Centrus Energy Corp (LEU) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Centrus Energy 3rd quarter 2025 earnings call. All participants will be in listen-only mode.

女士們、先生們，早上好，歡迎參加 Centrus Energy 2025 年第三季財報電話會議。所有參與者將處於唯讀模式。

The question and answers session will follow the formal presentation.

正式演講結束後將進行問答環節。

If anyone should require operator's assistance during the conference, please key in and then 0 on your telephone keypad.

會議期間如有任何需要接線員協助，請在電話鍵盤上按「輸入」和「0」。

Please note that this event is being recorded.

請注意，本次活動正在錄影。

I will now hand you over to Neil Nagaraja. Please go ahead.

現在我將把你交給尼爾·納加拉賈。請繼續。

Good morning. Welcome and thank you to all of our callers as well as those listening to our webcast.

早安.歡迎並感謝所有來電者和收聽網路直播的朋友們。

Today's call will cover the results of the third quarter 2025 ended September 30th. Today we have Amir Vexler, President and Chief Executive Officer, and Todd Tonelli, Chief Financial Officer. This conference call follows our earnings news release issued yesterday. We filed a report for the third quarter on Form 10Q earlier today.

今天的電話會議將涵蓋截至 2025 年 9 月 30 日的第三季業績。今天我們有總裁兼執行長 Amir Vexler 和財務長 Todd Tonelli。本次電話會議是在我們昨天發布盈利新聞稿之後召開的。今天早些時候，我們提交了第三季的10Q表格報告。

All of our news releases and SEC filings, including our 10K, 10Qs, and AKs are available on our website. A replay of this call will also be available later this morning on the Centrist website. I would like to remind everyone that certain information we may discuss on this call today may be considered forward-looking information that involves risks and uncertainty, including assumptions about the future performance of Centras. Our actual results may differ materially from those in our forward-looking statements.

我們所有的新聞稿和美國證券交易委員會文件，包括我們的 10-K、10-Q 和 AK 表格，都可以在我們的網站上找到。今天上午晚些時候，您還可以在「中間派」網站上收聽本次電話會議的錄音。我想提醒大家，我們今天在電話會議上討論的某些資訊可能被視為前瞻性訊息，其中涉及風險和不確定性，包括對 Centras 未來業績的假設。我們的實際結果可能與我們的前瞻性聲明有重大差異。

Additional information concerning factors that could cause actual results to materially differ from those in our forward-looking statements is contained in our filings with the SEC, including our annual report on Form 10k and quarterly reports on Form 10Q.

有關可能導致實際結果與我們的前瞻性聲明中的結果存在重大差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。

Finally, the forward-looking information provided today is time sensitive and accurate only as of today, November 6, 2025, unless otherwise noted. This call is a property of entrus Energy. Any transcription, redistribution, retransmission, or rebroadcast of the call in any form without the express written consent of centrist is strictly prohibited.

最後，除非另有說明，今天提供的前瞻性資訊具有時效性，並且僅截至今天（2025 年 11 月 6 日）準確無誤。本次呼叫是 entrus Energy 的一項屬性。未經中間派明確書面同意，嚴禁以任何形式對該通話進行任何形式的轉錄、重新分發、重新傳輸或重新廣播。

Thank you for your participation, and I'll now turn the call over to Amir.

謝謝您的參與，現在我將把通話交給阿米爾。

Thank you, Neil, and thank you to everyone on the call today.

謝謝你，尼爾，也謝謝今天參加電話會議的各位。

We made significant progress this quarter in strengthening Centres to capitalize on our forthcoming growth opportunities while continuing to successfully operate our broker trader business.

本季我們在加強中心建設方面取得了重大進展，以抓住即將到來的成長機遇，同時繼續成功經營我們的經紀交易業務。

This includes hiring Todd Tonelli to succeed our former Chief Financial Officer Kevin Harrell. I would like to again thank Kevin for his work to help improve and bring Centres forward.

這包括聘請 Todd Tonelli 接替我們前任財務長 Kevin Harrell。我再次感謝凱文為幫助改進和推進中心發展所做的努力。

Todd brings a wealth of knowledge and expertise to Centris, including more than 20 years of experience in the energy industry. He has been part of a number of large industrial expansions and capital raises, precisely and not coincidentally, the tasks we're facing now. A welcome thought to the team.

Todd 為 Centris 帶來了豐富的知識和專業技能，包括 20 多年的能源產業經驗。他曾參與過許多大型工業擴張和融資項目，而我們現在面臨的任務，恰恰與此類似，這並非巧合。團隊收到這樣的建議，真是太好了。

Our progress to date includes our internally focused operational preparations, the growing momentum in discussion we are having with potential future customers, and increasingly strong signals we see from the marketplace. All of these have strengthened our outlook and culminated in 1, our event in Ohio announcing our hiring plans ahead of our planned expansion, and 2, today's capital raise announcement.

我們迄今為止的進展包括：以內部為中心的營運準備工作、與潛在未來客戶的討論日益深入，以及我們從市場中看到的越來越強烈的信號。所有這些都增強了我們的信心，並最終促成了以下兩件事：1. 我們在俄亥俄州舉辦活動，宣布了我們在計劃擴張之前製定的招聘計劃；2. 今天宣布的融資計劃。

But first, let me turn to the quarter results. As many of there can be a significant amount of variability quarter to quarter due to the nature of our business, and as such, we believe our annual results are more indicative of our progress.

但首先，讓我先來看看季度業績。由於我們業務的性質，每季可能會出現相當大的波動，因此，我們認為年度業績更能反映我們的進展。

In the third quarter we achieved $74.9 million in revenue, a gross loss of $4.3 million an operating loss of $16.6 million and a net income of $3.9 million.

第三季度，我們實現了 7,490 萬美元的收入，毛虧損 430 萬美元，營業虧損 1,660 萬美元，淨收入 390 萬美元。

2025 year-to-date, net income was $60 million compared to $19.5 million during the same period last year. Todd will discuss the results and their respective drivers in more depth shortly.

截至 2025 年同期，淨收入為 6,000 萬美元，而去年同期為 1,950 萬美元。Todd稍後將更深入地討論比賽結果以及各自的參賽者。

Turning to our broker trader segment, during the quarter, Centros received waivers from the Department of Energy to continue to import LEU for all currently committed deliveries to US customers in years 2026 and 2027.

再來看我們的經紀交易商部分，本季度，Centros 獲得了美國能源部的豁免，可以繼續進口低濃縮鈾，以滿足 2026 年和 2027 年所有已承諾交付給美國客戶的訂單。

This announcement provides greater clarity and helps to de-risk that side of our business.

這項公告使情況更加明朗，並有助於降低我們業務這方面的風險。

Now turning to our future commercial enrichment business, as a reminder to our listeners, our proposed public-private partnership model envisions centers potentially securing funding from a number of sources on the public side. This includes potential task order awards under our LEU enrichment contract or under our Halu enrichment and the conversion contract.

