Terrestrial Energy Inc (IMSR) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Terrestrial Energy's second quarter 2026 earnings call.

各位好，歡迎參加 Terrestrial Energy 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note this conference is being recorded.

請注意，本次會議將被錄音。

I will now turn the conference over to your host, Tyler Gronbach, VP, Investor Relations and Public Relations. Please go ahead.

現在我將把會議交給主持人 Tyler Gronbach，投資人關係與公共關係副總裁。請開始。

Thank you, operator.

謝謝，接線員。

Good morning, everyone, and welcome to Terrestrial Energy's second quarter 2026 earnings conference call. I'm Tyler Gronbach, Vice President of Investor Relations and Public Relations.

各位早安，歡迎參加 Terrestrial Energy 2026 年第二季財報電話會議。我是 Tyler Gronbach，投資人關係與公共關係副總裁。

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. We will then open the call for questions.

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上的進展，接著 Brian 將說明財務結果。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.

在開始之前，提醒各位，我們已將本季財報新聞稿與摘要簡報上傳至 terrestrialenergy.com 網站的投資人關係專區。

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 those risks.

同時也提醒各位，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階層目前的預期，並受各項風險與不確定性影響，可能導致實際結果與陳述內容出現重大差異。我們建議各位查閱我們向 SEC 提交文件中所述的風險因素，以更完整了解相關風險。

With that, I'll turn the call over to Simon.

接下來，我把電話交給 Simon。

Thank you, Tyler and good morning, everyone.

謝謝 Tyler，各位早安。

When we last spoke in May, I reported progress against the three-pillar framework of business plan execution that we set out in March guidance. Today, I will do the same for the second quarter and then spend the greater part of my time on our business model and our recent update to unit economics. Brian then will follow with our financial results.

我們上次在 5 月通話時，我報告了我們依照 3 月指引所提出、以三大支柱為架構的商業計畫執行情況之進展。今天我也將就第二季做同樣的說明，並把大部分時間用於介紹我們的商業模式，以及我們近期對單位經濟（unit economics）的更新。接著 Brian 將說明我們的財務結果。

Over the past several months, we have been in front of investors more than at any point in the company's history, and that was deliberate. The nuclear tech sector is in a period of secular development. It is still a young and expanding sector for portfolio allocation as the market recognizes the structural long-term bull case for SMRs and nuclear energy supply.

過去幾個月，我們與投資人面對面交流的頻率高於公司歷史上任何時期，而這是刻意為之。核能科技產業正處於長期結構性發展階段。隨著市場認知到 SMR 與核能供應的長期結構性多頭論點，該產業在投資組合配置上仍屬年輕且持續擴張的領域。

In this context, we're hearing a strong desire to understand the factors that differentiate nuclear plant designs, nuclear technology, regulatory and supply chain strategies and business models. We understand the importance of this to investors' analysis for nuclear tech stocks and during this call, we'll be discussing some of the unique factors that strongly position Terrestrial Energy. I will summarize the five nuclear plant design factors that differentiate the IMSR plant, talk further on our business model, and then our differentiated fuel supply strategy.

在此背景下，我們聽到市場強烈希望了解：核電廠設計、核能技術、法規與供應鏈策略，以及商業模式之間的差異化因素。我們理解這對投資人分析核能科技股票的重要性；在本次電話會議中，我們將討論一些能使 Terrestrial Energy 具備強勢定位的獨特因素。我將總結五項可區隔 IMSR 電廠的核電廠設計因素，進一步說明我們的商業模式，並介紹我們差異化的燃料供應策略。

All this differentiation is in pursuit of one aim: the mission set by the company at its founding in 2013 to use nuclear innovation to solve the only problem worth solving with private capital. The affordability and capital efficiency of nuclear plants, and by extension, the cost of nuclear power, and solve that problem quickly and at scale. We are differentiated as everything we do, every decision we have made, points back to that founding problem statement in a clear and logically compelling way. This goal is the first point of differentiation.

所有這些差異化都為了同一個目標：公司自 2013 年創立以來所設定的使命——以核能創新解決唯一值得用民間資本去解決的問題。也就是提升核電廠的可負擔性與資本效率，進而降低核電成本，並且快速且大規模地解決這個問題。我們之所以與眾不同，是因為我們所做的一切、每一項決策，都以清晰且具邏輯說服力的方式回扣到這項創立時的問題陳述。這個目標是第一個差異化重點。

First, let me now talk through second quarter progress across the three pillars of business plan execution, referring to slides 4 and 5 of this quarter's investor update. And I will start with our engineering and regulatory programs. Project TETRA and Project TEFLA, our test reactor and fuel line pilot projects, both in partnership with DOE, advanced in the quarter. TETRA will support the data collection required for the NRC operating license application for the IMSR plant. Project TEFLA will develop the fuel production processes for IMSR Fuel Salt commercial supply.

首先，我將依照本季投資人更新簡報第 4 與第 5 頁，說明第二季在商業計畫執行三大支柱上的進展。我先從工程與法規計畫談起。TETRA 計畫與 TEFLA 計畫——我們的測試反應爐與燃料線試點計畫——皆與 DOE 合作，並在本季取得進展。TETRA 將支援 IMSR 電廠向 NRC 申請運轉執照所需的資料蒐集。TEFLA 計畫將開發 IMSR 燃料鹽（Fuel Salt）商業供應所需的燃料生產流程。

On the regulatory side, on May 12, the NRC issued its safety evaluation report, approving our Topical Report on Postulated Initiating Events methodology. This follows the previously issued safety evaluation report on IMSR principal design criteria and early development and a point of differentiation. As I described during our first quarter earnings call, these approved NRC analyses form foundational elements of the IMSR plant's licensing basis and can be referenced in future applications without re-evaluation.

在法規方面，5 月 12 日，NRC 發布其安全評估報告，核准我們關於「假設起始事件（Postulated Initiating Events）」方法學的專題報告（Topical Report）。這是在先前已發布、針對 IMSR 主要設計準則的安全評估報告之後的進一步成果，也是早期開發與差異化的一個重點。如我在第一季財報電話會議中所述，這些已獲 NRC 核准的分析構成 IMSR 電廠許可基礎（licensing basis）的關鍵要素，未來申請可直接引用而無需重新評估。

Our graphite irradiation testing continued at NRG Petten, one of the world's most powerful test reactors. This work is essential for Terrestrial Energy's reactor materials qualification, licensing readiness, as well as supplier down selection. Over the quarter, we adjusted our NRG testing program, adding further irradiation cycles, which is also evidenced in quarter on quarter variances with R&D expenditures.

