Lightbridge Corp (LTBR) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and third-quarter 2024 conference call. Please note that today's call is being recorded.

感謝您的耐心等待，歡迎參加 Lightbridge Corporation 業務更新和 2024 年第三季電話會議。請注意，今天的通話正在錄音。

It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. Please go ahead.

現在我很高興向您介紹 Lightbridge Corporation 投資者關係總監 Matthew Abenante。請繼續。

Thank you, and thanks to all of you for joining us today. The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer; along with Andrey Mushakov, Executive Vice President for Nuclear Operations; Scott Holcombe, Vice President of Engineering; Larry Goldman, Chief Financial Officer; and Sherrie Holloway, Controller.

謝謝你們，也謝謝大家今天加入我們。該公司的收益新聞稿於昨天發布，可在 Lightbridge 網站 www.ltbridge.com 的投資者關係頁面上查看。今天加入我們電話會議的是執行長 Seth Grae；與核能營運執行副總裁安德烈·穆沙科夫 (Andrey Mushakov) 一起； Scott Holcombe，工程副總裁；拉里·戈德曼，財務長；和財務總監雪莉·霍洛威 (Sherrie Holloway)。

I would like to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings.

我想提醒我們的聽眾，本次電話會議中任何非歷史事實的陳述都是前瞻性陳述。今天的演示包括有關公司競爭地位以及產品和服務的前瞻性陳述。

During today's call, words such as expect, anticipate, believe and intend will be used in our discussion of goals or events in future. This presentation is based on current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates.

在今天的電話會議中，我們將在討論未來的目標或事件時使用「期望」、「預期」、「相信」和「打算」等字眼。本簡報基於當前預期，涉及某些風險和不確定性，可能導致實際結果與此類估計有顯著差異。

These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements whether as a result of new developments or otherwise.

Lightbridge 向美國證券交易委員會提交的文件中更詳細地闡述了這些風險和其他風險。Lightbridge 不承擔任何更新或修改任何此類前瞻性聲明的義務，無論是由於新的發展還是其他原因。

And with that, I'd like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

接下來，我想將電話轉給我們的第一位發言人，Lightbridge 執行長 Seth Grae。你好，賽斯。

Thank you, Matt, and thank you all for joining us to discuss Lightbridge's third quarter 2024 results. At Lightbridge, we are advancing nuclear fuel technology that is set to address critical challenges facing the nuclear industry. Our focus has always been on making nuclear energy safer, more efficient and more cost-effective than existing fuel. We are designing Lightbridge Fuel to deliver superior performance in existing reactors and next generation water cooled reactors, including small modular reactors.

謝謝 Matt，也謝謝大家加入我們討論 Lightbridge 2024 年第三季的業績。在 Lightbridge，我們正在推動核燃料技術，旨在解決核工業面臨的關鍵挑戰。我們的重點始終是讓核能比現有燃料更安全、更有效率、更具成本效益。我們正在設計 Lightbridge Fuel，以便為現有反應器和下一代水冷反應器（包括小型模組化反應器）提供卓越的性能。

We are developing the fuel to offer several key advantages over traditional fuel. First, it may be able to increase power output by 10% to 17% in existing pressurized water reactors, PWRs, and up to 30% in new build PWRs. Utilities could produce more energy from the same reactors, extending the lifespan of those plants and maximizing their value.

我們正在開發這種燃料，以提供優於傳統燃料的幾個關鍵優勢。首先，它可以將現有壓水堆、壓水堆的發電量提高 10% 至 17%，將新建壓水堆的發電量提高 30%。公用事業公司可以從相同的反應器中產生更多的能源，從而延長這些工廠的使用壽命並最大化其價值。

Second, Lightbridge Fuel is expected to operate at 1,000 degrees Celsius cooler than existing fuels. This is a crucial safety enhancement. A cooler operating temperature means the fuel is more stable and reduces the risk of overheating in normal operation or design-basis accidents.

其次，Lightbridge Fuel 預計運轉溫度比現有燃料低 1,000 攝氏度。這是一項至關重要的安全增強。較低的工作溫度意味著燃料更加穩定，並降低了正常操作或設計基礎事故中過熱的風險。

But safety and efficiency aren't the only benefits, a different concept of metallic fuel technology could be designed to help reduce global stockpiles of plutonium. The ability to incorporate plutonium in metallic fuel could contribute to both energy production and nuclear nonproliferation efforts.

