Oklo’s path to profitability has faced scrutiny as investors await updates on the regulatory front. On Tuesday, they got one.

The nuclear start-up announced that it had secured its first license from the Nuclear Regulatory Commission, a federal agency that oversees the civilian use of radioactive materials.

There’s a catch: The license applies to Atomic Alchemy, a wholly-owned subsidiary Oklo acquired in 2025. The license allows Atomic Alchemy to handle, process, and distribute isotopes, which can be extracted from spent nuclear fuel and applied to diagnosing and treating certain diseases.

Crucially, the license allows Atomic Alchemy to begin initial commercial sales from its radiochemistry laboratory in Idaho, introducing a new revenue stream for the company, which remains in the pre-revenue stages.

It may not be the license Wall Street was most eager for, seeing as the start-up’s advanced fast reactors still await approval from the NRC. Until then, the company can’t sell any electricity and generate revenue.

Still, as Oklo noted Tuesday, the license represents a step from design and planning to real-world execution. It also helps Oklo legitimize its business model as the company doubles down on its target for the commercial production of power by 2028.

The company separately announced that it had signed an agreement with the Energy Department to support the design, construction, and operation of its first reactor at Idaho National Laboratory under the department’s Reactor Pilot Program.

Oklo has partnered with Meta Platforms tobuild a nuclear campusin southeastern Ohio, which BofA Securities analysts described as “one of a few firm, binding partnerships today” for Oklo as well as the broader nuclear industry.

The start-up is set to report its latest quarterly earnings after the bell Tuesday. Shares rose 9.2% in premarket trading.