Centrus Energy Corp. (LEU) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Centrus Energy Q1 2026 earnings call conference call. (Operator Instructions) This call is being recorded on Wednesday, May 6, 2026.

各位女士、先生，早安，歡迎參加 Centrus Energy 2026 年第一季（Q1）財報電話會議。(接線員指示) 本通話於 2026 年 5 月 6 日（星期三）錄音。

I would now like to turn the call over to Mr. Neal Nagarajan. Please go ahead.

現在我想把電話交給 Neal Nagarajan 先生。請開始。

Good morning. Welcome, and thank you to all of our callers as well as those listening to our webcast. Today's call will cover the results for the first-quarter 2026 ended March 31. Today, we have Amir Vexler, President and Chief Executive Officer; and Todd Tinelli, Senior Vice President, Chief Financial Officer and Treasurer.

早安。歡迎各位，並感謝所有來電者以及收聽我們網路直播的聽眾。今天的電話會議將說明截至 3 月 31 日止的 2026 年第一季業績。今天與會者包括：總裁兼執行長 Amir Vexler，以及資深副總裁、財務長兼財務主管（Treasurer）Todd Tinelli。

This conference call follows our earnings news release issued yesterday. We have filed our report for the first quarter on Form 10-Q earlier today. All of our news releases and SEC filings, including our 10-K, 10-Qs and 8-Ks, are available on our website. A replay of this call will be also available later this morning on the Centrus website.

本次電話會議係接續我們昨日發布的財報新聞稿。我們已於今日稍早提交第一季 Form 10-Q 報告。我們所有新聞稿與向 SEC 提交的文件（包括 10-K、10-Q 與 8-K）皆可於公司網站取得。本通話的重播也將於今天上午稍晚在 Centrus 網站提供。

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 Centrus. Our actual results may differ materially from those in our forward-looking statements.

提醒各位，我們今天在通話中可能討論的某些資訊，可能被視為涉及風險與不確定性的前瞻性資訊，包括對 Centrus 未來表現的假設。我們的實際結果可能與前瞻性陳述存在重大差異。

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 10-K and quarterly reports on Form 10-Q. The forward-looking information provided today is time-sensitive and accurate only as of today, May 6, 2026, unless otherwise noted.

有關可能導致實際結果與前瞻性陳述出現重大差異之因素的更多資訊，載於我們向 SEC 提交的文件中，包括年度 Form 10-K 與季度 Form 10-Q 報告。除非另有說明，今日提供的前瞻性資訊具有時效性，且僅截至今日（2026 年 5 月 6 日）為準。

Please note that we report results using non-GAAP financial measures, which we believe provide investors with additional understanding of the company's financial performance as well as its strategic financial planning analysis and period-to-period comparability. A reconciliation to the most directly comparable GAAP measurements is included in the financial results section of our earnings release.

請注意，我們使用非 GAAP 財務衡量指標報告結果；我們相信這能讓投資人更了解公司的財務表現，以及其策略性財務規劃分析與各期間之可比性。與最直接可比的 GAAP 指標之調節表，已包含在我們財報新聞稿的財務結果部分。

This call is the property of Centrus Energy. Any transcription, redistribution, retransmission or rebroadcast of the call in any form without the express written consent of Centrus is strictly prohibited.

本通話為 Centrus Energy 之財產。未經 Centrus 明確書面同意，以任何形式對本通話進行逐字稿製作、再分發、再傳輸或再廣播，均嚴格禁止。

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

感謝各位的參與，接下來我將把電話交給 Amir。Amir？

Thank you, Neal, and thank you to everyone on the call today. The first quarter of 2026 began our historic undertaking to return the United States to domestic commercial uranium enrichment and was marked by numerous wins and great operational progress. Centrus remains the only company with a proven American technology that can meet the growing demand from the commercial LEU and HALEU markets as well as the national security market.

謝謝你，Neal，也感謝今天參與通話的各位。2026 年第一季，我們展開一項具歷史意義的任務：讓美國重返國內商用鈾濃縮；本季也以多項勝利與卓越的營運進展為標誌。Centrus 仍是唯一擁有經驗證的美國技術、能滿足商用 LEU 與 HALEU 市場以及國家安全市場日益成長需求的公司。

Our centrifuge manufacturing program and expansion efforts are enormously significant for the company and the country, a once-in-a-generation opportunity to reclaim American leadership in uranium enrichment with American technology built by American workers. As a reminder, our initial build-out will address our substantial commercial LEU enrichment backlog of more than $2.4 billion and 12 metric tonnes of HALEU.

我們的離心機製造計畫與擴產工作，對公司與國家都極其重要；這是世代難逢的機會，得以用美國技術、由美國勞工打造，重新奪回美國在鈾濃縮領域的領導地位。提醒各位，我們的初期建置將用以因應超過 24 億美元的商用 LEU 濃縮積壓訂單，以及 12 公噸的 HALEU。

Furthermore, our base case build-out is expected to be sufficient to reach our nth-of-a-kind cost. Further additions to our build-out will be progressive, tied to securing additional firm customer orders and capital resources.

此外，我們的基本情境建置預期足以達到我們的「第 n 套（nth-of-a-kind）」成本水準。後續的擴建將採循序漸進方式，並與取得更多具約束力的客戶訂單及資本資源相連動。

This quarter's highlights include progress across the milestones set forth in our 2026 guidance, new external partnerships that bring best-in-class expertise and allow us to maintain our hyper focus on reducing costs as well as bringing in time lines and progress with the US government, including winning a $900 million HALEU enrichment award from the US Department of Energy.

本季重點包括：在我們 2026 年展望所列里程碑上取得進展；建立新的外部合作夥伴關係，帶來同級最佳（best-in-class）的專業能力，並使我們能高度聚焦於降成本與縮短時程；以及與美國政府的時程與進展，包括贏得美國能源部（DOE）9 億美元的 HALEU 濃縮獎項。

But first, let me turn to the quarter's results. As many of you know, 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 LEU and CTS business' progress.

不過，先讓我談談本季業績。如各位所知，由於我們業務性質，季度之間可能出現相當程度的波動。因此，我們認為年度結果更能反映我們 LEU 與 CTS 業務的進展。

In the first quarter, we achieved $76.7 million in revenue, a gross profit of $31.5 million, and operating income of $0.8 million. Net income of $10 million, and diluted earnings per share of $0.45, and adjusted net income and adjusted diluted earnings per share were $23.5 million and $1.05 per share, respectively.

第一季我們達成營收 7,670 萬美元、毛利 3,150 萬美元，以及營業利益 80 萬美元。淨利為 1,000 萬美元，稀釋每股盈餘為 0.45 美元；調整後淨利與調整後稀釋每股盈餘分別為 2,350 萬美元與每股 1.05 美元。

Since we've begun our HALEU operations contract, we have contractually produced over 1.6 metric tonnes of HALEU UF6 for the government. Todd will discuss the results and their respective drivers in more depth shortly.

自我們開始 HALEU 營運合約以來，我們已依合約為政府生產超過 1.6 公噸的 HALEU UF6。Todd 稍後將更深入說明本季結果及其各自的驅動因素。

Turning to our commercial backlog. We finished the first quarter with $3.9 billion of backlog that extends through 2040. This is comprised of $3.1 billion in our LEU segment and $0.8 billion in our Technical Solutions segment. The LEU segment's backlog is broken down between $700 million of broker-dealer backlog and $2.4 billion in contingent LEU enrichment sales that are all under definitive agreement.

