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AltC Acquisition (ALCC) - 2024 Q4 - Annual Results
ALCCAltC Acquisition (ALCC)2025-03-24 20:49

Customer Agreements and Partnerships - Oklo has built a customer pipeline of approximately 14 GW, including a landmark agreement with Switch for 12 GW of power, marking one of the largest corporate power agreements in history[10] - The company signed a Letter of Intent with Equinix for 500 MW, which includes a 25millionpre−payment,andadditionalagreementswithPrometheusHyperscalefor100MWandDiamondbackEnergyfor50MW[10]−ThecompanyispartneringwithRPowertoprovideanaturalgasbridgetonuclearpower,ensuringimmediateandlong−termenergysolutionsforcustomers[20]OperationalDevelopments−OklocompletedtheacquisitionofAtomicAlchemy,enablingacceleratedradioisotopeproduction,withpotentialrevenuegenerationstartingasearlyas2026[25]−Thecompanyisontracktodeliveritsfirstcommercialpowerhousebytheendof2027,havingsecuredkeyU.S.DepartmentofEnergyapprovalsandbegunsitecharacterizationefforts[40]−Oklo′sadvancedreactorscanscalefrom15MWto75MW,allowingforflexibledeploymenttomeetdiversecustomerpowerneeds[15]−OklohasdesignatedSiemensEnergyasitspreferredsupplierofpowerconversiontechnology,enhancingitsoperationalcapabilities[10]−Oklo′smodularapproachallowsforincrementalenergyproduction,reducingsupplychainandexecutionriskswhileenablingabuild−own−operatemodel[15]FinancialPerformance−Fullyearcashusedinoperationswas25 million pre-payment, and additional agreements with Prometheus Hyperscale for 100 MW and Diamondback Energy for 50 MW[10] - The company is partnering with RPower to provide a natural gas bridge to nuclear power, ensuring immediate and long-term energy solutions for customers[20] Operational Developments - Oklo completed the acquisition of Atomic Alchemy, enabling accelerated radioisotope production, with potential revenue generation starting as early as 2026[25] - The company is on track to deliver its first commercial powerhouse by the end of 2027, having secured key U.S. Department of Energy approvals and begun site characterization efforts[40] - Oklo's advanced reactors can scale from 15 MW to 75 MW, allowing for flexible deployment to meet diverse customer power needs[15] - Oklo has designated Siemens Energy as its preferred supplier of power conversion technology, enhancing its operational capabilities[10] - Oklo's modular approach allows for incremental energy production, reducing supply chain and execution risks while enabling a build-own-operate model[15] Financial Performance - Full year cash used in operations was 38.4 million, which is below the forecasted range of 40−50million[10]−Okloreportedafull−yearlossfromoperationsof40-50 million[10] - Oklo reported a full-year loss from operations of 52.8 million for 2024, which was at the low end of the forecast range of 40−40-50 million[45] - The net loss for 2024 was 73.6million,including73.6 million, including 27.9 million in fair market value charges on SAFE notes prior to conversion[45] - Cash used in operating activities amounted to 38.4million,withyear−endcashandmarketablesecuritiestotaling38.4 million, with year-end cash and marketable securities totaling 275.3 million[45] - Research and development expenses increased to 26.7millionin2024,upfrom26.7 million in 2024, up from 9.8 million in 2023[48] - Total current assets rose significantly to 231.9millionin2024,comparedto231.9 million in 2024, compared to 14.2 million in 2023[46] - The company completed a business combination with AltC Acquisition Corp., receiving 276millioninproceedsnetoffees[44]−Oklo′stotalassetsreached276 million in proceeds net of fees[44] - Oklo's total assets reached 281.7 million by the end of 2024, a substantial increase from 14.9millionin2023[46]−Thecompanyplanstoutilizeitscashreservestosupportthedeploymentofitsfirstpowerhouseandfuelrecyclingactivities[45]−Oklo′snetlosspersharefor2024was14.9 million in 2023[46] - The company plans to utilize its cash reserves to support the deployment of its first powerhouse and fuel recycling activities[45] - Oklo's net loss per share for 2024 was (0.74), compared to $(0.47) in 2023[48] Licensing and Regulatory Efforts - The company is focused on streamlining licensing processes, aiming for a 6-month licensing timeline for its custom COLA[43] - The company is advancing plans for a commercial-scale fuel recycling facility, which will utilize existing used nuclear fuel reserves totaling 94,000 metric tons[30]