Lightbridge Corp (LTBR) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to the Lightbridge Corporation business update and fiscal year 2025 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. Please go ahead.

感謝您的支持，歡迎參加 Lightbridge Corporation 業務更新和 2025 財政年度電話會議。請注意，今天的通話正在錄音。現在我很高興介紹 Lightbridge Corporation 投資者關係總監 Matthew Abenante。請繼續。

Thank you, Michelle, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday. It 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，米歇爾，也謝謝大家今天的到來。我們的收益新聞稿昨天已發布。它可以在 Lightbridge 網站的投資者關係頁面上查看，網址為 www.ltbridge.com。今天參加我們電話會議的有執行長 Seth Grae；以及核能營運執行副總裁安德烈·穆沙科夫 (Andrey Mushakov)；工程副總裁 Scott Holcombe；拉里·戈德曼（Larry Goldman），財務長；以及財務主管 Sherrie Holloway。

I want to remind our listeners that any statements on this call that are not historical facts are forward-looking statements.

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。

Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of goals or events in the future.

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。在今天的通話中，我們將在討論未來的目標或事件時使用諸如期望、預期、相信和打算等字眼。

This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. 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.

本報告基於目前預期，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重大差異。Lightbridge 向美國證券交易委員會提交的文件中更詳細地列出了這些風險和其他風險。Lightbridge 不承擔更新或修改任何此類前瞻性聲明的義務，無論是否出現新的發展。

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

現在，我想將電話轉給我們的第一位發言者，Lightbridge 執行長 Seth Grae。你好，塞思。

Seth. Well, hello and thank you, Matt. And thank you all for joining us to discuss Lightbridge's 2024 results. We are gathering at a remarkable moment for nuclear energy. The industry is experiencing what many are calling a renaissance or resurgence. With unprecedented support from both the public and private sectors in the United States and around the world. The shift isn't just about building new reactors. It's about reimagining nuclear power's role in our clean energy future. We're particularly excited about the transformation in the commercial sector.

塞思。嗯，你好，謝謝你，馬特。感謝大家加入我們討論 Lightbridge 的 2024 年表現。我們正迎來核能發展的非凡時刻。該行業正在經歷許多人所說的復興或復甦。得到了美國和世界各地公共和私營部門前所未有的支持。這種轉變不僅涉及建造新的反應爐。這是關於重新想像核能在我們的清潔能源未來中的作用。我們對商業領域的轉型感到特別興奮。

Major technology companies like Microsoft and Amazon are actively pursuing nuclear power solutions for their data centers to secure reliable, clean baseload power for critical infrastructure. When tech giants who have built their success on innovation and forward-thinking choose nuclear, it sends a powerful message about the future of energy.

微軟和亞馬遜等大型科技公司正積極為其資料中心尋求核電解決方案，以確保關鍵基礎設施獲得可靠、清潔的基載電力。當憑藉創新和前瞻性思維取得成功的科技巨頭選擇核能時，它向能源的未來發出了強有力的信息。

At Lightbridge We believe we're uniquely positioned to support this industry transformation. Our metallic fuel technology represents a step change in nuclear fuel performance. We expect the unique multi-lobe fuel rod geometry, superior heat transfer properties, and lower operating temperatures of our all-metal fuel design to offer both economic and safety benefits that could be transformative for the industry.

在 Lightbridge，我們相信我們擁有獨特的優勢來支持這項產業轉型。我們的金屬燃料技術代表了核燃料性能的重大進步。我們期望，我們全金屬燃料設計的獨特多葉燃料棒幾何形狀、卓越的傳熱性能和較低的工作溫度能夠帶來經濟和安全優勢，從而為整個行業帶來變革。

Last month, we took an important step forward by signing a memorandum of understanding with OLO. This collaboration could create significant fuel fabrication synergies and open up promising opportunities in advanced fuel recycling. We believe this partnership can help accelerate innovation across the nuclear supply chain.

上個月，我們與 OLO 簽署了諒解備忘錄，並邁出了重要的一步。此次合作可以創造顯著的燃料製造協同效應，並為先進的燃料回收開闢良好的機會。我們相信這種合作關係有助於加速整個核子供應鏈的創新。

Our work with the Department of Energy's national laboratories continues to advance our research and development initiatives. These partnerships are crucial because they give us access to world-class facilities and expertise while maintaining our capital efficient approach to development.

我們與能源部國家實驗室的合作繼續推進我們的研究和開發計劃。這些合作夥伴關係至關重要，因為它們使我們能夠獲得世界一流的設施和專業知識，同時保持我們資本高效的發展方式。

We achieved an important manufacturing milestone earlier this month at Idaho National Laboratory. Our team successfully demonstrated our proprietary co-extrusion process, a special fabrication technique that combines two elements, the uranium zirconium fuel mixture surrounded by a protective zirconium alloy outer layer called the cladding. Using specialized equipment, we created an 8 ft long fuel coupon sample. INL scientists are now analyzing the coupon sample to verify its quality and fabrication parameters.