接著談我們的商用積壓訂單。第一季結束時，我們的積壓訂單為 39 億美元，延伸至 2040 年。其中包括 LEU 部門 31 億美元，以及技術解決方案（Technical Solutions）部門 8 億美元。LEU 部門的積壓訂單可分為 7 億美元的經紀／交易商（broker-dealer）積壓訂單，以及 24 億美元的或有（contingent）LEU 濃縮銷售；上述皆已簽署具約束力的最終協議。

As for our US government opportunities, we are limited in what we can say as we are in a procurement cycle. However, as previously noted, in January, we won a $900 million HALEU enrichment award that has the potential to exceed $1 billion and still needs to be finalized through negotiations. The award provides another pool of low-cost capital and helps support the 12 metric tonnes of HALEU capacity we are building.

至於我們在美國政府方面的機會，由於目前正處於採購週期，我們能說的內容有限。不過，如先前所述，我們在 1 月贏得 9 億美元的 HALEU 濃縮獎項，該獎項有可能超過 10 億美元，且仍需透過談判完成定案。該獎項提供另一個低成本資本來源，並有助於支持我們正在建置的 12 公噸 HALEU 產能。

Regarding national security, recall that we were notified by the National Nuclear Security Administration of its intent to sole source certain enrichment activities from Centrus. While we are in procurement, we can confirm that we have submitted a response to their request, and we stand ready to support our national security mission.

關於國家安全方面，請回想我們已收到國家核安全管理局（NNSA）通知，其有意就特定濃縮活動向 Centrus 採取單一來源（sole source）採購。在採購進行期間，我們可以確認已提交對其請求的回覆，並已準備好支持我們的國家安全任務。

In late January, we launched a $560 million investment in our Oak Ridge centrifuge manufacturing plant, an investment aimed at expanding and accelerating our historic centrifuge manufacturing program. And we have thus far signed three important partners to support our build-out.

在 1 月下旬，我們啟動對橡樹嶺（Oak Ridge）離心機製造廠 5.6 億美元的投資，旨在擴大並加速我們具歷史意義的離心機製造計畫。截至目前，我們已簽下三家重要合作夥伴以支持我們的建置。

We have repeatedly said that our day one focus is to reduce costs and bring in lead times. Centrus Energy will maintain control over design, engineering and manufacturing know-how of our centrifuges, while partners bring operational excellence and best-in-class capabilities.

我們一再強調，我們從第一天起的重點就是降成本並縮短前置時間（lead times）。Centrus Energy 將持續掌握離心機的設計、工程與製造專業知識（know-how），而合作夥伴則帶來卓越營運與同級最佳能力。

First, we signed Fluor, a best-in-class EPC with extensive experience in launching and supporting large-scale complex industrial build-outs. Fluor will perform design, engineering, procurement, construction and commissioning for the expansion.

首先，我們與 Fluor 簽約；Fluor 是同級最佳的 EPC 承包商，具備啟動並支援大型、複雜工業建置的豐富經驗。Fluor 將負責本次擴建的設計、工程、採購、施工與試車（commissioning）。

We also signed Palantir as a strategic partner. Here, Centrus intends to leverage Palantir's foundry and artificial intelligence platform to integrate distinct systems across classified and unclassified environments and utilize AI to optimize our build-out. Since late January, we have identified approximately $300 million in potential cost savings and additional improvements expected to reduce manufacturing lead times and accelerate our timetable. This is just the beginning of our continuous improvement efforts.

我們也與 Palantir 簽署策略合作夥伴關係。在此，Centrus 計畫運用 Palantir 的 Foundry 與人工智慧平台，整合機密與非機密環境中的不同系統，並利用 AI 來最佳化我們的建置。自 1 月下旬以來，我們已辨識約 3 億美元的潛在成本節省，以及其他預期可縮短製造前置時間並加速我們時程的改善項目。這只是我們持續改善工作的開始。

And most recently, we added Geiger Brothers to lead the on-the-ground construction work in Ohio. Geiger Brothers previously served as a key construction partner in the deployment of our existing HALEU cascade as well as our 2013 LEU demonstration cascade. We believe this structure generates efficiencies and may mitigate some project costs. These partnerships underscore our vigilance and commitment to decreasing costs and bringing in lead times while maintaining operational excellence.

而就在最近，我們新增 Geiger Brothers 來領導俄亥俄州當地的施工工作。Geiger Brothers 先前曾在我們既有 HALEU 級聯的部署，以及我們 2013 年 LEU 示範級聯中，擔任關鍵施工合作夥伴。我們相信此一架構可帶來效率，並可能緩解部分專案成本。這些合作關係凸顯我們在維持卓越營運的同時，對降低成本並縮短交期的警覺與承諾。

We also announced that we are exploring a joint venture with Oklo, focused on deconversion services for HALEU which currently does not exist commercially and will strengthen our position in the HALEU market. This demonstrates our commitment to leading the domestic fuel cycle and we look forward to updating the market when we have more to share.

我們也宣布正在探索與 Oklo 成立合資企業，聚焦於 HALEU 的去轉換（deconversion）服務；此服務目前尚無商業化供應，並將強化我們在 HALEU 市場的地位。這展現我們致力於引領國內燃料循環的承諾；待有更多資訊可分享時，我們也期待向市場更新。

Operationally, we made strong progress in our workforce additions in both Piketon and Oak Ridge. These jobs span engineers, assembly technicians, maintenance technicians, enrichment operators, lab technicians, project management and project controls.

在營運方面，我們在 Piketon 與 Oak Ridge 的人力增補上取得強勁進展。這些職缺涵蓋工程師、組裝技術員、維修技術員、濃縮作業員、實驗室技術員、專案管理以及專案控制。

Our Senior Vice President of Field Operations, Patrick Brown, and team have also made great progress on our other operational targets. In the first quarter, we finalized contracts with approximately one-third of the partners we deemed critical, while the team entered into the conceptual engineering design phase of the first CfC package. Therefore, we are reaffirming our 2026 annual guidance for finalizing contracts with 100% of the partners we deem critical.

我們的現場營運資深副總裁 Patrick Brown 與團隊，也在其他營運目標上取得重大進展。第一季，我們與約三分之一被我們認定為關鍵的合作夥伴完成合約定案，同時團隊也進入第一個 CfC 套件的概念工程設計階段。因此，我們重申 2026 年度指引：與我們認定為關鍵的合作夥伴中 100% 完成合約定案。

Total capital spend in the range of $350 million to $500 million, release of a certified for construction package and at least 100 net new employee hires at our Oak Ridge facility. Simultaneously, given the strength of our first quarter and commercial progress, including conversations around potential new enrichment offtake contracts, we are raising our 2026 annual guidance for revenue to a range of $450 million to $500 million from $425 million to $475 million, and our Piketon workforce additions from over 50 net new employees to over 100 net new employees.

資本支出總額預計介於 3.5 億至 5 億美元之間，發布一份可供施工認證（certified for construction）的套件，並在我們 Oak Ridge 廠區至少淨新增 100 名員工。同時，鑑於我們第一季表現強勁及商務進展（包括就潛在新的濃縮承購合約進行的討論），我們將 2026 年度營收指引由 4.25 億至 4.75 億美元上調至 4.5 億至 5 億美元，並將 Piketon 的人力增補由淨新增超過 50 人上調至淨新增超過 100 人。

This was a very successful quarter for the company across all fronts. I will now turn the call over to Todd and return with some final thoughts and comments. Todd?

本季公司在各方面都非常成功。接下來我將把電話會議交給 Todd，稍後我會回來做一些最後的想法與評論。Todd？

Thank you, Amir, and good morning to everyone on today's call. Let me first walk you through our results before providing more details on some of what Amir discussed.

謝謝你，Amir，也向今天參與電話會議的各位道早安。我先帶各位回顧我們的業績，之後再就 Amir 提到的一些事項提供更多細節。

Our results were in line with our internal projections and reflected not only the typical quarter-over-quarter shift in contractual mix, but also the beginning of spend for our manufacturing program. As noted on last quarter's call, I will be presenting financials on a quarterly and trailing 12-month basis. Furthermore, we are introducing adjusted net income and adjusted earnings per share to our reported financials to better reflect and differentiate the ongoing business results from our cost of expansion.

