Q1 Earnings Roll In

A handful of nuclear firms have ventured onto the public markets, and Q1 earnings are starting to trickle in. Over the last week, three publicly traded advanced reactor companies—Oklo ($OKLO), NuScale Power ($SMR), and NANO Nuclear Energy ($NNE)—gave us a peek into how things are running.

Here’s our roundup of the last week of nuclear earnings calls.

NuScale plays a waiting game: NuScale is looking for solid customer contracts to secure while it awaits NRC approval of its 77 MW SMR design. At this point, the company expects design approval in July.

NuScale’s Q1, by the numbers:

$521.4M in cash on hand—two years of runway at the company’s expected burn rate
$13.4M in Q1 revenue
$42.3M in Q1 operating expenses

Like most advanced nuclear firms, NuScale is targeting data center operators as potential customers for its tech, but its earnings presentation also highlighted other key targets for commercialization, including hydrogen production, desalination, and carbon capture.

The investor presentation expressed confidence that NuScale will secure a customer by the end of the year, but didn’t specify a sector.

Oklo branches out: In its investor presentation, Oklo highlighted its DoD and government partnerships as key to its strategy. This quarter, the company was selected to participate in the DoD’s Advanced Nuclear Power for Installations (ANPI) program.

“The current administration has made it abundantly clear that nuclear is a strategic priority,” CEO Jacob DeWitte said on the earnings call.

Oklo’s Q1, by the numbers:

$90.1M in cash and equivalents—$260.7M including marketable securities
$17.9M in operating expenses
Net loss of $9.8M

The company also highlighted its acquisition of Atomic Alchemy, which brings Oklo into the radioisotope market and grants it access to a new revenue stream.

The company didn’t say much about Sam Altman’s decision to step down as board chairman. That move may open the door for Oklo to partner with OpenAI.

NANO Nuclear strives for deployment: NANO Nuclear has its fingers in many pies. The company is concurrently pursuing licensing, multiple partnerships, and non-nuclear manufacturing in a handful of states.

NANO’s Q1, by the numbers:

$108.4M in Q1 fundraising, helping bring the company’s cash position to $118.6M
$5.6M in Q1 operating expenses
$12.7M spent on investments, including $9.1M acquiring the KRONOS and LOKI nuclear assets from now-bankrupt Ultra Safe Nuclear Corp. (USNC)
Net loss of $21.3M.

NANO is working with the University of Illinois Urbana-Champaign (UIUC) to develop and deploy a KRONOS microreactor in a continuation of its past partnership with USNC.

“In the coming months, we expect to begin the process of geological characterization, including subsurface investigations, which will lead to our construction permit applications and other future project milestones,” Chairman Jay Yu said in a release.

Price check: $OKLO is trading up ~27% over the last five days, $NNE is up ~9%, and $SMR is up ~30% over the same period. The markets are looking bullish on nuclear progress.