Terra Innovatum Global NV (NKLR) 2026 Q2 法說會逐字稿

Greetings and welcome to the Terra Innovatum Global 2Q 2026 business and operations update call.(Operator Instructions) Please note that this conference is being recorded. I will now turn the conference over to Giordano Merriqui.

各位好，歡迎參加 Terra Innovatum Global 2026 年第二季（2Q 2026）業務與營運更新電話會議。（接線員指示）請注意，本次會議將被錄音。現在我將把會議交給 Giordano Merriqui。

Thank you, Giordano. You may begin.

謝謝你，Giordano。你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to Ted and Aloud's second quarter 2026 business update call.

謝謝接線員。各位早安，歡迎參加 Ted and Aloud 2026 年第二季業務更新電話會議。

I'm Jordana Morichi, founding Partner Managing Director of Global Business Development and Investor Relations. Joining me today are Alessandro Petruzzi, Co-Founder and Chief Executive Officer, and Cathy Williams, our Chief Financial Officer.

我是 Jordana Morichi，全球業務發展與投資人關係的創始合夥人暨董事總經理。今天與我一同出席的有共同創辦人兼執行長 Alessandro Petruzzi，以及我們的財務長 Cathy Williams。

Earlier this month, we timely filed our quarterly report on Form 10-Q for the quarter ended June 30, 2026, and issued a new release summarizing our financial results and operating progress.

本月稍早，我們已按時提交截至 2026 年 6 月 30 日季度的 10-Q 季報，並發布新聞稿摘要我們的財務結果與營運進展。

Both are available in the Investor Relations section of our website.

兩者皆可在我們網站的投資人關係（Investor Relations）專區取得。

Before we begin, I would like to remind everyone that today's discussion will include forward-looking statements.

在開始之前，我想提醒各位，今天的討論將包含前瞻性陳述。

These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results and differ materially. We undertake no obligation to update forward-looking statements except as required by law.

這些陳述係基於目前的預期與假設，並涉及可能導致實際結果出現重大差異的風險與不確定性。除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

Please refer to our most recent Form 10-Q and the other SEC filings for discussions of the risk factors that may affect our business.

請參閱我們最新的 10-Q 以及其他向美國證券交易委員會（SEC）提交的文件，其中討論了可能影響我們業務的風險因素。

On today's update, we will focus primarily on discussing our execution milestones, and in particular, we will review the progress Terra has made against the priorities outlying 2025, including NRC engagement and licensing progress, supply chain, and operational readiness for first-of-a-kind deployment, commercial deployment, and financial strength.

在今天的更新中，我們將主要聚焦於討論我們的執行里程碑；特別是，我們將回顧 Terra 針對 2025 年所列優先事項所取得的進展，包括與 NRC 的互動與許可進度、供應鏈、首座（first-of-a-kind）部署、商業化部署的營運就緒度，以及財務實力。

Following our prepared remarks, we will open the line for questions.

在我們的準備發言之後，我們將開放提問。

With that, please turn to slide 1, and I will pass the call over to Alessandro.

接下來請翻到投影片 1，我將把電話交給 Alessandro。

Thank you, Giordano, and thank you to everyone joining us today.

謝謝你，Giordano，也謝謝今天加入我們的各位。

So moving to Slide 1, this update is not simply a review of the second quarter. It is for us an opportunity to compare the execution priorities that are outlined in 2025 with the progress we have made by June 2026.

那麼來到投影片 1，這次更新不只是回顧第二季。對我們而言，這是一次機會，將 2025 年所概述的執行優先事項，與截至 2026 年 6 月我們所取得的進展進行對照。

A year ago, we said the company would move solar from completed design into licensing, industrial preparation, off planning and commercial development. Today, we can point to concrete progress across each of those areas.

一年前，我們表示公司將把 solar 從完成設計推進到許可、產業化準備、FOC 規劃以及商業開發。今天，我們可以指出在上述每個領域都取得了具體進展。

We have advanced the NRC engagement and construction planning preparation, selected and progressed the key industrial suppliers, moved into physical procurement activity. Establish a US operating platform, develop many commercial opportunities, and at the same time, maintain the capital base to continue the execution.

我們已推進與 NRC 的互動以及施工規劃準備，選定並推動關鍵工業供應商，並進入實體採購活動。建立美國營運平台，開發多項商業機會，同時維持資本基礎以持續推動執行。

Our progress is best understood through two connected priorities.

我們的進展可透過兩項相互連結的優先事項來理解。

First, we are advancing the regulatory, industrial, and organizational capabilities required to push through fresh overtime, or FOC, deployment and prepare for commercialization of initial units.

第一，我們正在推進監管、產業與組織能力，以推動首座（first-of-a-kind，FOC）部署，並為初始機組的商業化做好準備。

Second. We are developing qualified commercial opportunities for solar in application where dependable, scalable power can address defined customer needs.

第二。我們正在為 solar 在需要可靠、可擴展電力以滿足明確客戶需求的應用場景中，開發合格的商業機會。

The action completed today provides tangible evidence that Terra is executing against the milestones we laid out in 2025.

截至今日完成的行動，提供了具體證據，顯示 Terra 正在依照我們在 2025 年提出的里程碑推進執行。

This year, we established our Innovation Core and our pitchbook reported and added dedicated leadership in US sales and business development and US strategy and operation.

今年，我們建立了 Innovation Core，並完成 pitchbook 報告，同時在美國銷售與業務開發，以及美國策略與營運方面增設專責領導。

We are also continuing to develop the team required for the next phase of growth.

我們也持續打造下一階段成長所需的團隊。

As Terra expands its commercial, regulatory and operational activities across the broader international footprint, we expect to add target capabilities that strengthen our ability to support customers, partners and execution priorities in the United States and in other key markets.

隨著 Terra 在更廣泛的國際版圖上擴展商業、監管與營運活動，我們預期將補強關鍵能力，以提升我們在美國及其他重要市場支援客戶、合作夥伴與執行優先事項的能力。

Now we can move to Slide 2.

現在我們可以進到投影片 2。

A year ago, TerraCiv would use the established nuclear industrial supply chain rather than attempt to build every manufacturing capability internally.

一年前，TerraCiv 表示將利用既有的核能產業供應鏈，而不是嘗試在內部建立每一項製造能力。

This was our plan because we strongly believe it provides the highest likelihood of success to quickly capitalize on the overwhelming demand for electricity generation solutions.

這是我們的計畫，因為我們堅信，這能提供最高的成功機率，以快速把握對發電解決方案的龐大需求。

During 2026, we have begun converting that strategy into a selected focused supplier base. Manufacturing and industrialization planning, long-lead equipment relationship, and physical procurement activities.

在 2026 年期間，我們已開始把該策略轉化為一個經挑選、聚焦的供應商基礎。包括製造與產業化規劃、長交期設備合作關係，以及實體採購活動。

We have established partnerships with some of the most well-established players in nuclear engineering, including nuclear graphite development with Mersen, advanced component manufacturing planning with CONWAR, manufacturing and industrialization planning with ATP Riva Calzoni, and.

我們已與核能工程領域中一些最成熟的業者建立合作夥伴關係，包括與 Mersen 進行核級石墨開發、與 CONWAR 進行先進零組件製造規劃、與 ATP Riva Calzoni 進行製造與產業化規劃，以及。

Cooled condenser arrangement with SPG dry cooling, an helium circulatory equipment with Bordrocki, and a long-term procurement relationship with Oden, now a Becker use company, for a steam turbine and generator equipment.

與 SPG dry cooling 的冷凝器冷卻配置、與 Bordrocki 的氦氣循環設備，以及與 Oden（現為 Becker use 公司）建立蒸汽渦輪與發電機設備的長期採購關係。

So we have purchased graphite turbines, steam generation equipment, and a cooler condenser, helium circulation equipment, sterling steel for director pressure vessels and other important FOC items up to date.

因此，截至目前我們已採購石墨渦輪、蒸汽產生設備與冷凝器冷卻器、氦氣循環設備、用於反應器壓力容器的特種鋼材，以及其他重要的 FOC 項目。

From approximately 130 potential suppliers we identified at the beginning of our plan, we have selected approximately 30 for the FOC program and have issued actual tangible purchase order with real advanced cash payment and prepared a technical specification for the FOC component, which represent today more than 80% of the FOC bill of materials.

