Oklo remains pre-revenue with only $1.2M recognized in 2026Q2, while operating losses widened to -$73.2M (operating margin -60.5%), reflecting escalating R&D and licensing costs.
Oklo Inc. (OKLO) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Revenue | 3.07M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Revenue | 1.97M | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 1.1M | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 35.75% | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 265.08M | 139.29M | 52.8M | 18.64M | 10.02M | 5.16M |
| Other Operating Expenses | - | - | - | - | - | - |
| EBITDA | -222.47M | -138.77M | -52.53M | -18.56M | -10M | -5.16M |
| EBITDA Margin % | -7244.38% | - | - | - | - | - |
| EBITDA Growth % | -129.08% | -164.16% | -183.03% | -85.7% | -93.75% | - |
| Depreciation & Amortization | 649K | 522K | 268K | 75K | 29.53K | 2.57K |
| D&A / Revenue % | 21.13% | - | - | - | - | - |
| Operating Income (EBIT) | -263.98M | -139.29M | -52.8M | -18.64M | -10.02M | -5.16M |
| Operating Margin % | -8595.96% | - | - | - | - | - |
| Operating Income Growth % | - | -163.81% | -183.33% | -85.9% | -94.23% | - |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | - | - | - | - | - |
| Interest / Revenue % | 0% | - | - | - | - | - |
| Non-Operating Income | 4M | 1000K | -1000K | -1000K | 920 | 4.87K |
| Pretax Income | -165.71M | -110.19M | -72.93M | -32.17M | -10.02M | -5.16M |
| Pretax Margin % | -5396.09% | - | - | - | - | - |
| Income Tax | -921K | -4.53M | 683K | 0 | 0 | 0 |
| Effective Tax Rate % | 0.56% | 4.11% | -0.94% | 0% | 0% | 0% |
| Net Income | -164.79M | -105.66M | -73.62M | -32.17M | -10.02M | -5.16M |
| Net Margin % | -5366.1% | - | - | - | - | - |
| Net Income Growth % | -121.18% | -43.53% | -128.81% | -220.96% | -94.39% | - |
| EPS (Diluted) | -0.87 | -0.72 | -0.53 | -0.47 | -0.16 | -0.08 |
| EPS Growth % | -132.13% | -35.85% | -12.77% | -193.75% | -98.51% | - |
| EPS (Basic) | - | -0.72 | -0.53 | -0.47 | -0.16 | -0.08 |
| Diluted Shares Outstanding | 188.6M | 146.35M | 137.91M | 68.89M | 63.95M | 63.95M |
Quick answers to the most common questions about buying OKLO stock.
For fiscal year 2025, Oklo Inc. (OKLO) reported total revenue of $0.0M.
Oklo Inc. (OKLO) reported a net loss of $105.7M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Regulatory and fuel supply delays
Metrics are mathematically derived from official filings.
Pre-Revenue, No Rate Recovery
Oklo remains pre-revenue with only $1.2M recognized in 2026Q2, reflecting no rate base or regulatory recovery mechanisms, as reported in its latest quarterly filing.
The company's revenue is essentially nonexistent, with the only reported revenue of $1.2M in 2026Q2 likely from early development services or grants, not from power generation. This underscores that Oklo is not a traditional regulated utility with rate recovery; instead, its future revenue depends on executing PPAs and obtaining NRC licenses. Investors should monitor the conversion of non-binding MOUs into binding contracts, as the current backlog is not GAAP revenue.
No Authorized Returns Yet
With no rate base or authorized ROE, Oklo's operating margin of -60.5% in 2026Q2 reflects R&D and licensing costs, not regulatory margin quality, per its financial statements.
Traditional utility margin analysis does not apply here; Oklo's negative margins are driven by heavy investment in engineering and regulatory compliance. The company's path to earning a return on capital is contingent on successful NRC approval and commercial operation, which remains years away. The absence of any regulatory recovery mechanism means all costs are currently expensed, contributing to widening operating losses.
No Fuel Cost Pass-Through
Oklo's cost structure is dominated by R&D and licensing expenses, with no fuel or purchased-power costs to recover, as evidenced by its $73.2M operating loss in 2026Q2.
Unlike traditional utilities, Oklo does not have fuel costs that are pass-through; instead, its primary costs are engineering salaries and regulatory compliance. The company's future fuel costs, particularly HALEU, will be a significant variable once reactors operate, but currently there is no cost recovery mechanism. The lack of revenue means the company is entirely dependent on its cash reserves to fund operations, with $788M providing a runway but no income to offset burn.
Losses Reflect Investment Phase
Reported net losses, widening to -$48.5M in 2026Q2, are driven by pre-commercial R&D and licensing costs, not operational inefficiencies, according to Oklo's income statement.
The earnings quality is low in the sense that losses are expected and not indicative of operational performance, but they are also not obscured by one-time items; they represent genuine cash burn. The negative ROE of -12.2% and negative EPS growth are consistent with a development-stage company. Investors should focus on cash burn rate and milestones rather than earnings, as the latter will remain negative until reactors generate revenue.
CAPEX Not Yet in Rate Base
Oklo's capital expenditures are not yet generating returns, as the company has no rate base, and its $788M cash is being deployed into R&D and licensing, per its balance sheet.
The company's investments in reactor development and site permits are not yet earning a return, and there is no regulatory mechanism to recover these costs. The eventual transition to a Build-Own-Operate model will require significant additional capital, and the current cash position may not be sufficient to reach commercial operation. Investors should monitor the efficiency of CAPEX deployment, as delays could erode the value of these investments.
What Could Invalidate the Base Case
The most significant risk is that Oklo's pre-revenue status and reliance on non-binding MOUs may not translate into actual revenue, as its 2026Q2 revenue of $1.2M suggests.
The company's valuation implies a high probability of successful commercialization, but the lack of binding contracts and the historical NRC rejection in 2022 highlight execution risk. Additionally, the HALEU supply chain remains a bottleneck, and regulatory scrutiny of behind-the-meter deals could delay revenue generation. If Oklo fails to secure a combined license or faces prolonged delays, the current cash burn could necessitate dilutive financing, undermining shareholder value.