現在，讓我們轉向未來的商業發展業務。在此提醒各位聽眾，我們提出的公私合作模式設想，各中心有可能從公共方面的多個來源獲得資金。這包括根據我們的低濃縮鈾濃縮合約或根據我們的高濃縮鈾濃縮和轉換合約授予的潛在任務訂單。

Which altogether represent opportunities to obtain a portion of the $3.4 billion appropriated by Congress or potential national security awards.

這些機會加起來，就意味著有機會獲得國會撥款的 34 億美元中的一部分，或獲得潛在的國家安全獎勵。

As we have previously stated, we hope to capitalize on any potential public funding made available by the DOE, as it will create the lowest cost of capital structure. As the only US owned company with a proven technology, we feel we make a strong case. The private capital would then come in multiple forms, including partnerships or our balance sheet.

正如我們之前所說，我們希望利用能源部提供的任何潛在公共資金，因為這將創造最低的資本結構成本。作為唯一一家擁有成熟技術的美國本土公司，我們認為我們有充分的理由。私人資本將以多種形式出現，包括合夥企業或我們的資產負債表。

Furthermore, we also have other business models that address a variety of funding scenarios.

此外，我們還有其他商業模式，可以應付各種融資情況。

Ahead of the DOEs, LEU, and Halo Awards, we continue to pursue our readiness initiative to strengthen our investment case and to prepare ahead of our industrial expansion.

在獲得美國能源部、低濃縮鈾和光環獎之前，我們將繼續推進我們的準備計劃，以加強我們的投資理由，並為我們的工業擴張做好準備。

First, in the quarter, we closed an oversubscribed and upsized convertible senior note transaction on favorable terms, increasing our unrestricted cash balance to over $1.6 billion. In line with our strategy to optimize our capital structure and strengthen our position ahead of government announcements, Second, we continue to execute on our supply chain readiness program announced last November that is laying the groundwork for future large scale deployment of our technology.

首先，在本季度，我們以優惠的條款完成了一筆超額認購且規模擴大的可轉換優先票據交易，使我們的非限制性現金餘額增加到超過 16 億美元。其次，為了配合我們優化資本結構、鞏固政府公告前地位的策略，我們繼續執行去年 11 月宣布的供應鏈準備計劃，為未來大規模部署我們的技術奠定基礎。

Our September Ohio jobs announcement is another concurrent preparation step.

我們9月在俄亥俄州發布的招募公告是另一個同步進行的準備。

Third, we continue to successfully operate our Haley cascade under our contract with the DOE and reach a milestone of two full years of continuous uranium enrichment this past October. Our technology has been proven with over 3.9 million machine hours. It can meet the full range of America's commercial and national security enrichment requirements, including, but not limited to LEU, and Halu.

第三，我們繼續根據與美國能源部的合約成功運作我們的 Haley 級聯裝置，並在去年十月實現了連續兩年鈾濃縮的里程碑。我們的技術已經過超過 390 萬個機器小時的驗證。它可以滿足美國商業和國家安全濃縮需求的全部範圍，包括但不限於低濃縮鈾和高濃縮鈾。

Fourth, we are seeing growing momentum in our engagements with key stakeholders.

第四，我們看到與主要利害關係人的互動勢頭日益增強。

Including potential external investors, in August we signed an agreement with KHMP, the 3rd largest operator of nuclear assets in the world, and Posco International for a potential investment in Centres's enrichment capacity. The key development is an example of how private sector capital could support our potential expansion.

包括潛在的外部投資者在內，我們於 8 月與世界第三大核資產營運商 KHMP 和 Posco International 簽署了一項協議，就 Centres 的濃縮能力進行潛在投資。這項關鍵進展反映了私部門資本如何能支持我們潛在的擴張。

There is a large and growing opportunity set for these types of partnerships that could come from foreign countries and utilities to SMR developers and hyperscalers, all of which are looking to secure fuel for their respective ambitions.

這類合作機會眾多且不斷成長，合作方可能包括外國政府、公用事業公司、小型模組化反應器開發商和超大規模資料中心營運商，他們都在尋求為各自的發展目標獲取燃料。

Our strong progress and these developments have led us to our two most recent announcements.

我們取得的顯著進展和這些變化促使我們發布了最近的兩項公告。

First, at our September event alongside Governor DeWine, Senator John Husted, and Congressman Taylor of Ohio, we announced our plan to hire on a large scale ahead of our plant expansion.

首先，在九月與俄亥俄州州長德瓦恩、參議員約翰·赫斯特德和眾議員泰勒共同舉辦的活動中，我們宣布了在工廠擴建之前大規模招聘的計劃。

These are important jobs to an economically depressed depressed area that holds significant talent and is but one example of the value that comes from investing in an American company that is creating American jobs.

這些工作對於一個經濟蕭條、人才濟濟的地區來說至關重要，而這只是投資一家創造美國就業機會的美國公司所帶來的價值的一個例子。

Second, this morning we announced we are launching a $1 billion at the market program.

其次，今天早上我們宣布將啟動一項規模達 10 億美元的市場融資計畫。

Given the market signal and our progress, we believe now it is an appropriate time to raise these funds in this form ahead of our proposed buildout.

鑑於市場訊號和我們取得的進展，我們認為現在是以這種形式籌集這些資金的合適時機，以便進行我們計劃中的建設。

With that, I will turn the call over to Todd to walk through the numbers. Todd.

接下來，我將把電話交給托德，讓他來逐一講解這些數字。托德。

Thank you, Amir, for that welcome and thank you to everyone on today's call.

謝謝阿米爾的歡迎致辭，也謝謝今天參加電話會議的各位。

First, I'd like to thank Amir for that kind welcome. My 1st 100 days on the job have been exciting and have reinforced my strong belief in entra's platform and substantial upside potential. I have been impressed with its unique world-class technical capabilities, the operations, and its assets already in place, its strong position in the market with high barriers to entry. And the talented workforce looking ahead, I will be focused on appropriately positioning our balance sheet and potential partnership network to sufficiently capitalize the company for our future needs and implementing best practices across our operations to support our potentially large expansion.

首先，我要感謝阿米爾的熱情歡迎。我上任的頭100天令人興奮，也更加堅定了我對entra平台及其巨大成長潛力的信心。該公司獨特的世界級技術能力、營運情況、現有資產以及在市場上的強大地位（進入門檻很高）都給我留下了深刻的印象。展望未來，我將專注於合理調整我們的資產負債表和潛在的合作夥伴網絡，為公司未來的需求提供充足的資金，並在我們的營運中實施最佳實踐，以支持我們可能的巨大擴張。

Let me first walk through our results, which were in line for our internal projections and reflected the typical quarter over quarter shift in contractual mix that can transpire based on our customer orders and deliveries.

首先讓我來介紹一下我們的業績，這些業績與我們的內部預測相符，並反映了根據客戶訂單和交付情況可能發生的合約組合的典型季度間變化。

Total revenue for the third quarter was $74.9 million, an increase of $17.2 million, or 30% versus the same quarter last year.

