Oklo (NYSE:OKLO) shares fell about 6% on Wednesday after the advanced nuclear technology company reported a wider first-quarter loss as spending increased to support development of its Aurora powerhouse program and related infrastructure projects.
The company posted a Q1 net loss of $33.1 million, compared with a loss of $17.9 million a year earlier.
Oklo reported a non-GAAP loss of $0.19 per share, in line with analyst expectations, with no revenue reported.
Loss from operations totaled $51.2 million, driven by payroll, stock-based compensation, general business expenses and professional fees. The company recorded $21.3 million in net interest and dividend income, which partially offset operating losses.
Oklo said cash and marketable securities totaled $2.5 billion as of March 31, including $1.6 billion in cash and equivalents and $900 million in marketable securities. The balance increased after the company raised $1.2 billion through an at-the-market equity offering during the quarter.
The company highlighted continued progress across its development portfolio during the quarter. At its 3F program, early construction activities are complete and final design deliverables have been finished. The Fuel Recycling Facility application readiness review continues with the U.S. Nuclear Regulatory Commission, while site preparation in Tennessee is ongoing.
Within its Aurora-INL program, the company said the Preliminary Documented Safety Analysis remains under review, with advanced procurement and site development progressing. The NRC has also approved the Principal Design Criteria topical report for the project.
For Aurora-Ohio, Oklo said it has submitted PJM Interconnection applications, while site characterization continues at Aurora-Eielson.
The company also pointed to its “Pluto” initiative, a collaboration with NVIDIA and Los Alamos National Laboratory focused on integrating artificial intelligence into reactor and fuel system design, as well as a separate partnership with Battelle Energy Alliance to advance similar AI applications.
In its fuel and isotopes segment, the Groves project has submitted a Documented Safety Analysis and is under PDSA review, while also receiving a Certificate of Substantial Completion for construction.