Slides
Page 1
1 Company Update 3Q 2025
Page 2
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 presentation. To the fullest extent permitted by law, in no circumstances will Oklo or any of its subsidiaries, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors, or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. NO OFFER OR SOLICITATION This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This presentation is not, and under no circumstances is to be construed as, a prospectus, an advertisement, or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. NO REPRESENTATIONS OR WARRANTIES This presentation is for informational purposes only and does not purport to contain all of the information that may be required to evaluate Oklo. Viewers of this presentation should make their own evaluation of Oklo and of the relevance and adequacy of the information and should make other investigations as they deem necessary. This presentation is not intended to form the basis of any investment decision by any potential investor and does not constitute investment, tax, or legal advice. No representations or warranties, express or implied, are or will be given in, or in respect of, this presentation or any other written, oral, or other communications transmitted or otherwise made available to any party in the course of its evaluation of an investment in Oklo, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions, or misstatements, negligent or otherwise, relating thereto. To the fullest extent permitted by law, in no circumstances will Oklo or any of its subsidiaries, interest holders, affiliates, representatives, partners, directors, officers, employees, advisors, or agents be responsible or liable for any direct, indirect, or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The information contained in this presentation is preliminary in nature and is subject to change, and any such changes may be material. Oklo disclaims any duty to update the information contained in this presentation. FORWARD-LOOKING STATEMENTS This presentation includes statements that express Oklo’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts, or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “may,” “will,” “could,” “should,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continue,” “might,” “possible,” “potential,” “predict,” “project,” “goal,” “would,” “commit,” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. Forward-looking statements, by their nature, are subject to a variety of assumptions, risks, and uncertainties that could cause actual results or performance to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by us. Factors that may cause our actual decisions or results to differ materially from those contemplated by these forward-looking statements include, among other things: risks related to the development and deployment of Oklo’s powerhouses; the risk that Oklo is pursuing an emerging market with no commercial project operating and regulatory uncertainties; risks related to acquisitions, divestitures, or joint ventures we may engage in; the need for financing to construct plants, which remain subject to market, financial, political, and legal conditions; risks related to an inability to raise additional capital to support our business and sustain our growth on favorable terms; the effects of competition; risks related to accessing high-assay low-enriched uranium, plutonium, and other fuels at acceptable costs (including recycled fuels); risks related to our supply chain; risks related to power purchase agreements; risks related to human capital; risks related to our intellectual property; risks related to cybersecurity and data privacy; changes in applicable laws or regulations, including tariffs; the outcome of any government and regulatory proceedings and investigations and inquiries; and the other factors set forth in our documents we have filed with the U.S. Securities and Exchange Commission (the “SEC”). The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the SEC. The forward-looking statements contained in this presentation are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation, except as may be required by law. INDUSTRY AND MARKET DATA In this presentation, Oklo relies on and refers to certain information and statistics regarding the markets and industries in which Oklo competes. Such information and statistics are based on Oklo’s management’s estimates and/or obtained from third-party sources, including reports by market research firms and company filings. While Oklo believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Oklo has not independently verified the accuracy or completeness of the information provided by the third-party sources. 2
Page 3
Oklo’s competitive advantages should enable the deployment of powerhouses at scale Business model Technology Size Attractive build, own, operate business model Selling power directly to customers under long-term contracts provides recurring revenues and a streamlined regulatory pathway Small, scalable design Oklo's small, scalable design combines the use of existing industrial materials with factory fabrication, allowing the company to deploy nuclear reactors at multi-gigawatt scale Proven technology Oklo’s powerhouses are based on proven fast reactor technology, which significantly reduces R&D costs and accelerates licensing timelines and early deployments 3
Page 4
