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Takeaways
- Oklo shares fell Tuesday after the company released its latest financial results. Losses are expected to increase in 2024.
- The nuclear energy startup will submit its license application for the first reactor this year.
- The company said the first reactor at the Idaho National Laboratory is "on track" to be built and producing power by late 2027 or early 2028.
After the nuclear energy startup released its latest financial results on Tuesday morning, shares of Oklo (OKLO), gave back some of Monday’s gains.
Oklo reported a loss of 73.62 million dollars for 2024. This is nearly double the amount it lost in 2023. The company said it had $275.3 million in cash and other marketable securities at the end of 2024, and said it expects to use those funds to pay for license application fees and the development of its first "powerhouse" reactor.
The company's first reactor is "on track" to start producing energy in late 2027 or early 2028, Oklo said Monday. The stock was boosted Monday by Oklo's announcement that the Nuclear Regulatory Commission will start a "Pre-Application Readiness Assessment" later this month.
The NRC will review some of Oklo's application materials ahead of the company's full licensing application to build a small modular reactor at the Idaho National Laboratory. Oklo plans on submitting its full licensing application to the site later in the year.
"Nuclear energy has gained unprecedented government support, and AI has triggered a Sputnik moment, accelerating the demand for dependable, domestic power," Oklo CEO Jacob DeWitte said in a letter to shareholders.
Shares declined more than 4% Tuesday morning, reversing some of Monday's 13.8% jump.
