Terrestrial Energy Inc (IMSR) 2026 Q1 法說會逐字稿

Greetings. Welcome to Terrestrial Energy First Quarter 2026 Earnings Call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Tyler Gronbach, Vice President, Investor Relations and Public Relations. Thank you.

各位好。歡迎參加 Terrestrial Energy 2026 年第一季財報電話會議。（接線員指示）請注意，本次會議將被錄音。我現在把會議交給投資人關係與公共關係副總裁 Tyler Gronbach。謝謝。

You may begin.

您可以開始。

Thank you, operator. Good morning, everyone, and welcome to Terrestrial Energy's First Quarter 2026 Earnings Conference Call. I'm Tyler Gronbach, Vice President of Investor Relations and Public Relations. Joining me today are Simon Irish, Chief Executive Officer; and Brian Thrasher, Chief Financial Officer. Simon will begin with a review of our strategic and operational progress during the quarter, and Brian will follow with a discussion of our financial results.

謝謝，接線員。各位早安，歡迎參加 Terrestrial Energy 2026 年第一季財報電話會議。我是投資人關係與公共關係副總裁 Tyler Gronbach。今天與我一同出席的有執行長 Simon Irish，以及財務長 Brian Thrasher。Simon 將先回顧本季我們在策略與營運方面的進展，接著 Brian 將說明我們的財務結果。

We will then open the call for questions.

之後我們將開放提問。

Before we begin, I'd like to remind you that we have posted the quarterly results press release and summary slides to the Investor Relations section of our website at terrestrialenergy.com. I'd also like to remind you that today's discussion will include forward-looking statements about our business, operations and financial outlook. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. We encourage you to review the risk factors described in our SEC filings for a more complete discussion of these risks. With that, I'll turn the call over to Simon.

在開始之前，我想提醒各位，我們已將本季財報新聞稿與摘要簡報上傳至我們網站 terrestrialenergy.com 的投資人關係專區。我也想提醒各位，今天的討論將包含關於我們業務、營運與財務展望的前瞻性陳述。這些陳述係基於管理層目前的預期，並受可能導致實際結果與之有重大差異的風險與不確定性影響。我們鼓勵各位查閱我們向 SEC 提交文件中所述的風險因素，以更完整了解這些風險。接下來，我把電話交給 Simon。

Thank you, Tyler, and good morning, everyone. When we last spoke in March, we outlined a three-pillar framework for assessing our progress and our commitment to disciplined execution against clear milestones. Today, I will report on first quarter progress against that framework, and Brian then will discuss our financial results. Before I turn to first quarter developments, let me briefly affirm the context in which we are operating. The generational shift in energy demand and policy that we described at year-end has only intensified in the month since.

謝謝你，Tyler，各位早安。上次我們在三月通話時，我們提出一個三支柱架構，用以評估我們的進展，以及我們對於依據明確里程碑進行紀律性執行的承諾。今天我將就第一季在該架構下的進展進行報告，之後 Brian 會討論我們的財務結果。在我談第一季的進展之前，先簡要重申我們所處的背景。我們在年末所描述的能源需求與政策的世代性轉變，在此後的月份中只變得更加明顯。

It is secular, long term and compelling.

這是一個結構性、長期且極具吸引力的趨勢。

Electricity demand expectations continue to rise, driven by AI infrastructure, the reshoring of manufacturing capacity and broader electrification. Energy security is again a dominant policy theme across advanced economies. Against this market backdrop, the IMSR plant is powerfully and competitively differentiated. Let me briefly remind you of just two of those differentiators. First, size, affordability and capital efficiency.

在 AI 基礎設施、製造產能回流以及更廣泛的電氣化推動下，對電力需求的預期持續上升。能源安全再次成為先進經濟體的主導政策主題。在這樣的市場背景下，IMSR 電廠具備強而有力且具競爭力的差異化優勢。我簡要提醒各位其中兩項差異化因素。第一，規模、可負擔性與資本效率。

At one-sixth the size of a conventional nuclear plant, the IMSR plant is right-sized for the growth market opportunity today. Its steam turbines operate at near 50% greater efficiency than those driven by a light water reactor. Its nuclear systems operate at low pressure and with high inherent safety. All are powerful competitive economic virtues that increase affordability and financeability, reduce risk and secure strong social license for deployment.

