Lightbridge Corp (LTBR) 2025 Q2 法說會逐字稿

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

感謝您的支持，歡迎參加 Lightbridge Corporation 業務更新和 2025 年第二季電話會議。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.

現在我很高興介紹 Lightbridge Corporation 投資者關係總監 Matthew Abenante。

Thank you, Shannon, and thanks to all of you for joining us today. Our earnings press release was distributed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com.

謝謝你，香農，也謝謝大家今天的參與。我們的收益新聞稿已於昨天發布，可在 Lightbridge 網站 www.ltbridge.com 的投資者關係頁面上查看。

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.

今天參加電話會議的有執行長 Seth Grae、核能營運執行副總裁 Andrey Mushakov、工程副總裁 Scott Holcombe、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.

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 the 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. 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.

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。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。無論是由於新的發展或其他原因，Lightbridge 均不承擔更新或修改任何此類前瞻性聲明的義務。

And with that, I would 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。

Hello, Matt. and thank you all for joining us to discuss Lightbridge's business update for the second quarter and first half of 2025. The first six months of this year have been marked by unprecedented operational milestones and an increasingly favorable political and regulatory environment that we believe may facilitate the development of our advanced nuclear fuel designs.

你好，馬特。感謝大家加入我們討論 Lightbridge 2025 年第二季和上半年的業務更新。今年上半年取得了前所未有的營運里程碑，政治和監管環境也日益有利，我們相信這將有利於我們先進核燃料設計的發展。

We achieved several significant milestones on our ongoing project at Idaho National Laboratory, including: one, co-extrusion of an 8-foot long rod using depleted uranium-zirconium alloy with nuclear-grade zirconium cladding; two, completion of the final review of the experiment design in June for our upcoming irradiation testing; and three, successful fabrication of enriched uranium-zirconium alloy coupon samples that match the exact fuel material composition we intend for our commercial Lightbridge Fuel product. Andrey will provide additional details on each of these milestones.

我們在愛達荷國家實驗室正在進行的計畫中取得了幾個重要的里程碑，包括：一、使用貧鈾鋯合金和核級鋯包層共擠壓出一根8英尺長的棒；二、在6月份完成了即將進行的輻照測試的實驗設計的最終審查；三、成功製造了濃縮鈾鋯合金試樣，該試樣與我們用於商用測試的實驗設計的最終發現；Andrey 將提供有關每個里程碑的更多詳細資訊。

We also entered into a memorandum of understanding with Oklo in January to explore the of colocation of commercial fuel fabrication facilities and colocation on advanced fuel recycling and collaboration on advanced fuel recycling.

我們也於一月與奧克洛簽署了一份諒解備忘錄，探討商業燃料製造設施的共置、先進燃料回收的共置以及先進燃料回收方面的合作。

Yesterday, we announced an update. We now plan to jointly evaluate the potential co-location of the Lightbridge Fuel fabrication facility within Oklo's newly announced advanced fuel manufacturing facility, in addition to Oklo's previously announced separate commercial fuel fabrication facility. This collaboration is perfectly timed with the executive orders issued by the White House in May to prioritize accelerating US nuclear energy deployment.

昨天，我們宣布了更新。我們現在計劃共同評估將 Lightbridge 燃料製造廠與 Oklo 新宣布的先進燃料製造廠共建的可能性，此外，還要考慮 Oklo 之前宣布的單獨的商業燃料製造廠。這次合作與白宮5月發布的優先加快美國核能部署的行政命令恰逢其時。

Our inclusion in the Russell 2000 and Russell 3000 indexes represents important recognition of our growing market presence and provides enhanced visibility among institutional investors. This milestone reflects our progress and validates our position as a leader in advanced nuclear fuel technology.

我們被納入羅素 2000 和羅素 3000 指數，這是對我們不斷增長的市場影響力的重要認可，並提高了我們在機構投資者中的知名度。這一里程碑反映了我們的進步，並確立了我們在先進核燃料技術領域的領先地位。

Now, I'll turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to begin the review of our fuel development activity. 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. As Seth outlined, the first half of 2025 has been marked by exceptional technical progress across multiple fronts of our fuel development program. We have achieved critical milestones that advance our path toward commercial deployment of Lightbridge Fuel.

謝謝。正如塞思所概述的，2025 年上半年，我們的燃料開發計畫的多個方面都取得了卓越的技術進步。我們已經取得了關鍵的里程碑，推動了 Lightbridge Fuel 商業化部署的進程。

In January, we announced our collaboration with Oklo through a memorandum of understanding. This collaboration encompasses three key areas.