我們的結果符合內部預測，反映的不僅是合約組合在季度間的典型變動，也反映我們製造計畫開始支出。如同上季電話會議所述，我將以季度及過去 12 個月（TTM）基礎呈報財務數據。此外，我們將在已揭露的財務數據中新增「調整後淨利」與「調整後每股盈餘」，以更好地反映並區分持續性業務成果與我們擴張成本。

Total revenue for the first quarter was $76.7 million, an increase of $3.6 million or 5% versus the same period last year. TTM revenue was $452.3 million. The LEU segment generated $44.6 million in the first quarter, a 13% decrease versus the previous period last year. SWU revenue in the quarter decreased by $9.7 million due to a 47% decrease in volume of SWU sold, partially offset by a 52% increase in the average price of SWU sold. Centrus also had $3 million of uranium sales in Q1.

第一季總營收為 7,670 萬美元，較去年同期增加 360 萬美元或 5%。TTM 營收為 4.523 億美元。LEU 部門第一季貢獻 4,460 萬美元，較去年同期下降 13%。本季 SWU 營收因售出 SWU 量下降 47% 而減少 970 萬美元，部分被售出 SWU 平均價格上升 52% 所抵銷。Centrus 在第一季亦有 300 萬美元的鈾銷售。

The Technical Solutions segment delivered revenue of $32.1 million in the third quarter (sic - first quarter), a $10.3 million or 47% increase over the previous period due primarily to a $9.8 million increase in revenue from the HALEU operations contract. Centrus generated gross profit of $31.5 million and $116.1 million for the first quarter in TTM, respectively, compared to a gross profit of $32.9 million in Q1 2025.

技術解決方案部門在第三季（更正：第一季）實現營收 3,210 萬美元，較去年同期增加 1,030 萬美元或 47%，主要因 HALEU 營運合約帶來的營收增加 980 萬美元。Centrus 第一季毛利為 3,150 萬美元，TTM 毛利為 1.161 億美元；相較之下，2025 年第一季毛利為 3,290 萬美元。

The LEU segment's first quarter cost of sales decreased by 17% or $3.4 million due to the 47% decrease in SWU volume, partially offset by a 45% increase in the average cost of SWU sold versus Q1 2025. Technical Solutions cost of sales increased $8.4 million or 42% from Q1 2025, primarily attributable to the HALEU operations contract.

LEU 部門第一季銷貨成本因 SWU 量下降 47% 而降低 17% 或 340 萬美元，部分被售出 SWU 平均成本較 2025 年第一季上升 45% 所抵銷。技術解決方案部門銷貨成本較 2025 年第一季增加 840 萬美元或 42%，主要歸因於 HALEU 營運合約。

The company generated net income of $10 million and $23.5 million of adjusted net income in the first quarter, compared to net income of $27.2 million and adjusted net income of $28.6 million, respectively, in Q1 2025. On a fully diluted basis, this equates to first-quarter 2026 earnings per share of $0.45 per unit and an adjusted earnings per share of $1.05, respectively, compared to $1.60 and $1.68, respectively, for Q1 2025.

公司第一季淨利為 1,000 萬美元，調整後淨利為 2,350 萬美元；相較之下，2025 年第一季淨利為 2,720 萬美元，調整後淨利為 2,860 萬美元。以完全稀釋基礎計算，2026 年第一季每單位每股盈餘為 0.45 美元，調整後每股盈餘為 1.05 美元；相較之下，2025 年第一季分別為 1.60 美元與 1.68 美元。

On a TTM basis, Centrus generated net income of $60.6 million and adjusted net income of $87.8 million, respectively. The first-quarter net income decrease was primarily attributed to a $15.9 million increase in advanced technology costs in Q1 2026 and a gain from an $11.8 million nonrecurring extinguishment of long-term debt in Q1 2025. This was partially offset by a $9.7 million increase in investment income and $5.5 million decrease in income tax expense for Q1 2026.

以 TTM 基礎計算，Centrus 分別實現淨利 6,060 萬美元與調整後淨利 8,780 萬美元。第一季淨利下降主要歸因於 2026 年第一季先進技術成本增加 1,590 萬美元，以及 2025 年第一季因一次性清償長期債務而產生 1,180 萬美元的非經常性收益。上述影響部分被 2026 年第一季投資收益增加 970 萬美元，以及所得稅費用減少 550 萬美元所抵銷。

First-quarter adjusted net income excludes $17 million of growth expenses in our advanced technology costs and $400,000 in stock-based compensation costs, which, combined and tax adjusted, equates to $13.5 million. The advanced technology costs are short-term noncapitalizable costs related to the expansion of our operations in Piketon and Oak Ridge that cannot be capitalized as they are associated with manufacturer readiness and security training ahead of the build-out.

第一季調整後淨利排除先進技術成本中的 1,700 萬美元成長費用，以及 40 萬美元的股份基礎給付費用；兩者合併並經稅務調整後，相當於 1,350 萬美元。先進技術成本屬於短期、不可資本化的成本，與我們在 Piketon 與 Oak Ridge 擴張營運相關；由於其與建置前的製造就緒與安全訓練相關，因此無法資本化。

Please refer to the financial results section of our earnings release issued yesterday for a reconciliation of net income and adjusted net income. Going forward, we can expect to have a certain level of these types of expenses flow through our income statement as we prepare for our build-out.

關於淨利與調整後淨利的調節，請參閱我們昨日發布之財報新聞稿中的財務結果章節。展望未來，隨著我們為建置作準備，預期這類費用將以一定程度反映於損益表中。

Turning to our capitalization and capital spend. Recall, we previously noted that capital spend for this project will include CapEx and non-CapEx spending. The latter is attributable to costs and investments such as prepayments to suppliers or growth costs associated with our manufacturing pre-preparedness.

接著談我們的資本結構與資本支出。請回想，我們先前提到此專案的資本支出將包含資本性支出（CapEx）與非資本性支出（non-CapEx）。後者主要來自成本與投資，例如對供應商的預付款，或與我們製造前期準備相關的成長成本。

In the first quarter, we had a total of capital spend of $45.2 million with $23.2 million coming from CapEx and $22 million classified as non-CapEx. That $22 million is comprised of the aforementioned $17 million of growth costs and $5 million related to prepayments for the Palantir agreement. Going forward, we can expect the pace of our CapEx and non-CapEx spend to accelerate throughout the year.

第一季我們的資本支出總額為 4,520 萬美元，其中 2,320 萬美元來自 CapEx，2,200 萬美元歸類為 non-CapEx。該 2,200 萬美元包含前述 1,700 萬美元成長成本，以及與 Palantir 協議相關的 500 萬美元預付款。展望未來，我們預期 CapEx 與 non-CapEx 的支出速度將在全年逐步加快。

We finished the first quarter with $1.9 billion in unrestricted cash and did not access our ATM program. We continue to feel confident in our existing cash balance, and we believe we are sufficiently funded to meet our near-term capital requirements.

第一季結束時，我們持有 19 億美元不受限制的現金，且未動用我們的 ATM 計畫。我們對現有現金餘額仍具信心，並相信我們資金充足，可滿足近期資本需求。

As Amir noted, our commercial and operational progress to date have allowed us to raise our 2026 annual guidance for revenue to $450 million to $500 million from $425 million to $475 million; workforce additions in Piketon, Ohio to 100-plus, up from 50-plus. We are simultaneously reaffirming the rest of our financial and operational guidance for fiscal year 2026.

