Oklo Inc. · NYSE:OKLO
Oklo — Q2 2025 Earnings Presentation
28 slides from Oklo's earnings presentation, August 2025
Slide 1: 2Q 2025 Company Update
2Q 2025 Company Update 1
Slide 2: Forward-looking statements
Forward-looking statements ABOUT THIS PRESENTATION This presentation is provided by Oklo Inc. (“Oklo”) for informational purposes only. The information contained herein does not purport to be all inclusive and no representations or warranties, express or implied, are given in, or in respect of, this
Slide 3: Administrative momentum
Administrative momentum Executive Orders on nuclear energy The One Big Beautiful Bill (OBBB) America's AI Action Plan • Pursue regulatory reforms—U.S. • Demonstrates continued support for • Proactionary innovation Department of Energy (DOE) and advanced nuclear power posture benefits advanced U.S. N
Slide 4: Executive Orders will accelerate deployment of domestic advanced nuclear energy
The Administration’s Executive Orders will accelerate the deployment of domestic advanced nuclear energy Trump Administration’s nuclear Executive Orders The White House, Washington D.C. Executive Orders (EOs) elevate nuclear energy as a national and economic security interest, introduce much-needed
Slide 5: Oklo is uniquely positioned to benefit from the Executive Orders
Oklo is uniquely positioned to benefit from the Administration’s Executive Orders on nuclear energy Summary Why it matters to Oklo • Makes broad actions to revitalize the domestic nuclear supply • Oklo is one of a few fast reactor companies that can utilize chain, including a specific focus on nucle
Slide 6: One Big Beautiful Bill provides continued support for advanced nuclear
One Big Beautiful Bill (OBBB) provides continued support for the advanced nuclear industry Summary Why it matters to Oklo • Investment and production tax credits enhance • Investment (48E) and production (45Y) tax project economics for early-stage Oklo projects Tax credits credits remain in full for
Slide 7: America's AI Action Plan
America's AI Action Plan AI policy tailwinds are increasing demand for Three pillars resilient, distributed, high-density clean power; Oklo is well positioned to serve this need. • Accelerate AI innovation • Build AI infrastructure • Lead international AI diplomacy and security Plan highlights • Con
Slide 8: Our mission is to provide clean, reliable, and affordable energy
Our mission is to provide clean, reliable, and affordable energy on a global scale. 8 8
Slide 9: Oklo's three competitive advantages
Oklo’s three competitive advantages will enable the deployment of powerhouses at scale Attractive build, own, operate business model Selling power directly to customers under long-term contracts provides recurring revenues and a streamlined regulatory pathway Technology Small, scalable design Oklo's
Slide 10: Oklo quarterly progress update
Oklo quarterly progress update Project Project execution execution Project execution Licensing progress Project execution Fuel, recycling, & feedstock Kiewit selected as lead NRC accepts Oklo’s licensed Oklo and Hexium partnership to constructor for the Aurora at operator topical report for review e
Slide 11: Licensing progress and regulatory tailwinds
Licensing progress Licensing progress and regulatory tailwinds Completed NRC Phase I Licensed operator topical Launch of Oklo's regulatory readiness assessment report accepted for review dashboard • Completed Phase 1 of the NRC • Proposes operator licensing by • Launched new public readiness assessm
Slide 12: Comprehensive fuel strategy based on Oklo's unique fuel cycle
Fuel, recycling, & feedstock Oklo has a comprehensive fuel strategy based on Oklo's unique fuel cycle Summary Why It Matters • Oklo was awarded 5 metric tons of HALEU fuel from • Oklo is the only advanced nuclear company with fuel Government nuclear the U.S. Department of Energy in 2019 secured for
Slide 13: Understanding HALEU supply, cost, and market dynamics
Fuel, recycling, & feedstock Understanding HALEU supply, cost, and market dynamics Oklo's differentiator and long- Enrichment cost primer(1,2,3) Enrichment model fit term advantage • Major drivers are ore and • Our growing and high-volume fuel • Fast spectrum reactors enable use enrichment costs dem
Slide 14: Oklo's fuel strategy will enable rapid and resilient deployment
Fuel, recycling, & feedstock Oklo's fuel strategy will enable rapid and resilient deployment Projectcomprehensive Oklo's execution fuel strategy Key messages • Oklo is the only advanced nuclear company with fuel Government materials secured for its first commercial facility Downblended enriched U (e