我們在 NRG Petten（全球最強大的測試反應爐之一）持續進行石墨照射測試。這項工作對 Terrestrial Energy 的反應爐材料資格認證、許可準備度，以及供應商篩選都至關重要。本季期間，我們調整了 NRG 測試計畫，增加更多照射循環；這也反映在研發費用的季對季變動上。

Turning to the second pillar, supply chain developments.

接著談第二個支柱：供應鏈的發展。

Procurement of fuel components and services continues for both the TETRA and TEFLA projects. This quarter, we announced an engineering service agreement with Zachry Nuclear, which supports the development of projects at the Texas A&M RELLIS site and importantly, the site characterization and data collection work to assemble an NRC construction permit application for the planned commercial IMSR plant on that site.

TETRA 與 TEFLA 兩項計畫的燃料組件與服務採購持續進行。本季我們宣布與 Zachry Nuclear 簽訂工程服務協議，該協議支援德州農工大學（Texas A&M）RELLIS 場址的專案開發；更重要的是，支援場址特性調查與資料蒐集工作，以彙整在該場址規劃之商用 IMSR 電廠的 NRC 施工許可（construction permit）申請。

Turning to the third pillar, our commercial pipeline of IMSR plant projects.

接著談第三個支柱：我們 IMSR 電廠專案的商業管線。

In June, we signed ground lease and research agreements with Texas A&M for exclusive use of a 77-acre site at the RELLIS campus. This development provides the path to complete site characterization work and environmental evaluations for the IMSR plant and other facilities on the Texas A&M site in advance of construction. In May, we announced the relationship with Riot Platforms to supply electric power for data center operation.

6 月，我們與 Texas A&M 簽署地面租賃與研究協議，以獨家使用 RELLIS 校區內一處 77 英畝的場址。此一進展提供了在施工前完成 IMSR 電廠及 Texas A&M 場址其他設施之場址特性調查與環境評估的途徑。5 月，我們宣布與 Riot Platforms 建立合作關係，為其資料中心營運供應電力。

The party's intention is to develop a best-in-class pairing of a small and modular reactor plant with a large data center, taking advantage of the competitive operating characteristics of the IMSR plant, notably its capacity to use natural gas as a bridge fuel and initially to deliver fast commercial operation and power supply and then longer-term as a backup after nuclear systems are in operation. This arrangement will take advantage of a differentiating feature of the IMSR plant design, namely the ability for its non-nuclear thermal and electric facility to be customized. This is not possible with the balance of plant systems tied to light water reactors.

雙方的意圖是打造同級最佳的組合：以小型模組化反應爐電廠搭配大型資料中心，並利用 IMSR 電廠具競爭力的營運特性，尤其是其可使用天然氣作為過渡燃料的能力——初期可快速實現商轉與供電，長期則在核能系統投入運轉後作為備援。此一安排也將運用 IMSR 電廠設計的一項差異化特徵：其非核能的熱能與電力設施可進行客製化。這在與輕水反應爐綁定的電廠平衡系統（balance of plant systems）中是無法做到的。

Our next step with Riot will be to down select to a first site. As part of a program targeting 4 gigawatts of IMSR plant generation in support of Riot data center operations. With the Riot Platforms development, the indicative generating capacity of our pipeline of commercial projects grows to 7.8 gigawatts. Given these and other characteristics of the IMSR plant design, our commercial opportunities cover three large market verticals, data centers, industrial processes, and the replacement of retiring coal plant capacity.

我們與 Riot 的下一步將是篩選並選定第一個場址。作為一項計畫的一部分，該計畫目標是部署 4 吉瓦的 IMSR 電廠發電能力，以支援 Riot 資料中心營運。隨著 Riot Platforms 的開發案加入，我們商用專案管線的指標性發電容量提升至 7.8 吉瓦。基於 IMSR 電廠設計的這些及其他特性，我們的商業機會涵蓋三大市場垂直領域：資料中心、工業製程，以及汰退燃煤電廠容量的替代。

I would like now to turn to our updates on unit economics and start with a brief recap of our business model, referring to slide 6 of this quarter's investor update.

接下來我想談我們對單位經濟的更新，並先簡要回顧我們的商業模式，請參考本季投資人更新簡報第 6 頁。

Terrestrial Energy does not plan to build, own, or operate IMSR Plants. We will leave these activities to others with long-established and recognized industry capabilities in construction and operation. In this respect, our business model is relatively conventional for a react developer. From this position, we can operate a capital-light business model, allocating capital efficiently to build high margin businesses where we have a competitive and defendable advantage and typically based on proprietary IP concentration and production capabilities.

Terrestrial Energy 不計劃建造、擁有或營運 IMSR 電廠。我們將把這些活動交由在建造與營運方面具備長期建立且廣受認可之產業能力的其他業者來執行。就此而言，對於反應爐開發商而言，我們的商業模式相對傳統。基於此定位，我們可以採取輕資本的商業模式，有效率地配置資本，建立高毛利業務，聚焦於我們具備競爭且可防禦優勢之處，且通常以專有 IP 的集中度與生產能力為基礎。

With additional engineering work over the last 12 months and directed at projects such as TEFLA, we have updated and re-estimated our IMSR plant unit economics and by extension our serviceable addressable market. Our business is to manufacture and supply to operating plants, IMSR core units, and major reactant components and designs to be replaced every seven years over the plant's 56-year design life. This implies the supply of 16 IMSR core units or a cumulative revenues of approximately $1.6 billion. The IMSR core unit contains the foundational IP of our company, an innovation that unleashes the extraordinary industrial potential of molten salt reactor technology.

在過去 12 個月針對 TEFLA 等專案所進行的額外工程工作後，我們已更新並重新估算 IMSR 電廠的單位經濟性，並進一步推估我們的可服務可觸及市場。我們的業務是製造並供應給營運中的電廠：IMSR 核心模組，以及每七年需更換一次、在電廠 56 年設計壽命期間所需的主要反應爐組件與設計。這意味著需供應 16 個 IMSR 核心模組，或累計營收約 16 億美元。IMSR 核心模組包含本公司的基礎性專有 IP；這項創新釋放了熔鹽反應爐技術非凡的工業潛力。

Our IMSR Fuel Salt supply business will capture proprietary expertise enabled now by TEFLA and other innovations. Both qualify as principal businesses because each combines concentrated proprietary IP with proprietary production capabilities.

