Lightbridge Corp (LTBR) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Lightbridge Corporation business update and third-quarter 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.

感謝您的耐心等待，歡迎參加 Lightbridge 公司業務更新及 2025 年第三季業績電話會議。請注意，本次電話會議正在錄音。現在，我很榮幸地向大家介紹 Lightbridge 公司投資者關係總監 Matthew Abenante。

Thank you, Amy, and thank you all for joining us today. Our earnings release was distributed yesterday and is available on the Investor Relations page of the Lightbridge website at www.ltbridge.com.

謝謝艾米，也謝謝各位今天蒞臨。我們的財報已於昨日發布，可在Lightbridge網站www.ltbridge.com的投資者關係頁面查閱。

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；以及財務長 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 future goals and events.

我想提醒各位聽眾，本次電話會議中所有非歷史事實的陳述均為前瞻性陳述。今天的報告包含有關公司競爭地位、產品和服務的前瞻性陳述。在今天的電話會議中，我們將使用「預期」、「預期」、「相信」和「打算」等字眼來討論未來的目標和事件。

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.

本次演示基於當前預期，但存在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。這些風險及其他風險在Lightbridge向美國證券交易委員會提交的文件中均有更詳細的闡述。 Lightbridge不承擔任何更新或修訂此類前瞻性聲明的義務，無論是因為出現新的情況或其他原因。

With that, I would like to turn over the call to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

接下來，我將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 business update for the third quarter and first nine months of 2025. The first nine months of this year have been marked by unprecedented operational milestones and an increasingly favorable political and regulatory environment. We reached several significant milestones on our ongoing project at Idaho National Laboratory, including the co-extrusion of an 8-foot long rod using depleted uranium-zirconium alloy with nuclear-grade zirconium cladding.

大家好，Matt，感謝各位參加本次會議，共同探討Lightbridge公司2025年第三季及前九個月的業務進展。今年前九個月，我們取得了前所未有的營運里程碑，同時政治和監管環境也日益有利。我們在愛達荷國家實驗室的在建計畫也取得了多項重要進展，其中包括使用貧鈾鋯合金和核級鋯包殼共擠壓成型一根8英尺長的棒材。

We completed the final review of the experiment design in June for our upcoming irradiation testing. We successfully fabricated enriched uranium-zirconium alloy coupon samples that match the exact fuel material composition we intend for our commercial Lightbridge Fuel product. Most recently, we successfully loaded capsules containing these enriched samples into an experimental assembly for irradiation testing in the advanced test reactor. Andrey will provide additional details on these milestones.

我們在六月完成了即將進行的輻照試驗的實驗設計最終審查。我們成功製備了富集鈾鋯合金試樣，其成分與我們計劃用於商用Lightbridge燃料產品的燃料材料成分完全一致。最近，我們成功地將裝有這些富集試樣的膠囊裝入實驗裝置，用於在先進試驗反應器中進行輻照試驗。 Andrey將提供有關這些里程碑的更多細節。

We are also advancing our collaboration with Oklo, building on our January memorandum of understanding. In October, we announced plans to jointly evaluate additional colocation opportunities for manufacturing advanced fuels from legacy materials, including potential integration of a Lightbridge fuel facility within Oklo's advanced fuel manufacturing infrastructure.

我們也正在推動與Oklo的合作，鞏固我們一月份簽署的諒解備忘錄。十月份，我們宣布計劃共同評估更多利用傳統材料生產先進燃料的合作機會，包括將Lightbridge燃料工廠整合到Oklo的先進燃料生產基礎設施中。

This collaboration is perfectly timed with the executive orders issued by the White House in May to prioritize accelerating US nuclear energy deployment. Our inclusion in the Russell 2000 and Russell 3000 indexes represents significant recognition of our expanding market presence and provides increased visibility among institutional investors. This milestone reflects our progress and validates our position as a leader in advanced nuclear fuel technology.

這項合作恰逢白宮五月頒布行政命令，優先加速美國核能部署，可謂恰逢其時。我們被納入羅素2000指數和羅素3000指數，這不僅是對我們不斷擴大的市場份額的重大認可，也提升了我們在機構投資者中的知名度。這項里程碑式的成就體現了我們所取得的進展，並鞏固了我們在先進核燃料技術領域的領先地位。

I'll now 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，讓他開始回顧我們的燃料開發活動。安德烈？

Thank you, Seth. As Seth outlined, the first nine months of 2025 have been marked by noticeable technical progress across our fuel development program with the achievement of critical milestones that advanced Lightbridge Fuel toward commercial deployment.