今年一月，我們透過諒解備忘錄宣布與 Oklo 展開合作。此次合作涵蓋三個關鍵領域。

First, conducting a feasibility study for co-locating our commercial scale fuel fabrication facility within Oklo's plant fuel fabrication infrastructure, which could offer potential synergies and capital expenditures and operating costs.

首先，進行一項可行性研究，將我們的商業規模燃料製造設施與奧克洛工廠燃料製造基礎設施共置，這可以帶來潛在的協同效應、資本支出和營運成本。

Second, exploring opportunity for collaboration on reprocessing and recycling of spent uranium-zirconium fuel, which aligns with the administration's emphasis on maximizing nuclear fuel efficient.

第二，探討在乏鈾鋯燃料後處理和回收利用的合作機會，這與政府強調最大限度提高核燃料效率的政策一致。

And third, identifying additional areas of mutual interest that could accelerate both companies' development time lines.

第三，確定可以加速兩家公司發展進程的其他共同感興趣的領域。

In February, we successfully demonstrated our proprietary co-extrusion manufacturing process that is National Laboratory, or INL, creating an 8-foot long demonstration rod using depleted uranium-zirconium alloy with nuclear-grade zirconium cladding. This achievement provided further validation of our fabrication methodology and confirm the scalability of our manufacturing approach toward the goal of full-length rod fabrication for future commercial production. Building on that success, we reached a major milestone in June by completing the final review of the current design for upcoming irradiation testing program in the Advanced Test Reactor.

今年 2 月，我們成功展示了我們專有的共擠製造工藝，即國家實驗室 (INL)，使用貧鈾鋯合金和核級鋯包層製造出一根 8 英尺長的演示棒。這項成果進一步驗證了我們的製造方法，並證實了我們的製造方法具有可擴展性，可以實現未來商業生產的全長棒製造目標。在此成功的基礎上，我們於 6 月完成了先進測試反應器即將進行的輻照測試計劃的當前設計的最終審查，達到了一個重要的里程碑。

This final approval from INL represents the culmination of extensive engineering and safety analysis work. The neutronics, thermal hydraulics, and safety performance of our experiment have been independently reviewed and approved by INL experts, confirming that our experiment design meets the rigorous standards required for testing in the Advanced Test Reactor.

INL 的最終批准代表著大量工程和安全分析工作的成果。我們的實驗的中子學、熱工水力學和安全性能已經過INL專家的獨立審查和批准，證實我們的實驗設計符合先進測試反應器測試所需的嚴格標準。

More significantly, we have successfully fabricated and reached uranium-zirconium alloy coupon samples that matched the exact fuel material composition intended for our commercial average fuel product. These samples utilize enriched uranium in the 26% to 30% range, specifically selected to achieve the required linear heat generation rates for our designated core position within the advanced test reactor. This represents a significant advancement from our previous work with depleted uranium bringing us one step closer to generating the critical irradiation performance data needed for regulatory licensing.

更重要的是，我們成功製造並獲得了與我們的商業平均燃料產品所需的燃料材料成分精確匹配的鈾鋯合金試樣。這些樣品利用濃縮鈾濃度在 26% 至 30% 範圍內，經過特別選擇，以達到先進測試反應器內指定核心位置所需的線性熱生成率。這代表著我們先前在貧鈾方面的工作取得了重大進展，使我們距離產生監管許可所需的關鍵輻照性能數據更近了一步。

These enriched samples will undergo irradiation testing using Idaho National Laboratories groundbreaking fusion accelerated steady-state test method, or FAST method, which utilizes highly enriched uranium to accelerate the burnup accumulation rate that can expedite testing timelines. Access to highly-enriched uranium for private sector fuel testing is extremely rare and is only available to government facilities such as the INL. This capability enables us to achieve burn-up target more quickly than conventional testing method, thereby reducing by significantly accelerating our data generation time line.

這些濃縮樣品將採用愛達荷國家實驗室突破性的聚變加速穩態測試方法（FAST 方法）進行輻照測試，該方法利用高濃縮鈾來加速燃耗累積率，從而可以加快測試時間。私營部門取得燃料測試的高濃縮鈾的機會極為罕見，只有 INL 等政府機構才能獲得。這種能力使我們能夠比傳統的測試方法更快地實現燃盡目標，從而顯著加快我們的資料生成時間軸。

Now, I'll ask Scott Holcombe, our Vice President of Engineering, to discuss our development road map. Scott?

現在，我請我們的工程副總裁 Scott Holcombe 討論我們的發展路線圖。史考特？

Thank you, Andrey. Looking ahead to the next phase of our development program, we've outlined several key milestones over approximately the next two to three years. We will continue executing our strategic partnership project agreement and cooperative research and development agreement work at INL, leading to the insertion of our enriched samples for irradiation testing in the Advanced Test Reactor.

