Oklo (OKLO) 14 Nov 242024 Q3 Earnings call transcript

Good day, everyone, and welcome to today's Oklo Q3 '24 Financial Results and Webcast. [Operator Instructions] Today's call is being recorded. I would now like to turn the call over to Sam Doane. Please go ahead.

Thank you, operator. Good day, everyone, and welcome to Oklo's 2024 Third Quarter Company Update and Earnings Call.

Jake Bealmear, Co-Founder earnings Chief after close are Officer; Chief were today market Craig and Financial today. us Dewitte, and Oklo's Executive announced Joining Officer. Oklo's QX

the letter discussed information the reflect session course and supplemental shareholder includes our remarks during the our subsequent find page of can slides You on the Investor of forward-looking Relations website. The which and Q&A statements, factors estimates, to existing could other our are subject of and results of actual statements. differ that ] trends from a current uncertainties risks, to assumptions, views not [ variety such and cause materially

carefully the letter to urged are our in statements shareholder You supplemental slides. read forward-looking language and

SEC. of now Dewitte, statements, future contribute can differences required recent events result in as a discussion which the obligation by Chief as law. I'll factors, most a time information, Oklo's to to Co-Founder assumes Jake? update to the our Oklo You Officer. whether of no these such or potentially could new Jake Executive our except over find with turn and otherwise, risk filings

affordably rethink opportunity Sam, nuclear and demonstrate and how view long-term reactor above had small year Constellation has to strategic and to slide joining have small global deals or operations. Oklo to make XXX power. These per center mission reactor low-carbon was nuclear to their new on to last to We're in a Equinix technology. for of our technologies expected the next megawatt our willing for an share has an $XX in believe Equinix take and affordable to reliable comprehensive power a quarter. Oklo the important over facilities to advantage establishing provide existing as a by bets Amazon to The the nuclear radically electricity our and for power was desire opportunity customers. how between for map earlier that access discussions for useful and price has to industry largely AI the to with the company approach as on stagnated a us current a similar that agreement Google tech is update future $XXX there about to that role reliably and What this X. The demonstrate to born played hour, and announced substantial Equinix have with our We power. is company this and baseload seen commitments Amazon also Talen, Oklo deal market. The and supports other deals tech made of future which of Kairos need significant with massive ambitions. to X-energy road of technology at the signed that taking and also million serve Oklo thank choice clean, with deals out deals be big and was some prepayment their and a nuclear for the reliable and deliver progress to with Microsoft megawatts their excited customers data insights future. quarter intends could Slide a partnership Oklo power. partner advanced quarterly big you some scale. Jumping energy on technologies started last new nuclear today. made up into we Thanks, the observed and all there provide take a

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involves site several can milestones. permitting that quarter with you agreements services. I'm report to various key for X this we and including pleased DOE progress environmental analysis, made As substantial distinct see, stages, and access preparation

paving Agreement This out site the way to conduct for access Memorandum us which we of investigations. assessments, the First, studies, a carrying and with environmental site surveys grants essential of smooth Energy for finalized geotechnical preparation. Department is

the key Aurora Report step Second, in bring closer updates. mark fabrication allowing with journey us Safety we to full customer Energy there an deploying of to the it are no siting fuel milestone, These environmental Fabrication This share a powerhouse permit closer our fabrication environmental in will critical regulatory step With our fuel to one compliance has that, that approval powerhouse. significant the for capabilities. With Slide fuel confirming material share excited our Conceptual Oklo's our Facility. move towards characterization to use recovered steps Fuel for forward and construction that Aurora secured to moving achievements advancing goal impacts, to Department realizing and us nuclear I also development first XX. I'm we're approved INL. And Design approval Oklo's to commercial Craig readiness the to facility at pass phase. this to is first

Thank you, Jake.

our seen business we have is on of additional to increase is an with AltC, power. made last statements interest have increasing we pipeline. Oklo stage quarter, letters for including Slide in to new the combination hence, both Moving of commercial requested intent X we in of be Due instance, to of customer letters in point this reasons which withhold megawatts a move a of all XXX providers Similar the center future their of since continuing to May customer XX. with consummation data to forward sensitive and year leading of in activity counterparties sizable with until up commercially to time. non-binding this to major customers, names consider intent with

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a gas the Diamondback time announcement the sector. we we that of megawatts memorandum XXX merger intent. Since of Energy business as AltC, been Hyperscale, combination noted that the that and and in market data As a have over at letters of through with announcements sector had signed of with made our time, oil reminder, in we've of Equinix of with and center new announcement as an the well Prometheus understanding

our X X.X this With gigawatts. earlier, to mentioned signed of agreements takes I LOIs total level the

towards We agreements. first our putting are purchase power working already set place in of

it are we price; over impact partnered either important such ensured confirmed term trading focused right such have: to fuel customer is quality at deliver corporate the cost; note to Oklo, While access opportunity pricing potentially to term as are and access projects; PPAs, as in commercial with other to or that first-of-a-kind location actively on sheets deployment. optimized supply to that chains investments linked the level; given speed we on for the asset we intangibles the asset their support assessed we

Craig. Thank that, you for

approach Through close work, years year the massive our are history supporting technologies via if into Board to with of we we very sector Moving and announce and acquisition. fully there of of and The Atomic our Oklo to focused founded, Alchemy Alchemy are more achieve them traction Directors, long Atomic strategic on and XX, XXXX, diligence excited decided to earlier capitalists advancements. market between Alchemy to to for support Slide we believe we market have our can potential the part overall due on technology touch that understand an Oklo. the incorporate announced together. realized and have in that support provided business in Atomic have with that a partnership Alchemy X I this we technical over Back when help stayed a were synergies formed radioisotopes. We was advancements Atomic venture companies

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you, Thank Jake.