在我們計畫初期所識別的約 130 家潛在供應商中，我們已為 FOC 計畫選定約 30 家，並已發出實際、具體的採購訂單，伴隨真實的預付款項，同時完成 FOC 零組件的技術規格；截至今日，這些項目已涵蓋 FOC 物料清單（BOM）超過 80%。

This is how reactor get from planning to being built, and now we are doing this.

這就是反應器如何從規劃走向建造，而我們現在正在這麼做。

It is important also to note that one meaningful advantage of building a macromodular reactor is that we can make significant progress on manufacturing enhancing components while we advance through the MRC approval process. In other words, we don't need to wait for the construction permits before beginning much of the physical work required for our . We went through a rigorous process to identify the best solution for all our needs in terms of the kitten material.

同時也很重要的一點是，建造宏模組化反應器的一項顯著優勢在於：在我們推進 MRC 核准流程的同時，也能在製造強化零組件方面取得重大進展。換言之，在開始大量實體工作之前，我們不需要等到取得施工許可。我們已經過嚴謹流程，為我們在 kitten material 方面的所有需求找出最佳解決方案。

And now we are rapidly moving forward with these solutions.

而現在，我們正快速推進這些解決方案。

Moving to slide 3.

接著到投影片 3。

A year ago, Terra outlined the formal NRSC licensing pathway based on pre-application engagement and phased application preparation.

一年前，Terra 概述了正式的 NRSC 許可路徑，係以申請前互動（pre-application engagement）與分階段的申請準備為基礎。

During 2026, Terra submitted topical records, submitted defined construction penalty chapters, and initiated an NRSC pre-application review for the construction permit.

在 2026 年期間，Terra 已提交專題報告（topical records）、提交已界定的施工許可章節，並啟動針對施工許可的 NRSC 申請前審查。

An important part of this work is definitely the environmental report.

這項工作中一個非常重要的部分，確實是環境報告。

This work is intended to provide the environmental information required for the planning construction permit and support the regulatory preparation for potential proper deployment.

此項工作旨在提供規劃施工許可所需的環境資訊，並支援針對潛在適當部署的監管準備。

The regulatory review is expected to proceed in phases beginning with key safety environmental materials. It is an early engagement process intended to help us obtain feedback as we prepare our final application.

監管審查預期將分階段進行，從關鍵的安全與環境材料開始。這是一個早期互動流程，旨在協助我們在準備最終申請時取得回饋。

Our next steps are to continue the review process, complete and submit the remaining construction plan chapters target for October, and begin preparation for the operating licensing application with the target submission in the third quarter of 2027.

我們的下一步是持續推進審查流程，完成並提交其餘目標為 10 月的施工計畫章節，並開始準備營運許可申請，目標在 2027 年第三季提交。

Now, coming to slide 4.

現在來到投影片 4。

We believe credibility is earned by completing the milestones we identify.

我們相信，可信度是透過完成我們所設定的里程碑而贏得的。

During the first half of 2026, TERR established its US execution platform, advanced MRC engagement in construction premise preparation, progressed industrial and supply chain preparation into procurement activity, developed in many commercial opportunities, and maintained $91.1 million of cash and cash equivalents at the end of the quarter.

在 2026 年上半年，TERR 建立了其美國執行平台，推進 MRC 互動與施工前提準備，將產業與供應鏈準備推進至採購活動，開發多項商業機會，並在本季末維持 9,110 萬美元的現金及約當現金。

Each of these actions support the next phase of execution.

上述每一項行動都支援下一階段的執行。

Our next priorities build directly on that progress. Complete the remaining construction parent chapters, continue NRCR is in circular engagement, begin operational licensing preparation, advance supplier, manufacturing, and long-beat equipment activities, and market qualified commercial opportunities towards a definitive agreement whenever it is appropriate.

我們接下來的優先事項將直接建立在這些進展之上。完成其餘施工許可章節，持續 NRCR 的循環互動，開始營運許可準備，推進供應商、製造與長交期設備活動，並在適當時機將合格的商業機會推進至具約束力的最終協議。

We are working towards targeting licensing for and initial commercialization milestones. These objectives remain subject to regulatory review, technical execution, supply chain performance finance, financing, and other factors. Our focus is to meet each prerequisite and transparently communicate material progress as it occurs.

我們正朝向許可與初始商業化里程碑的目標推進。這些目標仍取決於監管審查、技術執行、供應鏈表現、財務與融資，以及其他因素。我們的重點是滿足每一項先決條件，並在重大進展發生時以透明方式進行溝通。

I will now turn the call over to Kevin for the review of our financial results and financial position. So please move to slide 5 now.

我現在把電話交給 Kevin，請他回顧我們的財務結果與財務狀況。請大家現在翻到第 5 頁投影片。

Thank you, Alessandro, and good morning, everyone.

謝謝你，Alessandro，各位早安。

The capital that was raised to support Tara's transition from design into licensing, industrial preparation, and commercial development, it remains the focus on the execution priorities. And the capital that was raised remains the.

為了支持 Tara 從設計轉向授權、工業化準備與商業開發而募集的資金，仍然聚焦在執行優先事項上。而所募集的資金仍然是。

Sole focus of us understanding and very diligently managing this capital so that we can reach the first of a kind and then continue into the execution phases.

我們唯一的重點是理解並非常審慎地管理這筆資金，讓我們能夠達成首座示範（first-of-a-kind），並在之後持續推進到各個執行階段。

To give you an example, we began the year with $101 million in cash.

舉例來說，我們在年初時有 1.01 億美元現金。

By the end of the second quarter, halfway through the year, we have $91.1 million of cash and cash equivalents in the bank.

到第二季末、也就是一年過半時，我們銀行帳上有 9,110 萬美元的現金及約當現金。

This will support the continued investment in the licensing preparation, the engineering and development, supply chain and industrial readiness, commercial development, organization buildout, and public company infrastructure.

這將支持我們持續投資於授權準備、工程與研發、供應鏈與工業化就緒、商業開發、組織擴編，以及上市公司基礎建設。

For the second quarter, our total operating expenses and loss from operations were each $6.1 million.

第二季，我們的總營運費用與營業損失各為 610 萬美元。

This includes $4.6 million of general and administrative expenses. And $1.5 million of development cost.

其中包含 460 萬美元的一般及行政費用。以及 150 萬美元的開發成本。

These costs reflect the practical work of building the team, systems and technical program required to advance the solo towards the first-of-a-kind readiness.

這些成本反映了為了推進 Solu 達到首座示範就緒所需的團隊、系統與技術計畫之實務建置工作。

The net loss for the quarter was $18 million or $0.16 per basic and diluted shares.

本季淨損為 1,800 萬美元，或每股基本及稀釋虧損 0.16 美元。

This did include a $13.2 million of non-cash fair value remeasurement expense.

其中包含 1,320 萬美元的非現金公允價值重新衡量費用。

Again, non-cash, and that's related to shared federal contingent and warrant liabilities.

再次強調，這是非現金項目，與聯邦或有對價及認股權證負債相關。

Looking ahead, we will continue to allocate capital in a disciplined manner against concrete execute milestones.

展望未來，我們將持續以紀律方式，依據具體的執行里程碑來配置資本。

We are working hard to keep our general and administrative costs at a very low level so that we can deploy the capital that was raised again to develop the first of a kind solar reactor.

我們正努力把一般及行政成本維持在非常低的水準，讓我們能把募集到的資金再次用於開發首座示範的 Solu 反應爐。

We're working on execution milestones, licensing and environmental report preparation, engineering and development, supply readiness, physical procurement, commercial evaluation, organizational buildout, and public company requirements.

我們正在推進執行里程碑、授權與環境報告準備、工程與開發、供應就緒、實體採購、商業評估、組織擴編，以及上市公司要求。

We are committed to providing transparent reporting, disciplined capital allocation, and sustained execution against these priorities.

我們承諾提供透明的資訊揭露、具紀律的資本配置，並針對這些優先事項持續執行。

So with that, I'll turn it back over to Giordano for a discussion on the commercial development.

那麼接下來我把時間交回給 Giordano，請他談談商業開發。

Thank you, Kathy.

謝謝你，Kathy。

On slide 6, a year ago, Tara described early customer interest across data centers, industrial operation, and infrastructure applications. Today, we're working with the named counterparties and evaluating specific deployment requirements rather than discussing market interest in the abstract.

在第 6 頁投影片，一年前 Tara 描述了資料中心、工業營運與基礎建設應用等領域的早期客戶興趣。今天，我們正與已點名的對手方合作，並評估具體的部署需求，而不是抽象地討論市場興趣。

From a business development perspective, our objective is to identify qualified opportunities where solar can address and define customer power need and where the customer, site, technical, implementation and regulatory considerations can be evaluated together.