謝謝你，安德烈。展望我們開發計畫的下一階段，我們概述了未來兩到三年的幾個關鍵里程碑。我們將繼續在 INL 執行我們的策略合作夥伴專案協議和合作研究與開發協議工作，以便將我們的濃縮樣品插入先進測試反應器進行輻照測試。

Concurrently, we will continue to develop and demonstrate our fabrication process for co-extruded multi-log Lightbridge Fuel, and we're advancing our modeling and simulation capabilities to accurately predict Lightbridge Fuel performance across the full domain of operating conditions for which our fuel will be licensed. Support these and other activities, we're in the process of hiring additional nuclear engineering personnel to expand our in-house fuel development team.

同時，我們將繼續開發和展示共擠多層 Lightbridge Fuel 的製造工藝，並不斷提高建模和模擬能力，以準確預測 Lightbridge Fuel 在我們的燃料獲得許可的整個操作條件下的性能。為了支持這些活動和其他活動，我們正在招募更多的核子工程人員來擴大我們的內部燃料開發團隊。

We are also developing our comprehensive fuel qualification plan, which will describe our approach to characterizing and validating the performance of our fuel rods, assemblies, and assembly components across relevant operating scenarios. This plan will support our Nuclear Regulatory Commission engagement plan, which will outline how and when we engage the NRC regarding submission of information and supporting documentation for license applications.

我們還正在製定全面的燃料鑑定計劃，該計劃將描述我們在相關操作場景中表徵和驗證燃料棒、組件和組件部件性能的方法。該計劃將支持我們的核管理委員會參與計劃，該計劃將概述我們如何以及何時與核管理委員會就許可證申請提交資訊和支持文件進行接觸。

On the fabrication front, we're continuing to develop and demonstrate our manufacturing process for co-extruded cladded rodlets and other fuel components. Importantly, we plan to complete site selection and begin deployment of our Lightbridge Fuel fabrication facility, which will have capacity to produce fuel samples, coupons, rodlets, and full-length fuel rods for lead test rods and lead test assemblies with the possibility of scaling it up to manufacturing batch reload quantities of Lightbridge Fuel rods for future commercial use.

在製造方面，我們正在繼續開發和展示共擠包覆棒和其他燃料組件的製造流程。重要的是，我們計劃完成選址並開始部署我們的 Lightbridge 燃料製造工廠，該工廠將有能力生產用於鉛測試棒和鉛測試組件的燃料樣品、試樣、小棒和全長燃料棒，並有可能擴大規模以生產批量重新裝載的 Lightbridge 燃料棒，以供未來商業使用。

We will also be performing thermal hydraulic modeling and experiments to confirm pressure drop, critical heat flux performance, and other thermal hydraulic parameters of Lightbridge Fuel under various operating conditions in different reactor types. The progress we've achieved in the first half of 2025 positioned us exceptionally well to execute this development road map and advance toward commercial deployment of Lightbridge Fuel.

我們也將進行熱工水力學建模和實驗，以確認不同類型的反應器在不同運作條件下 Lightbridge Fuel 的壓力降、臨界熱通量性能和其他熱工水力學參數。我們在 2025 年上半年的進展使我們能夠很好地執行這一發展路線圖並推進 Lightbridge Fuel 的商業部署。

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, Scott. The political landscape has become remarkably supportive of advancing nuclear energy. President Trump's nuclear energy Executive Orders in May represent the most significant policy shift toward nuclear energy in decades.

謝謝你，斯科特。政治格局已變得非常支持發展核能。川普總統五月發布的核能行政命令代表了幾十年來核能政策最重大的轉變。

The directive to prioritize power uprates for existing reactors aligned perfectly with Lightbridge Fuel's capabilities. We believe our technology can enable power uprates of up to 17% in existing reactors, and we believe there is no other fuel technology that could match that capability. While we may not meet the administration's goal of adding 5 gigawatts through power uprates by 2030, this direct policy support validates our value proposition and create substantial market opportunities.

優先提高現有反應器功率的指令與 Lightbridge Fuel 的能力完全一致。我們相信，我們的技術可以使現有反應器的功率提高 17%，我們相信沒有其他燃料技術可以匹敵這種能力。雖然我們可能無法實現政府到 2030 年通過提高電力容量增加 5 千兆瓦的目標，但這種直接的政策支持驗證了我們的價值主張並創造了巨大的市場機會。

The Executive Orders also emphasize maximizing nuclear fuel efficiency through recycling and reprocessing and they establish funding priorities that favor companies with demonstrated technological maturity and near-term deployment potential. We believe Lightbridge is well-positioned to benefit from these policy initiatives, particularly given our partnership with National Laboratories.

