Lightbridge Corp (LTBR) 2025 Q1 法說會逐字稿

Hello. Thank you for standing by, and welcome to the Lightbridge Corporation business update and first quarter 2025 conference call. Please note that today's call is being recorded.

您好！感謝您的收聽，歡迎參加Lightbridge Corporation業務更新及2025年第一季電話會議。請注意，今天的電話會議正在錄音中。

It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. You may begin.

現在，我很高興介紹Lightbridge公司投資者關係總監Matthew Abenante。請開始。

Thank you, Towanda, and thanks to all of you for joining us today. Our earnings press release was distributed earlier today 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; Larry Goldman, Chief Financial Officer; and Sherrie Holloway, Controller.

感謝 Towanda，也感謝各位今天加入我們的會議。我們的獲利新聞稿已於今天稍早發布，可在 Lightbridge 網站 www.ltbridge.com 的投資者關係頁面上查看。今天參加電話會議的還有執行長 Seth Grae、核電業務執行副總裁 Andrey Mushakov、財務長 Larry Goldman 和財務長 Sherrie Holloway。

I want 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. 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.

我想提醒各位聽眾，本次電話會議中任何非歷史事實的陳述均為前瞻性陳述。今天的陳述包含關於公司競爭地位以及產品和服務的前瞻性陳述。在今天的電話會議中，我們將在討論未來目標或事件時使用「預期」、「預期」、「相信」和「打算」等字眼。

This presentation is based on current expectations and involve 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.

本簡報基於目前預期，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顯著差異。 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及其他風險。 Lightbridge 不承擔因新情況或其他原因而更新或修改任何此類前瞻性聲明的義務。

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，我想把電話交給我們的第一位發言人，Lightbridge 執行長 Seth Grae。你好，Seth。

Hello, Matt, and thank you all for joining us to discuss Lightbridge's first quarter 2025 results. The first quarter of 2025 has been marked by significant operational progress and continued positive momentum in the nuclear energy sector. At Lightbridge, we successfully demonstrated our proprietary co-extrusion manufacturing process at Idaho National Laboratory, a special fabrication technique that combines two key elements, a uranium-zirconium fuel mixture, surrounded by a protective zirconium alloy outer layer called cladding.

大家好，Matt，感謝大家與我們共同討論Lightbridge 2025年第一季的業績。 2025年第一季度，核能領域取得了顯著的營運進展，並保持了持續的積極勢頭。 Lightbridge在愛達荷國家實驗室成功展示了我們專有的共擠製造工藝，這是一種特殊的製造技術，將兩種關鍵元素結合在一起：鈾鋯燃料混合物，以及一層被稱為包層的鋯合金保護外層。

Using specialized equipment, we created an 8-foot long fuel coupon sample. We believe our cooperation or collaboration with Oklo, can open promising avenues for future fabrication and fuel cycle synergies. Furthermore, ongoing engineering work continues to confirm the potential benefits of Lightbridge fuel across various reactor types from existing large plants to CANDU reactors and SMRs.

我們利用專用設備製作了一個8英尺長的燃料試片樣品。我們相信，與Oklo的合作或協作，將為未來的製造和燃料循環協同效應開闢新的前景。此外，正在進行的工程工作也將繼續證實Lightbridge燃料在各種反應器類型（從現有的大型核電廠到CANDU反應器和小型反應器）中的潛在優勢。

The momentum behind Nuclear energy continues to build globally, solidifying its essential role in achieving a secure, reliable and clean energy future. We are witnessing a paradigm shift driven by unprecedented government support, growing public acceptance and increasing demand from energy-intensive industry seeking dependable power.

全球核能發展勢頭持續增強，其在實現安全、可靠和清潔能源未來方面的關鍵作用日益鞏固。我們正在見證一場範式轉變，這得益於前所未有的政府支持、日益增長的公眾接受度以及能源密集型行業對可靠電力日益增長的需求。

Recent events, particularly the blockout in Spain, emphasize a critical need for resilient baseload energy sources. A role nuclear power is uniquely well suited to fill. In November, I was at COP29 in Baku when the US government announced its policy to triple nuclear power domestically by 2050. That was almost eight months ago and projected power needs are surging since then.

