BWX Technologies Inc (BWXT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to BWX Technologies' first quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，歡迎參加 BWX Technologies 2026 年第一季財報電話會議。(接線員指示)

I would now like to turn the call over to our host, Chase Jacobson, BWXT's Vice President of Investor Relations. Please go ahead.

現在我想把電話交給我們的主持人——BWXT 投資人關係副總裁 Chase Jacobson。請開始。

Thank you. Good evening, and welcome to today's call. Joining me are Rex Geveden, President and CEO; and Mike Fitzgerald, Senior Vice President and CFO. On today's call, we will reference the first quarter of 2026 earnings presentation that is available on the Investors section of the BWXT website.

謝謝。各位晚安，歡迎參加今天的電話會議。與我一同出席的有總裁暨執行長 Rex Geveden，以及資深副總裁暨財務長 Mike Fitzgerald。在今天的電話會議中，我們將引用 2026 年第一季財報簡報，該簡報可於 BWXT 官網「投資人」專區取得。

We will also discuss certain matters that constitute forward-looking statements. These statements involve risks and uncertainties, including those described in the Safe Harbor provision, found in the Investor materials in the company's SEC filings. We will frequently discuss non-GAAP financial measures which are reconciled to GAAP measures in the Appendix of the earnings presentation that can be found on the investors section of the BWXT website.

我們也將討論若干構成前瞻性陳述的事項。這些陳述涉及風險與不確定性，包括公司向 SEC 申報文件之投資人資料中「安全港」條款所述者。我們將經常討論非 GAAP 財務衡量指標，其與 GAAP 指標之調節表列於財報簡報附錄中，該簡報可於 BWXT 官網「投資人」專區取得。

I would now like to turn the call over to Rex.

現在我想把電話交給 Rex。

Thank you, Chase, and good evening to all of you. We had a great start to 2026 with very strong first-quarter results. Revenue grew 26%, 11% of which was all organic. Adjusted EBITDA grew 14% and earnings per share grew 22%, all ahead of expectations. Our performance in the quarter was driven by improved throughput, favorable pacing of work, and exceptional operational execution across our business lines. We ended the quarter with a backlog of $8.7 billion, up 77% year over year and 19% sequentially, supported by robust bookings in government and consistent backlog and commercial providing clear visibility to future growth.

謝謝你，Chase，也向各位道晚安。我們在 2026 年有個非常好的開局，第一季表現非常強勁。營收成長 26%，其中 11% 為完全有機成長。調整後 EBITDA 成長 14%，每股盈餘成長 22%，皆優於預期。本季表現主要受惠於產能吞吐量提升、工作進度節奏有利，以及各業務線卓越的營運執行。本季末我們的在手訂單（backlog）為 87 億美元，年增 77%、季增 19%；在政府業務強勁接單，以及商業業務穩健在手訂單的支撐下，為未來成長提供清晰能見度。

Demand for commercial nuclear power components and services continues to accelerate across the US, Canada, and Europe. As projects launch, we believe that localized manufacturing capacity will increasingly differentiate BWXT, making the establishment of US commercial manufacturing footprint to complement our Canadian operations a strategic priority.

美國、加拿大與歐洲對商用核電零組件與服務的需求持續加速。隨著專案啟動，我們相信在地化製造產能將日益成為 BWXT 的差異化優勢，因此建立美國商用製造據點以補強加拿大營運，已成為策略優先事項。

To that end, in April, we announced the acquisition of Precision Components Group, PCG, a US-based manufacturer of complex heat transfer components for the US naval and commercial nuclear markets. With two facilities in more than 400 highly skilled employees, PCG represents our first step toward building domestic US commercial nuclear manufacturing capacity. While most of PCG's current revenue and backlog is related to stable programs, its facilities have immediately available capacity that we intend to utilize for the commercial market with products such as reactor internals, pressurizers, heat exchangers, and reactor head assemblies.

為此，我們在 4 月宣布收購 Precision Components Group（PCG），其為美國本土製造商，為美國海軍與商用核能市場生產複雜的熱傳零組件。PCG 擁有兩座廠房與超過 400 名高技能員工，代表我們打造美國國內商用核能製造產能的第一步。雖然 PCG 目前多數營收與在手訂單來自穩定專案，但其廠房具備可立即投入的閒置產能，我們計畫將其用於商用市場，產品包括反應爐內部構件、穩壓器、熱交換器，以及反應爐頂蓋組件。

Beyond the PCG acquisition, we intend to expand our US commercial manufacturing footprint, likely with a greenfield plant at our Mount Vernon, Indiana site on the Ohio River. This facility will be capable of producing larger heavy nuclear equipment, including steam generators and reactor pressure vessels.

除 PCG 收購案之外，我們也計畫擴大美國商用製造版圖，可能在印第安納州 Mount Vernon、位於俄亥俄河畔的基地新建綠地工廠。該設施將具備生產更大型重型核能設備的能力，包括蒸汽發生器與反應爐壓力容器。

Ultimately, our goal is to build scalable US commercial nuclear manufacturing operations that can serve US and global SMR and large reactor projects. By adding domestic capacity, we are positioning BWXT to meet rising commercial demand while creating meaningful synergies with our existing US operations.

最終，我們的目標是建立可擴充的美國商用核能製造營運體系，以服務美國及全球的 SMR 與大型反應爐專案。透過增加國內產能，我們正讓 BWXT 能滿足日益上升的商用需求，同時與既有美國營運創造具實質意義的綜效。

Beyond commercial power, we're making discipline growth investments across the portfolio, supporting existing businesses, adding new technologies, and capabilities and pursuing opportunities in advanced nuclear and other national security applications.

除商用電力之外，我們也在整體投資組合中進行有紀律的成長投資，支援既有業務、導入新技術與能力，並追求先進核能及其他國家安全應用的機會。

Turning to segment results and market outlook. Government operations revenue was up 4% and adjusted EBITDA was 1% in the quarter, slightly ahead of our expectations. We had strong bookings, including $1.4 billion from the second portion of the pricing agreement for naval reactors awarded last year and long lead material procurement contracts for outyear production. This led to segment backlog of nearly $7 billion, up 25% sequentially and 93% year over year.

接著說明各事業部門表現與市場展望。政府業務本季營收成長 4%，調整後 EBITDA 成長 1%，略優於我們的預期。我們接單強勁，包括去年授予之海軍反應爐定價協議第二部分帶來的 14 億美元，以及用於未來年度產能的長交期材料採購合約。因此，該事業部門在手訂單接近 70 億美元，季增 25%、年增 93%。

In naval propulsion, we are driving operational efficiencies in our plants, which contributed to our good margin performance in the quarter. We anticipate continued revenue growth with a steady pace of Virginia class production, growth in the Columbia class, and early work on the next world-class chip set. The President's FY27 budget request supports these programs and chip building generally, further reinforcing our confidence in longer-term growth rates.

在海軍推進領域，我們正推動廠內營運效率提升，這也促成本季良好的毛利率表現。隨著維吉尼亞級（Virginia class）穩定生產、哥倫比亞級（Columbia class）成長，以及下一代世界級艦艇的早期工作展開，我們預期營收將持續成長。總統提出的 FY27 預算請求支持這些計畫及造艦整體需求，進一步強化我們對長期成長率的信心。

In special materials, our legacy programs delivered solid results, and our defense fuels enrichment and HPDU programs are progressing in line with early program schedules. Specific to defense fuels enrichment, we completed construction of the centrifuge manufacturing of development facility earlier in the year and have begun prototyping the first units. In April, we engaged with the NRC regarding our plans to build an HEU enrichment facility in Irwin, Tennessee. This engagement is an important milestone as it creates alignment with regulators in the NRC approval process.

在特殊材料方面，我們的既有專案交出穩健成果，而國防燃料濃縮與 HPDU 專案也依照早期專案時程推進。就國防燃料濃縮而言，我們於今年稍早完成離心機製造開發設施的建置，並已開始首批機組的原型製作。4 月，我們就於田納西州 Irwin 興建 HEU 濃縮設施的計畫與 NRC 進行接洽。此一接洽是重要里程碑，因其可在 NRC 核准流程中與監管機關建立一致性。

For our new large HPDU contract, we are organizing the supply chain and preparing for construction of the new facility in Jonesboro, Tennessee. That program will ramp through 2026 and continue over the next several years before transitioning to commissioning and production.

針對我們新取得的大型 HPDU 合約，我們正整備供應鏈，並為在田納西州 Jonesboro 興建新設施做施工準備。該專案將於 2026 年逐步放量，並在未來數年持續推進，之後再轉入試運轉與量產階段。

The growth potential in special materials is exciting, and we continue to pursue new scopes with existing customers and evaluate entry points to new markets. Technical services has delivered strong equity income growth over the past few years with multiple strategic wins. We are pursuing new opportunities in the DOE market and in other new markets with the next wave of contract awards expected over the next 12 to 18 months.

特殊材料的成長潛力令人振奮，我們持續與既有客戶洽談新增工作範疇，並評估切入新市場的進入點。技術服務業務過去幾年在多項策略性勝出帶動下，權益法收益成長強勁。我們正追求 DOE 市場及其他新市場的機會，預期下一波合約授予將在未來 12 至 18 個月內出現。

Moving to microreactors and advanced nuclear fuels, the market is evolving rapidly in land-based defense, commercial, and space markets. We continue to see strong demand across the board, including for TRISO fuel for demonstration reactors and future commercial projects with multiple reactor developers. Of note, Kairos, with whom we have a collaboration agreement on TRISO, recently began construction of its Hermes II reactor for Google in Oak Ridge, Tennessee. Finally, we are continuing our close engagement with the army on the Janus Program.

