Craig Shere

CEO said most industrial process heat is well served below 450 degrees C, which Oklo's sodium reactor can deliver, with only marginal opportunity at higher temperatures; non-light-water designs converge on similar heat economics.

CFO said Oklo is very well capitalized for 2026 and beyond with project financing as a future lever; the fuel-sufficiency question went unaddressed as the call ended.

Jake said there are manageable regulatory differences, well-understood from prior MOX/DOE experience, and argued fissioning plutonium reduces rather than raises proliferation risk. Directly answered.

Jake expressed increasing confidence in sourcing enough HALEU (plus commingled plutonium-bearing fuel option) to run near full power at onset. Directly answered.

Jake said there is strong interest in Idaho plant power across offtake and use cases; the 5 tons of HALEU is secured with more sources available to reach the full 75 MW.

Jake confirmed recycling will take longer and more capital than the fuel foundry, but noted it opens additional revenue streams and large fuel-cost savings.

Craig declined to quantify the CapEx, saying it was too early and more detail would come after appraisal work on both the foundry and recycling facility.

Management addressed the fuel-efficiency angle (more power per kilogram at the larger size) but engaged the HALEU-supply-acceleration question only lightly.

Management corrected the premise: the 75-megawatt option carries somewhat higher CapEx (bigger heat exchangers and turbines) but scales favorably on dollars per megawatt.

CFO said he hopes to reach operational cash-flow breakeven by year-end but expects OpEx (about $55 million this quarter) to rise as commercialization nears.

CFO said a TVA PPA could close later this year and, like RoPower's roughly $8 million of pre-OEM revenue over 2024-2025, generate site-specific services revenue.

Shere pressed whether H2 2025 is a critical window to sign a customer before cash burn widens; management stressed a measured approach and said it won't spend $1 billion building modules absent an order.

Hopkins said Doosan can produce about 20 modules a year and the goal is multiple concurrent projects, though he prioritized landing one hard contract first.

Hamady declined forward-looking ATM comments but defended the conservative cash stance, targeting about two years of runway against $40 million to $45 million quarterly OpEx.

Porter said primary goal is ensuring financing capacity keeps pace with commercial pipeline. Committed to 3.5x-4x leverage target and dividend growth.

Zamarin said battery storage primarily serves as buffer between rotating equipment and data center to handle rapid millisecond changes in AI loads.

Shere asked about storage EBITDA upside and willingness to participate in Louisiana LNG expansion. Larsen highlighted growing Gulf Coast storage demand, Pine Prairie 10 Bcf expansion in permitting for 2028, and two additional brownfield projects in development. Wingo said the Woodside relationship is on time and on budget, and they are open to additional LNG expansions but focused on their role as infrastructure bridge between Haynesville producers and LNG offtakers.

Armstrong confirmed framework depends on location and available capacity. Chapter 1 projects prioritize speed near existing capacity; Chapter 2 will better coordinate with resource availability.

Zamarin said LNG opportunities still in strategy fairway but must compete with attractive returns across core footprint. Remains disciplined on return thresholds.