Oklo Inc.(:OKLO)
Oklo Inc. designs and develops fission power plants to provide reliable and commercial-scale energy to customers in the United States. It also provides used nuclear fuel recycling services. The company was founded in 2013 and is based in Santa Clara, California.
Website: https://www.oklo.com/
Founded: 2013
Founder: Jacob DeWitte / Caroline Cochran
CEO: Jacob DeWitte
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At a glance:
- Pre-Revenue Nuclear Developer with Long Commercialization Timeline: Oklo is an early-stage advanced fission company that is still pre-revenue, with meaningful commercial cash flows dependent on successful licensing, construction, and customer deployment over multiple years.
- Regulatory and Licensing Execution Remains a Core Risk: Progress hinges on navigating U.S. nuclear regulatory requirements and demonstrating that its reactor designs, safety case, and operating model can meet licensing standards on a predictable timeline.
- Funding Needs Likely Until First Deployments Ramp: As a capital-intensive hardware and energy project, Oklo will likely require continued financing to support engineering, supply chain development, and project execution before sustained operating cash flow is achieved.
- Differentiated Value Proposition: Smaller, Deployable Clean Power: Oklo’s strategy targets compact, potentially scalable nuclear power solutions aimed at reliable, carbon-free baseload power for customers such as data centers, industrial sites, and remote applications.
- Key Near-Term Catalysts: Customer Agreements, Partnerships, and Milestones: Investor focus often centers on updates to customer offtake arrangements, strategic partnerships, site selection and development, and technical/regulatory milestones that de-risk first commercial units.
Bull Thesis:
- Early Mover Advantage in Advanced Microreactors: Oklo's Aurora reactor design and early engagement with regulators position it as a potential leader in the nascent microreactor market, which is attracting significant interest from industrial, defense, and remote power users seeking resilient, carbon-free energy solutions.
- Significant Government & Defense Sector Interest: Oklo's technology aligns with national energy security and decarbonization goals, making it a strong candidate for substantial government grants, contracts, and partnerships, particularly from the Department of Energy and Department of Defense, which are actively seeking advanced nuclear solutions.
- Scalable & Cost-Effective Modular Design: The factory-built, modular nature of Oklo's microreactors offers the potential for significant cost reductions through economies of series production and faster deployment times, opening up new market segments previously inaccessible to large-scale, custom-built nuclear plants.
- Addressing Critical Niche Energy Markets: Oklo's microreactors are uniquely suited to serve niche markets requiring resilient, carbon-free, and dispatchable power, such as remote communities, industrial facilities, data centers, and defense installations, where traditional energy sources are inadequate, costly, or unreliable.
Bear Thesis:
- High Regulatory Risk & Potential Delays: The path to commercial deployment is fraught with significant regulatory hurdles. Obtaining NRC licensing for a novel reactor design is a lengthy, costly, and uncertain process, with past rejections indicating potential for further delays, design modifications, or even failure to secure approval.
- Pre-Revenue Status & High Capital Requirements: As a pre-revenue company in a capital-intensive industry, Oklo faces substantial ongoing R&D and deployment costs. Future funding needs could lead to significant shareholder dilution or challenges in securing necessary capital to bring its reactors to commercialization.
- Intense Competition in Advanced Nuclear Sector: The advanced nuclear market is becoming increasingly crowded with well-funded competitors, including established players (e.g., TerraPower, X-energy, NuScale) and other innovative startups, all vying for market share, government support, and limited specialized fuel resources.
- Fuel Supply Chain Constraints: Oklo's fast reactor design may rely on specialized fuels like High-Assay Low-Enriched Uranium (HALEU), for which the current supply chain is nascent and limited. Securing a reliable and cost-effective fuel supply at scale could pose a significant challenge and delay deployment schedules.
Main Competitors:
- NuScale Power ($SMR) (VOYGR Small Modular Reactor (SMR) power plants), NuScale competes by offering a different scale of modular nuclear power (SMRs, typically 77 MWe per module) for grid-scale and industrial applications. While larger than Oklo's microreactors, their modularity and regulatory certification (first SMR design certified by the NRC) position them as a leading alternative for customers seeking advanced, deployable nuclear energy solutions, potentially drawing investment and market attention away from microreactor developers like Oklo.