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summary. XX shares in Year-to-date, up quarter, market in net staff Year-to-date deal million options end $XX.X of Moving deal offset at by of by closure. At payable million $XXX.X on used to were $XX.X operations Oklo's included non-cash to held one-time loss loss made the end at a marketable $XXX of earn-out million, related $XX.X sits to in $X.X who primarily Slide proceeds partially provide cash adjustment of million, of value to a of and of driven million at Oklo's financial executive fair cash operating net million, the the $XX.X impacts. a vested securities closure. received third million fees

operating is Super million prior with expected full-year of to in line that noted our was million $XX guidance Our be $XX to XXXX still loss filing. X-K our in

Slide including close looking events New out in several events. as several XX. XX-Q investor to Post as York events quarter, Orleans the virtual to well third we and on are upcoming year, Scottsdale, forward filing of for to the our New Moving

to why Finally, X there a factors such that proposition. make are Oklo? close, believe Oklo investment We compelling

fast size that scale we approach reactor is complexity, deploy based to time proven delivery. in reduce technology and First, look cost on at a to that to

Second, business and recurring is customer-oriented and that profits. an enables model attractive revenue

for nuclear the balance world approval, the nuclear finally, has We across interest and that well In why I well a up from a market believe by economics deliver nuclear I customer competitive base the streamlined moved very leverages of application power Third, not years work Oklo to the like time. for leave energy. noted implementation approach like your sheet last and will now. X open well-capitalized process it world to NRC. And points of call positions you of thank a for combined year, with look to in why I feels to that nuclear levelized Fifth, our our positioned that regulatory cost sectors. X business diverse now. With our growing licensing for underpinned the the Fourth, to with of experience the us that, strategy. now would questions. Jake and superior

[Operator Riley. Instructions] We'll take Ryan with our Pfingst B. from first question

I guess to the it the for may first one, discussions? tech my conversion Oklo first when there, customer contract have is an recently an the might led a from LOI increased it. and in And see announcements interest couple to giants from be PPAs? accelerating certain but customer So, we appreciate in

Yes. great Jake, way. question. This the by Thank is a you. It's

I think accelerated. has it

about seen steady flexibility we've especially that a one spring, the that towards and seen progression with center plans and continue. And of towards the from we've say, center rate set a the think and And of acceleration there. of significant in partnership more deal the happening data back the changing capabilities a acceleration, announcement our scale announcements recognizing -- this with biggest data is up some AWS-X-energy of that's what we bottlenecks Equinix of tone our opens what on in offering there's We the scale deal, think the of time. Google and megawatts then deployment with and I though for the flexibility accordingly, deal, sizing increase their model market we're the development XXX terms more the as included kind are. really $XX pace nuclear, just steady of increase for rate some Kairos prepayment and for in their and million of power is business for just with should here I they now, things what and their siting getting think the Microsoft-Constellation is the pace and I have

the I by look for eye-popping supported where as of indicator, the invest lot making what's see producers think here, to. are semiconductor maybe this it when we're seeing about at kind indicators are power expected a demand, support They additionally, we and these scales enough numbers leading of kind and right? moving of power there's what of but to produce a one to

so exciting dynamic really of think And insanely just of it's pretty in of be electricity. frank. really to I mean, since like advent -- the the don't time this electric a it's an there's been power exciting I generation kind world a

we're as this move what the pricing right for as Not that is nuclear mention build everything megawatt So signals, forward the that actual more of in to we a That we're is that, result us seeing more partnerships on a as so right between rushing to valuable power. Clear the Craig was do talking so, said, growing hour. is not customers, as and long-lasting and like lot do for and terms definitely is that, it to our the to creates that ones a a to clarity presentation, of to frameworks as that for evolving. And $XXX result in of think PPAs, getting or I and occurring. those dynamics and partnerships going, our acceleration sign see pace build it's folks relevant of find to do with. as right market like to strategic the about

sustain We expect that going to continue itself forward. and

more So, partnerships we the for dynamics business for in into as as to right the with add us, best value to PPAs, drive other those the terms potential partnerships than whole we are best rushing deployment sure rather well forward intentionally can. as can we given just that we developing making of all the partners build

how evolving. that's don't see know, kind want dynamics that, if some add anything, of I to but we Craig, So the you given of around some dynamics of those

you it. nailed think I Jake, No,

like mean, and a those mean is, add just partnership things people to quickly I'll happening. move of thing there's exciting and one the we And announced agreements announced I -- I those agreements, want we lot yesterday,

more see think also those of things up good to together. constructive one advantages, our our some those lining are I is we be to approaches of is things to So all see of of our validation really thing exciting differentiated a support activities time-to-market of which with kind power coming deployment, of pretty kind model, to near-term the or business

Jake, still our of sectors maybe that it's to customers center -- It's as also as across glad data great number in one other thing we're a book we've order well. book, in have order market well. diversity our but the got

just Appreciate political your thoughts might it. specifically? for And how one, nuclear high-level then my could opportunities give guys. on that, affect changing and second Oklo's you the Got landscape

broad, landscape? competitive the Like nuclear just

are just you changes Nuclear see? nice enjoys expect administration, there the to might Yes. additional or But with pretty that change in obviously support. bipartisan any benefits

Yes.

mean, or we've it it's levels think administration Trump side said, the see been across pretty I on nuclear support Harris to is administration think, going was next. you a we has the board a a I I or to up frankly, Congress. what like be to Republican one been of bipartisan, from, -- continue whether between administration and clear Democrat the the support to ramp think seen the And next I

for you're of think when said, it it's see modifications that you different possible reduction I of number hand, on I some in news, some the for bipartisan a like evolution. that continue faster that there's will which to read a that new structures see any But generation. of Obviously, like happens, benefits enabling a going going think it think has be nuclear. of that think right? happen on factors, and to a forward, nuclear. That also think depends with I of those regulatory we or on on lot particularly non-nuclear you're lot support different Inflation depends out roles mechanisms more modernization to Act the what support continued maybe there, Reduction support, of sources given going or focus nuclear but I I see developments of the

kind of that think, some implications of accordingly. dynamics I those, will shift So, and

data The see in think of side. kind dynamics I lot of combo gas other I gas we bridging opportunity the gas this, play be part is, think the there's nuclear. And think I the in to nuclear actually that'll on sort to some for interesting centers, power a of of generation

lot amplifying a of here, opportunities place. of that of there's heavy emerge as the regulatory think seen levels in constructiveness some focus to the accelerating that at whole as a we policy with like, we've nuclear a day, the I as continue So see interesting well to and probably support there. But already on end will

take next And Bagri Citi. from with we'll next question our Vikram

and questions, at I of Can from have plans Atomic developments one hyperscalers one and talk you a increase and see And ready are do the a have reactor? XXX meaningfully about the you process? size Where opportunity that larger for higher. the thorough have to on pipeline and for more Oklo. X company. on Thanks you of we the design the review expand the you response once megawatts reactors details to an size in regarding to