正如 Amir 所指出的，我們迄今在商業與營運方面的進展，使我們得以將 2026 年度營收指引由 4.25 億至 4.75 億美元上調至 4.5 億至 5 億美元；同時，俄亥俄州 Piketon 的人力增補至 100 人以上，高於先前的 50 人以上。我們也同時重申 2026 會計年度其餘的財務與營運指引不變。

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

接下來，我把電話交回給 Amir。Amir？

Thank you, Todd. We made great progress across our operations and continue to have meaningful conversations with future commercial and government partners for LEU and HALEU offtake. This includes our conversations with the advanced reactor and hyperscaler communities, conversations that have continued to pick up in pace since we announced our build-out that includes 12 metric tonnes of HALEU. While these first-of-a-kind conversations take time, we are excited by their increased tenor.

謝謝你，Todd。我們在各項營運上取得了重大進展，並持續與未來的商業與政府合作夥伴就 LEU 與 HALEU 的承購（offtake）進行具實質意義的洽談。其中包括我們與先進反應爐與超大規模資料中心（hyperscaler）社群的對話；自從我們宣布擴建計畫、其中包含 12 公噸 HALEU 以來，這些對話的進展速度持續加快。雖然這些首創型（first-of-a-kind）的對話需要時間，但我們對其日益升溫的態勢感到振奮。

And we continue to explore other adjacent areas in the nuclear fuel cycle where we can further strengthen our offerings to the market, including our announcement this quarter with Oklo to explore HALEU deconversion. On a macro level, we continue to see strong progress from the United States and the rest of the world, doubling down on nuclear power.

同時，我們也持續探索核燃料循環中其他相鄰領域，以進一步強化我們對市場的產品與服務，包括我們本季與 Oklo 宣布將探索 HALEU 反轉換（deconversion）。從宏觀層面來看，我們持續看到美國及世界其他地區在核能方面的強勁進展，並加碼投入核電。

Reactor developers and their customers from big tech to the US military are rolling out ambitious plans to deploy reactors on a large scale and at potentially faster rates. Moreover, the US government is reducing regulatory hurdles for new reactor designs.

從大型科技公司到美國軍方，反應爐開發商及其客戶正推出雄心勃勃的計畫，準備以大規模、且可能更快的速度部署反應爐。此外，美國政府也正在降低新反應爐設計的監管障礙。

We are also seeing new use cases, including space propulsion. Furthermore, global conflicts and rising tensions continue to highlight the need for governments to diversify away from fossil fuels and strengthen their domestic power sources to drive future sustainable economic growth. Nuclear stands to be a key player in this drive to energy independence.

我們也看到新的應用情境，包括太空推進。此外，全球衝突與緊張局勢升高，持續凸顯各國政府需要分散對化石燃料的依賴，並強化其國內電力來源，以推動未來可持續的經濟成長。核能有望在邁向能源獨立的推進中扮演關鍵角色。

We look forward to sharing more with you on our upcoming calls. With that, I will turn the call over to the operator for questions. Operator?

我們期待在接下來的電話會議中與各位分享更多資訊。接下來，我把電話交給接線員進行問答。接線員？

(Operator Instructions) Ryan Pfingst, B. Riley Securities.

（接線員指示）Ryan Pfingst，B. Riley Securities。

On guidance, you touched on it a bit in the prepared remarks, but could you give more detail on what's driving the increase in expected revenue for this year?

關於指引，你在事先準備的發言中稍微提到了一些，但能否更詳細說明是什麼因素推動你們上調今年的預期營收？

Thank you, Ryan, for the question and the remarks on this quarter. We see -- continue to be active in the market, and we've seen both near-term and line of sight to long-term offtake, and that has allowed us to increase our guidance marginally to what we believe will potentially be the outcome of the year and move us up about $25 million within the range.

謝謝你，Ryan，提出問題，也謝謝你對本季的評論。我們看到——我們持續在市場上積極運作，也同時看到短期以及可望延伸至長期的承購（offtake）能見度，這使我們得以小幅上調指引至我們認為今年可能達成的結果，並在原先區間內上移約 2,500 萬美元。

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Congratulations on all the progress. Could you give us a sense of the pricing and margin trends in the backlog? It seems like things on the SWU side, it's -- things are moving up. Just what's the sort of average pricing trend in the backlog?

恭喜你們取得這麼多進展。能否讓我們了解一下積壓訂單（backlog）中的定價與毛利率趨勢？看起來在 SWU 這一端——情況正在走高。積壓訂單中的平均定價趨勢大概是怎樣？

Rob, thank you for the question. Although I can't specifically address contractual pricing, as we stated in the past before, I will say to you that the trend is continuing to look like it has in the last few years, where you have constricted supply, you have increasing demand, both from the existing fleet and from the new reactors that are either in demo state or reactors that are planning to be started up soon.

Rob，謝謝你的提問。雖然我無法具體談論合約定價，但如同我們過去所說，我可以告訴你，整體趨勢仍延續過去幾年的樣貌：供給受限、需求增加；需求同時來自既有機組，以及處於示範階段或計畫近期啟動的新反應爐。

I mean, people are starting -- think about fuel and start putting their fuel orders, that puts pressure on the market. So what you're seeing overall from a macro level, you're seeing pressure on the price through the demand side of it. And so we're seeing a lot of favorability there.

我的意思是，人們開始——開始思考燃料並開始下燃料訂單，這會對市場造成壓力。因此，從宏觀層面來看，你看到的是需求端對價格形成上行壓力。所以我們在這方面看到相當有利的態勢。

So once again, I cannot comment specifically about prices, but we certainly are seeing favorability in the short, midterm and the long run in terms of contractual activity.

再次強調，我無法就價格做具體評論，但就合約活動而言，我們確實在短期、中期與長期都看到有利的趨勢。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

I guess just kind of a follow-on to one of the previous questions. The additional $25 million that you guys have added, was any of that in Q1? Or is it all future-looking? Just so we can understand kind of the cadence of how things kind of come to be.

我想算是延續前面其中一個問題。你們新增的那 2,500 萬美元，有任何一部分是在第一季（Q1）實現的嗎？還是全部都是展望未來的？這樣我們才能理解事情形成的節奏大概是怎麼樣。

Joseph, thanks for the question. We would look at it more as, obviously, our business, and I described this in the call. It's wise to look at our business on a TTM basis as shipments and deliveries can move from quarter to quarter. It's difficult to comment to say exactly which quarter it took place. We do have comments within our MD&A section.

Joseph，謝謝你的提問。我們會更傾向把它視為——顯然，我們的業務（我在電話會議中也有描述）由於出貨與交付可能在各季度之間移動，因此以過去十二個月（TTM）的基礎來看會更合適。以 TTM 角度來看我們的業務是明智的，因為出貨與交付可能在季度間移動。因此很難精確評論說它發生在哪一個季度。我們在 MD&A 章節中有相關說明。

What I would say is we're in line with our expectations for the first quarter. And the future quarters, I would say, would be ratable to comparable periods in the past and to always adjust based on a TTM view, which gives us the best 12-month period to look at total revenue, net income and performance of the company.

我想說的是，我們第一季的表現符合我們的預期。至於未來幾季，我會說其節奏將與過去可比期間大致相當，並且建議始終以 TTM 視角做調整；這能讓我們以最佳的 12 個月期間來觀察公司的總營收、淨利與經營表現。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

A couple of quick ones for me. I just wanted to kind of dig into the Palantir partnership a little bit. So you guys have outlined that you identified opportunities to reduce manufacturing lead times. Should we be thinking about that in the realm of the first cascade on the 42-month timeframe or kind of across the board?

我這邊有幾個簡短問題。我想稍微深入了解一下你們與 Palantir 的合作夥伴關係。你們提到已識別出縮短製造前置時間的機會。我們應該把這理解為針對 42 個月時程的第一條級聯（first cascade），還是屬於全面性的改善？

And then as we think about just the cost for the full build-out, right, $1.9 billion worth of cash on the balance sheet, you're in a strong position now. But if you could just kind of provide some color on the initial build and then at what point do you get to, I guess, for lack of a better term, proof of concept where then you can entertain other financing options like maybe project financing, the cascade or something to that nature?