- TerraPower (Natrium Reactor, Traveling Wave Reactor), TerraPower competes in the advanced reactor space by developing different next-generation nuclear technologies, such as sodium-cooled fast reactors (Natrium). Like Oklo, they aim for enhanced safety, efficiency, and waste reduction, but often target larger-scale deployments. They compete for R&D funding, regulatory pathways, and the overall narrative of which advanced nuclear technology will be most viable and impactful.
- X-energy (Xe-100 Small Modular Reactor (SMR)), X-energy competes with its high-temperature gas-cooled reactor (HTGR) technology, the Xe-100, which is another advanced SMR design (80 MWe). They target industrial heat and power applications, similar to some of Oklo's potential markets. They compete for government funding, private investment, and customer adoption by offering a distinct advanced reactor technology and fuel (TRISO) that promises high efficiency and safety.
- Kairos Power (Hermes (molten salt reactor)), Kairos Power competes by developing fluoride salt-cooled high-temperature reactors (FHRs), a type of molten salt reactor. Their focus on rapid demonstration and deployment of a different advanced reactor technology positions them as an alternative for customers and investors interested in innovative nuclear solutions, potentially diverting resources and attention from Oklo's fast microreactor approach.
Moat:
The advanced nuclear energy sector is highly competitive, with numerous companies pursuing various reactor designs (SMRs, microreactors, molten salt, fast reactors, gas-cooled reactors) to address the growing demand for clean, reliable power. Oklo's primary competitive advantage lies in its focus on very small, autonomous fast microreactors and proprietary advanced fuel recycling technology, targeting niche markets like remote communities, data centers, and industrial sites requiring distributed power. Competitors vie for market share based on technology differentiation (safety, efficiency, waste profile), reactor scale and application, regulatory approval progress, and the ability to secure significant funding and strategic partnerships for rapid deployment. Oklo's unique approach to microreactors and fuel recycling offers a distinct value proposition, but it faces strong competition from other advanced reactor developers offering different scales and technological pathways to decarbonize energy.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,210,000 | ||||||||||||||||
yoy | |||||||||||||||||
qoq | |||||||||||||||||
operating expenses | |||||||||||||||||
cost of sales | 721,000 | ||||||||||||||||
research and development | 39,474,000 | 27,049,000 | 24,593,000 | 14,945,000 | 11,468,000 | 7,846,000 | 7,282,146 | 5,049,070 | 10,719,142 | ||||||||
general and administrative | 34,205,000 | 24,200,000 | 32,503,000 | 21,364,000 | 16,547,000 | 10,028,000 | 8,096,401 | 7,232,018 | 7,051,836 | ||||||||
total operating expenses | 74,400,000 | 51,249,000 | 57,096,000 | 36,309,000 | 28,015,000 | 17,874,000 | 15,378,547 | 12,281,088 | 17,770,978 | ||||||||
income from operations | -73,190,000 | -51,249,000 | -57,096,000 | -36,309,000 | -28,015,000 | -17,874,000 | -15,378,547 | -12,281,088 | -17,770,978 | -1,017,452 | -170,848 | -2,041,000 | -901,500 | -1,157,365 | -447,009 | -402,616 | -430,744 |
yoy | 161.25% | 186.72% | 271.27% | 195.65% | 57.64% | 1656.74% | 8901.30% | 501.72% | 1871.27% | -12.09% | -61.78% | 406.93% | 109.29% | ||||
qoq | 42.81% | -10.24% | 57.25% | 29.61% | 56.74% | 16.23% | 25.22% | -30.89% | 1646.62% | 495.53% | -91.63% | 126.40% | -22.11% | 158.91% | 11.03% | -6.53% | |
operating margin % | -6048.76% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
other income | 3,952,338 | 4,305,900 | 6,645,452 | 5,915,735 | 5,363,980 | 4,080,194 | 2,411,317 | 577,220 | |||||||||