從業務開發角度來看，我們的目標是辨識合格機會：Solu 能夠滿足並界定客戶的用電需求，且能將客戶、場址、技術、導入與法規等考量一併評估。

The United States remains, of course, our primary focus market, particularly as we progress through the NRC licensing preparation and work with the US-based counterparties.

美國當然仍是我們的主要重點市場，特別是當我們推進 NRC 授權準備，並與美國的對手方合作之際。

At the same time, Solu is designed as a modular platform that can be relevant to customers in other markets facing reliability, grid capacity or power growth constraints.

同時，Solu 被設計為模組化平台，對於其他面臨可靠度、電網容量或用電成長受限的市場客戶也具相關性。

However, we believe that by virtual or enhanced and favorable safety profile, we are uniquely situated amongst next-gen reactor developers to sell internationally in selected key markets where we already are seeing signs of robust demand across many end markets.

然而，我們相信憑藉我們優越或強化且有利的安全特性，我們在下一代反應爐開發商之中具備獨特定位，能在已看到多個終端市場需求強勁跡象的特定關鍵市場進行國際銷售。

Like all companies' electricity generation supply chain, we see data infrastructure as one of the examples of a growing customer application.

如同所有公司的發電供應鏈一樣，我們將資料基礎設施視為成長型客戶應用的例子之一。

Data centers and other milestone critical facilities require dependable power facing rising demand and in many locations and cutting constraints related to grid availability, transmission capacity, and reliability.

資料中心與其他關鍵任務設施需要可靠電力，面臨需求上升，且在許多地點受到電網可用性、輸電容量與可靠度等限制。

Solar is being developed to provide a scalable behind-the-meter option for applications where those factors create a need for dedicated power.

Solu 正在開發成為可擴充的表後（behind-the-meter）選項，適用於上述因素使其需要專用電力的應用情境。

During the quarter, we announced an LOI with Wayken ILW, contemplating an initial deployment of up to 8 megawatt electric of behind-the-meter solar capacity, supporting directv and sky data center facilities in Argentina and Brazil.

本季我們宣布與 Wayken ILW 簽署意向書（LOI），規劃初期部署最高達 8 兆瓦電力（MWe）的表後 Solu 容量，以支援位於阿根廷與巴西的 directv 與 sky 資料中心設施。

We also continue to engage with the existing US counterparties, including Ameresco. Rock City Admiral Park, the site of our plant for Silicon Reactor and reactor data center developers such as Uvation, while evaluating additional opportunities across data infrastructure, industrial operations, remote and constrained grid applications and other energy-intensive sectors.

我們也持續與既有的美國對手方接洽，包括 Ameresco。Rock City Admiral Park（我們矽反應爐與反應爐資料中心開發商的廠址）以及如 Uvation 等，同時也在資料基礎設施、工業營運、偏遠與電網受限應用，以及其他高耗能產業評估更多機會。

Over the next several months, our focus is to convert the most qualified commercial frameworks into definitive agreements where technical, site, regulatory, and commercial requirements can all be satisfied.

在接下來幾個月，我們的重點是把最合格的商業框架轉化為確定性協議，使技術、場址、法規與商業需求都能被滿足。

At this stage, our priority is quality over headline volume.

在這個階段，我們的優先順序是品質高於媒體標題式的量。

We look for opportunities with a defined power requirement, a viable route to site evaluation and deploying planning, and counterparties with the commercial, infrastructure and implementation capabilities required to progress through technical, regulatory and commercial evaluation.

我們尋找具明確用電需求、具可行的場址評估與部署規劃路徑，且對手方具備推進技術、法規與商業評估所需的商業、基礎設施與導入能力的機會。

Terra Innovatum Corp in our Pittsburgh platform supports this work by aiding a US-based commercial component and operating capacity. The team is focused on customer engagement, partner coordination and deployment planning that connects commercial opportunities with our licensing and industrial preparation activities.

Terra Innovatum Corp 與我們在匹茲堡的平台透過協助美國在地的商業組件與營運能力來支持這項工作。團隊聚焦於客戶互動、夥伴協調與部署規劃，將商業機會與我們的授權與工業化準備活動連結起來。

Our objective is to develop a disciplined commercial pipeline and advance the most qualified opportunities toward definitive agreements.

我們的目標是建立具紀律的商業管線，並推動最合格的機會走向確定性協議。

Received some questions now. We can see on the other side from George from Canaccord and Samir from HC Wainwright. And we also are getting other questions from the platform.

現在收到一些問題。我們看到另一端有 Canaccord 的 George 與 HC Wainwright 的 Samir。我們也從平台收到其他問題。

We've been getting questions from the platform. So perhaps we can take those two for start and then we'll continue with the rest.

我們一直從平台收到問題。所以也許我們先從那兩位開始，然後再繼續其他問題。

Sure, you got it.

當然，沒問題。

Thank you so much.

非常感謝。

George, your line is now live.

George，你的線路現在已接通。

Hi everyone, thank you for taking my questions. I'd like to start with the commercial pipeline and maybe focus a little bit on any discussions you're having internationally and you can sort of talk about those and also to what extent.

各位好，謝謝讓我提問。我想先從商業管線談起，並可能稍微聚焦在你們在國際上進行的任何討論，你們可以談談那些，以及在多大程度上。

Are those other potential international discussions being impacted by the NRC, meaning that they're waiting for a more regulatory clarity and therefore we'll accelerate those conversations? And how leverageable do you think any potential NRC approval is to getting those commercial deals internationally done?

那些其他潛在的國際討論是否受到 NRC 的影響，也就是說他們在等待更明確的法規清晰度，因此之後會加速這些對話？以及你們認為任何潛在的 NRC 核准，對於促成國際商業交易的槓桿效應有多大？

Thank you.

謝謝。

Yeah. Yeah, I was talking media company managers now.

是的。是的，我現在來談談。

Definitely the role of USNRS is widely known internationally, so we are not the one that are experiencing that. So it is to say that in all international business discussion we had with possible offtakers, the role of the licensing is fundamental because from one side demonstrated the commitment and the maturity of our project, from the other side is also.

美國 NRC 的角色在國際上廣為人知，所以我們並不是唯一感受到這點的公司。也就是說，在我們與可能的承購方（offtakers）進行的所有國際商務討論中，授權的角色至關重要：一方面展現我們專案的承諾與成熟度，另一方面也。

A sort of confidence to possible different nations and countries to basically follow the same experience and the same activities that is in the US. We talk in Indonesia, we talk in the Philippines, partially in Africa and South America, and the attention is maximum to the licensing.

為不同國家提供某種信心，使其基本上能遵循美國的相同經驗與活動。我們在印尼、菲律賓、部分非洲與南美都有交流，而對授權的關注度是最高的。

Even I have to say sometimes before the design itself.

甚至我必須說，有時候他們對授權的關注還在設計本身之前。

So those countries, sometimes the nuclear understanding is limited, more limited than the US. So the attention to what is now occurring there is fundamental for the success in those countries, with some exceptions. There are, and I can mention Indonesia for instance, or Malaysia, or.

因此在那些國家，對核能的理解有時較為有限，比美國更有限。所以目前在美國發生的事情之受關注程度，對於我們在那些國家的成功至關重要，但也有一些例外。例如我可以提到印尼，或馬來西亞，或。

Eventually even Vietnam were a little more experience in nuclear such that they can also look a little forward than the license itself. But definitely I think then our submission now of the construction permit and the following review that USNRC is going to start is fundamental also to increase our. Capacity to develop those interest in real concrete opportunities there.

甚至越南，他們在核能方面的經驗稍多一些，因此也能把眼光放得比授權本身更往前一些。但我認為，我們現在提交建造許可申請，以及接下來美國 NRC 將開始的審查，也絕對是提升我們。把這些興趣在當地發展成真正具體機會之能力的關鍵。

To implement on what Ali was saying, definitely the target focus again is to tangibly. Look at companies to where we can deploy. So geographically speaking, US is the focus with the NRC licensing. There's also other possibilities where the licensing could be potentially streamlined.

為了延續 Ali 剛才所說的，目標重點再次是要落到具體可執行的層面。我們在看哪些公司是我們可以部署的。就地理而言，美國是重點，因為有 NRC 的許可。另外也有其他可能性，許可流程有機會被簡化。

We're looking at places where the 123 agreements are signed. So along with Asia, we're looking at Saudi, we're looking at different parts of the world.