Corporate & business dev. Blykalla Joint Technology Development Agreement newcleo fuel fabrication and manufacturing partnership Project executionProject execution Aurora-INL groundbreaking & procurement activities Atomic Alchemy Pilot Project construction & procurement underway Successful fuel assembly flow testing Oklo quarterly progress update Project executionLicensing progress Announced Tennessee fuel campus DOE Fuel Line Pilot selections DOE approved the Aurora Fuel Fabrication Facility's Nuclear Safety Design Agreement Battelle Energy Alliance fuel and materials testing partnership Fuel, recycling, & feedstock Project execution Project executionFinancial Three DOE Reactor Pilot Program (RPP) selections RPP awards pending DOE authorizations NRC COLA timeline update Principal Design Criteria topical report accepted for review Strong balance sheet with cash and marketable securities of ~$1.2B 3Q cash used in operations remains on track with our expectations Filed a new shelf to maintain access to capital markets 4 Customer pipeline Evaluating potential power sales and fuel recycling with TVA as part of the Tennessee fuel campus initiative Continuing progress with both existing and new customer opportunities
Page 5
DOE Reactor Pilot Program • In May, executive orders were issued that direct the U.S. DOE to take a leading role in unleashing the American nuclear renaissance. • DOE established the Reactor Pilot Program (RPP) to demonstrate at least three advanced reactors reaching criticality by July 4, 2026 or as soon as possible under the program. • The selection gives access to a DOE authorization pathway, enabling potential acceleration of the time- to-deploy for selected projects. Impact to Oklo • In August, Oklo and its subsidiary Atomic Alchemy were selected for three of the eleven awarded RPP projects: • Project 1: Oklo Aurora-INL Powerhouse • Project 2: Atomic Alchemy Pilot Plant Radioisotope production facility • Project 3: Oklo Pluto Test reactor supporting advanced fuel and component development • De-risks commercial licensing for future powerhouses by generating data, reviews, and operating experience Licensing progress 5 Oklo selected for three DOE Reactor Pilot Program projects
Page 6
• DOE authorization is an approval to construct and operate a nuclear facility under the DOE's authority. • DOE has overseen first-of-a-kind nuclear facilities for decades with an exceptional safety record, including oversight of Naval and National Laboratory nuclear programs. • This is a modern pathway to get new nuclear plants built more quickly. • Experience and data gained will help NRC licensing as well. • Operating facilities under DOE authorization may have an option to transition to NRC licensing and oversight for full commercial operations. Licensing progress 6 DOE Authorizations — Regulatory acceleration for Oklo projects DOE Authorization overview Impact to Oklo • The Aurora–INL powerhouse is one of Oklo’s RPP- qualified projects, granting access to the DOE authorization process. • Oklo is shifting Aurora-INL to pursue DOE authorization to accelerate its timeline to initial operations. • Oklo is actively coordinating with DOE on authorization planning, engineering deliverables, and preparatory work. • The Aurora-INL will transition to NRC licensing through an expedited review path in accordance with the executive orders.
Page 7
• The Aurora-INL project will be derisked by deploying under DOE authorization. • Oklo will remain engaged with the NRC in parallel to prepare for full commercial licensing, including preparing its applications for its subsequent deployments. • Oklo will continue NRC pre-application and critical licensing submittals while leveraging DOE-gathered data and demonstration learnings. • This model compresses time from pilot-project authorization to commercial powerhouse deployment and accelerates future deployment timelines. Licensing progress 7 NRC engagement status & go-forward strategy • Finalize DOE authorization documentation • Build the Aurora-INL plant • Commission and operate the Aurora-INL plant • Apply learnings to NRC pre-application work for subsequent sites and deployment • Submit applications to NRC for subsequent sites • Gain execution and operating experience Parallel licensing approach Oklo's execution roadmap
Page 8
• Groundbreaking completed in September • Progressing licensing under DOE’s Reactor Pilot Program • Kiewit mobilized heavy equipment on October 27 to begin site earthworks • Controlled blasting scheduled to begin mid-November, with full excavation to follow in early January • Design and construction alignment completed with Kiewit and DOE ahead of major site work Project execution Progress on Oklo’s path to first commercial deployment Groundbreaking for Oklo’s first Aurora powerhouse at INL (Idaho) (Image: Oklo) 8 Oklo breaks ground on the Aurora-INL
Page 9
• Securing long-lead components and supplier commitments • Demonstrates supply-chain maturity and readiness for construction ramp-up • Began major procurements this quarter, including: • In-vessel and ex-vessel handling machines • Primary and intermediate sodium pumps • Reactor trip system • Fuel assembly nozzle fabrication Project execution Procurement activities advancing build readiness 9 Procurement and supply-chain progress Conventional energy, industrials, and chemicals NON-NUCLEAR SUPPLY CHAINS Powerhouse supply chain breakdown (% components)(1) 70% CONVENTIONAL NUCLEAR SUPPLY CHAINS 30% Source: (1) Percentages represent the number of components sourced, not dollar values. Based on internal estimates.