interest and dividend income | 23,209,000 | 21,339,000 | 14,570,000 | 7,118,000 | 3,761,000 | 3,653,000 | 3,328,237 | 2,546,886 | 1,715,574 | ||||||||
other non-operating expenses | -1,708,000 | ||||||||||||||||
total other income | 21,501,000 | 14,570,000 | 7,118,000 | 3,761,000 | 3,653,000 | 5,384,196 | 2,546,886 | ||||||||||
income before income taxes | -51,689,000 | -29,910,000 | -42,526,000 | -29,191,000 | -24,254,000 | -14,221,000 | -9,994,351 | -9,734,202 | -29,182,363 | ||||||||
income tax benefit | 3,153,000 | -3,155,000 | 1,080,000 | -531,000 | |||||||||||||
net income | -48,536,000 | -33,065,000 | -41,446,000 | -29,722,000 | -24,685,000 | -9,810,000 | -10,288,767 | -9,959,165 | -29,345,984 | 1,528,369 | 2,576,373 | 2,418,722 | 3,782,431 | 3,090,679 | 2,785,515 | 1,474,130 | 54,361 |
yoy | 96.62% | 237.05% | 302.83% | 198.44% | -15.88% | -741.86% | -499.35% | -511.75% | -875.85% | -50.55% | -7.51% | 64.08% | 6857.99% | ||||
qoq | 46.79% | -20.22% | 39.45% | 20.41% | 151.63% | -4.65% | 3.31% | -66.06% | -2020.09% | -40.68% | 6.52% | -36.05% | 22.38% | 10.96% | 88.96% | 2611.74% | |
net income margin % | -4011.24% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% |
net income per share | |||||||||||||||||
basic and diluted - class a common stock | -0.28 | -0.19 | -0.27 | -0.2 | -0.18 | -0.07 | -0.09 | -0.08 | |||||||||
weighted-average common shares outstanding - basic and diluted - class a common stock | 176,224,404 | 170,333,746 | 146,351,775 | 150,364,909 | 140,085,498 | 138,109,974 | 98,910,013 | 122,134,375 | |||||||||
change in fair value of simple agreements for future equity | 2,055,959 | -13,126,959 | |||||||||||||||
income taxes | -431,000 | 4,411,000 | -294,416 | -224,963 | -163,621 | ||||||||||||
deemed dividend - earnout and founder shares | -121,983,650 | -487,934,600 | |||||||||||||||
net loss attributable to common stockholders | -137,815,458.25 | -9,959,165 | -517,280,584 | ||||||||||||||
total other loss | -11,411,385 | ||||||||||||||||
basic and diluted – class a common stock | -0.29 | ||||||||||||||||
weighted-average number of common shares outstanding – basic and diluted – class a common stock | 100,021,539 | ||||||||||||||||
formation and operational costs | 1,017,452 | ||||||||||||||||
other income: | |||||||||||||||||
interest earned on marketable securities held in trust account | 3,952,338 | 5,862,881 | 5,416,834 | 4,093,418 | 2,354,571 | 703,370 | |||||||||||
unrealized loss on marketable securities held in trust account | -126,150 | ||||||||||||||||
income before provision for income taxes | 2,934,886 | 4,135,052 | 4,604,452 | 5,014,235 | 4,206,615 | 3,633,185 | 2,008,701 | 146,476 | |||||||||
provision for income taxes | -1,406,517 | -1,558,679 | -2,185,730 | -1,231,804 | -1,115,936 | -847,670 | -534,571 | -92,115 | |||||||||
basic and diluted weighted-average shares outstanding, shares subject to redemption | 29,150,521 | 45,417,697 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||
basic and diluted net income per share, shares subject to redemption | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 | 0.04 | 0.02 | ||||||||||
basic and diluted weighted-average shares outstanding, shares not subject to redemption | 13,950,000 | 13,950,000 | 13,950,000 | 13,950,000 | 13,950,000 | 13,950,000 | 13,950,000 | 13,950,000 | |||||||||
basic and diluted net income per share, shares not subject to redemption | 0.04 | 0.05 | 0.04 | 0.06 | 0.05 | 0.04 | 0.02 | ||||||||||
formation and operating costs | 1,024,966.25 | 2,041,000 | 901,500 | 1,157,365 | 340,618.75 | 402,616 | 430,744 | ||||||||||
interest earned on cash and marketable securities held in trust account | 4,481,291.75 | 6,645,452 | |||||||||||||||
unrealized gain on marketable securities held in trust account | 52,854 | -52,854 | -13,224 | 56,746 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 1,644,704,000 | 1,594,103,000 | 788,445,000 | 410,041,000 | 226,771,000 | 90,078,000 | 97,132,000 | 91,799,754 | 105,676,772 | |||||||||