但安全和效率並不是唯一的好處，可以設計一種不同的金屬燃料技術概念來幫助減少全球鈽庫存。將鈽融入金屬燃料的能力可能有助於能源生產和核不擴散努力。

In addition to our focus on fueling existing nuclear power plants, we are also positioning Lightbridge Fuel to potentially power the small modular reactors of the future. The US Department of Energy is funding two separate studies at MIT and the Texas A&M University to evaluate the use of our fuel in small modular reactors, particularly the NuScale VOYGR design. Small modular reactors can play a significant role in the future energy mix, providing scalable, safe and flexible power solutions for utilities and industries.

除了專注於為現有核電廠提供燃料外，我們還將 Lightbridge Fuel 定位為未來小型模組化反應器的潛在動力。美國能源部正在資助麻省理工學院和德州農工大學的兩項獨立研究，以評估我們的燃料在小型模組化反應器中的使用情況，特別是 NuScale VOYGR 設計。小型模組化反應器可以在未來的能源結構中發揮重要作用，為公用事業和工業提供可擴展、安全和靈活的電力解決方案。

Looking ahead, we remain focused on executing our strategy, completing the fuel development process, achieving regulatory approvals and establishing commercial arrangements with utilities and other key players in the energy sector to generate revenue from our fuel technology.

展望未來，我們仍然專注於執行我們的策略，完成燃料開發流程，獲得監管批准，並與公用事業公司和能源領域的其他主要參與者建立商業安排，以從我們的燃料技術中產生收入。

We believe the opportunity for Lightbridge is immense. As nuclear fuel is poised to reclaim its place as a cornerstone of global energy supply, we believe Lightbridge Fuel will be integral to making nuclear energy safer, more efficient and more sustainable.

我們相信 Lightbridge 的機會是巨大的。隨著核燃料即將重新佔據全球能源供應基石的地位，我們相信 Lightbridge Fuel 將成為使核能更安全、更有效率和更永續的不可或缺的一部分。

Now I'll call, turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations to begin the review of our fuel development activities. Andrey?

現在我會打電話給核能營運執行副總裁安德烈·穆沙科夫（Andrey Mushakov），開始審查我們的燃料開發活動。安德烈？

Thank you, Seth. Over the past few months, we have continued to make progress on our fabrication process demonstration efforts at Idaho National Laboratory, or INL. After achieving a critical milestone of extruding an unclad cylindrical rod sample of Lightbridge Fuel material, consisting of an alloy of depleted uranium and zirconium in March of this year, we have subsequently completed another extrusion with depleted uranium and zirconium alloy using adjusted extrusion parameters.

謝謝你，賽斯。在過去的幾個月裡，我們在愛達荷國家實驗室 (INL) 的製造流程展示工作中不斷取得進展。今年3 月，我們實現了擠壓由貧鈾和鋯合金組成的Lightbridge Fuel 材料的無包層圓柱形棒樣品的重要里程碑，隨後，我們使用調整後的擠壓參數完成了另一次貧鈾和鋯合金的擠壓。

Over the next year, we plan to continue this fabrication process, demonstration work and conduct a series of additional extrusions with depleted uranium and zirconium alloy before proceeding to extrusions of samples with enriched uranium and zirconium alloy or irradiation testing in a test reactor environment.

明年，我們計劃繼續這項製造過程、示範工作，並用貧鈾和鋯合金進行一系列額外的擠壓，然後再用濃縮鈾和鋯合金擠壓樣品或在測試反應器環境中進行輻照測試。

In addition to our ongoing project at INL, we are working with RATEN ICN on an engineering study to assess the compatibility and suitability of Lightbridge Fuel for using CANDUrReactors. Scott will provide additional details on this project.