IMSR 電廠的規模僅為傳統核電廠的六分之一，正好符合當前成長型市場機會的適當規模。其蒸汽渦輪機的運轉效率比輕水反應爐驅動的渦輪機高出近 50%。其核能系統在低壓下運行，並具備高度的固有安全性。這些都是強大的競爭性經濟優勢，可提升可負擔性與可融資性、降低風險，並為部署取得強大的社會許可。

Second, our fuel strategy, and I want to spend a few moments on this point. The IMSR plant uses standard nuclear fuel, uranium at standard enrichment, i.e., less than 5% U-235, which has become the world's standard over many decades. This was a strategic choice that we made more than a decade ago, deliberately avoiding HALEU fuel use, i.e., fuel at enrichment levels of between 15% and 20% U-235, the levels required by other Generation IV reactors in the advanced nuclear sector.

第二，我們的燃料策略，我想就此多談幾分鐘。IMSR 電廠使用標準核燃料，即標準濃縮度的鈾，也就是 U-235 含量低於 5%，這在過去數十年已成為全球標準。這是我們在十多年前做出的策略性選擇，刻意避免使用 HALEU 燃料，也就是 U-235 濃縮度介於 15% 至 20% 的燃料；這些濃縮度是先進核能領域其他第四代反應爐所需要的。

In today's HALEU enrichment-constrained industry, our decision has removed the considerable challenges, costs and uncertainty of HALEU fuel supply at commercial scale. It also has the benefit of reducing regulated complexity and cost, both for first plant and for fleet. This is relevant to our competitive positioning and to how we believe the market should evaluate deployment readiness in our sector. Companies that choose HALEU fuel for advanced reactors now face a considerable fuel supply timeline and infrastructure cost challenge, which we have resolved more than a decade ago. As I described in March, our three-pillar framework guides how we assess and report progress.

在當前 HALEU 濃縮產能受限的產業環境下，我們的決策消除了商業規模 HALEU 燃料供應所面臨的重大挑戰、成本與不確定性。同時也有助於降低受監管的複雜度與成本，無論是首座電廠或後續機組群皆然。這與我們的競爭定位相關，也關係到我們認為市場應如何評估本產業的部署就緒度。如今選擇以 HALEU 作為先進反應爐燃料的公司，面臨相當可觀的燃料供應時程與基礎設施成本挑戰，而我們在十多年前就已解決。如我在三月所述，我們的三支柱架構指引我們如何評估並報告進展。

The first pillar covers IMSR engineering and regulatory developments, including Project TETRA, our test reactor assembly and Project TEFLA, our fuel line assembly. The second covers supply chain development and the third covers our commercial pipeline of IMSR plants. Let me walk through first quarter progress for each of these three. First, our engineering and regulatory pillar. Early in the quarter, we completed OTA contract with the DOE to advance Project TETRA, our test reactor assembly and Project TEFLA, our fuel line assembly.

第一支柱涵蓋 IMSR 工程與法規進展，包括 Project TETRA（我們的測試反應爐組裝）以及 Project TEFLA（我們的燃料產線組裝）。第二支柱涵蓋供應鏈發展，第三支柱涵蓋我們 IMSR 電廠的商業專案管線。接下來我將逐一說明第一季在這三方面的進展。首先是工程與法規支柱。本季初，我們完成與美國能源部（DOE）的 OTA 合約，以推進 Project TETRA（測試反應爐組裝）與 Project TEFLA（燃料產線組裝）。

The projects support engineering and regulatory programs for IMSR plant commercial operation and the infrastructure development for IMSR plant fuel supply.

這些專案支援 IMSR 電廠商業運轉的工程與法規計畫，以及 IMSR 電廠燃料供應的基礎設施建置。

Our graphite irradiation testing and supply activities are ongoing at NRG Petten, one of the world's most powerful test reactors. This work is essential for reactor materials qualification, supplier selection and licensing readiness. Subsequent to quarter end, we achieved another foundational regulatory milestone with the Nuclear Regulatory Commission. We completed final submissions to the NRC supporting our Postulated Initiating Events methodology or PIE, Topical Report, and the NRC has subsequently approved that Topical Report issuing its Safety Evaluation Report.