我們的 IMSR 燃料鹽供應業務將掌握由 TEFLA 與其他創新所促成的專有專業能力。兩者皆可被視為主要業務，因為各自結合了高度集中的專有 IP 與專有生產能力。

On slide 6, you will note that estimated cumulative lifetime revenues per unit are now $2.7 billion, up from $2.1 billion, with a blended gross profit margin of 33%, up from 22% in our prior model. Of those revenues, 79% occur following the construction of the plant and will be secured through long-dated supply contracts for the periodic replacement of the core units and regular Fuel Salt supply. The dominant activity at 58% of total revenues is core unit supply with Fuel Salt supply being 21%. These businesses will drive most of the value creation in our future business.

在第 6 張投影片中，您會注意到每座機組估計的全生命週期累計營收現為 27 億美元，高於先前的 21 億美元；加權後的毛利率為 33%，亦高於我們先前模型的 22%。在這些營收中，79% 發生於電廠建造完成之後，並將透過長期供應合約加以鎖定，用於核心模組的定期更換以及燃料鹽的常態供應。占總營收 58% 的主導活動為核心模組供應，燃料鹽供應占 21%。這些業務將驅動我們未來業務的大部分價值創造。

Our review of unit economics included a re-estimation of gross profit margins for the core unit and fuel supply businesses to 33% and 40% respectively, higher than the margins for pre-construction and construction services and this further points to the dominance of these two principal businesses. We expect to announce developments in the coming quarters as we move forward with our programs to build these two important supply businesses with their production facilities.

我們對單位經濟性的檢視包含重新估算核心模組與燃料供應業務的毛利率，分別為 33% 與 40%，高於建造前與建造服務的毛利率；這也進一步凸顯這兩項主要業務的主導地位。隨著我們推進計畫、建置這兩項重要供應業務及其生產設施，我們預期在未來幾個季度公布相關進展。

Referring to slide 7, the updated unit revenue estimates have increased our serviceable addressable market to $2.3 trillion by 2050, up from $1.9 trillion, a $400 billion increase. This reflects the market that our plant design and supply businesses are built to serve at scale.

參考第 7 張投影片，更新後的單位營收估算使我們的可服務可觸及市場在 2050 年前提升至 2.3 兆美元，高於先前的 1.9 兆美元，增加 4,000 億美元。這反映了我們的電廠設計與供應業務所打造、可在規模化情境下服務的市場。

I want to spend a few moments on our fuel strategy and development of IMSR Fuel Salt supply.

我想花幾分鐘談談我們的燃料策略，以及 IMSR 燃料鹽供應的開發。

As in our view, this is one of the most differentiated and underappreciated parts of the IMSR plant story. Referring to slide 8, conventional nuclear fuel production can be represented as a three-step process:

因為在我們看來，這是 IMSR 電廠故事中最具差異化、也最常被低估的部分之一。參考第 8 張投影片，傳統核燃料生產可視為三個步驟的流程：

First, the production of the isotopic form of the fuel, whether LEU, HALEU or even plutonium.

第一，生產燃料的同位素形式，不論是 LEU、HALEU，甚至是鈽。

Second, the production of the chemical form of the fuel, whether oxide, fluoride or metallic forms.

第二，生產燃料的化學形式，不論是氧化物、氟化物或金屬形式。

And third, the production of the physical form of the fuel, whether complex fuel in reactor assemblies or complex TRISO fuel elements. Each of these three steps requires a physical and discrete plant that has to be built, licensed and operated.

第三，生產燃料的物理形式，不論是反應爐組件中的複雜燃料，或是複雜的 TRISO 燃料元件。這三個步驟各自都需要一座獨立的實體工廠，必須建造、取得許可並營運。

For many novel fuel forms today, this requires the construction and operation of three new plants, one for each step. In contrast to virtually all other SMRs in the nuclear tech sector today, whether those using Generation III or 4 technologies, IMSR Fuel Salt production stops at step 2. This is an important point of differentiation. As the IMSR is a molten salt reactor, a liquid fueled reactor rather than a solid fueled reactor, this fuel does not have a physical form factor, so no step 3.

對於當今許多新型燃料形式而言，這需要建造並營運三座新工廠，每個步驟各一座。相較於目前核能技術領域中幾乎所有其他 SMR（不論採用第三代或第四代技術），IMSR 燃料鹽的生產止於第 2 步。這是一個重要的差異化重點。由於 IMSR 是熔鹽反應爐、屬於液態燃料反應爐而非固態燃料反應爐，因此燃料不需要特定的物理形態，故不需要第 3 步。

The reactor fuel feed to IMSR plants is in the form of powdered output from the chemical production process from step 2, which in our case involves the fluorinated form of uranium and the addition of fluoride carrier salts under a tightly confined production process to create the IMSR Fuel Salt of powder. This approach therefore avoids the very considerable risk, cost, and complexity of step three and further points to a strong, scalable, and relatively capital-light, inexpensive fuel supply chain to support IMSR plant operation at deep scale.

供給 IMSR 電廠的反應爐燃料補給，為第 2 步化學生產流程的粉末狀產出；就我們而言，該流程包含鈾的氟化形式，並在高度受控的生產流程中加入氟化物載體鹽，以製成粉末狀的 IMSR 燃料鹽。因此，此方法避免了第 3 步極為可觀的風險、成本與複雜度，並進一步指向一條強韌、可擴展、相對輕資本且低成本的燃料供應鏈，以在大規模情境下支援 IMSR 電廠營運。

I would like to draw attention again to the first step, the isotopic step, where we chose many years ago to use the long-established isotopic standard for civilian reactor fuel, LEU, enriched to less than 5%. This avoids the costs, uncertainties and complexity of HALEU chosen by other Generation IV reactor developers and the more complex and costly regulatory requirements. That cascade sequentially into steps two and three of the fuel production process. While we rely on the industry's common isotopic form for our fuel, we've been working with Westinghouse on supply of the required chemical form, enriched uranium tetrafluoride.

我想再次強調第一步——同位素步驟——我們在多年前即選擇採用民用反應爐燃料長期建立的同位素標準：LEU，濃縮度低於 5%。這避免了其他第四代反應爐開發商所選用 HALEU 帶來的成本、不確定性與複雜度，以及更複雜且更昂貴的監管要求。而這些因素會依序傳導至燃料生產流程的第二與第三步。雖然我們在燃料同位素形式上採用產業通用標準，但我們一直與 Westinghouse 合作，供應所需的化學形式——濃縮四氟化鈾。

With this arrangement, Terrestrial Energy has one plant to build, a plant to complete step two. With the production process now catalyzed by TEFLA, our fuel pilot project in partnership with DOE and supported by Westinghouse Supply. We are heavily differentiated with this fuel supply strategy.