最近發生的事件，尤其是西班牙的停電，凸顯了對彈性基荷能源的迫切需求。核電非常適合填補這一空缺。去年11月，我在巴庫參加聯合國氣候變遷綱要公約第29次締約國會議時，美國政府宣布了2050年國內核電規模將增加兩倍的政策。這已經是近八個月前的事了，但自那以後，預計電力需求一直在飆升。

News broke over the weekend of potential executive orders relating to quadrupling US nuclear power by 2050 and providing DOE the authority to fast track development of advanced nuclear plants built for the purpose of powering data centers that house AI applications. This global nuclear resurgence is about building new reactors, license extensions and power uprates for existing plants, restarting idle facilities and advancing SMRs.

週末有消息稱，美國可能出台行政命令，要求到2050年將核電裝置容量增加四倍，並授權美國能源部加快先進核電站的開發，這些核電廠旨在為承載人工智慧應用的資料中心供電。全球核能復興的重點包括新建反應器、延長許可證期限、提升現有核電廠的功率、重啟閒置設施以及推動小型模組化反應器（SMR）。

Major technology companies are increasingly looking to nuclear power to meet the immense energy demands of data centers and artificial intelligence, infrastructure, validating Nuclear Energy's position as a cornerstone technology for the 21st century. This environment is helping to drive Lightbridge's progress. We believe our innovative Lightbridge Fuel technology will be a key enabler of this transition.

大型科技公司越來越多地將目光投向核能，以滿足資料中心、人工智慧和基礎設施的龐大能源需求，這進一步證明了核能作為21世紀基石技術的地位。這種環境正在助力Lightbridge的發展。我們相信，我們創新的Lightbridge燃料技術將成為這項轉型的關鍵動力。

Our proprietary all-metal fuel design is engineered to deliver significant economic and safety benefits for existing and future water-cooled reactors. These advantages are becoming increasingly critical as the world seeks to maximize the output and safety of nuclear assets. We operate in a dynamic and supportive landscape, and we believe Lightbridge is well positioned to capitalize on the growing demand for advanced nuclear technologies.

我們專有的全金屬燃料設計旨在為現有和未來的水冷反應器帶來顯著的經濟和安全效益。隨著世界各國力求最大限度地提高核電設備的產量和安全性，這些優勢正變得越來越重要。我們處在一個充滿活力和支持性的環境中，我們相信 Lightbridge 已做好準備，充分利用對先進核技術日益增長的需求。

Our focus remains steadfast on executing our development plan, demonstrating the capabilities of Lightbridge Fuel and ultimately contributing meaningfully to a growing economy and energy security.

我們的重點始終是堅定不移地執行我們的發展計劃，展示 Lightbridge Fuel 的能力，並最終為經濟成長和能源安全做出有意義的貢獻。

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?

現在我將把電話轉交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, or MOU with Oklo. Oklo is developing advanced microreactors to provide clean, reliable and affordable energy at scale. The scope of the MOU includes to following areas. One, to conduct a preliminary evaluation of feasibility of co-locating a Lightbridge commercial scale fuel fabrication facility at Oklo's proposed commercial fuel fabrication facility.

謝謝你，塞斯。正如塞斯所提到的，今年1月，我們宣布與奧克洛公司簽署了一份諒解備忘錄（MOU）。奧克洛公司正在開發先進的微反應堆，以大規模提供清潔、可靠且價格合理的能源。該諒解備忘錄的範圍包括以下幾個方面。第一，對將Lightbridge商業規模燃料製造設施與奧克洛公司擬建的商業燃料製造設施共建的可行性進行初步評估。

Two, to explore opportunities for collaboration on reprocessing and recycling of spent uranium-zirconium fuel. And three, exploring other areas of collaboration that may be of mutual interest. We believe there may be potential synergies in co-locating our commercial scale fuel fabrication facility at Oklo'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 than spend fuel reprocessing options.

