OKLO Stock Earnings Review: As Losses Widen, Can Oklo Turn Hype into Profit?

Oklo [OKLO] is an advanced nuclear company developing scaled-down versions of traditional nuclear reactors. 

The company plans to build, own and operate these plants, known as small modular reactors (SMRs), and sell the power generated. Data centers and military bases have emerged as potential clients seeking the 24/7 clean energy SMRs can provide.

OKLO’s share price has surged over 390% year-to-date, as of November 11, though the stock remains highly volatile due to concerns about its operational viability.

The company is still pre-revenue, and its stock price surge in 2025 was principally news-driven. On November 11, OKLO’s stock dropped 6.55% ahead of its Q3 earnings results.

Q3 Earnings: Net Loss Expands, Cash Reserves Increase

During Q3 2025, Oklo reported a loss from operations of $36.31m compared to a loss of $12.28m a year ago, and a loss of $28.02m in Q2 2025.

The company posted a net loss per share of $0.20 in Q3, missing the analyst expectation of $0.13.

In three out of the last four quarters, Oklo has reported a greater-than-anticipated loss per share.

Higher losses in Q3 stemmed from rising R&D and administrative expenses, both of which nearly tripled compared to the year-ago period. 

Oklo earned about $7.12m in interest and dividend income from its securities portfolio, which helped offset its net loss, bringing it to $29.72m for the quarter.

In terms of Oklo’s runway, management forecast FY 2025 operational outflows would be in the range of $65m to $80m. By the end of Q3 2025, the company had spent $48.75m in operating activities year-to-date.

Available cash and marketable securities were worth about $1.18bn at the end of Q3, implying an estimated cash runway of 14 to 18 years, assuming the company’s current annualized burn rate of $65m to $80m continues.

Oklo added over $526.5m to its cash reserves in Q3 following successful at-the-market (ATM) offering. It came after a $400m public offering in Q2 at $60 per share. 

The pre-revenue company has said it will “deliver commercial power” by the end of 2027. Additionally, the company expects to achieve “commercial-scale production” of radioisotopes, used in medical and industrial applications, in “12+ months”.

Notably, Oklo’s outstanding shares have risen sharply from about 69.89m in 2023 to over 150m by Q3 2025, as successive equity offerings and ATM issuances funded operations. While this bolstered liquidity, it has also fueled dilution concerns.

Investments have also flowed through strategic partnerships, such as Oklo’s agreement with newcleo, a Europe-based advanced nuclear reactors developer. Under the deal, newcleo plans to invest up to $2bn to build advanced fuel fabrication and manufacturing infrastructure in the US in collaboration with Oklo.

OKLO Hits Record High in October

OKLO stock has been one of 2025’s most explosive nuclear energy stories. The stock surged more than 390% year-to-date, peaking in October 15 at an all-time high price of $193.84, before retreating in November ahead of its quarterly earnings report.

Investor interest in nuclear energy stocks has surged amid the sector’s revival under the Trump administration. US President Donald Trump views nuclear power as vital to national security; he wants to boost US uranium independence, strengthen energy reliability and restore “America’s energy dominance.”

In August, Oklo was chosen by the US Department of Energy (DoE) for its Reactor Pilot Program, aiming to demonstrate three test reactors by July 2026. Then in October the DoE selected Oklo, alongside three other companies, to build and operate nuclear fuel fabrication facilities that will support reactor deployment across the US.

Adding to the optimism, Oklo has entered power purchase agreements and letters of intent with major data center operators, including Switch. 

As hyperscalers seek dependable, around-the-clock clean energy, many view nuclear power as the ideal solution, delivering consistent 24/7 output that wind and solar simply can’t match.

The Bull Case for Oklo: Diversified Nuclear Energy Player

Oklo’s diversified model spans advanced fast reactors, nuclear fuel recycling and radioisotope production, giving it multiple high-growth opportunities. Its reactors promise lower costs and faster deployment, while fuel recycling could turn nuclear waste into an abundant energy source. The radioisotope segment offers high-margin applications in medicine and industry.

With over $1bn in cash and securities, Oklo has the runway to fund development through 2026 and 2027, making it one of the most financially secure early-stage players in the nuclear energy resurgence.

The Bear Case for Oklo: Lofty Valuations Raise Bubble Concerns

Oklo remains a pre-revenue company — industry experts only expect SMRs to be commercialized in the 2030s — yet its valuation has soared far ahead of fundamentals, raising concerns of a speculative bubble.

As of the November 11 close, OKLO stock traded at a P/B valuation of 22.09. In comparison, Constellation Energy [CEG], the largest nuclear energy operator in the US, traded at a price-to-book valuation of 7.85. NuScale Power [SMR], another nuclear stock, has a P/B ratio of 5.41.

Here are how the three stocks’ other fundamentals compare: 

Source: Yahoo Finance

With lofty expectations already priced in, any delays, cost overruns or setbacks in licensing could trigger sharp corrections.

Conclusion

Buoyed by strong liquidity, government support and growing data-center demand, Oklo is positioned to lead the small modular reactor race. 

Nonetheless, with no revenue, high valuations and execution challenges, the company’s future hinges on consistent progress through the next few years.