在此安排下，Terrestrial Energy 只需要建造一座工廠，也就是完成第二步的工廠。目前該生產流程已由 TEFLA 所催化推進；TEFLA 是我們與 DOE 合作的燃料試點專案，並由 Westinghouse Supply 提供支援。憑藉此燃料供應策略，我們具備高度差異化優勢。

In addition to our fuel supply differentiator unmatched in the nuclear tech sector of advanced reactors, we have five foundational nuclear plant and reactor technology differentiators, referring now to slide 10.

除了在先進反應爐核能技術領域中無可匹敵的燃料供應差異化之外，我們還有五項核電廠與反應爐技術的基礎性差異化因素，現在請參考第 10 張投影片。

First, our plant is small and right sized at 390 megawatt electric for the market opportunity for financeable and near and co-located power generation. The IMSR plant is sixth the size of conventional nuclear plant.

第一，我們的電廠規模小且恰到好處，電功率為 390 兆瓦，符合可融資、近端與就地（共址）發電的市場機會。IMSR 電廠的規模約為傳統核電廠的六分之一。

Next, the IMSR plant's nuclear systems operate with a high energy density, enabling the design to capture the benefits of modular construction that are not possible with other Generation IV reactor technologies. This facilitates the powerful efficiencies of factory production of modular components for swift on-site assembly. However, differentiation does not stop here.

其次，IMSR 電廠的核能系統以高能量密度運作，使設計能夠取得模組化建造的效益，而這些效益是其他第四代反應爐技術無法達成的。這促成以工廠化方式生產模組化組件的強大效率，並可在現場快速組裝。然而，差異化不止於此。

Referring now to slide 11.

現在請參考第 11 張投影片。

The heart of our plant is a nuclear technology that offers a triple operating advantage, critical for economic performance and capital efficiency that we seek to deliver. IMSR plant supplies thermal energy at a best-in-class temperature of 585 degrees Celsius. Its nuclear systems operate at low pressure and with a high level of inherent safety that can only be delivered using molten salt reactor technology. These are powerful economic virtues that must not be ignored.

我們電廠的核心是一項核能技術，提供三重運轉優勢；這對我們所追求的經濟表現與資本效率至關重要。IMSR 電廠以同級最佳的 585°C 溫度供應熱能。其核能系統在低壓下運作，並具備高度的固有安全性，而這只能透過熔鹽反應爐技術來實現。這些是不可忽視的強大經濟優勢。

This triple operating advantage differentiates our reactor technology and nuclear tech sector. Together, these five factors are what allow us to achieve our mission and bring to the market the most capital-efficient plant in the SMR sector and with our fuel supply strategy to do it quickly and at scale, as shown on slide 12.

這三重運轉優勢使我們的反應爐技術在核能技術領域中脫穎而出。綜合這五項因素，使我們得以達成使命，將 SMR 領域中資本效率最高的電廠推向市場；並結合我們的燃料供應策略，如第 12 張投影片所示，能夠快速且規模化地實現。

To close, in March, we set guidance for the year and across the three pillars of business plan execution. We're pleased with our progress this quarter against our benchmark. We have observed high sector and factor volatility in equity markets over recent months. However, our experiences are that the structural bull market for nuclear power with SMR innovations is solid, secular, and is growing. Against this demand, we'll be deploying the most capital efficient plant in the SMR sector today. We recognize that the road ahead is one of program execution and traveled through the development of competitive skills and capabilities.

最後，在三月，我們針對本年度以及商業計畫執行的三大支柱提出了指引。我們對本季相較於基準的進展感到滿意。過去幾個月，我們觀察到股票市場在產業與因子層面出現高度波動。然而，依我們的經驗，核能在SMR創新帶動下的結構性多頭市場是穩固的、長期趨勢性的，且正在成長。因應這項需求，我們將部署目前SMR領域中資本效率最高的電廠。我們也認知到，前方道路在於專案執行，並需透過培養具競爭力的技能與能力一路走來。

Referring now to slide 14.

現在請參考第14頁投影片。

During the quarter, we continue to expand our organization. On the July 29, we announced the addition of Pam Cowan as Executive Vice President of Engineering. Pam joined us with more than 35 years experience in the commercial nuclear sector, including senior leadership positions at Westinghouse and Holtec.

本季期間，我們持續擴編組織。7月29日，我們宣布延攬Pam Cowan擔任工程執行副總裁。Pam加入我們之前在商用核能領域擁有超過35年的經驗，曾在Westinghouse與Holtec擔任資深領導職務。

Concurrently, Kathy McCarthy joined our Board of Directors. Cathy has a career in major projects in nuclear technology development at Idaho National Lab, Oak Ridge National Lab, and other world-leading national labs. Most recently, she was Associate Lab Director of Fusion and Fission Energy at Oak Ridge. And currently, she is responsible for the overall management of the United States participation in ITER, the 27-nation international and benchmark fusion reactor project in France. We are pleased to be reporting this progress over the quarter and to be providing these updates.

同時，Kathy McCarthy加入我們的董事會。Cathy的職涯聚焦於核能技術開發的大型專案，曾任職於愛達荷國家實驗室、橡樹嶺國家實驗室及其他世界領先的國家實驗室。最近，她擔任橡樹嶺的聚變與裂變能源副實驗室主任。目前，她負責美國參與ITER的整體管理；ITER是位於法國、由27國參與的國際性且具標竿地位的聚變反應爐專案。我們很高興能在本季報告這些進展並提供上述更新。

With that, I will turn the call over to Brian Thrasher, our Chief Financial Officer, to review our financial results.

接下來，我將把電話會議交給我們的財務長Brian Thrasher，請他回顧我們的財務結果。

Thank you, Simon, and good morning, everyone.

謝謝你，Simon，各位早安。

Turning to the financials and consistent with last quarter, I will present on a sequential basis comparing to the first quarter of 2026 as this comparison is more informative given the transformation in the business in 2025. The theme this quarter continues to be disciplined spend aligned to our programs and a clean balance sheet. As summarized on slide 16, at quarter end, we have total cash, cash equivalents and short and long-term investments of $283.4 million. This compares to $289.9 million at the end of the first quarter.

接著談財務部分，並延續上季做法，我將以連續季度的方式呈現，與2026年第一季相比，因為考量到2025年業務轉型，這樣的比較更具資訊性。本季主軸仍是：與我們的專案一致的紀律性支出，以及乾淨的資產負債表。如第16頁投影片所示，截至季末，我們的現金、約當現金以及短期與長期投資合計為2.834億美元。相較之下，2026年第一季末為2.899億美元。

Cash burn for the quarter was $6.4 million or approximately $2.2 million per month. This compares the cash burn of $7.9 million for the first quarter of 2026, approximately $2.6 million per month. The decline largely reflects a shift in the timing of some testing activities, and I will provide additional color during my update.