本月初，我們在愛達荷國家實驗室實現了重要的製造里程碑。我們的團隊成功展示了我們專有的共擠工藝，這是一種結合兩種元素的特殊製造技術，即鈾鋯燃料混合物，周圍包裹著一層稱為包層的保護性鋯合金外層。使用專門的設備，我們製作了一個8英尺長的燃料試樣。INL 科學家目前正在分析試樣以驗證其品質和製造參數。

The Light bridge, we're focused on ensuring our fuel technology can help support this nuclear renaissance, delivering more power while making reactors safer, more efficient, and more economical to operate.

光橋，我們專注於確保我們的燃料技術能夠幫助支持核能復興，提供更多電力，同時使反應器更安全、更有效率、更經濟地運作。

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

現在，我將把電話轉給核能營運執行副總裁安德烈·穆沙科夫，開始審查我們的燃料開發活動。安德烈？

Thank you, Seth. As Seth mentioned, in January of this year, we announced the signing of a memorandum of understanding, MOU with OCLA. OLA is developing advanced microreactors to provide clean, reliable, and affordable energy at scale. The scope of this MOU includes the following areas. Number one, to conduct a preliminary evaluation of feasibility of co-locating a light bridge commercial scale fuel fabrication facility at Ola's proposed commercial fuel fabrication facility site.

謝謝你，塞斯。正如塞斯所提到的，今年 1 月，我們宣布與 OCLA 簽署諒解備忘錄 (MOU)。OLA 正在開發先進的微反應堆，以大規模提供清潔、可靠且經濟實惠的能源。本諒解備忘錄的範圍包括以下領域。第一，對在 Ola 擬建的商業燃料製造設施所在地共同設立光橋商業規模燃料製造設施的可行性進行初步評估。

Number 2, to explore opportunities for collaboration on the reprocessing and the recycling of spent uranium zirconium fuel, and number 3, to explore any other areas of collaboration that may be of mutual interest.

第二，探討在乏鈾鋯燃料後處理和回收利用的合作機會；第三，探索任何其他可能引起雙方共同興趣的合作領域。

We believe that there may be some potential synergies in co-locating our commercial scale fuel fabrication facility at OA's proposed site. Recycling and reprocessing spent uranium zirconium fuel represents another area of potential synergies, particularly as the United States is starting to look more seriously at spent fuel reprocessing options.

我們相信，將我們的商業規模燃料製造設施與 OA 的擬建場地設在一起可能會產生一些潛在的協同效應。回收和再處理乏鈾鋯燃料代表了另一個具有潛在協同效應的領域，特別是當美國開始更加認真地考慮乏燃料再處理方案時。

Over the past year, we have continued to make progress on our fabrication process demonstration efforts at Idaho National Laboratory or INL. After achieving a critical milestone of extrusion in unclad cylindrical rod sample of light be fuel material consisting of an alloy of depleted uranium and zirconium in March of last year, earlier this month, we announced a successful co extrusion demonstration of a coupon sample consisting of an alloy of depleted uranium and zirconium with an outer cladding made of nuclear grade zirconium alloy material at Idaho National Laboratory.

在過去的一年裡，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。繼去年3月在貧鈾鋯合金輕鈹燃料材料無包層圓柱棒樣品擠壓方面取得關鍵里程碑之後，本月初，我們宣佈在愛達荷國家實驗室成功進行​​了貧鈾鋯合金試樣的共擠壓演示，試樣帶有核級鋯合金材料的外包層。

The quarktru process demonstration conducted at INL entailed pressing the metallic alloy billet encased in zirconium alloy cladding through a dye to produce a cylindrical rod with the length of approximately 8 ft. INL is currently performing characterization of the coextruded sample to confirm the as fabricated specifications and other parameters.

在 INL 進行的 quarktru 工藝演示包括將包裹在鋯合金包層中的金屬合金坯料通過染料壓製而成，以生產長度約為 8 英尺的圓柱形棒。INL 目前正在對共擠樣品進行特性分析，以確認製造規格和其他參數。

In the coming months, we plan to work with INL to conduct extrusions of samples with enriched uranium and zirconium alloy for irradiation testing in the advanced test reactor at Idaho National Laboratory.

在接下來的幾個月裡，我們計劃與 INL 合作，擠壓濃縮鈾和鋯合金樣品，以便在愛達荷州國家實驗室的先進測試反應器中進行輻照測試。

In addition to our ongoing project at INL, we completed a few months ago an engineering study with RAA and ICN to assess the compatibility and suitability of light-bred fuel for using candor reactors. Scott will provide additional details on this project.

除了我們在 INL 正在進行的專案之外，幾個月前我們還與 RAA 和 ICN 完成了一項工程研究，以評估輕質燃料與坦多反應器的兼容性和適用性。斯科特將提供有關該項目的更多細節。

Finally, in early October, Lightbridge presented the technical paper at the Top Fuel 2024 conference in Grenoble, France, providing an overview of some of the company's previous fuel development activities.

最後，10 月初，Lightbridge 在法國格勒諾布爾舉行的 Top Fuel 2024 會議上提交了技術論文，概述了該公司之前的一些燃料開發活動。

There are two other independent technical studies about Lightbridge fuel presented at the technical conference. One was produced by Massachusetts Institute of Technology, or MIT. The other one by Structural integrity Associates, or SIA. The MIT study, supported by the US Department of Energy Nuclear Energy University programs grant, simulated the performance of light-bridge fuel in new scales, Voyager small modular reactor ISMR. The SIA study conducted under the DOE gained regulatory research grant evaluated light-bridge fuel in a pressurized water reactor IPWR under both normal and excellent conditions.

