Oklo Inc. (OKLO)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Yellow here is not about balance sheet risk — Oklo's balance sheet is unusually solid: $2,536.9 million of liquidity, $64.9 million of liabilities, no bank debt, no maturity date that could create pressure. Yellow is about the gap between valuation and evidence. The company has reported no revenue to date, states in its own 2025 annual report that it has neither built a powerhouse nor signed a binding power purchase agreement, and as of the quarterly report filed May 12, 2026 had not refiled the license application denied in 2022. At the same time the share count keeps climbing fast (137.7 million on 12/31/2024, 184.8 million on 07/01/2026), and a further sales program of up to $1.0 billion has been running since May 13, 2026. Anyone investing here is not buying earnings power but a funded window of time in which licensing, contracting, and construction have to prove themselves. The decision is yours.
symbol.quality_note
Oklo is building small nuclear power plants for data centers and has raised $2,536.9 million to do it. What the company did not have as of March 31, 2026: revenue, a binding power purchase agreement, a reactor license, or a single plant in the ground. We read the filings with the U.S. securities regulator and worked out what actually sits behind the gigawatt arithmetic.
Read the analysis
Stock Watch
This analysis is as of July 27, 2026. Stock Watch will tell you what's changed at OKLO since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 10 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 38.80 $ — 2% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Uses AIOklo verkauft keine KI, sondern Strom — setzt aber laut Geschäftsbericht 2025 selbst KI-Technologien samt großer Sprachmodelle in Forschung, Einkauf und Vertragsmanagement ein; KI-Rechenzentren sind zugleich der benannte Nachfragetreiber, aber keine Umsatzquelle (Umsatz gibt es bislang gar keinen).
View the full file — quotes, sources, reviewed filings
„Like many companies, we are using and looking for more opportunities to use artificial intelligence technologies, including those that leverage large language models, in an effort to reduce costs and run our business efficiently. In particular, we are evaluating opportunities to leverage artificial intelligence operations in our research & development efforts, as well as in operational areas like procurement and contract management."
Wie viele Unternehmen setzen wir Technologien der künstlichen Intelligenz ein und suchen nach weiteren Einsatzmöglichkeiten — darunter solche, die große Sprachmodelle nutzen —, um Kosten zu senken und unser Geschäft effizient zu führen. Insbesondere prüfen wir Möglichkeiten, KI-Anwendungen in unserer Forschung und Entwicklung sowie in operativen Bereichen wie Einkauf und Vertragsmanagement zu nutzen.
„Demand for energy in the U.S. is currently being driven by the explosive growth in the data center industry, particularly as AI deployment, cloud computing adoption, and digital transformation initiatives accelerate across sectors. Should power demand growth in the AI data center market slow, customer demand for our baseload low-carbon power could be negatively impacted."
Die Energienachfrage in den USA wird derzeit vom explosiven Wachstum der Rechenzentrums-Branche getrieben, insbesondere weil KI-Einführung, Cloud-Nutzung und Digitalisierungsvorhaben quer durch alle Branchen an Tempo gewinnen. Sollte sich das Wachstum der Stromnachfrage im Markt für KI-Rechenzentren verlangsamen, könnte die Kundennachfrage nach unserer grundlastfähigen, kohlenstoffarmen Energie negativ beeinflusst werden.
Filings Reviewed: 10-K 2026-03-17 · 10-Q 2026-05-12 · 10-Q/A 2026-06-17
Rated on July 27, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 117.0% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 9
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.73 | -0.87 – -0.50 | 1 | -7.4% | 17 |
| 12/31/2027 | -0.83 | -1.11 – -0.23 | 6 | -9.1% | 19 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- -0.17 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -5.17 | -8,847.90 | 0 | – | – | -10 | -10 |
| 2024: Q3 | -0.08 | -311.60 | 0 | – | – | -8 | -8 |
| 2024: Q4 | -0.09 | -264.10 | 0 | -100.00 | – | -14 | -14 |
| 2025: Q1 | -0.07 | -7.40 | 0 | – | – | -12 | -13 |
| 2025: Q2 | -0.18 | 96.50 | 0 | – | – | -19 | -19 |
| 2025: Q3 | -0.20 | -150.00 | 0 | – | – | -18 | -23 |
| 2025: Q4 | -0.27 | -201.30 | 0 | – | – | -33 | -60 |
| 2026: Q1 | – | – | 0 | – | – | -18 | -51 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 0 | -5 | -5 | -0.08 | -2 | 6 | 11 |
| 2022 | 0 | -10 | -10 | -0.16 | -10 | -28 | 11 |
| 2023 | 0 | -19 | -32 | -0.47 | -16 | -34 | 15 |
| 2024 | 0 | -53 | -74 | -0.53 | -38 | 251 | 282 |
| 2025 | 0 | -139 | -106 | -0.72 | -82 | 1,476 | 1,528 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
As of March 31, 2026, Oklo held $2,536.9 million in cash and marketable debt securities against only $64.9 million of total liabilities — no bank debt, no bond, no covenant. Stockholders' equity stood at $2,638.6 million, up from $269.3 million a year earlier. Cash used in operating activities was just $17.9 million in the first quarter of 2026; the company expects $80 million to $100 million for 2026.
