Capital expenditures reached a peak of $359.0 million in 2026Q1, necessitating a $1.2 billion net stock issuance to sustain liquidity during the development cycle.
| Cash from Operations | -87.8M | -82.17M | -38.39M | -16M | -9.99M | -1.88M |
| Operating CF Growth % | -412.31% | -114.05% | -139.97% | -60.1% | -431.47% | - |
| Operating CF / Revenue % | - | - | - | - | - | - |
| Net Income | -128.92M | -105.66M | -73.62M | -32.17K | -10.02M | -5.16M |
| Depreciation & Amortization | 561K | 522K | 268K | 75 | 29.53K | 2.57K |
| Deferred Taxes | 205K | -4.53M | 0 | -294.08K | 0 | 0 |
| Other Non-Cash Items | 13.56M | -3.48M | 27.34M | -15.48M | 75.83K | 4.02M |
| Working Capital Changes | -12.67M | -10.81M | -4.87M | -187.66K | -362.25K | -866.42K |
| Capital Expenditures | -854.78M | -489.68M | -175.77M | -83K | -149.56K | -500M |
| CapEx / Revenue % | - | - | - | - | - | - |
| CapEx / D&A | 1523.67x | 938.08x | 655.87x | 1.11x | 5.06x | 194552.53x |
| CapEx Coverage (OCF/CapEx) | -0.10x | -0.17x | -0.22x | -192746.99x | -66.81x | -0.00x |
| Cash from Investing | -854.78M | -489.68M | -175.77M | -83K | -149.56K | -500M |
| Acquisitions | 0 | -900K | 0 | 0 | 0 | 0 |
| Purchase of Investments | -844.37M | -832.57M | -291.62M | 0 | 0 | -500M |
| Sale of Investments | 198.47M | 376.99M | 116.2M | 0 | 0 | 0 |
| Other Investing | -143.2M | 0 | 0 | -82.92K | 0 | 59.84K |
| Cash from Financing | 2.45B | 1.26B | 301.43M | 16.3M | 9.35M | 505.22M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 0 | 10.23K | 19.32K | 1000K | 4K |
| Stock Issued | 1.48B | 1.26B | 266.2M | -3.03M | 0 | 505.22M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 968.31M | -1.65M | 35.22M | 19.31M | 351.71K | -4K |
| Net Change in Cash | 1.5B | 691.31M | 87.26M | 6.29M | -790.37K | 3.34M |
| Exchange Rate Effect | 0 | 0 | 0 | 6.08M | 0 | 0 |
| Cash at Beginning | 788.45M | 97.13M | 9.87M | 3.58M | 10.44M | 0 |
| Cash at End | 1.59B | 788.45M | 97.13M | 9.87M | 9.65M | 3.34M |
| Free Cash Flow | -942.58M | -571.85M | -214.16M | -16.08M | -10.14M | -501.88M |
| FCF Growth % | -342.61% | -167.02% | -1231.78% | -58.56% | 97.98% | - |
| FCF Margin % | - | - | - | - | - | - |
| FCF / Net Income % | 731.14% | 541.2% | 290.92% | 49.98% | 101.18% | 9732.89% |
Regulatory and execution risk
According to recent financial disclosures, Oklo's capital expenditures reached a peak of $359.0 million in 2026Q1, reflecting the aggressive, front-loaded investment strategy required to advance its fast-fission reactor technology through the rigorous and multi-year Nuclear Regulatory Commission licensing process before any commercial power generation can commence.
The massive quarterly CAPEX outlays relative to the company's pre-revenue status indicate that Oklo is currently in a pure development phase where cash burn is a direct proxy for technical progress. Investors should monitor whether these capital deployments translate into tangible regulatory milestones, as the lack of offsetting operating cash flow makes the company entirely dependent on external funding to sustain its current investment trajectory.
As reported in financial statements, Oklo successfully bolstered its liquidity position through a $1.2 billion net stock issuance in 2026Q1, which serves as the primary financing mechanism to offset the significant free cash flow deficit that has persisted throughout the company's pre-revenue development cycle.
The reliance on equity markets to fund operations suggests that the company's cost of capital is highly sensitive to market sentiment regarding the advanced nuclear sector. While the current cash position appears adequate to support near-term R&D, the absence of debt-based financing capacity highlights the inherent difficulty of securing traditional utility-style leverage for unproven, first-of-a-kind nuclear technology.
Based on reported figures, the cash flow statement masks significant future obligations, including the eventual decommissioning costs for its fast-fission reactors, which remain unfunded and are not yet reflected as cash outflows in the current development-heavy financial reporting period.
The current cash flow profile obscures the long-term reality that nuclear operators must eventually account for substantial asset retirement obligations. Analysts should remain cautious, as the regulatory lag inherent in the NRC approval process may force the company to maintain higher-than-expected cash reserves to satisfy future environmental and safety compliance mandates.
Quick answers to the most common questions about buying OKLO stock.
Oklo Inc. (OKLO) generated $-82.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oklo Inc. (OKLO) reported negative free cash flow of $571.9M in 2025, indicating capital requirements exceeded cash from operations.
Oklo Inc. (OKLO) spent $489.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.