restricted cash | 8,400,000 | |||||||||||||||||
marketable debt securities | 820,454,000 | 614,506,000 | 439,526,000 | 511,559,000 | 307,654,000 | 110,940,000 | 130,682,000 | |||||||||||
accounts receivable | 1,979,000 | |||||||||||||||||
prepaid expenses and other current assets | 45,372,000 | |||||||||||||||||
total current assets | 2,520,909,000 | 2,225,658,000 | 1,253,769,000 | 931,779,000 | 542,662,000 | 204,906,000 | 231,939,000 | 234,826,350 | 239,222,753 | 701,667 | 2,059,412 | 1,781,668 | 882,728 | 3,172,586 | 3,998,187 | 3,241,674 | 3,859,447 | 4,019,802 |
restricted cash, noncurrent portion | 8,500,000 | |||||||||||||||||
marketable debt securities, net of current portion | 541,131,000 | 328,289,000 | 184,568,000 | |||||||||||||||
property, plant and equipment | 176,195,000 | 95,615,000 | 42,312,000 | |||||||||||||||
operating lease right-of-use assets | 3,160,000 | 2,528,000 | 1,384,000 | 1,589,000 | 1,790,000 | 1,743,000 | 982,000 | 1,092,152 | 37,785 | |||||||||
intangible assets | 44,203,000 | |||||||||||||||||
goodwill | 16,535,000 | 6,621,000 | 6,621,000 | 6,720,000 | 6,720,000 | 6,720,000 | ||||||||||||
other assets | 47,249,000 | 17,298,000 | 12,303,000 | 5,182,000 | 161,000 | 157,000 | 140,000 | 115,000 | ||||||||||
total assets | 3,357,882,000 | 2,703,509,000 | 1,528,457,000 | 1,246,219,000 | 731,084,000 | 302,146,000 | 281,736,000 | 293,793,833 | 299,185,613 | 308,214,543 | 305,619,950 | 519,994,492 | 516,816,433 | 514,676,646 | 510,138,267 | 506,496,560 | 504,703,016 | 504,494,065 |
liabilities and stockholders’ equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
accounts payable | 10,470,000 | 14,209,000 | 4,145,000 | 2,023,000 | 2,340,000 | 1,430,000 | 2,970,000 | 361,240 | 1,068,205 | |||||||||
accrued expenses and other | 38,023,000 | 21,896,000 | 20,497,000 | 10,900,000 | 4,420,000 | 3,544,000 | 1,885,000 | 4,019,173 | 3,773,290 | |||||||||
operating lease liabilities | 1,025,000 | 1,031,000 | 904,000 | 880,000 | 854,000 | 681,000 | 481,000 | 466,624 | ||||||||||
other current liabilities | 2,499,000 | |||||||||||||||||
total current liabilities | 52,017,000 | 37,136,000 | 25,546,000 | 13,803,000 | 7,614,000 | 5,655,000 | 5,336,000 | 4,847,037 | 4,879,280 | 4,557,409 | 3,491,185 | 2,368,280 | 1,608,943 | 3,251,587 | 1,483,529 | 947,695 | 628,281 | 473,691 |
operating lease liabilities, net of current portion | 2,234,000 | 1,589,000 | 546,000 | 781,000 | 1,010,000 | 1,112,000 | 543,000 | 670,195 | ||||||||||
long-term debt | 700,000 | |||||||||||||||||
right of first refusal liability | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | 25,000,000 | |||||||||
deferred tax liabilities | 1,157,000 | 1,155,000 | 1,155,000 | 1,049,000 | 1,049,000 | 1,049,000 | ||||||||||||
other liabilities | 3,217,000 | |||||||||||||||||
total liabilities | 84,325,000 | 64,880,000 | 52,247,000 | 40,633,000 | 34,673,000 | 32,816,000 | 30,879,000 | 30,517,232 | 29,879,280 | 11,649,850 | 10,583,626 | 19,960,721 | 19,201,384 | 20,844,028 | 19,396,328 | 18,540,136 | 18,220,722 | 18,066,132 |
commitments and contingencies | ||||||||||||||||||
stockholders' equity: | ||||||||||||||||||
class a common stock | 18,000 | 17,000 | 16,000 | 16,000 | 15,000 | 14,000 | 14,000 | 12,210 | 12,210 | 304,911,595 | 303,415,774 | 516,770,246 | 512,394,895 | 507,760,964 | 504,544,687 | 501,366,624 | 500,000,000 | 500,000,000 |
additional paid-in capital | 3,599,945,000 | 2,913,931,000 | 1,715,787,000 | 1,401,320,000 | 864,677,000 | 412,583,000 | 383,739,000 | 385,363,981 | 383,737,617 | 6,443,978 | 7,939,799 | |||||||
