Why Oklo stock gained before its quarterly earnings announcement?

Shares of Oklo Inc. rose on Tuesday after the nuclear start-up secured its first license from the US Nuclear Regulatory Commission (NRC), marking a key step toward commercial activity as investors await progress on its core reactor business.

The stock surged 10.5% to $65.97 although it pared some gains and was trading at $61.5 at the time of writing.

The moves reflects optimism that the approval could help the company begin generating initial revenue, even as its primary energy projects remain under regulatory review.

Oklo is set to release its Q4 2025 results after market close today.

NRC license enables initial commercial activity

The NRC license applies to Atomic Alchemy, a wholly owned subsidiary that Oklo acquired in 2025.

The approval allows the unit to handle, process and distribute isotopes from its radiochemistry laboratory in Idaho.

This development is significant because it enables Oklo to begin initial commercial sales, introducing a new revenue stream for a company that has so far remained in the pre-revenue stage.

The license permits the processing of limited quantities of radioactive materials, including 2 curies of Radium-226, and allows storage of small sealed sources such as Cobalt-60 and Americium-241 for calibration and testing.

The isotopes produced at the facility are expected to be used in medical, research and national security applications.

The company said the approval represents a shift from design and development toward real-world execution.

“Crucially, the license allows Atomic Alchemy to begin initial commercial sales from its radiochemistry laboratory in Idaho,” the company noted.

However, the license does not cover Oklo’s advanced fast reactors, which are central to its long-term business model and still await NRC approval.

Until those reactors are approved, the company cannot generate revenue from electricity production.

DOE agreement supports reactor development

Alongside the licensing update, Oklo announced a separate agreement with the US Department of Energy (DOE) to support the development of its first Aurora reactor at Idaho National Laboratory.

The project is part of the DOE’s Reactor Pilot Program and is expected to play a key role in advancing Oklo’s nuclear energy ambitions.

“With the Aurora powerhouse NSDA (Nuclear Safety Design Agreement) — alongside the Aurora Fuel Fabrication Facility—we’re supporting an integrated Idaho effort that can help scale domestic nuclear capability for the next generation of secure and reliable energy,” said Robert Boston, Manager of the DOE Idaho Operations Office.

The company is also continuing fuel preparation efforts in Idaho as it works toward deploying its small modular reactor technology.

Long-term outlook tied to reactor approvals

Despite the progress, Oklo’s long-term outlook remains closely tied to regulatory approvals for its advanced reactors, which are expected to generate the bulk of its future revenue.

The company is targeting commercial power production by 2028, though that timeline depends on securing the necessary regulatory clearances.

Oklo has also been building partnerships to support its broader strategy.

It has partnered with Meta Platforms to develop a nuclear campus in southeastern Ohio, which analysts have described as a key binding agreement in the emerging nuclear energy sector.

The newly secured license helps validate Oklo’s broader business model and provides operational experience that could support future projects, including a planned isotope foundry involving multiple small reactors.

While investors may still be waiting for reactor approvals, the NRC license represents an incremental step toward commercialization as the company moves beyond the planning stage.

Oklo is scheduled to report its latest quarterly earnings after the market close on Tuesday, which could provide further insight into its financial position and development timeline.