談到微型反應爐與先進核燃料，陸基國防、商用與太空市場正快速演變。我們持續看到各領域需求強勁，包括多家反應爐開發商用於示範反應爐及未來商用專案的 TRISO 燃料需求。值得一提的是，與我們就 TRISO 簽有合作協議的 Kairos，近期已在田納西州 Oak Ridge 為 Google 開始建造其 Hermes II 反應爐。最後，我們也持續與美國陸軍就 Janus 計畫保持密切互動。

Turning now to commercial operations. Results in the quarter were well ahead of our expectations. Organic revenue grew 39% and total revenue rose 121%, with robust double-digit growth in commercial nuclear and medical and contribution from Kinectrics. While the outperformance was partially due to timing of outage work and progress on large component manufacturing, we also improved operational performance with accelerated throughput and reduced lead times.

接著談商業營運。本季結果大幅優於我們的預期。有機營收成長 39%，總營收成長 121%，商用核能與醫療業務皆呈現強勁的雙位數成長，並納入 Kinectrics 的貢獻。雖然超預期表現部分來自歲修工作時點與大型零組件製造進度的影響，但我們也透過加速吞吐量與縮短交期改善了營運表現。

Following an 85% increase in backlog in 2025, backlog was flat sequentially in the first quarter but still up 33% year over year, supporting our expectation for low-teens organic growth in commercial power this year.

在 2025 年在手訂單增加 85% 之後，第一季在手訂單較前一季持平，但仍年增 33%，支撐我們對今年商用電力業務有機成長達低十位數（low-teens）的預期。

The outlook for new build nuclear projects remains very positive. Notably, the US and Japan announced plans to invest up to $40 billion to build up to 3 gigawatts of GE Hitachi SMRs in the Southeastern United States. Our role as the reactor vessel supplier on the first GE Hitachi BWRX-300 SMR in Canada puts us in a good competitive position for these future projects.

新建核能專案的展望仍非常正向。值得注意的是，美國與日本宣布計畫投資最高 400 億美元，在美國東南部建置最多 3 吉瓦的 GE Hitachi SMR。我們作為加拿大首座 GE Hitachi BWRX-300 SMR 的反應爐壓力容器供應商，使我們在這些未來專案中具備良好的競爭地位。

Given BWXT's industrial scale and engineering and design capabilities, customers are increasingly coming to BWXT to supply critical nuclear components for their current and future SMR and large-scale nuclear projects, which should lead to further backlog growth over the next 12 months. Kinectrics continues to exceed the acquisition business case, having delivered another very strong quarter.

鑑於 BWXT 的工業規模以及工程與設計能力，客戶正日益轉向 BWXT，為其當前與未來的 SMR 及大型核能專案供應關鍵核組件，這應可在未來 12 個月帶動在手訂單進一步成長。Kinectrics 持續超越併購時的商業案例預期，再度交出非常強勁的一季表現。

A key highlight in the quarter was Kinectrics being selected as the design and fabrication partner for a UK tritium loop facility which will be the world's largest and most advanced tritium fuel cycle facility. This presents an entry point for engineering services and specialty equipment manufacturing and the exciting nuclear fusion market.

本季一項關鍵亮點是，Kinectrics 獲選為英國氚迴路設施的設計與製造合作夥伴；該設施將成為全球最大且最先進的氚燃料循環設施。這為工程服務與特種設備製造，以及令人振奮的核融合市場，提供了切入點。

With that, I will now turn the call over to Mike.

接下來，我把電話會議交給 Mike。

Thanks, Rex, and good evening, everyone. I'll begin with total company financial highlights on slide 4 of the earnings presentation.

謝謝你，Rex，各位晚安。我將先從財報簡報第 4 頁的公司整體財務重點開始。

First-quarter revenue was $860 million, up 26% year over year, with 11% organic growth. Strong performance in commercial operations was complemented by steady growth in government operations. Adjusted EBITDA was $148 million, up 14% year over year, driven by robust growth in commercial operations and modestly higher government operations, partially offset by higher corporate expense relative to an unusually low level in last year's first quarter. Adjusted earnings per share were $1.12, up 22%, reflecting strong operating performance and approximately $0.80 of higher non-operating contributions.

第一季營收為 8.60 億美元，年增 26%，其中有機成長 11%。商業營運的強勁表現，並由政府營運的穩健成長相輔相成。調整後 EBITDA 為 1.48 億美元，年增 14%，主要由商業營運的強勁成長與政府營運的小幅提升所帶動，但部分被企業費用較去年第一季異常偏低水準上升所抵銷。調整後每股盈餘為 1.12 美元，年增 22%，反映強勁的營運表現以及約 0.80 美元較高的非營運貢獻。

Our adjusted effective tax rate for the quarter was 15.8%, benefiting from timing of stock compensation. Our updated full-year tax rate guidance of less than 21.5% is modestly higher than last year's rate, reflecting strong growth in international earnings mainly from Canada. First quarter free cash flow was $50 million, a strong result for what is typically our seasonally weakest quarter, reflecting solid earnings and effective working capital management.

本季調整後有效稅率為 15.8%，受惠於股票薪酬時點因素。我們更新後的全年稅率指引為低於 21.5%，較去年稅率略高，反映主要來自加拿大的國際獲利強勁成長。第一季自由現金流為 5,000 萬美元；對於通常是我們季節性最疲弱的一季而言，這是強勁的成果，反映穩健獲利與有效的營運資金管理。

Capital expenditures in the quarter were $43 million. We continue to expect our full-year capital expenditures to be around 6% of sales. However, it is possible that CapEx may exceed that level in future periods as we advance targeted growth investments, including expansion of US commercial nuclear manufacturing capacity and advanced nuclear and fuel capabilities, given the significant business we expect to capture. We are carefully balancing these strategic investments with our financial return metrics as we evaluate the numerous growth initiatives across the business.

本季資本支出為 4,300 萬美元。我們仍預期全年資本支出約為銷售額的 6%。然而，隨著我們推進具針對性的成長投資（包括擴充美國商用核能製造產能，以及先進核能與燃料能力），鑑於我們預期將取得的可觀業務，未來期間資本支出可能會高於該水準。在評估公司各項眾多成長計畫時，我們正審慎在這些策略性投資與我們的財務報酬指標之間取得平衡。

Moving to the segment results on slide 6. In government operations, first-quarter revenue was up 4%, with growth and special materials and naval propulsion offsetting lower microreactor volumes. Adjusted EBITDA in the segment was $118 million, up 1%, resulting in an adjusted EBITDA margin of 20.4%, as better revenue, solid operating performance, and timing of technical services income benefited margin. Given first-quarter performance, we now expect government operations margins to exceed 19% for the year.

接著看簡報第 6 頁的分部表現。在政府營運方面，第一季營收年增 4%，成長與特種材料以及海軍推進的增長，抵銷了微型反應爐出貨量較低的影響。該分部調整後 EBITDA 為 1.18 億美元，年增 1%，調整後 EBITDA 利潤率為 20.4%；較佳的營收、穩健的營運表現，以及技術服務收入的時點因素均有利於利潤率。基於第一季表現，我們目前預期政府營運全年利潤率將超過 19%。

Turning to commercial operations. Revenue was up a robust 121%, including 39% organic growth, reflecting increases in both commercial power and medical and contribution from Kinectrics. Growth exceeded expectations due to increased throughput on large commercial nuclear component projects, mainly associated with the Pickering life extension and better-than-expected performance from Kinectrics.

再看商業營運。營收強勁年增 121%，其中有機成長 39%，反映商用電力與醫療兩者皆增加，並包含 Kinectrics 的貢獻。成長超出預期，主要因大型商用核組件專案的產出提升（多與 Pickering 延役相關），以及 Kinectrics 的表現優於預期。

Adjusted EBITDA in the segment was $36 million, up 162% from last year. Adjusted EBITDA margin in the quarter was 12.9%, with higher sales and strong execution offsetting the impact of growth investments as we continue to scale the business.

該分部調整後 EBITDA 為 3,600 萬美元，較去年成長 162%。本季調整後 EBITDA 利潤率為 12.9%，在我們持續擴大業務規模的同時，較高的銷售與強勁的執行力抵銷了成長投資的影響。

Turning to our 2026 guidance on slides 7 and 8 of the earnings presentation, which I will note, does not include contribution from the recently announced PCG acquisition. We expect revenue of at least $3.75 billion, up high-teens compared to 2025. In government operations, we expect low-teens growth with over half coming from the defense fuels and HPDU contracts.

接著看財報簡報第 7 與第 8 頁的 2026 年指引；我先說明，該指引不包含近期宣布的 PCG 併購案之貢獻。我們預期營收至少 37.5 億美元，較 2025 年成長約高十位數百分比。在政府營運方面，我們預期成長為低十位數百分比，其中超過一半將來自國防燃料與 HPDU 合約。

In commercial operations, we increased our revenue growth expectation to approximately 30%, driven by low-teens growth in commercial power, high-teens medical growth, and a full year of contribution from Kinectrics which as mentioned, has outperformed our expectations to date.

在商業營運方面，我們將營收成長預期上調至約 30%，主要由商用電力低十位數成長、醫療高十位數成長，以及 Kinectrics 全年貢獻所帶動；如前所述，Kinectrics 迄今表現已超出我們的預期。

For adjusted EBITDA, we are increasing the guidance range by $5 million on each end, resulting in revised adjusted EBITDA guidance of $650 million to $665 million. Regarding the cadence of operating earnings, we continue to expect our full-year results will be slightly more back-half weighted than usual with about 55% of full-year EBITDA anticipated in the second half, and we expect second quarter EBITDA to be roughly in line with to slightly below first-quarter levels.