Yes.

so kind think think the okay, an of on our interesting I just it's sizing. -- size it's advantage I part, strategic given

campus center multi-hundred numbers I is about more there's like, megawatt. to the while going to into data And data way we're and convergence megawatt oh, being think I center this more in eye-popping think think of big size. terms the see multi-hundred campuses

capital modular. with to size. with a strategy overhang to from having deployment driving market different that are then into to because to ruling matches But the You that to that having and still. these nice well out dynamics generation regulatory here. that's size growth quite accommodate offering tense us reactors risk data a incentivize to halls architectures, our build growing wake to seeing about things, allows the that and And talking a units site the that which things them they the fixed a ultimately to you offering. We're incrementally when it's center these campuses, following especially got evolving as of think able thinking mode side. that built, single behind and XX-megawatt different critical, other scale build shaft of power lot these -- more to things these ] [ customers, implications we're of quite reliability what the that's in of up significantly about which meter. Obviously, allows of out the the that think paradigms, about different quite out, is parallel build a out That's of be But deployment the a as we're important an range up more state it heavily finding how and of multiple like lot may all local number resilience. near-term offer exist additionally, right sort in us in what level number energy of of seeing kind we're without islanded and incentivize, said, are That's may really of at bunch reduces of sort multiple FERC building a data matching that is it. And and how

buy quite bigger look your our the there size -- at that water that this we don't of drivers like, well then differentiation, see always model a pressurized been super in that. And scale light we're business road sizing Nice plants have easier So thing that's are said, that it see of reactor, course, is announcements are the they've point, folks in been Counterintuitively, we suited and see for been some making largely what new the you map. of of range. to technology. getting offering. That our for constructive same there kind is to is, builds system our for in space, which opportunities if of also actually economy you for important, part

costs -- plants, more same larger some becoming some say you non-recurring shouldn't projects. bespoke the due which the expensive larger marginally are So, certain optima -- transition into are there at I at and there to mega optima, that thresholds engineering which size. of plague cost turn things large-scale above cost and cost

to XXX spot that's be probably. a see of megawatts sweet going we north So, there

and respect focused But about traction, announced with to is for kind the lot XX well of as we've heavily So follow. what will see we sizing. that the and XX on hence talked of support a the

So, power being what the And I quite see the power offering, we basis. per solution the think, got about we just full-in on not size because that's and think see bit quite power on you solution, a reactor full that to constructive. level we're of, constructiveness the plant

being a wondering could on this we partnerships of is the to could linked about longer And And you or here, moving an have? And in Atomic Atomic. think per stream that I'm I do reactor site? on to was near we'll based big helpful. the I there formula recycling on that Oklo term, should growth jumping like same is, how Very term that recycling fuel And there you independent number is be? business then installations realize but participate grows gun pipeline if on with think the of then with Atomic when in Atomic there topic, before then see revenue highlighted? you some built orders the complementary fuel how

those, that. Vik, you into asking digging Yes. for and No, thank

space with of think it in. excited and support bit of Oklo. about radioisotope and kind a I guess, the interested number that different Obviously, out super lot vision exciting the at I've talk I the don't an venture development. It's that hard we're their the to supply of about long of just this actually from to a of done kind a products It's a have sales one, and bit for a some been We we is to chains. The having honestly, can recycling at the long-term levels our of solution maturity climate technologies I'm time to set. core of with ability wanting kind to business, with motivated doing pumped separate me of medical complementariness, little great. the similar of get leverage we Alchemy spent lot expanding and of and familiarity that of had we're co-products then. we've -- saw companies sorry, those develop with investors -- fuel and into some supporting of we But a borne looking and a a to things Atomic business the capital not a is do the is and not spent by energy those technology constructiveness channels terminal and lot to sellable monetize to be more time respect the truly have more to

natural a radioisotope in additional what pretty is harmony to many the happening then ways, there's sort there opportunities what's see So set broadly is intrigued. But what of, space. just because of hook be we as the in that here

U.S. week announcements I think the been this recent in making this sense or to-date. X from reliance woefully our there's has that radioisotope that China to extract their highlighted -- of just the massive space, and about as based and and projecting implications gives some you -- this for basically Russia on the we we geopolitical a XXXX geopolitical economic $XX-billion-plus a the are and in priority significantly economy last impact in therefore, a like underserving domestically

the TerraPower a here. that in Couple very on opportunities market whether including of seen have lot BWXT, also So It's as there's into. around going And some space. whole or promising activity side, be treatments. activity that's we've in last few the manifest, big our you it'd this the obviously, then reinvigoration with see from peers M&A happened space, to a there, these grow years seeing exciting a activity you radiopharmaceutical

follow look of of pricing grams, gram like. see it minerals produce of most that obviously but elements many and a opaque, kind to who those is looks of of of per for you dollars some pricing some of fun isotopes at Now, market it's some and high a so because things. it's these pricing be stuff value you gram. of billions not what But commodities, this could the these fetch clearly piece, that even don't pretty We of these exciting

important to a should sort closure transaction, radioisotope post the of saw be Alchemy, little are Now occur. like, of, we'll what's with all just there about, talking highlight production that that opportunities more is we also Atomic for but