我們在 NRG Petten（全球最強大的測試反應爐之一）進行的石墨照射測試與供應相關工作仍在持續進行。這項工作對於反應爐材料資格認證、供應商遴選與取得許可的就緒度至關重要。在季末之後，我們與美國核能管理委員會（NRC）達成另一項基礎性的法規里程碑。我們已完成向 NRC 的最終提交，以支持我們的「假設起始事件」方法（Postulated Initiating Events，PIE）專題報告（Topical Report），而 NRC 隨後已核准該專題報告並發布其安全評估報告（Safety Evaluation Report）。

The details are in Tuesday's press release, but let me underscore what this means. The Safety Evaluation Report establishes an important methodology for IMSR safety analysis. It forms part of the future licensing basis of the IMSR plant as it can be referenced in future licensing applications without reevaluation. The role of Topical Reports with associated Safety Evaluation Reports reduces the scope of subsequent regulatory reviews, improves predictability by resolving key safety analyses early and increases confidence in the licensing pathway to commercial operations.

細節已載於週二的新聞稿，但我想強調其意義。該安全評估報告確立了 IMSR 安全分析的一項重要方法學。它構成 IMSR 電廠未來許可基礎的一部分，因為在未來的許可申請中可直接引用而無需重新評估。具備安全評估報告的專題報告之作用，在於縮小後續法規審查範圍、透過及早解決關鍵安全分析提升可預測性，並提高對通往商業運轉之許可路徑的信心。

Furthermore, it also enables repeated use of agreed safety frameworks for licensing of multiple IMSR plants, which is important as we look through first plant to establishing deployment efficiencies at fleet-scale. The PIE Safety Evaluation Report follows on from the NRC's 2025 Safety Evaluation Report for the IMSR's principal design criteria. Together, these two approved analyses establish foundational elements of the IMSR plant's licensing basis.

此外，它也使得在多座 IMSR 電廠的許可申請中可重複使用已同意的安全框架；當我們從首座電廠展望到以機組群規模建立部署效率時，這一點非常重要。PIE 安全評估報告延續了 NRC 於 2025 年針對 IMSR 主要設計準則所發布的安全評估報告。這兩項已核准的分析共同建立了 IMSR 電廠許可基礎的關鍵要素。

Our completion of this work reflects the depth and duration of our engineering engagement with the NRC. Turning to the second pillar, supply chain developments. Our relationships with industry nuclear suppliers remain in active execution, supporting the fabrication of reactor components and the development of fuel supply infrastructure. Over the quarter, we built our supplier group for the execution of projects TETRA and TEFLA.

我們完成這項工作，反映出我們與 NRC 在工程層面互動的深度與長期投入。接著談第二支柱：供應鏈進展。我們與核能產業供應商的合作關係仍在積極執行中，支援反應爐組件的製造以及燃料供應基礎設施的建置。本季期間，我們擴充了供應商群組，以執行 Project TETRA 與 Project TEFLA。

Turning to the third pillar, our commercial pipeline of IMSR Plant projects. Following quarter end, we executed an MOU with Riot Platforms, creating the opportunity for a best-in-class pairing of data center and nuclear plant. The company plans to co-locate IMSR Plants with Riot developed data centers serving AI and high-performance compute applications. The agreement covers multiple project opportunities across the U.S. and the use of natural gas as a bridge fuel to accelerate commercial power supply and enhance resilience during full plant operation.

接著談第三支柱：IMSR 電廠專案的商業管線。季末之後，我們與 Riot Platforms 簽署了一份 MOU，創造了資料中心與核電廠的同級最佳（best-in-class）組合機會。該公司計畫將 IMSR 電廠與 Riot 開發的資料中心共址，以服務 AI 與高效能運算應用。該協議涵蓋美國境內多個專案機會，並將天然氣作為過渡燃料，以加速商業供電並在電廠全面運轉期間提升韌性。

This relationship establishes a hyperscale data center commercial channel for IMSR Plants. It further underscores the demand side value of the IMSR Plant design and our business model. And it reflects exactly the kind of high-value industrial application the IMSR Plant is designed to serve.

這項合作關係為 IMSR 電廠建立了一條超大規模（hyperscale）資料中心的商業通路。它進一步凸顯 IMSR 電廠設計與我們商業模式在需求端的價值，也正反映出 IMSR 電廠所設計要服務的那類高價值工業應用。

Our commercial pipeline consists of approximately 10 IMSR Plant projects. With the Riot relationship, this pipeline represents 7.8 gigawatts of indicative power capacity. The IMSR Plant's combination of affordability, capital efficiency, siting flexibility, customized supply make it well suited to the growth opportunity today. Over the quarter, we executed against clearly defined milestones, advancing across all three pillars of our business plan, always looking past the deployment of a single IMSR Plant to a fleet operating in the 2030s. With that, I will now turn the call over to Brian Thrasher, our Chief Financial Officer, to review our financial results.