就調整後 EBITDA 而言，我們將指引區間上下限各上調 500 萬美元，修正後的調整後 EBITDA 指引為 6.50 億至 6.65 億美元。關於營運獲利的節奏，我們仍預期全年結果將較以往略偏向下半年，預估約 55% 的全年 EBITDA 將在下半年實現；我們也預期第二季 EBITDA 大致與第一季相當或略低。

These assumptions lead to non-GAAP earnings per share guidance of $4.60 to $4.75, with the increase driven by higher operating earnings. We expect free cash flow of $315 million to $330 million, inclusive of mid- to high-teens operating cash flow growth, supporting continued reinvestment and long-term shareholder value creation.

基於上述假設，非 GAAP 每股盈餘指引為 4.60 至 4.75 美元；上調主要由較高的營運獲利所帶動。我們預期自由現金流為 3.15 億至 3.30 億美元，包含營運現金流中高十位數的成長，支持持續再投資與長期股東價值創造。

Regarding the recently announced acquisition of PCG, the business generated approximately $125 million of revenue with low double-digit EBITDA margins in 2025, and we anticipate mid-single digits revenue growth in 2026. The acquisition, which will be included in our Commercial Operations segment, is expected to close in the second half of the year. As such, our annual financial guidance does not include contributions from PCG at this time.

關於近期宣布的 PCG 併購案，該業務於 2025 年創造約 1.25 億美元營收，EBITDA 利潤率為低雙位數百分比；我們預期 2026 年營收成長為中個位數百分比。此項併購將納入我們的商業營運分部，預計於下半年完成交割。因此，我們目前的年度財務指引尚未納入 PCG 的貢獻。

Overall, we're off to a strong start in 2026. Our robust backlog provides us great visibility for the remainder of the year, allowing us to focus on margin expansion, cash generation, and capturing new high-value contracts across the defense and commercial nuclear markets.

整體而言，我們在 2026 年開局強勁。我們強勁的在手訂單為今年剩餘期間提供了高度能見度，使我們能專注於利潤率擴張、現金創造，以及在國防與商用核能市場取得新的高價值合約。

With that, I will turn it back to Rex for closing remarks.

接下來，我把時間交回 Rex 作結語。

Thank you, Mike. It is an exciting time at BWXT. We are delivering on our commitments to customers and shareholders in driving value through process optimization, technology adoption, and disciplined growth investments.

謝謝你，Mike。對 BWXT 而言，這是一個令人振奮的時刻。我們正透過流程最佳化、技術採用，以及有紀律的成長投資，履行對客戶與股東的承諾並創造價值。

Our 2026 guidance supports meeting or exceeding the medium-term financial targets we introduced at our Investor Day in February 2024. We look forward to providing an update at our next Investor Day this fall.

我們的 2026 年指引支持達成或超越我們在 2024 年 2 月投資人日所提出的中期財務目標。我們期待在今年秋季的下一次投資人日提供最新進展。

As I wrote in a recent Washington Times op-ed, BWXT is not betting on a horse. We are betting on the race. We participate across the nuclear value chain in defense and commercial markets and as a merchant supplier and a technology provider, enabling us to win across a broad range of competitive outcomes.

正如我近期在《Washington Times》的一篇評論文章中所寫，BWXT 不是在押注一匹馬。我們押注的是整場賽事。我們橫跨國防與商用市場的核能價值鏈參與其中，並以商業供應商與技術提供者的身分運作，使我們能在廣泛的競爭結果下取得勝利。

We have record backlog, unprecedented demand, and the financial strength to continue investing for growth. We intend to build on our market-leading position in nuclear solutions for defense and commercial nuclear markets, thereby driving long-term shareholder value.

我們擁有創紀錄的在手訂單、前所未有的需求，以及持續投資成長的財務實力。我們打算在國防與商用核能市場的核能解決方案領先地位上再接再厲，進而推動長期股東價值。

And with that, we look forward to your questions.

說到這裡，我們期待各位的提問。

(Operator Instructions) Matt Akers, BNP Paribas.

(接線員指示) BNP Paribas 的 Matt Akers。

I may have missed this, but did you say how much you're planning to pay for PCG? And then I guess another just a question on the sort of footprint build-up. Because you mentioned this is sort of the first step towards building out the footprint.

我可能漏聽了，但你們有說計劃為 PCG 支付多少嗎？然後我想再問一個關於版圖擴張的問題。因為你們提到這算是建立版圖的第一步。

And sort of how should we think about what's left? Is it more kind of capacity driven? Is it technology? Is it head count? And just kind of what -- how to think about that.

那我們應該如何看待接下來還剩下什麼？是比較偏產能驅動嗎？是技術嗎？是人力編制嗎？以及大概該怎麼思考這件事。

Yeah. Thanks, Matt. So from a purchase price standpoint, we didn't put it in the public release, but it was roughly around $200 million. So in line with the multiples that we've seen in some of our more recent acquisitions. And so, ultimately, depending on the timeline, we'll see when that will close out this year, but fully expect that to move along pretty rapidly.

是的。謝謝你，Matt。就收購價格而言，我們沒有在公開新聞稿中披露，但大約在 2 億美元左右。與我們近期一些收購案所見的倍數大致一致。因此，最終會依時間表而定，我們會看看今年何時完成交割，但我們完全預期進度會相當快。

I would say, when you look at this from a kind of first step, there's a couple of different ways to think about this. One, we like the capabilities. We like the workforce. We certainly need the square footage from a capacity standpoint. However, this is going to be primarily focused on manufacturing of certain aspects. It's not going to be able to handle some of the large, heavy -- very large-scale components that we need to manufacture.

我會說，若把這視為第一步，有幾種不同的思考方式。第一，我們喜歡它的能力。我們喜歡它的員工隊伍。從產能角度來看，我們確實需要那樣的廠房面積。不過，這將主要聚焦於某些環節的製造。它無法處理我們需要製造的一些大型、重型——非常大尺度的組件。

So we're looking at kind of a multiple approach step, which we announced in our last earnings call. The potential for a new facility may be adjacent to our Mount Vernon location which could handle some of the heavier large components. And so we're looking at this both from a capacity and workforce standpoint.

所以我們在看的是一種多步驟的策略，我們在上次財報電話會議中也已宣布。新設施的可能性或許會緊鄰我們位於 Mount Vernon 的據點，以便能處理一些更重、更大型的組件。因此我們同時從產能與人力的角度來評估。

Great. Thanks. And I was wondering if you could touch a little bit on kind of the space end market and the opportunities that you're seeing there with how you just added Dan to the Board recently, remember from Maxar. But just curious what you kind of think of it as kind of the opportunities coming up in the pipeline there.

很好。謝謝。另外我想請你談談太空終端市場，以及你們在那裡看到的機會；你們最近把 Dan 加入董事會，我記得他來自 Maxar。只是好奇你們如何看待那邊管線中即將出現的機會。

Yeah. So I kind of -- this is Rex. I kind of divided into two areas. There is a civil space opportunities, and NASA seems interested in really two things: nuclear electric propulsion and then also efficient surface power for a lunar based. And then there's a long-term commitment to nuclear thermal propulsion according to the NASA Administrator, Jared Isaacman. And so we have opportunities to play in all of that, certainly on the fuel side and on delivering a reactor for any of that.

好的。我大概——我是 Rex。我把它分成兩個領域。一個是民用太空機會，而 NASA 似乎特別關注兩件事：核電推進（nuclear electric propulsion），以及用於月球基地的高效率地面供電（efficient surface power）。此外，根據 NASA 署長 Jared Isaacman 的說法，NASA 也對核熱推進（nuclear thermal propulsion）有長期承諾。因此我們在上述各方面都有參與機會，當然包括燃料端，以及為其中任何一項交付反應爐。

So it's an interesting opportunity. It's an interesting market for us. It's kind of a one-off market in the sense that -- into one of those systems typically. I think probably the more fertile ground for us is national security space. I believe we'll see more applications for power and propulsion there, and we're locked in on that opportunity.

所以這是一個很有意思的機會。對我們而言也是一個很有意思的市場。某種程度上它是「一次性」市場，因為通常是進入其中一套系統。我認為對我們更肥沃的領域可能是國家安全太空。我相信那裡會有更多電力與推進的應用，而我們正鎖定那個機會。

Jeffrey Campbell, Seaport Research Partner.

Seaport Research Partner 的 Jeffrey Campbell。

Congratulations on the strong quarter, and thanks for taking my questions. My first one is, with your new commercial facility, the one that you have not yet reached FID, would it have any limitations regarding components that it could build for customers such as a GE Hitachi, Westinghouse or Rolls-Royce?

恭喜本季表現強勁，也謝謝你們回答我的問題。第一個問題是，關於你們新的商用設施——也就是尚未達成 FID 的那一座——在為 GE Hitachi、Westinghouse 或 Rolls-Royce 這類客戶製造零組件時，是否會有任何限制？

No limitations at all. I mean, I think when we look at our demand signals, we're certainly seeing some capacity constraints even in our Cambridge facility as we look out multiple years. The other thing that I think we're finding is that being kind of localized in the US creates a competitive advantage, and we're excited to add some of those capabilities to make sure that we have a US presence. And we think that that's a differentiator when we look at it from a market standpoint.