技術會議上也展示了另外兩項關於 Lightbridge 燃料的獨立技術研究。其中一個是由麻省理工學院（MIT）製作的。另一家公司是結構完整性協會（SIA）。麻省理工學院的研究得到了美國能源部核能大學計畫資助，模擬了新規模的光橋燃料——航海者小型模組化反應器 ISMR 的性能。在美國能源部 (DOE) 的監管研究資助下進行的 SIA 研究對壓水反應器 IPWR 在正常和優良條件下的光橋燃料進行了評估。

These US government funded studies further validate the enhanced safety and performance of light bridge fuel, particularly its improved performance on the extreme conditions.

這些由美國政府資助的研究進一步驗證了輕橋燃料增強的安全性和性能，特別是其在極端條件下的性能改善。

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，我請我們的工程副總裁 Scott Holcombe 向我們提供有關這些正在進行的項目和計劃的更多詳細資訊。斯科特。

Thank you, Andre. The RATEN ICN Nuclear Research Institute in Romania recently completed an engineering study to assess the initial feasibility of using light bridge fuel and CANDU reactors. The results indicate that using our fuel with enrichment below 5% uranium 235 can provide double the discharge burn up of current can-do fuel. These results are encouraging, and we plan to perform additional evaluations of light bridge fuel for use in can do reactors in 2025 and future years.

謝謝你，安德烈。羅馬尼亞 RATEN ICN 核子研究所最近完成了一項工程研究，以評估使用輕橋燃料和 CANDU 反應器的初步可行性。結果表明，使用我們的鈾235豐度低於5％的燃料，可以使目前可行燃料的排放燃耗增加一倍。這些結果令人鼓舞，我們計劃對 2025 年及未來幾年用於反應爐的輕橋燃料進行額外評估。

As Andre mentioned during the Top fuel 2024 conference recently held in Grenoble, France, three papers on light bridge 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.

正如安德烈在最近於法國格勒諾布爾舉行的 Top fuel 2024 會議上提到的那樣，會議上發表了三篇關於輕質橋燃料的論文。Lightbridge 的論文概述了該公司先前的一些燃料開發活動，包括先前在海外測試反應器進行的實驗測試的結果。

In this test, a light bridge metallic fuel rodlet endured approximately 24 hours with inadequate cooling during radiation and still maintained its structural integrity and its coolable geometry. This is in contrast to the expected performance of conventional fuel, which would not have been able, which would not have been expected to maintain coolable geometry under similar conditions.

在這次測試中，輕橋金屬燃料棒在輻射過程中承受了大約 24 小時的冷卻不足，並且仍然保持了其結構完整性和可冷卻的幾何形狀。這與傳統燃料的預期性能形成了鮮明對比，傳統燃料在類似條件下無法保持可冷卻的幾何形狀。

The other two papers presented independent studies conducted by MIT and Structural integrity associates comprised simulations of Lightbridge fuel and a new scale SMR and PWR respectively.

另外兩篇論文介紹了麻省理工學院和結構完整性協會進行的獨立研究，分別包括 Lightbridge 燃料和新規模 SMR 和 PWR 的模擬。

According to the MIT study, the main advantages of light bridge over conventional fuel are light bridge fuels increased heat transfer area, its lower operating temperature, a higher margin to critical heat flux, or CHF, the self-sacing design, reduced radiation-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，輕橋燃料相對於傳統燃料的主要優勢在於：輕橋燃料具有更大的傳熱面積、更低的工作溫度、更高的臨界熱流密度（CHF）、自流設計、更少的輻射膨脹、以及更低的燃料棒包殼上形成污垢的可能性。

According to the study performed by Structural integrity associates, Lightbridge fuel demonstrates several advantages over conventional fuel and accident conditions. These advantages include lower peak cladding temperature, shorter duration at high temperatures, reduced cladding oxidation, cladding stresses insufficient to damage the cladding, and enhanced safety margins.

根據結構完整性協會進行的研究，Lightbridge 燃料比傳統燃料和事故條件表現出多種優勢。這些優點包括峰值包層溫度較低、高溫持續時間較短、包層氧化減少、包層應力不足以損害包層以及安全裕度增強。

These studies have confirmed the expected performance of Lightbridge fuel and provide a basis for continued development and future regulatory licensing efforts.

這些研究證實了 Lightbridge 燃料的預期性能，並為持續開發和未來的監管許可工作提供了基礎。

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

說完這些，我會把電話轉回給塞思。

Thank you very much, Scott. Looking at the broader industry, we see positive developments reinforcing our strategy. Countries around the world are recognizing that ensuring energy security requires nuclear power.

非常感謝，斯科特。放眼整個產業，我們看到積極的發展正在強化我們的策略。世界各國逐漸體認到，確保能源安全需要核能。

In 2023, at COP28 over 20 countries committed to tripling nuclear capacity by 2050. That was a watershed moment for our industry. But what's truly exciting is where we're headed. The recently announced Stargate project, a $500 billion dollar AI infrastructure venture, perfectly illustrates the scale of opportunity ahead of us.