There is no revenue line — neither in the 2025 annual report nor in the quarterly report as of March 31, 2026. Operating expenses rose to $51.2 million in the first quarter of 2026 (prior-year quarter $17.9 million) and the net loss to $33.1 million. The loss was not larger only because $21.3 million of interest and dividend income came in from the company's own portfolio.
In its 2025 annual report, Oklo states that it has not yet constructed any powerhouses or entered into any binding power purchase agreement with any customer. The 12-gigawatt Switch agreement (December 2024) is a master framework; the arrangements with Equinix, Diamondback Energy, and Prometheus Hyperscale are non-binding letters of intent. The only customer money received so far: $25.0 million paid in March 2024 for a right of first refusal, still carried unchanged as a liability.
The combined license application from March 2020 was denied without prejudice in 2022; as of the quarterly report filed May 12, 2026, the updated application had not been refiled. Oklo states that it is uncertain when, if at all, NRC approvals will be obtained — while the first plant is targeted for 2028, described in the filing itself as "ambitious." Mitigating: since August 2025 the Aurora unit at Idaho National Laboratory may proceed under the Department of Energy authorization pathway.
Shares outstanding rose from 137.7 million (12/31/2024) to 184.8 million (07/01/2026, Schedule 13D/A). In January 2026 alone, 12,376,352 shares were sold at an average price of $96.95 (gross $1,199.9 million). A further sales program of up to $1.0 billion has been running since May 13, 2026 inside a $3.5 billion shelf registration; on June 24, 2026, another 9.63 million employee shares were registered on Form S-8.
Without revenue there is no P/E and no P/S ratio. On a book basis the stock trades at roughly 2.7 times equity per share (data as of 07/27/2026), against $14.97 of net tangible book value per share as of March 31, 2026 that consists almost entirely of cash and securities. Nine analysts cover the stock (four strong buy, two buy, three hold, none sell; average price target $86.20, data as of 07/27/2026).
Oklo Inc. is one of the best-funded revenue-less companies on the U.S. market: $2,536.9 million of liquidity against $64.9 million of liabilities as of March 31, 2026, plus $21.3 million of interest income in the first quarter alone. What is missing is everything else — revenue, a plant in the ground, a binding power purchase agreement, and a refiled license application. It is all funded with new stock: from 137.7 million shares (12/31/2024) to 184.8 million (07/01/2026), with an open program for a further $1.0 billion. Not investment advice.
- The hook for this analysis is an attention sweep across the most-discussed U.S. stocks in investor forums on July 27, 2026. At that point Oklo appeared in none of our in-house stock scanner lists — the metric filters require revenue or earnings, and Oklo has neither. Scanner lists are recalculated daily.
- Data as of: SEC filings through the Form 10-Q/A dated June 17, 2026, plus current reports, prospectus supplements, and beneficial ownership filings through July 6, 2026; market data (market capitalization, price-to-book, analyst coverage) as of July 27, 2026, last close July 24, 2026.
- The Form 10-Q/A dated June 17, 2026 is explicitly not a restatement: its sole purpose was to supply the chief financial officer's conformed signature, inadvertently omitted from the certification in Exhibit 31.2. No figures were changed and no material weakness was identified.
- Not to be confused: before May 9, 2024, Oklo Inc. was named AltC Acquisition Corp., a special purpose acquisition company. Figures from before the merger relate to the operating predecessor, Oklo Technologies, Inc.
About the Company
Oklo Inc. develops fission power plants to provide energy at scale to customers in the United States. The company offers Aurora Powerhouse, which is designed to produce between 15 and up to 75 megawatts of electricity. It is also commercializing nuclear fuel recycling and fuel fabrication technology that can convert used nuclear fuel into usable fuel for its reactors. The company was formerly known as AltC Acquisition Corp. and changed its name to Oklo Inc. in May 2024. Oklo Inc. was founded in 2013 and is headquartered in Santa Clara, California.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 215 |
| Headquarters | Santa Clara, CA |
| Address | 3190 Coronado Drive, 95054 Santa Clara, United States |
| Phone | 650 550 0127 |
| Website | oklo.com |
| IPO Date | 8. Jul 2021 |
| ISIN | US02156V1098 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Jacob Dewitte | Co-Founder, CEO & Chairman | 1987 |
| Caroline DeWitte | Co-Founder, COO & Director | 1984 |
| Richard Craig Bealmear | Chief Financial Officer | 1967 |
| Sam Doane | Senior Director of Investor Relations | – |
| William Goodwin J.D. | Chief Legal & Strategy Officer | 1985 |
| Bonita Chester | Head of Communications & Media | – |
| Alexandra Renner | Chief Product Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.