OKLO

Oklo is a pre-commercial advanced-fission developer aiming to build and operate small modular 'powerhouse' reactors (15 MWe and 75 MWe configurations) and sell power under PPAs. The crucial fact, stated plainly in the 10-K, is that the company 'has not yet constructed any powerhouses or entered into any binding power purchase agreement with any customer to operate a plant or deliver electricity or heat, and there is no guarantee that we will be able to do so in the future.' There is no revenue line at all, and the company expects to incur significant losses 'at least until our powerhouses become commercially viable, which may never occur.'

The financials reflect a story stock, not a business. FY2025 had no revenue, a $106M net loss (worsening 43.5%), an operating loss of $139M, and a $82.2M operating cash burn. The redeeming feature is the balance sheet: a capital raise lifted cash 711.7% to $788M and equity 488.5% to $1.48B against just $52.2M of liabilities (0.04x leverage), so funding runway is not the near-term concern — dilution is, with shares up 24.9% year over year. R&D more than doubled to $58.9M and capex jumped enormously off a tiny base as the company moves toward first construction.