行政命令也強調透過回收和再處理來最大限度地提高核燃料效率，並確定了優先資助對象，優先資助那些已證明技術成熟且具有近期部署潛力的公司。我們相信，Lightbridge 完全有能力從這些政策措施中受益，尤其是考慮到我們與國家實驗室的合作。

The global momentum behind nuclear energy continues to accelerate at an unprecedented pace. We are witnessing a fundamental paradigm shift driven by the intersection of artificial intelligence power demands, energy security imperatives, and clean energy commitments. Major technology companies are increasingly turning to nuclear power to meet the immense energy demand of data centers and AI infrastructure, creating new market segments beyond traditional utility customers.

全球核能發展勢頭持續以前所未有的速度加速。我們正在見證一場由人工智慧電力需求、能源安全要求和清潔能源承諾的交叉推動的根本性範式轉變。大型科技公司越來越多地轉向核電來滿足資料中心和人工智慧基礎設施的巨大能源需求，從而創造了超越傳統公用事業客戶的新市場領域。

The commitment by over 20 countries at COP28 to triple global nuclear capacity by 2050 is being translated into concrete policy actions worldwide. We're seeing robust support for existing reactor operating license extensions, new large-scale plant deployment, and accelerated development of small modular reactors. This creates multiple pathways for Lightbridge Fuel deployment across various reactor types and applications.

20多個國家在聯合國氣候變遷綱要公約第28次締約國會議上承諾，到2050年全球核電容量將增加兩倍，這項承諾正在轉化為全球具體的政策行動。我們看到對現有反應器運行許可證延期、新的大型工廠部署以及小型模組化反應器加速發展的大力支持。這為 Lightbridge Fuel 在各種反應器類型和應用中的部署創造了多種途徑。

The focus on small modular reactors continues to intensify globally with these designs offering greater flexibility, faster deployment, and suitability for diverse applications including industrial sites and remote communities. We believe Lightbridge Fuel is well suited for water-cooled SMR designs, offering safety and efficiency benefits that can significantly enhance their value propositions and enable load following capabilities with renewable energy sources.

全球對小型模組化反應器的關注度持續上升，這些設計具有更大的靈活性、更快的部署速度，並且適用於包括工業場所和偏遠社區在內的多種應用。我們相信 Lightbridge Fuel 非常適合水冷式 SMR 設計，其安全性和效率優勢可以顯著提升其價值主張，並實現利用再生能源的負載追蹤能力。

We believe our collaboration with Idaho National Laboratory represents one of the most important public private partnerships in advanced nuclear fuel development. The coming irradiation testing for the upcoming irradiation testing program, coupled with post-irradiation examination activities, is expected to generate the critical performance data to support our regulatory licensing efforts through the Nuclear Regulatory Commission.

我們相信，我們與愛達荷國家實驗室的合作是先進核燃料開發領域最重要的公私合作夥伴關係之一。即將進行的輻照測試計劃的輻照測試，加上輻照後檢查活動，預計將產生關鍵​​性能數據，以支持我們通過核管理委員會的監管許可工作。

We expect this data to contribute to streamline the licensing under the ADVANCE Act and to assist utilities in their analysis of Lightbridge Fuel for commercial deployment. We believe the convergence of supportive government policies unprecedented industry demand, and our ongoing fuel development process -- progress creates a favorable environment for Lightbridge.

我們希望這些數據有助於簡化《ADVANCE 法案》下的許可程序，並幫助公用事業公司分析 Lightbridge Fuel 的商業部署。我們相信，政府的支持政策、前所未有的產業需求以及我們正在進行的燃料開發過程的進展為 Lightbridge 創造了有利的環境。

We are strategically positioned at the forefront fuel innovation, developing a technology designed to meet the evolving demands of the global energy landscape. Our team remains focused on executing our development plan and advancing our technology through rigorous testing and demonstration and building the strategic partnerships necessary for successful commercialization.

我們的策略定位是燃料創新的前沿，開發旨在滿足全球能源格局不斷變化的需求的技術。我們的團隊始終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，並建立成功商業化所需的策略合作夥伴關係。

We believe Lightbridge Fuel will be instrumental in maximizing the potential of both the existing nuclear fleet and next-generation water-cooled reactors, contributing meaningfully to global energy security and the clean energy transition.

