Oklo shares rose about 7% at Friday's open after the advanced nuclear developer reported second-quarter revenue of $1.2 million, far above the roughly $83,800 analysts had expected. The top-line surprise helped offset a deeper-than-forecast loss of $0.28 per share, versus consensus for a $0.16 loss, and extended a pattern in which investors are weighing execution milestones more heavily than near-term profitability. The company recorded a net loss of $48.5 million for the quarter, up from $24.7 million a year earlier, as research, development and operating costs increased while it scales the business. For the first six months of 2026, cumulative net loss reached $81.6 million. Loss from operations came in at $124.2 million, driven by payroll, stock-based compensation, general business expenses and professional fees, though $44.5 million in net interest and dividend income partially cushioned the hit. Oklo finished the quarter with $3 billion in cash and marketable securities, including $1.6 billion in cash and equivalents and $1.4 billion in marketable securities, after raising funds through at-the-market equity offerings (selling newly issued shares into the open market). Cash used in operating activities was $65.5 million in the second quarter, while year-to-date operating cash burn totaled $81.6 million. Investing cash outflows reached $912.7 million year to date, including $743.6 million tied to purchases of marketable securities linked to the ATM program and $126.9 million in capital spending across its three business units. The earnings report followed a major operating update: Oklo's Groves Isotope Test Reactor in Lockhart, Texas, reached first criticality (first self-sustaining nuclear reaction) less than a year after construction began. The Department of Energy authorized the start-up in late July after a readiness review, making Groves the first reactor in the DOE's Reactor Pilot Program to hit that point on private land. The facility is intended to support Oklo's planned isotope-production business serving healthcare, industrial and national security customers. That reactor timeline is central to the bullish case around Oklo. Investors are looking for evidence that the pace at Groves can translate to Aurora powerhouses, the company's planned small commercial power plants, and for signs that commercial isotope production and new customer commitments can turn technical progress into sustained revenue. Even after Friday's early gain, the stock remained about 78% below its 52-week high of $193.84, trading around $43 before the report. With commercial revenue still limited, the market is focused on cash burn, reactor schedules and whether Oklo's balance sheet can carry it through regulatory and commercial milestones.