第三季總營收為 7,490 萬美元，比去年同期成長 1,720 萬美元，增幅達 30%。

The LEU segment generated $44.8 million in the third quarter, an increase of 29%, or $10 million compared to the same quarter last year, driven by an increase in the volume of uranium sold, partially offset by a decrease in the average price of SWU sold.

LEU業務第三季營收為4,480萬美元，比去年同期成長29%，即1,000萬美元，這主要得益於鈾銷售的增加，但部分被SWU平均售價的下降所抵銷。

The technical solution segment delivered revenue of $30.1 million in the third quarter, an increase of $7.2 million, or 31% over Q3 2004 results driven by the sale of LEU to the DOE.

技術解決方案部門第三季營收 3,010 萬美元，比 2004 年第三季成長 720 萬美元，增幅達 31%，主要得益於向美國能源部出售 LEU。

Centris generated a third quarter gross loss of $4.3 million compared to a gross profit of $8.9 million in the same period last year. The LEU segment cost of sales increased $23.0 million to $52.6 million in the quarter, primarily driven by an increase of volumes of uranium sold, partially offset by a decrease in the average cost of SWU sold.

Centris 第三季毛虧損 430 萬美元，去年同期毛利為 890 萬美元。本季低濃縮鈾業務的銷售成本增加了 2,300 萬美元，達到 5,260 萬美元，主要原因是鈾的銷售量增加，但部分被銷售的 SWU 的平均成本下降所抵消。

Cost of sales in the CTS segment grew $7.4 million to $26.6 million in the quarter, primarily attributed to the $8.5 million in cost increases under the Halo operations contract.

CTS 部門的銷售成本在本季增加了 740 萬美元，達到 2,660 萬美元，主要原因是 Halo 營運合約下的成本增加了 850 萬美元。

Centris generated net income of $3.9 million in Q3 compared to a net loss of $5 million in the same period last year, excluding non-reoccurring costs associated with the CFO transaction. Q3 2025 net income was $4.6 million.

Centris 在第三季實現淨收入 390 萬美元，而去年同期淨虧損 500 萬美元，不包括與 CFO 交易相關的非經常性成本。2025年第三季淨收入為460萬美元。

2025 year-to-date, net income was $60 million compared to $19.5 million during the same period last year.

截至 2025 年同期，淨收入為 6,000 萬美元，而去年同期為 1,950 萬美元。

As of September 30th, 2025, the total company backlog stood at $3.9 billion and extends to 2040.

截至 2025 年 9 月 30 日，本公司積壓訂單總額為 39 億美元，訂單期限至 2040 年。

The LEU segment backlog is approximately $3 billion.

低濃縮鈾（LEU）業務的積壓訂單約為30億美元。

This includes future SWU and uranium deliveries, primary under medium and long-term contracts with fixed commitments, as well as the $2.3 billion in contingent LEU sales commitments.

這包括未來的SWU和鈾交付，主要依據具有固定承諾的中長期合同，以及23億美元的或有低濃縮鈾銷售承諾。

With $2.1 billion of the total under definitive agreements and $0.2 billion of the total subject to entering into definitive agreements.

其中 21 億美元已達成最終協議，2 億美元仍待達成最終協議。

Our technical solution segment backlog is approximately $0.9 billion as of September 30th, 2025, which includes funded amounts, unfunded amounts, and unexercised options. The options relate to the company Halu operation contract.

截至 2025 年 9 月 30 日，我們的技術解決方案部門積壓訂單約為 9 億美元，其中包括已撥款金額、未撥款金額和未行使的選擇權。這些選擇權與Halu公司的營運合約有關。

Turning to our capitalization, in the third quarter we issued $805 million of 0% convertable senior notes for a total net proceeds of $782.4 million. The proceeds from the offer deliver added liquidity to execute our strategic plans and help de-risk our business.

再來看我們的資本狀況，第三季我們發行了 8.05 億美元的 0% 可轉換優先票據，總淨收益為 7.824 億美元。此次發行所得款項將為我們提供額外的流動性，以執行我們的策略計劃並幫助降低我們業務的風險。

Furthermore, as announced today, we filed a shelf registration and simultaneously brought down 1 billion to be used in an at the market offering. We believe that having a shelf in place is part of good business practices and that using equity to raise capital at this time is a prudent solution given our strong valuation.

此外，正如今天宣布的那樣，我們提交了擱架註冊申請，同時籌集了 10 億美元，用於市場發行。我們認為，預留資金是良好商業慣例的一部分，鑑於我們目前的強勁估值，此時利用股權融資是審慎的解決方案。

Lower cost of capital associated with it. We were using the proceeds from the ATM for general corporate purposes.

與之相關的資金成本較低。我們當時將自動櫃員機的收益用於一般公司用途。

The issuance of the 0% convertible notes as well as today's announced ATM program are in line with our capital plans to appropriately and prudently raise funds ahead of our planned industrial build out and government funding decisions.

發行 0% 可轉換債券以及今天宣布的 ATM 計劃符合我們的資本計劃，以便在計劃中的工業建設和政府資助決定之前，以適當和謹慎的方式籌集資金。

With that, I will turn the call back to Amir.

這樣，我就可以把電話轉回阿米爾了。

Thanks, Todd. Before ending the call, I'd like to quickly summarize the points that have led to our growing confidence in our most recent announcements. First, US utilities are set to expand nuclear capacity. The Nuclear Energy Institute recently identified over 8 gigawatts of expected additional generation from the existing fleet, including plant restarts and power upgrades.

謝謝你，托德。在結束通話之前，我想快速總結一下我們最近發布的公告中讓我們越來越有信心的幾點原因。首先，美國公用事業公司計劃擴大核能產能。核能研究所最近確定，現有核電廠預計可額外發電 8 吉瓦以上，包括重啟電廠和升級發電。

And recall that Westinghouse recently pledged to build 10 new large reactors in the United States and the federal government recently announced.

別忘了，西屋公司最近承諾在美國建造 10 座新的大型反應堆，聯邦政府最近也宣布了這一消息。

$80 billion investment related to the project. The combination of just these two events could equate to a need for an additional roughly $2.5 million SWU per year.

與該項目相關的投資高達800億美元。光是這兩件事加起來，每年就可能需要額外增加約 250 萬美元的 SWU。

Second, we'll continue to see an acceleration in new market demand for nuclear power. For example, the projected power requirements for data centers are driving major investment in nuclear biotech technology giants including Amazon, Google, Microsoft, and Meta, as well as non-hyperscale owned and operated data centers like RIT, and continue to come to market.

其次，我們將繼續看到市場對核電的新需求加速成長。例如，資料中心的預期電力需求正在推動對核生物技術巨頭（包括亞馬遜、Google、微軟和 Meta）以及非超大規模自有和營運的資料中心（如 RIT）的大量投資，而這些資料中心將繼續進入市場。

Third, the SMR market continues to mature. The Tennessee Valley Authority, for example, recently announced a deal for a 6 gigawatt deployment from one SMR design. The Department of Energy meanwhile has launched a reactor pilot program that aims to demonstrate criticality in at least 3 test reactors by July 4th, 2026. And just last month, the US Army launched the Janus program aimed at deploying microreactors at 9 bases over the next few years. All of these will drive the demand for more enriched uranium and have strengthened our outlook. Last month, the published spot price for EEU soared to $220 near historic levels. The demand for US owned enrichment capacity has never been stronger.

