Ticker Teardown Dossier
Oklo ($OKLO), taken apart the way the desk does.
Oklo (OKLO) Teardown Dossier · As of 2026-11-06, refreshed after Q3 2026 results
The OKLO dossier is the desk's Oklo teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of Oklo's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
1,982 words · about 9 min to read · 10 sections · data as of 6 November 2026 · last refreshed after Q3 2026 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The setup
- The business
- How it makes money
- The numbers: as of 2026-08-11
- The cluster
- The bull case
- The bear case
- The verdict
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-09-09, with prices as of 2026-09-11. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-06.
The setup
The standard Oklo pitch is a syllogism. AI needs power. Nuclear is power. Buy the nuclear names. That is true, and it is useless. It explains why the whole sector re-rated. It tells you nothing about why you would own Oklo specifically over a utility that already sells electrons today. Here is the version nobody says out loud.
The setup
Oklo trades around 8.5 billion dollars, as of our last data pull. For a company that has never sold a single kilowatt-hour. That number is the entire debate in one line. What you are buying is not earnings. It is optionality on one specific commercialization arc. The arc is what matters.
The business
It builds small nuclear reactors aimed at the one customer that suddenly cannot get enough firm power: the data center. Its design is called Aurora. A sodium-cooled fast reactor, 15 to 50 megawatts per unit. Small enough to cluster in campuses instead of one giant plant. Firm, around-the-clock, carbon-free power, sited right next to the load.
How it makes money
The part that separates Oklo from every other reactor story. Oklo does not plan to sell reactors. It plans to build them, own them, and operate them, and sell the electricity. That is the whole model. It captures the spread between the contracted power price and its own cost to generate, for the life of the plant. Each reactor is not a one-time sale. It is a recurring-revenue asset. That sidesteps the margin problem every hardware vendor eventually hits.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 | 2026-09-30 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Source filing | 10-K 2025-03-24 | 10-Q 2025-05-13 | 10-Q 2025-08-11 | 10-Q 2025-11-12 | 10-K 2026-03-17 | 10-Q 2026-05-12 | 10-Q 2026-08-07 | 10-Q 2026-11-06 |
| Revenue | n/r | n/r | 0.0 | 0.0 | n/r | n/r | 1.2 | 1.9 |
| Gross margin | n/r | n/r | n/r | n/r | n/r | n/r | n/r | n/r |
| Operating income | -15.4 | -17.9 | -28.0 | -36.3 | -57.1 | -51.2 | -73.2 | -71.0 |
| Net income | -12.3 | -9.8 | -24.7 | -29.7 | -41.4 | -33.1 | -48.5 | -41.7 |
| Operating cash flow | -13.5 | -12.2 | -18.5 | -18.0 | -33.4 | -17.9 | -47.6 | -45.5 |
| Capex | -0.1 | -0.3 | -0.9 | -5.0 | -26.9 | -32.8 | -94.1 | -154.0 |
| Free cash flow | -13.5 | -12.6 | -19.3 | -23.1 | -60.4 | -50.7 | -141.7 | -199.5 |
| Cash and equivalents | 97.1 | 90.1 | 226.8 | 410.0 | 788.4 | 1,594 | 1,645 | 1,550 |
| Debt (book, excl. leases) | n/r | n/r | n/r | n/r | 0.0 | n/r | 0.7 | n/r |
| Diluted shares (M) | 98.9* | 138.1 | 140.1 | 150.4 | 146.4* | 170.3 | 176.2 | 188.6 |
The preview stops here. The full document is delivered by email after purchase.
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It reads our $OKLO data (thesis, key levels, peers, a year of prices) and any chart screenshot you paste, then explains the setup in plain English. Free with an email login, 5 questions a day. Education only: it never tells you to buy or sell, and it can be wrong, so check the numbers.
What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $OKLO and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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An educational research publication, not investment advice, trade signals, a managed account, or an advisory service. Nothing in it is a recommendation to buy or sell any security. See our disclosures.