain strategies, expand our technology base and align with broader trends across both the United States and Europe for a renewed commitment to nuclear innovation, manufacturing, and partnership. With Blykalla, we entered into a joint technology development agreement to collaborate in key areas where there's mutual benefit, such as balance of plant components, regulatory learnings, and fuel strategy. We also co-led their recent funding round, building a transatlantic partnership that benefits both companies. With newcleo, we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the United States under domestic oversight. Newcleo could invest up to $2 billion through an affiliated vehicle to expand U.S. capacity and support our metal fuel platform. Taken together, these collaborations represent the next step in Oklo's evolution and could help us accelerate cost reduction, leverage international capital, and extend our reach into markets where demand for advanced nuclear power is growing rapidly. Now I'll provide a summary of our financials. Oklo's third-quarter operating loss was $36.3 million, inclusive of noncash stock-based compensation expenses of $9.1 million. Oklo's loss before income taxes in the third quarter was $29.2 million, which reflects our operating loss adjusted for net interest income of $7.1 million. On a year-to-date basis, when adjusting for noncash stock-based compensation charges, changes to working capital, and deferred income tax benefits, the cash used in operating activities equates to $48.7 million. We still expect, on a full-year basis, our cash used in operating activities to be within our guided range of $65 million to $80 million that we disclosed at the start of this year. In addition, to build on earlier discussion points in this company update, we have started to make modest capital investments in 2025, which include advancing deployment of activities at INL for our Aurora powerhouse and fuel fabrication facilities as well as for the reactor pilot programs for which we have been selected. The reactor pilot program not only includes work in our power and fuel businesses but also the award received by Atomic Alchemy. This spending has been enabled by various accelerators we have seen across the business in 2025. Finally, in the third quarter, we successfully completed an at-the-market fundraising program generating $540 million in gross proceeds, providing the company with additional cash on hand to deliver our enhanced growth agenda. As a result of the capital raise, we ended the third quarter with approximately $1.2 billion in cash and marketable securities on our balance sheet. As we wrap up, I want to connect the key themes you've heard today to what makes Oklo a compelling investment opportunity. We are now executing, not theorizing, on Advanced Nuclear Power. Our proven fast reactor technology is designed for speed, simplicity, and scalability. And our first powerhouse at INL is under construction. We've built a fully integrated fuel strategy that few others can match, from early access to fuel for the Aurora INL powerhouse to fabrication under the Department of Energy's fuel line pilots to long-term recycling through our Advanced Fuel Center in Tennessee. We have based our strategy on feedstock integration and multiple long-term fuel cycle delivery pathways that should provide cost stability and supply security as we grow our fleet. Our radioisotope business has a high-margin adjacent revenue stream that leverages a similar technology base, regulatory pathway, facilities, and core competencies to further diversify our earnings potential. And our build-own-operate model creates recurring revenue through long-term power contracts, driving margin visibility and capital efficiency. Finally, our growing customer pipeline for power spans data centers, defense, utilities, and industrials, confirming strong durable demand for what we are building. In short, Oklo is delivering on its plans—proven technology, a differentiated fuel strategy, global partnerships, and a business model designed to scale. We're executing today and positioned to lead the next era of clean, reliable energy.
分析師問答
We are now ready to take questions. Our first question comes from the line of Ryan Pfingst with B. Riley.
Just want to make sure I'm clear on the DOE authorization. Does the INL plant shifting to the DOE pathway change your requirement to submit a combined license application with the NRC for that project? Or is that something you still have to do? And has the government shutdown impacted your ability to do that at all?