2023年，在COP28會議上，超過20個國家承諾在2050年將核電容量增加兩倍。這是我們產業的一個分水嶺。但真正令人興奮的是我們前進的方向。最近宣布的星際之門項目是一項耗資 5000 億美元的人工智慧基礎設施項目，完美地展示了我們面前的機會規模。

We're seeing data centers emerge as a completely new market for nuclear power, ones that simply didn't exist in any meaningful way even two years ago. Amazon, Microsoft, Meta, and Google aren't just talking about nuclear power. They're actively pursuing it through agreements with utilities and investments to help develop and deploy new capacity.

我們看到資料中心正在成為核電的一個全新市場，而這個市場在兩年前根本不存在。亞馬遜、微軟、Meta 和谷歌不僅僅談論核能。他們正積極透過與公用事業公司達成協議和投資來幫助開發和部署新產能。

This shift is happening because these companies recognize something fundamental. When you need reliable 24/7 carbon-free power at scale, nuclear is often the best answer. Nuclear power's ability to provide carbon-free base load power is commanding a premium in the market, particularly from these hyper scale customers. What's particularly significant is that we're seeing a renaissance in existing nuclear assets.

發生這種轉變是因為這些公司意識到了一些根本性的東西。當你需要可靠的全天候無碳電力時，核能通常是最好的選擇。核電能夠提供無碳基載電力，在市場上佔有優勢，尤其是對於這些超大規模的客戶而言。尤其重要的是，我們看到了現有核資產的復興。

We are seeing capacity upgrades, life extensions, and the recommissioning of shutdown reactors like Diablo Canyon, Palisades, Three Mile Island, and Dwayne Arnold. Diablo Canyon actually an extension of the license of a reactor that would have closed down. The others actually closed, but coming back.

我們看到了產能升級、壽命延長以及關閉反應爐的重新調試，例如 Diablo Canyon、Palisades、Three Mile Island 和 Dwayne Arnold。暗黑破壞神峽谷其實是一座即將關閉的反應爐許可證的延伸。其他的實際上都關閉了，但正在回來。

The market is recognizing the immense value of existing nuclear infrastructure. The geopolitical landscape is also reshaping our industry. Russia's invasion of Ukraine has fundamentally altered how countries think about energy security.

市場正在認識到現有核子基礎設施的巨大價值。地緣政治格局也在重塑我們的產業。俄羅斯入侵烏克蘭從根本上改變了各國對能源安全的看法。

We're seeing this play out in policy discussions across the globe. The United Kingdom and France deploying new plants, Belgium reversing its decision to close all plants, and Canada, Sweden, Romania, and Ghana announcing plans for new deployments. The convergence of energy security concerns with technological innovation is creating unprecedented opportunities.

我們在全球各地的政策討論中都看到了這種情況。英國和法國正在部署新工廠，比利時撤銷了關閉所有工廠的決定，加拿大、瑞典、羅馬尼亞和加納宣布了新工廠部署計畫。能源安全問題與技術創新的整合正在創造前所未有的機會。

Looking ahead, the International Energy Agency projects nuclear capacity will more than double by 2050, reaching 916 gigawatts electric. We believe that electrifying most transportation and industrial sectors globally, while meeting current electricity needs can only be achieved with a massive expansion of nuclear power as part of the energy mix, several times the amount of nuclear power that is produced today.

展望未來，國際能源總署預測2050年核電裝置容量將增加一倍以上，達到916千兆瓦。我們相信，要實現全球大多數交通運輸和工業部門的電氣化，同時滿足當前的電力需求，只有大規模擴大核電作為能源結構的一部分，使核電產量達到目前產量的幾倍。

Right now, nuclear power provides about 4% of the world's total energy consumption and 9% of global electricity generation. That might not sound like a lot, but it represents an enormous foundation for growth. With over 400 operable nuclear power reactors worldwide, nuclear power is providing carbon-free base load power across the globe.

目前，核能約佔全球能源消耗總量的4%，佔全球發電量的9%。這聽起來可能不多，但它代表著巨大的成長基礎。全球有超過 400 座可運轉的核電反應堆，核電為全球提供無碳基載電力。

At Lightbridge, we're positioning ourselves at the intersection of these trends. Our metallic fuel technology can potentially enable a 30% power upright in new build water cooled reactors, while existing large reactors could achieve rates of 17% or potentially higher.

在 Lightbridge，我們將自己定位在這些趨勢的交會處。我們的金屬燃料技術可以使新建水冷反應器的發電率達到 30%，而現有的大型反應器的發電率可以達到 17% 甚至更高。

Our task at Lightbridge is clear. Develop and deploy fuel technology that can help enable this growth safely, efficiently and economically. We're working with the US Department of Energy's national laboratories to test and demonstrate our technology. We see this as crucial timing. Many countries are looking to expand their nuclear power capacity, especially given recent concerns about energy security and the need to reduce reliance on fossil fuels. We're backed by a robust portfolio of intellectual property.

我們在 Lightbridge 的任務很明確。開發和部署有助於安全、高效和經濟地實現這一成長的燃料技術。我們正在與美國能源部的國家實驗室合作測試和展示我們的技術。我們認為這是一個關鍵時機。許多國家都在尋求擴大核電容量，特別是考慮到最近對能源安全的擔憂以及減少對化石燃料依賴的需求。我們擁有強大的智慧財產權組合作為後盾。

We aim to help make nuclear power more economical and safer while supporting the transition to clean energy. We believe this technology could play a vital role in meeting the world's growing energy needs while combating climate change. That's what makes this moment so extraordinary. And that's why I'm more optimistic than ever about our industry's future. I'll now turn the call over to Larry Goldman, Chief Financial Officer, to summarize the company's financial.