完全沒有任何限制。我的意思是，當我們觀察需求訊號時，往後看好幾年，即使在我們的 Cambridge 廠也確實看到一些產能限制。另外我們也發現，在美國本土就近布局能帶來競爭優勢，我們很期待補上這些能力，確保我們在美國有據點。而從市場角度來看，我們認為這會是一個差異化因素。

So ultimately, the idea is to set up potentially centers of excellence, where you would have certain facilities that are focused on things like reactor internals and tanks and pressurizers and you would have other facilities that would be focused on kind of the large steam generators, reactor pressure vessels, those types of things. And so we would think of it there, but we would ultimately make that across multiple customers and multiple platforms.

因此最終的想法是，可能建立「卓越中心」，也就是某些設施專注於例如反應爐內部構件、槽體與穩壓器等；而其他設施則專注於大型蒸汽發生器、反應爐壓力容器等這類產品。我們會以這樣的方式來規劃，但最終會服務多個客戶與多個平台。

Okay, great. Appreciate that color. My other question is you've made the case for PCG's acquisition for the budding US commercial activity. I just wondered if the acquisition has any positive effects for your naval business as well.

好的，很好。謝謝這些補充說明。我另一個問題是，你們已經就 PCG 收購案對美國商用活動萌芽的價值提出論點。我想知道，這項收購是否也會對你們的海軍業務帶來任何正面影響？

Yeah, I think it could, Jeff. It's a nice business in the sense that it has an existential qualified nuclear workforce. It has plenty of capacity, as we alluded to in the script, and we'll make immediate use of that capacity. But I think the more important thing is nuclear manufacturing credentials are rare and hard to get, so you have to go through certifications to get stamps for to get things like end stamps and NPT stamps and U-stamp. These are ASME certified factories that also have nuclear quality systems.

是的，我認為有可能，Jeff。這是一門不錯的業務，因為它擁有一支已具備核能資格的核心人力。它也有充足的產能，正如我們在講稿中提到的，我們會立即使用那部分產能。但我認為更重要的是，核能製造資質很稀缺、也很難取得，因此你必須通過認證才能取得各種鋼印，例如 end stamps、NPT stamps 和 U-stamp。這些都是 ASME 認證的工廠，同時也具備核能品質系統。

And so that's hard to get, and it's an immediate capability for us. And so, certainly beneficial to our Navy customer, which has been using that -- has been using that capability for a long time. But more importantly, I think, it's the commercial case because as we expand into the US, we need that kind of manufacturing capacity capability, and we'll get going with it right away.

因此這很難取得，而對我們而言是立即可用的能力。所以，對我們的海軍客戶當然有益——他們長期以來一直在使用那項能力。但更重要的是商用面向，因為當我們擴展到美國時，我們需要那種製造產能與能力，而我們會立刻啟動。

Bob Labick, CJS Securities.

CJS Securities 的 Bob Labick。

Congratulations on the results and the exciting outlook as well. I just wanted to expand on the questions on kind of US capacity build-out. Have you decided yet? Or do you know how much capacity do you want to add? And could you give us a sense of the capital needed for a US greenfield and how long that might take to build out?

恭喜你們的成果，以及同樣令人振奮的展望。我想延伸一下關於美國產能擴建的問題。你們已經決定了嗎？或者你們知道想要增加多少產能嗎？另外能否讓我們了解一下在美國新建（greenfield）所需的資本支出，以及建置可能需要多久？

Yeah, Bob. We're presently going through a 60,000-square-foot capacity expansion at our Cambridge plant. And the capacity we're looking for in Mount Vernon would be 50%, 60% more than (technical difficulty) rough it out at 100,000 square feet and then to outfit that factory. So now that the expansion that we're doing in Cambridge is brownfield, this would be quasi greenfield. And so it will be more expensive than our Cambridge build-out.

好的，Bob。我們目前正在 Cambridge 廠進行 60,000 平方英尺的產能擴建。而我們在 Mount Vernon 想要的產能，會比（technical difficulty）多出 50% 到 60%，粗略估算約為 100,000 平方英尺，並且還要為該工廠進行設備配置。因此，現在我們在 Cambridge 做的擴建屬於棕地（brownfield），而這個會是準綠地（quasi greenfield）。所以它會比我們在 Cambridge 的擴建更昂貴。

But the reason we're attracted to the Mount Vernon side is because we've got rail spur there, we've got crane capacity, 1,000 metric ton crane capacity, radiography facilities. So there's some natural cost synergies that would go with our native business that's there, not to mention workforce that's nuclear qualified in a plant next door.

但我們之所以被芒特弗農（Mount Vernon）那一側所吸引，是因為那裡有鐵路支線、有吊車能力（1,000 公噸級吊車能力）、以及射線檢測設施。因此，除了隔壁工廠有具備核能資格的勞動力之外，還有一些與我們當地既有業務相配套的天然成本綜效。

So that's kind of the thesis behind it. In terms of budget, it would be -- think of it as kind of twice what we're doing at Cambridge in rough terms.

所以這大概就是背後的論點。就預算而言——大致上可以把它想成約為我們在劍橋（Cambridge）所做投入的兩倍。

Okay, great. And then there's obviously so much demand out there, and it just seems to keep growing and growing. Is there any thought about, I guess, exploring customer funding for commercial capacity growth? Or how do you derisk building out incremental capacity on the commercial side versus on the government side?

好的，很棒。接著顯然外部需求非常大，而且看起來還在持續成長。是否有考慮過——我想——探索由客戶出資來支持商業產能擴張？或者說，相較於政府端，你們如何在商業端擴建新增產能時進行風險降低（derisk）？

Yeah, I'd say we have got the balance sheet to do what we need to do in terms of capacity.

是的，我會說我們的資產負債表足以支應我們在產能方面需要做的事情。

Great.

很好。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Guys, you talked, I think, in both segments about improved throughput. I was wondering if you could put some color to that, if there's certain initiatives you have in place to help with throughput or if it's just net hiring or something?

各位，你們在我想兩個部門都談到了吞吐量（throughput）提升。我想請你們多補充一些細節：是否有特定的計畫/措施來提升吞吐量，還是只是淨增人力之類的因素？

Yes, Pete. We did have formal initiatives in-house called Driving Performance Excellence, is what we call a DPx, that's sort of our name for operational expense. And we've had that kind of process going on in the plants for a long time. We've now expanded across the entire enterprise. So we're using things like supply chain, human capital, and other areas.

是的，Pete。我們內部確實有正式的倡議，稱為「Driving Performance Excellence」，我們簡稱 DPx，這算是我們對營運費用（operational expense）的命名。這套流程在工廠端已經運作很久了。我們現在已把它擴展到整個企業。因此我們也在供應鏈、人力資本以及其他領域運用這些方法。

But yeah, we do have some dedicated throughput projects, including, for example, the Pickering steam generators, TheraSphere, we had an important throughput project in our Lynchburg plant last year, having to do with an area called that we call [higher tier].

不過是的，我們確實有一些專門的吞吐量專案，包括例如 Pickering 蒸汽發生器、TheraSphere；去年我們在林奇堡（Lynchburg）工廠也有一個重要的吞吐量專案，與我們稱為[higher tier]的一個區域有關。

So yes, we're highly focused on that because of this basic fact, we need more capacity than we have, and we can get capacity in one or two ways. We can get capacity from increasing our throughput, which is the cheapest and best way to do it; or we can get it by adding square feet, doing acquisitions or doing brownfield and greenfield plants. We're doing all of the above because we need so much capacity. But that's how we're thinking about it, and that's the reason we focused on throughput.

所以是的，我們非常專注在這件事上，因為一個基本事實是：我們需要的產能比現有的還多，而我們取得產能大概有一到兩種方式。我們可以透過提升吞吐量來取得產能，這是最便宜、也是最好的方式；或者我們可以透過增加廠房面積、進行併購，或做棕地（brownfield）與綠地（greenfield）建廠來取得產能。我們上述全部都在做，因為我們需要的產能非常多。但這就是我們的思考方式，也因此我們把重點放在吞吐量上。

Okay, great. And last one for me. I guess Air Force DIU had this recent ANPI awards, Radiant, Westinghouse, and Antares. Just were you guys disappointed you didn't get an award here? Are there going to be further ANPI opportunities? Or is the focus really more so on Janus and on your banner reactor?

好的，很棒。我最後一個問題。我想美國空軍 DIU 最近有 ANPI 的獎項，Radiant、Westinghouse 和 Antares 得獎。你們沒有拿到這個獎項，會不會感到失望？後續還會有更多 ANPI 的機會嗎？或者你們的重點其實更多是在 Janus 以及你們的 BANR 反應爐上？

Just wonder if you could kind of -- these initiatives seem to have some relationship to each other. So I was just wondering if you could kind of start it out for us.

我只是想知道你們是否能——這些計畫看起來彼此之間有些關聯。所以我想請你們先幫我們梳理一下。

Yeah, sure, Pete. So no disappointment because we didn't pursue those opportunities. Those were more about some smaller scale reactors for lower power output. And none of those reactors is transportable like our Pele reactors. So we have our transportable Pele reactor that fits certain use cases, and it's very interesting, but not for those particular opportunities.