Thanks for the question. So yes, we no longer need to do a combined license application. We're going through the DOE authorization process, which is inherently quite different. So we don't have to do that anymore. At the end of the day, to build—at the end of the day, we'll still do some kind of combined license type application to the NRC. Part of it is being a little bit redefined and developed based on the MOU signed between the NRC and DOE, which was a big deal recently. It sets the stage for how the facility would then become a commercial operating NRC licensed plant at some point after we get through some of the initial startup and operational paradigms. But yes, now it's just through a different DOE process. The huge part about this is this—there's 3 major agencies that do nuclear authorization: the NRC, the Department of Energy, and the Department of Defense. Those agencies have those abilities. DOE and DOD haven't used them much recently, but they have that history. They have used them and they do have continued oversight of the programs, but they are leaning into it now a lot more. This wasn't just something that happened overnight; it goes back to the Nuclear Energy Innovation Capabilities Act, NEICA, passed into law in 2018 that set the stage for this. It was just following the executive orders that really supercharged this effort, and DOE has really leaned into it, empowering that ability to do these things. What's cool about it is it changes the cadence compared to what the NRC had. The industry framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully. Part of why we're able to break ground is because the DOE process gives you the flexibility to build while you're going through the different steps of authorization up until loading fuel and turning it on. It gives you a lot more flexibility to just move into a build mode and iterate faster. That's something that you see in pretty much every other industry. In many ways, it has taken off a huge run of the regulatory risk, changing the paradigm — we can build in parallel — and open the path for a different kind of approach. Additionally, by the way, the Department of Energy has a long history of doing regulatory oversight and authorization of fast reactors like we're developing. They were the ones that provided the regulatory authorization for EBR-II, and they continue that oversight into operations. They know how to do this better than probably anybody. So it's a great fit. We've looked at this pathway as it existed before in the past, but it wasn't modernized. Since NEICA was passed and following the executive orders, it has been, which made a ton of sense for us to move into that space. Plus, we see enhanced work between the NRC and DOE, obviously leveraging this. The interesting thing is that DOE reviewers and NRC reviewers will all also use our national laboratory experts in this country—one of the key things we have. That means there's going to be residual expertise and experience gained through DOE's approach then also helping us in the NRC space. So it's a huge change in many positive ways that will let us move faster to build and turn on the plant, and then convert over to commercial operations and scale from there. It doesn't take away NRC licensing; it just changes the cadence to accelerate how we can build and get into NRC licensing for the commercial space in a meaningful way, which is really, really accelerative for us.
Got it. Appreciate that detail, Jake. And then my second question—I’ve asked you this one before—but I'm curious if your thinking has changed regarding order conversion from pipeline to something firmer. Is it starting to make more sense to try to lock in a PPA with a customer as we get closer to '26, '27 and ultimately, that first plant being built?
Yes, our view has always been to find and build the right partnerships and deals with customers, and it takes time to do that in the most constructive way possible for the company—not necessarily to rush into PPA timing but rather to build better offtake structures. Doing this isn't the same thing as just doing a power offtake purchase from a solar project, which is how much of the legacy conventional PPA structure has been built. There's a lot of room to be more creative, which opens the door to do significant things that are important—derisking a lot of elements for us that the off-takers are also aligned to do with us. So yes, we've continued to develop customers in the market, and we continue to do that here, which is part of our intentional cadence and strategy to do that. As we progress, we expect to be able to mature those in the places that make sense for everyone to build a constructive relationship as part of an offtake agreement that also helps derisk some of the stuff today for their power offtake, which is pretty powerful. That's where our focus has been for the last 12 months or so. We're continuing on that pace because the market is quite supportive and receptive to it, and we expect that to continue and position us well, so that going into the next year and beyond, we'll start converting those into those kinds of structures as it works. Each of these different off-takers and groups is going to have different knobs and levers to turn that work better for them, compared to their peers or competitors. We have to make sure we are with the right ones.
This is Tyler Bisset on for Brian. Wanted to follow up on a prior question. I just wanted to confirm, are you guys still targeting commercial operations at INL to commence between late '27 and early '28, or does the shift to the DOE pathway accelerate that timeline? And it sounds like full activation is targeted for early January. What are the next milestones we should be watching out for that support that timeline beyond January?
Yes, this is what's really exciting about the reactor pilot program—it opens the door for different ways of thinking about cadencing milestones. A couple of big things to pull back are: we have 3 pilot programs awarded to us. One is for the prototype production reactor, which is on pace to turn on in June, July of next year—2026. The Pluto reactor, a plutonium fuel testing reactor, will have milestones as well that bridges research and development purposes for us to serve the government. We announced earlier today our partnership with Idaho National Laboratory about providing fast neutron radiation capabilities. Pluto will expand that capability set, and it has incremental milestones to move towards critical assemblies and test reactors that will be happening on a fast timeline that we'll continue to update the market on over the next 3, 6, 9, and 12 months. Regarding the Aurora INL plant, the authorization path allows us to move into construction activity much more quickly, so we can start building the plant. We broke ground in September, and we're moving into major excavation work shortly. We're still targeting '27 and '28 for that plant to commence operations. Some things might accelerate that, but some might accommodate slack. It's important to fully move into the build stage to progress through the process more iteratively. Plus, the key enabler is the ability to fabricate fuel to put into these reactors. It's a critical part of the supply chain that we've focused on for a long time. With the RPP and the associated fuel pilot program, we can move in quickly. There are sizable milestones that we expect to achieve in a compressed timeframe. The significant progress speeds our ability to build, and we’re targeting the plant could turn on within that '27, '28 timeline.
