Nano Nuclear Energy Inc (NNE) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Nano Nuclear fiscal year 2025 financial results and business update call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Matthew Barry, Director of Investor Relations and Capital Markets.

各位好，歡迎參加 Nano Nuclear 2025 財年財務表現及業務更新電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我很高興地向大家介紹投資者關係和資本市場總監馬修·巴里。

Thank you, and good afternoon, everyone. Joining me on the call today are Jay Yu, Nano Nuclear's Founder, Chairman and President; our CEO, James Walker; and CFO, Jaisun Garcha. Please note that today's press release and slide presentation to accompany this webcast are available on our website. Before moving ahead, I'll quickly address forward-looking statements made on this call.

謝謝大家，大家下午好。今天與我一起參加電話會議的有 Nano Nuclear 的創始人、董事長兼總裁 Jay Yu；我們的執行長 James Walker；以及財務長 Jaisun Garcha。請注意，今天的新聞稿和與本次網路直播配套的幻燈片簡報已發佈在我們的網站上。在繼續討論之前，我將快速回應本次電話會議中所做的前瞻性陳述。

Listeners should note that today's presentation will contain certain forward-looking statements about Nano Nuclear's future goals and potential milestones that are made under the safe harbor provisions of the applicable federal securities laws.

聽眾請注意，今天的演講將包含一些關於 Nano Nuclear 未來目標和潛在里程碑的前瞻性陳述，這些陳述是根據適用的聯邦證券法的安全港條款作出的。

Words such as aim, may, could, should, seek, project, expect, intend, plan, believe, anticipate, hope, estimate, goal, and variations of such words and similar expressions are intended to identify forward-looking statements. These statements are based upon many assumptions and estimates made by management, all of which are inherently subject to significant risks, uncertainties and contingencies, many of which are beyond Nano's control. Many of these are shown on the slide you see here.

諸如「目標」、「可能」、「可以」、「應該」、「尋求」、「預測」、「期望」、「打算」、「計劃」、「相信」、「預料」、「希望」、「估計」、「目標」等詞語及其變體和類似表達旨在識別前瞻性陳述。這些聲明是基於管理層所做的許多假設和估計，所有這些假設和估計本身都存在重大風險、不確定性和突發事件，其中許多是 Nano 無法控制的。其中許多例子都展示在您在這裡看到的幻燈片上。

You're cautioned that actual results, including, without limitation, the results of Nano's microreactor development activities, strategies and other operational plans, including the results of our regulatory acquisition and research and development initiatives, as well as future potential results of operations, operating metrics, addressable market and other matters about the future, which may be discussed may differ materially and adversely from those expressed or implied by the forward-looking statements.

請注意，實際結果（包括但不限於 Nano 的微反應器開發活動、策略和其他營運計劃的結果，包括我們的監管收購和研發舉措的結果，以及未來潛在的營運結果、營運指標、目標市場和其他與未來相關的事項，這些內容可能會被討論）可能與前瞻性聲明中明示或暗示的結果存在重大不利差異。

Factors that could cause actual results to differ materially include, but are not limited to, the risk factors and other disclosures contained in Nano's filings with the Securities and Exchange Commission, including the risk factors and other disclosures in our Form 10-K filed today and our other filings with the SEC, all of which are or will be accessible on the Investor Relations section of Nano's website as well as the SEC's website.

可能導致實際結果與預期結果有重大差異的因素包括但不限於 Nano 向美國證券交易委員會提交的文件中披露的風險因素和其他信息，包括我們今天提交的 10-K 表格以及我們向美國證券交易委員會提交的其他文件中披露的風險因素和其他信息，所有這些文件都可以在 Nano 網站的投資者關係部分以及美國證券交易委員會的網站上查閱。

You're encouraged to review these disclosures carefully. Except to the extent required by law, Nano assumes no obligation to update statements as circumstances change.

建議您仔細閱讀這些披露資訊。除法律另有規定外，Nano 不承擔因情況變化而更新聲明的義務。

With that, I'll turn the call over to Jay Yu, Nano's Founder, Chairman and President.

接下來，我將把電話交給 Nano 的創辦人、董事長兼總裁 Jay Yu。

Thank you, Matt, and thank you to everyone joining the call today. I'll begin the call with a high-level overview of the major trends shaping the advanced nuclear market and then highlight the meaningful progress we made in 2025.