第三，SMR市場持續成熟。例如，田納西河谷管理局最近宣布了一項協議，將採用一種小型模組化反應器設計，部署 6 吉瓦的電力。同時，美國能源部啟動了一項反應器試點計劃，目標是在 2026 年 7 月 4 日之前在至少 3 個試驗反應器中驗證臨界性。就在上個月，美國陸軍啟動了 Janus 計劃，旨在在未來幾年內在 9 個基地部署微型反應器。所有這些都將推動對更高濃縮鈾的需求，並增強了我們的前景。上個月，EEU現貨價格飆升至220美元，接近歷史最高水準。對美國擁有的濃縮鈾產能的需求從未如此強勁。

I would like to close by thanking our growing list of investors, analysts, and listeners without whom none of this would be possible. We look forward to updating you on our progress on our next earning call.

最後，我要感謝我們不斷成長的投資者、分析師和聽眾群體，沒有你們，這一切都不可能實現。我們期待在下次財報電話會議上向您報告我們的進度。

With that, we are happy to take questions, operator.

接線員，我們很樂意回答您的問題。

Thank you sir. Ladies and gentlemen, will will now be conducting the question-and-answer session. We ask that you please limit yourself to one question, and you may return to the question queue for a follow-up.

謝謝您，先生。女士們、先生們，現在將進行問答環節。請您每次只提一個問題，如有後續問題，您可以返回問題隊列。

If you'd like to ask a question, please key in star and then one on your telephone keypad.

如果您有任何疑問，請在電話鍵盤上按星號 (*)，然後再按數字 (1)。

A confirmation turn will indicate that a line is in the question queue.

確認輪到自己時，表示問題隊列中已有一行。

You may key in and in 2 to lead the question queue.

您可以輸入 2 來引導提問佇列。

Our first question comes from Ryan of B. Riley Securities. Please go ahead.

我們的第一個問題來自 B. Riley Securities 的 Ryan。請繼續。

Hey, good morning, guys. Thanks for taking my question.

嘿，大家早安。謝謝您回答我的問題。

Amir, you mentioned the national security opportunity. We saw the BWXT award in September and then a few weeks later on SAM, the NS NNSA's notice of intent, sole source contract with ACO for unobligated LEU enrichment. Could you just talk, a little bit about Centris's opportunity there and what that entails?

阿米爾，你提到了國家安全的機會。我們在 9 月看到了 BWXT 的授標，幾週後，在 SAM 上看到了 NS NNSA 的意向通知，即與 ACO 簽訂的用於非強制性低濃縮鈾 (LEU) 濃縮的獨家合約。您能否簡單談談 Centris 在那裡的機會以及這其中蘊含的意義？

Sure, and good morning to you too, Ryan.

當然，瑞恩，你也早安。

So as you pointed out, the NNSA recently published a notice of intent to sole source, and, award ACO for AC 100 deployment for unobligated LEU enrichment.

正如你所指出的，NNSA 最近發布了一份意向通知，表示將對 AC 100 部署進行非強制性低濃縮鈾 (LEU) 的單一來源採購，並授予 ACO 合約。

I am not sure that I can add anything beyond what the NNSA announced. It is an intent to a sole source award, but I will add just color maybe to it from my perspective in that. If you recall, we have repeatedly stated that our strategy is to serve three market segments that are important and all three of them are growing the LEU existing market, the Halo market, and obviously the national security market. And so, we definitely look forward to hear further communication from the NNSA regarding this notice, and as always, we stand ready to support, the NNSA and the nation on a critical national security mission. So, what I would read into this is that things are moving forward, it looks. It looks like, the things that we were aiming for are materializing, but as I said, not much to add beyond what the NNSA had announced.

我不確定除了美國國家核安管理局（NNSA）公佈的內容之外，我還能補充什麼。這是打算授予單一來源獎項，但我可能會從我的角度對此進行一些補充說明。如果你還記得的話，我們已經多次聲明，我們的策略是服務三個重要的市場區隔領域，這三個領域都在不斷發展：低濃縮鈾現有市場、Halo市場，以及國家安全市場。因此，我們非常期待收到美國國家核安管理局 (NNSA) 就此通知發布的進一步消息，並且一如既往，我們隨時準備好支持 NNSA 和國家執行這項重要的國家安全任務。所以，我的理解是，事情似乎正在向前發展。看來我們所追求的目標正在逐步實現，但正如我所說，除了美國國家核安管理局宣布的內容之外，沒有什麼可以補充的了。

Understood, thanks.

明白了，謝謝。

Thank you.

謝謝。

The next question comes from Rob Brown of Lake Street Capital Markets. Please go ahead.

下一個問題來自 Lake Street Capital Markets 的 Rob Brown。請繼續。

Hi, good morning. Just wanted to get a, wonder if you get a little more call around your readiness efforts at Pike in. How do you sort of perceive that playing out and what are the decision gates you're looking at in the next sort of 12 months?

您好，早安。我只是想問一下，您是否會因為在派克基地的戰備工作而接到更多電話？您如何看待事態的發展？在接下來的 12 個月裡，您關注的決策節點有哪些？

Okay, well, good morning, Rob, and thank you for that question. We, as you pointed out correctly and as we have announced in in previous calls, the readiness efforts for a plan build out are taking shape and they're taking shape fast. We have already announced investment which we're in the middle of of spending as part of that preparedness.

好的，早安，羅布，謝謝你的提問。正如您所指出的，也正如我們在先前的電話會議中所宣布的那樣，計劃制定工作的準備工作正在逐步成形，而且進展迅速。我們已經宣布了投資計劃，目前正在進行支出，作為準備工作的一部分。

We are launching things like, studies of our production cycle time analysis, first time, first article, manufacturing, things of the sort that you would need to have lined up for rapid manufacturing deployment, all in anticipation of a plan build out. So yes, there's a few more things that need to fall into place in terms of, the public part of it.

我們正在進行諸如生產週期時間分析、首件製造等方面的研究，這些都是快速部署生產所需的準備工作，所有這些都是為了製定完善的生產計劃。所以，是的，就公共方面而言，還有一些事情需要落實到位。

And, I will turn your attention to the Ohio's jobs announcement that we made just recently where we are in the midst of hiring a lot of folks. We are in the midst of building up our strength and skills, and, all of this is in anticipation of ensuring that, we are able to execute and are able to go as fast as we can when we announce our buildup.

接下來，我想請大家關註一下俄亥俄州最近發布的就業公告，我們正在大規模招募員工。我們正在努力增強實力和技能，這一切都是為了確保我們能夠在宣布擴充計劃時能夠迅速執行並儘可能快地推進。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

The next question comes from Joseph Rigger of Roth Capital. Please go ahead.