本季現金消耗為640萬美元，約每月220萬美元。相較之下，2026年第一季現金消耗為790萬美元，約每月260萬美元。下降主要反映部分測試活動時點的移轉，我會在更新中提供更多說明。

Looking ahead, we expect our cash burn will increase during the second half of year. Our agreement with Texas A&M for the RELLIS land leases has allowed us to work on the final stages of site analysis and characterization work, and that spend is now underway. This is consistent with the guidance we gave in the first quarter. Cash burn would increase through calendar 2026 as we scale testing programs, project activities, and expand our organizational capabilities.

展望未來，我們預期下半年現金消耗將增加。我們與德州農工大學就RELLIS土地租賃所達成的協議，使我們得以推進場址分析與特性鑑別工作的最後階段，而相關支出現已開始。這與我們在第一季提供的指引一致。隨著我們擴大測試計畫、專案活動並提升組織能力，現金消耗將在2026年曆年期間增加。

I'll now turn to operating expenses.

接下來我將談營運費用。

Research and development expenses were down approximately $1.1 million quarter on quarter. This is related to timing and scope variances on some key tests, notably the addition of three graphite irradiation cycles at the NRG Petten test reactor. We have also elected to build a greater irradiation and materials knowledge base in-house, which further contributed to the decreased spending sequentially.

研發費用較上季下降約110萬美元。這與部分關鍵測試在時程與範疇上的差異有關，尤其是於NRG Petten測試反應爐新增三個石墨照射循環。我們也選擇在內部建立更完整的照射與材料知識基礎，這也進一步促成了連續季度支出的下降。

General and administrative expenses were up approximately $700,000 quarter-on-quarter. The majority of this increase was from stock-based compensation, which increased by $500,000. These increases were driven by headcount growth as we scale organizational capacity to support our programs.

一般及行政費用較上季增加約70萬美元。此增幅主要來自股票基礎給付，增加了50萬美元。這些增加主要由人員編制成長所帶動，因我們正擴大組織量能以支援各項專案。

Turning to our capitalization table as shown on slide 17. The issued and outstanding share count was unchanged during the second quarter of 2026. The fully diluted share count increased modestly by approximately 300,000 shares in the quarter due to stock option grants I previously mentioned.

接著看第17頁投影片所示的資本結構表。2026年第二季期間，已發行且流通在外的股數維持不變。由於我先前提到的股票選擇權授予，本季完全稀釋後股數小幅增加約30萬股。

In summary, cash, cash equivalents, and cash investments make up the vast majority of our assets. We have modest current liabilities and lease obligations combined with no debt. Our balance sheet remains simple and clean.

總結而言，現金、約當現金與現金投資構成我們資產的絕大部分。我們的流動負債與租賃義務規模不大，且沒有負債。我們的資產負債表仍然簡單且乾淨。

With that, operator, please open the line for questions.

接下來，請接線員開放提問。

(Operator Instructions)

(接線員指示)

Jeff Grampp, Northland Capital.

Jeff Grampp，Northland Capital。

Simon, I wanted to spend a minute here on the change in the economics, the increase there. I know you covered it a bit in the prepared remarks, but I want to make sure I understood that. Is that more of a function of, I guess, shall we say, fine-tuning some of the estimates? Has anything fundamentally changed about the approach, your scope or any other details we should be aware of to better contextualize that?

Simon，我想花一點時間談談經濟性變化、也就是那個增加。我知道你在事先準備的講稿中有稍微提到，但我想確認我理解正確。這是否更多是因為，姑且這麼說，對某些估算做了更精細的調整？在方法、範疇或其他我們需要注意的細節上，有沒有任何根本性的改變，好讓我們更能掌握其背景？

Good question, Jeff.

好問題，Jeff。

Well, from this model perspective, nothing has changed. It is an iteration in our estimates of unit economics and the catalyst here has been the engineering work that we've undertaken over the last 18 months and in particular the engineering work that's going into TEFLA, which is the fuel line pilot.

就這個模型的角度來看，沒有任何改變。這是我們對單位經濟性估算的一次迭代，而促成這次更新的關鍵，是我們在過去18個月所進行的工程工作，特別是投入在TEFLA上的工程工作；TEFLA是燃料產線的試點計畫。

So perhaps that's the catalyst and the trigger for us to do a reissue the entire set of unit economics. It's also an opportunity for us to talk further about our principal businesses and why we believe that they are attractive businesses and will provide the drivers of value creation going forward.

所以，這或許就是促使我們重新發布整套單位經濟性數據的催化因素與觸發點。這也讓我們有機會進一步談談我們的主要業務，以及為何我們相信它們是具吸引力的業務，並將在未來提供價值創造的驅動力。

Got it. I appreciate those details.

了解。謝謝你提供這些細節。

For my follow-up, on the DOE projects, TETRA and TEFLA, can you cover like what kind of would be the near-, medium-term milestones to just track progress towards any potential, I guess, initiation of construction activities or anything else we can be keeping an eye out for?

我接著想追問DOE的專案，TETRA和TEFLA。你能否說明一下近期與中期有哪些里程碑，好讓我們追蹤進度，朝向任何潛在的、我想可能是啟動施工活動或其他事項？我們可以留意哪些重點？

Yes. We haven't provided sort of further guidance on exactly what those future milestones are, but other than to say that we are continuing to execute based on both projects. Both projects can seem to be very important for us, not least because of the support of the DOE in project execution. TETRA deals with some of the data collection activities that we need to complete to support the license application and TEFLA, as I mentioned earlier, TEFLA is the opportunity for us at pilot scale to define precisely the fuel production processes that we will be looking to scale up into the commercial plant for IMSR Fuel Salt supply.

可以。我們尚未就未來里程碑的具體內容提供進一步指引，只能說我們正持續依兩個專案推進執行。這兩個專案對我們而言都非常重要，尤其是DOE在專案執行上的支持。TETRA涵蓋我們為支援許可申請所需完成的一些資料蒐集活動；而如我先前提到，TEFLA則讓我們能在試點規模下，精確界定燃料生產流程，並將其擴大到商業化工廠，用於IMSR燃料鹽供應。

But we haven't provided details on exactly what milestones precisely when to expect those on TETRA and TEFLA, simply to say that those projects continue to be very much [spokes attention on our end], important projects, and we're working on continuing to execute on them.

但我們尚未提供TETRA與TEFLA的具體里程碑，以及何時可預期達成；僅能說這些專案仍然非常受到我們重視、是重要的專案，我們也正持續推進執行。

(Operator Instructions)

(接線員指示)

Alex Fuhrman, Lucid Capital Markets.