另外，談到完整擴建的總成本，你們資產負債表上有 19 億美元現金，現在處於很強的位置。但如果可以的話，能否提供一些關於初期建置的補充說明？以及在什麼時間點你們會達到——姑且這麼說——概念驗證（proof of concept），之後就能考慮其他融資選項，例如專案融資、針對級聯（cascade）的融資或類似方式？

Nick, thank you for the question. So let me address the first part of your question, and then maybe I'll let Todd weigh in on the second part around the capital.

Nick，謝謝你的提問。我先回答你問題的第一部分，接著也許我會請 Todd 就資本相關的第二部分補充說明。

So I'm glad you're mentioning this partnership with Palantir because it is transformative for us. Really, the relationship here and the value that we're seeing lasts much, much longer than the first cascade, the first centrifuge. I mean, we're viewing this as sort of a business-altering-type structure in terms of our unit cost and our ability to meet our lead times to market and beyond.

我很高興你提到與 Palantir 的合作，因為這對我們而言具有變革性。事實上，這段關係以及我們所看到的價值，遠遠不只延續到第一條級聯、第一台離心機。我的意思是，我們把它視為一種能改變公司經營方式的架構，將影響我們的單位成本，以及我們達成對市場交期（lead times）乃至於更長遠目標的能力。

So layering Palantir's AI platform really provides us with real-time data and empowers our team, the Centrus team to take more meaningful role in the project management. It allows us to add efficiencies across our work streams, which obviously can lead to additional cost mitigations and will allow us to bring in lead times. So for example, these efficiencies can help us reduce fuel supply chain risk and could, as I mentioned earlier, reduce execution time and costs.

因此，導入 Palantir 的 AI 平台能為我們提供即時數據，並賦能我們的團隊——Centrus 團隊——在專案管理中扮演更具實質意義的角色。它讓我們能在各個工作流程中提升效率，而這顯然可帶來額外的成本緩解，並使我們縮短前置時間。例如，這些效率提升可以幫助我們降低燃料供應鏈風險，並且如我先前提到的，可能縮短執行時間並降低成本。

I'll turn it over to Todd to weigh in on the capital question.

我把問題交給 Todd，請他就資本問題補充說明。

Yeah. Thanks, Nick. So just as a reminder, you're correct, we have $1.9 billion on the balance sheet that we can deploy. But we also have the $900 million HALEU award that will be ratably come into us on based on milestones payments. So essentially, the way we look at is we have about $2.8 billion currently.

是的。謝謝你，Nick。所以提醒一下，你說得沒錯，我們資產負債表上有19億美元可供運用。但我們也有9億美元的HALEU獎項，將會依里程碑付款按比例逐步撥入。所以基本上，我們的看法是目前大約有28億美元。

Our focus is to always look at many pools of low cost of capital. This may involve the NNSA, third-party investment, foreign direct investment and then also continuing to be opportunistic in the market when we see fit.

我們的重點一直是尋找多個低資本成本的資金來源。這可能包括NNSA、第三方投資、外國直接投資，並且在我們認為合適時也會持續把握市場上的機會。

We don't feel any pressure to be actively out there raising capital in a down market. We did not participate in the ATM program in the first quarter, even though we have one that is open. And that was that we just didn't feel it provided the right shareholder value, and we believe there are better low cost of capital options out there, which we're continuing to explore to fund the full build-out.

我們不覺得在市場低迷時需要承受壓力、積極到外面募資。第一季我們沒有參與ATM計畫，儘管我們有一個仍在開放中。原因是我們覺得那樣做無法提供適當的股東價值，而且我們相信市場上還有更好的低資本成本選項，我們也在持續探索，以資助完整的擴建。

Mark Shooter, William Blair.

Mark Shooter，William Blair。

Congrats on the progress this quarter. What we're seeing is advanced reactor companies are pushing through the markets also with the DOE and NRC licensing. And a lot of them are using HALEU and TRISO.

恭喜本季的進展。我們看到先進反應爐公司也在推進市場，同時也在進行DOE與NRC的許可。而且很多都在使用HALEU和TRISO。

So I'm just wondering if you could update us on where you see the most SWU value in LEU or HALEU? And has anything changed how you're looking at that strategically?

所以我想請問，你能否更新一下你認為在LEU或HALEU中，哪裡的SWU價值最大？以及在策略上，你對此的看法是否有任何改變？

Mark, actually, I'm glad you brought this topic up. This is a great strategic question about our general market, and it's something that we spend a great deal of time discussing internally and paying very close attention to as to where the market is going.

Mark，其實我很高興你提到這個議題。這是一個關於我們整體市場的很好的策略性問題，也是我們在內部花很多時間討論、並且非常密切關注市場走向的事情。

As you know, we are preparing expansion of both LEU and HALEU. We are dealing with both sides of the house in terms of customers in addition to national security as well. So we have a pretty broad perspective of the market. So you are correct. The market is actually starting to mature now on the advanced reactor side.

如你所知，我們正在準備同時擴充LEU與HALEU。在客戶面向上，我們同時服務商業端與國家安全端。因此我們對市場有相當廣泛的視角。所以你說得沒錯。先進反應爐這一端的市場現在確實開始成熟了。

If you and I had this conversation a couple of years ago or even, I don't know, eight months ago, I would have said that a lot of the advanced reactors are not fully thinking or focused on fuel just yet. Their attention is more to the administrative side of the licensing. Through the executive orders, through some of the emergency type activities that have been put by the Department of Energy and quite frankly, by the entire administration into nuclear, I would like to think also fueled by some of the crisis we're seeing in generally energy markets, we're now seeing a lot of the reactors get to a phase where they are starting to seriously procure and commit to fuel.

如果你我在幾年前，甚至我不知道，八個月前談這件事，我會說很多先進反應爐還沒有完全思考或聚焦在燃料上。他們的注意力更多放在許可的行政面。透過行政命令、透過能源部推動的一些緊急類型行動，坦白說也透過整個政府對核能的投入——我也想這同時受到我們在整體能源市場看到的一些危機所推動——我們現在看到很多反應爐進入一個階段，開始認真採購並承諾燃料。

Now that's a big step. That is a significant purchase for all of them. Obviously, we're in participation with the vast majority of them. The fact that the Department of Energy has selected Centrus for the HALEU award, puts us really in the front position, in the most credible position. The fact that we have a cascade operating, cements that position.

這是很大的一步。對他們所有人來說，這是一筆相當重大的採購。顯然，我們與其中絕大多數都有參與。能源部選擇Centrus獲得HALEU獎項，使我們真正站在最前線、最具可信度的位置。而且我們已有一條級聯在運轉，進一步鞏固了這個地位。

And to your specific question about where would the majority of the value be derived from HALEU or LEU, as I read your question. Just from a physics perspective, when a company plants their initial core, they would -- they'll be thinking about feed and they would be thinking about HALEU. Feed in most cases, would come in an LEU form. And just from a physics perspective, there is a significant amount of LEU feed that would be required to create a single unit of HALEU.

至於你具體問到價值主要會來自HALEU還是LEU——我理解你的問題是這個。從物理角度來看，當一家公司裝填其初始爐心時，他們會考慮進料，也會考慮HALEU。在多數情況下，進料會以LEU的形式提供。而從物理角度來看，為了製造一個單位的HALEU，需要相當大量的LEU進料。

So from a volume perspective, the value comes from LEU because LEU drives a lot of the volume. I believe from just generally margin and market being ahead of everybody else, HALEU has a lot of the advantages for us.