二是探索在乏鈾鋯燃料後處理和再循環方面的合作機會。三是探索其他可能符合雙方利益的合作領域。我們相信，將我們的商業規模燃料製造設施與奧克洛的擬建場址共建，可能產生潛在的協同效應。乏鈾鋯燃料的再循環和後處理是另一個潛在的協同效應領域，尤其是在美國開始更加認真地考慮乏燃料後處理方案的情況下。

In March, we announced the successful co-extrusion demonstration of a coupon sample, consisting of an alloy of depleted uranium and zirconium with another cladding made of nuclear-grade zirconium alloy material at Idaho National Laboratory. The co-extrusion process demonstration conducted at Idaho National Laboratory entailed pricing the metallic alloy billet and casting zirconium alloy cladding through a die to produce a cylindrical rod with the length of approximately eight feet.

今年3月，我們宣佈在愛達荷國家實驗室成功完成了一個試件樣品的共擠壓演示，該試件由貧鈾鋯合金和核級鋯合金材料製成的包層組成。在愛達荷國家實驗室進行的共擠壓工藝展示包括：對金屬合金坯料進行預熱，並透過模具鑄造鋯合金包層，最終生產出一根長度約8英尺的圓柱形棒材。

As the next step, we are working with Idaho National Laboratory to manufacture and characterize test samples with enriched uranium and zirconium alloy for radiation testing in the advanced test reactor at Idaho National laboratory, which is expected to begin next year.

下一步，我們將與愛達荷國家實驗室合作，製造和表徵濃縮鈾和鋯合金測試樣品，以便在愛達荷州國家實驗室的先進測試反應器中進行輻射測試，預計明年開始。

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

說完這些，我將把電話轉回給塞斯。

Thanks, Andrey. Looking at the broader industry landscape, the tailwinds supporting nuclear energy have never been stronger. The global imperative to achieve net zero emissions, coupled with increasing demands for energy security and grid stability has firmly positioned nuclear power as an indispensable part of the clean energy transition.

謝謝，安德烈。縱觀更廣闊的產業格局，支持核能發展的順風從未如此強勁。實現淨零排放的全球性迫切性，加上對能源安全和電網穩定性日益增長的需求，使得核能牢牢地成為清潔能源轉型不可或缺的一部分。

This is reflected in policy decisions, investment trends and public discourse worldwide. The commitment by over 20 countries at COP28 to triple global nuclear capacity by 2050 was a powerful signal. This ambition is being translated into concrete actions with governments implementing policies to support existing reactor license extensions facilitating the deployment of new large-scale plants and accelerating the deployment of next-generation technology like SMRs.

這體現在世界各地的政策決策、投資趨勢和公眾討論中。在聯合國氣候變遷綱要公約第28次締約國會議上，20多個國家承諾在2050年將全球核電裝置容量提高兩倍，這是一個強而有力的訊號。這項雄心壯志正在轉化為具體行動，各國政府正在實施政策，支持現有反應器許可證延期，促進新型大型核電廠的部署，並加速小型反應器（SMR）等下一代技術的部署。

Significant capital is flowing into the sector, and the robust long-term demand forecast for uranium and nuclear fuel services is driven by both decarbonization goals and the electrification of economies. We are particularly encouraged by the growing recognition of nuclear power's role in supporting energy-intensive industries.

大量資本正在湧入該行業，鈾和核燃料服務的長期強勁需求預測受到脫碳目標和經濟電氣化的共同驅動。我們尤其感到鼓舞的是，人們越來越認識到核電在支持能源密集型產業方面的作用。

The interest from major technology companies and utilizing nuclear energy, including SMRs to power data centers is a game changer. It underscores the need for reliable 24/7 carbon-free power that only nuclear power can provide at scale, creating substantial new market opportunities beyond traditional utility customers.