我們的商業管線包含約 10 個 IMSR 電廠專案。隨著與 Riot 的合作，該管線代表 7.8 吉瓦的指示性發電容量。IMSR 電廠兼具可負擔性、資本效率、選址彈性與客製化供應，使其非常適合當前的成長機會。本季我們依據明確定義的里程碑執行，在商業計畫的三大支柱上全面推進，並始終不僅著眼於部署單一 IMSR 電廠，而是展望在 2030 年代運轉的機組群。接下來，我將把電話交給我們的財務長 Brian Thrasher，請他回顧我們的財務結果。

Thank you, Simon, and good morning, everyone. First quarter results indicate a clean balance sheet, disciplined cash management and continued investment in the engineering process and resources for commercial execution. Please note that year-over-year comparisons are unlikely to be informative this quarter given the transformations in the business in 2025. We're presenting results on a sequential quarter basis, which we believe to be a more relevant indicator of company performance.

謝謝你，Simon，各位早安。第一季的結果顯示資產負債表乾淨、現金管理嚴謹，並持續投資於工程流程與商業執行所需的資源。請注意，鑑於公司在 2025 年的業務轉型，本季的年對年比較可能不具參考性。我們將以逐季（環比）基礎呈現結果，我們認為這更能反映公司的表現。

At quarter end, we held total cash and cash investments of $289.9 million. This compares to $297.8 million at year-end 2025. Cash burn for the quarter was $7.9 million, an increase of $1.8 million compared to the prior quarter after consideration of one-time transaction costs associated with the 2025 merger. Two items drove the majority of this increase. First, a first quarter 2026 payment of $600,000 for 2025 discretionary bonuses; and second, $1 million paydown of accounts payable for vendors offering extended credit terms.

截至季末，我們持有的現金及現金投資總額為 2.899 億美元。相較之下，2025 年底為 2.978 億美元。本季現金消耗為 790 萬美元，較前一季增加 180 萬美元（已考量與 2025 年合併相關的一次性交易成本）。此增幅主要由兩項因素驅動：第一，於 2026 年第一季支付 60 萬美元的 2025 年度酌情獎金；第二，向提供延長信用條款的供應商償付 100 萬美元的應付帳款。

The remaining $200,000 increase of first quarter cash burn is attributable to higher sequential payments for research and development costs.

第一季現金消耗其餘增加的 20 萬美元，主要歸因於研發成本的逐季支付金額上升。

We expect cash burn to increase throughout 2026 as we scale our organization and resources, material testing and qualification, supplier selection activities and project-related work. This is the continuation of the ramp we began in fourth quarter last year following the completion of the merger transaction. I'll now turn to operating expenses. Research and development expenses were up $1 million sequentially, driven by our fuel development and graphite testing programs. General and administrative expenses were up $4.6 million sequentially, primarily reflecting headcount and stock-based compensation as we build out the public company team.

我們預期 2026 年全年現金消耗將隨著我們擴大組織與資源、材料測試與資格認證、供應商遴選活動以及專案相關工作而增加。這是我們在去年第四季完成合併交易後開始加速擴張的延續。接下來談營運費用。研發費用逐季增加 100 萬美元，主要由燃料開發與石墨測試計畫所帶動。一般及行政費用逐季增加 460 萬美元，主要反映我們在建立上市公司團隊過程中的人力增聘與以股份為基礎的薪酬。

The fourth quarter of 2025 also included a credit of approximately $2.7 million from legal and accounting expenses that were capitalized in conjunction with the merger accounting.

2025 年第四季亦包含約 270 萬美元的法律與會計費用貸項，該等費用係配合合併會計處理而資本化。

Turning to our capitalization table. Issued and outstanding shares were up modestly approximately 100,000 shares from stock option exercises during the quarter. Share count is effectively unchanged from year-end 2025. In summary, our balance sheet is straightforward, clean and tight. Cash and short-term investments make up the vast majority of our assets, liabilities are limited.

接著看我們的資本結構表。本季因員工認股權行使，已發行且流通在外股數小幅增加約 10 萬股。股數相較 2025 年底基本上沒有變化。總結而言，我們的資產負債表結構簡單、乾淨且緊實。現金與短期投資占我們資產的絕大部分，負債則相對有限。

We have modest current liabilities and lease obligations and no debt. The company continues to hold a strong capital position to execute against the milestones Simon has outlined. That concludes our prepared remarks. Operator, please open the line for questions.

