A conference call was held to discuss Oakland's financial results and business progress for the fourth quarter and full year of 2025. The call included a business update and strategic progress review, followed by a discussion on financial results. Forward-looking statements were disclosed, highlighting potential risks and uncertainties.

Oakland achieved significant milestones in 2025, transitioning from product development to active project deployment across all business units. Key highlights include breaking ground on the first Aurora powerhouse and Idaho National Laboratory, securing a prepayment agreement with Meta for a 1.2 GW power campus, and initiating construction on three facilities at INL. The year also marked progress in fast spectrum fuel and the first Radioisotope Actor construction.

A strategic update reveals the nuclear sector's progress in executing projects, emphasizing policy shifts towards execution-oriented licensing, federal support, fuel sovereignty, and streamlined deployment pathways, positioning Oak as a leader for future advancements.

This dialogue outlines a vertically integrated nuclear platform through three business units—Power, Fuel, and Isotopes—designed to deliver clean, reliable energy, streamline fuel production, and expand into high-value products. The Power unit focuses on scalable baseload power for growing demands, while the Fuel unit addresses critical fuel availability challenges. Integration across these units aims to unlock multiple value streams, emphasizing long-term offtake agreements and foundational scalability for broader nuclear deployment.

A comprehensive nuclear fuel strategy includes recycling uranium for reuse, producing transgenic bearing material, enabling high-value isotope production, and managing used fuel through recycling. The isotope business unit targets healthcare, industrial, and defense markets, leveraging existing power and fuel capabilities while pursuing specialized production methods and service revenues, thus enhancing the overall business platform and economics.

The dialogue outlines a strategic vision to transform the nuclear value chain by creating an integrated platform that connects power production, fuel fabrication, recycling, and isotope production. This approach not only addresses the management of used nuclear fuel but also taps into its vast energy potential, positioning it as a domestic energy resource. The focus is on leveraging recovered materials for radioisotope production, enhancing the value chain, and establishing a sustainable, repeatable fuel cycle.

The dialogue explores leveraging used nuclear fuel as a resource through regional campus models, aiming to streamline nuclear fuel cycle processes, enhance reactor fuel supply, boost domestic radioisotope production, and improve long-term fuel management, thereby transforming the U.S. energy landscape.

The company is executing a vertically integrated strategy across power, fuel, and isotopes, with tangible progress including the Aurora powerhouse, clean energy campus, fuel fabrication facilities, and isotope processing infrastructure. This approach supports the reindustrialization of the nation and unlocking nuclear energy abundance.

Aurora INL advances its nuclear energy projects with significant milestones, including Doe approvals, construction activities, supplier contracts, and strategic partnerships, demonstrating progress across multiple assets and licensing pathways.

A 1.2 GW Aurora campus in Ohio is being developed with Meta, focusing on phase deployment, fuel procurement, and strategic partnerships. Oklo is advancing fuel infrastructure, including a 3F facility for fuel fabrication, recycling capabilities at the Tennessee Advanced Fuel Center, and a potential joint venture for uranium deconversion in Ohio. These initiatives aim to ensure fuel availability, enhance supply chain flexibility, and support advanced nuclear deployment.

The Idaho Radiochemistry Laboratory and the Groves radioisotope test reactor are highlighted as critical assets in advancing nuclear technology. The lab is expected to generate revenue this year and will support future isotope processing. Groves is on track for criticality by July 4, demonstrating rapid construction and deployment, challenging the perception of nuclear projects as slow. Both projects are executing scalable commercial strategies, contributing to the broader goal of efficient nuclear asset development.

Groves, a water-cooled, non-pressurized test reactor, is designed to provide practical experience across various stages of development. It serves as a precursor for the Viper reactor platform, offering insights for both near-term operations and long-term deployment strategies. The company employs tailored licensing approaches for different assets, utilizing Dewee authorization for DOE site projects and NRC pathways for broader commercial applications, ensuring optimal development for each asset.

The company reported a significant strengthening of its balance sheet in 2025, achieving an operating loss of $139.3 million primarily due to payroll and business expenses. It highlighted disciplined cash management, with adjusted cash use in operating activities within guidance at $69.2 million. The firm ended the year with $1.4 billion in cash and marketable securities, and further bolstered its position by raising $1.182 billion in early 2026. The strategic plan for 2026 includes a measured increase in cash used for operating activities and a substantial investment range of $350 million to $450 million in projects across all business units, aiming to capitalize on growth opportunities and policy tailwinds.

Discussion highlights advancements in commercialization efforts, emphasizing Meta's pivotal role as a lead customer. Conversations with other potential clients are ongoing, fostering growth in various sectors including data centers, military, and industrial applications. The strategic focus on locations like Ohio is expected to drive continued expansion and scalability.