謝謝馬特，也謝謝今天所有參加電話會議的人。我將首先概述影響先進核能市場的主要趨勢，然後重點介紹我們在 2025 年取得的重大進展。

Nano nuclear has worked to position itself at the center of a global nuclear renaissance. This is driven by several durable long-term trends including growing demand for reliable baseload energy, climate mandates, and energy independence and global support for nuclear energy.

奈米核能已努力將自身定位為全球核能復興的中心。這主要受幾個持久的長期趨勢所驅動，包括對可靠基荷能源的需求不斷增長、氣候需求、能源獨立以及全球對核能的支持。

First, we are seeing a significant need for reliable baseload power to enable the rapid growth of AI data centers, industrial reshoring, and broader electrification.

首先，我們看到對可靠的基礎負載電力有著巨大的需求，以支援人工智慧資料中心的快速成長、工業回流和更廣泛的電氣化。

AI data centers are projected to be a primary driver of the continued surge in electricity demand. For more than two decades, US power demand grew below 1% per year. According to the recent Grid Strategies report, some estimates call for electricity usage to increase by 5% to 6% annually over the next 5 years, and data centers alone could account for more than half of that growth. Meeting this level of demand could require US power sector to plan and build new generation transmission capacity at more than 6 times the pace of recent years.

人工智慧資料中心預計將成為電力需求持續激增的主要驅動因素。二十多年來，美國電力需求年增率低於1%。根據 Grid Strategies 最近的報告，一些估計表明，未來 5 年電力使用量將以每年 5% 至 6% 的速度成長，而僅資料中心就可能佔其中一半以上的成長。滿足這一需求水準可能需要美國電力產業以近年來 6 倍以上的速度規劃和建造新的發電輸電能力。

Also, it is not just the scale expected demand that's important, but the type of demand that's coming online. The Grid Strategies report highlights that the next wave of demand is projected to run at load factors close to 96% compared to system-wide average of about 60% today.

此外，重要的不僅是預期需求的規模，還有正在上線的需求類型。電網策略報告強調，下一波需求預計將以接近 96% 的負載率運行，而目前全系統的平均負載率約為 60%。

Over the past year, several major tech leaders have taken concrete steps to secure dedicated nuclear capacity for their data centers, whether it's new PPAs at existing nuclear plants or collaborations with advanced reactor developers, these actions reflect a clear recognition that meeting future AI data centers' needs require firm, always available power, a role nuclear is uniquely suited to fill.

過去一年，幾家大型科技公司採取了實際措施，為其資料中心確保專用的核能容量。無論是與現有核電廠簽訂新的購電協議，還是與先進反應器開發商合作，這些行動都清楚地表明，滿足未來人工智慧資料中心的需求需要穩定、持續的電力供應，而核能恰好能夠勝任這一角色。

And equally as important, a lack of sufficient transmission infrastructure is expected to constrain the grid's capacity to meet forecasted power with even conservative growth estimates expected to require substantial grid expansion. All of this represents a fundamental shift that is placing an even greater emphasis on scalable and constant sources of baseload power that can operate independently from grid constraints. This is exactly where microreactors offer a compelling advantage.

同樣重要的是，由於缺乏足夠的輸電基礎設施，預計電網將無法滿足預測的電力需求，即使是保守的成長估計也需要大幅擴大電網。所有這些都代表著一種根本性的轉變，即更加重視可擴展且穩定的基荷電源，這些電源可以獨立於電網約束運作。這正是微反應器具有顯著優勢的地方。

Second, energy sustainability, energy security, and climate-related mandates continue to increase demand for clean energy, requirements that intermittent sources alone cannot meet. As a result, there is a growing global commitment amongst nations, leading institutions and the world's largest energy users to triple nuclear capacity by 2050, solidifying growth in nuclear energy as a secular trend for the coming decades.

其次，能源永續性、能源安全和與氣候相關的要求不斷增加對清潔能源的需求，而間歇性能源無法滿足這些需求。因此，各國、主要機構和世界最大能源用戶越來越致力於在 2050 年將核能產能提高三倍，鞏固核能成長作為未來幾十年長期趨勢的地位。

Third, we continue to benefit from the unprecedented bipartisan policy support for nuclear energy in the United States and the growing global support. This is supporting expansion of nuclear capacity while also accelerating development of advanced reactors like ours.

