Oklo reported $1.2 million in revenue for Q2, leading to a 14% jump in its stock price after earnings. However, this revenue growth mainly came from acquired businesses rather than its core fast-fission technology, which still lacks full validation. The Groves reactor achieved first criticality in 229 days, demonstrating strong execution, but uncertainties persist regarding the full cost structure and expected returns of the Aurora-INL project. Despite improved execution and a larger cash reserve, the company's valuation remains neutral, reflecting a base-case scenario, with investors awaiting more detailed cost disclosures before considering an upgrade.