所以從量的角度來看，價值來自LEU，因為LEU帶動了很大一部分的量。但我認為，從整體毛利以及我們在市場上領先於其他人的角度來看，HALEU對我們有很多優勢。

So we're deriving value from both is really the answer in different ways. But the good news, and just to end it on the sentiment, the good news is we're seeing almost across the board, all the reactors that were in different states of development are now actually moving towards significant and serious committed fuel procurements.

所以答案是：我們從兩者都在以不同方式取得價值。但好消息是——用這個情緒作結——我們幾乎看到全面性的趨勢：所有處於不同開發階段的反應爐，現在都在朝向重大且認真的燃料採購承諾前進。

That's great. I appreciate all the detail, Amir. Talking about your ongoing conversations with SWU offtakes, I'm wondering if you can give us an update on the engagement with hyperscalers or traditional utilities and IPPs. Has one been more aggressive recently than the other?

太好了。Amir，我很感謝你提供這麼多細節。談到你們與SWU承購（offtake）的持續對話，我想請你更新一下與超大規模業者（hyperscalers）或傳統公用事業與獨立電力生產商（IPP）的互動情況。最近是否有哪一方比另一方更積極？

And I'm also wondering if -- how the war in Iran and the constrained oil markets has factored in? Has that put any more urgency into the type of conversations?

我也想問——伊朗戰爭以及受限的石油市場在其中扮演了什麼因素？這是否讓這類對話更具緊迫性？

Good question. Who is more aggressive from our perspective? Look, I'll tell you this. The reactors that are operating have very seasoned fuel buyers. They have been through many markets. They have been through up markets, down markets. They know how to buy fuel, not to say that others don't. They've been through these cycles before.

好問題。從我們的角度看，誰更積極？我這麼說吧。正在運轉的反應爐，其燃料採購人員都非常資深。他們經歷過很多市場。他們經歷過多頭市場、空頭市場。他們知道如何採購燃料，並不是說其他人不懂。他們以前就走過這些循環。

And you can't always tell as to what's driving their buy. Is it a strategic buy? Is it sort of a desperate need? We don't know, and we don't really get into these types of questions. Every utility has their own strategy and usually, they execute very well on it. And we're kind of seeing a steady flow of requests for pricing, requests for quotations on that kind of business. And as I mentioned earlier, we're still seeing the prices trend up, whether it's for midterm or long-term SWUs in that market.

而且你不一定能看得出是什麼在驅動他們採購。是策略性採購？還是某種迫切需求？我們不知道，我們也不太會深入這類問題。每家公用事業都有自己的策略，而且通常執行得很好。我們看到的是穩定的報價詢問、索取報價（RFQ）等這類需求。如我先前提到的，我們仍看到該市場的價格呈上升趨勢，不論是中期或長期的SWU。

So I would not classify this as aggressive behavior, but definitely strategic behavior because all of these utilities want to cover their bases, and they will not take any undue risk in procuring fuel. I think price is important to them, but obviously, it is secondary to security of supply.

所以我不會把這歸類為激進行為，但絕對是策略性行為，因為所有這些公用事業都想把各種可能性都涵蓋到，而且在燃料採購上不會承擔任何不必要的風險。我認為價格對他們很重要，但顯然相較之下，供應安全更為優先。

On the other hand, the hyperscalers are getting into this market now. They're informed. I think they're hiring people or consultants that help them decide on how they want to handle strategically fuel purchases. And I think they do a good job at it. And the earlier comment that I made is, it is true. I mean, we're seeing fuel buying activities and a lot of attention being put to those activities.

另一方面，超大規模業者現在正在進入這個市場。他們資訊充分。我認為他們正在聘用人員或顧問，協助他們決定要如何在策略上處理燃料採購。而且我覺得他們做得不錯。我先前的評論也確實如此。我的意思是，我們看到燃料採購活動，以及對這些活動投入大量關注。

I would give the upper hand to hyperscalers when it comes to trying to go faster and stronger just because fuel represents, in my view, a fairly significant question mark and uncertainty about their reactors. They want to cover that risk as early and as thoroughly as possible, especially as they progress through funding and capital raising for their projects.

若要說哪一方更占上風，我會把更快、更強的那一方給超大規模業者，因為在我看來，燃料對他們的反應爐而言是一個相當大的問號與不確定性來源。他們希望盡可能早、且盡可能全面地把這個風險覆蓋掉，特別是在他們推進專案融資與募資的過程中。

This is not a risk they should have on their books, and they don't want to have it on their books, and we fully understand it and work very closely with them to make sure it is not. So we're seeing them becoming more interested and more importantly, more able to commit.

這不是他們應該放在資產負債表上的風險，他們也不希望把它放在帳上；我們完全理解，並且與他們非常密切合作，以確保它不會發生。因此，我們看到他們變得更有興趣，而且更重要的是，更有能力做出承諾。

Your question about the global conflict, I mean, this -- on a macro level, it highlights the need for governments to diversify away from fossil fuel. I mean we know it's still an important source of energy and will continue to be an important source of energy.

你關於全球衝突的問題，我的意思是，從總體層面來看，這凸顯了各國政府需要分散、降低對化石燃料的依賴。我的意思是，我們知道它仍然是重要的能源來源，並且將持續是重要的能源來源。

But just like in history showed us many times before, diversifying to nuclear gives you a huge lever in conflicts like this, whether it's politically or whether it's economically. So we are seeing it being a very helpful parameter for decision-making for new nuclear build.

但就像歷史多次告訴我們的那樣，分散到核能在這類衝突中會給你一個巨大的槓桿，不論是政治上或經濟上。因此，我們看到這成為新建核電決策中一個非常有幫助的參數。

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

So you mentioned that the -- we know the NNSA had notified you of intent to award and you responded to it. So I'm just curious, I mean, now what would next steps be?

所以你提到——我們知道 NNSA 已通知你們有意授標，而你們也已回覆。所以我只是好奇，我的意思是，接下來的步驟會是什麼？

I mean, maybe it's something that's very difficult to answer, but expectations on kind of how that plays out? And then can you just remind me what the potential amount of that funding source would be?

我的意思是，也許這很難回答，但對於它大概會如何發展，有沒有一些預期？另外你能否提醒我，這個資金來源的潛在金額大概會是多少？

Eric, thank you for the question. Starting with just a general statement, we are in a procurement cycle, and therefore, we're very limited by what we can say as I mentioned on the call.

Eric，謝謝你的提問。先從一個一般性的說明開始，我們正處於採購週期之中，因此如同我在電話會議上提到的，我們能說的內容非常有限。

We can confirm that we have submitted our response to the NNSA's request. And again, as a general statement, we stand ready to support our national security mission in any way required. I mean we know the requirement, demand is real. And there's not a whole lot more that I can say about that. We're going to let the NNSA and the government drive the announcements and the information released to the public on this.

我們可以確認，我們已提交對 NNSA 請求的回覆。同樣地，作為一般性聲明，我們隨時準備以任何所需方式支持我們的國家安全任務。我的意思是，我們知道這項需求、需求量是真實存在的。除此之外，我能說的就不多了。我們會讓 NNSA 與政府主導相關公告，以及對外發布的資訊。

To your question about quantities and things of that sort, again, this is not something that we have disclosed. I'm going to let the NNSA and the government drive that information to the public.

至於你問到數量等事項，同樣地，這不是我們已對外揭露的內容。我會讓 NNSA 與政府向大眾主導發布這些資訊。

Bill Peterson, JPMorgan.

Bill Peterson，摩根大通。

You mentioned in the prepared remarks and there was a press release in March about a JV or potential JV with Oklo for deconversion. Can you discuss your strategy around deconversion more broadly? Are you looking for additional kind of commercial partnerships or arrangements?

你在事先準備的講稿中提到，而且 3 月也有一則新聞稿談到與 Oklo 就去轉化（deconversion）成立合資公司或潛在合資公司。你能更廣泛地談談你們在去轉化方面的策略嗎？你們是否在尋找更多商業合作夥伴或安排？

What does the market look like for that today for you? And what would give you confidence in Centrus taking a role in deconversion in the coming years?