第三，我們繼續受益於美國前所未有的兩黨對核能的政策支持以及日益增長的全球支持。這不僅支持了核能產能的擴張，也加速了像我們這樣的先進反應器的研發。

President Trump's four executive orders in May further enhanced federal support for nuclear energy. And since then, we've seen a series of concrete federal actions that are building upon the administration's executive orders. First, the US Army's Janus program creates a defined near-term pathway for the US Army to deploy microreactors later this decade, which bodes well for Nano's opportunities for military applications.

川普總統五月簽署的四項行政命令進一步加強了聯邦政府對核能的支持。從那時起，我們看到了一系列具體的聯邦行動，這些行動都是在政府行政命令的基礎上進行的。首先，美國陸軍的 Janus 計劃為美國陸軍在本十年末部署微型反應器製定了明確的近期路徑，這對奈米技術在軍事應用方面的機會來說是一個好兆頭。

Second, the Genesis Mission executive order supports several of the administration's high strategic priorities, AI leadership, national security power needs, and energy dominance, priorities that can be enhanced by microreactors.

其次，《創世紀任務》行政命令支持政府的幾項重要戰略重點，包括人工智慧領導地位、國家安全電力需求和能源主導地位，而微型反應器可以增強這些重點。

And third, the creation of a Nuclear Fuel Cycle Defense Production Act Consortium supports the reestablishment of domestic nuclear fuel supply chain, which could support our strategic efforts in areas like conversion and enrichment. The rapid progress we've made this year have been accelerated by these regulatory tailwinds, which continue to strengthen demand for advanced nuclear reactors.

第三，建立核燃料循環國防生產法案聯盟有助於重建國內核燃料供應鏈，這可以支持我們在轉化和濃縮等領域的戰略努力。今年我們取得的快速進展得益於這些監管利好因素，這些利好因素持續增強了對先進核反應器的需求。

Fiscal year 2025 was a transformative year for Nano, marked by disciplined execution across several parts of our business. We've advanced the KRONOS MMR Energy system meaningfully from acquiring the asset out of bankruptcy to securing our strategic collaboration with the University of Illinois, achieving important NRC milestones, and completing the necessary site characterization and drilling work for our planned Q1 of 2026 construction permit application with the NRC.

2025 財年是 Nano 的轉型之年，其特點是公司在多個業務領域都展現出了嚴謹的執行力。從收購破產資產到與伊利諾大學建立戰略合作關係，再到實現重要的美國核管理委員會里程碑，以及完成必要的場地特徵描述和鑽探工作，KRONOS MMR 能源系統取得了實質性進展，我們計劃於 2026 年第一季度向美國核管理委員會提交施工許可證申請。

We also made significant progress towards resuming formal licensing activities with the Canadian Nuclear Safety Commission through the acquisition of Global First Power, which has since been rebranded as True North Nuclear.

我們透過收購 Global First Power（現已更名為 True North Nuclear）在恢復與加拿大核安委員會的正式許可活動方面也取得了重大進展。

During the year, we strengthened our company with key corporate milestones, including the acquisition of our Oak Brook engineering and demonstration facility, securing incentives from the State of Illinois, expanding our executive and technical teams, and simplifying our microreactor portfolio with a Letter of Intent to sell ODIN design to Cambridge AtomWorks for $6.2 million.

在這一年中，我們透過一系列重要的公司里程碑事件增強了公司實力，包括收購了位於奧克布魯克的工程和示範設施，獲得了伊利諾伊州的激勵措施，擴大了我們的管理和技術團隊，並透過一份意向書簡化了我們的微反應器產品組合，以 620 萬美元的價格將 ODIN 設計出售給 Cambridge AtomWorks。

On the fuel cycle front, we've made significant progress derisking our supply chain through our strategic collaboration and investment in our affiliate list technologies. Our addition with our affiliate list technology to the DOE's LEU Acquisition Program and developing our own conversion capabilities. Financially, we remain well capitalized, raising over $600 million since our May 2024 IPO with growing support from institutional investors and numerous index inclusions.

在燃料循環方面，我們透過策略合作和對附屬公司名單技術的投資，在降低供應鏈風險方面取得了重大進展。我們將我們的附屬機構列表技術添加到美國能源部的低濃縮鈾採購計劃中，並開發我們自己的轉換能力。財務方面，我們資金依然充裕，自 2024 年 5 月首次公開募股以來，已籌集超過 6 億美元，並獲得了機構投資者的日益增長的支持，且被納入了眾多指數。

And importantly, we continue to expand our pipeline of commercial opportunities. We executed a feasibility study agreement with BaRupOn to evaluate up to 1 gigawatt of power with our KRONOS MMR. We secured the AFWERX Direct to Phase 2 contract to conduct a feasibility study to site KRONOS MMR at the Joint Base Anacostia Bolling and also grew our pipeline of potential customers through ongoing discussions with potential data centers, industrial and defense customers. I could not be more proud of our progress our team has made over the last year. We're more excited to continue executing our strategy.