下一個問題來自羅斯資本的約瑟夫·里格。請繼續。

Hey, Amir and team. Thanks for taking the questions. Now that you guys have the waivers for 26 and 27, and there's been these extra announcements about investments in nuclear facilities, restarts and new facilities, has there been any shift in, political commentary out of Washington about the Jan 1, 2028 deadline for Russian imports, any realization that that's an unreasonable date, and then if not, what do you guys, how do you guys think about, the late 2020s and early 2030s as far as a business model, until you guys ramp up, production.

嗨，Amir和團隊。謝謝您回答問題。既然你們已經獲得了26和27年的豁免，也發布了關於核設施投資、重啟和新建設施的額外公告，那麼華盛頓方面對於2028年1月1日俄羅斯進口的最後期限，是否有任何政治評論發生了轉變，是否有人意識到這是一個不合理的日期？如果沒有，那麼你們如何看待2020年代末和2030年代初的商業模式，直到你們提高產量為止？

Hey, good morning, Joe. Actually, this is a really good question from a macro perspective, from a market fundamentals perspective. So the first part of your question, there's nothing really that I know that I can report, officially or unofficially that I've heard about reconsidering anything that has to do with Russia. If you remember, that was done legislatively and, that was tied to a, an investment here in the US to establish domestic supply chain, which is exciting news. The reason why I think the question is critical is because What's building excitement for our case is not a day goes by that there's no new announcements of new builds, whether it's the $80 billion announcement from Westinghouse, Camco and the US government or, as I mentioned earlier, some of the, microreactor announcements. I mean, heck, I even heard we're planning to put a reactor on the moon, by NASA. So all of this is adding to the. Demand for enrichment. Demand for enrichment.

嘿，早上好，喬。實際上，從宏觀角度，從市場基本面角度來看，這確實是個很好的問題。所以，關於你問題的第一部分，就我所知，無論是官方的還是非官方的，我都沒有聽說過任何關於重新考慮與俄羅斯有關的事情的消息。如果你還記得的話，那是透過立法實現的，而且與在美國投資建立國內供應鏈有關，這真是個令人振奮的消息。我認為這個問題至關重要的原因是，讓我們感到興奮的是，幾乎每天都有新的建設項目宣布，無論是西屋電氣、Camco 和美國政府宣布的 800 億美元投資，還是我之前提到的一些微型反應器項目。我的意思是，天哪，我什至聽說美國宇航局計劃在月球上建造一個反應爐。所以所有這些都加劇了這種情況。對豐富化的需求。對豐富化的需求。

In the Western world could be supplied only by a finite number of companies that are currently serving the market and obviously Centress is the new entrant into the market.

在西方世界，這種商品只能由數量有限的公司供應，這些公司目前服務於市場，而 Centresess 顯然是新進入市場的公司。

I call into question as to I think this points to the fact also that that there has to be ability by these companies to produce centrifuges and to be able to satisfy that market demand and to me this is a reinforcement to to our business model. This is a reinforcement to where we're marching with some of our investment decisions to be made here soon and investment decisions that we already made. All of this is reinforcing the the.

我認為這也表明，這些公司必須有能力生產離心機，並且能夠滿足市場需求，這對我來說是對我們商業模式的強化。這進一步鞏固了我們即將做出的一些投資決策以及我們已經做出的一些投資決策的方向。所有這些都強化了這一點。

Just the macros that we've been preaching and saying that there will be a significant increase in demand for nuclear enrichment, nuclear fuel enrichment, and so we're kind of seeing that materialize, and I think you're asking that question. I cannot, I'm unable to quantify it. I'm unable to say whether there is any back talk in the government about anything that has to do with Russia, but all I know is that we're laser focused on ensuring that, We are able to maximize enrichment capability and enrichment production as much as we can here in the United States. I mean that that that's our task.

我們一直在宣揚的宏觀趨勢是，對核濃縮、核燃料濃縮的需求將大幅增加，而我們現在正看到這種情況逐漸成為現實，我想你問的正是這個問題。我無法量化它。我無法斷言政府內部是否存在任何與俄羅斯有關的事情的私下議論，但我所知道的是，我們正全力以赴地確保我們能夠在美國最大限度地提高濃縮鈾的能力和濃縮鈾的生產能力。我的意思是，那就是我們的任務。

And if the market is growing and the market is looking stronger and stronger day by day, that just further reinforces our case.

如果市場持續成長，且市場情勢日益強勁，那就更加印證了我們的觀點。

Okay, and, on the second part of the question about if they don't extend the deadline, what do you guys think about the late 2020s, 208, 20,209, and maybe 2030 as far as, the business.

好的，關於問題的第二部分，如果他們不延長最後期限，你們覺得 2020 年代後期、2028 年、2029 年，甚至 2030 年，就商業而言，會是什麼情況？

Yeah, you're asking me to speculate. I would not be able to answer that. I do think, I do believe that there is going to be an extremely tight market in the years that you're mentioning For the reasons that that I mentioned earlier, is that a lot of stuff is coming online, Russia has been really banned out, so these are going to be tight years.

是啊，你這是要我去猜測。我無法回答這個問題。我確實認為，我相信在你提到的那些年裡，市場將會非常緊張。原因正如我之前提到的，很多東西都上線了，俄羅斯已經被嚴格禁止，所以這些年將會非常緊張。

We're going to work as hard as we can to make sure there's enough capacity.

我們將盡一切努力確保有足夠的產能。

These are the years that I've put a question mark on as well.

這些年份我也都打上了問號。

Okay, fair enough. Thoughts whatever.

好吧，這說得有道理。隨便想想。

Our next question comes from Nick Amaucci of Evercore ISI. Please go ahead.

我們的下一個問題來自 Evercore ISI 的 Nick Amaucci。請繼續。

Hey, good morning guys.

嘿，各位早安。

Good morning. Just following on that, Amir, just wanted to get a sense, so we saw kind of a pretty significant, uptick in swoop prices, during the quarter, up to $220 per swoop. So just could we kind of parse out kind of the dynamics that we're seeing because obviously Russia is kind of, for lack of a better term, rushing to kind of get their fair share of the US market and so supplying slu on the market. So if we kind of peel back the onion a little bit, is that, could we argue that that's almost even a depressed kind of price at 220 and and when where that can be going?

早安.阿米爾，我接著剛才說的，只是想了解一下情況，所以我們看到本季搶劫價格出現了相當大的上漲，最高達到每次搶劫 220 美元。所以，我們能否分析一下目前看到的動態？因為很明顯，俄羅斯正在（如果非要用一個詞來形容的話）爭先恐後地想要獲得美國市場應有的份額，因此正在向市場上供應大量產品。所以如果我們稍微深入分析一下，是不是可以說 220 這個價格幾乎已經算是低迷的價格了，那麼它未來的走勢會是怎麼樣呢？

Yeah, real, really good question, and, My personal view on things is, as I always mentioned, the only way the price is going to go down is when there is access capacity in the market.