into near-term to before that bring having say, from, that I digging there example, our accordingly, recycling some Some are of as those part though, we exploring some opportunities to would of like facilities having for are about other potential eager compelling acceleration. in be interesting operating sales are like, opportunities, before stream facilities them pieces, some and and -- radioisotope pretty even operating, revenue see pretty of their we're what full-scale

add you that's things. So we captures but of these of that. I of pieces know, how a don't some to of those want few Craig, see kind anything, if

developing markets may we've think, me got are excites -- is and use of would market complementary, quite have capabilities word I stand-alone Atomic ago access. want. And long-term around the Atomic think Alchemy isotopes. the if company that And the capability always I these have production what as Oklo building means the what they because these we think taken joined for I Alchemy And that me I other that one thing, things is, potentially we'll we're approach about think near-term a produce isotopes, years power near-term supply, the market stand-alone better stages Atomic be business when as Jake, customers recycling part they Yes, that's got our actually that. that customer-oriented positioned. selling have to near-term it's for excited near-term that I I that With about can then is, has X.X Alchemy, -- online and additional be comes much we'll early we'll And we the development. of at to

And Research we'll take Partners. our Campbell with next Seaport question from Jeffrey

Oklo's question ability AA well. waste Jake, recycle wondering a its I AA radioisotope will margin very and various good. uplift applications? at Really I'll as the advantage it. any ask if pennies nuclear an for on or enjoying provide was to dollar,

Yes.

those an sort of are you give market. And opportunities those When could here potentially I'm the recycle uranium fuel. And you on recycling Craig, the business, transuranic are take The services into ultimately constituents. some some periodic up so to of products what frankly, with systems. you radioisotopes have right? it, to in then stream, uranium. of like to lot some that's themselves. direct the uranium, in degree all a is. are there of our The the was unused and to ability of fission what transuranics that neptunium, into the be uranium. think used things of and business there's There'll fission I'll I the right of I Alchemy are mean, plutonium, in a from Those fuel that to We product we to multiple, call use to when the And complementary opportunities while products, the are, uranium pure uranium to Those the think that right what and so include formed of parts the say. how them mixed and I'd going on you then is see then them, sort that answer byproducts free led you're this, Atomic definitely, some of some in, on is in way and it, how separate initial fission jump is, different at and feel sales what us pull perspective forth it that have channels. put kind are see package then we bottom that the just between them on and waste sold americium, around products. for those, some be what product But are of the too. I and these recycling breaking largely the aspects dynamics side, table and streams, high-value that, the sales about partnership of think some

that facility other some from of things the like reducing all well the that some those its that all is of waste of significant revenue as potential the the consolidating size revenue you. quite -- And gives benefits come and as and for recycling the for actually the factors then recycling

Radioisotopes sold are So as see the market that pretty a right? the a we around today. is of sales significant co-product number pretty revenue opens up and streams. And because market that clear, one bought

able of, be to a just throwing we stuff were clear take to otherwise this So to one if away. advantage pretty be

will, revenue as we grow, different those that facilities, and further is and on exist So the us more may into that ultimately recycling of by get of does the story will be additional the -- we you side. as just revenue we'll knobs costs that reduce more to there's and will that talking And the sort of turn borne what more definitely what the add help fuel look, all business if are streams. more about contribute and

further to potential costs. there's yes, So reduce

don't way you of you're that. Craig, on on more roundabout of into get somewhat deeper on. anything curious there's it's answering if dig want So kind to a anything know I to that. If

have word why glad things about in is like to that Well, going that going that's to the recycling was that a and as I in like byproduct produce use the monetize Europe, was asphalt to and we the just byproduct, do thing when are we selling for BP it. selling other what co-product a to we're be like co-product, business, it's with whereas definitely going I

once points now And I we as So and of that think our synergy Oklo recycling margin and is find I huge all between running. I deal additional Alchemy. think complete, sorts up get Atomic we'll there's upside think

once color very the view the [ was the that clarify, XX ] helpful. No, To taking you it approved, quicker? powerhouse will process. simultaneously? possible Aurora COLA you the added Or how up be months do first? that same Jake, Great. Okay. each apply on as to is you license could it multiple think quick? And COLAs be excellent and if first for subsequent And also, so, application do

Yes. the Actually, wait time. first one. have so for in to we at same order, actually applications multiple answer the your review don't to question reverse They in could have

scale our multiple able first anticipate In order strategy fact, elements, business. we that is first to is be That's scale before important to up one issued. one really relatively that up in -- after the having deployment we short have that applications a across follow in

of really for license the going those review benefit we're timing This of to And subsequent to dynamic. on need plant fully first submit was be in is a the ones. we to don't envisioned summarize take advantage for, subsequent those that's actually other So first is said, some get first to one regulation license, is that before benefit subsequent approved you maybe of It's license. deployment applications. That your applications. in that of that's your get of. question license to just features reference on that, be In we to this this other a of words, for having staggered going model embedded exciting, your becomes the actually the kind repeatable ones part those first parallel just real the reference one one additional there of words, combined

can a that licenses projected months, in down references subsequent outlining X the review last they license. And that actual the few where times the get license to those become leveraging able that fourth, second, beyond to issued Your the approach reference NRC everything total months. subsequent subsequent being white just first deployment high-volume paper for third, pathways, this

time is that's nuclear, as mean ways. for much but faster on I not to submit changer, from in that's exciting, X approval dang So in little months. pretty game And pretty anything just permitting time to that's as a many to energy frankly.

what actually third necessarily. the So see numbers wave -- some that, exciting we the stride into we We've what maybe on what kind that I applications wave. not proved range and wave ones and even the expect approved terms hit those in largely aspirational realize be applications first we've in to but we're that's that mean, that of and of But second how one after that. wave And mean clear there's that's it to by been could our significant by towards. of those dynamics achieved. Again, submitting think that after out of things building either heard like that was acceleration come gotten in we've second levels, second really time that hitting and in I to come to or kind waves I the numbers later is going

down significant acceleration some benefits the road. quickly see pretty benefits we some and acceleration So then

that helps great. that's that really have make feel massive to you backload Now, tangible. this of more And LOIs

appreciate I So that.