Slide 15: Given land and materials advantage, nuclear should lead on cost
Project execution Given its land and materials advantage, nuclear should lead on cost Nuclear has the lowest materials intensity(1) Nuclear has the lowest land use Source: (1) DOE Advanced Nuclear Liftoff Report, DOE Quadrennial Technology Review (2015), Our World in Data 15
Slide 16: Changing cost paradigms
Project execution Changing cost paradigms Key messages Powerhouse supply chain breakdown (% components)(1) Design plants with inherent and passive 1 70% safety features • Fewer systems and components with regulatory oversight, e.g. “nuclear grade” • Smaller size further reduces number of systems and
Slide 17: Kiewit selected as lead constructor for the Aurora-INL
Project execution Kiewit selected as lead constructor for the Aurora-INL Progress on Oklo’s path to first commercial deployment • Oklo entered into a Master Services Agreement with Kiewit to provide design, procurement, and construction services for the Aurora-INL. • Pre-construction activities are
Slide 18: Oklo and KHNP sign agreement to collaborate
Corporate & business development Oklo and KHNP sign agreement to collaborate on advanced nuclear projects Strategic collaboration overview • Oklo and KHNP signed a memorandum of understanding (MOU) to explore cooperation on advanced nuclear projects. • Areas of potential collaboration include projec
Slide 19: Oklo and Vertiv collaborate on power and cooling for data centers
Corporate & business development Oklo and Vertiv collaborate to advance power and cooling solutions for U.S. data centers Joint technology development agreement overview • Oklo and Vertiv, a leader in data center infrastructure, entered a joint development agreement to co- develop advanced power and
Slide 20: Oklo and Liberty Energy launch integrated power solution
Customer pipeline Oklo and Liberty Energy launch next-generation integrated power solution Accelerating time to power • Oklo and Liberty Energy are partnering to offer a flexible deployment path—near- term gas, long-term nuclear—all in one turnkey package. • The solution begins with Liberty’s natura
Slide 21: Oklo selected as intended awardee to power military installation
Customer pipeline Oklo selected as intended awardee to power U.S. military installation What the selection means & what comes next • The U.S. Air Force issued a NOITA naming Oklo the apparent successful awardee to power U.S. military installation. • Oklo would design, construct, own, and operate a p
Slide 22: Key 2Q 2025 financial highlights
Financials Key 2Q 2025 financial highlights 2Q 2025 2Q 2025 Loss from operations 2Q 2025 Loss from Operations of $28.0 million primarily driven by: • Payroll, General Business Expenses & Professional Fees associated with the capital raise $28.0M • Includes ~$11.4 million of non-cash stock-based comp
Slide 23: Oklo investment highlights
Oklo investment highlights Advanced nuclear power Nuclear fuel recycling Radioisotopes Oklo uses proven fast reactor Oklo intends to recycle used nuclear Attractive high-margin business that technology that reduces complexity, waste, which can be used as fuel in utilizes fresh and co-product costs,
Slide 24: Thank you
Thank you 24
Slide 25: Balance sheets
OKLO INC. CONSOLIDATED Balance sheets (in thousands, except share data) (unaudited) As of June 30, 2025 December 31, 2024 Cash and cash equivalents $ 226,771 $ 97,132 Marketable debt securities 307,654 130,682 Prepaid and other current assets 8,237 4,125 Total current assets 542,662 231,939 Marketab
Slide 26: Statement of operations
OKLO INC. CONSOLIDATED Statement of operations (in thousands, except share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Research and development $ 11,468 $ 10,719 $ 19,314 $ 14,379 General and administrative 16,547 7,052 26,575 10,762 Total operating ex
Slide 27: Statements of cash flows
OKLO INC. CONSOLIDATED Statements of cash flows (in thousands) (unaudited) Six Months Ended June 30, 2025 2024 Net loss $ (34,495) $ (51,312) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 249 112 Change in fair value of simple agreements fo
Slide 28: Statements of cash flows (cont'd)
OKLO INC. CONSOLIDATED Statements of cash flows (cont’d) (in thousands) (unaudited) Six Months Ended June 30, 2025 2024 Net increase in cash and cash equivalents $ 129,639 $ 95,809 Cash and cash equivalents - beginning of period 97,132 9,868 Cash and cash equivalents - end of period 226,771 105,677