除了我們在 INL 正在進行的專案之外，我們還與 RATEN ICN 合作進行一項工程研究，以評估 Lightbridge Fuel 使用 CANDUrReactors 的兼容性和適用性。斯科特將提供有關該項目的更多詳細資訊。

Finally, in October of this year, Lightbridge presented a technical paper at the TopFuel 2024 Conference in Grenoble, France, providing an overview of some of the company's previous fuel development activities. There were two other independent technical studies about Lightbridge Fuel presented at the technical conference.

最後，今年 10 月，Lightbridge 在法國格勒諾布爾舉行的 TopFuel 2024 會議上發表了一篇技術論文，概述了該公司先前的一些燃料開發活動。技術會議上也提出了另外兩項有關 Lightbridge Fuel 的獨立技術研究。

One was produced by Massachusetts Institute of Technology or MIT, and the other one by Structural Integrity Associates or SIA. The MIT study supported by US Department of Energy Nuclear Energy University Program's grant, simulated the performance of Lightbridge Fuel and NuScale VOYGR small modular reactor.

一份由麻省理工學院 (MIT) 製作，另一份由結構完整性協會 (SIA) 製作。麻省理工學院的研究得到了美國能源部核能大學計劃的資助，模擬了Lightbridge Fuel和NuScale VOYGR小型模組化反應器的性能。

This SIA study, conducted under the GAIN regulatory research grant, evaluated Lightbridge Fuel and the pressurized water reactor, PWR, under both normal and accident conditions. These US government funded studies further validate the enhanced safety and performance of Lightbridge Fuel, particularly its improved performance under extreme conditions.

這項 SIA 研究是在 GAIN 監管研究資助下進行的，評估了正常和事故條件下的 Lightbridge Fuel 和壓水器 PWR。這些美國政府資助的研究進一步驗證了 Lightbridge Fuel 增強的安全性和性能，特別是其在極端條件下改進的性能。

Now I'll ask Scott Holcombe, our Vice President of Engineering to give us additional details on some of these ongoing projects and initiatives. Scott?

現在，我將邀請我們的工程副總裁 Scott Holcombe 向我們提供有關其中一些正在進行的項目和計劃的更多詳細資訊。史考特？

Thank you, Andrey. The RATEN ICN Nuclear Research Institute in Romania has been conducting an engineering study to assess the initial feasibility of using Lightbridge Fuel and CANDU Reactors. The results so far indicate that using our fuel with enrichment below 5% uranium 235 can provide double the discharge burn up of current CANDU fuel. The initial engineering study is expected to be completed this year, and we expect to perform additional evaluations of Lightbridge Fuel for use in CANDU reactors in 2025 and future years.

謝謝你，安德烈。羅馬尼亞的 RATEN ICN 核子研究所一直在進行一項工程研究，以評估使用 Lightbridge 燃料和 CANDU 反應器的初步可行性。迄今為止的結果表明，使用我們的濃縮度低於 5% 鈾 235 的燃料可以使目前 CANDU 燃料的放電燃耗增加一倍。初步工程研究預計將於今年完成，我們預計在 2025 年及未來幾年對用於 CANDU 反應器的 Lightbridge Fuel 進行額外評估。

As Andrey mentioned, during the TopFuel 2024 Conference recently held in Grenoble, France, three papers on Lightbridge Fuel were presented. Lightbridge's paper gave an overview of some of the company's previous fuel development activities, including results from an experimental test previously conducted in an overseas test reactor.

正如 Andrey 所提到的，最近在法國格勒諾布爾舉行的 TopFuel 2024 會議期間，發表了三篇關於 Lightbridge Fuel 的論文。Lightbridge的論文概述了該公司先前的一些燃料開發活動，包括先前在海外試驗堆進行的實驗測試的結果。

In this test, a Lightbridge metallic fuel rod let, endured approximately 24 hours in dry out conditions during irradiation and still maintained its structural integrity and coolable geometry. Two other papers presented independent studies conducted by MIT and SIA and comprised simulations of Lightbridge Fuel and NuScale SMR and the PWR respectively.

