Oklo’s Cash Burn of $65-80 M Precedes 2027 Commercial Reactor Sales
Oklo expects meaningful revenue only after NRC approval enables commercial sales from its Aurora reactors, targeted for late 2027-early 2028, with 15-75 MW capacity per unit and a PPA-based utility model. Pre-commercial cash burn runs $65-80 M annually, near-term isotope sales will be modest and EPS stays negative through 2026.
1. Business Model Overview
Oklo plans to develop, own and operate its Aurora small modular reactors rather than sell reactor designs, securing recurring revenue through long-term power purchase agreements for electricity and heat delivered to customers.
2. Reactor Specifications and Timeline
Each Aurora unit is designed to produce 15–75 MW of electricity, scalable to over 100 MW. Commercial power sales hinge on U.S. Nuclear Regulatory Commission approval, with initial operations slated for late 2027 to early 2028.
3. Financial Outlook and Cash Burn
Management projects annual operating cash outflows of $65–80 M until grid sales commence, with the Zacks Consensus showing only minimal revenue contributions in 2026 and negative earnings per share through that year.
4. Near-Term Isotope Activities
Atomic Alchemy’s radioisotope pilot facility is expected to generate modest revenue in early 2026 under a DOE partnership. However, this revenue stream remains too small to offset core development expenditures before reactor commercialization.