Oklo (OKLO) Q3 2026: isotope revenue of $1.9M, $3.1B of cash and securities, Aurora-ID still aimed at 2028-2029

$OKLO reported third-quarter revenue of $1.9M, from the isotope businesses it bought, against none a year ago ($3.1M over nine months). The net loss was $41.7M, or $0.22 a share, with research and development nearly tripled to $41.6M as the Aurora-ID powerhouse in Idaho moves through design. The cash pile is the other number: $3.13B of cash and marketable debt securities on September 30, after $2.25B of shares sold this year. The catalyst our /stocks/oklo thesis waits for, a binding power purchase agreement with a data center customer, is not in the filing. This recap walks the print, the licensing path, the cash and the read across the Nuclear / SMR bubble.

The print

$OKLO reported the quarter ended September 30, 2026.

What moved the numbers:

• Revenue comes from the acquired isotope businesses: Oklo now produces and sells radioisotopes while the reactors are built.
• R&D tracks the Aurora-ID design, fuel fabrication and recycling work.
• G&A includes the costs of acquisitions and a larger team.
• Interest income of $27.9M, on the larger cash pile, offset part of the operating loss; an $11.4M gain on an asset sale helped too.

The licensing path

• Aurora-ID (Idaho). Pursued under DOE authorization as the primary route; the DOE approved the preliminary documented safety analysis on June 11, 2026. Kiewit is the lead constructor.
• NRC. The principal design criteria topical report was approved in April 2026. A final NRC rule published on October 26, effective November 25, lets applicants reuse data from DOE-authorized reactors; Oklo intends to use Aurora-ID's operating record to support later NRC licensing.
• Fuel. Fuel fabrication at INL, a proposed recycling facility in Oak Ridge, and a $6.8M ARPA-E award (October 29) for recycled metal fuel.
• Supply chain. A manufacturing agreement with U.S. Forged Rings reserves capacity for reactor vessels and large components, with first deliveries in 2030.
• Customers. The 10-Q lists prospective customers (Meta, Equinix, Diamondback Energy, Prometheus Hyperscale, Switch) and the work of turning letters of intent into PPAs. No binding PPA is reported.

The cash

• Burn. Operating cash flow of minus $110.9M over nine months, and $280.9M of capex.
• Funding. $2.25B of shares sold over nine months through the at-the-market program; outstanding shares up 22% since December.
• No debt on the balance sheet.
• Guide for 2026: $120M to $150M of operating cash use and $400M to $500M of capex.

Nuclear / SMR read-through

The standing QA thesis on /stocks/oklo is optionality on the microreactor arc: a build-own-operate model that sells power, a data center PPA pipeline as the commercial path, and licensing as the rate-limiter.

• Licensing. Progress on the DOE route and a new NRC rule that could shorten the second review; no NRC license application for Aurora-ID yet.
• Customers. Unchanged: prospects named, no binding PPA.
• Funding. Confirmed at $3.1B, paid for with dilution, enough to cover several years of the guided spend.
• Isotopes. A small revenue line, a hedge while the reactors are built.

Net read: the balance sheet and the regulatory path moved forward; the commercial contract did not.

Peer reaction

$OKLO's closest correlated names in the QA universe over 252 days are $SMR (0.87), $NNE (0.83), $LTBR (0.83) and $LEU (0.79). NuScale reported on November 5 with the same pattern: cash in hand, the customer contract still pending. The 10-Q came before the open on November 6; the session reaction was not established when this recap was written.

What worked

• Revenue of $1.9M from isotopes, against none a year ago.
• $3.13B of cash and securities, no debt.
• DOE preliminary safety approval for Aurora-ID and a new NRC rule that values DOE operating data.

What broke

• No binding PPA with any of the named prospects.
• Dilution. 195.2M shares outstanding, from 160.5M in December.
• The tape. A $19.20 close on November 5, down 44% over a month and 84% over a year in the data QA tracks.

What to watch

• The call: Aurora-ID construction milestones and the timing of an NRC application.
• A binding PPA with one of the prospects named in the 10-Q.
• HALEU supply agreements for the first cores.
• Capex against the $400M to $500M guide, and further ATM sales.
• Levels. The nearest auto Fibonacci retracement of the 52-week range sits at $40.45, far above the November 5 close; there is no curated level on OKLO.

The level map, the peer table and the standing thesis live on /stocks/oklo, where our Oklo teardown video is embedded, with the company primer in Oklo explained. The full $OKLO dossier collects the filings and the numbers. To follow the reactor and fuel names as a group, see the Nuclear / SMR bubble.

Educational research on structural market dynamics. Not investment advice. QuantAbundance positions may change without notice.