好的，當然，Pete。所以不會失望，因為我們並沒有去追逐那些機會。那些比較偏向較小規模、較低功率輸出的反應爐。而且那些反應爐都不像我們的 Pele 反應爐那樣可運輸（transportable）。所以我們有可運輸的 Pele 反應爐，適用於某些使用情境，確實很有意思，但不適用於那些特定的機會。

And then we have commercial derivative of Pele, you might say, that’s called BANR, which is a 20-megawatt electrical output, a much larger microreactor than you see out there in most cases. That one fits a completely different use case. So those competitions weren’t really for us. We are focused on Pele follow-on work. We’re focused on Janus, and we see plenty of opportunities for microreactors and for microreactor fuel for TRISO fuel.

另外我們還有一個你可以說是 Pele 的商業衍生型，叫做 BANR，電力輸出 20 兆瓦（megawatt），在多數情況下它比市面上常見的微型反應爐（microreactor）要大得多。那個產品適用的是完全不同的使用情境。所以那些競賽其實不太適合我們。我們的重點在 Pele 的後續工作。我們也聚焦在 Janus，並且看到微型反應爐以及微型反應爐燃料（TRISO 燃料）有很多機會。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

Maybe, Rex, following up to the last point there on TRISO. There’s been some more focus on that now with some other companies that are involved in manufacturing coming public. Can you talk a bit about your process there and how you think your competitive positioning would stack up over time? I know currently you’re doing it, so that’s a good sign. Maybe just as you think about the next few years and stamping out your competitive position.

Rex，也許接續你剛才關於 TRISO 的最後一點。現在市場對 TRISO 的關注度更高了，因為有一些參與製造的其他公司也開始上市。你能談談你們的製程，以及你們認為你們的競爭定位隨時間推進會如何展現嗎？我知道你們目前已經在做了，這是個好跡象。也許就你們對未來幾年的看法，以及如何鞏固你們的競爭地位。

Yeah. I’ll try to put some color on that one. Yeah, we are the only producer of TRISO at any scale at this point. We’re producing hundreds of kilograms a year. We made all the fuel for our Pele reactor. We’re making fuel for Antares and some other clients we haven’t disclosed yet. So we’re in the commercial business on TRISO.

好的。我試著補充一些細節。是的，就目前而言，我們是唯一能以任何規模生產 TRISO 的供應商。我們每年生產數百公斤。我們為我們的 Pele 反應爐製造了全部燃料。我們也在為 Antares 以及一些我們尚未披露的其他客戶製造燃料。所以我們在 TRISO 上已經進入商業供應。

I would say that that is sort of the limit of our capacity now, a few hundred kilograms a year. So there’s only so much you can do with that. In order to scale that, we are considering brownfield and greenfield opportunities, and we’ve talked publicly about doing something on a larger scale in Wyoming, and that’s what the market needs. We need a very large-scale plant so that we can drive down the cost on TRISO to help make these reactors commercially viable.

我會說，這大概就是我們目前產能的上限——每年幾百公斤。所以用這樣的量能能做的事情有限。為了擴大規模，我們正在考慮棕地與綠地的機會；我們也曾公開談到要在懷俄明州（Wyoming）做更大規模的布局，而那正是市場所需要的。我們需要一座非常大規模的工廠，才能把 TRISO 的成本降下來，協助讓這些反應爐在商業上可行。

I will just maybe add to that point that I think this is a really interesting place to be in the market. To be on the fuel side of microreactors and small modular reactors is a pretty nice place to be. I said it in the script that we’re betting on the race, not on the horse. And that posture enables us to win in a variety of competitive outcomes. And for TRISO, we’re positioned exactly where we want to be, which is we produce it for our own purposes, but we also produce it for the market, and we intend to do that in the future.

我再補充一點：我認為這是市場上一個非常有意思的位置。站在微型反應爐與小型模組化反應爐（SMR）的燃料端，是個相當不錯的位置。我在講稿裡說過，我們押注的是賽事，而不是某一匹馬。而這樣的姿態讓我們能在多種競爭結果下都取得勝利。就 TRISO 而言，我們的定位正是我們想要的位置：我們為自用而生產，但也為市場生產，而且我們打算未來也持續如此。

Thanks for that. Then other one I had was just on the Japan announcement and the $40 billion for GE Hitachi. When would it be realistic for awards to be made to the market for that equipment? Like, just, I know you still need to win it, but just in terms of thinking of a timeline for when that could potentially be added to backlog.

謝謝你的說明。我另一個問題是關於日本的公告，以及給 GE Hitachi 的 400 億美元。就那套設備而言，市場上實際上何時才可能出現授標（awards）？我的意思是，我知道你們還需要先得標，但就時間軸來看，何時可能把它加進在手訂單（backlog）？

I mean, I think of this one and the AP1000 one as fairly near term as far as nuclear projects go. I’m in touch with the top leadership of GE, and we’re in touch with the top leadership of Westinghouse, and these deals are being negotiated with urgency, is the way I would put it, with the Department of Commerce.

我的意思是，就核能專案而言，我認為這個以及 AP1000 這個案子都算是相當近期的。我與 GE 的最高層保持聯繫，我們也與西屋（Westinghouse）的最高層保持聯繫；我會這麼形容：這些交易正以緊迫的態勢，與商務部一起進行談判。

And so, I think I said it on prior call, it wouldn’t surprise me if we started to receive orders this year related to those large -- to those sort of bulk reactor buys. But there’s a lot, there’s a lot of things that need -- a lot of hurdles that need to be cleared between now and then.

所以，我想我在之前的電話會議也說過，如果我們今年開始收到與那些大型——那種批量反應爐採購相關的訂單，我也不會感到意外。但在那之前還有很多——有很多事情需要——很多門檻需要在現在到那時之間被跨過。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Rex, it seems like conviction and proceeding with the commercial expansion at Mount Vernon, I'm curious how long might something like that take to get operational from when you ultimately decide to move forward there? And how important do you guys sense is having something like that operational to winning US-based business? Thanks.

Rex，看起來你們對推進 Mount Vernon 的商業擴建很有信心並且正在推進。我想請教，從你們最終決定往前推進開始，像這樣的案子大概需要多久才能投入運作？另外，你們覺得讓這樣的產能投入運作，對於贏得以美國為基地的業務有多重要？謝謝。

Yeah. You said a couple of key things there, Jeff. So on the timeline, that's something that will take us two or three years to complete. And that should be in the right timeframe for being able to take some of these large orders and get going.

是的。Jeff，你剛才提到幾個關鍵點。就時程而言，這會需要我們兩到三年才能完成。而這個時間點應該也落在合適的區間，讓我們能夠承接其中一些大型訂單並開始啟動。

But you made a key point there on the end, which is around how important it is to have US industrial capacity. I do believe that localization of supply chain is kind of going to be the way it is in nuclear. It's certainly a strong emphasis in Canada where we place strongly and we have local capabilities in there.

不過你最後提到一個關鍵點，也就是擁有美國本土工業產能的重要性。我確實相信，在核能領域，供應鏈在地化大概會成為常態。在加拿大這點尤其被強調，而我們在那裡布局很深，也具備在地能力。

I think you'll see the same thing play out in Europe. I think they're going to favor local supply because of the economic development impacts. And so I do believe that localization in the US will matter. And I think it will particularly matter on some of these government projects like the 10 AP1000s and up to 10 X300s.

我想你也會看到同樣的情況在歐洲上演。我認為他們會因為經濟發展的影響而偏好本地供應。因此我確實相信，在美國的在地化會很重要。而且我認為，對於某些政府專案——例如 10 座 AP1000 以及最多 10 座 X300——這點會特別重要。

And that's one of the reasons we're doing it. We don't have orders yet, obviously, but we're trying to skate to where we think the puck is going. Because these are such long-cycle projects and you have to have the capacity, the existential capacity when the order comes. So that's how we're thinking.

這也是我們這麼做的原因之一。顯然我們目前還沒有訂單，但我們是在提前布局，朝著我們認為市場將前往的方向滑行。因為這些都是超長週期的專案，而你必須在訂單來的時候具備產能——具備關乎生存的產能。所以我們是這樣思考的。

We're very bullish on it. And by the way, I don't think in the long run, about 10 reactors or 4 reactors at Darlington. If you think about what the global industrial base did, nuclear industrial base did in the '70s, '80s, and '90s built 600 large reactors. And I think if we're going to decarbonize the grid to meet the energy needs of AI, meet the energy needs of electrification, we're talking about hundreds and hundreds of reactors globally, large reactors, translate that into thousands of small amounts of reactors.

我們對此非常看多。順帶一提，從長期來看，我不認為只會是大約 10 座反應爐，或是 Darlington 的 4 座反應爐而已。如果你回頭看全球工業基礎——核能工業基礎——在 70、80、90 年代建了 600 座大型反應爐。而我認為，如果我們要讓電網去碳化以滿足 AI 的能源需求、滿足電氣化的能源需求，我們談的是全球數百、數百座反應爐（大型反應爐）；把這換算成小型反應爐，則是數千座。

And so that's the kind of opportunity set we think about. And so we're very bullish on that outcome, and we're building capacity in advance of the orders.

所以這就是我們所思考的機會集合。因此我們對這樣的結果非常看多，並且在訂單到來之前就先行擴建產能。

Super helpful detail. Appreciate that. My follow-up is on the enrichment side. Can you just give us maybe a high-level flavor for kind of, I guess, general timing or progression points on the Centrifuge Manufacturing Facility, NRC licensing engagement, things like that? Just anything we should kind of keep our eyes field for to gauge kind of moving that project forward.

這些細節非常有幫助。感謝。我的追問是關於濃縮業務。你能否從高層次談談，例如離心機製造設施（Centrifuge Manufacturing Facility）、與 NRC 的許可/執照互動等事項的大致時程或推進節點？也就是說，有沒有什麼我們應該關注的重點，用來衡量這個專案的推進情況。

Yeah. I think we've said publicly that that will progress over the next few years. We've obviously completed our Centrifuge Manufacturing Development Facility in Oak Ridge, Tennessee. We are outfitting it and working on prototypes right now, that will progress.