我們在看已簽署 123 協議的地區。因此除了亞洲之外，我們也在看沙烏地，並且在看世界各地不同的區域。

And we're working hand-in-hand between the technical, the regulatory, and the go-to-market strategies on how to truly permeate the countries, and we've been doing this for the past year. So we've been attending conferences, business events, not only in the US. But throughout Europe, Asia and the GCC region.

我們在技術、法規以及市場進入策略之間密切協作，思考如何真正深入各國市場，而這件事我們過去一年一直在做。因此我們參加了各種會議、商務活動，不僅在美國。也遍及歐洲、亞洲以及 GCC 地區。

This is extremely important. In terms of industrial verticals, we're looking at hospitals for the radioactive productions, we're looking at mining facilities and extraction.

這非常重要。就產業垂直領域而言，我們在看醫院（用於放射性同位素生產），也在看礦業設施與開採。

So there is plenty of opportunities thanks to the deployability of the technology and the scalability of this technology.

因此，得益於這項技術的可部署性與可擴展性，機會非常多。

Thank you. Samir, your line is now live.

謝謝。Samir，你的線路已接通。

Hey, good morning, good afternoon, Alejandro Giordano. Thanks for taking my question.

嗨，早安／午安，我是 Alejandro Giordano。謝謝讓我提問。

In the last call, I think you had mentioned several supply chain agreements that were signed and secured.

在上一次電話會議中，我記得你們提到已簽署並確保了幾項供應鏈協議。

Some of the long lead items, have there been any new named parties that you have signed to a supply chain agreements with, and how is that part of the development process?

針對一些長交期項目，是否有任何新的具名合作方與你們簽署供應鏈協議？這部分在開發流程中進展如何？

All the names that I mentioned during the presentation, so in addition to the graphite, to ETD, you can see agreement with Nau Batteries company previously ordered for the turbine.

我在簡報中提到的所有名稱——除了石墨、ETD 之外，你也可以看到與 Nau Batteries 公司的協議；該公司先前已為渦輪機下單。

You can see the air cooler condenser, you can see the pumps, the immune recirculator with Vordrocki. So basically.

你也可以看到空冷冷凝器、泵浦，以及與 Vordrocki 合作的（imune）再循環器。所以基本上。

We did a lot of activities and as I said today, we are in the position to say that we prepared the technical specification and discuss with our supplier about a little more than 80% of the current bill of material of our reactor.

我們做了很多工作；如我今天所說，我們已經能夠表示：我們已完成技術規格的準備，並就我們反應爐目前物料清單（BOM）中超過 80% 的項目與供應商進行了討論。

I will take also this question. With the possibility to stress another important point in Terra strategy in respect to the supply chain.

我也來回答這個問題。同時也藉此強調 Terra 在供應鏈方面策略的另一個重要點。

As we said since the beginning, we believe that the current supply chain is fundamental to a product, to a reactor that is commercial available soon on the market.

正如我們從一開始就說的，我們相信現有供應鏈對於一個能夠很快在市場上商業化供應的產品、也就是反應爐，至關重要。

And we think today that this was even more the right decision to do.

而我們今天認為，這個決策更證明是正確的。

And with each of these suppliers, we started in particular for the long lead items like MERS, like ATBs, like even, sometimes might be a relatively long lead item.

並且針對每一家供應商，我們特別是對於長交期項目，例如 MERS、ATBs，甚至有時候某些項目也可能屬於相對長交期。

We start really to talk about how to support the commercialization because we see the fog as a step. For the commercialization. Yes, it is a very fundamental step to build the FOC and to license the FOC, but the commercialization is the real challenge for FER and the real focus. So that's to say that in all our discussion with the supply chain, so far what you see is the advancement for the FOC.

我們已經開始真正討論如何支援商業化，因為我們把 FOC 視為商業化的一個步驟。走向商業化。是的，建造 FOC 並取得 FOC 的許可是一個非常基礎的步驟，但對 FER 而言，真正的挑戰與真正的重點是商業化。因此也就是說，在我們與供應鏈的所有討論中，到目前為止你看到的是針對 FOC 的推進。

But there are a lot of discussion in terms of how to prepare ourselves for the commercialization in a good way.

但在如何以良好方式為商業化做好準備方面，也有大量的討論。

Understood. Thanks for that color.

了解。謝謝你補充這些細節。

Very helpful.

非常有幫助。

And on the construction permit application process, you have kept us up to date on all the steps and some of the press releases were really helpful in understanding your process.

另外關於施工許可申請流程，你們一直讓我們掌握每個步驟的最新進展，有些新聞稿也很有幫助，讓我們理解你們的流程。

But the question I have is, this in line with what you had originally planned in terms of expected timing?

但我想問的是：就預期時程而言，這是否符合你們最初的規劃？

Are there any slippages that you have seen some things are taking longer, some of the things that you might not have been prepared to answer the analysis with?

你們是否看到任何延遲——有些事情花的時間更久，或有些事情在分析上你們可能原本沒有準備好要回應？

Just some color on how the internal dialogue is going between the two parties here.

想請你補充一下，雙方之間內部對話的進展情況。

The dialogue with the USMRSC is still good as it was at the beginning, very productive and very communicative with several feedback every week.

我們與 USMRSC 的對話仍然像一開始一樣良好，非常有成效且溝通順暢，每週都有多次回饋。

We still are on our track for the licensing timeline we figured out at the beginning.

我們仍然按照一開始規劃的許可時程在推進。

We have to say that what happens since we started in end of.

我們必須說，自從我們在年底開始。

2024 is basically the Part 57 and this is a good positive outcome.

2024 年以來，基本上就是 Part 57，而這是一個很好的正面成果。

Why Part 57 may have impacted the work but in the positive way is that obviously some of our documentation, some of our even design choice are. Affected by part 57 because we should remember that part 57 will be the way by which solar will become commercial because right now the folk is under the part 50. So part 57 is covered in some aspects which are not even present in part 57 like the transportation of a fueled reactor. Obviously in part 50 you cannot find this, in part 57 you can find it.

為什麼 Part 57 可能影響了工作、但卻是正向影響？因為顯然我們的一些文件、甚至一些設計選擇，都會。受到 Part 57 的影響；因為我們應該記得，Part 57 將會是 Solar 走向商業化的途徑，因為目前 FOC 是在 Part 50 之下。因此 Part 57 涵蓋了一些在 Part 50 中甚至不存在的面向，例如已裝載燃料的反應爐運輸。顯然在 Part 50 你找不到這點，但在 Part 57 你可以找到。

So now, just to give an example, how you can get benefit of the under, not yet accepted, executive, but obviously under discussion part 57, now you can get the benefit of this for the current FOC. And obviously this was very important because as I said before, we see the FOC as an intermediate step toward the commercialization. So the fact that the part 57 is now close to release and has been discussed and we took part of the discussion has obviously a lot of nice feedback on the project. To come to the timeline, we still continue to be on our track. We will send the last nine chapters of the construction plan by October.

所以現在，舉例來說，雖然 Part 57 尚未被正式採納、仍在討論中，但你現在就可以從這個 Part 57 的討論中，讓目前的 FOC 受益。而這顯然非常重要，因為如我先前所說，我們把 FOC 視為通往商業化的中間步驟。因此，Part 57 現在接近發布、且已被討論，而我們也參與了討論，這顯然為專案帶來很多很好的回饋。回到時程，我們仍然持續按計畫推進。我們將在 10 月提交施工計畫的最後九個章節。

In the meantime, by the time we are doing the business review with USMRSC, which should.

同時，在我們與 USMRSC 進行業務審查之際，這應該。

Facilitate and in some way also expedite the communication between us and USMRSC for the final review of the application.

有助於、並在某種程度上也加速我們與 USMRSC 之間就申請案最終審查的溝通。

And in October, whenever we finish, whenever the engineering and licensing team has finished with the construction permit, and obviously submit, and from there on there will be the review of USMRSC. Our team, engineering team and licensing team will start to devote their full time also for the operating license. So still we are fully on track on what we say one year ago.

而在 10 月，當我們完成、當工程與許可團隊完成施工許可並提交之後，接下來就會進入 USMRSC 的審查。我們的團隊——工程團隊與許可團隊——也將開始把全部時間投入到運轉許可上。因此，我們仍然完全按照一年前所說的計畫在軌道上。

Thanks, Alejandro, for that.

