Oklo Q2 2024 Earnings Report
Key Takeaways
Oklo reported a net loss of $29.3 million for the second quarter of 2024, which included non-cash fair market value losses of $13.1 million associated with SAFE notes and $0.4 million losses in deemed dividend earnout and founder shares. The company ended the quarter with $294.6 million in cash and marketable securities, driven by $276 million in proceeds received at deal closure net-of-fees. Oklo is targeting to meet its operating loss estimate of $40-50 million for the full year 2024.
Merger with AltC Acquisition Corp. in May financed the business, providing Oklo with over $300 million to accelerate its strategy.
Signed over 1,350 megawatts under non-binding indications of interest from the data center, energy, and industrial sectors.
Established preferred supplier agreement with Siemens Energy for steam turbine generator products and services.
Completed successful end-to-end demonstration of advanced fuel recycling process, advancing commercial-scale recycling facility.
Oklo
Oklo
Forward Guidance
Oklo believes it remains on target to meet its operating loss estimate of $40-50 million for the full year 2024, with full year 2024 expectations still in line with prior guidance.
Positive Outlook
- Remains on target to meet operating loss estimate of $40-50 million for the full year 2024.
- Full year 2024 expectations are still in line with prior guidance.
- Strong customer demand with 1,350 megawatts in signed letters of intent.
- Plans to begin pre-application readiness review for combined license application by end of year.
- ADVANCE Act reduces fees, shortens timelines, and creates regulatory awards.
Challenges Ahead
- Approximately $37.8 million of deal-related impacts are associated with non-cash fair market value adjustments and are represented in net loss.
- Year-to-date cash used in operating activities sits at $17.0 million made up of a net loss of $53.3 million offset by $38.9 million in non-cash impacts.
- Year-to-date loss from operations of $25.1 million included $9.2 million of non-cash stock-based compensation expenses.
- Year-to-date net loss of $53.3 million included non-cash FMV losses of $30 million associated with SAFE notes and $7.8 million losses in stock-based compensation.
- Risks related to the deployment of Oklo’s powerhouses and regulatory uncertainties.