更重要的是，我們不斷拓展商業機會管道。我們與 BaRupOn 簽訂了可行性研究協議，以評估我們的 KRONOS MMR 最高 1 吉瓦的功率。我們獲得了 AFWERX Direct 2 階段合同，對在阿納科斯蒂亞博林聯合基地部署 KRONOS MMR 進行可行性研究，並通過與潛在的數據中心、工業和國防客戶的持續討論，擴大了我們的潛在客戶渠道。我為團隊在過去一年中所取得的進步感到無比自豪。我們更加期待繼續執行我們的策略。

With that, I'll hand over the call to James Walker, our CEO, who will discuss our differentiated strategy, the value proposition of our technology and provide an update on the recent development and commercial progress.

接下來，我將把電話交給我們的執行長詹姆斯沃克，他將討論我們差異化的策略、我們技術的價值主張，並介紹最近的發展和商業進展。

Thank you, Jay. I'll first outline why microreactors offer a compelling value proposition relative to both traditional nuclear and larger SMRs currently in development. Traditional nuclear reactors are typically gigawatt scale projects, while most SMR designs range anywhere from 70 to 350-megawatt electric in size.

謝謝你，傑伊。首先，我將概述為什麼微型反應器相對於傳統的核能和目前正在開發的大型小型模組化反應器而言，具有引人注目的價值主張。傳統核反應器通常是吉瓦級項目，而大多數小型模組化反應器的設計規模在 70 至 350 兆瓦電力之間。

Because of the smaller size of our KRONOS MMR, we believe a larger portion of our reactor components can be manufactured and assembled in a factory and shipped to site. Factory production and fabrication will allow us to standardize components, capture learning benefits much earlier, and reduce the amount of on-site construction that has historically led to delays and cost overruns in traditional nuclear projects.

由於我們的 KRONOS MMR 尺寸較小，我們相信我們大部分的反應器組件都可以在工廠製造和組裝，然後運送到現場。工廠化生產和製造將使我們能夠標準化組件，更早獲得學習效益，並減少現場施工量，而現場施工歷來會導致傳統核電工程延誤和成本超支。

Modularity is a second major advantage. Our design allows customers to scale capacity incrementally to match their ramp-up plans, and this approach can reduce upfront capital requirements for large projects and allows construction efficiencies to improve with every unit delivered.

模組化是第二個主要優勢。我們的設計允許客戶逐步擴大產能以配合他們的產能提升計劃，這種方法可以減少大型專案的前期資本需求，並且隨著每個單位的交付，施工效率也會提高。

Third, passive safety features and use of advanced fuels support the ability to co-locate at customer sites, allowing us to provide off-grid or behind-the-meter power. This is important as grid integration is becoming a significant constraint facing large energy users.

第三，被動安全特性和先進燃料的使用支援在客戶現場進行共址部署，使我們能夠提供離網或表後電力。這一點很重要，因為併網正成為大型能源使用者面臨的重大限制因素。

Interconnection queues can be years long. Transmission upgrades are costly and many high-load customers simply cannot wait for new lines to be built. By placing one or more of our microreactors directly adjacent to a customer site, we can eliminate much of that bottleneck.

互聯互通的排隊時間可能長達數年。輸電線路升級成本高昂，許多高負載用戶根本無法等待新線路建成。透過將一個或多個微型反應器直接放置在客戶現場附近，我們可以消除大部分瓶頸。

When you combine these factors, we believe microreactors represent the most practical solution for meeting the growing need for clean, reliable baseload power, particularly in locations where grid constraints are significant, while also providing increased opportunities to benefit from economies of scale.

綜合以上因素，我們認為微型反應器是滿足日益增長的清潔、可靠的基荷電力需求的最實用解決方案，尤其是在電網限制較大的地區，同時還能提供更多從規模經濟中獲益的機會。

This is precisely why we are seeing strong interest from data centers, industrial facilities, and military stakeholders for our KRONOS MMR. Having covered the broader value proposition of microreactors, I'll now focus on what really differentiates our flagship reactor, KRONOS MMR, technically and commercially.

