Slide 1: 4Q 2025 Company Update
4Q 2025 Company Update 1
Slide 2: Disclaimer
Disclaimer ABOUT THIS PRESENTATION This presentation is provided by Oklo Inc. (“Oklo”) for informational purposes only. The information contained herein does not purport to be all inclusive and no representations or warranties, express or implied, are given in, or in respect of, this presentation. T
Slide 3: 2025: Oklo progressed from product development to project deployment
2025: Oklo progressed from product development to project deployment Key 2025 Oklo milestones • Broke ground on the Aurora Powerhouse at INL • Executed multiple strategic partnerships across our value chain, including for our early 2026 prepayment agreement with Meta to advance plans for a 1.2 GW po
Slide 4: 2024 & 2025 marked a crucial shift in U.S. nuclear policy
2024 & 2025 marked a crucial shift in U.S. nuclear policy Nuclear executive U.S. federal Fuel sovereignty & Implementation of orders(1) government support (2) supply chain security the ADVANCE Act • Expand U.S. nuclear capacity • Tax credits for nuclear • Expansion of domestic • Reduces NRC fees for
Slide 5: Oklo's three integrated business units create a scalable, vertically integrated nuclear platform
Oklo’s three integrated business units create a scalable, vertically integrated nuclear platform Oklo’s business model uniquely illuminates strategic opportunities across the nuclear ecosystem Power Fuel Isotopes Reliable End-to-end High-value domestic base-load power fuel offerings including supply
Slide 6: Power: Clean, reliable base-load power for growing demand
Power Power: Clean, reliable base-load power for growing demand Why we are building the Power business unit • Demand pull: Data centers, industrials, and military customers need reliable, firm power - not intermittent supply • Differentiated offering: Oklo's powerhouses are designed to provide relia
Slide 7: Fuel: De-risk deployment and create a scalable fuel-cycle business
Fuel Fuel: De-risk deployment and create a scalable fuel-cycle business Why we are building the Fuel business unit • Fuel Bottleneck: Fuel is one of the most significant rate limiters for new nuclear deployment • Strategic capability build: From inception, Oklo has been strategically building an arr
Slide 8: Isotopes: High-value domestic supply for critical uses
Isotopes Isotopes: High-value domestic supply for critical uses Why we are building the Isotopes business unit • High-value end markets: Source and package high-value isotopes for healthcare, industrial, space, and defense applications • Purpose-built production: Produce high-value isotopes using sp
Slide 9: Oklo's vertically integrated platform closes the fuel cycle and unlocks new value streams
Power | Fuel | Isotopes Oklo's vertically integrated platform closes the fuel cycle and unlocks new value streams Conventional nuclear value chain + Oklo's vertically integrated value chain Uranium Uranium Nuclear power Long term nuclear mining enrichment production waste storage Fuel recycled multi
Slide 10: U.S. used nuclear fuel represents a massive strategic energy reserve
Fuel U.S. used nuclear fuel represents a massive strategic energy reserve Volume of U.S. nuclear waste is incredibly small Energy potential of U.S. used nuclear fuel is huge Over 90,000 metric tons of U.S. used nuclear The energy potential contained in U.S. used nuclear fuel fuel fits on a football
Slide 11: DOE Nuclear Lifecycle Innovation Campuses could accelerate deployment and unlock strategic value
Fuel DOE Nuclear Lifecycle Innovation Campuses could accelerate deployment and unlock strategic value Campus model overview What campus development could unlock • DOE issued a Request for • Co-location could reduce Information inviting states to development friction and improve express interest in h
Slide 12: Oklo is actively building assets to enable this strategy across all of its business units
Oklo is actively building assets to enable this strategy across all of its business units Power assets Fuel assets Isotope assets Aurora-INL (ID) A3F (ID) Groves (TX) Aurora powerhouse at Idaho National Aurora Fuel Fabrication Atomic Alchemy's Radioisotope Laboratory – 75 MW Facility at INL Test Rea
Slide 13: Oklo quarterly progress update
Oklo quarterly progress update Power Fuel Isotopes Aurora-INL A3F Groves DOE signed Other DOE approved NSDA DOE signed OTA for the Transaction Agreement DOE approved Preliminary Documented Safety radioisotope Groves (OTA) under the DOE Analysis (PDSA) facility under the DOE Reactor Pilot Program Rea
Slide 14: DOE authorizations advancing Aurora-INL
Power: Aurora-INL (ID) DOE authorizations advancing Aurora-INL Aurora-INL DOE DOE-first authorization authorization progress enabling full project build-out Completed • Signing the OTA: enables Oklo to formally partner with DOE and enter Executed OTA the DOE authorization pathway. Received approval
Slide 15: Aurora-INL — Execution & build readiness
Power: Aurora-INL (ID) Aurora-INL — Execution & build readiness Site development • Completed site characterization at INL • Site preparation activities underway, including blasting • Construction activities progressing in line with project plan Procurement & supply chain • Responses received for maj
Slide 16: Oklo and Meta sign agreement for fuel in support of 1.2 GW Aurora-Ohio campus
