OKLO stock climbed 21.8 percent by 1:08 p.m. ET on Friday, Nov. 6, after the nuclear company reported a loss of $0.22 per share for the recent quarter—beating Wall Street's consensus estimate of a $0.27 loss per share.
Oklo remains pre-revenue and in the research and development phase. The company ended the quarter with $3.13 billion in cash and short-term investments, $2.3 billion of which came from stock sales. Management expects additional dilutive equity raises will be required to fund commercialization.
Construction has begun on Oklo's first plant in Idaho. The facility has secured preliminary safety approval from the Energy Department, with commercial operations projected by 2029 at the latest.
The small modular reactor sector rallied on the back of Oklo's beat. NuScale (SMR) stock rose 14.76 percent after reporting a better-than-expected loss on Nov. 5.