好的。我想我們已經公開表示，這會在未來幾年逐步推進。我們顯然已經在田納西州橡樹嶺完成了離心機製造開發設施（Centrifuge Manufacturing Development Facility）。我們目前正在進行設備配置並製作原型，這些都會持續推進。

So the technology transfer from Oakridge National Laboratory to BWXT occurs over the next few years. The licensing for the HEU part of it should progress normally over the next few years. I think the more interesting part of it is when we get into Centrifuge production, which we need to do for the high enriched uranium cascade. And I think in the long term, what will be interesting for us is how do you fill the gap for low enriched uranium and high-assay low-enriched uranium. That gap is very evident and fundamentally very interesting from a business development perspective.

因此，從橡樹嶺國家實驗室（Oak Ridge National Laboratory）到 BWXT 的技術移轉會在未來幾年內完成。其中與 HEU（高濃縮鈾）部分相關的許可/執照，應該也會在未來幾年按正常進度推進。我認為更有意思的部分，是當我們進入離心機量產時——我們需要這麼做，才能用於高濃縮鈾級聯（cascade）。而從長期來看，對我們而言更值得關注的是：如何填補低濃縮鈾（LEU）以及高豐度低濃縮鈾（HALEU）的缺口。這個缺口非常明顯，且從業務開發角度看，本質上非常有吸引力。

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

This is Josh Korn on for David. Wanted to ask about Medical. I think you had said strong double-digit growth in the quarter. I just wanted to ask about any specific products or markets to call out kind of the outlook there. And then any update on the Tc-99?

我是代替 David 的 Josh Korn。想問一下醫療業務。我記得你提到本季有強勁的兩位數成長。我想請教是否有任何特定產品或市場值得點出，作為那邊展望的重點？另外，Tc-99 有沒有更新？

Yeah, we didn't give much detail on the script on medical, but that's still a good news story for us. We've got good growth all across the board. And following three years of 20% compounded growth, we're forecasting high-teens growth this year, and we see strength in strontium. We see it in germanium, we see it in TheraSphere. Actinium-225 is growing at an outsized pace, but that's off a pretty small revenue base.

是的，我們在醫療的講稿裡沒有提供太多細節，但這對我們來說仍然是個好消息。我們各個面向都有不錯的成長。在連續三年 20% 複合成長之後，我們預估今年會有高十幾%的成長；我們看到鍶（strontium）需求強勁。我們在鍺（germanium）也看到強勁表現，在 TheraSphere 也一樣。錒-225（Actinium-225）成長速度特別快，但那是建立在相對較小的營收基礎之上。

And we're ramping up production of stabilized stopes with the ytterbium-176. That production is going quite well. And we've got some new therapeutic products in the pipeline like Lead-212 and other products that are interesting.

另外，我們正在提升以鎦-176（ytterbium-176）製作的穩定化靶材（stabilized stopes）的產量。那條產線的進展相當順利。而且我們的研發管線中也有一些新的治療性產品，例如鉛-212（Lead-212）以及其他有意思的產品。

Tc-99 is progressing. There's fundamentally no different news on that. We mentioned on the last call that we're evaluating some approaches to the market based on the particularities of our product. And we don't have anything in the 2026 forecast for Tc, but we're continuing to push that towards the finish line.

Tc-99 正在推進。基本上沒有任何不同的新消息。我們在上次電話會議提到，我們正基於我們產品的特性，評估一些進入市場的方式。我們在 2026 年的預測中沒有納入 Tc 的任何內容，但我們仍持續推動它走向最後完成。

Okay, thanks. And then wanted to ask on defense. You had been a recipient on defense. You had been a recipient on the SHIELD contract for Golden Dome. So with all of that money in the '27 budget, kind of what -- if you could provide any color on what your work may involve and then kind of what the addressable market is for you. Thanks.

好的，謝謝。接著想問國防業務。你們一直是國防方面的受益者。你們也曾是 Golden Dome 的 SHIELD 合約的得標/承攬方之一。因此，隨著 2027 年預算裡有那麼多資金，如果可以的話，能否提供一些你們可能會涉及哪些工作內容的說明，以及對你們而言可觸及的市場規模大概是什麼？謝謝。

Yeah. We are Golden Dome contract recipient -- awardee. That’s not uncommon. They certainly awarded to several 100 companies, as I recall it. Ours was for some broad infrastructure scope, which I think is pretty interesting for us because of the nuclear capabilities that we have. So to the extent that Golden Dome would need micro reactors to drive missile defense sites or radars or whatever it is, distributed the power even up to small modular reactors, we could play there as a fuel supplier.

是的。我們是 Golden Dome 合約的承攬方——得標者。這並不罕見。我記得他們確實授予了數百家公司。我們的合約涵蓋相當廣泛的基礎設施範疇；我覺得這對我們很有意思，因為我們具備核能相關能力。因此，若 Golden Dome 需要以微型反應爐為飛彈防禦據點、雷達或其他設施供電，將電力分散供應，甚至延伸到小型模組化反應爐，我們都可以在其中扮演燃料供應商的角色。

I think there’s a lot there for us potentially in the future, but it’s pretty undefined at this point for us. But we’ve sort of got a license to go hunting, and we’ll turn it into something.

我認為未來我們在那方面可能有很多機會，但就目前而言，對我們來說仍相當不明確。不過我們算是拿到了一張「可以去打獵」的執照，我們會把它做成一些成果。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行。

Rex, I think Kinectrics brought with it some revenue connected to the broader power and grid infrastructure space, including in areas like high voltage testing and cable commissioning. Would you be able to give us a sense as to how big of a business that is for them and what the growth outlook is there?

Rex，我認為 Kinectrics 帶來了一些與更廣泛的電力與電網基礎設施領域相關的營收，包括像是高電壓測試與電纜投運（commissioning）等。你能否讓我們了解一下，這對他們而言是多大規模的業務，以及那邊的成長展望如何？

Yeah, [David]. It’s about 10% of the total Kinectrics business right now and growing faster than a lot of the parts of that portfolio. Yeah, that’s a very interesting business. Super high voltage capability, testing components for the grid, for component suppliers to the grid, kind of an underwriter’s laboratory type of thing.

是的，[David]。目前大約占 Kinectrics 總業務的 10%，而且成長速度比該投資組合中的許多部分都快。是的，那是一個非常有意思的業務。具備超高電壓能力，為電網測試元件、為電網元件供應商測試元件，有點像承保實驗室（Underwriters Laboratory）那樣的角色。

But I think the real green shoots of growth are around cable testing for wind power in Europe. We have some portable test sets, and we’ve invested in some more portable test sets. And we’ve got a nice share of that market, and it’s growing smartly. So pretty interesting business, obviously exposing us to a different market than we had before, and we like where that’s going.

但我認為真正的成長新芽是在歐洲風電相關的電纜測試。我們有一些可攜式測試設備，也投資了更多可攜式測試設備。我們在那個市場有不錯的市占，而且成長相當快。所以這是一門很有意思的業務，顯然也讓我們接觸到過去沒有的不同市場，而我們也喜歡它的發展方向。

Do they have any direct exposure to the data center build-out, given these high voltage data centers that are now coming up?

鑑於現在出現這些高電壓資料中心，他們是否有直接曝險於資料中心建置潮？

Yeah. I don’t know the details on that. I suspect that we do.

是的。我不清楚那方面的細節。我猜我們應該有。

Okay. Mike, when you talk about CapEx potentially exceeding 6% of sales in the future, is there a maximum threshold you could share with us as to what that excess might be? Like, would it still be less than 8% of sales or could it exceed that as well?

好的。Mike，當你提到未來資本支出（CapEx）可能會超過銷售額的 6% 時，你能否分享一個上限門檻，說明可能超出的幅度？例如，是否仍會低於銷售額的 8%，或也可能超過？

No, I think that’s about right. I mean, we feel pretty comfortable with the 6% for what we’re seeing for 2026. The comment is really just if we make the decision to have a greenfield facility for another kind of large scale manufacturing component facility in the US, we may exceed that 6%. But I would see it somewhere around the 7%-ish range.

不，我認為你說得差不多。我的意思是，就我們看到的 2026 年情況而言，我們對 6% 這個水準相當有把握。那段話主要是指，如果我們決定在美國新建（greenfield）一座用於另一類大型製造零組件的工廠設施，我們可能會超過 6%。但我認為大概會落在 7% 左右。

What we don’t want to do is go back to closer to the kind of 9%, 10% that we saw over the last decade when we were going on a large kind of CapEx spend. So we’re going to keep it pretty reasonable, but I could just see it going up in the maybe 7% range.

我們不想做的是回到過去十年那種接近 9%、10% 的水準，當時我們正處於大規模資本支出期。所以我們會把它維持在相當合理的範圍，但我確實可以想像它可能上升到大約 7% 的區間。

Jed Dorsheimer, William Blair.

Jed Dorsheimer，William Blair。

Thanks. Good job pronouncing the name. So, Rex, I guess if I read between the lines here, sounds like Mount Vernon’s a bit more of a signal on -- I mean, I know the administration’s meeting with supply chain companies, including yourself. And it sounds like you’re a bit more balanced, not that you were ever imbalanced, but a bit more balanced in terms of AP1000 versus SMR.