就你們而言，目前這個市場看起來如何？以及在未來幾年，什麼因素會讓你們對 Centrus 在去轉化領域扮演角色更有信心？

Yeah. Well, Bill, thank you for the question. Let's maybe start from just some of the very basics so that listeners can understand what's driving us to think the way we do.

是的。Bill，謝謝你的提問。我們或許先從一些最基本的內容談起，讓聽眾理解是什麼驅動我們以這種方式思考。

First of all, just from a market perspective, there is a hole in the fuel cycle right now when it comes to advanced reactors and particularly sort of HALEU-type fuels. Deconversion of uranium hexafluoride or UF6 to whether it's an oxide form or metal form, more predominantly metal form, that process does not exist commercially. And so this is the reason why, obviously, the Department of Energy is getting ready to make an award, and they have all the drivers and all the intention to help industry stand up that part of the fuel cycle, which, again, is critical to standing up the entire fuel chain supply for advanced reactors.

首先，從市場角度來看，在先進反應爐、特別是 HALEU 類燃料方面，目前燃料循環存在一個缺口。將六氟化鈾（UF6）去轉化為氧化物形態或金屬形態（更主要是金屬形態）的流程，目前並不存在商業化供應。因此，這也是為什麼能源部顯然正準備進行授標；他們具備所有驅動因素與意圖，來協助產業建立燃料循環的這一環，而這一環同樣是建立先進反應爐完整燃料供應鏈的關鍵。

But we also are taking a very proactive role because we see an opportunity. We see a commercial opportunity and the commercial opportunity is really highlighted by this partnership with Oklo. Oklo is not only a potential participant in here, but they also are a large offtaker and customer. I mean, this is the fuel form that they will be using. This is the fuel form that they require.

但我們也採取非常積極主動的角色，因為我們看到了機會。我們看到一個商業機會，而這個商業機會在與 Oklo 的合作中被凸顯得非常清楚。Oklo 不僅是這裡的潛在參與者，他們同時也是大型承購方（offtaker）與客戶。我的意思是，這就是他們將使用的燃料形態。這就是他們所需要的燃料形態。

Most importantly in the strategy is if you were to have a blank sheet of paper type design and you were to ask yourself, where and how does it make most sense for me to construct my deconversion facility, you will automatically arrive at a conclusion -- for many parameters and many factors, you will arrive at the conclusion that it makes the most sense to put my deconversion together with enrichment. Now it's a lengthy conversation why that is, and there's many important factors that feed into it.

在策略上最重要的是，如果你從一張白紙開始設計，並問自己：我在哪裡、以及以何種方式建置去轉化設施最合理，你會自然而然得出一個結論——基於許多參數與因素，你會得出把去轉化與濃縮設施放在一起最合理的結論。至於原因，這是一段很長的討論，且有許多重要因素會影響這個判斷。

Efficiency is one of them, security is another one. But we believe that we're driving towards something that will provide great efficiencies to the market. From our perspective, it allows us for potential vertical integration and further differentiation of our enrichment of HALEU.

效率是其中之一，安全性是另一個。但我們相信，我們正推動一個能為市場帶來巨大效率的方案。從我們的角度來看，這讓我們有機會進行垂直整合，並進一步在 HALEU 濃縮業務上形成差異化。

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券。

I would take it positively that you see the ability to hire in 2026 at a higher rate than previously expected. Would you describe the additional hiring more as a need for greater resources than previously anticipated to do the same work? Or is this a need stemming from the required work just going faster than expected?

我會正面解讀為，你們看到在 2026 年能以高於先前預期的速度招募人員。你會把額外招募描述為：為了完成同樣的工作、需要比先前預期更多資源？還是這個需求是因為必須完成的工作進度比預期更快？

And then if I could kind of sneak in a follow-up on that, taking an early look at 2027, do you foresee hiring needs being similar, lesser or greater than 2026?

另外如果我可以順便追問一下，提前看 2027 年，你是否預期招募需求會與 2026 年相近、更少，或更多？

Thank you for the question. What I would say is, right, hiring in today's world, there's a number of components that we have to look at. One is, can we source employees from the local community and area? Do we have to look nationwide? So how quickly can we bring those employees on board? How quickly can we get them?

謝謝你的提問。我想說的是，沒錯，在當今環境下，招募有幾個面向需要考量。其中之一是，我們能否從當地社區與周邊地區招募員工？我們是否必須在全國範圍內尋找？因此，我們能多快讓這些員工到職？我們能多快找到他們？

As a reminder, at our facilities, you have to be a cleared individual, so you have to go through security, which is part of our uncapitalized cost. And then because we do one-of-a-kind work, we have to train these individuals.

提醒一下，在我們的設施工作，你必須是通過安全審查（cleared）的個人，因此你必須完成安全審查流程，而這是我們未資本化成本的一部分。此外，由於我們從事的是獨一無二的工作，我們必須訓練這些人員。

The rate at which we were able to source employees in both Oak Ridge and in Piketon in the local communities was actually stronger than we anticipated, which allowed us to accelerate our hiring curve, and that allows us to move quicker than we anticipated. If we have a strong workforce, then we're able to not have any delays.

我們在 Oak Ridge 與 Piketon 當地社區招募員工的速度，實際上比我們預期更強，這讓我們得以加速招募曲線，也使我們能比原先預期更快推進。如果我們擁有強健的勞動力，那麼我們就能避免任何延誤。

Obviously, human capital is critical to our build-out. So we see this as a very strong positive. And the sooner we get people cleared, trained and working towards our project, it allows us to move swiftly. But obviously, we want to be cautious in our approach. We want to be -- make sure that we have critical execution throughout the project.

顯然，人力資本對我們的擴建至關重要。因此我們將此視為非常強勁的正面訊號。而且越早讓人員完成安全審查、受訓並投入專案，就越能讓我們迅速推進。但顯然，我們也希望在方法上保持謹慎。我們希望——確保整個專案期間都有關鍵的執行力。

And so what I would say going forward is, look, where we are finding people now is unions, local shops, where we're going down to universities, all different areas to build up our workforce. And the rate at which we hire will dictate how quickly we can get those people on board. I would say that for 2027, our growth is always going to be tied -- or we have our base case, but we can accelerate based on additional potential offtake that we see, or customer demand will increase our rate that would require additional human capital.

所以我想說的是，展望未來，我們目前找人的來源包括工會、在地工坊，以及我們也會到大學等各種不同管道來建立我們的勞動力。而我們的招募速度將決定我們能多快讓這些人到職。我會說，對 2027 年而言，我們的成長一向會與——我們有基本情境（base case），但我們也可以根據我們看到的額外潛在承購（offtake），或客戶需求的增加來加速；這會提高我們的速度，並需要額外的人力資本。

Lawson, this is Amir. I want to add something to Todd's comment. I think this is a really important topic. As you know, we are doing something here that historic, which is not only building the first enrichment facility, but we're also building the first centrifuge manufacturing facility that's American-owned, American technology, which is a great milestone for us as a nation and obviously, for the industry as well.

Lawson，我是Amir。我想補充一下Todd的評論。我認為這是一個非常重要的議題。如各位所知，我們正在做一件具有歷史意義的事情：不僅是在建造第一座濃縮設施，我們也在建造第一座離心機製造設施，而且是美國持有、美國技術。這對我們國家而言是重要的里程碑，當然對產業也是如此。

A lot of what's driving this project, we're actually driven to intersect the demand curve that up until now has been trending to increase in size and is always moving in. And so as we evaluate the project, project spend and how fast we go, it is always driven by the need to meet this demand that we're seeing, that is real. Some of it is already signed into contracts. Some of it is in discussions. But to my earlier comments to some of the analysts' questions, this is a developing and fast-moving changes in how we view the project.