Alex Fuhrman，Lucid Capital Markets。

I wanted to ask you about the use of natural gas as a bridge fuel. Can you tell us how long you expect your plants to be using that gas as a bridge fuel and what are the economics, the unit economics of your plants look like during that interim period?

我想請教您把天然氣作為過渡燃料（bridge fuel）的使用方式。您能否說明您預期貴公司的電廠會使用這種天然氣作為過渡燃料多久，以及在這段過渡期間，貴公司電廠的經濟性、也就是單位經濟性（unit economics）大概會是什麼樣子？

Yes, so Alex, this is -- I think, talking to, speaking to a very interesting characteristic of our plant. So we can use natural gas in the back end because the back end of our plant sits outside. We believe that sits outside the nuclear regulatory envelope. You can do this with certain generation four systems.

好的，Alex，這個問題——我想——談到、也點出了我們電廠一個非常有趣的特性。我們可以在後端使用天然氣，因為我們電廠的後端是設置在室外的。我們認為那部分是在核能監管範疇之外。某些第四代系統可以這樣做。

So in terms of the use of natural gas, I've given guidance previously on what a typical SMR project would look like, which is five plus five years. We would expect to be able to, in that first five years, to put into production commercial operation the back end of our plant where the steam systems will be driven by natural gas combustion.

就天然氣的使用而言，我先前已就典型SMR專案的樣貌提供過指引，也就是五年加五年。我們預期在前五年內，能讓電廠後端進入商轉投產，屆時蒸汽系統將由天然氣燃燒來驅動。

Now this is would be a capital efficient way of doing it. It wouldn't be a combined cycle plant. That would be an operationally very efficient way of using natural gas. This would be a capital efficient way of doing it. Namely, you'll be using all the CapEx you'll be deploying. The systems you'll be deploying will be dual purpose systems. They can be driven by natural gas and they can be driven by thermal energy from nuclear systems.

而這會是一種資本效率高的做法。它不會是複循環電廠。複循環會是在營運上非常有效率的天然氣使用方式。但這裡我們談的是資本效率高的做法。也就是說，你所投入的所有資本支出（CapEx），你所部署的系統會是雙用途系統。它們既可以由天然氣驅動，也可以由核能系統的熱能驅動。

So you'll see if you're simply using natural gas to [break steam], you'll see the type of thermal efficiency you'll get with the coal plant. You will see the thermal efficiencies you'll get with the combined cycle plant. But nonetheless, it is a capital efficient way of building a dual fuel back end to our plant, dual fuel namely nuclear systems, and natural gas systems. We would anticipate because the back end of that plant would consist of standard industrial equipment, being able to bring power online commercially within five years.

因此，如果你只是用天然氣來[產生蒸汽]，你會看到的熱效率會像燃煤電廠那樣。你不會看到複循環電廠那種熱效率。但即便如此，這仍是一種以資本效率打造我們電廠後端雙燃料配置的方法；所謂雙燃料，指的是核能系統與天然氣系統。我們預期，由於該電廠後端由標準工業設備構成，我們能在五年內把電力以商業方式併網上線。

And we believe that's deeply relevant to many, particularly in the AI data center sector, where you hear the requirements there and speed to power. Namely, what is super important to them is get access to power quickly, and they're not, for the moment, price sensitive. Over the long run, I expect them to be deeply price sensitive, but perhaps not in the short run.

我們認為這對許多領域都非常相關，尤其是AI資料中心產業，因為你會聽到他們對需求與「快速取得電力」（speed to power）的要求。也就是說，對他們而言最重要的是能快速取得電力，而就目前而言，他們對價格並不敏感。長期來看，我預期他們會對價格非常敏感，但短期內可能不是。

So this allows us to, for a data center operator and others in the industrial world as well, it's not just data centers, this allows us to say, we're able to deliver your requirement tactically in the near term, which is power, and we're also able to deliver what you need strategically in the 2030s in the long run, where you have clean, firm, cost-competitive nuclear power. And that's the advantage of this dual fuel approach.

因此，這讓我們能對資料中心營運商以及其他工業用戶——不只是資料中心——說：我們能在短期內以戰術層面交付你眼前的需求，也就是電力；同時我們也能在長期、也就是2030年代，以策略層面交付你所需要的——乾淨、穩定、且具成本競爭力的核能電力。這就是這種雙燃料方法的優勢。

Okay, that's really helpful. Thanks.

好的，這非常有幫助。謝謝。

And then I appreciated the description of the various stages of the nuclear fuel supply chain. Can you just kind of summarize for us a little bit. Is the takeaway there that your design can run on fuel that is commercially available today, or are you depending on some new fuel that's going to come online in the future?

另外，我很感謝您對核燃料供應鏈各個階段的說明。您能否幫我們稍微總結一下？重點是否在於：你們的設計可以使用今天就已商業供應的燃料，還是你們仰賴某種未來才會上線的新燃料？

Well, firstly, the neutronics form of it is commercially available today. That's step one. Step two, we require a chemical form of our fuel, which is uranium tetrafluoride, and that fluorination as a chemical process, both conversion and deconversion has been baked into the nuclear supply chain for decades and decades. The difference here is that we require uranium tetrafluoride where the uranium is enriched at 5%. Uranium tetrafluoride typically exists in the nuclear fuel supply chain on the other side of the enrichment process, namely the tetrafluoride is using natural uranium.

首先，就中子物理（neutronics）的形式而言，今天就已經是商業可得的。這是第一步。第二步，我們需要燃料的化學形態，也就是四氟化鈾（uranium tetrafluoride）；而氟化作為一種化學製程，無論是轉換（conversion）或逆轉換（deconversion），在核能供應鏈中已經存在了數十年、數十年。這裡的差異在於，我們需要的是鈾濃縮到5%的四氟化鈾。在核燃料供應鏈中，四氟化鈾通常存在於濃縮流程的另一側，也就是該四氟化物使用的是天然鈾。

But nonetheless, fluorination as a chemical process is very well understood. We're working with Westinghouse on uranium tetrafluoride supply. And that's the piece that we need to work on from a supply chain perspective. But it's, I think, a much, much smaller, much, much more straightforward step compared to the various steps that need to be brought to the table if you're using HALEU and using HALEU in physical fuel form, namely metallic uranium used in physical reactor assemblies or TRISO fuel. So we think it's a much, much simpler process.