Awesome. Super helpful. I really appreciate the incremental details around the 20 tons of plutonium reserves potentially being made into 180 tons of Aurora fuel. Can you help me understand what underpins that conversion math or your assumptions because that was a lot more than we were estimating? And is this an opportunity for your fuel recycling facility, or would processing this material require a separate NRC licensed facility? It sounds like that fuel source could accelerate your deployment schedule.
I love that question for so many reasons. Let me keep this technical; I love spending time on the nitty-gritty details. The key thing about plutonium is that it's an incredibly useful fissile material as a fuel source. If you think about HALEU, it's up to 20% enriched U-235. The fast reactor can use pretty much all the isotopes of plutonium, especially the 239 isotope. It's a great bridge fuel because it can replace U-235 without needing enrichment. You blend it with uranium; in our case, zirconium makes the fuel. On average, about 11% plutonium is equivalent to just under 20% uranium enrichment in terms of behavior and performance. That’s where that conversion math comes from, and it’s a powerful fuel form. For that facility, that's one of the things encompassed in the pilot program—the fuel pilot program awards—to do that kind of work at an initial scale. So at the end of the day, to get through some initial supplies, assuming that material is available, we have the DOE fuel pilot program selections to support that. The government moving this material away from a taxpayer-funded liability to bury it in the desert to being available to provide a bridge fuel for advanced reactors changes the dynamic where we are no longer constrained. We’re seeing the opportunity to build more reactors sooner without being dependent on other factors. It should allow us to convert from more fuel orders to help scale the fuel supply side quickly. For Oklo, we’ve been advocating for government bridge fuel supplies as key enablers for kickstarting the commercial fuel supply chain. We’re finally seeing that take root. It’s a highly significant policy move to enable quicker nuclear power deployment.
Got it. That’s super helpful. And then I just had one follow-up. On Slide 9, it mentions the breakdown of CapEx by components. Are you able to share just guidance-wise what that is in dollar terms?
I guess I'll hand this over to Craig if he wants to answer it, and then I can chime in.
Directionally, we would expect the dollars to be similar to the components. In terms of an actual dollar breakdown, we're still refining a lot of our cost estimates now that we've got our vendors onboard, and we'll probably have more to share on that going into 2026.
If you could talk a little bit about backlog, I think it was 14 gigawatts. Has that changed at all? And maybe just a bit of color on the discussions that you're having — is it mostly utilities? Is it mostly hyperscalers? Just that breakdown, if you would? And then I have a follow-up.
The 14 gigawatts is still predominantly made up of data center and hyperscaler customers. We've also got other potential customers in the mix that aren't identified customers as part of that 14 gigawatts that could even cause that number to go up. The bigger question is when do you convert that into a PPA? We've moved with pace and urgency on that, actively exchanging term sheets. I never want to promise an exact date when we might announce something because it takes both Oklo and the customer. But I'm pleased with how those commercial discussions are progressing—not just on the PPA price, but we’re also seeing traction on conversations that could convert into prepayment for power or prepayment for fuel as part of the deal itself.
Along those lines, has Atomic Alchemy and having that fueling recycling facility... has that moved some of those discussions along from a supply chain risk?
The conversations around feedstock for isotope production, taking customer discussions into contract conversion, have the same steps, but there are different counterparties involved on both the feedstock side and the supplier vendor side. We're excited about the progress the team is making around the RPP that Atomic Alchemy was awarded and the lab-scale facility down the road. We could be generating revenue and gross margin from the lab scale project in the first half of next year.
