Oklo's losses deepened in its latest quarter, but the nuclear start-up remains committed to building a first-of-its-kind powerhouse that just cleared a major regulatory hurdle.

The nuclear start-up, which has no revenue, posted a first-quarter net loss of $33.1 million, or 19 cents a share. This compares with a loss of $9.8 million, or seven cents a share, in the year-ago period. Analysts tracked by FactSet were expecting a loss of 20 cents a share.

Shares slipped 2% in after-hours trading, extending losses after closing down 5.8% in the regular session.

Oklo finished the quarter with $1.59 billion in cash and cash equivalents and $614.5 million in marketable debt securities. Taken together, they represent roughly 82% of total assets. The same metrics comprised 80% of total assets last year.

With no revenue to analyze, Oklo's health is difficult to gauge. Yet, liquidity remains the lifeblood of the business as it continues to spend heavily to scale and hit its production goals.

The start-up poured $32.8 million into infrastructure and equipment in the latest quarter, exceeding the $29.8 million analysts had anticipated.

Since its public debut in May 2024, Oklo has mostly traded on promise and potential. Shares surged 238% in 2025 against a 16% gain for the S&P 500. Momentum has begun to slow this year: Oklo is up 2.6% in 2026, behind a 8.1% gain for the benchmark index.

Clearly, gains of that magnitude can't last forever. While Oklo has cultivated backing from Wall Street and customers like Meta Platforms, the start-up has drawn scrutiny over its lofty valuation and uncertainty surrounding regulatory timelines.

The company is awaiting full approval for its first commercial powerhouse, Aurora, at Idaho National Laboratory. Just last week, the Nuclear Regulatory Commission approved the Principal Design Criteria for Aurora -- essentially, a foundational rulebook for the plant's safety and performance standards.

Oklo remains committed to its original roadmap. CEO Jacob DeWitte repeatedly has told Barron's that commercial operations are slated to begin in 2028 at the latest.

In the meantime, the company is finding other ways to generate revenue. Earlier this year, subsidiary Atomic Alchemy secured a license to begin sales from its radiochemistry laboratory in Idaho. Oklo noted Tuesday that its first isotope customer was "pending."

Aside from commercial progress, aligning with big tech names has served to strengthen the company's credibility. Last month, Oklo tapped Nvidia's artificial-intelligence infrastructure to advance nuclear fuel modeling and simulations with Los Alamos National Laboratory.