大型科技公司對利用核能（包括小型反應器）為資料中心供電的興趣，將改變產業格局。這凸顯了對可靠的全天候無碳電力的需求，而只有核能才能大規模提供這種電力，這將為傳統公用事業客戶以外的市場帶來巨大的新機會。

This trend aligns perfectly with the development of advanced reactors and the need for Lightbridge's innovative fuel solutions that can enhance performance and economics as well as safety and non-proliferation. The focus on SMRs continues to intensify globally. These smaller modular designs promise greater flexibility, faster deployment and suitability for a wider range of applications including remote communities and industrial sites.

這一趨勢與先進反應器的發展以及對Lightbridge創新燃料解決方案的需求完美契合，這些解決方案能夠提升性能、經濟性以及安全性和防擴散能力。全球對小型反應器（SMR）的關注度持續上升。這些小型模組化設計有望帶來更大的靈活性、更快的部署速度，並適用於更廣泛的應用，包括偏遠社區和工業場所。

We believe Lightbridge Fuel is exceptionally well suited for many water-cooled SMR designs, offering safety and efficiency benefits that can significantly enhance their value proposition. Furthermore, the geopolitical landscape underscores the importance of secure and resilient energy supply chains events like the recent blackout serve as a stark reminders of the vulnerabilities of relying solely on intermittent renewables or volatile fossil fuel markets.

我們相信，Lightbridge Fuel 非常適合多種水冷式小型模組化反應器 (SMR) 設計，其安全性和效率優勢可顯著提升其價值主張。此外，地緣政治格局凸顯了安全且富有韌性的能源供應鏈的重要性，而近期發生的停電事件也深刻地提醒我們，單純依賴間歇性再生能源或波動性較大的化石燃料市場存在諸多弊端。

This reinforces the value of increasing nuclear baseload power as part of a diversified energy mix. We believe our technology aligns well with these strategic objectives. The convergence of energy security needs, technological innovation and supportive government policies creates an exceptionally favorable environment for advanced nuclear technologies.

這強化了增加核能基荷電力作為多元化能源結構一部分的價值。我們相信，我們的技術與這些策略目標高度契合。能源安全需求、技術創新和政府支持性政策的融合，為先進核能技術創造了極為有利的環境。

Lightbridge is strategically positioned at the forefront of fuel innovation, offering a technology design to meet the demands of this evolving energy landscape. We believe Lightbridge Fuel will be instrumental in maximizing the potential of the existing nuclear fleet and new build water-cooled reactors. Our team remains focused on executing our development plan advancing our technology through rigorous testing and demonstration and building the strategic partnerships necessary for commercialization.

Lightbridge 策略性地站在燃料創新的前沿，提供滿足不斷變化的能源格局需求的技術設計。我們相信，Lightbridge Fuel 將有助於最大限度地發揮現有核電機組和新建水冷反應器的潛力。我們的團隊將繼續專注於執行我們的開發計劃，透過嚴格的測試和演示來推進我們的技術，並建立商業化所需的策略合作夥伴關係。

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

現在我將把電話轉給財務長拉里·戈德曼，讓他總結一下公司的表現。拉里？

Thank you, Seth, and good afternoon, everyone. For further information regarding our first quarter 2025 financial results and disclosures, please refer to our earnings release that we issued this morning and our quarterly report on Form 10-Q, which was filed with the Securities and Exchange Commission today. The company's working capital position was $56.5 million at March 31, 2025, versus $39.9 million at December 31, 2024.

謝謝，Seth，大家下午好。有關我們2025年第一季度財務業績和披露的更多信息，請參閱我們今天上午發布的收益報告以及我們今天向美國證券交易委員會提交的10-Q表季度報告。截至2025年3月31日，公司營運資本狀況為5,650萬美元，而截至2024年12月31日，營運資本狀況為3,990萬美元。

Total assets were $58.3 million, and total liabilities were $1 million at March 31, 2025. 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 future R&D activities.