謝謝你，塞思。正如塞思所概述的，2025年的前九個月，我們的燃料開發專案取得了顯著的技術進步，實現了關鍵里程碑，推動了Lightbridge燃料向商業部署邁進。

In January, we announced a memorandum of understanding with Oklo encompassing a feasibility study for co-locating our commercial scale, fuel fabrication facility within Oklo Infrastructure to evaluate potential synergies in capital and operating costs, assessment of reprocessing and recycling opportunities for spent uranium-zirconium fuel aligning with administration priorities for nuclear efficiencies and identification of additional mutual interest to accelerate development time line.

1 月，我們宣布與 Oklo 簽署諒解備忘錄，其中包括一項可行性研究，旨在將我們的商業規模燃料製造設施與 Oklo 基礎設施共同安置，以評估在資本和運營成本方面的潛在協同效應，評估乏鈾鋯燃料的後處理和回收機會，以符合政府對核能效率的優先事項，並確定其他共同利益，以加快開發進度。

In October, we advanced this partnership by announcing plan to jointly evaluate further colocation opportunities for manufacturing advanced fuels from legacy materials. In February, we successfully demonstrated our proprietary co-extrusion process at Idaho National Laboratory, fabricating an 8-foot long demonstration rod using depleted uranium-zirconium alloy and nuclear-grade zirconium cladding.

10月份，我們宣布計劃共同評估利用傳統材料製造先進燃料的進一步合作機會，從而推進了這項合作關係。 2月份，我們在愛達荷國家實驗室成功展示了我們專有的共擠壓工藝，利用貧鈾鋯合金和核級鋯包殼製造了一根8英尺長的演示棒。

This validation confirmed our methodology and demonstrated a scalability for full-length commercial production. In June, we completed the final review and approval of our irradiation testing experiment design for the Advanced Test Reactor, culminating an extensive engineering and safety analysis with independent validation of neutronic, thermal-hydraulics and safety performance to meet rigorous standard. The same month, we fabricated enriched uranium-zirconium alloy coupon samples that match the fuel alloy material composition of our future commercial light fuel product, utilizing 26% to 30% of enriched uranium to achieve the required heat generation rate.

此次驗證證實了我們的方法論，並證明了其可擴展性，可用於全尺寸商業化生產。 6月，我們完成了先進測試反應器輻照測試實驗設計的最終審查和批准，這標誌著我們完成了廣泛的工程和安全分析，並經獨立驗證，確保了中子學、熱工水力學和安全性能符合嚴格的標準。同月，我們製造了富集鈾鋯合金試樣，其成分與我們未來商用輕燃料產品的燃料合金材料相匹配，其中富集鈾含量為26%至30%，以達到所需的生熱率。

These enriched samples will undergo irradiation testing using INL's fusion accelerated steady-state test or FAST method, which utilizes highly enriched uranium to accelerate the burn-up accumulation rate, thereby expediting testing time lines. Access to highly enriched uranium for private sector fuel testing is extremely rare and is only available through government facilities such as the Idaho National Laboratory. This capability enables us to achieve burn-up target more quickly than conventional testing methods, thereby accelerating our data generation time lines.

這些濃縮樣品將使用愛達荷國家實驗室 (INL) 的聚變加速穩態測試 (FAST) 方法進行輻照測試。 FAST 方法利用高濃縮鈾來加速燃耗累積速率，從而加快測試進程。私部門要取得高濃縮鈾進行燃料測試極為困難，只有像愛達荷國家實驗室這樣的政府機構才能提供。這項技術使我們能夠比傳統測試方法更快達到燃耗目標，從而加快資料產生速度。

Since our last earnings call, we have achieved the pivotal new milestone, the successful completion of loading capsules containing Lightbridge Fuel material sample comprised of enriched uranium-zirconium alloy recently manufactured at INL into an experiment assembly.