accumulated deficit | -322,373,000 | -273,837,000 | -240,772,000 | -199,326,000 | -169,604,000 | -144,919,000 | -135,109,000 | -124,820,677 | -114,861,513 | -14,792,275 | -16,320,644 | -16,737,870 | -14,781,241 | -13,929,741 | -13,804,143 | -13,411,595 | -13,519,101 | -13,573,462 |
accumulated other comprehensive income | -4,033,000 | -1,482,000 | 1,179,000 | 3,576,000 | 1,323,000 | 1,652,000 | 2,213,000 | 2,721,087 | 418,019 | |||||||||
total stockholders’ equity | 3,273,557,000 | 2,638,629,000 | 1,476,210,000 | 1,205,586,000 | 696,411,000 | 269,330,000 | 250,857,000 | 263,276,601 | 269,306,333 | |||||||||
total liabilities and stockholders’ equity | 3,357,882,000 | 2,703,509,000 | 1,528,457,000 | 1,246,219,000 | 731,084,000 | 302,146,000 | 281,736,000 | 293,793,833 | 299,185,613 | |||||||||
prepaid and other current assets | 17,049,000 | 25,798,000 | 10,179,000 | 8,237,000 | 3,888,000 | 4,125,000 | 3,436,207 | 3,938,888 | ||||||||||
indefinite-lived intangible assets | 27,500,000 | 27,500,000 | 27,500,000 | 27,500,000 | 27,500,000 | |||||||||||||
property and equipment | 11,486,000 | 3,711,000 | 1,450,000 | 1,202,000 | 679,870 | 637,731 | ||||||||||||
simple agreements for future equity | ||||||||||||||||||
stockholders' equity | ||||||||||||||||||
marketable securities | 139,590,389 | 129,607,093 | ||||||||||||||||
operating lease liability | 37,785 | |||||||||||||||||
stockholders’ equity | ||||||||||||||||||
current assets | ||||||||||||||||||
cash | 420,807 | 1,628,692 | 1,749,418 | 840,228 | 2,898,422 | 3,577,359 | 2,589,181 | 3,027,790 | 3,184,246 | |||||||||
prepaid expenses | 280,860 | 430,720 | 32,250 | 42,500 | 274,164 | 420,828 | 652,493 | 831,657 | 835,556 | |||||||||
marketable securities held in trust account | 307,512,876 | 303,560,538 | 515,933,705 | 511,504,060 | 506,140,080 | 503,254,886 | 500,843,569 | 500,266,349 | ||||||||||
liabilities and stockholders’ deficit | ||||||||||||||||||
accrued expenses | 939,100 | 526,952 | 1,154,044 | 375,437 | 661,295 | 303,257 | 321,009 | 536,166 | 458,505 | |||||||||
excise tax liability | 2,159,147 | 2,159,147 | ||||||||||||||||
income taxes payable | 1,459,162 | 805,086 | 1,214,236 | 1,233,506 | 2,590,292 | 1,180,272 | 626,686 | 92,115 | ||||||||||
deferred tax liability | 294,084 | |||||||||||||||||
deferred legal fee | 92,441 | 92,441 | 92,441 | 92,441 | 92,441 | 118,715 | 92,441 | 92,441 | 92,441 | |||||||||
deferred underwriting fee payable | 7,000,000 | 7,000,000 | 17,500,000 | 17,500,000 | 17,500,000 | 17,500,000 | 17,500,000 | 17,500,000 | 17,500,000 | |||||||||
stockholders’ deficit | ||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||
class a common stock, 0.0001 par value... | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | |||||||||
class b common stock, 0.0001 par value... | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | 1,250 | |||||||||
total stockholders’ deficit | -8,346,902 | -8,379,450 | -16,736,475 | -14,779,846 | -13,928,346 | -13,802,748 | ||||||||||||
total liabilities and stockholders’ deficit | 308,214,543 | 305,619,950 | 519,994,492 | 516,816,433 | 514,676,646 | 510,138,267 | 506,496,560 | 504,703,016 | ||||||||||
cash and marketable securities held in trust account | 518,212,824 | |||||||||||||||||
current liabilities | ||||||||||||||||||
prepaid expenses - long term | ||||||||||||||||||
accrued offering costs | 12,770 | |||||||||||||||||
prepaid expenses- long term | ||||||||||||||||||
liabilities and stockholders' deficit | ||||||||||||||||||
total stockholders' deficit | -13,410,200 | -13,517,706 | -13,572,067 | |||||||||||||||
income tax payable | 2,416 | |||||||||||||||||
total liabilities and stockholders' deficit | 504,494,065 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||
net loss | -48,536,000 | -33,065,000 | -41,446,000 | -29,722,000 | -24,685,000 | -9,810,000 | -10,288,767 | -9,959,164 | ||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||
