Oklo Inc "1Q26 First Take: Result in-line" (Neutral) Windham

研报英文原文证据摘录

Oklo Inc "1Q26 First Take: Result in-line" (Neutral) Windham

Global Research

13 May 2026ab

Oklo Inc Equities

United States1Q26 First Take: Result in-line

Electric Utilities

12-month rating Neutral *

1Q26 result in-line

In our view, the 1Q26 result was in-line with expectations given continued development 12m price target US$60.00

of OKLO's first Aurora project at Idaho National Lab (INL) and related fuel recycling and

radioisotope business lines. OKLO highlighted new NRC regulatory pathways for

Price (12 May 2026) US$73.63

advanced reactors that have the potential to significantly speed up regulatory reviews.

RIC: OKLO.N BBG: OKLO US

In Apr-2026, the U.S. NRC proposed 10 CFR Part 57, which aims to establish a

new licensing framework for smaller advanced nuclear reactors with licensing Trading data and key metrics

timelines of 6-12 months. 52-wk range US$174.14-32.03

Market cap. US$11.1b

In our view, finalization of Part 57 would be a positive for OKLO and could significantly

Shares o/s 150m (COM)

speed up licensing approvals for OKLO's reactor projects. In the near-term, we expect

Free float 68%

investor focus to remain on continued execution at OKLO's INL project, expected COD in

Avg. daily volume ('000) 2,279

2028.

Avg. daily value (m) US$145.3

OKLO & NVIDIA partner on fuel R&D Common s/h equity (12/26E) US$1.81b

P/BV (12/26E) 6.6x

On 23-Apr-2026, OKLO announced an agreement with NVIDIA and Los Alamos

National Lab (LANL) to advance R&D for plutonium-bearing fuels and "proof of concept Net debt to EBITDA (12/26E) 3.8x

work related to the development of a nuclear powered AI factory." In our view, the EPS (UBS, diluted) (USD)

announcement has significant implications for OKLO's ability to advance development 12/26E

of its Pluto test reactor. UBS Cons.

Q1E (0.14) (0.19)