Page 10
• Atomic Alchemy was selected under DOE’s Reactor Pilot Program, making the pilot facility project eligible for DOE authorization. • Pilot project focused on going from green field to criticality in less than a year. • Purpose is to act as an R&D platform to prove production pathways, validate supply chain, and de- risk the larger Versatile Isotope Production Reactor (VIPR) commercial facility in Idaho. • Short term (next ~6 months) • Finalize DOE authorization for pilot facility • Complete pilot facility's construction and procurement activities • Working to achieve stretch target for operations by July 2026 • Medium term (6-12 months) • Lab-scale production facility and early stage revenue • Long term (12+ months) • License first commercial-scale VIPR facility • Scale to commercial scale production Atomic Alchemy selected for DOE RPP Company execution roadmap & milestones Project execution Atomic Alchemy targets first operations by July 2026 10
Page 11
• Pool-type, water-cooled, non-pressurized isotope production reactor • Uses reduced height pressurized water reactor 17x17 fuel bundles and LEU fuel • Wide variety of irradiation positions • Goal is neutron production and diverse isotope production • Medical, defense, and industrial applications Project execution Versatile isotope production reactor 11 Atomic Alchemy Versatile Isotope Production Reactor
Page 12
Oklo's fuel strategy solving near-, mid-, and long- term demand 12 • Fuel markets have shifted materially since 2024; global supply and pricing are evolving. • Oklo’s multi-source strategy provides flexibility and resilience across changing market conditions. • Multiple complementary sources cover near-, mid-, and long-term needs. • Near-term: DOE materials (e.g., EBR-II fuel, plutonium) are bridge fuel sources. • Mid-term: Partnerships with Centrus, Hexium, and others expand HALEU access. • Long-term: Tennessee Advanced Fuel Center enables recycling and fabrication at scale. Key messages Fuel, recycling, & feedstock Advanced HALEU Supply Fuel produced using advanced enrichment technology Government materials Various sources of fuel material (e.g., recovered EBR-II fuel and plutonium Conventional HALEU Supply Fuel produced from conventional enrichers (Centrus and others) Recycled fuel Used fuel secured from conventional nuclear power plants Project executionOklo's comprehensive fuel strategy
Page 13
Illuminating HALEU supply chains 13 Fuel, recycling, & feedstock Uranium Milling Uranium Conversion Fuel Enrichment Fuel Deconversion Fuel Fabrication Uranium Milling Uranium Deconversion Fuel Enrichment Fuel Fabrication Current models Next generation models Uranium Mining Uranium Mining • Operational today • Supply chain fits the conventional model • Geared for continuous operations Current models • Lower capital and operating cost enrichment • Process simplifications and value chain consolidation • More flexible operations • Opportunities to use lower cost feedstocks Next generation technologies
Page 14
Comprehensive fuel strategy provides Oklo with time to market, supply diversity, and cost advantages 14 Fuel, recycling, & feedstock — Government uranium reserves Oklo has secured 5 MT of fuel for its first commercial reactor located in INL — Government plutonium reserves 20 MT potentially made available in first tranches, can be made into ~180 MT of Aurora fuel — Conventional enrichers Currently enriching LEU, expanding production capacity — Recycling U/TRU fuel produced from recycling, ~96,000 MT UNF in US, about 2,000 MT UNF produced annually — Advanced enrichers Lower cost HALEU production, simplified supply chain • Oklo secured 5 MT of fuel that has been down blended from the EBR-II sodium fast reactor facility which Oklo bases its design on • Oklo is the only company with fuel secured for its first commercial deployment • 20 MT of Plutonium could provide up to 1.8 GW of capacity or 25 Powerhouses • Could accelerate Aurora deployments because Plutonium based fuels are blended with natural uranium which doesn’t require enrichment • Partnerships with conventional enrichers ensures certainty of supply • Oklo has a partnership with Centrus for conventional HALEU supply • Advanced enrichment technologies enable the use of low cost feedstocks and value chain consolidation, significantly reducing fuel costs • Oklo has partnerships with advanced enrichment companies including Hexium • Existing U.S. spent fuel supplies provide for up to 200 GW of initial Powerhouse capacity • Recycled fuel is a low-cost fuel alternative that unlocks nuclear energy abundance Fuel Type Benefits to Oklo
Page 15