depreciation and amortization | 337,000 | 163,000 | 149,000 | 124,000 | 125,000 | 124,000 | 87,580 | 68,747 | ||||||
interest income and accretion of discount on marketable debt securities | 1,029,000 | -138,000 | ||||||||||||
stock-based compensation | 14,358,000 | 15,586,000 | 18,999,000 | 9,120,000 | 11,365,000 | 2,311,000 | 1,733,220 | 1,626,364 | ||||||
deferred income tax expense | ||||||||||||||
other | ||||||||||||||
change in operating assets and liabilities, net of effect of acquisitions: | ||||||||||||||
prepaid expenses and other current assets | ||||||||||||||
accounts receivable | ||||||||||||||
other assets | -17,518,000 | 5,000 | -35,000 | -21,000 | -4,000 | -17,000 | -25,361 | -115,000 | ||||||
accounts payable | 3,324,000 | -61,000 | -338,000 | 1,262,000 | -701,000 | -1,755,000 | 162,326 | -331,371 | ||||||
accrued expenses and other | 18,475,000 | -9,132,000 | 7,894,000 | 3,061,000 | -216,000 | 1,606,000 | -2,134,339 | 153,173 | ||||||
operating lease right-of-use assets and liabilities | 7,000 | 26,000 | -6,000 | -2,000 | 24,000 | 8,000 | ||||||||
other liabilities | ||||||||||||||
net cash from operating activities | -47,592,000 | -17,867,000 | -33,429,000 | -18,031,000 | -18,471,000 | -12,243,000 | -13,469,362 | -7,880,489 | -15,832,264 | -1,207,885 | -3,164,239 | -3,457,143 | -3,544,284 | -678,937 |
capital expenditures | -94,091,000 | -12,154,000 | 0 | -2,193,000 | -877,000 | -332,000 | -69,381 | -110,886 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -141,683,000 | -30,021,000 | -33,429,000 | -20,224,000 | -19,348,000 | -12,575,000 | -13,538,743 | -7,991,375 | -15,832,264 | -1,207,885 | -3,164,239 | -3,457,143 | -3,544,284 | -678,937 |
cash flows from investing activities: | ||||||||||||||
purchases of property, plant and equipment | -94,091,000 | -32,810,000 | ||||||||||||
purchases of marketable debt securities | -724,743,000 | -451,678,000 | -63,885,000 | -409,991,000 | -316,717,000 | -29,887,000 | -30,538,322 | |||||||
proceeds from redemptions of marketable debt securities | 302,373,000 | 130,454,000 | 214,148,000 | 94,827,000 | 30,834,000 | 37,183,000 | 48,804,940 | |||||||
payment for acquisition of businesses, net of cash acquired | ||||||||||||||
other investments | ||||||||||||||
net cash from investing activities | -553,697,000 | -359,034,000 | 116,227,000 | -325,210,000 | 18,197,237 | -5,608,340 | 218,958,186 | 4,366,333 | ||||||
cash flows from financing activities: | ||||||||||||||
payment of taxes from common stock withheld | 0 | -75,000 | -52,000 | 0 | 0 | -1,595,000 | ||||||||
proceeds from exercise of stock options | 860,000 | 737,000 | 1,283,000 | 1,397,000 | 628,000 | 720,000 | 604,078 | 0 | ||||||
payment of offering costs and deferred issuance costs | -1,125,000 | -1,385,000 | ||||||||||||
payment of finance lease liability | ||||||||||||||
payment of debt | ||||||||||||||
proceeds from sale of common stock, net of offering costs | 670,047,000 | 1,181,897,000 | 295,500,000 | |||||||||||
net cash from financing activities | 668,790,000 | 1,182,559,000 | 295,606,000 | 526,511,000 | 441,924,000 | -875,000 | 603,959 | -388,189 | ||||||
net increase in cash, cash equivalents and restricted cash | ||||||||||||||
cash, cash equivalents and restricted cash - beginning of period | ||||||||||||||
cash, cash equivalents and restricted cash - end of period | ||||||||||||||
cash, cash equivalents, and restricted cash | ||||||||||||||
cash and cash equivalents | ||||||||||||||
restricted cash | ||||||||||||||
restricted cash, noncurrent portion | ||||||||||||||
total cash, cash equivalents, and restricted cash | ||||||||||||||
supplemental disclosures of cash flow information: | ||||||||||||||
cash paid for interest | ||||||||||||||
cash paid for income taxes | 684,000 | 550,110 | 1,967,829 | 2,205,000 | ||||||||||
supplemental noncash investing and financing activities: | ||||||||||||||