自從上次財報電話會議以來，我們取得了一項關鍵的新里程碑，即成功將裝有 Lightbridge 燃料材料樣品的膠囊（該樣品由 INL 最近製造的富集鈾鋯合金組成）裝入實驗裝置。

The experiment assembly is now ready for the start of irradiation testing in the Advanced Test Reactor, which is expected to begin soon. Key highlights of this achievement include the completion of loading under stringent quality control and process validation protocols at Idaho National Laboratory's materials and fuels complex.

實驗裝置現已準備就緒，即將開始在先進測試反應器中進行輻照測試。此次成果的關鍵亮點包括在愛達荷國家實驗室材料與燃料綜合設施內，依照嚴格的品質控制和製程驗證規程完成了裝載工作。

The precision manufacturing and assembly of these coupon samples, which matches the composition intended for our future commercial Lightbridge Fuel product and the upcoming start of irradiation testing of these coupon samples in accordance with our existing Cooperative Research and

這些試樣的精密製造和組裝，與我們未來商業化Lightbridge燃料產品的預期成分相符，並且即將根據我們現有的合作研究和

Development Agreement with Idaho National Laboratory. The planned irradiation testing program combined with post-irradiation examination activities to be outlined in the forthcoming project task statement will yield critical performance data needed to inform our planned regulatory licensing activities and advance our commercial deployment efforts.

與愛達荷國家實驗室簽訂的開發協議。計劃中的輻照測試項目，以及將在即將發布的項目任務說明書中概述的輻照後檢驗活動，將產生關鍵​​的性能數據，這些數據將為我們計劃的監管許可活動提供信息，並推進我們的商業部署工作。

In early October, Lightbridge presented three peer-reviewed papers at the TopFuel 2025 Conference held in Nashville, Tennessee, highlighting our latest advancements in fuel design and performance modeling. Scott will provide additional details on each of these papers. To support our accelerating development efforts, we are actively expanding our in-house engineering team.

10月初，Lightbridge在田納西州納許維爾舉行的TopFuel 2025大會上發表了三篇經同行評審的論文，重點介紹了我們在燃料設計和性能建模方面的最新進展。 Scott將詳細介紹每篇論文的內容。為了支持我們加速的研發工作，我們正在積極擴充內部工程團隊。

In recent months, we have added key personnel to our neutronic engineering group, and we will intensify recruitment over the coming months to attract top nuclear engineering talent across additional discipline. In summary, these milestones represent significant accomplishment in our fuel development program as we ramp up our efforts in anticipation of regulatory engagement with the US Nuclear Regulatory Commission in the near future.

近幾個月來，我們為中子工程團隊增添了關鍵人員，未來幾個月我們將加強招募力度，吸引更多不同領域的頂尖核子工程人才。總之，這些里程碑標誌著我們在燃料研發專案上取得了重大進展，我們也正加緊努力，以期在不久的將來與美國核子管理委員會進行監管合作。

Now I'll ask Scott Holcombe, our Vice President of Engineering, to provide a recap of TopFuel 2025. Scott?

現在我請我們的工程副總裁史考特‧霍爾科姆為大家回顧一下TopFuel 2025年賽事。史考特？

Thank you, Andrey. As Andrey mentioned, Lightbridge presented three ree peer-reviewed papers at the American Nuclear Society's TopFuel 2025 Conference, one of the premier gatherings for the global nuclear fuel community. Our papers were met with significant interest, and I would like to briefly summarize their implications for Lightbridge in our current development path.

謝謝安德烈。正如安德烈所提到的，Lightbridge 在美國核子學會的 TopFuel 2025 大會上發表了三篇同行評審論文，該大會是全球核燃料領域最重要的盛會之一。我們的論文引起了廣泛關注，我想簡要地總結這些論文對 Lightbridge 當前發展方向的意義。

Let's first start with the first paper, which addresses the performance of Lightbridge fuel material in one of the most challenging accident scenarios. The key takeaway is that we're building a solid safety case that will be critical for regulatory approval and customer adoption.

我們首先來看第一篇論文，它探討了Lightbridge燃料材料在最具挑戰性的事故場景之一中的表現。其核心結論是，我們正在建立一個可靠的安全論證，這對於獲得監管部門批准和客戶採用至關重要。

The paper conceptual assessment of Lightbridge Fuel post CHF performance demonstrate that Lightbridge Fuel's unique metallic design provides exceptional performance during a simulated [locked rotor] event in a pressurized water reactor. In simple terms, our fuel remains well within safe temperature limits, even when the cooling is drastically reduced. For our future customers' utilities, this translates directly into enhanced safety, which can lead to significant economic benefits through power [upgrades/uprates] and longer fuel cycles.