Hopkins from CLSA. comes Max from question next Our

on been guess how then guess, there time already accessibility groundbreak the that you're line cite things? citings, earthquakes, potentially Obviously, What's have looking week for last sites I But the Idaho? of there. was construction are X questions And my I with of before. Many side on in everything things, asked. that for, you for all weeks announced guess, could water, or and that, issues the specific change I

on elements project ground that there's Yes. that. Generally couple specifics soon expect the a XXXX need on a opportunities various it But to as other for and on but review I that's optimize to when those to on things mean, of consider the depends important that as that do how regulatory how what's envelope the can are is It of of to of within reasons in be parallel generally break use do to while you asset we details. scope approaching factors the bounds, right a bit to like deploy speaking, something management plant. able optimization given but you accordingly. and have plant various plan thing allow we'll that to under do the all is and you and to course, little construction we'd anticipate a speaking, perspective, all for Idaho development one depends from that and sort of review that the what's and we the that's things that, and lot not we're there nature the safety elements license

The great into this this because land. full where Idaho understood in lot of there's at we're is is, of in progress because on slides, build-out well this steps in yes, terms other which to the we dynamic outlined DOE land, a is kind but it's of like

award. license operated Laboratory. and commercially on the go the Idaho from follow, are forward. before. site-use get in about facility as road, got protocols Generally part to also that, -- permit where and operate. But the as site progressing there sites what fuel obviously, We're it. build NRC the is ready react and just -- just to to got it, of reactors go frankly, it, we XXXX the an requirements to kind then on to are we back National the well DOE of the as I we ultimate already regulatory there's extremely plant these have fuel that -- to these to to operating because this well with well where regulatory We turn the with That not And get part get not part speaking, turn of operating access with it X we the said, far characterized EBR-II of things that fuel down as as right, all test mean, are but the

characterized, well is land this like that's one all we and reasons it. So of the

with and thrilled continues mitigation know made the at already and there's working obviously, work to everything far, that risk the So fully just to do and we're by still on inherent pace, so by and characterized understood that pretty land. well into there's build else, but progress government some get

then a -- the your a announcements that proliferation from these guys' I that guys of or slower they're guess, in is neutron I given clients And fast reactor some be neutron from neutron follow-up guess, progress and that Are reactors. for technology. potential, competitors, guess fast type kind to guys' for from dangerous customer more seeing questioning I that concern versus and sense thermal you your it sense? potentially Is fast might

through guess, Fast is are. This neutrons fission, right? Slow some born -- on were they Neutron because is history mean is reactors, technology. of so are It just going beautiful is right? neutron a their these for this fast neutron quick things okay, No -- right, about from Initially, what pieces, let's kind of no, reactors of not. fast efficiency, just envisioned one the I on of happens, run significant I just because that's. potential kind fuel

byproducts and aren't everything like materials very slow few easier fission the much like of really far products fissioning fissile get can't to other itself, to a that So out in fuel products of make less need the also fission by energy else. They to many you to them so very at only well in neutron neutrons intercept as isotopes, reactor down But fuel you slow the -- catch, slow these good run. reactors as because are you fission the isotopes. easier

to challenges even recycle, cannot a the slow you're side more significant in longer fast neutron of in that slow fuel to you down. get a lot do run less be ability terms don't a reactor. reactor, to a In on for and and lot able you energy the those susceptible So you neutrons

or ability more relatively are the for out they slow than X% have selections as XX% of that of to that of that, fission allowing out you uranium energy neutron the There, you to of more the benefit it. impervious now reactor, right, be these By to can need much uranium get so extract you You kinds get or because are you only fuel and it products of cheaper, fuel, what that you but of actually energy you able a enrich most enrich recycle have if more reactors, comprehensively overall more the more of the today's fission you one extracting as for actinide they you actually just a the reactors look can at some use on the lot out, a well also to better the as be all that content. energy resilient. are amount material better, fast just account get lot the content of energy metric, comes of to out pull time ground. of at ground, you of the actually have can leave and you're side less With -- you right? So

takes look, that actually are has or perspective, the features. and capabilities neutron commercial safety that in what been efficiencies has when -- are it's that way systems deconstraining and thermal of ever fuel U.S. fuel plutonium in a from you it's for the only an the before, things safety advantage manner. From savings technology availability. But a been proliferation. consuming neutronically reactors. there's than been neutrons design tightly translates fuel on here. comprehensive like also stabilizing the that So transuranics on has no massive are to and plant coupled Fast important Fast one that in economic just fuel done quite yourself This neutrons far of as them really as a used to used actually demonstrated only quite side, translates has a these better systems. well at are and proliferation those And aspect long-term robust perspective

actually are. mean, how -- commingled reality do inherent only any things the actually I no one the is sort therefore, at proliferation other to from really in what plutonium look can reactor, just transuranics we versus physics is mixed the unique that the they're fast things is And usable do from about antiproliferative. can of recycling And there So you The keep of really, challenges I reactors that's which and it. includes all direct nice a fast with way. that not up, as quite

purify when just can a can you and without to like need is to in in pure be what use any do. plutonium, that and steps further a you So limits reactor then able do it to additional through go thermal get and reactor that you refine to of burn having recycling to what you put kind which then it even it on

competitive frankly, deep history see behind we that's have talked we have, with it, we've actually why book that is customer a diverse for ways So about and -- just pretty a while, reality that's of technologically, I obviously maturity solution as a superior we quite it's in but -- X,XXX the versatile a customer like And a that -- at multitude mean, announced order it. me many least, rambling to-date. see we megawatts the

look, of there's types things technologies happening features of there think approaches a with lot a front. But that that different is the of and market So on exciting lot good massive. validation and here different we offer,