但不管怎樣，氟化作為化學製程是非常成熟且被充分理解的。我們正與Westinghouse合作，取得四氟化鈾的供應。而這就是我們在供應鏈角度需要推進的部分。但我認為，與若你使用HALEU並且以實體燃料形式使用HALEU——也就是在實體反應爐組件中使用金屬鈾，或使用TRISO燃料——所需要補齊的各個步驟相比，這是一個小得多、也直接得多的步驟。因此我們認為這是一個簡單得多的流程。

And it requires just one plant, namely a plant which will produce uranium tetrafluoride, enriched to less than 5%. And our product from that plant will be the IMSR Fuel Salt, where we'll be taking uranium tetrafluoride enriched to no more than 5%. And in carrier sorts, which are standard industrial chemicals in fluoride form as well, the production process will be a production process which would naturally, because it's producing a nuclear regulated product fuel that production process would have a very tight set of production requirements and would be regulated as such.

而且只需要一座工廠，也就是一座能生產濃縮度低於5%的四氟化鈾的工廠。該工廠的產出將是IMSR燃料鹽（IMSR Fuel Salt）；我們會使用濃縮度不超過5%的四氟化鈾。並搭配作為載體的鹽類——同樣是氟化物形態的標準工業化學品——其生產流程將會是：由於它生產的是受核能法規監管的燃料產品，因此該生產流程會有非常嚴格的一套生產要求，並會依此受到監管。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

Hi, this is Drew Nordquist calling for Derek. Congrats on the quarter and thank you guys for taking our questions.

您好，我是Drew Nordquist，代替Derek來電。恭喜本季表現，也謝謝各位回答我們的問題。

Now that the PDC and PIE are approved, what are the additional topical reports that are going to be needed?

既然PDC與PIE都已獲核准，接下來還需要哪些額外的專題報告（topical reports）？

And then just wondering if you guys can provide an update on where you are with fuel qualification.

另外也想請問，能否更新一下你們在燃料鑑定（fuel qualification）方面的進度？

So Drew, good question.

Drew，這是個好問題。

And firstly, with respect to the two topical reports, yes, we have completed two of them last year, the principal design criteria and this year it was postulation initiating events. In March, we gave guidance on three topical reports this year, guidance that we would be submitting the topical reports to the NRC, where we have clearly with the postulated initiating event methodology, we are -- we have achieved one of those three. We still expect to be submitting the full three. So you can expect from the company over the coming quarters this year to be submitting two further at least two further topical reports.

首先，就這兩份專題報告而言，是的，我們去年完成了其中兩份：主要設計準則（principal design criteria），而今年則是假設起始事件（postulation initiating events）。我們在3月曾就今年的三份專題報告提供指引，表示我們將向NRC提交這些專題報告；就假設起始事件的方法論而言，我們——已經完成了三份中的一份。我們仍預期會提交完整的三份。因此，今年接下來幾個季度，你可以預期公司至少還會再提交兩份專題報告。

And Drew, could you repeat the second question, please?

Drew，能請你再重複一下第二個問題嗎？

I was just wondering if you could provide an update on where you are at with fuel qualification.

我只是想請問，能否更新一下你們目前在燃料鑑定方面的進度？

Fuel qualification. So fuel qualification is different with a liquid fuel reactor system. Fuel qualification typically is a long pole in the regulatory tent for solid fuel reactors because you have to prove the performance of that fuel pin in all operating conditions in the reactor core.

燃料鑑定。液態燃料反應爐系統的燃料鑑定方式不同。對固態燃料反應爐而言，燃料鑑定通常是監管流程中最耗時的關鍵項目，因為你必須證明燃料棒（fuel pin）在反應爐爐心各種運轉條件下的性能表現。

It's notoriously long and complex for solar fuel reactor systems. That's not the case for us. Fuel qualification for us is to demonstrate that we understand all the techno-thermal characteristics of our salt, namely we can present to the NRC what the specific heat capacity is of the salt. And these characteristics allow us to define the heat transport properties of the fuel.

對固態燃料反應爐系統而言，這向來以耗時且複雜著稱。但我們不是這種情況。對我們而言，燃料鑑定是要證明我們理解燃料鹽的所有技術—熱工特性；也就是說，我們能向NRC提交該鹽的比熱容（specific heat capacity）等數據。而這些特性讓我們能界定燃料的熱傳輸性質。

So a different process, I would argue a more straightforward process than the very complicated process associated with fuel qualification for physical fuel. Recall that fuel qualification of physical fuel, when you're talking about the performance of that padding for physical fuel, that's the first containment boundary.

因此這是一個不同的流程；我會主張，這是一個比實體燃料燃料鑑定所涉及的非常複雜流程更為直接的流程。請回想，實體燃料的燃料鑑定，當你談到那個用於實體燃料的包覆層（padding）的性能時，那就是第一道圍阻邊界。

So fuel qualification is about proving the performance that containment boundary. We don't have that fuel qualification requirement. So it's a very different process, not so well understood because we're talking about a liquid fuel. But the qualification process is largely ensuring that we collect all the data in a compliant way to demonstrate to the regulator that we understand the heat transport properties of our fuel.

所以燃料鑑定的目的，是要證明那道圍阻邊界的性能。我們沒有那項燃料鑑定要求。因此這是一個非常不同的流程，也不那麼為人所理解，因為我們談的是液態燃料。但這個鑑定流程主要是在確保我們以合規的方式收集所有數據，以向監管機關證明我們了解燃料的熱傳輸特性。

Craig Irwin, Roth Capital Partners.

Craig Irwin，Roth Capital Partners。

Simon, I wanted to ask a little bit about your MOU with Riot. This seems like a really exciting customer. I was wondering if there was maybe more color or more detail you might be able to share with us. For example, have you been discussing with them potential initial sites and timeline for development of those sites? Has there been work done on the evaluation of subsidies or government support, low-cost financing for your first units? And do you have any color on how those units are likely to be financed other than through government support?

Simon，我想請教一下你們與 Riot 的 MOU（合作備忘錄）。這看起來是一位非常令人振奮的客戶。我想知道你是否能和我們分享更多背景或細節。例如，你們是否已與他們討論過潛在的初始場址以及這些場址的開發時程？是否已就補貼或政府支持、首批機組的低成本融資等進行評估工作？另外，除了政府支持之外，這些機組可能會如何融資，你能否提供一些看法？

Yes. So we have given guidance on our relationship with Riot in the form of that the parties at this point are doing some preliminary site characterization work. The intention would be a grant to down select out to a target candidate [first site]. We haven't disclosed what that site is, and probably at this point in time, I wouldn't want to give any further guidance. Probably that would include on timelines as well.