在此測試中，Lightbridge 金屬燃料棒在輻照過程中在乾燥條件下承受了大約 24 小時，並且仍然保持其結構完整性和可冷卻幾何形狀。另外兩篇論文介紹了 MIT 和 SIA 進行的獨立研究，分別包括 Lightbridge Fuel 和 NuScale SMR 以及 PWR 的模擬。

According to the MIT study, the main advantages of Lightbridge over conventional fuel are Lightbridge fuels increased heat transfer area, slower operating temperature, a higher margin to critical heat flux, or CHF, the self-spacing design, reduced irradiation induced swelling and lower potential for formation of crud on the fuel rod cladding.

根據麻省理工學院的研究，Lightbridge 相對於傳統燃料的主要優點是Lightbridge 燃料增加的傳熱面積、較慢的工作溫度、臨界熱通量（CHF）更高的裕度、自間距設計、減少輻照引起的膨脹和較低的電位用於在燃料棒包殼上形成結垢。

According to the study performed by SIA, Lightbridge Fuel demonstrates several advantages over conventional fuel in accident conditions. These advantages include lower peak cladding temperature, shorter duration at high temperatures, reduced cladding oxidation, cladding stresses insufficient damage to cladding and enhanced safety margins. These studies have confirmed the expected performance of Lightbridge Fuel and provide a basis for continued development and future regulatory licensing efforts.

根據 SIA 進行的研究，在事故情況下，Lightbridge Fuel 展現了比傳統燃料多的優勢。這些優點包括較低的峰值包殼溫度、較短的高溫持續時間、減少包殼氧化、包殼應力對包殼的損壞不足以及增強的安全裕度。這些研究證實了 Lightbridge Fuel 的預期性能，並為持續開發和未來監管許可工作奠定了基礎。

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

這樣，我會將電話轉回給 Seth。

Well, thank you, Scott. Nuclear power is no longer just an option. There is a growing recognition that nuclear power should play an essential role for meeting the world's growing power demands. There have been recent developments in major industries, particularly those in the technology sector that are driving unprecedented demand for energy, AI in particular is fueling this surge.

嗯，謝謝你，斯科特。核電不再只是一種選擇。人們越來越認識到，核電應該在滿足世界日益增長的電力需求方面發揮重要作用。主要產業，特別是科技業的最新發展正在推動前所未有的能源需求，特別是人工智慧正在推動這一激增。

Data centers are becoming some of the largest energy consumers in the world. To give you an example, some AI data center complexes are being planned that could consume nearly as much electricity as a city the size of New York.

資料中心正在成為世界上最大的能源消耗者之一。舉個例子，一些人工智慧資料中心綜合體正在規劃中，其消耗的電力幾乎與紐約大小的城市一樣多。

This demand requires a stable, round-the-clock power source that can scale sustainably and remain carbon free. Nuclear energy, particularly next-generation nuclear technologies could play an important role. In the next few months, in the past few months, we've seen tech giants like Amazon, Google and Microsoft, make landmark investments in nuclear power, including in the development of small modular reactors.

這項需求需要穩定、全天候的電源，能夠可持續擴展並保持無碳。核能，特別是下一代核子技術可以發揮重要作用。在接下來的幾個月裡，在過去的幾個月裡，我們看到亞馬遜、谷歌和微軟等科技巨頭在核電領域進行了里程碑式的投資，包括開發小型模組化反應器。

For these tech companies, the goal is clear. They need massive uninterrupted power supplies to sustain AI workloads, and nuclear energy is a promising option for meeting those needs in the future. Renewables alone can't meet this demand because they are intermittent. Nuclear provides the reliable, clean and effective power required for these massive projects.

對這些科技公司來說，目標很明確。他們需要大量不間斷的電源來維持人工智慧工作負載，而核能是滿足未來這些需求的一個有前途選擇。僅可再生能源無法滿足這一需求，因為它們是間歇性的。核能提供這些大型工程所需的可靠、清潔和有效的電力。

This resurgence in nuclear power isn't just happening in the United States. In recent global forums, such as the United Nation's COP28 in Dubai last year, nuclear energy took center stage as a critical solution to the climate crisis. Many nations, including the United States, pledged to triple global nuclear capacity by 2050. These pledges signal a clear recognition that nuclear is essential for reaching net-zero emissions and meeting the goals of the Paris Agreement.

