Oklo stock slipped on Monday, paring earlier gains, after the nuclear start-up posted a widening annual loss and noted that "significant" financial losses were expected for the near future.

The company, which has no revenue, reported a net loss of 74 cents a share in 2024. That compares with 47 cents in 2023.

"We are an early--stage company with a history of financial losses, and we expect to incur significant expenses and continuing financial losses, " the company wrote in a filing with the Securities and Exchange Commission.

Nevertheless, shares fell sharply in after-hours trading, plunging 6.7% to $28.85. It was a jarring turnaround for Oklo stock, which ended the session up 14% to $30.91.

Ahead of earnings, the company announced that it was taking the first step in applying for a combined license with the U.S. Nuclear Regulatory Commission. The license will allow Oklo to construct and operate its first Aurora powerhouse at Idaho National Laboratory.

The company said Monday that it was working with the U.S. Nuclear Regulatory Commission in a pre-application readiness assessment, allowing the NRC to review Oklo's licensing materials ahead of the full application review.

The assessment is meant to address content in the first phase of Oklo's submission related to siting and the environment, the company said.

The announcement came just days after Oklo signed an agreement with Idaho National Laboratory in anticipation of site investigation work such as drilling and soil sampling.

Speaking to Barron's last week, CEO Jacob DeWitte said the company hasn't poured money into research and development, instead relying on "mature, proven technology," in the form of small reactors.

"Starting at this size, it's really ideal for scalability with a lot of industrial applications," DeWitte explained. "It's designed to maximize things like the supply chain, construction, manufacturing, and logistical integration in the field, to pick up a lot of the timeline drivers."

Once operational, the company's primary product will be the energy produced from its Aurora powerhouses. Oklo plans to sell the energy to customers through power purchase agreements, as opposed to selling its powerhouse designs, which will pave the way for recurring revenue.

DeWitte co-founded Oklo in 2013 with fellow MIT graduate Caroline Cochran, who serves as chief operating officer.

The company went public in May 2024 after merging with a special purpose acquisition corporation headed by OpenAI CEO Sam Altman, who remains on Oklo's board.

Also on Monday, the company announced the appointment of two new board members following Chris Wright's departure. Wright was confirmed to lead the U.S. Department of Energy on Feb. 3.

Oklo named Daniel Poneman and Michael Thompson to serve on the Nominating & Governance Committee and Audit Committee of the board, respectively.

Poneman served as deputy energy secretary from 2009 to 2014, while Thompson has been CEO and managing partner of Reinvent Capital, a tech-focused investment firm, since 2017.