截至2025年3月31日，總資產為5,830萬美元，總負債為100萬美元。目前，我們擁有充足的營運資金和財務靈活性，足以支持近期燃料開發支出。這對Lightbridge、我們的股東以及聯邦政府等外部利害關係人至關重要，以確保我們擁有充足的營運資金以及未來獲得資金的能力，從而進行未來的研發活動。

Total cash and cash equivalents were $56.9 million as compared to $40 million at December 31, 2024, an increase of $16.9 million for the first quarter ended March 31, 2025. Total cash used in operating activities for the first quarter March 31, 2025, was $3.3 million, an increase of $1.4 million compared to the $1.9 million for the first quarter ended March 31, 2024.

現金及現金等價物總額為 5,690 萬美元，而 2024 年 12 月 31 日為 4,000 萬美元，比截至 2025 年 3 月 31 日的第一季增加了 1,690 萬美元。截至 2025 年 3 月 31 日的第一季經營活動所用現金總額為 330 萬美元，比截至 2024 年 3 月 31 日的第一季的 190 萬美元增加了 140 萬美元。

This increase was primarily due to increased spending on R&D and G&A expenses. Total cash provided by financing activities for the first quarter ended March 31, 2025, was $20.2 million, an increase of $19 million compared to the $1.2 million raised for the first quarter March 31, 2024. This increase was due to the increase in the net proceeds received from the issuance of common stock under our at-the-market or ATM facility.

這一增長主要歸因於研發支出和一般及行政費用的增加。截至2025年3月31日的第一季度，融資活動提供的現金總額為2,020萬美元，較2024年3月31日第一季籌集的120萬美元增加1,900萬美元。這一增長是由於我們透過市價或ATM交易機制發行普通股所獲得的淨收益增加。

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 saving 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，我們期望未來繼續獲得政府資助，以及可能包含成本節約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 Fuel 的商業化。

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

我們目前預計在 2025 年核燃料研發中投資約 1,700 萬美元用於資本支出和營運支出。關於我們與 Oklo 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 Oklo 擬建的商業燃料製造設施內的好處。

This could potentially lead to cost savings and 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 first quarter. Sherrie?

這可能會節省成本，包括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總監謝麗·霍洛威 (Sherrie Holloway)，她將介紹我們第一季的損益財務資訊。謝麗？

Thank you, Larry. Net loss was $4.8 million for the first quarter ended March 31, 2025 compared to $2.8 million for the first quarter ended March 31, 2024. Total R&D expenses amounted to $1.7 million for the first quarter ended March 31, 2025, compared to $1 million for the first quarter ended March 31, 2024. an increase of $0.7 million.

謝謝你，拉里。截至2025年3月31日的第一季度，淨虧損為480萬美元，而截至2024年3月31日的第一季為280萬美元。截至2025年3月31日的第一季度，研發總支出為170萬美元，而截至2024年3月31日的第一季為100萬美元，增加了70萬美元。

This increase was primarily due to an increase in I&L project labor cost of $0.4 million, an increase in allocated employee compensation and employee benefits and stock-based compensation expenses of $0.6 million, partially offset by a decrease in two other R&D studies that were completed last year of $0.3 million. Total G&A expenses were $3.5 million for the first quarter ended March 31, 2025, compared to $2.2 million for the first quarter ended March 31, 2024.

這項成長主要歸因於研發及物流項目人力成本增加40萬美元，分配員工薪酬及員工福利和股票薪酬費用增加60萬美元，但去年完成的另外兩項研發研究費用減少30萬美元，部分抵銷了這一增長。截至2025年3月31日第一季，一般及行政管理費用總額為350萬美元，截至2024年3月31日第一季為220萬美元。

The increase of $1.3 million was primarily due to an increase in employee compensation and employee benefits of $0.2 million, an increase in consulting fees of $0.1 million, an increase in professional fees of $0.4 million, an increase in stock-based compensation of $0.7 million, primarily due to the accelerated vesting of RSAs issued to a former employee of $0.5 million, partially offset by a decrease in IT and recruitment expenses of $0.1 million.