謝謝。名字發音得不錯。所以，Rex，我想如果我從字裡行間解讀，Mount Vernon 似乎更像是一個訊號——我的意思是，我知道政府正在與供應鏈公司會面，包括你在內。而聽起來你在 AP1000 與 SMR 之間的看法更為均衡——不是說你以前不均衡，但就是更均衡一些。

So I guess my question is how are you thinking about the E&P part of the equation where you build out or spend the CapEx to build out the capacity, and in terms of the labor to get these things stood up, which I know Scott over at GE has talked about one of his concerns.

所以我想問的是，你如何看待這個方程式中的 E&P 部分：也就是你要擴建或投入資本支出來擴充產能；以及在人力方面要把這些事情建立起來——我知道 GE 的 Scott 曾談到這是他的擔憂之一。

So broad question, how are you thinking about this whole supply chain and kind of the pieces of the puzzle? And am I thinking about this correctly in terms of the body language around Mount Vernon and AP1000? Thanks.

所以這是一個很廣泛的問題：你如何看待整個供應鏈以及這些拼圖的各個部分？另外，就 Mount Vernon 與 AP1000 的「肢體語言」而言，我這樣理解對嗎？謝謝。

Yeah. So if you’re talking, Jed, broadly about delivery risk for nuclear projects, I do think that is.

是的。所以，Jed，如果你是在廣義上談核能專案的交付風險，我確實認為那是。

Yeah.

是的。

An existential and important risk, and I think it’s probably the biggest risk in the market is to be able to deliver those projects. And we’ve got some poor examples of project delivery, Vogtle and others. That said, the counterpoint to that is the refurbishment projects in Canada, both at the Bruce site and at the Darlington site, so far have delivered ahead of schedule and under budget. So there are some examples we can point to where the industry stood up and delivered the project according to the plan. And I’m hoping that the industry can get to that point.

一個攸關存亡且重要的風險，而我認為市場上可能最大的風險，就是能否把那些專案交付出來。我們也有一些不佳的專案交付案例，例如 Vogtle 以及其他。不過，反過來的例子是加拿大的翻修（refurbishment）專案，無論是在 Bruce 場址或 Darlington 場址，到目前為止都提前完工且低於預算。所以我們也能指出一些例子，顯示產業確實站出來並依照計畫交付專案。我希望產業能達到那樣的水準。

If you’re talking about the sort of the construction delivery risk of a project like Mount Vernon, we’ve demonstrated the ability we can do that. We are doing very well with our Cambridge project. That’ll come in under budget. It’ll come in on time.

如果你談的是像 Mount Vernon 這類專案的施工交付風險，我們已經證明我們有能力做到。我們的 Cambridge 專案進展非常順利。那會低於預算完成。也會如期完成。

We delivered the Centrifuge Manufacturing Development Facility, which, by the way, a hell of an impressive facility from the first shovel in the ground until the completion of it, and that was in seven months. So I think we’ve really got sort of a high skill set for being able to deliver projects that are internal to the need of BWXT. Now, that’s apart from the complexity of a nuclear power plant. But we can build our facilities with a good risk posture.

我們交付了 Centrifuge Manufacturing Development Facility（離心機製造開發設施）；順帶一提，從第一鏟動土到完工，那是一座極其令人印象深刻的設施，而且只用了七個月。所以我認為我們確實具備相當高的技能組合，能交付 BWXT 內部所需的專案。當然，那不同於核電廠的複雜性。但我們可以用良好的風險姿態來建造我們的設施。

Yeah. The spirit of my question was for the former, not the latter, in terms of more industry, not worried about you standing up Mount Vernon and getting that on time. And so, I guess just to the broader -- so far, we’ve seen the LPO, we’ve seen the administration kind of through EOs.

是的。我問題的本意是前者而非後者，也就是更偏向整個產業，而不是擔心你們把 Mount Vernon 建起來並如期完成。所以，我想就更宏觀的部分——到目前為止，我們看到 LPO，也看到政府透過行政命令（EOs）在推動。

What would you think would help solve the one of the key components in terms of -- it sounds like you’re going get -- the supply chains getting stood up. Is it just the sequencing? Or do you see something else in terms of how the government could step in to try and assuage risk here?

你認為要解決其中一個關鍵要素，什麼會有幫助——聽起來你們會把供應鏈建立起來。這只是時序安排（sequencing）問題嗎？或者你還看到其他方面，政府可以如何介入以降低、並緩解這裡的風險？

Again, you’re talking about delivery risk for the balance of plant and the nuclear island, Jed?

再一次，你是在談論核電廠輔助系統（balance of plant）以及核島的交付風險，Jed？

So the other questions specific to BWX have already been asked. So I’m just curious, using my second just to think from a more macro, broader perspective, given that you are in late-stage discussions with -- or I’m assuming that.

所以，其他針對 BWX 的問題都已經問過了。所以我只是好奇，利用我第二個問題，從更宏觀、更廣的角度來想，鑑於你正處於與——或我假設你正在與——的後期討論。

Yeah. So maybe I’ll break it into two pieces. I think the supply chain risk is manageable. I think we’re demonstrating BWXT as a company that we can deliver the components on the schedules that our customers need. Reactor pressure vessels, steam generators, whatever it is. We’re organizing around that, and I think the industry can stand up and do that.

是的。所以也許我把它拆成兩個部分。我認為供應鏈風險是可控的。我認為我們正在證明 BWXT 作為一家公司，能夠按照客戶所需的時程交付零組件。反應器壓力容器、蒸汽產生器，不管是什麼。我們正圍繞這點來組織，我也認為整個產業能夠站起來把這件事做好。

And of course, I’ll remind you that we’ve delivered 420, roughly, small modular reactors to the nuclear navy, so we know how that’s done. I do think -- I agree with you that the bigger risk is on the engineering, procurement, and construction side, and that’s a problem that the Bechtels and the Fluors of the world are going have to solve. They’re just going have to do it. I think it’s going require the injection of higher levels of talent.

當然，我也提醒你，我們已經向海軍交付了大約 420 座小型模組化反應器，所以我們知道該怎麼做。我確實認為——我同意你——更大的風險在工程、採購與施工（EPC）端，而這是 Bechtel、Fluor 這些公司必須解決的問題。他們就是得把它做成。我認為這將需要注入更高水準的人才。

Maybe AI can help on the planning side of it, maybe even on robotic construction in the long run. But it’s something the industry has to address. It’s not a thing I don’t think BWXT can address, but I do recognize it as a gating item for the success of the nuclear resurgence.

也許 AI 能在規劃端提供協助，甚至長期來看在機器人施工方面也可能幫得上忙。但這是產業必須面對的事情。這不是我認為 BWXT 能夠單獨解決的事，但我確實認知到，這是核能復興成功的一個關鍵門檻項目。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results. Hey, Rex, could you give us maybe the latest update or your thoughts on kind of overall schedules? I know OPG just recently had an update on Darlington at the end of March, and there was also an update regarding the foundation or the basement module getting installed.

成果不錯。嘿，Rex，你能否給我們最新進度或你對整體時程的看法？我知道 OPG 在 3 月底剛更新了 Darlington 的進度，另外也有關於地基或地下室模組安裝的更新。

So how does that line up with your first reactor pressure valve delivery schedule? And is everything tracking according to plan there? Thanks.

那這與你們第一個反應器壓力閥的交付時程如何對齊？那邊是否一切都按計畫推進？謝謝。

You’re talking, Peter, about the small modular reactor at Darlington?

Peter，你說的是 Darlington 的小型模組化反應器嗎？

Correct. Correct, Rex.

沒錯。沒錯，Rex。

Yeah. I don’t have detailed insight to how that project delivery is going, but I hear that it’s reasonably on track, and I have the expectation that the follow-on units orders for those will be coming relatively shortly.

是的。我沒有該專案交付進度的細部洞見，但我聽到的消息是進度大致上在軌道上；我也預期後續機組的訂單會在相對不久後到來。

Okay. Just as a reminder, when the delivery is for your first pressure valve there?

好的。提醒一下，你們第一個壓力閥的交付時間是什麼時候？

Let’s see. Next year, as I recall it. Yeah, I think it’s next year.

我看看。如我記得，是明年。對，我想是明年。

Okay. Just, Rex, at a high level, kind of Department of War and Department of Energy budgets out in detail, anything that stood out to you, whether it’s on microreactors or enrichment or anything to call out that you’re encouraged by? Thanks.

好的。Rex，從高層次來看，國防部與能源部的預算細項中，有沒有什麼特別引起你注意的——不論是微型反應器、濃縮，或任何你覺得值得一提、讓你感到鼓舞的部分？謝謝。

Yeah. I’m encouraged by all of it, Peter. Good support for Pele, good support for defense fuels. There’s some long lead procurement in there for a couple of extra Columbia-class submarines. So I think we’re starting to hear about adding Columbia units to the submarine force, and I think that’s pretty encouraging. So when you add AUKUS and additional Columbias, I think our naval nuclear propulsion program looks more robust and more interesting than it did even a couple of years ago. So yeah, I’m very excited about what I’m seeing.

有的。Peter，我對全部都感到鼓舞。對 Pele 有很好的支持，對國防燃料也有很好的支持。其中也包含為額外幾艘 Columbia 級潛艦做的一些長交期採購。所以我認為我們開始聽到要把 Columbia 級增編到潛艦兵力中，我覺得這相當令人振奮。因此，當你把 AUKUS 與額外的 Columbia 級加進來，我認為我們的海軍核動力推進計畫看起來比兩年前更強健、也更有看頭。所以是的，我對我所看到的非常興奮。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行。

Maybe a couple things. Have you seen any changes on the front with doing work for the Koreans on some sort of Korean nuclear submarine?