我們的目標是幫助核電變得更經濟和安全，同時支持向清潔能源的轉型。我們相信這項技術可以在滿足世界日益增長的能源需求和應對氣候變遷方面發揮至關重要的作用。這正是這一刻如此特別的原因。這就是為什麼我對我們行業的未來比以往任何時候都更樂觀。現在我將把電話轉給財務長拉里‧戈德曼 (Larry Goldman)，以總結公司的財務狀況。

Thank you, sir. Hey good morning, everyone. For further information regarding our fiscal year 2024 financial results and disclosures, please refer to our earnings release that we filed yesterday. And our annual report on Form 10k, which will be filed with the Security and Exchange Commission within the next few days.

謝謝您，先生。嘿，大家早安。有關我們 2024 財年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。我們的 10k 表格年度報告將在未來幾天內提交給證券交易委員會。

The company's working capital position was $39.9 million at December 31, 2024, versus $25.8 million at September 30th, 2024 and $28.3 million at December 31, 2023. Total assets were $41 million, and total liabilities were $0.4 million at December 31, 2024.

截至 2024 年 12 月 31 日，該公司的營運資金狀況為 3,990 萬美元，而 2024 年 9 月 30 日為 2,580 萬美元，2023 年 12 月 31 日為 2,830 萬美元。截至 2024 年 12 月 31 日，總資產為 4,100 萬美元，總負債為 40 萬美元。

Today we have ample working capital and financial flexibility to support our near-term fuel development expenditures. 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 in order to conduct our R&D activities. Total cash and cash equivalents were $40 million.

今天，我們擁有充足的營運資金和財務靈活性來支持我們近期的燃料開發支出。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，以確保我們擁有足夠的營運資金，以及未來獲取資金以進行研發活動的能力。現金及現金等價物總額為4000萬美元。

As compared to $28.6 million at December 31st, 2023, an increase of $11.4 million for the fiscal year ended December 31st, 2024. Cash was $26.6 million at September 30, 2024. Total cash used in operating activities for the year end of December 31, 2024, was $9.5 million, an increase of $3 million compared to $6.5 million for the year end of December 31, 2023.

與 2023 年 12 月 31 日的 2,860 萬美元相比，截至 2024 年 12 月 31 日的財政年度增加了 1,140 萬美元。截至 2024 年 9 月 30 日，現金為 2,660 萬美元。截至 2024 年 12 月 31 日止年度，經營活動所用現金總額為 950 萬美元，較 2023 年 12 月 31 日止年度的 650 萬美元增加 300 萬美元。

The increase was primarily due to increased spending on R&D, GNA expenses, and changes in working capital, which included an increase in pre-paid assets of $1.1 million.

成長的主要原因是研發支出增加、GNA 費用增加以及營運資本變化，其中包括預付資產增加 110 萬美元。

And was partially offset by an increase in accounts payable and accrued liabilities of $0.2 million. Total cash provided by financing activities for the year end of December 31st, 2024 was $20.9 million, an increase of $14.7 million compared to $6.2 million for the year ended December 31, 2023.

但因應付帳款和應計負債增加 20 萬美元而部分抵銷。截至 2024 年 12 月 31 日止年度，融資活動提供的現金總額為 2,090 萬美元，較截至 2023 年 12 月 31 日止年度的 620 萬美元增加 1,470 萬美元。

The increase was due to an increase in net proceeds received from the issuance of common stock under our at the market facility or ATM in the year end of December 31, 2024 of $15 million partially offset by an increase in net share settlement of equity awards for the payment of withholding taxes of $0.3 million.

增加的原因是，2024 年 12 月 31 日年底，我們在市場設施或 ATM 下發行普通股所獲得的淨收益增加了 1500 萬美元，但部分被支付預扣稅的股權獎勵淨股份結算增加 30 萬美元所抵消。

In support of our long term business and future financing requirements with respect to our fuel development, we expect to continue to seek government funding in the future, along with new strategic alliances that may contain cost sharing contributions and additional funding from others in order to help fund our future R&D milestones, leading to the commercialization of Lightbridge fuel.

為了支持我們的長期業務和未來燃料開發的融資需求，我們預計未來將繼續尋求政府資助，以及可能包含成本分攤貢獻和其他方額外資金的新戰略聯盟，以幫助資助我們未來的研發里程碑，從而實現 Lightbridge 燃料的商業化。

We currently anticipate investing approximately $17 million for both capital expenditures and operating expenditures in the R&D of our nuclear fuel for 2025. Regarding our MOU with Olo, we plan to evaluate the benefits of situating Lightbridge's fuel fabrication operations within the OLO's proposed commercial fuel fabrication facility.

我們目前預計，到 2025 年，我們將在核燃料研發上投資約 1,700 萬美元，用於資本支出和營運支出。關於我們與 Olo 簽署的諒解備忘錄，我們計劃評估將 Lightbridge 的燃料製造業務設在 OLO 擬建的商業燃料製造設施內的好處。

This could potentially lead to cost savings in both the initial capital investment and long-term operational expenses. I will now turn the call over to Sherrie Holloway, our controller, who will go over our P&L financial information for the fiscal year 2024. Sherry.