本文對Lightbridge燃料在臨界熱流（CHF）後的性能進行了概念性評估，結果表明，Lightbridge燃料獨特的金屬設計使其在壓水反應器模擬的轉子閉鎖事件中表現出卓越的性能。簡而言之，即使冷卻能力大幅下降，我們的燃料溫度仍能保持在安全範圍內。對於我們未來的客戶電力公司而言，這意味著更高的安全性，進而可以透過功率升級和更長的燃料循環週期帶來顯著的經濟效益。

Our second paper, Lightbridge Fuel fabrication modeling and [Abacus] with experimental comparisons covers manufacturing and confirms our ability to accurately model a key fabrication step. We have successfully modeled our proprietary co-extrusion manufacturing process and validated those simulations against real-world experimental data from our work at Idaho National Laboratory. This can significantly derisk our future supply chain and provide high confidence in our ability to transition to cost-effective, high-volume manufacturing, enabling the reliable and economic production of Lightbridge Fuel.

我們的第二篇論文《Lightbridge Fuel製造建模及[Abacus]實驗對比》涵蓋了製造過程，並證實了我們能夠精確模擬關鍵製造步驟。我們已成功對我們專有的共擠出製造流程進行建模，並利用愛達荷州國家實驗室的實際實驗數據驗證了這些模擬結果。這將顯著降低我們未來供應鏈的風險，並使我們更有信心過渡到經濟高效的大批量生產，從而實現Lightbridge Fuel的可靠且經濟的生產。

Our third paper provides a comparison of our fuel material against the current industry standard. This paper, development of a method for comparison of Lightbridge's advanced fuel material against conventional UO2 fuel performance, is a validation of our fuel's superior performance.

我們的第三篇論文將我們的燃料材料與目前的行業標準進行了比較。這篇論文發展了一種比較Lightbridge先進燃料材料與傳統UO2燃料性能的方法，驗證了我們燃料的優異性能。

Using the internationally recognized OECD NEA Three Mile Island Main Steam Line Break transient benchmark, we demonstrated that Lightbridge fuel material offers significantly larger safety margins than conventional fuel. As with the first paper, the results in this simulation show that Lightbridge fuel material is expected to enhance safety, which translates to improved operational flexibility and plant economics.

我們利用國際公認的經合組織核能機構（OECD NEA）三里島主蒸汽管道破裂瞬態基準模型，證明了Lightbridge燃料材料比傳統燃料具有顯著更高的安全裕度。與第一篇論文一樣，本次模擬結果表明，Lightbridge燃料材料有望提高安全性，從而改善運作靈活性和電廠經濟性。

These three ree papers taken together build a compelling case for our fuels value at every stage by demonstrating its safety case to regulators, its manufacturability to our production partners and its economic benefits to our future customers. While significant work remains, particularly in fuel performance testing and regulatory qualification, each of these milestones reduces risk and clarifies our path forward. The progress detailed in these papers reinforces our confidence in our technology and our team's ability to achieve our long-term goals.

這三篇論文共同有力地論證了我們燃料在各個階段的價值：向監管機構證明其安全性，向生產合作夥伴證明其可製造性，並向未來的客戶展示其經濟效益。儘管仍有大量工作要做，尤其是在燃料性能測試和監管認證方面，但每項里程碑式的進展都降低了風險，並明確了我們未來的發展方向。這些論文中詳述的進展增強了我們對自身技術的信心，以及對團隊實現長期目標能力的信心。

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

這樣，我就把電話轉回給塞思了。

Thank you, Scott. The political and industrial landscape has become remarkably supportive of advancing nuclear energy with several landmark developments underscoring the sector's accelerating momentum. President Trump's Nuclear Energy executive orders in May represented the most significant policy shift toward nuclear energy in decades.

謝謝你，斯科特。政治和產業環境已顯著有利於核能的發展，多項里程碑式的進展凸顯了該產業加速成長的動能。川普總統五月簽署的核能行政命令標誌著數十年來對核能政策最重大的轉變。

Building on this foundation, the US government recently inked an $80 billion partnership with Westinghouse Electric, Cameco and Brookfield Asset Management to construct new nuclear reactors, signaling a bold commitment to domestic nuclear resurgence.