issuance of common stock in connection with acquisition of business | 0 | 0 | 0 | 27,408,000 | ||||||||||
assumed liabilities in connection with acquisition of businesses | ||||||||||||||
deferred income taxes | 205,000 | 0 | 0 | -4,734,000 | ||||||||||
change in operating assets and liabilities, net of effect of acquisition: | ||||||||||||||
prepaid and other current assets | 8,749,000 | -15,619,000 | -1,942,000 | -4,349,000 | 336,000 | -686,798 | 607,986 | |||||||
payment for acquisition of business, net of cash acquired | 0 | 0 | 0 | -900,000 | ||||||||||
purchase of other investments | -5,000,000 | |||||||||||||
net increase in cash and cash equivalents | 805,658,000 | 378,404,000 | 183,270,000 | 136,693,000 | -7,054,000 | 5,331,834 | -13,877,018 | |||||||
cash and cash equivalents - beginning of year | 788,445,000 | 412 | ||||||||||||
cash and cash equivalents - end of period | 1,594,103,000 | 183,270,000 | 136,693,000 | 90,078,000 | ||||||||||
assumed liabilities in connection with acquisition of business | 0 | 0 | 0 | 287,000 | ||||||||||
purchases of property, plant and equipment in accounts payable and accrued expense and other | 20,656,000 | |||||||||||||
change in fair value of simple agreements for future equity | -2,055,959 | 0 | ||||||||||||
proceeds from recapitalization | 232 | 0 | ||||||||||||
proceeds from right of first refusal liability | 0 | 0 | ||||||||||||
proceeds from simple agreements for future equity | 0 | 0 | ||||||||||||
cash and cash equivalents - end of year | ||||||||||||||
offering costs included in accounts payable | 47,000 | -1,100,000 | ||||||||||||
offering costs included in accrued expense and other | 91,000 | 87,000 | ||||||||||||
deferred issuance costs included in accounts payable | ||||||||||||||
purchases of computer software in accounts payable and accrued expense and other | ||||||||||||||
reclassification of simple agreements for future equity in connection with the recapitalization | ||||||||||||||
accretion of discount on marketable debt securities | 89,000 | -30,000 | -312,000 | -258,855 | ||||||||||
purchases of property and equipment | -5,046,000 | -877,000 | -332,000 | -69,381 | -110,886 | |||||||||
purchase of investment | ||||||||||||||
cash and cash equivalents - beginning of period | 0 | 0 | 97,132,000 | |||||||||||
purchases of property and equipment in accounts payable and accrued expense and other | 2,853,000 | |||||||||||||
reclassification of deferred issuance costs in connection with the recapitalization | ||||||||||||||
proceeds from common stock public offering, net of offering | ||||||||||||||
deferred issuance costs included in accrued expense and other | ||||||||||||||
reclassification of simple agreements for future equity in connection with business combination | -2,055,959 | 0 | ||||||||||||
reclassification of deferred issuance costs in connection with business combination | 1,905,765 | -388,189 | ||||||||||||
net cash from investing activities: | 6,064,000 | |||||||||||||
payment of deferred issuance costs | -351 | -388,189 | ||||||||||||
cash flows from operating activities | ||||||||||||||
change in operating assets and liabilities: | ||||||||||||||
cash flows from investing activities | ||||||||||||||
cash flows from financing activities | ||||||||||||||
supplemental disclosures of cash flow information | ||||||||||||||
supplemental noncash investing and financing activities | ||||||||||||||
operating lease liabilities | ||||||||||||||
accretion of discount on marketable securities | ||||||||||||||
operating lease liability | ||||||||||||||
purchase of marketable securities | ||||||||||||||
proceeds from redemptions of marketable securities | ||||||||||||||
cash and cash equivalents – beginning of year | ||||||||||||||
cash and cash equivalents – end of period | ||||||||||||||
supplemental disclosure of cash flow information | ||||||||||||||
