When Does Oklo Report Earnings? August 7, and a $6.76 Billion Company Is Expected to Book $3.8 Million of Revenue

TL;DR

• Oklo reports Q2 2026 before the market opens on Friday, August 7, with the call at 8:30am ET (5:30am PT), led by CEO Jacob DeWitte and CFO Craig Bealmear.
• Consensus expects Oklo's first commercial revenue in 2026 to be about $3.8 million for the entire year. The stock closed $38.83 on July 31 for a market capitalisation of about $6.76 billion.
• That is roughly 1,780 times expected annual revenue. And the revenue is not electricity: it comes from the Atomic Alchemy radioisotope business.
• The Aurora Powerhouse is designed to produce 15 to 75 megawatts. Oklo was the first to receive a DOE site use permit for a commercial advanced fission plant and the first to submit a custom combined licence application for an advanced reactor to the NRC.
• The earnings release is not the event. The regulatory timeline is. Nothing else on the page can change what this company is worth.

When Does Oklo Report Earnings?

The short answer: before the market opens on Friday, August 7, 2026, with the conference call at 8:30am ET, which is 5:30am Pacific.

The call starts at the same minute as the July jobs report. For a pre-revenue, long-duration, high-beta equity, payrolls will influence Friday's price more than the earnings release will, because names like this trade on the discount rate applied to cash flows that are years away.

Oklo joins Vistra, PPL, Take-Two and ACM Research in Friday's pre-market block.

The Number, With Its Denominator

Line	Figure
Market capitalisation, July 31	~$6.76 billion
Share price, July 31	$38.83
Consensus first commercial revenue, full year 2026	~$3.8 million
Implied multiple of 2026 revenue	roughly 1,780x
Source of that revenue	Atomic Alchemy radioisotopes, not electricity
Aurora Powerhouse output	15 to 75 MW
Market capitalisation, July 13	~$7.91 billion
Options implied move	~13%, exceeded in 4 of the past 8 prints

We are stating the multiple with the base attached because that is the only honest way to publish it. A price-to-sales ratio of 1,780 sounds absurd and it is also close to meaningless: Oklo is not a company being valued on its sales. It is a regulatory and engineering option being valued on a future that has not started.

But the number still does one useful job. It tells you precisely how much of this share price is expectation rather than achievement. The answer is essentially all of it, and any reader buying the stock should know that before Friday rather than after it.

The Board

A $6.76 billion valuation on $3.8 million of expected revenue. The regulatory calendar is the only thing that changes it.

What Oklo Has Actually Achieved

It is easy to be dismissive of a company with no revenue and it would be wrong here, because Oklo has done real things that most of its competitors have not.

• The first site use permit from the US Department of Energy for a commercial advanced fission plant. That is site access, secured, at Idaho National Laboratory.
• The first custom combined licence application for an advanced reactor submitted to the Nuclear Regulatory Commission. The NRC process is the graveyard of American nuclear ambition. Being first through the door with a bespoke application is a genuine competitive position.
• A working commercial subsidiary in Atomic Alchemy, producing radioisotopes. Small, but it is revenue from atoms rather than from a slide deck.
• A reactor design at 15 to 75 megawatts, which is deliberately sized for a single industrial customer or a data centre campus rather than for a grid.

That last point is why this stock exists at its current price. The AI build-out has created a class of customer that wants a large, firm, carbon-free power source sited next to a specific building, on a timeline the traditional grid cannot meet. That is exactly the product Oklo is designing. The demand is not speculative. The supply is.

The Three Things to Watch

1. Any NRC milestone or timeline. Acceptance for review, a schedule for the safety evaluation, a hearing date. This is the only category of news that can revalue the company, and it arrives on the regulator's calendar rather than the company's.

2. Customer agreements, and their contractual weight. Letters of intent are marketing. Power purchase agreements with financial commitments are assets. Read the words carefully, because in this sector the gap between the two is routinely blurred in headlines.

3. Cash burn and the runway. A pre-revenue company building nuclear reactors consumes cash for years. The two numbers to write down are quarterly cash used in operations and cash on hand, because they tell you when the next equity raise arrives, and an equity raise at a $6.76 billion valuation dilutes existing holders at a price that assumes everything goes right.

Is Oklo a Buy?

Only as a small, explicitly speculative position, and we would not put it in a portfolio anybody needs.

That is not a dodge, it is the honest sizing answer for an asset with this shape. The distribution of outcomes here is not a bell curve. Either the NRC licence arrives, a customer signs, and the first Aurora Powerhouse produces electricity, in which case the company is worth a multiple of today's price; or the timeline slips repeatedly, the cash runs down, and the equity is diluted at successively worse valuations. There is very little middle.

The bull case: first-mover regulatory position, a design purpose-built for the exact demand the AI build-out has created, DOE site access already secured, and a management team that has navigated the American nuclear bureaucracy further than any of its peers.

The bear case: the market capitalisation is $6.76 billion and it was $7.91 billion on July 13, a 14% move in under three weeks with no operational news, which is what a sentiment-driven asset looks like. Nuclear timelines slip as a matter of historical routine. And the same AI capex assumption that supports the customer demand has just been repriced across semiconductors, Caterpillar and Vistra.

If you want power exposure with cash flows attached, PPL pays a 3.2% dividend for the regulated version of the same demand story. That is a different risk, not a worse idea.

The Options Angle

• Options price a move of about 13%, and Oklo has exceeded that in four of the past eight prints. That is expensive for a good reason: a stock that can move 14% in three weeks on nothing will move more than that on an NRC headline.
• This is the one name on the week's calendar where we would say the earnings release itself is close to irrelevant. There is no revenue line to beat. The risk is entirely headline and macro.
• At $38.83, one contract is $3,883 of notional. That accessibility is exactly why speculative names like this attract retail options buyers, and why so many of them lose. Cheap contracts on a volatile stock are the most efficient way to convert conviction into losses.
• If you want the upside without the tail, owning a small number of shares beats buying short-dated calls. Shares have no expiry. The thesis here plays out over years, and every option you buy is a bet on the timing of a regulator.
• Live option prices could not be sourced at the time of writing, so the plays below are quoted against the July 31 close.

Trade log

#	Stance	Structure	Strikes and expiry	Cost or credit	Spot at writing	Implied move	Breakeven
1	Speculative, small	Long shares, position sized to be written off	n/a	n/a	$38.83 (Jul 31, 2026 close)	±13% on the print	scored against the price in 12 months
2	Pass	Short-dated long calls into the print	any weekly	debit not sourced	$38.83	±13%	needs more than 13% from a release with no revenue line
3	Pass	Selling puts for premium	any	credit not sourced	$38.83	±13%	you are underwriting a binary you cannot price

Rows 2 and 3 are logged as passes so they get scored. If Oklo gaps double digits on Friday, the long-call pass was wrong, and the scorecard will say so.

The One-Line Read

Oklo reports before the open on Friday August 7 with the call at 8:30am ET, and the release will contain roughly nothing that changes the investment case: consensus expects about $3.8 million of first commercial revenue for the whole of 2026, from radioisotopes rather than electricity, against a market capitalisation near $6.76 billion, which is roughly 1,780 times sales and is really just a precise way of saying that every dollar of this valuation is a bet on an NRC licence, a signed customer and a reactor that has not been built yet.