AltC Acquisition (ALCC) - 2024 Q2 - Quarterly Results

Financial Performance - For the first half of 2024, Oklo reported a net loss of $53.3 million, which includes$ 37.8 million in deal-related non-cash fair market value adjustments[100]. - Oklo's accumulated deficit as of June 30, 2024, stands at $114.9 million, reflecting ongoing investments in growth and development[102]. - The company expects to meet its full-year operating loss estimate of$ 40-50 million for 2024, despite the significant one-time accounting impacts from the merger[100]. - Total operating expenses for Q2 2024 reached $17,770,978, a significant increase of 429% compared to$ 3,352,966 in Q2 2023[103]. - Research and development expenses surged to $10,719,142 in Q2 2024, up from$ 1,833,269 in Q2 2023, reflecting a growth of 484%[103]. - Net loss attributable to common stockholders for the six months ended June 30, 2024, was $541,302,669, compared to$ 9,183,802 for the same period in 2023, indicating a substantial increase in losses[103]. - The company reported a net cash used in operating activities of $17,040,149 for the six months ended June 30, 2024, compared to$ 6,820,207 in the prior year, representing a 150% increase[104]. - Cash and cash equivalents at the end of the period stood at $105,676,772, a significant increase from$ 5,094,790 at the end of June 2023[104]. - The company experienced a change in fair value of simple agreements for future equity amounting to $29,919,959 for the six months ended June 30, 2024, compared to$ 2,495,000 in the same period of 2023[104]. - Basic and diluted net loss per share attributable to common stockholders was $(6.36) for the six months ended June 30, 2024, compared to$ (0.13) in the same period of 2023[103]. - The weighted average number of common shares outstanding increased to 85,170,891 for the six months ended June 30, 2024, from 68,845,564 in the prior year[103]. Business Development - Oklo has secured over $300 million in gross proceeds to execute its business plan and is well-capitalized for future growth[3]. - The first Aurora powerhouse is expected to be operational by 2027, with a strong customer base of 1,350 megawatts in signed letters of intent across various industries[3][10]. - Since the business combination announcement in July 2023, Oklo has seen a 93% increase in megawatts signed under non-binding agreements, growing from approximately 700 MW to 1,350 MW[51][52][54]. - Oklo's business model focuses on selling power directly to customers under long-term contracts (20-40 years), generating recurring revenue while owning and operating its powerhouses[31]. - Key milestones achieved in H1 2024 include the approval of the Safety Design Strategy by the U.S. Department of Energy and the signing of a non-binding letter of intent to supply 50 megawatts to Diamondback Energy[17][20]. - The company has established a preferred supplier agreement with Siemens for turbine generator products and services, enhancing its supply chain[23]. - Oklo signed a preferred supplier agreement with Siemens Energy to enhance its supply chain, with approximately 70% of components sourced from traditional supply chains and 30% from the nuclear supply chain[68]. Technology and Innovation - Oklo's technology is based on proven fast reactor technology, which has been utilized for over 400 years by nuclear plants globally[12]. - The company aims to alleviate transmission constraints by providing localized power solutions, reducing the need for costly transmission expansions[45]. - Oklo's emission-free power aligns with industry goals to reduce greenhouse gas emissions, supporting sustainability initiatives[44]. - The first Aurora powerhouse will be the first commercial advanced fission power plant in the United States, unlocking the future of clean energy[25][24]. - Oklo's Aurora Fuel Fabrication Facility will produce fuel assemblies from recycled nuclear material, with over$ 17 million in DOE cost-share awards supporting commercialization efforts[75]. - The partnership with Centrus Energy aims to secure a reliable source of high-assay low-enriched uranium (HALEU) for Oklo's reactors, positioning southern Ohio as a critical hub for the U.S. nuclear industry[72]. - The ADVANCE Act, signed into law in July 2024, is expected to reduce licensing costs for advanced reactors by over 50% and expedite review timelines for subsequent applications to 18 months or less[94][95]. - Oklo's licensing strategy is anticipated to reduce timelines for initial applications by 50%-85%, with a new combined license application planned for submission in 2025[81][83]. - The company completed a successful end-to-end demonstration of its advanced fuel recycling process, supported by a $5 million DOE cost-share award[76]. Future Outlook - The company plans to continue its focus on nuclear fuel recycling and environmental benefits as part of its future strategies[106]. - Upcoming events include a virtual earnings conference call on August 13, 2024, and participation in several investment conferences throughout August and September 2024[105].