我們相信，Lightbridge Fuel 將有助於最大限度地發揮現有核電廠和下一代水冷反應器的潛力，為全球能源安全和清潔能源轉型做出有意義的貢獻。

I will now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of 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)，讓他總結一下公司的財務表現。拉里？

Thank you, Seth, and good afternoon, everyone. I am happy to report that our financial position has significantly strengthened. Our cash and cash equivalents totaled $97.9 million at the end of the second quarter compared to $40 million at the end of 2024. Our working capital was $97.2 million at June 30, 2025, compared to $39.9 million at December 31, 2024.

謝謝你，塞斯，大家下午好。我很高興地報告，我們的財務狀況已顯著增強。截至第二季末，我們的現金和現金等價物總額為 9,790 萬美元，而 2024 年底為 4,000 萬美元。截至 2025 年 6 月 30 日，我們的營運資金為 9,720 萬美元，而 2024 年 12 月 31 日為 3,990 萬美元。

This is very important to Lightbridge and our stockholders as well as our external stakeholders such as the federal government to ensure we have sufficient working capital as well as the ability to access capital in the future in order 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，以確保我們擁有足夠的營運資金以及未來獲取資金的能力，以進行我們的研發活動。

For further information regarding our second-quarter 2025 financial results and disclosure, please refer to our earnings release that we issued yesterday and our quarterly report on Form 10-Q, which will be filed with the Securities and Exchange Commission later today.

有關我們 2025 年第二季度財務業績和披露的更多信息，請參閱我們昨天發布的收益報告和 10-Q 表季度報告，該報告將於今天晚些時候提交給美國證券交易委員會。

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

現在我將把電話轉給我們的主計長謝麗‧霍洛威 (Sherrie Holloway)，她將介紹我們第二季的損益財務資訊。雪莉？

Thank you, Larry. Net loss was $3.5 million for the second quarter ended June 30, 2025, compared to $2.4 million for the second quarter ended June 30, 2024.

謝謝你，拉里。截至 2025 年 6 月 30 日的第二季淨虧損為 350 萬美元，而截至 2024 年 6 月 30 日的第二季淨虧損為 240 萬美元。

Total R&D expenses amounted to $1.6 million for the second quarter ended June 30, 2025, compared to $0.9 million for the second quarter ended June 30, 2024, an increase of $0.7 million. This increase was due to the increase in R&D activities related to the development of Lightbridge Fuel. This increase primarily consisted of an increase in INL project labor costs of $0.5 million; an increase in allocated employee compensation, employee benefits, and stock-based compensation expenses of $0.1 million; and an increase of other R&D expenses of $0.2 million, offset by a decrease in the Romania feasibility study of $0.1 million.

截至 2025 年 6 月 30 日的第二季度，研發總費用為 160 萬美元，而截至 2024 年 6 月 30 日的第二季度為 90 萬美元，增加了 70 萬美元。這一增長是由於與 Lightbridge Fuel 開發相關的研發活動的增加。這一增長主要包括 INL 項目勞動成本增加 50 萬美元；分配員工薪酬、員工福利和股票薪酬費用增加 10 萬美元；其他研發費用增加 20 萬美元，但羅馬尼亞可行性研究減少 10 萬美元，抵消了這一增長。

Total G&A expenses were $2.5 million for the second quarter ended June 30, 2025, compared to $1.8 million for the second quarter ended June 30, 2024. The increase of $0.7 million was primarily due to an increase in IT services fees of $0.1 million, an increase in subscription expense of $0.1 million, an increase in professional fees of $0.3 million, and an increase in stock-based compensation of $0.2 million.

截至 2025 年 6 月 30 日的第二季度，一般及行政管理費用總額為 250 萬美元，而截至 2024 年 6 月 30 日的第二季度為 180 萬美元。70 萬美元的增加主要是由於 IT 服務費增加 10 萬美元、訂閱費用增加 10 萬美元、專業費用增加 30 萬美元以及股票薪酬增加 20 萬美元。

Total other income was $0.6 million for the second quarter ended June 30, 2025, compared to $0.3 million for the second quarter ended June 30, 2024. Other income consisted of interest income earned from the purchase of treasury bills and our bank savings account.

截至 2025 年 6 月 30 日的第二季度，其他收入總額為 60 萬美元，而截至 2024 年 6 月 30 日的第二季度為 30 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. No questions have been submitted for this call. I want to thank everybody for participating in today's call.

謝謝你，謝麗。本次通話中尚未有人提出任何問題。我要感謝大家參加今天的電話會議。

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.

我們感謝股東的持續支持以及團隊和合作夥伴的奉獻。我們期待在未來幾季向您通報我們的進展。同時，您可以透過 ir@ltbridge.com 與我們聯繫。

Stay safe and well. Goodbye.

保持安全和健康。再見。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。