我們僅有適度的流動負債與租賃義務，且沒有任何債務。公司仍維持強健的資本部位，以推進 Simon 所概述的各項里程碑。以上為我們的準備發言。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Derek Soderbergh, Cantor Fitzgerald.

Derek Soderbergh，Cantor Fitzgerald。

Thanks for taking the questions. So Simon, I appreciate the color on the SALEU and HALEU dynamic. That distinction certainly makes sense as a differentiator to other Gen 4 reactors at the feedstock level. So the next step is taking that and deconverting it and fabricating it into molten salt, right? So I'm curious if you can walk us through the TEFLA pilot plant timeline, when you expect commercial scale fuel production there to be online maybe relative to the first plant deployment? And then sort of on top of that, is fuel fabrication sort of the binding constraint to the deployment schedule here?

謝謝讓我提問。Simon，我很感謝你對 SALEU 與 HALEU 之間動態的補充說明。這種區分作為與其他第四代反應爐在原料層級的差異化，確實合理。那下一步就是把它拿去做反轉換（deconversion），並製造成熔鹽，對吧？所以我想請你帶我們了解一下 TEFLA 試驗工廠的時程：你們預期那裡的商業規模燃料生產何時能上線，可能相對於第一座電廠部署的時間點？另外再延伸問一下，燃料製造是否是目前部署時程的主要瓶頸？

Yes. Derek, thanks for the question. Good question. So in terms of our fuel -- entire fuel supply program, we have been providing, sort of, more detail on exactly how we're going to achieve fleet level supply of HALEU fuel. The end reactor feed is IMSR fuel salts.

是的。Derek，謝謝你的提問。好問題。就我們的燃料——整體燃料供應計畫而言，我們一直在提供更多細節，說明我們將如何達成艦隊層級的 HALEU 燃料供應。反應爐端的最終進料是 IMSR 燃料鹽。

HALEU is the enriched material that comes out of enrichment plant. It's the first link of the supply chain. The reason we emphasize that, the HALEU and simply talk about HALEU to the degree that we do at the moment is because without it, there's no supply chain because it's the first link.

HALEU 是從濃縮廠產出的濃縮材料，是供應鏈的第一個環節。我們之所以強調這一點、並在目前階段如此著重談 HALEU，是因為沒有它就沒有供應鏈——它是第一個環節。

So HALEU is extremely important. We have in our Westinghouse, last Westinghouse press release indicated what the next link is, which is to your point about deconversion. The next link is deconverting to the chemical form we need, which is uranium tetrafluoride. -- and deconversion and conversion from uranium into fluoride is very much -- that chemistry is very much part of the whole nuclear supply chain.

因此 HALEU 極其重要。我們在與 Westinghouse 相關的資訊中——上一則 Westinghouse 新聞稿已指出下一個環節——也就是你提到的反轉換。下一個環節是反轉換成我們所需的化學形態，也就是四氟化鈾。而反轉換以及將鈾轉換為氟化物，這些化學製程本來就是整個核燃料供應鏈的重要一環。

The deconversion that we need, though, from hex, which comes out in the enrichment plant, is the deconversion of uranium of enriched uranium at that fluoride level. So we need to -- the end product, the chemical form is uranium tetrafluoride. The physical form for reactor feed is IMSR fuel salt. So there are additional steps to come up with the physical form. But keep one point, Derek, on the physical form.

不過，我們所需要的反轉換，是把濃縮廠產出的六氟化物（hex）在氟化物層級上，對濃縮鈾進行反轉換。因此我們需要——最終產品的化學形態是四氟化鈾。反應爐進料的物理形態是 IMSR 燃料鹽。所以還需要額外步驟才能形成該物理形態。但 Derek，請先記住關於物理形態的一點。

The physical form is not this extraordinary detailed reactor assembly, which is nuclear fuel as we've known it today, that's fuel bundle. The form that -- we don't have a physical form in that context. So manufacturing is simply a chemical production process to create a final fuel form, which is the IMSR fuel salt, which is in a fluoride -- it's a fluoride chemistry, it's a fluoride form to the precise requirements from a purity perspective to make it licensed reactor feed for a licensed plant.