是的，這確實是個好問題。我個人的看法是，正如我一直提到的，價格下降的唯一方法是市場上的供應能力提升。

I do not see a line of sight to that, based on what we're seeing we're seeing the demand side of the equation growing so much faster than any new capacity coming online, at least announced new capacity. So you tied it really nicely in your question and sort of reaffirming what I'm saying. This is not just my sentiment. This is a market sentiment. We're seeing se prices almost at all time highs here.

根據我們目前所見，需求方面的成長速度遠遠超過任何新增產能（至少是已宣布的新增產能）的成長速度，我認為這種情況不會發生。所以你在問題中很好地聯繫了這一點，某種程度上也印證了我所說的話。這並非我個人的感受。這是市場情緒。我們看到這裡的價格幾乎達到了歷史最高水準。

And, do I think they will continue to go up?

那麼，我認為它們會繼續上漲嗎？

I mean, my answer to the previous question was that there is going to be tightness in a few years and really all it takes is indication of Western capacity and ability to meet that demand, and I think you will see that the prices take a much sharper turn, And we've seen before. That that at least that's how I look at it. Again, the way for them to come down is there has to be access capacity on the market and we're just not seeing that, we're seeing the complete opposite of that, and that's what we're seeing the prices go up.

我的意思是，我對上一個問題的回答是，幾年後供應將會緊張，而實際上只需要西方產能和滿足需求的能力有所體現，我認為你會看到價格出現更劇烈的波動，而我們以前也看到過這種情況。至少我是這麼看的。再說一遍，價格下降的途徑是市場上必須有足夠的供應能力，但我們並沒有看到這種情況，我們看到的情況恰恰相反，這就是我們看到價格上漲的原因。

Great, and then if I could just, I could TRY and parse through, some of the, and then, SA sole sole source opportunity, a little bit, if we think about that and inevitably kind of the government support that we've seen and the.

太好了，然後如果我能，我可以嘗試分析一下，一些，然後，SA 單一來源的機會，稍微，如果我們考慮一下，以及我們所看到的不可避免的政府支持等等。

And yeah, the continued government support and and and administrative support for kind of rectifying the domestic nuclear fuel supply chain, is there any kind of leverage that even, from a national or a federal, security perspective that could be pulled just to expedite kind of the time to build the first cascade just trying to truncate that a little bit.

是的，政府持續的支持和行政支持對於糾正國內核燃料供應鏈至關重要。從國家或聯邦安全角度來看，是否有任何槓桿作用可以加快第一級核燃料供應鏈的建設速度，從而縮短這個過程？

Yeah, no, really good question. You're talking about synergies of commercial and sort of potential national security commitments. I mean, there's a lot of things that could be done. I'm really hesitant to go deeper into speculating that just because what we've seen at this point is a, is a notice of intent to sole source.

嗯，確實是個好問題。你談的是商業合作與潛在的國家安全承諾之間的綜效。我的意思是，有很多事情可以做。我真的不敢妄加猜測，僅僅因為我們目前看到的只是單一來源採購意圖通知。

If we're fortunate enough to get through sort of the rest of the process with the NNSA, I think it would be a more merited discussion at that point. But absolutely, there is a lot of levers and a lot of things that could be done in the name of synergies in terms of buildouts.

如果我們夠幸運，能夠順利完成與美國國家核安管理局 (NNSA) 的後續流程，我認為到那時進行更有意義的討論就更有意義了。但毫無疑問，在建設方面，有很多方法和途徑可以發揮協同效應。

Great thanks guys.

非常感謝各位。

Thank you.

謝謝。

Our next question comes from Jed Dorsheimer of William Blair. Please go ahead.

下一個問題來自威廉布萊爾的傑德多爾斯海默。請繼續。

Hey, thanks for taking my question. I guess, Amir, if we look at the $3.4 billion, grant, and we look at the, we're past the 120 days, since the task orders, is the timing of this, distribution being affected by the government shutdown? And then I have, a second part of that question.

嘿，謝謝你回答我的問題。我想，阿米爾，如果我們看一下這筆 34 億美元的撥款，再看看任務指令下達至今已經超過 120 天的時間，那麼這筆撥款的分配時間是否受到了政府停擺的影響？然後，我還有這個問題的第二部分。

.

。

Officially, I do not know. I H1stly have no idea. I suspect maybe the answer is yes, but I don't know anything officially.

官方說法我並不清楚。我完全不知道。我懷疑答案可能是肯定的，但我沒有任何官方消息。

Got it. That's helpful and then, if I look at the, it seems like there's, this is not a technology risk issue it's really just one of capital and capital is going to determine what the cost basis, looks like could you maybe just discuss any non-government private sector discussions that you guys might be engaged in? Obviously not the details, but I'm assuming. Yeah, I just find it hard to believe that the trillions of pap apps being deployed, many of which I can think of one data center in particular that has at least 7 gigawatts of their. Their capacity tied to nuclear that that they're not aware of the supply chain GAAP in terms of fueling and so where I'm getting, what I'm getting at is when we look at the utilities, when we look at the the private sector that's investing behind the meter, why there wouldn't be, there's not more around the potential offtake to stand up, which would render maybe some of the government money. Much smaller in the grand scheme of things.

知道了。這很有幫助。然後，如果我仔細觀察，似乎這不是技術風險問題，而是資本問題，資本將決定成本基礎。您能否談談您們可能參與的任何非政府私部門的討論？顯然我並不了解具體細節，但這只是我的推測。是的，我很難相信數兆個 PAP 應用正在部署，其中許多我都能想到，尤其是一個資料中心，它們至少有 7 吉瓦的電力。他們的能力與核能相關，他們不了解燃料供應方面的供應鏈公認會計準則，所以我想說的是，當我們審視公用事業公司，當我們審視在用戶側進行投資的私營部門時，為什麼沒有更多潛在的承購計劃來支撐，這或許能帶來一些政府資金。從宏觀的角度來看，這微不足道。

Thanks.

謝謝。

Yeah. Good question, Jed. So, I think you are pointing out correctly to what we've been saying for a while now that we are looking to maximize the public-private partnership from every source we can obviously the public part of it, but also the private does not solely depend on Centress's ability to raise its own capital, but it also relies on external, investors as well, as we have announced earlier.

是的。問得好，傑德。所以，我認為你指出的正是我們一直以來所說的，我們正在尋求從各個渠道最大限度地發揮公私合作的作用，顯然包括公共部分，但私人部分不僅依賴於Centress自身籌集資金的能力，也依賴於外部投資者，正如我們之前宣布的那樣。

We have an MOU with with KHMP and Costco where we are in discussions now hopefully moving towards a commitment, but that that really is kind of.

我們與 KHMP 和 Costco 簽署了一份諒解備忘錄，目前正在進行討論，希望能夠達成承諾，但這真的只是個開始。

Symptomatic of what we're seeing in the market. I think the market, as you said, particularly the companies that would come to rely or would come to rely on nuclear power in general are starting to realize that, hey, it really is important to turn our attention now to fuel. And so we do have discussions with numerous parties. We've already publicly announced the KHMP and Postco, but we also have discussions with other interested parties like HyperScaler.