have outperformed many of kind proven probably to out have these that's the the going thing non-light work But capacity kind the nice characteristics technology speaking, in that's histories a ways, some terms next-generation a winners. that's only availability factor. actually is reactors multiple operational that light and have other capabilities. water technology have do And factor it's there. -- to we only demonstrated out in be water All of actually we more some that's of concepts lot So operationally to there's and technology of get these

mean, like lot of know harvestable known right oh, about And and this to we metals optimizing going power we terms on where are demonstrated of that's of just a that and recycling like the can not plants, the that's fundamentally side to and a get of of piece. Not energy trying entire the into years. and and feel I yes, things of, take and is tap excited of build physics to mention, great. Easy planet's side. proven we're lot to for fast planet there, value some years is -- lot that's billions so we're this for on technology but in see the we on build actually needs that a why that's in our pretty heavy couple resources part get been Look, a good reactor that that, this to a by in approach. at we of work

clears up, many think, a lot things of us. It I Awesome. of for

with Craig Tuohy to go next Shere Brothers. We'll

fuel raise increase announcements. it see for decade, that an the on Congratulations early commingling such helping I to is going sizable capital Atomic understand you some looking late this finance positive ultimately, XXXXs, fund very acquisition to potentially low-risk first ultimately the undertaking? part prospective to My question, recycling need if of the external correctly, effort. project into Do

for free I this big margin I'll all, we we just see Yes. catalyst to just is, we growth to a little a It's not what bit, start enabler Craig, and chime to exist. so with is and feel enhancement. a thing for do see mean, of in. as first -- recycling have

everything not just about of and you're going a by AltC of pieces structured story, compelling. recycling streams the part we the Not to really mention pretty in the and it or in that going plant SPAC we that's later. we additional the until else, the it's something part that. some because So of didn't bit on add to But over and of our cost that those retained capture -- if in or capital try we kind beyond, to built that when XX% getting from reduce that, either transaction, of the fuel can revenue so, thought through focuses see like first the our as benefits how with we look, and knowing core really valuation elements through

think be that looks be be the supported there back together, sales we we of part so prove accordingly is And that we Alchemy case like, channels upside go synergies accordingly to the tapped used as support value say, and can matures what helping then largely that. some add that by to market and can that why Atomic remains to with, potentially why some into. And verify there's for we of that there's some that a opportunities and be, economic from accordingly. support growth So comes example, sort according we has of offtake that of additional would lot to where accordingly, there comes do out that going that's to be think see may yes, but to I'll examples radioisotope those that of the made

So that's about you add how but it. kind how see I anything think of don't to that's that think front, some if know, those Craig, we on dynamics. I of want I

Yes.

optionality sources that a be of extract would of always on be view it add looks thing reduced we with isotopes. least rent we needs the to is, would having may spin of I not work said brings business as doing that have to is as certainly financing. of fuel co-product lot fundraising, the potentially think look including separate is hopefully of it will think give potentially of the fundraising around the recycling that, be to all think And event for the to is what better the able us kind that project think should that have point a last a by following cost. production buildup recycling only we've One the value DOE, company, storing but at recycled. be I but the -- we'll that I And to Two sources fuel X lot a value. of we're I like business the I -- I our a the value

Great. it's to tied a And X-parter. then my of second kind question,

and your to about want the data do oil and how your versus concentrating mix powerhouses? to you first you industry industry, centers, intentionally X single of think gas, across in mix XX counterparty So roughly XX-megawatt mind the any military, Do diversify PPA finally, deployments applications? today your XX-megawatt the XX first do may or you across paying a or X versus higher mix price today? And how see the that over point with be

to think thing diversification have. I and start I'll valuable just the say, is Yes. a

that macro builds macro nuclear there's couple just centers of that carrying I clearly think about AI of that, were right, and before think, and even I are -- major actually, trends too. trends, dominates new all X kind this data catching But day, the excitement a new there that. was

energy use constructive all and to we transition, that electrification transit electric talk support Xx to see power you all these people other efforts as across about other But complementary. for all -- Xx more and of and generating things. So and these on needing strive capacity domestic broad to each they're just

So that's course. drive, big of one

we factors happening think on I There's we're of saw think what demand, seeing perspective. with U.S. the relatively kind of growth drive and But offshoring lot have in low where a of another was one associated for sort usage and reindustrialization the that is I dictated lot capacity therefore, be of couple manufacturing electric a a of decades the of factor contributing there that. jobs the

country, They semiconductors oil need ranging production, and increasing into to power. paper verticals, power to need these XX/X that use need the different As industrial all all dynamics across factories they different baseload we see and back cases. mills, gas drive the -- from

That's those from some cases, as of being data of it's a all of better perspectives, not would centers. see of why them need see something supportive see would for we number well. And the we as that suits some side, those various those, better we are the we a I market I data a of little a we XX-megawatt both center those, the see whereas on And cases, solution and mix. lot think yes, support going as continue. fast so it's of And pretty that's markets are they as giant to those XX-megawatt going in more we kind that big moving aren't that this say the bit faster. well. of more some In And things. as moving we argue -- piece. that's that kind centers be data But recognize are also important occurring on to another pull But driver to think

a the models, developing to deployments data support to of relationships lot of And focused. But likely some so we customer be up by we'll the that's center of see more and deployment build sort to do sort partnerships, diversified that of accordingly. business the continue near-term developing from why tried that, on we've are and and

We'll Ivan Financial our from with Partners. Tigress take next question Feinseth

the the Congratulations and on acquisition announcement today. progress great

or opportunities case, And So the some do for development and maybe you in the like value in working what is into for proposition be your companies opportunity with that on co-R&D industries or other would to focusing getting partnerships? feel of pharmaceutical biotech semiconductors? there

Yes.

