Oklo Inc ( OKLO ) reported financial results for the first quarter after the market close on Tuesday. Here’s a rundown of the nuclear company’s report.

Q1 Earnings: Nuclear startup Oklo ( OKLO ) reported a first-quarter loss of seven cents per share, improved from a loss of 34 cents per share in the prior year’s quarter, according to Benzinga Pro.

Oklo ( OKLO ) reported operating losses of $17.9 million in the first quarter, primarily driven by payroll, professional fees and other general business expenses. The company said it used $12.2 million of cash in operations during the period and ended the quarter with $90.08 million in cash, cash equivalents and marketable securities.

Check This Out: Stocks Surge, Nvidia Rallies 5%, Oil Tops $63 After Trump’s Iran Warning: What’s Driving Markets Tuesday?

Oklo ( OKLO ) said it’s “nearing submission” of the Oklo Fuel Foundry LPP to the Nuclear Regulatory Commission (NRC), which is the next step in the licensing process for its commercial fuel fabrication facility.

Oklo ( OKLO ) also announced Tuesday morning that it completed borehole drilling for site characterization work at the Idaho National Laboratory site, the location for the company’s first planned Aurora Powerhouse. The company said in the business update that it’s targeting plant operations in late 2027 or early 2028.

Oklo ( OKLO ) also announced the appointment of Pat Schweiger as chief technology officer. Schweiger is a veteran executive and engineer who previously held leadership roles across the advanced fission and fusion industries.

“Pat's decades of experience and expertise in power engineering will be a tremendous asset to Oklo ( OKLO ) as we move toward the commercialization of our advanced nuclear technologies,” said Jacob DeWitte, co-founder and CEO of Oklo ( OKLO ). 

Oklo ( OKLO ) is backed by OpenAI’s Sam Altman, who recently stepped down as board chair to give the company more flexibility to go after partnerships with hyperscalers.

Oklo ( OKLO ) executives will further discuss the quarter on a conference call with investors and analysts set for 5 p.m. ET.

OKLO Price Action: Oklo ( OKLO ) shares closed Tuesday up 11.02% at $32.03. Shares were trading approximately flat in Tuesday’s after-hours session at the time of publication, according to Benzinga Pro.

Read Next:

Trump Wants To Kickstart Nuclear Development: These 5 Stocks Could Boom