Oklo Inc. (NYSE: OKLO) is an advanced fission company that plans to build, own and operate its own reactors and sell the power, rather than sell reactors to utilities.
Its Aurora powerhouse line is designed to produce 15 to 75 megawatts of electricity per unit on fresh, recycled or down-blended nuclear fuel.
That model matters before anything else about the stock. Oklo books no equipment sales. Revenue arrives, if it arrives, through long-term power contracts and, more recently, radioisotopes.
Oklo just recorded its first revenue, and none of it is power
Oklo reported $1.2 million of revenue for the three months ended June 30, 2026, against zero a year earlier, per its Q2 2026 Form 10-Q.
That filing splits the figure into $800,000 of engineering and consulting services, $168,000 of manufacturing and fabrication services, and $242,000 of other arrangements. No power sales appear in it.
Set it against the cost lines. Loss from operations was $124.2 million for the six months ended June 30, 2026, and net loss was $81.6 million. Accumulated deficit reached $322.4 million.
The fair description is a development-stage company that has just opened a small services revenue line. The label changed; the economics did not.
Where power revenue would actually come from
The 10-Q names the commercial pipeline. Oklo signed a 12 gigawatt Master Power Agreement with Switch in December 2024, plus non-binding letters of intent with Equinix, Diamondback Energy and Prometheus Hyperscale.
In January 2026 it entered a prepayment agreement with Meta tied to a planned 1.2 gigawatt power campus in Pike County, Ohio, with that funding directed at securing nuclear fuel.
Oklo was also selected to supply electricity and heat to Eielson Air Force Base in Alaska.
Read the verbs. Most of it is a letter of intent or a master agreement, not an executed power purchase agreement with a price in it.
Turning those into binding PPAs sits in the filing as work still ahead. That gap runs through most small modular reactor stocks.
The regulatory route and the 2028 target
Oklo’s first Aurora powerhouse is advancing at Idaho National Laboratory under Department of Energy authorization rather than an NRC license. DOE approved the Preliminary Documented Safety Analysis for Aurora-INL on June 11, 2026, the second of five steps in that pathway.
Oklo calls deploying its first powerhouse in 2028 an ambitious target. The filing also states plainly that it is uncertain when, if at all, NRC approvals will come.
One milestone did physically happen. The Groves Isotope Test Reactor in Lockhart, Texas achieved first criticality on August 5, 2026, following DOE startup authorization on July 23.
Groves is a low-power test unit built to demonstrate design, construction and operations for future isotope facilities, not a commercial power reactor. Oklo says it was the first DOE pilot program reactor to reach criticality on private land.
What the balance sheet buys
Cash, cash equivalents and marketable debt securities stood at $3,006.3 million on June 30, 2026, while net cash used in operating activities was $65.5 million across six months.
That position is why Oklo can push reactors, fuel recycling and isotope production at once. It shifts the question from solvency to schedule, a different risk shape from most nuclear energy stocks and the debt-funded operators behind AI data center stocks.
Is Oklo profitable?
No. Oklo reported a net loss of $81.6 million for the six months ended June 30, 2026, and an accumulated deficit of $322.4 million, according to its Q2 2026 10-Q.
Does Oklo sell reactors to customers?
No. Its stated model is to build, own and operate the powerhouses and sell electricity and heat directly, which keeps each reactor on Oklo’s own balance sheet.
When could Oklo deliver commercial power?
The company describes 2028 as an ambitious target for its first powerhouse, subject to supply chain, construction and design factors. No commercial Oklo powerhouse is operating today.
Daniel Reyes is a markets writer for S4Tips covering the AI infrastructure and semiconductor supply chain. He focuses on the companies that build and power the AI compute stack. His articles are for information only and are not financial advice.