Fuel Recycling Facility announced as phase I of advanced fuel center in Tennessee 15 Fuel, recycling, & feedstock Phase 1 — Fuel Recycling Facility • Oklo will deploy a fuel recycling facility as part of the initial phase of its advanced fuel center • Adds an additional vertically integrated fuel supply stream, accelerating powerhouse deployment capacity and building durable U.S. reliable energy capability and capacity • Comprises an investment of up to $1.68B and over potentially 800 permanent jobs • Tracking toward production ramp-up in early 2030s • Collaborating with the Tennessee Valley Authority on feedstock transfer, as well as power generation • Proceeding through NRC pre-application activities prior to license application submittal Momentum on federal policy: Senate committee advanced the Nuclear REFUEL Act of 2025, which could streamline licensing for fuel recycling facilities like Oklo’s Tennessee project. Rendering of Oklo's advanced fuel center (Image: Oklo)
Page 16
DOE selects Oklo for Advanced Nuclear Fuel Line Pilot Projects 16 Fuel, recycling, & feedstock • DOE selected three Oklo-led projects for the Fuel Line Pilot Program • Accelerates construction via an alternative permitting/licensing pathway • Oklo to build and operate fuel fabrication facilities • Potentially secures near-term fuel for early powerhouses • Reinforces U.S. domestic fuel capability • Bolsters work at the Tennessee advanced fuel center and the Aurora Fuel Fabrication Facility at INL Selection highlights Rendering of Oklo's fuel recycling facility (Image: Oklo)
Page 17
• Signed a Joint Technology Development Agreement to work together on balance of plant and fuel sourcing • Blykalla to leverage Oklo’s vertical integration strength, including Oklo’s fuel fabrication capabilities • Oklo co-led Blykalla’s A2 round Oklo signs international agreements to collaborate on advanced nuclear ecosystem Corporate & business development Blykalla — transatlantic technology & supply-chain collaboration 17 newcleo — U.S. fuel-fabrication & manufacturing build-out • Strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the U.S. • newcleo could invest up to $2B via an affiliated vehicle • Supports a robust domestic advanced-fuel center under U.S. oversight • Channels international capital and capabilities into U.S. fuel fabrication facilities
Page 18
Cash and marketable securities YTD 2025 Cash used in operating activities 3Q 2025 Loss before income taxes 3Q 2025 Loss from operations Key 3Q 2025 financial highlights $48.7M $36.3M $1.184B 3Q 2025 Financials Cash used in operating activities YTD vs. FY forecast of $65M –$80M Cash and Marketable Securities as of September 30, 2025 $29.2M Loss before income taxes Loss before income taxes of $29.2 million is derived from our loss from operations adjusted for: • Net interest and dividend income of ~$7.1 million YTD Cash used in operating activities of $48.7 million, includes total net loss of $64.2 million, adjusted primarily for: • Non-cash charges of ~$22.8 million from stock-based compensation • Other non-cash adjustments of ~$7.3 million primarily for working capital and deferred taxes • Cash and equivalents of $410.0 million and marketable securities of $773.5 million, for a total cash and marketable securities of $1.184 billion • Increase in cash and marketable securities includes $526.5 million from Oklo's successful ATM program, net of fees 3Q 2025 Loss from operations of $36.3 million primarily driven by: • Payroll, general business expenses & professional fees associated with capital market activity • Non-cash stock-based compensation expense of ~$9.1 million Loss from operations
Page 19
Oklo investment highlights Attractive business model Vertically integrated business model across nuclear power, nuclear fuel, and radioisotopes provides recurring revenue and cash flow to investors Large customer pipeline Scalable product offering validated by a robust pipeline, with customers across data center, utility, oil and gas, and industrial sectors Strong economics Strategic reactor design decisions and nuclear fuel recycling result in low capital costs, operating costs, and levelized cost of energy Nuclear fuel recycling Oklo intends to recycle used nuclear fuel, which can then be used as fuel in its reactors, unlocking nuclear energy abundance Advanced nuclear power Oklo uses proven fast reactor technology that reduces complexity, costs, and construction time, enabling nuclear reactor deployment at scale Radioisotopes Attractive, high-margin business that utilizes fresh and co-product radioisotopes, providing synergies with the nuclear power generation and nuclear fuel businesses 19
Page 20
20 Thank you
Page 21