推動這個專案的很多因素，實際上是因為我們必須去切入需求曲線；到目前為止，這條曲線一直呈現規模擴大、且持續往前移動的趨勢。因此，當我們評估專案、專案支出以及推進速度時，始終是由我們所看到、且確實存在的需求所驅動。其中一部分已經簽進合約。另一部分仍在洽談中。但回到我先前對部分分析師提問的回應，對於我們如何看待這個專案，這是一個正在發展、且變化快速的過程。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，Northland Capital Markets。

Circling back on the Palantir partnership. I was curious, Amir, if the $300 million in savings that you guys have identified thus far, can you give us a sense for what are the main factors driving those cost savings? Is it particular components or just any other commentary you can provide to give us a sense for where those are coming from specifically?

回到Palantir合作夥伴關係這點。Amir，我想請教一下，你們目前已辨識出的3億美元節省成本，能否讓我們了解一下主要驅動這些成本節省的因素是什麼？是特定零組件，或是你能提供任何其他評論，讓我們更具體了解這些節省是從哪裡來的？

Sure. Well, thanks for the question. And I know we talked a little bit about it, but I think that I would like to talk about it a lot more, if I can, because I think it is really a critically important item for us.

當然。謝謝你的問題。我知道我們稍微談過一點，但如果可以的話，我希望能談得更多，因為我認為這對我們而言確實是極其重要的一項事項。

So what I mentioned earlier is, when you stand up a manufacturing facility like we're doing, there's a lot of challenges in doing that. Obviously, there's the technological aspect of it. You have the suppliers that you need to line up as part of your supply chain. But what really holds everything together and lines up the efficiencies is the informational system and our ability to make decisions quickly and with high fidelity.

我先前提到，當你像我們這樣建立一座製造設施時，會面臨很多挑戰。顯然有技術層面的挑戰。你也需要把供應鏈中的供應商一一到位。但真正把所有事情串起來、並把效率對齊的，是資訊系統，以及我們快速且高精準度做決策的能力。

What Palantir does and what their AI platform allows us to do is it actually provides us with real-time data, which is critically important for a company like ours that is standing up a manufacturing facility and handles hundreds of suppliers. I mean, that is a critically important aspect of it. And we're seeing huge and meaningful reduction in cost in project management. It allows us to shorten our lead times and cycle times.

Palantir所做的事情，以及他們的AI平台讓我們能做到的，是提供即時數據；對像我們這種正在建立製造設施、並且要管理數百家供應商的公司而言，這點至關重要。我的意思是，這是其中一個極其重要的面向。而我們也在專案管理上看到巨大且具實質意義的成本降低。它讓我們能縮短前置時間與週期時間。

I mean, so far, we've already declared $300 million in cost savings. And as I said on previous calls, I mean, we're not stopping there. We're continuing to push and expect more, and I believe we will see further developments on this front. So I guess the quick answer without getting into a lot of detail is it allows us to manage information, allows us to make decisions and really introduces efficiencies at that level.

到目前為止，我們已經宣布了3億美元的成本節省。而且如我在先前的電話會議中所說，我們不會止步於此。我們會持續推進並期待更多，我相信在這方面我們還會看到進一步的進展。所以，如果不深入太多細節，簡短的答案是：它讓我們能管理資訊、讓我們能做決策，並且確實在那個層級引入效率。

Sameer Joshi, H.C. Wainwright & Co.

Sameer Joshi，H.C. Wainwright & Co.。

Congrats on the progress. And thanks for all the color you're providing. Just a quick one on -- in the prepared remarks, I think I heard that the SWU prices were up around 52%. At the same time, SWU costs were also up around 45%. So that clearly gives you a gross margin boost a little bit year over year.

恭喜你們的進展。也謝謝你們提供這麼多細節。我有個簡短問題——在事先準備的發言中，我想我聽到SWU價格上漲約52%。同時，SWU成本也上漲約45%。所以這顯然讓你們的毛利率相較去年同期有一些提升。

Should we expect gross margins from SWU increasingly positive going forward?

展望未來，我們是否應該預期SWU的毛利率會愈來愈正向？

Yeah. So the rate at which SWU prices move, obviously, it has to do with our contractual mix. And we are -- we can't comment on our actual contracts and the margin associated with that. But depending on when shipments take place as to when we record revenue, when we record -- when we have shipments come in, in the cost. So what I would always point to is look at this on an average basis over several quarters. That's why we continue to emphasize that we want to talk about this on a TTM.

是的。SWU價格變動的速度，顯然與我們的合約組合有關。而我們——我們無法評論實際合約內容以及相關的毛利。但會取決於出貨發生的時間點：我們何時認列營收，以及何時在成本端認列——也就是出貨進來時的成本。因此我一向會建議，以跨數季的平均來看待這件事。這也是為什麼我們持續強調，希望以TTM（過去十二個月）來討論。

We have seen positive movement in SWU prices. That provides additional options within the market. We have a contractual mix that allows us some flexibility on our supply sourcing. And some of that has to do with our increased revenue guidance that we've -- for 2026. And also, it allows us to have better line of sight for additional offtake with SWU pricing in the outer years.

我們確實看到SWU價格有正向變動。這為市場提供了更多選項。我們的合約組合也讓我們在供應來源上有一定的彈性。其中一部分也與我們對2026年的營收指引上調有關。同時，這也讓我們對未來年度在SWU定價下取得額外承購（offtake）有更清晰的能見度。

Understood. And Todd, thanks for doing the 12-month -- trailing 12-month metrics. That helps us understand better the general health of the company.

了解。Todd，也謝謝你提供12個月——過去12個月的指標。這有助於我們更好地理解公司的整體健康狀況。

On that line, just a follow-up, should we expect uranium sales in the second quarter? In the recent history, at least, they have tended to concentrate in the second and fourth quarter. So given that you're providing TTM -- highlighting TTM metrics, should we expect 2Q to have uranium sales?

沿著這點再追問一下，第二季我們是否應該預期會有鈾的銷售？至少在近期歷史上，鈾的銷售往往集中在第二季與第四季。所以既然你們在提供TTM——並強調TTM指標，我們是否應該預期第二季會有鈾的銷售？

We can't provide any guidance on specific sales. What I would say is uranium sales are opportunistic in the market. They can be -- happen occasionally throughout the year. But right now, we can't make any comment as to when those sales are going to take place or if they are going to take place in any future periods.

我們無法就特定銷售提供任何指引。我能說的是，鈾的銷售在市場上屬於機會型。它們可能——在一年中的任何時間偶爾發生。但目前我們無法評論這些銷售何時會發生，或是否會在任何未來期間發生。

And there are no further questions at this time. I will now turn the call over to Mr. Neal Nagarajan. Please continue.

目前沒有進一步的問題。我現在把電話會議交給Neal Nagarajan先生。請繼續。

Thank you, [Kelsey]. This concludes our investor call for the first quarter of 2026. As an aside, please note that we are introducing a summary slide deck to our earnings materials, which can be found on our Investor Relations website under the Presentations tab.

謝謝，[Kelsey]。這結束了我們2026年第一季的投資人電話會議。另外提醒一下，我們在財報資料中新增了一份摘要投影片簡報，可在我們投資人關係網站的「Presentations」分頁下找到。

As always, I want to thank you and our listeners and our analysts who called in. We look forward to speaking with you again next quarter.

一如既往，我要感謝各位、我們的聽眾，以及撥入的分析師。我們期待在下個季度再次與各位交流。

Ladies and gentlemen, this concludes your conference call for today. We thank you very much for your participation. You may now disconnect your lines. Have a great day.

各位女士、先生，今天的電話會議到此結束。非常感謝各位的參與。您現在可以掛斷電話。祝您有美好的一天。