正因如此，我們看到資料中心、工業設施和軍事利益相關者對我們的 KRONOS MMR 表現出濃厚的興趣。在介紹了微型反應器的更廣泛價值主張之後，我現在將重點介紹我們的旗艦反應器 KRONOS MMR 在技術和商業上真正與眾不同的地方。

So the KRONOS MMR is a high-temperature gas-cooled reactor. It utilizes TRISO fuel and helium as the primary coolant. These are well-understood proven technologies with decades of operating history behind them. Prior to our acquisition, we believe more than $120 million was invested in this design over an 8-year period. That investment, combined with the global data sets that exist for high-temperature cooled reactor systems give us a strong foundation as we move towards US and Canadian licensing and prototype construction.

所以 KRONOS MMR 是一座高溫氣冷反應器。它採用 TRISO 燃料和氦氣作為主要冷卻劑。這些都是經過充分理解和驗證的技術，擁有數十年的運作歷史。在我們收購之前，我們相信在 8 年的時間裡，這項設計已經投入了超過 1.2 億美元。這項投資，加上現有的高溫冷卻反應器系統全球數據集，為我們向美國和加拿大的許可和原型建造奠定了堅實的基礎。

In the US, we remain on track to submit a construction permit application for the U of I project in the first quarter of 2026. And in Canada, we are actively working to reestablish formal licensing activities as we work towards submitting a license to prepare a site with the Canadian Nuclear Safety Commission, the CNSC.

在美國，我們仍按計劃在 2026 年第一季提交伊利諾大學專案的施工許可證申請。在加拿大，我們正在積極努力恢復正式的許可活動，以便向加拿大核安委員會 (CNSC) 提交場地準備許可證申請。

While KRONOS is applicable to a range of markets, it's particularly well suited for large-scale deployments where many units can be co-located, connected, and scaled over time to match demand growth. And because of the reactor's modularity and the ability to factory fabricate components, we believe KRONOS has the potential to capture meaningful economies of scale as deployment volumes increase.

雖然 KRONOS 適用於一系列市場，但它特別適合大規模部署，其中許多單元可以集中放置、連接，並隨著時間的推移進行擴展以匹配需求增長。由於反應器的模組化設計以及工廠化製造組件的能力，我們相信隨著部署規模的擴大，KRONOS 有潛力實現顯著的規模經濟效益。

Importantly, we estimate the learning curves of manufacturing and on-site assembly can potentially deliver a levelized cost of energy that is more competitive with traditional nuclear, wind and solar while providing the option for 24/7 reliability that intermittent sources cannot.

重要的是，我們估計製造和現場組裝的學習曲線有可能實現比傳統核能、風能和太陽能更具競爭力的平準化能源成本，同時提供間歇性能源無法實現的 24/7 全天候可靠性。

In short, we see KRONOS as a derisked scalable platform with significant commercial applicability and especially aligned with the needs of high demand, high uptime customers.

簡而言之，我們認為 KRONOS 是一個風險可降低的可擴展平台，具有重要的商業應用價值，尤其符合高需求、高正常運作時間客戶的需求。

I'd now like to highlight why we believe the maturity of this technology materially derisks this reactor. The KRONOS reactor builds on high-temperature gas-cooled reactor technology that has been demonstrated across multiple countries for more than five decades. TRISO fuel, helium coolants, and graphite moderation are high TR level components with extensive operating data. Our balance of plant strategy also leverages commercially available components, including steam generation and turbines as well as proven thermal storage systems used in today's concentrated solar plants. And importantly, we are staying within conservative temperature and coolant parameters consistent with prior deployments.

現在我想重點說明為什麼我們認為這項技術的成熟能夠顯著降低該反應器的風險。KRONOS反應器採用高溫氣冷反應器技術，該技術已在多個國家得到驗證超過五十年。TRISO 燃料、氦冷卻劑和石墨​​減速劑都是高 TR 等級組件，擁有大量的運作數據。我們的電廠平衡策略還利用了市面上可獲得的組件，包括蒸汽發生裝置和渦輪機，以及當今聚光太陽能發電廠中使用的成熟儲熱系統。更重要的是，我們始終保持與以往部署一致的保守溫度和冷卻劑參數。

Because of this, the key technologies themselves are largely demonstrated. Our focus is not on inventing novel reactor technology. It's on integrating well-understood systems into a microreactor format to be licensed and ultimately deployed efficiently.