謝謝你，Alejandro。

Really good to see all the progress. Congratulations and good luck. Thanks for taking my question.

很高興看到所有進展。恭喜，也祝你們好運。謝謝回答我的問題。

Thank you.

謝謝。

I see another NRC-related question here, but I think we covered it with Samir. Regarding the construction permit and next steps, there's another one regarding the LOI for the Waken.

我看到這裡還有另一個與 NRC 相關的問題，但我想我們在 Samir 那題已經涵蓋了。關於施工許可與下一步，還有另一題是關於 Waken 的 LOI。

Can you expand on the Waken and other commercial agreements? Yes, we did sign the LOI for up to. Megawatt electric with Waken, which is part of the Wirten Group.

你能否進一步說明 Waken 以及其他商業協議？是的，我們確實與 Waken 簽署了 LOI，最高可達。電力（MW）規模；Waken 是 Wirten 集團的一部分。

The aim is to deploy those reactors for directv Latin America and Sky Brazil data center facilities. I think this is really important as we're describing the go to market strategy and thanks to the technology of our solo and the deployability within the US but also outside of the US and the demand is starting to grow and this is the first manifestation.

目標是在 DirecTV Latin America 與 Sky Brazil 的資料中心設施部署這些反應爐。我認為這非常重要，因為我們正在闡述市場進入策略；憑藉我們 Solar 技術的能力，以及在美國境內與境外的可部署性，需求正開始成長，而這就是第一個具體展現。

And we look to further advancing this, the next steps we, of course, citing planning, further go-to-market strategy and discussion and potential amplification through the portfolio of the group.

我們希望進一步推進；下一步當然包括選址規劃、更深入的市場進入策略與討論，並且可能透過該集團的投資組合來擴大推動。

I think a very important concept for investors to retain is that the focus is truly on tangibility and feasibility of the commercial opportunities.

我認為投資人需要牢記的一個非常重要的概念是：重點確實在於商業機會的可落地性與可行性。

We're really looking at quality over quantity. We have signed these agreements and we're progressing to other steps for the ones that are existing and future ones as well.

我們真正看重的是品質而非數量。我們已簽署這些協議，並且正就既有與未來的項目推進到後續步驟。

But we really are trying to build a trusted track record of commercial execution similarly to the ones that have been achieving on supply chain and the licensing planning.

但我們確實正努力建立一個值得信賴的商業執行實績，類似於我們在供應鏈與授權規劃方面已經達成的成果。

Another question that I'm getting revolves the attractiveness of data centers, of course, and the applications of Solo and our combined balance of plan. Maybe Alessandro can take this.

我收到的另一個問題，當然是圍繞資料中心的吸引力，以及 SOLO 的應用與我們合併後的資產負債表狀況。也許 Alessandro 可以回答。

Oh yeah, data center definitely today what to say, data center represents definitely the reason of the increase of power need for.

喔對，資料中心毫無疑問地——怎麼說——資料中心如今確實是電力需求增加的原因之一。

For all the world. So data center like other mission critical facilities are characterized by challenge and for instance, dependable power, grid availability, transmission capacity, power growth, reliability of the grid, availability of the water for instance.

在全世界都是如此。因此，資料中心和其他關鍵任務設施一樣，面臨一些挑戰，例如：可依賴的電力、電網可用性、輸電容量、用電成長、電網可靠性，以及例如水資源的可用性。

So why data center are. For so definitely because they represent a huge demand today and because Terla has developed a reactor which is modular, scalable, behind the meter application that does not meet. Water or the amount of water that needs is very limited thanks to this cooler condenser and also we are evolving in the future as already announced with the PR towards a supercritical CO2 bands of plants with Becker-Huke.

那麼為什麼是資料中心呢。當然是因為它們今天代表了巨大的需求，而且因為 Terla 開發了一種反應器，具備模組化、可擴展、表後（behind the meter）應用的特性，且不需要——用水或所需水量非常有限，這要歸功於這個冷卻器冷凝器；此外，我們也正如先前透過新聞稿所宣布，與 Becker-Huke 一起朝向採用超臨界 CO2 的電廠方案演進。

So data centers are important because they represent an incredible amount of. Energy demand and and and possibility commercial possibility for F and Tera is the right product but from the other side I like also to say that Tera has developed a a reactor which is very so data centers today definitely is the main customer one of the main customer for but thanks to our versatility we obviously look towards also other application.

因此資料中心很重要，因為它們代表了驚人的。能源需求，以及、以及、以及對 F 而言的商業可能性，而 Tera 擁有合適的產品；但另一方面我也想說，Tera 已開發了一種反應器，非常——所以資料中心今天確實是主要客戶之一，但憑藉我們的多功能性，我們當然也會看向其他應用。

In different sectors, in even the remote areas, even in sectors that are very energy intensive or with constrained readability, even the hospital, as with our capacity to produce . So to conclude, data centers are very attractive and I think they are attractive for everybody.

在不同產業，甚至在偏遠地區，甚至在高度耗能或可靠性受限的產業，甚至是醫院，因為我們具備生產的能力。總結來說，資料中心非常有吸引力，我認為它對所有人都很有吸引力。

But at the same time, the modularity, the feature of SOLO, the hand-the-meter application, all what I say makes SOLO very interesting for many other applications. And maybe I already say this, if we sum up all those other applications worldwide, I think this market is even larger than the market of the data center.

但同時，SOLO 的模組化特性、表後應用等我所提到的一切，也讓 SOLO 對許多其他應用非常有意思。也許我已經說過，如果把全球所有那些其他應用加總起來，我認為這個市場甚至比資料中心市場更大。

I think there's another question that kind of jumps on this comments from Ali. How does Terra decide which commercial opportunities to pursue and to answer this is exactly what we've been discussing. Real opportunities over through headline volume to say, I think the market has been realizing over the past year, a lot of commercial validation has been given by LOIs and MOUs and so forth.

我想還有另一個問題，算是接續 Ali 的評論。Terra 如何決定要追求哪些商業機會？答案正是我們一直在討論的。重視真正的機會，而不是只看標題上的量體；我認為市場在過去一年已逐漸意識到，透過意向書（LOI）、備忘錄（MOU）等等，已提供了許多商業驗證。

And people are slowly starting to really understand what's behind them, right? So the fluctuation of the stock do not interfere with those announcements as much.

而人們也慢慢開始真正理解這些文件背後代表什麼，對吧？因此股價的波動不會像以前那樣干擾這些公告。

And we're really trying to focus mindful of the supply chain, what we can produce, what we can.

而我們也確實努力把重點放在供應鏈的可行性上，思考我們能生產什麼、我們能。

The timings, commercial and tangible opportunities. So the company evaluates whether there is a definite power requirement, viable site, deployment pathway, and all of the regulatory, of course, capacity for the commercial deployment. I think this is the approach to the go-to market for the company.

時程、商業上且可落地的機會。因此公司會評估是否存在明確的電力需求、可行的場址、部署路徑，以及當然還有商業部署所需的所有監管能力。我認為這就是公司進入市場（go-to-market）的做法。

There's another one, I think, for Alessandro regarding the construction permit. When do you expect to have the construction permit and when so could be licensed?

還有一個我想是問 Alessandro、關於施工許可的問題。你預期何時能取得施工許可？以及何時 SOLO 可以取得執照？

Yes, I think this more or less is going back to the question I received before. I can just repeat it. Today we have submitted the nine chapters of the construction permit just three weeks ago.

是的，我想這或多或少回到我之前收到的問題。我可以再重複一次。目前我們在三週前剛提交了施工許可的九個章節。

We also request the written review with USMRAC. For those chapters.

我們也向 USMRAC 申請了書面審查。針對這些章節。

By October, we will submit the remaining nine chapters, if not one.

到十月，我們將提交剩下的九個章節，如果不是全部的話。

What it was also very important in this submission was the environmental assessment report, which is a very important document for Rock City and for the deployment of solar because it's not only.

而這次提交中也非常重要的一部分是環境評估報告，這對 Rock City 以及 SOLO 的部署而言是非常重要的文件，因為它不僅僅是。

A safety analysis, and I'm an engineer, so I like safety analysis. But the environmental assessment of efforts also implies that solar started to communicate with the site owner, with the people there, and start to review what are the features of the site. So it's a real tangible example of how we advance the application.

