Shares of Oklo Inc. (OKLO) tumbled 7.60% in after-hours trading on Monday following the release of the company's full-year 2024 financial results, which revealed a wider loss compared to the previous year.
The advanced nuclear technology company reported earnings per share (EPS) of $(0.74) for 2024, compared to $(0.47) in the previous year, indicating a significant increase in losses. Despite the disappointing bottom line, Oklo managed to keep its cash burn below expectations. The company reported that full-year cash used in operations was $38.4 million, falling below the forecasted range of $40 million to $50 million.
While Oklo continues to make progress in its mission to develop fast fission power plants and advance nuclear fuel recycling, the widening losses appear to have spooked investors. The company's financial performance reflects the challenges faced by firms in the emerging advanced nuclear technology sector, where significant investments are required before commercial operations can begin. As Oklo moves forward with its plans to submit a formal combined license application later this year, investors will be closely watching the company's ability to manage costs and progress towards commercialization.
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