14 OKLO INC. CONDENSED CONSOLIDATED Balance sheets (in thousands, except share data) (unaudited) As of September 30, 2025 December 31, 2024 Cash and cash equivalents $ 410,041 $ 97,132 Marketable debt securities 511,559 130,682 Prepaid and other current assets 10,179 4,125 Total current assets 931,779 231,939 Marketable debt securities 261,963 47,473 Property and equipment, net 11,486 1,202 Operating lease right-of-use assets 1,589 982 Indefinite-lived intangible assets 27,500 — Goodwill 6,720 — Other assets 5,182 140 Total assets $ 1,246,219 $ 281,736 Accounts payable 2,023 2,970 Accrued expenses and other 10,900 1,885 Operating lease liabilities 880 481 Total current liabilities 13,803 5,336 Operating lease liabilities, net of current portion 781 543 Right of first refusal liability 25,000 25,000 Deferred tax liabilities 1,049 — Total liabilities $ 40,633 $ 30,879 Stockholders' equity: Class A common stock, $0.0001 par value – 500,000,000 shares authorized; 156,186,456 and 137,706,596 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 16 14 Additional paid-in capital 1,401,320 383,739 Accumulated deficit (199,326) (135,109) Accumulated other comprehensive income 3,576 2,213 Total stockholders’ equity 1,205,586 250,857 Total liabilities and stockholders’ equity $ 1,246,219 $ 281,736
Page 22
14 OKLO INC. CONDENSED CONSOLIDATED Statement of operations (in thousands, except share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Research and development $ 14,945 $ 5,050 $ 34,259 $ 19,429 General and administrative 21,364 7,232 47,939 17,994 Total operating expenses 36,309 12,282 82,198 37,423 Loss from operations (36,309) (12,282) (82,198) (37,423) Change in fair value of simple agreements for future equity — — — (27,864) Interest and dividend income, net 7,118 2,547 14,532 4,404 Total other income (loss) 7,118 2,547 14,532 (23,460) Loss before income taxes (29,191) (9,735) (67,666) (60,883) Income tax (expense) benefit (531) (225) 3,449 (389) Net loss $ (29,722) $ (9,960) $ (64,217) $ (61,272) Basic and Diluted Class A common stock: Net loss per share: $ (0.20) $ (0.08) $ (0.45) $ (0.63) Weighted-average common shares outstanding - basic and diluted - Class A common stock 150,364,909 122,134,375 142,898,350 97,581,987
Page 23
14 OKLO INC. CONDENSED CONSOLIDATED Statements of cash flows (in thousands ) (unaudited) Nine Months Ended September 30, 2025 2024 Net loss $ (64,217) $ (61,272) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 373 180 Change in fair value of simple agreements for future equity — 27,864 Accretion of discount on marketable debt securities (253) (261) Stock-based compensation 22,796 10,750 Deferred income taxes (4,734) — Change in operating assets and liabilities, net of effect of acquisition: Prepaid and other current assets (5,955) (833) Other assets (42) (90) Accounts payable (1,194) (1,922) Accrued expenses and other 4,451 631 Operating lease right-of-use assets and liabilities 30 33 Net cash used in operating activities (48,745) (24,920) Purchases of property and equipment (6,255) (283) Purchases of marketable debt securities (756,595) (261,082) Proceeds from redemptions of marketable debt securities 162,844 67,393 Purchase of investment (5,000) — Payment for acquisition of business, net of cash acquired (900) — Net cash used in investing activities (605,906) (193,972) Proceeds from recapitalization — 276,210 Payment of taxes from common stock withheld (1,595) — Proceeds from exercise of stock options 2,745 440 Proceeds from right of first refusal liability — 25,000 Proceeds from simple agreements for future equity — 10,232 Payment of offering costs and deferred issuance costs (1,689) (11,058) Proceeds from sale of common stock, net of offering costs 968,099 — Net cash provided by financing activities $ 967,560 $ 300,824
Page 24
14 OKLO INC. CONDENSED CONSOLIDATED Statements of cash flows (cont’d) (in thousands ) (unaudited) Nine Months Ended September 30, 2025 2024 Net increase in cash and cash equivalents $ 312,909 $ 81,932 Cash and cash equivalents - beginning of period 97,132 9,868 Cash and cash equivalents - end of period 410,041 91,800 Supplemental noncash investing and financing activities: Issuance of common stock in connection with acquisition of business $ 27,408 $ — Assumed liabilities in connection with acquisition of business 287 — Purchases of property and equipment in accounts payable and accrued expense and other 4,362 — Offering costs included in accounts payable 32 — Offering costs included in accrued expense and other 149 — Reclassification of simple agreements for future equity in connection with the Recapitalization — 84,138 Reclassification of deferred issuance costs in connection with the Recapitalization — 3,604