net income | 1,528,369 | 2,576,373 | 2,418,722 | 3,782,431 | 3,090,679 | |||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
interest earned on marketable securities held in trust account | -3,952,338 | -5,862,881 | -5,416,834 | |||||||||||
unrealized loss on marketable securities held in trust account | ||||||||||||||
deferred tax benefit | -294,084 | |||||||||||||
changes in operating assets and liabilities: | ||||||||||||||
prepaid expenses | 149,860 | -398,470 | 10,250 | 231,664 | 146,664 | |||||||||
accrued expenses | 412,148 | -627,092 | 778,607 | -285,858 | 331,764 | |||||||||
income taxes payable | 654,076 | -409,150 | -19,270 | -1,356,786 | 1,410,020 | |||||||||
| ||||||||||||||
net change in cash | -1,207,885 | -120,726 | 909,190 | |||||||||||
cash – beginning of period | 1,628,692 | 0 | 0 | 3,577,359 | ||||||||||
cash – end of period | 420,807 | 909,190 | -2,058,194 | 2,898,422 | ||||||||||
non-cash investing and financing activities: | ||||||||||||||
remeasurement for class a common stock to redemption amount | 1,495,821 | |||||||||||||
class a common stock subject to possible redemption, december 31, 2022 | 504,544,687 | 0 | 0 | 0 | 504,544,687 | |||||||||
less: | ||||||||||||||
redemptions | -215,914,673 | |||||||||||||
plus: | ||||||||||||||
remeasurement of carrying value to redemption value | 14,785,760 | 0 | 0 | 0 | 31,196,812 | |||||||||
class a common stock subject to possible redemption, december 31, 2023 | 303,415,774 | |||||||||||||
class a common stock subject to possible redemption, march 31, 2024 | 304,911,595 | |||||||||||||
cash withdrawn from trust account to pay franchise and income taxes | 3,043,513 | 3,366,333 | ||||||||||||
cash withdrawn from trust account for working capital purposes | 0 | |||||||||||||
cash withdrawn from trust account in connection with redemption | ||||||||||||||
redemptions of common stock | ||||||||||||||
cash — beginning of period | ||||||||||||||
cash — end of period | ||||||||||||||
supplemental cash flow information: | ||||||||||||||
deferred underwriting fee payable | ||||||||||||||
excise tax liability accrued for common stock redemptions | ||||||||||||||
gross proceeds | 0 | 0 | 0 | 500,000,000 | ||||||||||
class a common stock issuance costs | 0 | 0 | 0 | -26,652,125 | ||||||||||
interest earned on cash and marketable securities held in trust account | ||||||||||||||
deferred tax provision | 0 | |||||||||||||
re-measurement for class a common stock to redemption amount | 3,216,277 | |||||||||||||
re-measurement of carrying value to redemption value | 4,375,351 | 4,633,931 | 3,216,277 | |||||||||||
class a common stock subject to possible redemption, september 30, 2023 | ||||||||||||||
unrealized gain on marketable securities held in trust account | ||||||||||||||
class a common stock subject to possible redemption, june 30, 2023 | ||||||||||||||
unrealized gain gain on marketable securities held in trust account | 52,854 | |||||||||||||
net decrease in cash | -678,937 | |||||||||||||
offering costs included in accrued offering costs | ||||||||||||||
class a common stock subject to possible redemption, march 31, 2023 | 507,760,964 | |||||||||||||
proceeds from issuance of class b common stock to sponsor | ||||||||||||||
proceeds from promissory note - related party | ||||||||||||||
payment of offering costs | ||||||||||||||
class a common stock subject to possible redemption | ||||||||||||||
3.1 | ||||||||||||||
10.1 | ||||||||||||||
10.2 | ||||||||||||||
10.3 | ||||||||||||||
10.4 | ||||||||||||||
10.5 | ||||||||||||||
10.6 | ||||||||||||||
31.1* | ||||||||||||||
31.2* | ||||||||||||||
32.1** | ||||||||||||||
32.2** | ||||||||||||||
101.ins | ||||||||||||||
101.sch | ||||||||||||||
101.cal | ||||||||||||||
101.def | ||||||||||||||
101.lab | ||||||||||||||
101.pre | ||||||||||||||
104 |