是的。我們已就與 Riot 的關係提供過指引：目前雙方正在進行一些初步的場址特性調查工作。意圖是透過一個（資助）計畫來進一步篩選，選出一個目標候選[第一個場址]。我們尚未披露該場址是什麼，而且在目前這個時間點，我大概也不希望提供更多指引。這可能也包括時程方面。

In terms of how this type of project is going to be financed, I think this type of project would be financed clearly would be state interest in financing this type of project. I think that's true, very much true at the federal level as well. But in terms of the broad mechanisms of capital formation around this type of project, the capital formation, in my view, is not going to be associated with a classic project finance. These are highly strategic projects for everyone who is going to be involved.

至於這類專案將如何融資，我認為這類專案的融資，顯然會有州政府層面的融資興趣。我認為在聯邦層面也非常、非常確實如此。但就這類專案的廣泛資本形成機制而言，在我看來，資本形成不會是典型的專案融資（project finance）模式。對所有將參與其中的人而言，這些都是高度策略性的專案。

They're obviously very strategic for us because this is, these represent, our project with Riot represents a project which is sort of the first one, two, three, four, five for traditional energy. It's a very important project. That's also very true for Riot as well. Success with their first project with us provides the pathway for Riot to that 4 gigawatts, highly strategic 4 gigawatts in the 2030s.

它們對我們顯然非常策略性，因為我們與 Riot 的專案可說是傳統能源領域的前一、二、三、四、五個專案。這是一個非常重要的專案。對 Riot 也是如此。他們與我們的第一個專案若能成功，將為 Riot 在 2030 年代達成 4 吉瓦（gigawatts）——高度策略性的 4 吉瓦——提供路徑。

That's true also for the suppliers. Success for the first project is going to be highly strategic for the suppliers. It's going to be true for the constructor as well, and it's going to be true for the operator. So I see capital formation associated with these projects, particularly with equity capital formation, associated with the participation in those in the consortium. We are part of that consortium. But we're not looking to build and operate the plant. But cap formation for those first plants is going to be associated with the strategic value that they represent to everyone that's going to be involved.

對供應商也是如此。第一個專案的成功，對供應商將具有高度策略性。對承包建造方也是如此，對營運方也是如此。因此我認為，與這些專案相關的資本形成，特別是股權資本形成，將與聯盟（consortium）中各方的參與相關。我們是該聯盟的一部分。但我們並不打算建造並營運電廠。不過，首批電廠的資本形成，將與它們對所有參與者所代表的策略價值相關。

And do recall the strategic values associated with our pursuit of an opportunity in a service of addressable market, which is running in past $2 trillion. So getting it Riot with plants 1, 2, 3, 4, 5 gives you that table stakes into a massive market for SMR deployment in the 2030s. That is going to be the mechanism, in my opinion, for capital formation. It's going to be supported and I think vigorously. It's going to be supported by various agencies and policy initiatives at the federal government level, I think, where some of them are. And it's also going to be supported at the state level as well. So that's how I see the financing developing with these projects.

另外請記得，我們所追求的機會具有策略價值，因為其可服務的可觸及市場（serviceable addressable market）規模已超過 2 兆美元。因此，與 Riot 一起推進第 1、2、3、4、5 座電廠，等於讓你取得在 2030 年代大規模 SMR 部署市場中的入場門檻（table stakes）。在我看來，這將是資本形成的機制。它將獲得支持，而且我認為會是強力支持。它將在聯邦政府層面獲得各種機構與政策倡議的支持，我認為其中一些已經在進行。同時也會在州政府層面獲得支持。因此，我就是這樣看待這些專案的融資發展。

Thank you for that. If I could revisit the IMSR Fuel Salt supply approach. The conventional approach, three steps, three plants. The way that you're going to approach things for your fuel, two steps, one plant. Can you maybe unpack the economics a little bit for us? Do you have potential line of sight on maybe better than 50% lower costs on an energetically similar fuel type versus conventional plants?

謝謝你的說明。如果我可以再回到 IMSR 燃料鹽供應的做法。傳統做法是三個步驟、三座工廠。你們對燃料的做法是兩個步驟、一座工廠。你能否為我們拆解一下經濟性？相較於傳統工廠，在能量等效的燃料類型上，你們是否有機會看到成本降低超過 50% 的可見度？

Well, we've given guidance on total revenues for that fuel business grant, and we've given guidance at 40% gross profit margin, which is that's middle of the park. We don't want to stretch this point too much. We think that 40% is very reasonable when you're looking across the market and you say, what are the typical gross profit margins on fuel supply?

嗯，我們已就該燃料業務的總營收提供過指引，也提供了 40% 的毛利率指引，這算是中位數水準。我們不想把這點講得太誇張。當你放眼市場並問：燃料供應的典型毛利率是多少？我們認為 40% 是非常合理的。

But certainly, the whole fuel supply process at our end is consists of far fewer steps, fewer plants associated with the fuel supply business that you typically see with solid fuel reactors. There's going to be from a cost perspective to the customer, the owner operator of the nuclear plant. There's going to be a tremendous advantage because per gigawatt year, our fuel is going to be from the schematic representation on that slide, our fuel is going to be significantly less expensive than the fuel you would have from solid fuel reactors and particularly from generation 4 systems where you have to, from a standing start, you have to set up potentially three new plants. That's going to be costly and it's going to be represented in the price of the fuel.

但可以肯定的是，我們端的整個燃料供應流程包含的步驟要少得多，與燃料供應業務相關的工廠也比你在固態燃料反應爐中通常看到的更少。從成本角度來看，對客戶——也就是核電廠的業主／營運商——將有巨大的優勢。以每吉瓦年（gigawatt-year）計，我們的燃料，從投影片上的示意圖來看，將明顯比固態燃料反應爐的燃料便宜，尤其是第四代系統，因為你必須從零開始，可能要建立三座新的工廠。那會很昂貴，並會反映在燃料價格上。

Understood. Well, congratulations on the progress. We look forward to your success.

了解。那麼，恭喜你們的進展。我們期待你們成功。

This now concludes our question-and-answer session. I would like to turn the floor back over to Simon Irish for closing comments.

現在問答環節到此結束。我想把時間交回給 Simon Irish 作結語。

Thank you for joining us today and for your interest in the company. We set fair -- expectations earlier in the year and we continue to meet them. We have a small modular reactor plant design of exceptional potential, and we look forward to demonstrating progress milestone by milestone through 2026 and beyond.

感謝各位今天加入我們，也感謝各位對本公司的關注。我們在年初就設定了合理——的預期，而我們持續達成這些預期。我們擁有一個潛力非凡的小型模組化反應爐（SMR）電廠設計，我們期待在 2026 年及其後，逐一里程碑地展示進展。

Thank you.

謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝各位的參與。今天的電話會議到此結束。各位可以掛線，祝各位有美好的一天。