這可能會節省初始資本投資和長期營運費用。現在，我將把電話轉給我們的財務長 Sherrie Holloway，她將介紹我們 2024 財年的損益財務資訊。雪莉酒。

Thank you, Larry. Net loss was $11.8 million for the year ended December 31, 2024, compared to $7.9 million for the year ended December 31, 2023. Total R&D expenses amounted to $4.6 million for the year ended December 31, 2024, compared to $1.9 million. But the year ended December 31, 2023. An increase of $2.7 billion. This increase was primarily due to an increase in R&T R&D activities related to the development of light bridge fuel.

謝謝你，拉里。截至 2024 年 12 月 31 日止年度的淨虧損為 1,180 萬美元，而截至 2023 年 12 月 31 日止年度的淨虧損為 790 萬美元。截至 2024 年 12 月 31 日止年度，研發總費用為 460 萬美元，去年同期為 190 萬美元。但該年度結束於 2023 年 12 月 31 日。增加27億美元。這一增長主要歸因於與輕質橋燃料開發相關的研發活動的增加。

This increase primarily consisted of an increase in INL project labor cost of $0.9 million an increase of outside R&D cost of $0.4 million an increase in R&D employees and allocated employee compensation employee benefits of $1 million an increase in quality assurance expenses of $0.1 million. An increase in RD modeling computer hardware and software and traveling expenses of $0.2 million.

這一成長主要包括 INL 專案勞動成本增加 90 萬美元、外部研發成本增加 40 萬美元、研發員工和分配員工薪資福利增加 100 萬美元以及品質保證費用增加 10 萬美元。研發建模電腦硬體和軟體以及差旅費增加了 20 萬美元。

And an increase in stock-based compensation expenses of $0.1 million. Total GNA expenses were $8.5 million for the year ended December 31, 2024, compared to $7.1 million for the year ended December 31st, 2023.

股票薪酬費用增加 10 萬美元。截至 2024 年 12 月 31 日止年度的 GNA 總支出為 850 萬美元，而截至 2023 年 12 月 31 日止年度的總支出為 710 萬美元。

The increase of $1.4 million was primarily due to an increase in employee compensation and employee benefits of $0.3 million an increase in consulting fees and professional fees of $0.3 million an increase in stock-based compensation expense of $0.6 million. An increase in IT expenses of $0.1 million an increase in travel and recruitment expenses of $0.1 million and an increase in patent expense of $0.1 million partially offset by decrease in insurance expense of $0.1 million.

140 萬美元的增加主要是由於員工薪酬和員工福利增加 30 萬美元、諮詢費和專業費用增加 30 萬美元以及股票薪酬費用增加 60 萬美元。IT 費用增加 10 萬美元，差旅和招聘費用增加 10 萬美元，專利費用增加 10 萬美元，但保險費用減少 10 萬美元，部分抵消了這一影響。

Total stock-based compensation included in GNA expenses were $1.7 million and $1.1 million for the year ended December 31, 2024, and 2023 respectively. Total other income was $1.3 million for the year ended December 31, 2024, as compared to other income of $1.1 million for the year ended December 31, 2023, an increase of $0.2 million.

截至 2024 年 12 月 31 日及 2023 年 12 月 31 日止年度，GNA 費用中包含的股票薪酬總額分別為 170 萬美元及 110 萬美元。截至 2024 年 12 月 31 日止年度的其他收入總額為 130 萬美元，而截至 2023 年 12 月 31 日止年度的其他收入為 110 萬美元，增加了 20 萬美元。

The increase in other income was due to an increase in interest income earned from the purchase of Treasury bills and from our bank savings account.

其他收入的增加是由於購買國庫券和銀行儲蓄帳戶所獲得的利息收入增加。

Back to you, Seth.

回到你身邊，塞斯。

Thank you, Sherrie. We will now go to the question-and-answer session. Thank you to everyone who has submitted questions. Matt, please go ahead.

謝謝你，謝麗。我們現在進入問答環節。感謝所有提交問題的人。馬特，請繼續。

Our first question is Lightbridge fuels suitable for use in SMRs? And if yes, which company or companies do you intend to supply?

我們的第一個問題是 Lightbridge 燃料適合用於 SMR 嗎？如果是，您打算向哪家公司或哪些公司供貨？

Okay, Andre?

好的，安德烈？

Yes, we're developing our fuel to be suitable for what are called small modular reactors or SMRs. Virtually all the power reactors in the world today are large plants cooled by water. We expect that variants of our fuel will be usable in virtually all of those types of plants.

是的，我們正在開發適合所謂的小型模組化反應器（SMR）的燃料。現今世界上幾乎所有的動力反應器都是用水冷卻的大型核電廠。我們預計，我們的燃料變體幾乎可以用於所有這些類型的工廠。

Many of the small modular reactors being developed are smaller versions of 4 cooled reactors, and we expect our fuel will be usable in most of them and can provide significant benefits. The US Department of Energy's Nuclear Energy university program is fully funding two studies that include Lightbridge fuel and SMRs, particularly the SMR that Newscale is developing. One of those studies has been done at MIT and the other one at Texas A&M University.