Regarding isotope radiation with an Aurora, will you be able to do it without interrupting your fuel cycle? You mentioned the Russian reactors are configured that way. Will you have to match your refueling cycle with your radiation cycles? The focus of those reactors is power production, but the flexibility we have from Idaho and Pluto reactors will give us a lot of throughput and optimize operations accordingly. We will have multiple reactors built to some specific requirements that can optimize our output and, as such, create significant flexibility to generate power without interrupting those cycles. To circle back, there are some near-term actions without a reactor for isotope consolidation and recovery that we’re making progress on, particularly with our Idaho facility. That will help practice, improve repetition, and help accelerate revenue. But for the meaningful differentiators, the reactors really unlock those capabilities, and those will be extremely valuable to the business moving forward. We can take the learnings and best practices from those into our parallel development of capabilities. The other side of this is the need for our reactors to unlock significant economic performance in unique testing capacities when operating, which we believe makes a strong case for the overall offerings we have.
Congratulations on all the progress. Let me just ask when you get around to trying to do isotope irradiation with an Aurora, will you be able to do it in a way that won't interrupt your fuel cycle? You mentioned that the Russian reactors have a peculiar fuel cycle that allows it to go in periodically and do the irradiation without disruption.
Yes, it's a great question. By and large, the focus of our reactors will be on power production, but some flexibility will afford testing capabilities. The expectation will be to optimize power operation schedules while making adjustments for research where relevant without interrupting power generation. We will optimize our schedules for isotope production up to technical capabilities and generate maximum value from both systems. Our reactors will be adaptable structures to tests and meet our different output objectives as needed. Our operational plans will focus on ensuring both run concurrently as efficiently as possible.
Just a two-parter on the fuel line pilot at INL. Do you have a target online date? And the facility was also selected for a DOE program, which you mentioned. Is there an economic opportunity there as soon as the facility comes online, or does that require NRC approval to monetize?
The Aurora plant goes through DOE authorization to be built and turned on initially. The plan is to have that experience gained and move to a commercial NRC licensed space on our project work It's possible to serve external demands from these facilities—but our intention is to move to commercial power generation post-initial startup phases. We need to balance our work around production capacity against operational plans while being able to sell back to the DOE for their use cases and other government entities. Thus, looking at the path ahead for optimal structure minimizes operational conflicts and maximizes capacity moving forward.
What are the prospects for rounding up remaining fuel needs to maximize your made INL powerhouse to 75 megawatts? If you don't have it upfront, will you still be able to later get NRC approval, and can you commence full commercial sales? At that time, could you refuel to maximum capacity?
Given the recent activities and traction around numerous fuel policy arrangements, I increasingly believe we will have the fuel needed to operate that facility. If not immediately, we expect to be pretty close to the required capability while maintaining full power capabilities. We're confident diversity in sourcing will ensure we can build to our operational targets across our projects. The other part is that here’s how the initial operational set will proceed. We can design the system to work with a mixed fuel source in our reactors, which provides us significant flexibility. Given that material can exist in a ready-to-fabricate form, it provides confidence moving through our scenarios. Our plan is aligned with execution to scale operational projects and maximize output potential for the capacity. Regarding regulatory concerns, there are some elements that will be considered slightly different, but overall, policies guiding plutonium and fuel mixes are straightforward. The administration has prioritized changing controls for licenses in that area while maintaining compliance on safety oversight. That serves our goals and the overall safety and operation strategy well. All of this has virtually established the methodologies to make these transitions operationally sound as we move ahead. For us, destroying plutonium provides a clear path forward, and reinforces our approach on how we've got to that point, which includes thoughtfulness in safety around all regulations during that conduct. We are confident in the planning and strategy together for supporting enhanced safety and regulatory measures as we scale and grow across our systems. Thank you all for joining in today. We appreciate it. This is the second call since the executive orders were signed — the first call since we had the reactor pilot program and fuel pilot program selection. So it has significantly changed how we think about the regulatory landscape and the regulatory strategy we're employing accordingly. It's significant in its accelerated features but also in its regulatory derisking features. This aligns pretty well with what we're also seeing in the policy landscape driving sort of a continued focus and effort on modernization not just the Department of Energy but the Nuclear Regulatory Commission. Our work with the NRC has not stopped; it continues, and now it gets the benefit and the accelerating benefit of working with the Department of Energy and the National Laboratory ecosystem that supports this, that will help NRC reviews and generally speaking, enable a world where NRC reviews will be accelerated and made more efficient and, generally speaking, improved by the experiences already done by the DOE. DOE has a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities. They're complementary in this space and the momentum we are seeing is great. We are excited about the future there and our capabilities moving forward.
Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.