在此基礎上，美國政府最近與西屋電氣公司、卡梅科和布魯克菲爾德資產管理公司簽署了一項價值 800 億美元的合作協議，用於建造新的核反應堆，這標誌著美國政府對國內核能復興的堅定承諾。

Complementing this, a landmark US Japan agreement signed on October 28 advances cooperation on next-generation reactors, enhancing energy security and export opportunities while reducing reliance on dominant foreign suppliers. Additionally, the US Army's announcement of the Janus Program on October 14 establishes a framework for deploying resilient next-generation nuclear power at military installations by 2028, further integrating advanced nuclear fuel technologies into national defense strategies. The directive to prioritize power uprates for existing reactors aligns with Lightbridge Fuel's capabilities.

同時，10月28日簽署的一項具有里程碑意義的美日協議推進了下一代反應器領域的合作，增強了能源安全和出口機會，同時減少了對外國主要供應商的依賴。此外，美國陸軍於10月14日宣布的「雅努斯計畫」為在2028年前在軍事設施部署具有韌性的下一代核電奠定了基礎，進一步將先進核燃料技術融入國家防禦戰略。優先提升現有反應器功率的指令與萊特布里奇燃料公司的能力相契合。

We believe our fuel can enable power uprates up to 17% in existing reactors, and we are confident that no other nuclear fuel technology can come close to that capability. This direct policy support, coupled with these recent initiatives validates our value proposition and create substantial market opportunities.

我們相信，我們的燃料能夠使現有反應器的功率提升高達17%，我們確信，沒有其他核燃料技術能夠達到如此高的性能。這項直接的政策支持，加上近期推出的各項舉措，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 universities and the broader industries surge.

這些行政命令也強調透過回收和後處理來最大限度地提高核燃料效率，並確立了優先資助那些技術成熟且具有近期部署潛力的公司。我們相信，鑑於我們與國家級大學的合作以及更廣泛的產業發展，Lightbridge 完全有能力從這些政策措施中受益。

The global momentum behind nuclear energy continues to accelerate at an unprecedented pace. Major technology companies are increasingly turning to nuclear power to meet the immense energy demands of data centers and AI infrastructure, as seen in NextEra Energy's recent agreement with Google to restart the Duane Arnold Energy Center in Iowa. This agreement will power Google's data centers creating new market segments beyond traditional utility customers.

全球核能發展勢頭正以前所未有的速度持續加速。大型科技公司正越來越多地轉向核能，以滿足資料中心和人工智慧基礎設施的巨大能源需求，例如NextEra Energy近期與Google達成協議，重啟位於愛荷華州的杜安·阿諾德能源中心。該協議將為Google的數據中心提供電力，從而在傳統公用事業客戶之外開闢新的市場領域。

The commitment by over 20 countries at COP28 to triple nuclear globally by 2050 is being translated into concrete policy actions worldwide today, including a projected surge of 29 gigawatts in new capacity, driven by restarts in Japan, increased outputs in France and the activation of new plants in India, South Korea and Europe. 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.

在第28屆聯合國氣候變遷大會（COP28）上，超過20個國家承諾到2050年將全球核能裝置容量增加兩倍，如今，這項承諾正轉化為全球範圍內的具體政策行動，包括預計新增29吉瓦的核電裝置容量，這主要得益於日本核電廠的重啟、法國核電廠的增加以及印度、韓國和韓國核電站的新核能發電站和新核能發電站。我們看到，現有反應器運作許可證的延期、新建大型核電廠以及小型模組化反應器的加速發展都得到了強有力的支持。這為Lightbridge燃料在各種反應器類型和應用領域的部署創造了多種途徑。

We believe our collaboration with Idaho National Laboratory represents a valuable public private partnership. The recent completion of loading the coupon samples into an experiment assembly, coupled with the upcoming irradiation testing program and post-irradiation examination activities is expected to generate the critical performance data needed to support our regulatory licensing efforts at the Nuclear Regulatory Commission.