-- think that's I think a possibility. I definitely

to Atomic enabling capabilities as see of we the they help opens things table the of kind be the one accelerate ability Alchemy, share we things. able similarly, and of side think for their bring to to accelerate what have our some help deliver, these to on markets is into door then the lot to to I and a different scale ultimately which here of

not more number name approach [ play focus Alchemy diversified Atomic just or Mol a that at radioisotopes ], or the we I this, think accelerate right potential gitters now, radiopharmaceutical big about the value the big to so as of the like looking these say, grow too, severely up supplies. the sort of of to the of the on going more really door of you're That's market isotopes like focus on game Actinium on for even more so these pharmaceutical would of and one R&D the a as just and lot on big see And the we're to of see the that early lack as kind even on just pull continues they on drugs supply on to. right development. Because availability. more open radiopharmaceuticals. We're constraints I and in of more I they've this the a chain on been those, going can supply the be seeing now, well market, of, on the of like -- even is hit one constrained side, a you kind is the think produced pull actually, of you're E things to different we're to Lutetium,

of me ingots that doping neutron doping significantly you partnerships totally So you we accordingly that best the with one reactors because lot is can the are strategic there of of the I folks exciting it's come pool pretty underappreciated, because to In for just it's really do better different And on for for but from on to transportation neat. think And supply is some side. I which point fabrication standards see gold that. taking ways, way hit many And here, manufacturing. respect that then up what to a of that. semiconductor is still semiconductors. the that is there's And silicon this them silicon a doping one and can semiconductor think benefits it from do something comes and

interesting state-of-the-art best should so And semiconductors, about of pretty really, input or I silicon think a opportunity when we kind high-quality semiconductors space there. say, into is this

develop as kind I where and some I but back other well answer are see I there's it's gets developments be I quickly announcements get Atomic before, how some transaction, you'll that see think develop that next I occur to the we'll with there offtake didn't we yes, these think streams. very the a of the or well. all do see know And over this as So through course like pipeline I -- those there. just and dynamics there'll think we so feel -- things evolve offtake question year the -- And continues how of that Alchemy

Lilly and really into Bristol-Myers, shows Novartis XX from significant Eli Slide Because some area. investment this

Right. partners think before to a develop, of looking we in from really before be the engaged. attract feels they And talking the for largely what but pieces start a others like big the to are pharma this the providing partner, to and think come to as to watching going but the companies to from more I around to it's this even the to and planted being of reference -- Atomic potentially. this the think some attractively jump which more it who space, for couple I of in see waiting I of where I sort mature in point brings to into some space some the seed you folks make continues of and function see know a as we which right of them inevitability, those maturation sort is way can Alchemy of you're just a diligence just side constructively is of lot part that to development opportunities sense point could table, accelerate what help those and of the sort

again. exciting. Congratulations very Looks

We'll take our Raymond with last James. Molchanov Pavel question from

Let the points earlier of back competitive to the one me go SMR about landscape.

just in do the customers getting them? that between are the by offerings entrants and to number find out trying there Given new of sheer space, prospective or of you differentiate confused bewildered that are the scope

end think what innovation space. a customer yes, at opportunities, a there's right? reflection validation mix. of of pretty There's and the we've different the talking is good I different -- I I are at lot savvy a groups. to and side of lot seen a of spectrum, think of I times, a there's day, number though indicator on are of a some, the seen we good of And think think they're a I folks advantage that think that's these getting think, I and the customer and the we've our perspectives of see from is in it, the call lot where look, a But mean side. here I differentiation how frothiness from I'll that. And being this to

of center deal we one out mean first data I the I right? the were the were think out, Equinix. we with first with

So because that else, of like with and flexibility the months because COLA that everything versatility for and who kind validation this that some our of partners approach serve. and really model like model we us, keeps point. And of before it they reflects

movers make That's the work have and talked you and so it on customers that's -- what more imagine dynamics be to have do Equinix then that ways make the and Instead, -- think there's in-house, is we like have they your can't we of that to do our easier we can that we've hard challenging. it push versatile have the signals buy sell, we've easy of ourselves one we that we there. of the to in leverage and partners make in find you the -- things they that some them then We're easier. It's about customers, that's your all the for -- grown are buy and solution and a you a around prohibit said, lock disruption involved them, and lot about. That teams position a want have lot what easier, want hyperscalers for so dynamic deployment a might think purpose-built we little see how started that been to easy, bring to that makes when really announced bunch pretty -- that's don't that the needing it. and It that a ability a that see be other things these to have we not of the more be customers flexible. with like make some It's factors hard more our the people and of business make work liked you complicated with think and of focused of it's hard I it's but largely can It's funny company ability not partners, try for lot buy for product, easy. others it, potential in-house. to for but I powerful we a buy and company should to what their are the built to to us, that's there's know one sometimes room feels So to early just that it. products we And disruption it on. is what for just to

is So I think business the differentiator. model a key

-- these diversify on reactor, moving can right? long We've there. like commercial challenges, said has Lab XXXX. traction lot requirements, a in a a of non-light I reactor and the a we're said, as to-date, as we lab, of which R&D NRC's we that of and well. points only also site have that because awesome, we're chain lot share all fuel fuel of advanced the fuel obviously, size differentiators. for we're company partnership the those but part engage don't supply We challenges We pieces. nuclear That and had fast supply approach nuclear progress companies regulatory there's of sourcing. That massive have of plan and into back meaning national a chains mean recycling requirement don't use permit to processes that technology and first a that's are as supply is Energy water Our graphite chain have only the we We're diversify work, with has our some secured and key Department company the for an formally in pre-application National the the the forward.

that what's really time happening like pretty for just that. So even suited one stuff example. be we have think take all sit here a we advantage happens I the to we're recognition position of the accelerating be sooner of -- respect we of good at really to for say, been nuclear felt where of long long have But to are than line in of terms energy all inevitable, knew incision those well pack we building of physics at the I can't oh, and time make well leaders that opportunity. I we've great that the a this. now, wish the which timing we've with so was be positioned can to could going to exactly up

permitting So and I the these still those confusion about times pretty other permits of say, construction that. between process, factors for I things to constructive there's been steps ranging all think market test for about the for all have think and design permits from readiness on differentiation combined like or should licenses different us. That I said, reactors permitting and the for licensing certifications at some commercial differences or and construction reactors journey, or things

obviously grow one commercial we room have across you repeatability our we So where area pretty the go operations from education to from that is But and where and I license actually the think as there's advantageous very still then that gets being some model that accordingly. straight that continued to that's clear. see and that's for board, the

on color the Appreciate all that.