安全分析——而我是工程師，所以我喜歡安全分析。但環境評估工作也意味著 SOLO 已開始與場址所有者、當地居民溝通，並開始檢視場址的特性是什麼。因此這是一個非常具體的例子，說明我們如何推進申請。

And as I said before.

而如我先前所說。

We are in charge to submit our nine chapters in October and after that we would like to fully devote to operating license in order to arrive to the final safety analysis report in 2027.

我們將在十月負責提交我們的九個章節，之後我們希望全力投入營運執照，以便在 2027 年完成最終安全分析報告。

There's another couple of questions regarding the overall status on commercial deployment. I think we fairly covered that. And the other questions regarding, again, execution from LOIs into binding orders, considering, of course, siting the different requirements, supply chains, and the coordination with the different parties.

還有幾個問題是關於商業部署的整體狀態。我想我們已相當充分地涵蓋了。另外一些問題則是再次關於如何把 LOI 轉化為具約束力的訂單，當然要考量選址的不同要求、供應鏈，以及與不同合作方之間的協調。

We have one again on what was actually changed in the supply chain beyond siting, memorandum, collaborations. I think, Ali, this reverse to the.

我們又收到一個問題：除了選址、備忘錄、合作之外，供應鏈方面實際上改變了什麼？我想，Ali，這是回到。

We are executing the tangible agreements.

我們正在執行那些可落地的協議。

So the question is, sorry, Giordano, is?

所以問題是，抱歉，Giordano，是？

About what has actually changed in the supply chain beyond signing memoranda of collaboration agreements.

關於除了簽署合作備忘錄協議之外，供應鏈方面實際上有哪些改變。

This was a very interesting question because during the re-experience in this one year and a half.

這是一個非常有趣的問題，因為在這一年半的再——經驗中。

Also the change of the supply chain attitudes towards us and I think in reality towards the micronuclear reactor.

也包括供應鏈對我們的態度改變，我想其實也是對微型核反應器的態度改變。

When we start with several of the suppliers, they have still the idea of nuclear as an elephant industry with a lot of long time, long design process.

當我們一開始接觸一些供應商時，他們仍然把核能視為一個像大象般龐大的產業，需要很長時間、很長的設計流程。

Difficult to arrive to the end. So what we really see during this year is not only the progress that I'm going to repeat, but it's almost changed also the mentality of some of our suppliers, particular mass and . They really start to get the idea what does it mean nuclear based on microreactor. And nuclear energy, which is more similar to a process of production and manufacturing and gas turbine. So they are really challenging also. They are self in terms of what we need to do from their side, obviously, in terms to support the commercialization. So what changes since the beginning? Changes that we passed from electoral intent, annual understanding to real technical specification followed by orders and followed by advance payment. As I said before, we have now delivered more than about 80% of the technical specification to our suppliers. So this is what has been changed. We have in some cases also done advanced payments.

很難走到最後。因此我們在這一年裡看到的不僅是我將要重複的進展，某種程度上也改變了部分供應商的心態，特別是 Mass 和。他們真的開始理解，以微型反應器為基礎的核能意味著什麼。而核能更像是一種生產與製造流程，類似燃氣渦輪。因此他們也真的在挑戰。他們自己，從他們那一端需要做什麼，當然是為了支持商業化。那麼從一開始到現在改變了什麼？改變在於我們已從意向、年度理解，走向真正的技術規格，接著是訂單，並且還有預付款。如我先前所說，我們現在已向供應商交付了超過約 80% 的技術規格。這就是改變之處。在某些情況下我們也已支付預付款。

So the process of procurement of the real material and component is ongoing.

因此，實際材料與零組件的採購流程正在進行中。

I may remember. For instance, the PR we did with massing when we received the first block of graphite and that we started even to tools, to manufacture and to try to create some example of how our reactor will at the end look up. So there is an incredible amount of work that has been done, but what I'd like to say, not only from a practical point of view, what I'd like to say is that, in particular, we saw that also the mentality of the supply chain has been changed since we started, and we are now getting the idea of what does it mean to create a series of macronuclear reactors over the years.

我可以提醒一下。例如，我們與 Massing 發布的新聞稿：當我們收到第一批石墨塊時，我們甚至開始製作工具、進行製造，並嘗試做出一些示例，展示我們的反應器最終會是什麼樣子。因此已完成了大量工作；但我想說的不僅是從實務角度，我還想說的是，特別是我們看到供應鏈的心態自我們開始以來也已改變，而我們現在正在形成對於多年來打造一系列宏——核反應器意味著什麼的理解。

From supply chain, there is one technical and then we'll go to Kathy with some financials.

從供應鏈的角度來看，有一個技術問題，然後我們會請 Kathy 補充一些財務方面的內容。

The technical is why is water independent cooling important for sole? I believe this is for the SPG dry cooling.

技術問題是：為什麼「不依賴用水」的獨立冷卻對 sole 很重要？我相信這是針對 SPG 乾式冷卻。

Oh, yes.

喔，是的。

We were talking before about data center and I think you know much better than me what is now the situation with data center in the US.

我們之前在談資料中心，我想你比我更清楚目前美國資料中心的情況。

And water is obviously a very important element for the accessibility of a data center together with many other features. So the possibility that solar has to have a balance of plants, equip it with a dry cooling system with a very limited amount of water that you need to refill every 15 years, makes a very attractive feature for, I think, data center and for any other.

而水顯然是資料中心可落地性（可取得性）的非常重要要素之一，當然還有許多其他特性。因此，若 solar 的 BOP（廠用平衡系統）能配備乾式冷卻系統，只需要非常少量的水、每 15 年才需要補水一次，我認為這對資料中心以及其他任何設施而言，都是非常有吸引力的特點。

Facilities that have similar challenges of data center.

那些面臨與資料中心類似挑戰的設施。

It's not the only one, there are, as I say, many others that we think solar can address, but definitely water is fundamental. And we decided also to start with the ranking cycle, the steam tube bind, so with the need of water, just because this is part of our philosophy to entering the market with a product that is, how to say. As soon as possible available but from the other side we also like to advance and to go to a solution where even there will be no water in the secondary side and that's why we signed the agreement with for the super critical CO2 turbine so water is is is fundamental and and. Our design is such that we can live and that's the reason why we think is an upper-based solution for that person.

這不是唯一的一項；如我所說，我們認為 solar 還能滿足許多其他需求，但水確實是關鍵。我們也決定先從朗肯循環（Rankine cycle）、蒸汽渦輪機開始，也就是仍需要用水，因為這符合我們的理念：以一個怎麼說呢——盡快可供市場使用的產品切入；但另一方面，我們也希望持續推進，走向次級側完全不需要用水的解決方案，這也是為什麼我們簽署了超臨界 CO2 渦輪機的協議。所以水是、是、是非常根本的，而且——我們的設計使得我們可以在這樣的條件下運作，這也是我們認為它是以此為基礎的更優解的原因。

Thanks, Sally. Now passing on more financial standing, there's a question regarding the Pittsburgh expansion, the value-add of the office, intention to expand on the US supply chain, related financial next steps, maybe Cathy could take this.

謝謝，Sally。接著轉到更多財務面的狀況，有一個問題是關於匹茲堡擴張、辦公室的加值、在美國供應鏈擴張的意圖，以及相關的財務後續步驟；也許 Cathy 可以回答。

Certainly.

當然。

So our next steps as far as expanding in the U.S. And placing the office there is we're trying to build out the supply chain in the U.S. Where appropriate, and it just makes more sense to be closer to that supply chain and to the politicians and the people who have influence in the states to make sure that we are also getting.

就我們在美國擴張的下一步而言，以及在那裡設立辦公室，我們正嘗試在美國建立供應鏈。在適當的地方這樣做；而且更貼近供應鏈、也更貼近政治人物與在各州具有影響力的人士，確實更合理，以確保我們也能取得——

The best deal for locating in a particular state.

在特定州落地設點的最佳條件。

So we're working towards that and having the office in the U.S. Just facilitates that.

所以我們正朝這個方向努力，而在美國設立辦公室只是讓這件事更容易推進。

As far as expanding the supply chain, that has been in our forecast from the very beginning.

至於擴張供應鏈，從一開始就已經納入我們的預測之中。

I know that we have had people ask, okay, you may have 91 million of cash at the end of June, but how long will that money last?

我知道有人問過：好，你們在 6 月底可能有 9,100 萬美元現金，但這筆錢能撐多久？

We've discussed this several times.