這個物理形態並不是那種極其精密的反應爐組件——也就是我們今天所熟知的核燃料燃料束（fuel bundle）。在那個脈絡下，我們並不存在那樣的物理形態。因此製造本質上就是一個化學生產流程，用以形成最終燃料形態——IMSR 燃料鹽；它屬於氟化物——是氟化物化學體系，並需在純度等面向符合精確要求，才能作為取得許可之電廠的、可取得許可的反應爐進料。

So there are additional steps. Those additional steps are the steps that we will be developing in Project TEFLA at the pilot level. And this is why Project TEFLA is important and so important to one of the key elements of our business plan. We're not looking to build and operate. But nonetheless, we are looking to be principal in fuel supply.

所以還有額外步驟。而這些額外步驟，就是我們將在 TEFLA 專案中以試驗（pilot）規模來開發的步驟。這也是為什麼 TEFLA 專案很重要，並且對我們商業計畫中的關鍵要素如此重要。我們不打算自建自營電廠；但即便如此，我們仍希望在燃料供應方面扮演主要角色。

and to be principal in IMSR core unit supply as well.

並且也要在 IMSR 爐心模組（core unit）供應方面扮演主要角色。

So with respect to how we go about as a business, establishing ourselves as a principal in fuel supply production, that final step of the process where we think there's an opportunity for us to add considerable value, particularly from an IP perspective, that final step of the process is Project TEFLA plays a very big role in us perfecting and industrializing the processes that will need to be put in place to create that final fuel form, which is the IMSR fuel salt, the final reactor feed that goes into the reactor.

因此，就我們作為一家企業如何建立自己在燃料供應生產中的主要地位而言，在流程的最後一步——我們認為在此有機會創造相當大的價值，特別是從智慧財產（IP）的角度——那最後一步中，TEFLA 專案扮演非常重要的角色，協助我們完善並工業化必須建立的製程，以產出最終燃料形態，也就是 IMSR 燃料鹽——最終送入反應爐的反應爐進料。

Got it. Really appreciate the color on that. And then with the PIE Topical Report approved by the NRC, what sort of are the next regulatory submissions we should be watching out for as you guys prepare for the formal site licensing and construction?

了解。非常感謝你補充這些細節。接著，既然 PIE Topical Report 已獲 NRC 核准，接下來在你們準備正式的場址許可與施工之前，我們應該關注哪些後續的監管送件？

Well, thanks, Derek. So in terms of regulatory preparedness, I would say there are two great branches of this for anyone in the market today. The first one is preparing for operating license because making the case that your nuclear systems are compliant with nuclear safety standards. And the other great branch is the construction permit where you have the opportunity to sign off on all the large environmental requirements and start the process of constructing the plant. So the -- I think the -- everyone in our space is working on both construction permits, pay a lot of attention construction permits.

謝謝你，Derek。就監管準備而言，我會說對於目前市場上的任何公司來說，這大致分成兩大主軸。第一個是為營運許可（operating license）做準備，因為你必須證明你的核系統符合核安全標準。另一個主軸是施工許可（construction permit），你可以在此完成所有重大環境要求的核可，並啟動電廠施工流程。所以——我想——我們這個領域的所有公司都同時在推進施工許可與營運許可，也非常關注施工許可。

But they didn't say much at all about the safety of nuclear systems. The safety of nuclear systems is associated with your preparedness to submit an operating license.

但他們幾乎完全沒有談到核系統的安全性。核系統的安全性，則與你是否已準備好提交營運許可申請相關。

And that preparedness can be established clearly from a milestone perspective with how you're getting on with your -- with the Topical Report submissions because a Topical Report submission allows you to discharge an element of safety analysis that will ultimately go into that final operating license.

而這種準備程度可以從里程碑的角度清楚地建立，具體取決於你們在——在專題報告（Topical Report）提交方面的進展，因為提交專題報告可讓你們完成一部分安全分析，而這些內容最終將納入最終的運轉執照。

So we're pleased to report in 2025 and pleased to report very recently the progress we're making with submitting Topical Reports to the NRC, engaging with staff and the NRC on a timely basis responding with the issuance of the approval of the Topical Report and the issuance of the Safety Evaluation Report.

因此，我們很高興在 2025 年報告，也很高興在最近報告我們在向 NRC 提交專題報告、與 NRC 及其工作人員互動，以及及時回應並促成專題報告核准與安全評估報告（Safety Evaluation Report）的發布方面所取得的進展。

And it's those elements, Topical Reports with the safety analysis has been approved, that approved methodology, which is valuable and puts you in an increasingly confident position to submit the operating license. And it's the operating license that allows you to operate a nuclear plant for a commercial purpose. The construction permit just allows you to move your EPC guys onto the site.