許多正在開發的小型模組化反應器都是 4 冷卻反應器的較小版本，我們預計我們的燃料將可用於其中的大多數反應器並能帶來顯著的效益。美國能源部的核能大學計劃正在全額資助兩項研究，包括 Lightbridge 燃料和 SMR，特別是 Newscale 正在開發的 SMR。其中一項研究是在麻省理工學院進行的，另一項是在德州 A&M 大學進行的。

Thank you. The next question, what is the feedstock for Lightbridge fuel? Where does Lightbridge source its uranium? And can you comment on the economics of Lightbridge fuel and what effects, if any, tariffs will have on sourcing uranium and future profits?

謝謝。下一個問題是，Lightbridge 燃料的原料是什麼？Lightbridge 的鈾來源在哪裡？您能否評論一下 Lightbridge 燃料的經濟性？關稅對鈾採購和未來利潤會產生什麼影響（如果有的話）？

Okay. I'll take that one, Andrey.

好的。我會接受這個，安德烈。

Yeah, the main feedstocks are uranium and zirconium. The uranium we're using in our fuel development and testing program at Ach National Laboratory has been provided by US Department of Energy stockpiles.

是的，主要原料是鈾和鋯。我們在阿什國家實驗室的燃料開發和測試計畫中使用的鈾是由美國能源部儲備提供的。

For commercial use of labr fuel, as with all commercial nuclear fuel, each utility will source the uranium that it needs in nuclear fuel that the utility orders.

對於核燃料的商業用途，與所有商業核燃料一樣，每個公用事業公司將在其訂購的核燃料中獲取所需的鈾。

There are major uranium mining companies in several countries including Canada, Australia, and Kazakhstan, and we are seeing increased interest in uranium mining within several countries including the United States.

加拿大、澳洲和哈薩克等多個國家都有大型鈾礦開採公司，我們看到包括美國在內的多個國家對鈾礦開採的興趣日益濃厚。

If tariffs increase the price of uranium imported from any of these countries.

如果關稅增加從這些國家進口的鈾的價格。

That price increase could increase the price of current types of nuclear fuel, as well as ours. Domestically sourced uranium would not be subject to tariffs.

價格上漲可能會導致現有核燃料的價格以及我們的核燃料的價格上漲。國內採購的鈾不會被徵收關稅。

Thank you. What is the significance of recent co-extrusion demonstrations and what are the next steps?

謝謝。最近的共擠演示有何意義？下一步計劃是什麼？

Okay, one more for you Andrey.

好的，安德烈，再給你一個。

Alright, the recent for extrusion at Tal National Laboratories materials and fuels complex is significant for several reasons. This extrusion marks the completion of our casting and extrusion demonstration efforts with Idaho National Laboratory, which have been ongoing for about the past year and a half.

好的，塔爾國家實驗室材料和燃料綜合設施最近的擠壓具有重要意義，原因有幾個。這次擠壓標誌著我們與愛達荷國家實驗室合作進行的鑄造和擠壓演示工作的完成，這項工作已經進行了大約一年半。

This demonstration has allowed us, using a depleted uranium and zirconium alloy, to establish the techniques and processes needed to produce high quality and repeatable castings, billets, and through the rot.

透過這次演示，我們利用貧鈾和鋯合金建立了生產高品質、可重複的鑄件、鋼坯和腐爛所需的技術和工藝。

The recent extrusion also allowed Lightbridge and INL to investigate the key equipment parameters such as temperatures and forces needed to design and produce larger and more detailed that co extruded rots.

最近的擠壓也使 Lightbridge 和 INL 能夠研究關鍵設備參數，例如設計和生產更大、更詳細的共擠壓零件所需的溫度和力。

The recently extruded cylindrical rod will be further investigated to give us insights into the cladding fuel alloy bond, cladding and fuel grain structure and orientation, as well as the effects of post-extrusion heat treatment techniques.

我們將進一步研究最近擠壓的圓柱形棒，以深入了解包層燃料合金結合、包層和燃料顆粒結構和方向，以及擠壓後熱處理技術的影響。

Our next steps will be to use the techniques and procedures developed during this demonstration phase to produce coupon samples of light-bridge fuel alloy using enriched uranium.

我們的下一步將是利用在此演示階段開發的技術和程序，使用濃縮鈾生產光橋燃料合金的試樣。

These extruded samples will be incorporated into advanced test reactor experiment capsules later this year for expected insertion into the advanced test reactor in the early 2026.

這些擠壓樣品將於今年稍後裝入先進測試反應器實驗艙中，預計 2026 年初插入先進測試反應器。

This experiment is planned to yield key thermophysical properties of foul fuel alloy as a function of burn up, which are needed for further fuel design, modeling, and regulatory licensing activities.

該實驗計劃獲取燃料合金燃燒過程中的關鍵熱物理特性，這對於進一步的燃料設計、建模和監管許可活動是必要的。

Thank you. What would be the total addressable market for Lightbridge fuel?

謝謝。Lightbridge 燃料的整體潛在市場是多少？

Well, our investor presentation includes a slide showing that there's currently a global total addressable market for commercial nuclear fuel of about $16.7 billion including about $4 billion in the United States.