我們已經討論過好幾次了。

And so I'll just reiterate, we are on track for the plan that we put in place at the time of creating and raising the capital. And that plan is by the end.

所以我再重申一次：我們正按著在成立並募資時所制定的計畫推進。而那個計畫是到——

2027.

2027 年底。

We will have spent everything we need for the first of a kind and we will still have at least $30 million remaining to help with the commercialization.

我們將會把首座示範機（first-of-a-kind）所需的支出全部投入完成，同時仍會至少保留 3,000 萬美元，用於協助商業化。

But everything that's tracking to that, I mentioned earlier, we are truly keeping our overhead costs as low as possible, even though the business is growing. But we want to use the capital raise to focus on producing the first of a kind solar reactor and getting it to the market.

而所有進度都在朝這個方向走。我先前也提到，我們確實在把管理費用（overhead）壓到最低，即使業務在成長。但我們希望把募得的資金聚焦在打造首座 solar 反應器並把它推向市場。

Thank you, Kathy. We have another one on the $91.1 million cash. What is the real opening burn and how long will the money last? So this is tied to another one on the cash burn and immediate future scale up.

謝謝你，Kathy。我們還有另一個關於 9,110 萬美元現金的問題。實際的初期現金消耗（burn）是多少？這筆錢能撐多久？所以這也連結到另一個關於現金消耗與近期擴產（scale up）的問題。

And again, that goes back to what we had planned at the time of the capital raise and we are definitely following that and we've been right on track.

同樣地，這回到我們在募資時所規劃的內容；我們確實正依照該計畫執行，而且一直都很符合進度。

We're underrunning in a few areas on the actual cash because of the timing of doing the advance payments with our suppliers.

在實際現金支出上，我們在少數領域低於預期，原因是對供應商預付款（advance payments）的時點安排。

But again, the plan is by 2027.

但再次強調，計畫是到 2027 年。

The capital raise will have gone to support the creation of the organization and the first of a kind by the end of 2027 with approximately $30 million left over to go for commercialization.

募得資金將用於支持組織的建立，以及在 2027 年底前完成首座示範機（first-of-a-kind），並保留約 3,000 萬美元用於商業化推進。

Thank you, Kathy. There is also a question from Ryan, operator. Can you open the audio?

謝謝你，Kathy。另外還有 Ryan 的問題，接線員。可以開啟音訊嗎？

Yes, please give me second.

好的，請給我一秒鐘。

Ryan, your line is now live.

Ryan，你的線路現在已經開通。

Hey, guys. Thanks for taking my questions. I just had a couple quick follow-ups. First was on the LOI in Argentina and Brazil. Could you talk about what potential timing could look like there or maybe some of the milestones that we should look out for?

嗨，各位。謝謝你們回答我的問題。我有幾個簡短的追問。第一個是關於阿根廷和巴西的 LOI（意向書）。你們能談談那邊可能的時程會是什麼樣子，或是我們應該留意哪些里程碑嗎？

Yes, as we said, for all the contracts that we're discussing or that we've signed, we're getting into a more technical delineation. So as per the Rock City, we have to look at the siding, we have to look at the regulatory environment, all of the technical process and eventually how those relate to our deployment capabilities.

是的，如我們所說，對於所有我們正在討論或已簽署的合約，我們正在進入更技術性的界定。因此就像 Rock City 一樣，我們必須看選址（siting），必須看法規環境、所有技術流程，以及最終這些如何與我們的部署能力相互對應。

In terms of timeline, okay, so we're doing everything we can. We're continuing these conversations. This has been an ongoing conversation for several months.

就時間表而言，好，我們正在盡一切努力。我們持續進行這些對話。這已經是持續好幾個月的對話了。

It reached the signature and the public confirmation.

它已經達到簽署並對外公開確認。

We are now again into the. The next steps to try to consolidate and execute. I cannot give you more details in terms of the next steps, but this would be again technical internally until potentially there could be in the future further commitments.

我們現在再次進入——下一步，嘗試整合並執行。我無法就下一步提供更多細節，但這仍會先是內部的技術工作，直到未來可能出現進一步承諾。

I may add here that both countries, Brazil and Argentina countries, so this is obviously why we look to this agreement as.

我在這裡補充一下：兩個國家——巴西與阿根廷——所以這顯然也是為什麼我們把這份協議視為——

As one of very positive for us.

對我們非常正面的協議之一。

I can tell you also that the team is also familiar with the regulatory environment, both in Argentina and Brazil, because previously the team years ago works for Atucha 2 and W10 and the ANGRAD reactor in Brazil.

我也可以告訴你，我們的團隊也熟悉阿根廷與巴西的法規環境，因為多年前團隊曾參與 Atucha 2、W10，以及巴西的 Angra（ANGRAD）反應器。

I can tell you that we have a very long regulation in Argentina, as CONOIR, that is one of our suppliers there, and also that obviously the people in the structure of the elevatory framework, in particular in Argentina, is something that I can tell you as a root.

我可以告訴你，我們在阿根廷有非常長期的法規經驗；CONOIR 是我們在那裡的供應商之一；另外，顯然在監管框架的架構中，特別是在阿根廷，有些事情我可以告訴你是很穩固的基礎。

Now here I'm using a little technical point, but the rule base of Argentina licensing is in the so-called the dose to the probability. So basically it's a kind of environment such that it is able to accept whatever.

這裡我用一個比較技術性的點：阿根廷的許可（licensing）規則基礎是在所謂「劑量—機率」（dose to probability）。所以基本上，它是一種能夠接受各種——

Feedback, whatever application of licensing, still keeping the concept of the dose to the public in terms of probability. So it's not so prescriptive like in US, but it's based on the same concept of the dose to probability. And this is very important because we are not talking about two completely different licensing frameworks.

回饋、各種許可申請的環境，同時仍以「對公眾的劑量」在機率意義下作為核心概念。因此它不像美國那樣高度規範式（prescriptive），但它是基於同樣的「劑量—機率」概念。這非常重要，因為我們談的不是兩套完全不同的許可框架。

And so those are the elements for which we are very positive in respect to this agreement.

因此，基於這些要素，我們對這份協議非常正面。

Appreciate that. And then maybe one on the supply chain. You guys have obviously highlighted a lot of progress there. Just curious what the remaining items are to be ready to actually deploy a reactor on the supply chain.

感謝說明。接著可能再問一個供應鏈的問題。你們顯然已經強調了很多進展。我只是好奇，若要在供應鏈層面真正準備好部署一座反應器，還剩下哪些項目？

Basically all components of the reactor have their own associate supplier and we discuss with the supplier of each of these components.

基本上，反應器的所有組件都有各自對應的供應商，我們也正與每一個組件的供應商進行討論。

For some reason about NDA, some of them have not been yet made public, but you may see from the list what basically has not yet been communicated to the market.

由於某些與 NDA（保密協議）相關的原因，其中一些內容尚未公開，但你可以從清單中看出，基本上哪些內容尚未對市場溝通。

We are discussing technical details, but the fact that some of the components have not yet been communicated is because they are obviously relation and communication that are not yet made public. But obviously given our advancement status with the licensing and the construction.

我們正在討論技術細節，但之所以有些組件尚未對外溝通，是因為它們顯然涉及尚未公開的關係與溝通事項。但很明顯，考量到我們在許可與建設方面的推進狀態。

This discussion is occurring every day.

這項討論每天都在進行。

So today, practically, there is no component that has not been identified, for which has not been identified to supply.

所以就今天而言，實際上沒有任何尚未被識別、且尚未被指定供應來源的組件。

And for which the discussion, technical discussion has been already occurred.

而且相關的討論、技術討論也都已經進行過了。

Great. I appreciate all the detail, guys.

很好。各位，我很感謝你們提供的所有細節。

Thanks, Ryan, for the question.

謝謝你，Ryan，提出這個問題。

I think we have a last one, and this is for Ali.

我想我們還有最後一題，這題是給 Ali 的。

What does the company consider unique about that?

公司認為這件事的獨特之處是什麼？

I have to say that I like a lot this question.

我必須說，我非常喜歡這個問題。

I think the answer to this question might be.

我認為這個問題的答案可能會是。

Might be different during the year, and initially we focused a lot on the technical aspects, on the fact that we are using ALEO, that we have small or low power.

可能在一年當中會有所不同；一開始我們非常著重技術面，著重於我們使用 ALEO、以及我們的小型化或低功耗。

But now, after one year, let me say, I'll say several like, let me start with commercial dedication.

