Shares of nuclear reactor start-up Oklo, formerly chaired by OpenAI CEO Sam Altman, closed sharply higher Friday following its third quarter earnings report.
But because the company doesn't have a commercial product yet -- its flagship commercial nuclear reactor called Aurora won't be up and running until 2028 at the earliest -- its revenue and earnings figures aren't what excited investors.
Instead, the steps Oklo revealed on progress toward developing its small nuclear reactors measuring just 5,000 square feet in size were what impressed.
Most tangibly, it showed that its planned powerhouse at the Department of Energy's Idaho National Laboratory had advanced to the stage where structural steel is now in place. This is a demonstration project aimed at proving its technology works.
It also announced a new deal with U.S. Forged Rings for critical components needed for up to 27 Aurora modules through 2035.
And it affirmed that the plant it is developing in Ohio to supply 1.2 gigawatts of power for Meta data centers is still expected to start generating power in 2030.
Investors also were assured by the company's more than $3 billion in cash and marketable securities. That means the company has plenty of runway to keep up development.
"We see continued progress across several of the key building blocks needed to support future deployment, though significant execution remains ahead," Truist analysts wrote after the report.
Texas Capital's Nate Pendleton added that "Oklo is building a differentiated platform that can deliver on the promise of advanced nuclear power."
Oklo's top-line earnings numbers for the three months ending in September were revenue of $1.9 million, above analysts' estimates of $1 million. It reported no revenue during the same period last year. Losses were 22 cents a share versus the 27 cents analysts were expecting.
Its adjusted net losses widened from a year ago to $47.6 million, up from $29.7 million during the same period in 2025.
Shares closed up 23% at $23.58 on Friday. They're still down 67% for the year.