而正是這些要素——已獲核准的安全分析專題報告、以及那套已核准的方法學——具有價值，並讓你們在提交運轉執照方面處於愈來愈有信心的位置。運轉執照才是讓你能以商業目的運轉核電廠的許可；施工許可只允許你把 EPC 團隊帶進工地。

It's the operating license that is the end game.

運轉執照才是最終目標。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Hey, good morning, everyone. Thank you for taking my question. I'd like to continue on the fuel thread. Have you explored the use of LEU+ in your reactor design? Thanks.

各位早安。謝謝讓我提問。我想延續燃料這條主題。你們是否在反應爐設計中探索過使用 LEU+？謝謝。

Yes. We -- I mean, this is going back a bit, George, when we sort of made our decision 10 years ago to use standard nuclear fuel. LEU+ could potentially have some technical benefits that may manifest in commercial benefits as well. If it becomes readily available and easily available, we will look at this quite carefully. But our analysis would be that from a commercial perspective, it would be, I think, sort of quite a marginal development.

是的。我們——我的意思是，這要回溯一段時間，George，當我們在 10 年前做出使用標準核燃料的決定時。LEU+ 可能帶來一些技術上的好處，而這些好處也可能體現在商業效益上。如果它變得容易取得且供應充足，我們會非常仔細地評估。不過我們的分析是，從商業角度來看，我認為這可能只是相當邊際的發展。

But definitely, we'll look at it if it becomes broadly available.

但如果它能廣泛供應，我們一定會研究。

Thank you. And the design is flexible enough such that I would assume that you could feed it into the reactor.

謝謝。而且設計的彈性應該足夠，我想你們可以把它裝載到反應爐中。

Yes. I mean, George, from a design perspective, our design, you could view us as the diesel engine of nuclear reactor systems. It can take a massive array of fuel without that long and extremely expensive regulatory requirement, which is qualifying a physical fuel form. We don't use a physical fuel. We use liquid fuel.

是的。我的意思是，George，從設計角度來看，我們的設計——你可以把我們視為核反應爐系統中的柴油引擎。它可以使用非常多樣的燃料，而不需要那種漫長且極其昂貴的監管要求，也就是對某種實體燃料形態進行資格認證。我們不使用實體燃料；我們使用液態燃料。

So at the one end, you can very easily and comfortably use LEU enriched to no more than 5%, which we are at the moment, and that's a very secure place to start. But at the other end, we could be, if market circumstances and policy circumstances dictate, we could be very active in using spent nuclear fuel, plutonium, thorium and all these other exotic fuels that are floating around.

因此，一端你可以非常容易且安心地使用濃縮度不超過 5% 的 LEU——我們目前就是如此——這是一個非常穩健的起點。但另一端，如果市場情勢與政策情勢要求，我們也可以非常積極地使用用過核燃料、鈽、釷，以及其他各種正在流通的特殊燃料。

We are -- our system could very, very comfortably accommodate all these other nuclear fuels. The reason that we haven't gone there is because we think the problem to solve is not a fuel -- is not sort of to use these funky fuels. We think the problem to solve is affordability and cost.

我們——我們的系統可以非常、非常輕鬆地容納所有這些其他核燃料。我們之所以尚未走到那一步，是因為我們認為要解決的問題不是燃料——不是去使用這些花俏的燃料。我們認為要解決的問題是可負擔性與成本。

So we're keeping it simple at the front end, focused on what matters commercially, which is the affordability of the nuclear plant, is capital efficiency and the cost of power. And so that has driven our -- so far, our commercial focus to just using what we call standard-assay LEU. But we do recognize tremendous potential in using spent nuclear fuel, plutonium, thorium and all the other exotic fuels that are occasionally advocated in the market.

所以我們在前端保持簡單，聚焦於商業上真正重要的事，也就是核電廠的可負擔性、資本效率與電力成本。因此，這也驅動了我們——截至目前——的商業重點僅使用我們所稱的標準濃縮度 LEU。不過我們確實認知到，使用用過核燃料、鈽、釷以及市場上偶爾被倡議的其他特殊燃料，具有巨大的潛力。

Thank you. And maybe just last question for me. Just your thoughts on Part 57. It appears to be just some inklings of detail there. Any potential leverage you could have in terms of using it to accelerate your pathway? Thank you.