也許問兩件事。你們有看到在替韓國方面做某種「韓國核動力潛艦」相關工作的前線，有任何變化嗎？

No. We haven’t seen anything on that one. No. Are you talking about submarines?

沒有。我們在那件事上沒有看到任何進展。沒有。你是在說潛艦嗎？

Yeah. Right. At some point in the press, there was some talk about the Koreans doing something nuclear, and my guess would be --

對。沒錯。之前媒體上某個時間點有提到韓國在做一些核能相關的事，我猜可能會————

Oh, yeah, yeah.

喔，是的，是的。

Right? That you guys would help them. Maybe not, I don’t know. (inaudible)

對吧？你們會協助他們。也許不會，我不知道。(聽不清楚)

Yeah. Again, yes, yes. Certainly, there’s a discussion between the White House and the Koreans about having nuclear powered submarines. The Korean ambitions are real. I think they will have nuclear powered submarines. There’s, let me call it sovereign intent there.

是的。再說一次，是的，是的。確實，白宮與韓國之間正在討論擁有核動力潛艦。韓國的企圖心是真實存在的。我認為他們會擁有核動力潛艦。那裡存在——我稱之為——主權意志。

I think the question is where do they source their fuel. I think that probably comes from the US, and if it does, I think maybe there’s something interesting there for us. But super early days, and we’ll have to get that demand signal from our customer at Naval Reactors should that ever come. So yeah, I like the possibility of that, but I would say it’s very immature at this point.

我認為問題在於他們的燃料要從哪裡取得。我認為那很可能來自美國；如果是這樣，我認為對我們而言也許會有一些有趣的機會。但目前仍是非常早期的階段，而且若未來真的發生，我們必須從 Naval Reactors 的客戶端收到那個需求訊號。所以是的，我喜歡這個可能性，但我會說目前還非常不成熟。

Got you, got you. And then on the M&A front, seems like you guys still have some dry powder. Is there any areas that you’re particularly interested in today? If you could give us a sense of what you might be thinking about.

了解，了解。另外在併購（M&A）方面，看起來你們仍然有一些可用資金。目前有沒有你們特別感興趣的領域？如果可以的話，請讓我們了解一下你們可能在思考什麼。

I’m sorry, Ron, the audio was a little weak. What was the front end of the question?

抱歉，Ron，音訊有點弱。你問題的前半段是什麼？

M&A.

併購（M&A）。

Oh, M&A.

喔，併購（M&A）。

Yeah. Sorry about that. Yeah, M&A.

對。抱歉。對，併購（M&A）。

Yeah. Lots in the pipeline there. Mike, you want to take that one?

對。那方面有很多案子在管線中。Mike，你要回答這題嗎？

Yeah. I would say -- I mean, Ron, we started the year off really focused on the expansion of capacity, and that continues to be a priority. But we also are looking at a number of other adjacent opportunities, really to expand our capabilities. I think when we look at this, we want to focus on driving opportunity set within the full life cycle of nuclear and how we support our customers from end to end. And so, anything that would continue to enhance our capabilities there, we’re very interested in.

好。我會說——我是說，Ron，我們今年一開始非常聚焦在產能擴張，而這仍然是優先事項。但我們也在看一些其他相鄰的機會，主要是為了擴展我們的能力。我認為當我們看這件事時，我們希望聚焦在推動核能全生命週期中的機會組合，以及我們如何端到端地支援客戶。因此，任何能持續強化我們在那方面能力的項目，我們都非常有興趣。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

I wanted to refocus on PCG for a second. I know initially it seems like the customer set’s mainly government Navy focused, but the capacity is highly fungible. I mean, just can you provide some context as to how quickly you can pivot that mix to more commercial? And maybe what the margin or utilization uplift, like, could look like as a result?

我想再把焦點拉回到 PCG 一下。我知道一開始看起來客戶組合主要是以政府、海軍為主，但產能其實具有高度可替換性。我的意思是，你能否提供一些背景，說明你們能多快把這個組合轉向更多商業客戶？以及因此帶來的毛利或產能利用率提升，大概可能會是什麼樣子？

Yeah. Andre, I’ll start with that. Maybe Michael add to it. First off, it’s about 70-30 Navy and commercial nuclear at this point. And scattered across two sites, York, Pennsylvania and Florence, New Jersey. Both of them are good sites. There’s a lot of manufacturing capacity, and we mentioned in the script that there are 400 employees there.

好的。Andre，我先回答這個問題。也許 Michael 再補充。首先，目前大約是 70-30 的比例：海軍與商業核能。而且分布在兩個廠址：賓夕法尼亞州約克（York）以及新澤西州佛羅倫斯（Florence）。兩個廠址都很不錯。那裡有大量製造產能，我們也在講稿中提到那裡有 400 名員工。

There’s more capacity. There’s plenty of available capacity. So one of the things that we can do right away is we can move some work that we’ve been outsourcing from our commercial business right into those plants. And in so doing, we can capture the profits that are otherwise going to the supply chain. So that’s an immediate opportunity for us.

還有更多產能。可用產能非常充足。因此我們可以立刻做的一件事，就是把我們商業業務中目前外包的一些工作，直接移回到這些工廠內部生產。這樣一來，我們就能把原本流向供應鏈的利潤留在公司。所以這對我們而言是立即的機會。

And let me also say, we’re absolutely going to satisfy the needs of our existing customers with the Navy and other government customers. We’re under contract to deliver. We will absolutely deliver, no question about that. But over the course of time, we’ll probably change the complexion of the portfolio on that business more toward commercial because that’s where we need the capacity.

另外我也要說，我們一定會滿足現有客戶（包括海軍及其他政府客戶）的需求。我們有合約在身，需要交付。我們一定會交付，毫無疑問。但隨著時間推進，我們可能會把該業務的組合逐步調整得更偏向商業端，因為那才是我們需要產能的地方。

Mike, do you have --?

Mike，你有--？

Yeah. Andre, just the way I would think about it, we have roughly, we believe, about 50% capacity that can be utilized. Now, the reality is it’s going to take some time to ramp up and hire the workforce. You got 400 people. Let’s assume that we can hire a few folks per week. I mean, it’s still going to take a few years to get to kind of a full ramp.

有的。Andre，我的看法是，我們大約有、我們認為約 50% 的產能可以被利用。但現實是，擴產需要一些時間來爬坡並招募人力。你們現在有 400 人。假設我們每週能招到幾位新員工。我的意思是，要達到接近完全爬坡，仍然需要幾年時間。

So I think there’s some -- as Rex mentioned, there’s some immediate opportunities for us to move some things in-house, and I think that’ll be accretive from a margin standpoint. But when we looked at the business case, we looked at kind of a longer ramp and just making sure that that still made sense financially, and it certainly did.

所以我認為，如 Rex 所提到的，我們有一些立即的機會把部分項目內製化，我認為從毛利角度看會是增益（accretive）的。但在我們評估商業案例時，我們是以較長期的爬坡來看，並確認在財務上仍然合理，而結果確實如此。

I think on the margin side, we disclosed it’s low double-digit EBITDA margins today. We certainly think as we have opportunities to increase that slightly as we increase scale and we focus on kind of insourcing certain aspects of -- from a supply chain perspective where we can capture that margin as well. So there’s certain opportunity to expand over time.

在利潤率方面，我們已揭露目前 EBITDA 利潤率為低雙位數。我們當然認為，隨著規模提升，以及我們把供應鏈中某些環節內製化、把那部分利潤也納入公司，我們有機會讓利潤率小幅提高。因此，隨時間推進確實存在擴張的機會。

Got it, got it. That’s really helpful. I think you also mentioned AUKUS. It’s been a while since we’ve heard a more fleshed out update there. Any color you can provide us the conversations that you’re maybe having and how you’re gearing up to support the effort? I know you kind of have a lot of shots on goal there.

了解，了解。這非常有幫助。我想你們也提到了 AUKUS。我們有一段時間沒聽到更完整的更新了。你能否分享一些你們目前可能在進行的對話，以及你們如何準備來支持這項工作？我知道你們在那邊有很多機會。

I don’t think there’s anything really new to disclose. I would say we continue to our build from an infrastructure standpoint to support from an AUKUS. We’ve seen good funding support for that. And so, we continue those capacity build-outs and we’re anxious for future awards. But a lot of good support for it’s continuing, but I don’t think anything else to really disclose at this point.

我認為目前沒有什麼真正新的內容可以揭露。我會說，我們持續從基礎設施的角度建置，以支援 AUKUS。我們也看到對此有良好的資金支持。因此我們持續進行這些產能擴建，也期待未來的標案授予。整體而言支持力道持續，但我想目前沒有其他需要揭露的內容。

There are no further questions at this time. I will now turn the call back over to Chase Jacobson for closing remarks.

目前沒有其他問題。我現在把電話交回給 Chase Jacobson 作結語。

Yeah. Thank you, and thank you everyone for joining us today. We look forward to speaking with many of you and seeing you at upcoming investor events. We’ll be on the road and at a few conferences over the next month or so. If you have any questions, feel free to reach out at investors@bwxt.com.

好的。謝謝，也謝謝各位今天加入我們。我們期待與各位中的許多人進一步交流，並在接下來的投資人活動中與各位見面。接下來一個月左右，我們會外出拜訪並參加幾場會議。如果你有任何問題，歡迎透過 investors@bwxt.com 與我們聯繫。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。