增加 130 萬美元主要是由於員工薪酬和員工福利增加 20 萬美元、諮詢費增加 10 萬美元、專業費用增加 40 萬美元、股票薪酬增加 70 萬美元，主要由於向前僱員發放的 RSA 加速歸屬 50 萬美元，但 IT 和招聘費用減少 10 萬美元部分抵消了這一增加。

Total other income was $0.4 million for the first quarter ended March 31, 2025 and 2024. Other income consisted of interest income earned from the purchase of treasury bills and from our bank savings account.

截至 2025 年 3 月 31 日及 2024 年 3 月 31 日的第一季度，其他總收入為 40 萬美元。其他收入包括購買國庫券和銀行儲蓄帳戶所獲得的利息收入。

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 submitted questions. Matt, please go ahead.

謝謝謝麗。現在我們進入問答環節。感謝所有提問的人。馬特，請繼續。

Our first question, can we expect to see Lightbridge received DOE financing in the near future?

我們的第一個問題是，我們是否可以期待在不久的將來看到 Lightbridge 獲得 DOE 融資？

We don't know exactly what DOE will do. We believe Lightbridge is well positioned for future support. We frequently evaluate opportunities for non-dilutive funding sources, including DOE funding. To date our project has benefited from 2 DOE GAIN voucher awards, where Lightbridge was the main applicant plus another GAIN voucher award to structural integrity associates to evaluate the safety of Lightbridge Fuel in a large 1,100-megawatt electric pressurized water reactor as well as 2 DOE Nuclear Energy University Program funding awards to MIT and to Texas A&M University.

我們尚不清楚美國能源部（DOE）的具體行動。我們相信Lightbridge在未來將獲得大力支持。我們經常評估非稀釋性資金來源的機會，包括DOE的資金。迄今為止，我們的計畫已獲得DOE GAIN代金券獎勵，其中Lightbridge是主要申請人，此外還獲得了另一項授予結構完整性協會（structure integrity associates）的GAIN代金券獎勵，用於評估Lightbridge燃料在大型1100兆瓦電動壓水反應器中的安全性，以及DOE ATexen University計劃授予燃料在大型1100兆瓦電動壓水反應器中的安全性，以及DOE ATex 是核計劃授予燃料在大型1100兆瓦電動壓水反應器中的安全性，以及DOE核農能大學計劃授予麻省理工學院的資金。

We will continue to pursue DOE funding opportunities in those areas that minimize IP risks to us. Next question.

我們將繼續尋求能源部在那些能最大限度降低智慧財產權風險的領域的資助機會。下一個問題。

Has Lightbridge gotten out of the thorium business entirely? Or they just -- have you just back burnered it?

Lightbridge 已經完全退出釷業務了嗎？還是說他們只是暫時擱置了這塊業務？

We are not actively pursuing a thorium-based seed and blanket fuel design. However, Lightbridge still holds patents covering that thorium fuel technology, and we could resume fuel development activities in that area if we saw a real interest from a serious customer come about, the interest we are seeing from customers is in our metallic uranium-zirconium fuel, particularly for power uprates.

我們目前並未積極推動釷基種子燃料和包層燃料的設計。然而，Lightbridge 仍然擁有涵蓋釷燃料技術的專利，如果我們看到有真正感興趣的客戶，我們可能會重啟該領域的燃料開發活動。目前，客戶對我們的金屬鈾鋯燃料感興趣，尤其是在功率提升方面。

And that's our last question.

這是我們的最後一個問題。

Well, thank you, Matt, and I want to thank everybody for participating in today's call. We appreciate the continued support of our shareholders and the dedication of our team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, we can be reached at ir@ltbridge.com. Stay safe and well. Goodbye.

好的，謝謝馬特，我也想感謝大家參加今天的電話會議。我們感謝股東們一直以來的支持，以及團隊和夥伴的奉獻。我們期待在未來幾季向您報告我們的進展。在此期間，您可以透過 ir@ltbridge.com 與我們聯繫。祝您平安健康。再見。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。