但現在，經過一年之後，我想說幾點——我先從商業化的投入談起。

What I mean. I mean that in all our discussion with the suppliers in particular, and even now with the licensing, with parficis elements I was saying before, our attentions pay really more on the commercialization than on the FOC.

我的意思是什麼？我的意思是，在我們與供應商的所有討論中（尤其如此），甚至現在在許可方面，對於我先前提到的特定要素，我們的注意力其實更放在商業化，而不是放在 FOC。

We see really the FOC as a step in the commercialization.

我們確實把 FOC 視為商業化的一個步驟。

But all our decisions with the supplier and even with the licensing as far as possible, given that there are two different licensing frameworks, are towards the commercialization. So we are fully dedicated to these aspects, even though this might imply some effort more for the FOC.

但我們與供應商的所有決策，甚至在許可方面（在可行範圍內，鑑於存在兩種不同的許可框架），都是朝向商業化。因此我們完全投入在這些面向上，即使這可能意味著在 FOC 上需要多付出一些努力。

A second aspect, I think is very strategic, we talked before.

第二個面向，我認為非常具策略性，我們之前也談過。

Data centers are important, but they. Feature of solar such that we can deploy solar everywhere in any part of the world we don't need the presence of the water for instance of very limited we can do as the site is very small we can do everywhere there is a road and we can apply to any industry even a small one where ling instead the source of power large nuclear power plant cannot go so we are really the.

資料中心很重要，但它。太陽能的特性在於，我們可以在世界任何地方部署太陽能；例如不需要水的存在，或只需要非常有限的水；場址非常小；只要有道路的地方就能做；而且可以應用到任何產業，甚至是小型產業；相較之下，大型核電廠的電力來源無法到達那些地方，所以我們確實是。

Another aspect, maybe yes, is the competitiveness of the product because in particular now for the fog, we have enough money to build what we need, what we want.

另一個面向，或許是產品的競爭力，因為特別是現在針對 FOG，我們有足夠的資金去建造我們需要、我們想要的東西。

But if we now select a component which is very expensive for the fog and then we go to the not to the commercialization. Without taking into account this cost, then we will pay later.

但如果我們現在選了一個對 FOG 來說非常昂貴的組件，然後我們走向（而不是停留在）商業化。卻沒有把這個成本納入考量，那我們之後就會付出代價。

So what I mean is, even today, the focus is extremely on what is the best component at minimum cost for the fog.

所以我的意思是，即使在今天，我們的重點也極度放在：對 FOG 而言，以最低成本取得最佳組件是什麼。

Because what we think is that the commercialization, this race, will be win by who produced the reactor, the best reactor, but the most cheap reactor or the most. Competitive in particular respect to gas to oil and gas industry. So our focus is really on taking the promise of the 3D in respect to the cost of the reactor for the commissionation.

因為我們認為，商業化這場競賽，將由能生產出最佳反應爐、但同時也是最便宜的反應爐，或最。具競爭力的反應爐者勝出，特別是相對於石油與天然氣產業。因此我們的重點確實在於：在商業化投運（commissioning）的反應爐成本上，兌現 3D 的承諾。

And then the reason is the reason is of our technology again here our strategy is.

然後原因是——原因在於我們的技術；在這裡我們的策略是。

To try to be commercial, and again, I say commercial and not folk, experts, and try to position ourselves on the market.

嘗試走向商業化；我再次強調是商業化而不是 FOC、不是專家導向；並嘗試在市場上為自己定位。

And even if the solar reactor might not be the first one, might not be so efficient, like would be maybe the version two of the reactor. Version two of the reactor, you may think to adopt fire.

即使太陽能反應爐可能不是第一個、可能沒有那麼高效率——也許要到反應爐第二版才會更好。反應爐第二版，你可能會考慮採用 fire。

Because since the beginning, the tower reactor is very versatile and can be fueled also with tribes and not only with no enriched uranium. We decided no enriched uranium because today, we think it's the only fuel that can support the commercialization. But one airfly will be available in, I don't know, 10 years.

因為從一開始，塔式反應爐就非常多用途，也可以用 tribes 作為燃料，而不僅僅是使用未濃縮鈾。我們決定使用未濃縮鈾，因為我們認為在今天，這是唯一能支撐商業化的燃料。但某種 airfly 可能會在——我不知道——10 年後可用。

Obviously, we can switch because it's a better fuel.

很明顯，我們可以切換，因為那是更好的燃料。

Or supercritical CO2, I mean before this example, supercritical CO2 and compounded solution are definitely an improvement respect to this in ranking cycle and to the water use. So our goal in weight now and our uniqueness in our opinion is to try to develop something that can be ready in the market as soon as possible, try to occupy position on the market and then improve the reactor.

或是超臨界 CO2——我的意思是，延續前面的例子，超臨界 CO2 與複合式解決方案，無論是在朗肯循環以及用水量方面，相較於目前方案都確實是改進。因此，我們目前的目標與我們認為的獨特性，是嘗試開發能盡快進入市場的產品，嘗試在市場上占據位置，然後再改進反應爐。

So I would say those are at least four main items that categorize the uniqueness of our reactors.

所以我會說，至少有四個主要項目界定了我們反應爐的獨特性。

And that would conclude, I think, the Q&A session. With that, I would like to thank anyone who participated, and thank you for all the support so far. I will now turn the call back to Alessandro for his closing remarks, and please turn to slide 7.

我想這也就結束了問答環節。在此，我要感謝所有參與的人，也感謝大家迄今為止的支持。我現在把電話交回給 Alessandro 做結語，請翻到第 7 張投影片。

Thank you, Jordana.

謝謝你，Jordana。

So to summarize. The first half of 2026 has been about executing against the plans outlined a year ago.

總結一下。2026 年上半年主要是在執行一年前所提出的計畫。

As demonstrated, we have advanced from design stage preparation into construction permit materials and MRSE engagement, from supplier discussion into selected supplies, purchase orders and advanced payments, from broad market interest into many commercial opportunities, and from capital raises into a funded execution program.

如同所示，我們已從設計階段準備推進到施工許可文件與 MRSE 參與；從與供應商討論推進到選定供應、採購訂單與預付款；從廣泛的市場興趣推進到多項商業機會；並從募資推進到具資金支持的執行計畫。

Directv sky for up to 8 megawatt electrical potential behind the meter solar capacity is definitely one example of commercial progress. It provides us with a defined opportunity to evaluate solar against the need of a specific data infrastructure application.

Directv sky 這項「表後」太陽能容量、最高可達 8 兆瓦電力潛力的項目，無疑是商業進展的一個例子。它為我們提供了一個明確的機會，去評估太陽能是否符合特定資料基礎設施應用的需求。

Looking ahead, we will continue the NRSE READMESRET process, complete the remaining construction chapters started for October. Beginning of 18 licensing preparation, advanced industrial preparation for folk deployment and work with customers and partners to mature qualify opportunities and towards definitive agreement.

展望未來，我們將持續推進 NRSE READMESRET 流程，完成其餘預計於 10 月啟動的施工章節。開始 18 項許可準備、推進 FOC 部署的先進工業準備，並與客戶與合作夥伴合作，使機會成熟並完成資格認定，並朝向最終協議邁進。

We know that nuclear deployment requires rigorous discipline and execution across licensing, engineering, manufacturing, supply chain, finance and customer development.

我們知道，核能部署需要在許可、工程、製造、供應鏈、財務與客戶開發等方面，具備嚴謹的紀律與執行力。

And our task is to continue meeting the next milestone in sequence and to communicate clearly as we do so.

而我們的任務是持續依序達成下一個里程碑，並在過程中清楚溝通。

So we believe our execution over the past year demonstrate that when Terra establishes milestones, we are focused on delivering against it. And we intend to bring the same disciplines to the milestone side.

因此我們相信，過去一年的執行表現證明：當 Terra 設定里程碑時，我們會專注於交付成果。我們也打算把同樣的紀律帶到里程碑的下一階段。

So with that, I wish to thank you for your continued interest in Terra Innovation and for joining us today.

最後，感謝各位持續關注 Terra Innovation，也感謝今天加入我們。

And operator, this concludes our call today.

接線員，今天的電話會議到此結束。

Ladies and gentlemen, thank you so much for your participation. This does conclude today's teleconference. Please disconnect your lines at this time and enjoy the rest of your day.

各位女士、先生，非常感謝各位的參與。今天的電話會議至此結束。請現在掛斷您的線路，祝各位今天剩餘時間愉快。