Power: Aurora-Ohio (OH) Oklo and Meta sign agreement for fuel in support of 1.2 GW Aurora-Ohio campus Agreement highlights • Agreement with Meta to advance plans to develop a 1.2 GW Aurora powerhouse campus • Phased deployment structure, with initial phase of 150MW of power targeted around 2030 • Ok
Slide 17: Oklo's multi-source fuel strategy
Fuel Oklo’s multi-source fuel strategy Designed to solve and support near-, mid-, and long-term deployment while maintaining flexibility across evolving market conditions Strategic enablers Fuel supply pathways Strategic fuel partnerships Versatility DOE-managed materials DOE • Oklo's fast reactors
Slide 18: Aurora Fuel Fabrication Facility (A3F) — enabling Aurora-INL deployment
Fuel: A3F Aurora Fuel Fabrication Facility (A3F) — enabling Aurora-INL deployment A3F's role in Oklo’s deployment strategy Licensing & authorization progress • Purpose-built facility to fabricate fuel for Aurora- • DOE approved NSDA and PDSA for A3F at INL, enabling Oklo INL to move forward with fin
Slide 19: Tennessee Advanced Fuel Center — Recycling & long-term fuel supply
Fuel: Tennessee Advanced Fuel Center Tennessee Advanced Fuel Center — Recycling & long-term fuel supply Site & development progress • Completed initial geotechnical surveys and soil borings at the Tennessee site • Initiated site development activities Regulatory & licensing progress • Have completed
Slide 20: Oklo and Centrus announced potential joint venture
Fuel Oklo and Centrus announced potential joint venture Planned venture overview • Building on prior relationship: Oklo announced a potential joint venture with Centrus focused on uranium deconversion • Intended Location: Centrus’s site in Pike County, Ohio, co-located with Centrus’ enrichment opera
Slide 21: Idaho Radiochemistry Laboratory
Isotopes: Radiochemistry lab Idaho Radiochemistry Laboratory Idaho Radiochemistry Laboratory overview • Obtained materials license from the NRC for Isotope facility in Idaho • Facility is expected to make first revenue this year • The Idaho Radiochemistry Laboratory has the potential to provide the
Slide 22: DOE authorization advances Atomic Alchemy Groves
Isotopes: Groves DOE authorization advances Atomic Alchemy Groves Groves DOE DOE-first authorization authorization progress enabling full project build-out Completed • Signing the OTA: enables Oklo to formally partner with DOE and enter Executed OTA the DOE authorization pathway. Received approval f
Slide 23: Atomic Alchemy Groves Test Reactor — construction & execution progress
Isotopes: Groves Atomic Alchemy Groves Test Reactor — construction & execution progress Execution highlights • Site development and structure completed in 5 months • Reactor tank installed; auxiliary equipment in various stages of procurement • Fuel has been procured • Interior mechanical, electrica
Slide 24: Atomic Alchemy Groves Test Reactor — asset overview and strategic role
Isotopes: Groves Atomic Alchemy Groves Test Reactor — asset overview and strategic role Groves overview • Groves is Oklo’s first radioisotope test reactor and a test platform for Atomic Alchemy’s production-scale VIPR reactors • It is a pool-type, water-cooled, non-pressurized isotope production rea
Slide 25: Oklo is using tailored licensing pathways across its business units
Oklo is using tailored licensing pathways across its business units Oklo is pursuing DOE authorization for initial assets, to inform NRC licensing for subsequent assets Licensing pathway overview Oklo asset pathway alignment DOE authorization pathway Oklo assets pursuing DOE authorization • DOE auth
Slide 26: Key 2025 financial highlights
Financials Key 2025 financial highlights FY 2025 Loss from operations $139.3M 2025 Loss from operations of $139.3 million, primarily driven by: Loss from operations • Payroll, general business expenses, and professional fees including capital market fees • Non-cash stock-based compensation expense o
Slide 27: Thank you
Thank you 27
Slide 28: Balance sheets (in thousands, except share data)
OKLO INC. CONSOLIDATED Balance sheets (in thousands, except share data) As of December 31, 2025 December 31, 2024 Cash and cash equivalents $ 788,445 $ 97,132 Marketable debt securities 439,526 130,682 Prepaid and other current assets 25,798 4,125 Total current assets 1,253,769 231,939 Marketable de
Slide 29: Statement of operations
OKLO INC. CONSOLIDATED Statement of operations (in thousands, except share data) Years Ended December 31, 2025 2024 Research and development $ 58,852 $ 26,711 General and administrative 80,442 26,090 Total operating expenses 139,294 52,801 Loss from operations (139,294) (52,801) Change in fair value
Slide 30: Statements of cash flows
OKLO INC. CONSOLIDATED Statements of cash flows (in thousands) Year Ended December 31, 2025 2024 Net loss $ (105,663) $ (73,616) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 522 268 Change in fair value of simple agreements for future equi
Slide 31: Statements of cash flows (cont'd)
OKLO INC. CONSOLIDATED Statements of cash flows (cont’d) (in thousands) Year Ended December 31, 2025 2024 Net increase in cash and cash equivalents $ 691,313 $ 87,264 Cash and cash equivalents - beginning of year 97,132 9,868 Cash and cash equivalents - end of year 788,445 97,132 Supplemental noncas