嗯，我們的投資者簡報中有一張幻燈片顯示，目前全球商業核燃料的總可尋址市場約為 167 億美元，其中美國約為 40 億美元。

The United States and other countries have pledged to support tripling nuclear power globally by 2050, and the United States has also pledged to triple nuclear capacity by 2050 itself domestically.

美國等國已承諾支持2050年全球核電規模增加兩倍，美國自身也承諾2050年將核電裝置容量增加兩倍。

Next question.

下一個問題。

Sure, in an interview, it was mentioned that Lightbridge fuel is non-weaizable. What is the significance of this and could it open up new markets worldwide to nuclear development?

當然，在一次採訪中，有人提到 Lightbridge 燃料是不可消耗的。這有何意義？它能否為全球核能發展開拓新的市場？

Well, it's an important subject. Light bridge fuel is expected to enhance nuclear nonproliferation and nuclear safety by design. These designed in advantages, supplement having inspectors and other means to help avoid proliferation and safety problems. Having recently visited Fukushima at the site of the accident last week in Japan, I'm especially aware of having advanced technology help avoid problems, which I think is a very important benefit of life rich fuel.

嗯，這是一個重要的主題。輕質橋燃料可望透過設計加強核不擴散和核安全。這些設計具有優勢，可以補充檢查人員和其他手段，有助於避免擴散和安全問題。我上週剛訪問了日本福島核事故現場，我特別意識到先進的技術有助於避免問題的發生，我認為這是富生命燃料的一個非常重要的好處。

There are a bit over 400 operating commercial nuclear reactors in the world. Those numbers would triple if the nuclear tripling goal were met with the same power output in new plants, but the new plants will likely include some much lower power units in the form of small modular reactors and microreactors, which could result in the number of reactors in the world increasing into the thousands.

世界上有 400 多座正在運作的商業核反應器。如果核能三倍成長的目標能夠在新電廠的相同功率輸出下實現，那麼這些數字將會增加三倍，但新電廠可能會採用一些功率低得多的小型模組化反應器和微型反應堆，這可能導致世界上的反應器數量增加到數千個。

Many of those can be in remote locations, such as for powering mining operations or even military outposts. We think that such a scenario is likely. And makes it even more important to safety by design and nonproliferation by design. Our vision is for Lightbridge fuel to become the standard nuclear fuel in the world, and these kinds of benefits are some of the reasons why we believe our fuel is superior for nuclear plants of today and over the coming years.

其中許多可能位於偏遠地區，例如為採礦作業甚至軍事前哨提供電力。我們認為這種情況是有可能發生的。這使得設計上的安全和防擴散變得更加重要。我們的願景是讓 Lightbridge 燃料成為世界標準的核燃料，這些優勢正是我們相信我們的燃料對於當今和未來幾年的核電廠更優越的原因之一。

Next question that.

下一個問題是。

With possible uranium shortages in the future, along with China and Russia having better geopolitical relationships with large scale uranium producers like Kazakhstan. Can ightbridge fuel help fill the uranium disadvantage GAAP for the US and play a role in national security?

未來可能出現鈾短缺，中國和俄羅斯與哈薩克等大型鈾生產國有著更好的地緣政治關係。奈特布里奇燃料能否幫助美國彌補鈾劣勢（GAAP）並在國家安全中發揮作用？

We think Lightbridge can definitely help play a role in national security. Having reliable 24/7 cleaning power is important for national security. This can include dedicating nuclear plants to what is called behind the meter applications, taking critical infrastructure such as military bases off the electric grid. The grid could be subject to the physical or cyberattack. And these plants that aren't on the grid, could help power very needed facilities through such a situation.

我們認為 Lightbridge 絕對能夠在國家安全方面發揮作用。擁有可靠的全天候清潔能力對於國家安全至關重要。這可能包括將核電站專用於所謂的「電錶後」應用，將軍事基地等關鍵基礎設施從電網中分離出來。電網可能遭受實體或網路攻擊。這些未接入電網的發電廠可以幫助為急需電力的設施提供電力。

As far as filling the uranium disadvantage GAAP is concerned, we believe domestic mining of natural uranium would help wean the United States off relying too much on imported uranium sources and help me. US national security objectives, light bridges is not in that business, but we'd certainly like to see more domestic uranium mining.

就彌補鈾資源劣勢（GAAP）而言，我們認為，國內開採天然鈾將有助於美國擺脫對進口鈾資源的過度依賴，並對我有幫助。為了美國的國家安全目標，光橋公司不從事這項業務，但我們當然希望看到更多的國內鈾礦開採。

Next question.

下一個問題。

That's actually our last question.

這實際上是我們的最後一個問題。

Okay, well, I want to thank everybody for participating in today's call. It's an exciting time for Nuclear and for Light Bridge. We look forward to providing additional updates in the near future. In the meantime, we can be reached at IR@ltbridge.com. Stay safe, stay well. Goodbye everybody.

好的，我想感謝大家參加今天的電話會議。對於 Nuclear 和 Light Bridge 來說，這是一個令人興奮的時刻。我們期待在不久的將來提供更多更新。同時，您可以透過 IR@ltbridge.com 與我們聯繫。保持安全，保持健康。各位再見。

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

今天的電話會議到此結束。您現在可以斷開連線。再會。