Oklo (NYSE:OKLO) shares added more than 17% after the nuclear energy company said it expects to report its first revenues in early to mid-2026 from a radioisotopes project.
For the first quarter, the company reported a loss per share of $0.07, slightly better than the loss per share of $0.08 expected by analysts.
The company exited the quarter with $261 million in cash and marketable securities.
Analysts at Wedbush welcomed the progress update from Oklo, maintaining their ‘Outperform’ rating and $45 price target. Shares traded hands at about $37 in the early afternoon on Wednesday.
“While the company is still in the pre-revenue stage, we believe the company is taking a strategic approach to successfully capitalize on accelerating market demand for nuclear energy solutions,” they wrote.
Clear opportunity
Wedbush wrote that the ongoing buildout of AI data centers is sharply increasing demand for energy, creating a clear opportunity for Oklo.
“The AI Revolution datacenter buildout continues to increase despite uncertain macro with the need for computing power expected to skyrocket over the next 5 to 10 years which takes up a tremendous amount of energy opening the door for Oklo’s solution,” the analysts wrote.
They also pointed to Oklo’s recent expansion of its Aurora Powerhouse to 75 MW as a significant development.
“The company recently announced it expanded its Aurora powerhouse to 75 MW of power putting the company in a strong position to deliver more power to customers, specifically data centers without changing the design of Aurora SMRs provided to support OpenAI and the other Big Tech Hyperscalers,” Wedbush wrote.
Further, Oklo also announced the successful completion of borehole drilling at the Idaho National Laboratory site, which Wedbush described as “a key milestone for submitting its first application.”
The company remains on track to submit its combined license application to the US Nuclear Regulatory Commission by the end of 2025 and to deploy its first commercial Aurora Powerhouse at the site by the end of 2027.
Wedbush also highlighted Oklo’s vertically integrated isotope initiative Atomic Alchemy.
“Oklo is already seeing strong growth in Atomic Alchemy, which remains on track to deploy its hyperreactor as is it already seeing strong growth as its vertically integrated VIPR Facilities is will help consolidate the isotope supply chain with first revenues expected in early to mid-2026.”