正因如此，關鍵技術本身已基本驗證。我們的重點不在於發明新型反應器技術。其目的是將成熟的系統整合到微型反應器形式中，以便進行許可並最終高效部署。

Building on that, I'd also like to touch on how the KRONOS design and modularity translate into deployment versatility across different scales and customer needs.

在此基礎上，我還想談談 KRONOS 的設計和模組化如何轉化為在不同規模和客戶需求下的部署靈活性。

KRONOS' standard design and modularity provide the flexibility to serve a broad range of applications from single-unit installations for remote communities, mining projects or defense sites with power needs around 15 to 20-megawatt electric to distributed multiunit deployments all the way up to large-scale deployments where many units can be connected and scaled over time, enabling staged growth to 1 gigawatt and beyond. We believe this level of deployment versatility is a core advantage that opens the door to more use cases compared to many larger SMRs or conventional nuclear reactors.

KRONOS 的標準設計和模組化設計使其能夠靈活地服務於各種應用，從偏遠社區、採礦項目或國防場所的單單元安裝（電力需求約為 15 至 20 兆瓦），到分佈式多單元部署，再到大規模部署（其中許多單元可以連接並隨著時間的推移進行擴展），從而實現分階段增長到 1 吉瓦及以上。我們認為這種部署的多功能性是一項核心優勢，與許多大型小型模組化反應器或傳統核反應器相比，它為更多應用場景打開了大門。

Another foundational aspect of our value proposition is the inherent safety profile of the KRONOS' design. KRONOS incorporates negative reactivity feedback, passive heat removal, passive shutdown characteristics, and uses helium and inert gas along with TRISO fuel.

我們價值主張的另一個基礎面向是 KRONOS 設計固有的安全特性。KRONOS 採用了負反應性回饋、被動散熱、被動關斷特性，並使用氦氣和惰性氣體以及 TRISO 燃料。

These features allow the reactor to safely dissipate heat without operator intervention or external power. Under a design basis accident analysis for an 840-megawatt electric plant, projected dose levels remain well within the site boundary, meaning an emergency planning zone would remain within that site footprint. Practically, this means the reactor is designed so that heat is managed passively, fuel remains stable and any negative scenario remains localized, enabling siting directly at the point of use.

這些特性使得反應器能夠在無需操作人員幹預或外部電源的情況下安全地散熱。根據 840 兆瓦發電廠的設計基準事故分析，預計劑量水準仍遠低於廠址邊界，這意味著緊急計畫區域仍將位於該廠址範圍內。實際上，這意味著反應器的設計使得熱量能夠被動地進行管理，燃料保持穩定，任何不利情況都局限於局部，從而可以直接選址於使用點。

This is a meaningful distinction from traditional large-scale reactors and some SMRs that require much larger emergency planning zones. And this safety profile can enable off-grid power that could bypass grid integration and [costly] transmission lines.

這與傳統的大型反應器和一些小型模組化反應器有著顯著的區別，後者需要更大的緊急計畫區域。這種安全特性可以實現離網供電，從而繞過電網併網和（成本高昂的）輸電線路。

To bring KRONOS to market, we're pairing strong technology with the right strategic partners and state and federal government support. At the federal level, recent executive actions are signaling clear momentum by directing the NRC, the Department of Defense, and the Department of Energy to expedite advanced reactor development and deployment.

為了將 KRONOS 推向市場，我們將強大的技術與合適的策略合作夥伴以及州和聯邦政府的支持相結合。在聯邦層面，最近的行政命令表明了明確的進展勢頭，指示核管管理委員會、國防部和能源部加快先進反應器的開發和部署。

At the state level, Illinois has provided strong backing, highlighted by our $6.8 million incentive award and also provides unmatched nuclear workforce and infrastructure to host a first-of-a-kind microreactor. University of Illinois brings the technical capability, engineering depth and credibility necessary to execute.

在州一級，伊利諾伊州提供了強有力的支持，其中最突出的是我們提供的 680 萬美元獎勵，並且還擁有無與倫比的核能勞動力和基礎設施，可以建造首個此類微型反應器。伊利諾大學具備執行該計畫所需的技術能力、工程深度和信譽。

Together with the expertise of project supporters like EPCM firm, Hatch, and construction firm PCL, we have a great deal of expertise with complex infrastructure delivery. We believe we have the right support to enable our partnership with U of I to be a model for a first-of-a-kind deployment.