這是我們在市場上看到的典型現象。我認為，正如你所說，市場，特別是那些依賴核能的公司，已經開始意識到，嘿，現在真的應該把注意力轉向燃料了。因此，我們確實與許多方面進行了討論。我們已經公開宣布了 KHMP 和 Postco，但我們也與其他有興趣的各方（如 HyperScaler）進行了討論。

We're not at the point of announcing anything or naming anybody, but I will though, put some energy behind what you said. We are seeing very encouraging signs out there that people now are turning their attention to fuel, and they realize that investment has to be.

我們現在還沒到宣告任何事或指名道姓的地步，但我會盡力落實你所說的話。我們看到了一些非常令人鼓舞的跡象，人們現在開始關注燃料，並意識到必須進行投資。

It has to be made in the fuel. I mean, these are the signals that have led us to make some of the announcements in the high jobs as I mentioned earlier and obviously today's capital raise fits very well into the confidence that we're getting from these discussions and these signals.

它必須在燃料中製造出來。我的意思是，正如我之前提到的，正是這些訊號促使我們發布了一些高層人事任命公告，而今天的融資顯然也與我們從這些討論和訊號中獲得的信心非常契合。

Thank you.

謝謝。

Our next question comes from Vikran Bhari of Sooty. Please go ahead.

我們的下一個問題來自 Sooty 的 Vikran Bhari。請繼續。

Good morning, everyone. Amir, you highlighted strong fundamentals in your closing remarks and, responses to questions so far. Clearly the landscape is very supportive of, domestic enrichment. I was wondering what signals would you look for to announce further expansion beyond the the planned 3.5 million SU capacity, perhaps doubling it and how much time it will take to get there and then finally, it seems, you have a bullish view on swoop pricing. I was wondering what swoop pricing is required to incentivize more expansions and what's who pricing are you underwriting in your own expansion.

各位早安。阿米爾，你在總結發言和迄今為止對問題的回答中都強調了強勁的基本面。顯然，這裡的環境非常有利於家庭生活富足。我想知道您會關注哪些訊號來宣佈在計劃的 350 萬標準當量產能之外進一步擴張，或許會將其翻一番，以及需要多長時間才能實現這一目標。最後，您似乎對快速定價持樂觀態度。我想知道需要怎樣的快速定價才能激勵更多擴張，以及你們自己擴張時承擔的定價是多少。

Thank you.

謝謝。

Good questions, and thank you for that. So, To your first question about expansion, the way I see the natural events unfolding is we have to get to a base case type capacity in our facility which we're planning towards.

問得好，謝謝。所以，對於你提出的第一個關於擴張的問題，我認為自然發展趨勢是，我們必須讓我們的工廠達到一個基本產能，這也是我們正在努力的方向。

Once we start moving towards that, it is my anticipation that we're going to get a lot more than signals from the market, we're going to get enhanced commitments and additional commitments from others that we have not gotten them from. Basically what I'm saying is there is a large population out there that is perhaps sitting it out for now and waiting to see how things progress and.

一旦我們開始朝著這個方向發展，我預計我們將從市場獲得比以往更多的訊號，我們將從其他方面獲得更強有力的承諾和額外的承諾，而這些承諾是我們以前從未獲得過的。我的意思基本上是，目前有很多人可能正在觀望，等待事態發展。

How we will execute, how others will execute, how the market will unfold, so I fully expect that once planned execution is underway, we're going to get more interest and more commitment for further expansion. That really is the signal that that we'll be looking for and it would be more than the signal we'll be looking for commitments.

我們將如何執行，其他人將如何執行，市場將如何發展，所以我完全相信，一旦計劃的執行開始，我們將獲得更多興趣和更多承諾，以進行進一步的擴張。這才是我們真正要尋找的訊號，而且它比我們所尋找的承諾訊號更為重要。

To your question about wool pricing and what is an advantageous or hurdle wool pricing, obviously I will not be able to name that because that will.

關於你提出的羊毛定價以及什麼是有利或不利的羊毛定價的問題，顯然我無法給出答案，因為這會…

Point to our cost structure and things that we normally would not want anybody to know. It's very, proprietary and sensitive information to us, but I will say to you though that.

指出我們的成本結構以及我們通常不想讓任何人知道的事情。這是非常專有和敏感的訊息，但我還是要告訴你。

The pricing that we're seeing right now is not bad. I mean this is the pricing that has people that have technology that are able to utilize technology that are able to launch their technology into production. It's not a disadvantageous pricing that we're seeing right now.

目前的價格還不錯。我的意思是，這樣的定價策略能夠吸引那些擁有技術、能夠利用技術並將技術投入生產的人。目前我們看到的定價並不不利。

Thank you.

謝謝。

The next question comes from Bill Peterson of JP Morgan. Please go ahead.

下一個問題來自摩根大通的比爾彼得森。請繼續。

Hi, good morning. This is Mihima on for Bill. I was curious, are strategic investors looking for you to further de-risk the balance sheet yourself before committing to funding, or are they perhaps waiting for the government or national security type funding to come through, before those conversations progress further?

您好，早安。這裡是Mihima替Bill報道。我很好奇，戰略投資者是否希望您在承諾投資前進一步降低資產負債表的風險，還是他們可能在等待政府或國家安全方面的資金到位，然後再進行更深入的討論？

How are you doing? This is Todd, the CFO. I think there's a variety of different, areas that the balance sheet can go obviously with public and private, investment.

你好嗎？這是財務長托德。我認為資產負債表可以涉及各種不同的領域，顯然包括公共和私人投資。

One of the things that, is our objective is to put us in a position that really we're not reliant on one source of capital, to come into, fund our proposed or or planned, expansion. So obviously when we're looking at private investments that come in, there is off-take arrangements, there's a variety of different scenarios that could take place, but our first objective is to well capitalize the balance sheet and have a capital structure that allows centrist to be well positioned for the future.

我們的目標之一是使我們不再依賴單一的資金來源來資助我們擬議或計劃中的擴張。顯然，當我們審視進入市場的私人投資時，會有承購協議，可能會出現各種不同的情況，但我們的首要目標是充分充實資產負債表，並建立一種資本結構，使中央銀行能夠為未來做好充分準備。

Okay, I appreciate it.

好的，謝謝。

Thank you.

謝謝。

The next question comes from Jeff Gramp of Northland Capital Markets. Please go ahead.

下一個問題來自 Northland Capital Markets 的 Jeff Gramp。請繼續。

Good morning. Maybe just kind of building off of the last question. I wanted to touch on the recent release regarding the, potential Korean investment and maybe more broadly, like how do you guys think about taking, third-party private capital investment to help fund any build out of the enrichment? What are the kind of tradeoffs you guys may consider as you think about taking third-party investment?

早安.或許可以算是對上一個問題的延伸。我想談談最近有關韓國潛在投資的消息，或許更廣泛地說，你們如何看待引入第三方私人資本投資來幫助資助任何濃縮項目的建設？你們在考慮接受第三方投資時，會考慮哪些權衡取捨？

That's a good question. I'll TRY to answer it without revealing things that are non-isclosed in a non disclosure agreement with any of the parties.