謝謝。也許我最後一個問題：你對 Part 57 有什麼看法？看起來只是一些細節的端倪。你們是否有可能利用它來加速你們的路徑？謝謝。

Well, yes, I mean, Part 57 is -- I believe that's microreactors, George. Our regulatory team has not forwarded it as a relevant regulatory development for Terrestrial Energy, but I believe it's more focused on microreactors where you have sort of -- is that correct?

嗯，是的。我的意思是，Part 57——我相信那是關於微型反應爐（microreactors），George。我們的法規團隊並未將其視為對 Terrestrial Energy 相關的監管發展，但我相信它更聚焦在微型反應爐，也就是你有某種——這樣說對嗎？

I think that's right. But I think there are bits related to waste that may be leverageable. Just sort of curious because we're trying to figure out exactly what it means and how leverageable it is to other companies outside the microreactor space.

我想是的。但我認為其中有一些與廢棄物相關的部分可能可以加以利用。我只是好奇，因為我們正試著弄清楚它到底代表什麼，以及對微型反應爐領域以外的其他公司而言可利用的程度有多高。

Yes, George, I'm happy to go offline and have a discussion on that after sort of consulting with our regulatory team. The one that we are sort of focused on is Part 53 because that is a possibility, a practical possibility of a different licensing pathway for us, both to first plant and also to fleet.

是的，George，我很樂意在我先與我們的法規團隊確認之後，私下再討論。我們目前比較聚焦的是 Part 53，因為那對我們而言是一種可能性——一種實際可行的不同許可路徑，無論是首座電廠，或是後續機組群（fleet）。

Thank you so much.

非常感謝。

Yes, thank you.

是的，謝謝。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

Yes, thanks for letting me back in here. Just a couple more. First, regarding the executed OTA agreements with the DOE. Is that going to help you guys at all with capital expenditures for the TETRA and TEFLA programs over the next year or so?

是的，謝謝讓我再插問幾個。首先，關於與 DOE 已簽署的 OTA 協議。這是否會在未來一年左右，對你們在 TETRA 與 TEFLA 計畫的資本支出方面有所幫助？

Well, Derek, I think sort, of perhaps indirectly, because capital likes regulatory clarity to achieve project goals. And that OTA authority, that OTA contract with the Department of Energy provides that regulatory clarity that we need to get TETRA and TEFLA done. So yes, it does help from a capital perspective in that regard.

嗯，Derek，我想某種程度上——也許是間接的——因為資本要達成專案目標，會偏好監管上的明確性。而那項 OTA 授權、以及與能源部（Department of Energy）的 OTA 合約，提供了我們完成 TETRA 與 TEFLA 所需的監管明確性。所以是的，從資本角度來看，確實在這方面有所幫助。

Got it. Got it. And then my final one, just on your pipeline of 10 projects. I think in the past, you guys have talked about potentially declaring, I think, one to three additional projects this year, and you've got the Riot MOU now announced. Are you still tracking towards additional site or partner disclosures this year?

了解，了解。那我最後一個問題，關於你們 10 個專案的管線。過去你們曾提到今年可能會宣布——我記得是——再增加 1 到 3 個專案，而現在也已宣布 Riot 的 MOU。你們是否仍按計畫在今年揭露更多場址或合作夥伴？

Yes. I mean we reiterate the guidance we issued in March with one to three additional projects. And obviously, tracking against that is-- it was clearly the Riot announcement from a couple of weeks back.

是的。我們重申 3 月發布的指引，也就是再增加 1 到 3 個專案。很明顯地，對照該目標的進展——就是幾週前的 Riot 公告。

Perfect. Thanks.

很好，謝謝。

With no further questions, I would like to hand the conference back over to Simon for closing remarks.

若沒有進一步的問題，我想把電話會議交回給 Simon 作結語。

Thank you. So, thank you for joining us today and your interest in the company. We set expectations for the year ahead last quarter, and we're pleased with the progress this quarter against that benchmark. The work ahead of us is all about execution. We look forward to demonstrating that milestone by milestone through 2026 and beyond.

謝謝。那麼，感謝各位今天加入我們並關注本公司。我們在上一季為未來一年設定了預期，而我們對本季相對於該基準所取得的進展感到滿意。接下來的工作重點全在執行。我們期待在 2026 年及其後，逐一以里程碑方式展現成果。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，並感謝您的參與。