我們相信與愛達荷國家實驗室的合作代表著寶貴的公私合作模式。近期完成的將試樣裝入實驗裝置的工作，以及即將進行的輻照測試項目和輻照後檢驗活動，預計將產生關鍵​​的性能數據，以支持我們向美國核管理委員會提交的監管許可申請。

We expect this data to contribute to streamline licensing 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 progress creates a favorable environment for Lightbridge. We are strategically positioned at the forefront of fuel innovation, developing a technology designed to meet the evolving demands of the global energy landscape.

我們預期這些數據能夠簡化許可流程，並協助公用事業公司分析Lightbridge燃料的商業部署方案。我們相信，政府的支持性政策、前所未有的產業需求以及我們持續的燃料研發進展，共同為Lightbridge創造了有利的發展環境。我們策略性地處於燃料創新領域的前沿，致力於開發能夠滿足全球能源格局不斷變化的需求的技術。

Our team remains focused on executing our development plan, advancing our technology through rigorous testing and demonstration and building the strategic partnerships necessary for successful commercialization. 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.

我們的團隊將繼續專注於執行研發計劃，透過嚴格的測試和示範來推進技術發展，並建立成功商業化所需的策略合作夥伴關係。我們相信，Lightbridge Fuel 將在最大限度地發揮現有核電廠和下一代水冷反應器的潛力方面發揮關鍵作用，為全球能源安全和清潔能源轉型做出重要貢獻。

I will now turn the call over to Larry Goldman, Chief Financial Officer, for a summary of the company's financial results. Over to you, Larry.

現在我將把電話交給財務長拉里·戈德曼，請他總結一下公司的財務表現。拉里，請開始吧。

Thank you, Seth, and good afternoon, everyone. We will be filing our Form 10-Q later today with the SEC. Let me begin by underscoring the strength of our balance sheet as of September 30, 2025. We ended the quarter with a strong liquidity position, including cash and cash equivalents of $153.3 million, and working capital of approximately $153.1 million. This provides us with a multiyear cash runway to support our ongoing R&D activities as well as our operational needs.

謝謝Seth，大家下午好。我們今天稍後會向美國證券交易委員會（SEC）提交10-Q表格。首先，我想強調一下我們截至2025年9月30日的穩健資產負債表。本季末，我們擁有充裕的流動性，包括1.533億美元的現金及現金等價物，以及約1.531億美元的營運資金。這為我們提供了多年充足的現金儲備，足以支持我們持續的研發活動以及日常營運需求。

Importantly, we continue to maintain a debt-free balance sheet with a clean capital structure that includes no convertible securities or other dilutive debt instruments. Additionally, our interest income from investments in US treasuries has become a meaningful offset to our operating expenses. For the nine months ended September 30, 2025, we generated $2.1 million in interest income, up from $1 million for the same period last year, reflecting the interest earned on our higher average cash balances. This strong financial position provides us with the flexibility to pursue government cost sharing programs such as those offered through the Department of Energy and to explore strategic partnerships with industry players.

重要的是，我們繼續保持零負債的資產負債表和穩健的資本結構，其中不包含任何可轉換證券或其他稀釋性債務工具。此外，我們投資美國國債的利息收入已成為我們營運支出的重要抵銷項。截至2025年9月30日的九個月內，我們實現了210萬美元的利息收入，高於去年同期的100萬美元，這反映了我們平均現金餘額增加所帶來的利息收益。這種穩健的財務狀況使我們能夠靈活地參與政府成本分擔計劃，例如能源部提供的項目，並探索與行業夥伴建立戰略合作夥伴關係。

We are well positioned to capitalize on growth opportunities as the nuclear sector continues to expand, driven by the increasing demand for clean energy and federal support for advanced nuclear fuels. Now turning to our cash flow analysis for the nine months ended September 30, 2025. Net cash used in operating activities increased to $8.1 million from $5.7 million in the prior period. This change was primarily due to higher spending on R&D, which rose by $2.1 million to $5.3 million, reflecting our activities at INL and increased employee compensation related to our R&D activities.