這是個好問題。我會盡量在不洩露任何一方簽署的保密協議中未披露內容的情況下回答這個問題。

Obviously if an investor invests they expect something in return, and it's a process of negotiations to ensure that we can find a win-win solution.

顯然，投資者投資是希望獲得回報的，因此需要透過談判來確保找到雙贏的解決方案。

When you're in an environment where you're hitting record wool prices and the prospects appear that they will continue to go up and the prospects are that the market will continue to have tightness in supply.

當羊毛價格屢創新高，而且價格似乎還會繼續上漲，同時市場供應又將持續緊張時，就會出現這種情況。

That helps make a very strong case for an investor that comes in. So I know I'm not really giving you a lot of details, but, all this to say is that we have numerous, models that we're working through and.

這有助於為潛在投資者提供強有力的理由。我知道我沒有提供太多細節，但我想說的是，我們有很多模型正在研究和實施。

Whatever decision we make, we certainly are grounded in delivering shareholder value and maximizing it from our perspective.

無論我們做出什麼決定，當然都會以實現股東價值最大化為出發點。

Understood. I wasn't expecting a, super specific answer, but I appreciate the time.

明白了。我並沒有期待一個非常具體的答案，但我很感謝您抽出時間。

Thank you.

謝謝。

Thank you.

謝謝。

The next question comes from Eric Stein of Craig Hallam Capital Group. Please go ahead.

下一個問題來自 Craig Hallam Capital Group 的 Eric Stein。請繼續。

Good morning. This is Luke on for Eric. Thanks for taking our questions. So have your views on your targeted enrichment mix between LEU and Halu in the market changed at all, given the progress being made by some of the advanced reactor developers? Do you see more robust Halu demand in the near term becoming more realistic in your view? Thanks.

早安.這是盧克替埃里克報道。謝謝您回答我們的問題。鑑於一些先進反應器開發商的進展，您對市場上低濃縮鈾和高濃縮鈾的目標濃縮比例的看法是否有所改變？您認為短期內對Halu的需求是否會更加強勁？謝謝。

Right, good question. So, the ultimate decision of the plant of the planned expansion in terms of how much Halo, how much LEU would be 100% driven by customer demand and customer commitments and, however they sway that mix, I will say that during my time in the company, which is almost 2 years now, particularly in the last year. We have seen Halu going from sort of like an MOU type, let's agree to some point in the future where we can talk about a contract.

問得好。因此，工廠在計劃擴建中最終決定生產多少 Halo 和多少 LEU 將 100% 由客戶需求和客戶承諾驅動，無論它們如何影響這一組合，我都要說，在我加入公司近 2 年的時間裡，尤其是在過去一年裡。我們看到 Halu 的合作方式從類似諒解備忘錄的形式，轉變為在未來的某個時候可以討論正式合約。

Very noncommittal to we're seeing companies now, hey, we're ready to make a commitment type conversations.

我們現在看到的公司都表現得非常不積極，他們表示「嘿，我們準備好做出承諾了」。

So we're seeing Halo evolve very quickly and rapidly, especially through some of these expansion plans that you're hearing from microreactors and other small modular reactors. I mean, ultimately, if somebody starts buying these reactors, as is happening right now in the market, they would be able to make commitments for fuel. So, all this to say that there, there's a lot of momentum behind Halu now, where, but the ultimate decision is going to be, what that commitment breakdown looks like between Halo and LEU.

所以我們看到 Halo 的發展速度非常快，尤其是透過你們從微型反應器和其他小型模組化反應器聽到的一些擴展計劃。我的意思是，歸根結底，如果有人開始購買這些反應爐（就像現在市場上正在發生的那樣），他們就能承諾提供燃料。所以，總而言之，Halo 現在勢頭強勁，但最終的決定將是 Halo 和 LEU 之間的承諾分配情況如何。

Great, thanks for the caller.

好的，謝謝來電者。

Thank you.

謝謝。

The next question comes from Samir Joshi of HC Wainwright. Please go ahead.

下一個問題來自 HC Wainwright 的 Samir Joshi。請繼續。

Hey, good morning, guys. And Todd, congrats on the new role. Looking forward to interact with you. I just have one question on the improved, swo pricing environment. Are you, able to, contract these, like has the backlog increased, from the new.

嘿，大家早安。托德，恭喜你擔任新職務。期待與您交流。關於改進後的軟體定價環境，我只有一個問題。你們能否承接這些工作，例如積壓的工作量是否增加了？

Prices and when should we see, I know these are longer-term, mid to long-term contracts, so we may not see it in revenues, soon, but when if you have signed contracts, when should we see those, prices.

價格以及我們何時才能看到價格，我知道這些都是中長期合同，所以我們可能不會很快在收入中看到價格，但是，如果你們已經簽署了合同，我們什麼時候才能看到價格呢？

I want to reassure our investors and shareholders that you know locking in commitments and growing that commitment backlog is a big priority for us both in Halu and LEU and the three segments that that that we have been discussing that that is a key important focus for us, obviously we don't disclose details around our our contracts and I will point out to you though that. A lot of these, conversations and the results of these conversations are very nonlinear so we could be working on something for a while and release something large and then not hear anything or see anything for a little while. So, there, it it it's not necessarily a steady stream, but, it, like I said, it could present itself in a nonlinear fashion.

我想向我們的投資者和股東保證，你們知道，鎖定承諾並增加承諾儲備是我們Halu和LEU以及我們一直在討論的三個業務領域的一項重要優先事項，這顯然是我們重點關注的領域。當然，我們不會透露有關合約的細節，但我還是要指出這一點。很多時候，這些對話以及對話的結果都是非線性的，所以我們可能會花一段時間做一些事情，發布一些重要的東西，然後過一段時間就什麼也聽不到或看不到了。所以，它不一定是一條穩定的河流，而是像我剛才說的，它可能會以非線性的方式呈現。

But the only thing I can leave you with without without violating any again nondisclosures that we have is that it is still a major focus area for us and a priority for the company.

但是，在不違反任何保密協議的前提下，我唯一能告訴你們的是，這仍然是我們重點關注的領域，也是公司的優先事項。

Got it, thanks a lot.

明白了，非常感謝。

Thank you ladies and gentlemen. We have now reached the end of the Q&A session. I will now hand you over to Neil Roshan for closing remarks.

謝謝各位女士、先生。問答環節到此結束。現在我將把發言權交給尼爾·羅珊，請他致閉幕詞。

Thank you, Judith. This will conclude our investor call for the third quarter of 2025. As always, I want to extend a thank you to our listeners and our analysts who called in, and we look forward to speaking with you again next quarter.

謝謝你，朱迪絲。本次2025年第三季投資者電話會議到此結束。像往常一樣，我要感謝所有來電的聽眾和分析師，我們期待下個季度再次與大家交流。

Thank you, ladies and gentlemen, that concludes today's event.

謝謝各位，今天的活動到此結束。

Thank you for attending and I'll disconnect your line.

感謝您的參與，我將斷開您的線路。