核電的復興不僅發生在美國。在最近的全球論壇上，例如去年在杜拜舉行的聯合國締約方會議第二十八屆會議，核能作為氣候危機的關鍵解決方案佔據了中心舞台。包括美國在內的許多國家承諾在 2050 年將全球核電容量增加兩倍。這些承諾標誌著人們明確認識到核能對於實現淨零排放和實現《巴黎協定》的目標至關重要。

Lightbridge is active in international meetings. Scott mentioned in his recent paper and presentation at the TopFuel Conference in France, I'm in London today for meetings, and we'll go from here to Geneva for the World Economic Forum's Advanced Energy Solutions CEO meeting, and from there to Baku for COP29.

Lightbridge 積極參與國際會議。史考特在他最近在法國TopFuel 會議上發表的論文和演講中提到，我今天在倫敦參加會議，我們將從這裡前往日內瓦參加世界經濟論壇的高級能源解決方案執行長會議，然後從那裡前往巴庫參加締約方會議第二十九屆會議。

We believe Lightbridge is well positioned to support reactors currently in operation and future large and small water cooled reactors by providing the next generation nuclear fuel solution to make those reactors more efficient.

我們相信，Lightbridge 處於有利位置，可以透過提供下一代核燃料解決方案來支援目前正在運行的反應器以及未來的大型和小型水冷反應器，從而提高這些反應器的效率。

I'll now turn the call over to Larry Goldman, Chief Financial Officer to summarize the company's financial results. Larry?

現在我將把電話轉給財務長拉里‧戈德曼 (Larry Goldman)，以總結公司的財務表現。拉里？

Thank you, Seth, and good morning, everyone. For further information regarding our third quarter 2024 financial results and disclosures, please refer to our earnings release that we filed yesterday, as well as our quarterly report on Form 10-Q that we will file later today with the Securities and Exchange Commission.

謝謝你，賽斯，大家早安。有關我們 2024 年第三季財務業績和披露的更多信息，請參閱我們昨天提交的收益報告，以及我們將於今天晚些時候向美國證券交易委員會提交的 10-Q 表格季度報告。

The company's working capital position was $25.9 million at September 30, 2024 versus $28.3 million at December 31, 2023. Total assets were $27.6 million and total liabilities were $1.2 million at September 30, 2024. Today, we have ample working capital and financial flexibility to support our near term fuel development expenditures.

截至2024年9月30日，該公司的營運資本狀況為2,590萬美元，而2023年12月31日為2,830萬美元。截至 2024 年 9 月 30 日，總資產為 2,760 萬美元，總負債為 120 萬美元。如今，我們擁有充足的營運資金和財務靈活性來支持我們的近期燃料開發支出。

This is very important to Lightbridge and our stockholders as well as our external stakeholders, such as the federal government to ensure that we have sufficient working capital as well as the ability to access capital in the future to conduct our R&D activities.

這對 Lightbridge 和我們的股東以及聯邦政府等外部利害關係人來說非常重要，以確保我們有足夠的營運資金以及未來獲得資金來進行研發活動的能力。

Total cash and cash equivalents were $26.6 million as compared to $28.6 million at December 31, 2023, a decrease of $2 million for the first nine months ended September 30, 2024. Total cash used in operating activities for the nine months ended September 30, 2024, was $5.7 million, an increase of $1.5 million compared to the $4.2 million for the nine months ended September 30, 2023. This increase was primarily due to increased spending on R&D, G&A expenses and changes in working capital.

現金和現金等價物總額為 2,660 萬美元，而截至 2023 年 12 月 31 日為 2,860 萬美元，截至 2024 年 9 月 30 日的前九個月減少了 200 萬美元。截至2024年9月30日止九個月的經營活動所用現金總額為570萬美元，較截至2023年9月30日止九個月的420萬美元增加了150萬美元。這一增長主要是由於研發支出、一般行政費用和營運資本的變化所致。

Total cash provided by financing activities for the nine months ended September 30, 2024, was $3.7 million, a decrease of $0.8 million compared to the $4.5 million in the nine months ended September 30, 2023. This decrease was due to a decrease in net proceeds from the issuance of common stock by our at the market or ATM facility.