隨著清潔能源需求不斷增長以及聯邦政府對先進核燃料的支持，核能產業持續擴張，我們已做好充分準備，把握成長機會。接下來，我們將分析截至2025年9月30日的九個月的現金流量。經營活動所用現金淨額從上期的570萬美元增加至810萬美元。這項變更主要歸因於研發支出增加，從上期的530萬美元增加到210萬美元，這反映了我們在愛達荷州國家實驗室（INL）的研發活動以及與研發活動相關的員工薪資增加。

G&A expenses also contributed to the increase, up $3.5 million to $9.2 million driven primarily by higher professional fees, consulting, employee compensation and stock-based compensation. On the financing side, we generated $121.4 million in net cash, a substantial increase from the $3.7 million we generated last year. This was driven by $120.4 million in net proceeds from the issuance of approximately 9.9 million shares of common stock under our ATM facility along with $1.2 million of proceeds from stock option exercises, partially offset by $0.2 million of cash spent for tax withholding on vested equity awards. Overall, these activities resulted in a net increase in cash and cash equivalents of $113.3 million for the nine months ended September 30, 2025.

一般及行政費用也導致成長，增加350萬美元至920萬美元，主要原因是專業服務費、諮詢費、員工薪資和股權激勵費用增加。融資方面，我們產生了1.214億美元的淨現金，較去年的370萬美元大幅成長。這主要得益於根據我們的ATM融資機制發行約990萬股普通股所得的1.204億美元淨收益，以及股票選擇權行使所得的120萬美元收益，部分被已歸屬股權獎勵的預扣稅款支出20萬美元所抵銷。整體而言，這些活動使截至2025年9月30日的九個月內，我們的現金及現金等價物淨增加1.133億美元。

In summary, our balance sheet positions us very well to execute on our strategic priorities and drive long-term value for our shareholders. 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. Sherrie?

總而言之，我們的資產負債表狀況良好，使我們能夠很好地執行策略重點，並為股東創造長期價值。現在我將把電話交給我們的財務總監謝麗·霍洛威，她將介紹我們第三季的損益表財務資訊。謝麗？

Thank you, Larry. Net loss was $12.4 million for the nine months ended September 30, 2025 compared to $7.9 million for the nine months ended September 30, 2024. Total R&D expenses amounted to $5.3 million for the nine months ended September 30, 2025 compared to $3.2 million for the nine months ended September 30, 2024, an increase of $2.1 million. This increase primarily consisted of higher Idaho National Laboratory project labor costs, allocated employee compensation and stock-based compensation expenses, offset by a decrease in expenses related to the Romania feasibility study and Centrus Energy FEED study. Both studies completed in 2024.

謝謝，拉里。截至2025年9月30日的九個月，淨虧損為1,240萬美元，而截至2024年9月30日的九個月淨虧損為790萬美元。截至2025年9月30日的九個月，研發總支出為530萬美元，而截至2024年9月30日的九個月研發總支出為320萬美元，增加了210萬美元。這一成長主要來自愛達荷州國家實驗室計畫勞動成本、員工薪資和股權激勵支出的增加，但被羅馬尼亞可行性研究和Centrus Energy FEED研究相關支出的減少所抵消。這兩項研究均已於2024年完成。

Total G&A expenses were $9.2 million for the nine months ended September 30, 2025 compared to $5.7 million for the nine months ended September 30, 2024. The increase of $3.5 million was primarily due to increases in professional fees, consulting fees, employee compensation and stock-based compensation. Total other income was $2.1 million for the nine months ended September 30, 2025 compared to $1 million for the nine months ended September 30, 2024. Other income consisted of interest income earned from treasury bills and our bank savings account. Back to you, Seth.

截至2025年9月30日的九個月，一般及行政費用總額為920萬美元，而截至2024年9月30日的九個月為570萬美元。增加的350萬美元主要由於專業服務費、諮詢費、員工薪資和股權激勵支出增加所致。截至2025年9月30日的九個月，其他收入總額為210萬美元，而截至2024年9月30日的九個月為100萬美元。其他收入包括國庫券利息收入和銀行儲蓄帳戶利息收入。塞思，把鏡頭交給你了。

Thank you, Sherrie. No questions have been submitted for this call. I want to thank everyone 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, you could reach us at ir@ltbridge.com. Stay safe and well. Good-bye.

謝謝Sherrie。本次電話會議暫無提問。感謝各位參加今天的電話會議。我們感謝股東們的持續支持，以及我們團隊和合作夥伴的辛勤付出。我們期待在接下來的幾季向大家報告我們的進展。同時，您可以透過ir@ltbridge.com與我們聯繫。祝您平安健康。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已結束。感謝您參加今天的報告。您可以斷開連線了。