Advanced Nuclear Name Oklo Might Not Have Sales But it Has Some Promise

US-POLITICS-TRUMP

In my opinion, it is a great idea.

I've met CEO Jacob DeWitte. He had me convinced.

Oklo Inc. (OKLO) is an advanced nuclear technology company engaged in the development of fast fission (smaller) power plants to provide clean, reliable and affordable energy at scale. The firm is working in collaboration with the U.S. Department of Energy (DoE) as well as U.S. National Laboratories.

Still, one would love to see some sales.

There may not be sales, but there was an update on Tuesday evening on the administrative front.

As the firm released its statement of operations (can't really call it a statement of "income" or "earnings"), Oklo announced that its wholly owned subsidiary, Atomic Alchemy, had secured its first license from the Nuclear Regulatory Commission (NRC). This license allows Atomic Alchemy to initiate commercial sales from the firm's radiochemistry lab in Idaho as well as permitting the firm to handle, process and distribute isotopes that have been extracted from spent nuclear fuel and then applied toward the treatment of various diseases.

The same NRC is yet to approve Oklo's fast-fission reactors. With demand for energy expanding at a pace that seems to be out of control, Oklo cannot sell electricity to the likes of hyperscalers or data center providers or anyone else without that stamp of approval. However, the firm did announce that it had signed an agreement with the DoE to support the design, construction and operation of its first reactor at the National Laboratory in Idaho.

This program's goal is to have at least three reactors running for test purposes by July of this year, which, hard to believe, was ahead of the company's planned pace of advance.

Oklo guided operating expenses for 2026 to $80 million to $100 million and expects to deploy between $350 million and $450 million in cash for the purpose of investment.

Operations

For the full year, ended December 31, 2025, Oklo ran operating expenses up to $139.294 million from $52.801 million. With no revenue, that ran the firm's full-year GAAP operating income/loss to -$139.294 million from -$52.801 million for the year-earlier comparison. After interest, other income and losses and taxes, the firm's GAAP net income/loss hit the tape at -$105.663 million, down from -$73.616 million. That worked out to a GAAP EPS of -$0.72 for 2025, up slightly from -$0.74 for 2024.

Balance Sheet

As of December 31, 2025, Oklo held a cash position of $1.228 billion. That left the firm with current assets of $1.253 billion. Current liabilities add up to just $25.546 million.

The firm's current ratio is obviously incredibly strong. I'm not going to bother to do that math. There is no short-term debt. Total assets amount to $1.528 billion that includes a minute level of intangibles. Total liabilities less equity comes to $52.247 million. There is no long-term debt on the balance sheet either. There is no debt. Period.

These guys may not make money. Yet. They may not have sales. They can still last longer than one would think with a balance sheet like this.

The Chart

Readers will see that OKLO developed a head-and-shoulders pattern of bearish reversal last autumn as the shares were topping. What happened next, as the shares sold off (and I made a lot less money on my 2025 OKLO trade than I should have) was the development of a long falling-wedge pattern of bullish reversal. That pattern appears to be coming to its completion as we speak.

As relative strength and the stock's daily MACD seem to have stabilized, the key moving averages have lined up as obstacles and/or pivot points.

The stock is battling with its 21-day EMA in the present and has been engaged in that fight for more than six weeks. Taking back that line would be key in getting swing/momentum traders on board. Professional money could come in at the 50-day and 200-day SMAs, but some funds may have guardrails against investing in companies with no sales, so do not count on a huge increase in participation at those levels.

I am not going to initiate an investment long in OKLO at this time. That said, I am interested, as I like the balance sheet and the demand for energy is obvious. I just can't trust the name as an investment until there is revenue.

However, for a short-term trade, the pivot for me would be the thin, green line and the target would be around $76. I may go that route, but I need to be convinced that the breakout from the wedge pattern is holding.

At the time of publication, Guilfoyle had no positions in any securities mentioned.