截至2024年9月30日止九個月，融資活動提供的現金總額為370萬美元，較截至2023年9月30日止九個月的450萬美元減少80萬美元。這一減少是由於我們在市場或 ATM 設施發行普通股的淨收益減少所致。

We anticipate that our long-term fuel development and commercialization time line will remain generally consistent with what we have disclosed in our SEC filings. In support of our long-term business and future financing requirements, with respect to our fuel development, we expect to continue to see government funding in the future, along with new strategic alliances that may contain cost sharing contributions and additional funding from others to help fund our R&D activities, leading to the commercialization of Lightbridge Fuel.

我們預計我們的長期燃料開發和商業化時間表將與我們在美國證券交易委員會文件中揭露的內容大致保持一致。為了支持我們的長期業務和未來融資需求，就我們的燃料開發而言，我們預計未來將繼續看到政府資助，以及新的戰略聯盟，其中可能包含成本分攤捐款和其他人提供的額外資金，以幫助資助我們的研發活動，從而實現 Lightbridge Fuel 的商業化。

I will now turn the call over to Sherrie Holloway, our Controller, who will go over our P&L financial information for the third quarter 2024. Sherrie?

我現在將電話轉給我們的財務總監 Sherrie Holloway，她將審查我們 2024 年第三季的損益財務資訊。雪莉？

Thank you, Larry. Net loss was $2.7 million for the third quarter ended September 30, 2024 compared to $1.8 million for the third quarter ended September 30, 2023. Total R&D expenses amounted to $1.3 million for the three months ended September 30, 2024 compared to $0.5 million for the three months ending September 30, 2023, an increase of $0.8 million.

謝謝你，拉里。截至2024年9月30日的第三季淨虧損為270萬美元，而截至2023年9月30日的第三季淨虧損為180萬美元。截至2024年9月30日止三個月的研發費用總額為130萬美元，而截至2023年9月30日止三個月的研發費用總額為50萬美元，增加了80萬美元。

This increase primarily consisted of an increase in INL project labor costs and outside R&D expenses of $0.2 million, an increase in Centrus Energy FEED Study of $0.1 million, an increase in allocated employee compensation and employee benefits of $0.3 million due to an increase in R&D employees, an increase in consulting fees of $0.1 million and an increase in INT expenses of $0.1 million.

這一成長主要包括 INL 專案勞動成本和外部研發費用增加 20 萬美元、Centrus Energy FEED 研究增加 10 萬美元、由於研發員工增加而分配的員工薪酬和員工福利增加 30 萬美元，諮詢費增加10 萬美元，INT 費用增加10 萬美元。

Total G&A expenses amounted to $1.7 million for the three months ended September 30, 2024 compared to $1.6 million for the three months ended September 30, 2023. The increase of $0.1 million was primarily due to an increase in employee compensation of $0.1 million and an increase in stock based compensation of $0.1 million, offset by a decrease in professional fees of $0.1 million.

截至2024年9月30日止三個月的一般及行政費用總額為170萬美元，而截至2023年9月30日止三個月則為160萬美元。增加 10 萬美元主要是因為員工薪資增加 10 萬美元和股票薪酬增加 10 萬美元，但被專業費用減少 10 萬美元所抵銷。

Total other income was $0.3 million for the three months ended September 30, 2024, unchanged compared to the three months ended September 30, 2023. The company's interest income earned from the purchase of treasury bills and from our bank savings account for the three months ended September 30, 2024 was constant as compared to the three months ended September 30, 2023.

截至2024年9月30日止三個月的其他收入總額為30萬美元，與截至2023年9月30日止三個月相比持平。截至2024年9月30日止三個月，本公司透過購買國庫券和銀行儲蓄帳戶賺取的利息收入與截至2023年9月30日止三個月相比保持不變。

Back to you, Seth

回到你身邊，賽斯

Thank you, Sherrie. I would like to thank everybody for participating on today's call. We've not received questions submitted by e-mail. We're looking forward to providing additional updates. In the meantime, we can be reached at ir@ltbridge.com. Stay safe and well. Goodbye.

謝謝你，雪莉。我要感謝大家參加今天的電話會議。我們沒有收到透過電子郵件提交的問題。我們期待提供更多更新。同時，您可以透過 ir@ltbridge.com 與我們聯繫。保持安全和健康。再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。