that on your economics also year a -- nuclear? or me ago, up out any either follow or ITC of economics politics. indicative the remind the Can projects assumption just you you the Let for there spelled PTC recent was in of more for than

put out that want to do The those it's not commentary add don't on there. models directly you in ] Craig, include we I exclusive. but [ yes, any know, if

Yes. I it mean we've upside. as always viewed

and we requirement ITCs, range return. think some I in to appropriate levelized generate our of always to the of a presentation. did energy an XQ include we've showed that cost but did as metrics viewed last Investor not it a our have update the $XX $XX benefit Day in of $XX,

couple you. Investor to Doane, present over Thank like back Relations, Sam investor Oklo's now, Director And turn to a of of I'd questions. to the retail call

number just questions. couple a investors Thanks, Marjorie. ask here. like Yes, retail I'd had to a we've of inbound

solely The plant? produce we line time first Oklo is on dependent one a is, And legislative when physical to changes? the can expect

Yes.

I operations many ] possibly going the on and inconducive We see dependent to legislative XXXX. acceleration in [ a given we not initial no, be we're the targeting of But those that to constructive accelerative factors So geared being think all late I see more, units of guess, frame for first kind probably time of beginning the legislative the as plant this. that changes activity be plant. following changes. just dictate for to lot units, more legislative ways, But more the for on other in that

to competitors? explain one And to is power Oklo poised moat AI nuclear-powered out will you other The increasingly share Great. next the is, is Oklo why against an protect building market? of the large

Yes.

to world the the and us partnerships Siemens help of consolidate couple see therefore, and the in in not conventional where we where plants the throughout like a think ways, partners business pretty right? model comprehensive the the Centrus manifest model us I the the deliver the but bring power. we're that we like and through to the actually this others kind is the world, of business, power of selling of deployment it's One allows

redundant, having Additionally, to deliver base reliability assets front gives significant operations in which some frankly, not on and that we just kind and the lot forward because size especially that we power, for want flexibility industrial see necessarily of go us redundancy, we to on chain have, power. us shaft some to more high optimizing than one allows advantages make. offer design choices side the deployability otherwise plants is different kind the size to supply off gives very a some us to angle, think slightly then technology a the and sounds help that technology that important. And that side, funny, of building And from it target supply design that mature cost or pretty markets the exist us a which but we from exist from that and for accordingly R&D capabilities of to fundamental requirements requirements of chain one could for that negate investment technology the today that value

and So those. frankly, we've some tried avoid supply chain scalability accordingly, less And that volume that's faster, to gives limited. us

start or hard to more to capital and get need actually get do going reactors or with right? be cash capacity. need that that's competitive. And in you're that take whatever, And flows it. bit like to a if kind looks retool so to decide we those okay well, those build of to a to fully pretty costs of factory means think but things arguably be going But Instead, we constrained. going bandwidth less along sense We for That able that for support it and not yes, than our chains because it's manufacturing then factor, improvements if right internalize also factory. quite have to growth. leverage we're capital out. we'll use be higher inevitably factory We And can of -- that control as unit have to to can they I we chains internalized clearly that to margin I limited supply need that's differentiated suppliers and you you're to finance going a are those before what pass terms bunch in to in to a position the That's, actually be capabilities like a existing probably think, then don't you because doing try scale and the in to going you're capital we get constraining to it, to put would supply need that now. all to to make then the time, chains, supply to build different be you're the there's approaches. existing

excited as is from positionings nuclear what capital those with high is thing last we you in than for culture like. But this to we're base are spent a really we that industry, leveraging of the just quarter built important think kind really I starting too kind often been the what starting efficiency. our a beginning grow. Obviously, just shipping in talked quite in manifestation look than about now, very things a door I pretty see that. numbers efficient cash being right So to are and the spend anything. do The But grow, and a and before we've bit incentives great often a other a we'll less the position, those to culture all as what's place a happen money in of which of and you something before. rather you're nuclear is on what And maintain is that more able out continue done these much kind the as the be reflection getting that's things that's of us be cost-conscious that to reflects about, to we burn I what think of focus do

before you're shipping way anything. fact, In

us some gives sense. that in that So advantages

to massive scale of secured early -- the other opportunity site-use owner-operational helpful business and sense. And only but with fleet see take permit we're the advantages terms a fuel to on prongs, of we since table, from then great, do that couple timing and things those pretty model, on operation well, the we learned All don't customers your the major for okay, people I given of and factors one of really you're are we And a saying, to a providing have mover our then accordingly our us a just accelerate Instead, take off and advantage accordingly scale. the that that an interested, that to across have lot learn us. the maturity you have, having give those the to being the want can like, on okay, and us. And we're the plant. in then power, we market lessons first is fuel the getting our years and having the across that. we So company grow fleet the of risk we wait of with lot comfortable to we're in we owner-operational, as timing are some think awarded

gives it way. lot a that So benefits us of

turn over Thank back to to any you. for conference now Jake I'd the like closing remarks.

I you for us Awesome. and as joining all the Well, engagement and appreciate today, always. thank attention

meet, these in it's the the is as last that extraordinarily being announcements nuclear, opportunity months to X.X think we in month, provide to affordable, about of all I general the Oklo Nuclear which our well the all by the time and are activity to We our and think opportunity the energy. positioned is to do validating market I pretty that, excited and the abundant, a traction have that in we're constructive reliable especially made position partnerships with validated at in deployment. clean particularly exciting see customer space. And

updated to appreciate the you keeping in all look quarter, again. and So the forward next time

ladies you. Thank today's for participation. does And program. and We you conclude that your thank gentlemen,

now You disconnect. may