Discussed significant CapEx increase, highlighting investments in Idaho for power projects and Ohio for meta powerhouses, while emphasizing ongoing work in recycling and fuel projects, avoiding detailed breakdowns until commercial progress is achieved.

The dialogue discusses the status of regulatory strategies, including updates on Cola timing and PDC topical report review, and the impact of a government shutdown on licensing timelines and deployment schedules. It highlights the importance of positioning and scaling into opportunity spaces for long-term success, while addressing challenges posed by staffing constraints and potential schedule changes.

The dialogue highlights the significance of DOE authorization in expediting nuclear plant construction, emphasizing the benefits of building while learning and iterating. It also discusses the anticipated NRC's role in converting DOE-authorized facilities to energy license facilities, enhancing regulatory efficiency and fostering collaboration between DOE and NRC for improved safety reviews and expertise leveraging.

Discusses the anticipation of new NRC guidelines impacting licensing strategies, emphasizing regulatory work, experience from the Aurora project, and obtaining an interstate license, all while adapting to evolving regulatory landscapes.

The speaker discusses how experience gained across various projects, including isotope production and reactor licensing, is being leveraged to improve NRC engagement and application development, highlighting unique scaling efficiencies and best practice integration.

Discussed the evolving Capital Expenditure (CapEx) for the 75 MW reactor, emphasizing the importance of speed in construction and the potential benefits of scaling up from initial Idaho plant experiences to Ohio plants, all while exploring ways to optimize costs and accelerate procurement from non-nuclear supply chains.

The dialogue explores the industry's shift towards disruptive approaches, focusing on removing legacy cost multipliers, modernizing supply chain practices, and leveraging flexibility outside traditional light water reactor constraints to achieve cost efficiency and innovation in nuclear technology.

The benefits of sodium-cooled reactor technology, including technical maturity, cost efficiency, and operational history, were emphasized as key factors in Meta's selection. The technology's compatibility with common alloys, high temperature operation, and passive heat rejection capabilities contribute to its appeal, alongside multiple fuel pathways and advantageous land access in Ohio.

The dialogue discusses the shift in the Aro reactor's timeline to 2028, emphasizing efforts to balance cost and schedule. It also covers the capital expenditure requirements, aiming for clarity later in the year. On the experimental front, a successful plutonium criticality test is highlighted, showcasing enhanced reactor models and anticipation for further DOE funding allocations.

The dialogue explores the development of deconversion technology designed to be adaptable for various uranium enrichment methods, highlighting its potential integration with existing facilities to enhance efficiency and support growth in the industry.

The discussion revolves around the strategic choice between NRC and DOE licensing pathways for fuel production and recycling, emphasizing the benefits of NRC licensing for commercial scale operations while considering DOE's role in pilot facilities. The progress in recycling licensing is highlighted, showcasing significant advancements towards full commercial scale.

Discussion focuses on the confidence level regarding meeting the July 4 criticality deadline for the Atom MC Alchemy Gross test reactor, highlighting the progress made, logistical challenges, and the unique aspects of the project's full design and build process.

Discussed strategic vision for repurposing federal land for economic development, highlighting the integration of nuclear power plants and infrastructure as a catalyst for growth. Recognized the synergistic effects of power generation on attracting other industries, emphasizing the potential for similar opportunities in other states.

The dialogue highlights the significance of a firm Power Purchase Agreement (PPA) as a mechanism for prepayment, particularly in the context of a successful agreement with Meta. This agreement serves as a model for future partnerships, emphasizing the need for committed partners who understand and support the project's success. The conversation underscores the importance of a structured framework that allows for prioritization of partners based on their commitment, facilitating project certainty and collaboration. With numerous opportunities in the power sector, the established framework positions the company to work effectively with Meta and potential future partners, ensuring a clear path for successful execution and prioritization of partnerships.

Discussion revolves around establishing a firm Power Purchase Agreement (PPA) with Meta to advance renewable energy projects in southern Ohio. Emphasis is placed on securing binding commitments before finalizing PPA structures, ensuring alignment of asset deployment with commercial agreements, and enhancing project viability through strategic partnerships.

Discussion highlights expected federal actions and NRC reforms to expedite nuclear industry progress, emphasizing the Nuclear Life Cycles initiative and modernization efforts. Capitalization strategy, including project financing and market fundraising, is outlined to sustain operations and capitalize on emerging opportunities.

The dialogue reflects on successful achievements in 2025 within the nuclear sector, highlighting the acquisition of NRC licenses, reactor construction progress, and plans for July 4th operational milestone. It emphasizes the company's strategic positioning for growth through internal development, partnerships, and acquisitions, aiming to scale nuclear execution capabilities and expand industry insights.