Oklo Tumbles 1.85% as $760M Funding Push Hits 115th-Ranked Market Amid Persistent Losses

Oklo (OKLO) fell 1.85% on September 3, 2025, with a trading volume of $0.76 billion, ranking 115th in market activity. The company filed a prospectus supplement to offer up to $139.999 million in additional Class A common shares, raising its total shelf offering to $539.999 million. This at-the-market equity program, managed by Goldman Sachs and other underwriters, follows prior sales of $400 million in shares. The move signals ongoing capital-raising efforts amid persistent operational challenges.

Oklo’s financials highlight a lack of revenue and recurring losses. Over the past three years, the company reported net losses of $74 million in 2024, $32 million in 2023, and $3.93 million in 2022. Operating expenses, driven by R&D and SG&A costs, surged to $53 million in 2024. Despite a rise in cash reserves—from $3.34 million in 2021 to $97.13 million in 2024—the firm remains reliant on financing activities, with $301 million in net cash from financing in Q2 2024. Negative operating cash flows and elevated liabilities, including $25 million in noncurrent operating liabilities, underscore structural risks.

The recent capital raise aims to fund operations and development amid a capital-light business model. However, Oklo’s book value per share has swung from -$0.22 in 2022 to $2.05 in 2024, reflecting volatile equity adjustments. Analysts caution that without revenue generation, the company’s path to profitability remains uncertain. The stock’s performance will likely hinge on progress in technology commercialization and efficient use of raised capital.

Backtest results for Oklo’s stock from 2022 to 2024 show a mixed trend. The stock’s price-to-book ratio rose from 0.00 to 10.33, while earnings per share remained negative. Despite increased cash reserves, consistent net losses and negative operating cash flows highlight the need for strategic pivots or revenue diversification to sustain long-term viability.