結合 EPCM 公司 Hatch 和建築公司 PCL 等專案支援方的專業知識，我們在複雜基礎設施交付方面擁有豐富的專業知識。我們相信我們擁有足夠的資源，能夠使我們與伊利諾大學的合作成為首創部署的典範。

As our technical progress advances, support strengthens and more customers recognize KRONOS' value proposition, we're seeing strong interest from a growing pipeline of potential customers. First, we're currently conducting a feasibility study with BaRupOn to explore 1 gigawatt of deployed power for their AI data center and manufacturing campus in Liberty, Texas, demonstrating real demand for large-scale applications. Our team is currently advancing the feasibility study, which we expect to be followed by early project development activities.

隨著技術進步、支援力度加大以及越來越多的客戶認識到 KRONOS 的價值主張，我們看到越來越多的潛在客戶表現出濃厚的興趣。首先，我們目前正在與 BaRupOn 進行可行性研究，探索在其位於德克薩斯州自由城的 AI 資料中心和製造園區部署 1 吉瓦電力的可能性，以證明對大規模應用的真正需求。我們的團隊目前正在推進可行性研究，預計隨後將進行早期專案開發活動。

In addition, we continue to see strong interest from data center developers, industrial customers, and military users, each of which are interested in baseload energy sources and increasingly want this reliability to be off-grid. We also remain excited about additional opportunities for remote communities, mining projects, and other markets.

此外，我們持續看到資料中心開發商、工業客戶和軍事用戶表現出濃厚的興趣，他們都對基荷能源感興趣，並且越來越希望這種可靠性能夠脫離電網。我們也對偏遠社區、採礦計畫和其他市場的更多機會感到興奮。

Beyond our commercial traction, we're also advancing our strategic focus on vertical integration to derisk one of the most critical elements of future deployment, the nuclear fuel supply chain. Our focus on vertical integration stems from our belief that one of the largest constraints to deploying advanced reactors at scale isn't the reactor technology, but fuel availability.

除了商業上的成功，我們也正在推動垂直整合的策略重點，以降低未來部署中最關鍵要素之一——核燃料供應鏈的風險。我們之所以專注於垂直整合，是因為我們相信，大規模部署先進反應器的最大限制因素之一不是反應器技術，而是燃料供應。

As a result, we're working to gain exposure to several critical stages of the fuel cycle, starting with enrichment through our collaboration with an investment in our affiliate list technologies. Our affiliate list owns the only US origin patented laser enrichment technology and its selection as a DOE LEU Acquisition Program prime contractor reinforces the potential strategic importance of their technology.

因此，我們正在努力了解燃料循環的幾個關鍵階段，首先是透過投資我們的附屬公司技術來實現濃縮。我們的附屬公司擁有美國唯一獲得專利的雷射濃縮技術，並被選為美國能源部低濃縮鈾採購計劃的主要承包商，這進一步凸顯了其技術的潛在戰略重要性。

Our role as a subcontractor positions Nano to directly participate in strengthening the domestic fuel supply chain needed for next-generation reactors. And our relationship with our affiliate LIST has the potential to provide us with differentiated enrichment solution.

作為分包商，Nano 能夠直接參與加強下一代反應器所需的國內燃料供應鏈。我們與關聯公司 LIST 的關係有可能為我們提供差異化的資訊增值解決方案。

In parallel, we're exploring opportunities to build our capabilities in conversion and fuel transportation through strategic partnerships and M&A. Further progress in each of these areas will not only derisk future reactor deployments, but also positions Nano to generate revenue across multiple verticals while remaining aligned with federal funding and national energy security needs.

同時，我們正在探索透過策略合作和併購來提升我們在轉換和燃料運輸方面的能力的機會。在這些領域取得進一步進展，不僅可以降低未來反應爐部署的風險，還可以使 Nano 在多個垂直領域創造收入，同時與聯邦資金和國家能源安全需求保持一致。

With that, I'll turn the call over to our CFO, Jaisun, to provide financial highlights.

接下來，我將把電話交給我們的財務長 Jaisun，由他來介紹財務方面的要點。

Thank you, James. I'll now provide a summary of our fiscal 2025 financial performance. We finished the year with a strong balance sheet supported by multiple successful capital raises at progressively higher valuations. Our overall cash position substantially increased during the year, ending the period with cash and cash equivalents of $203.3 million, an approximately $175 million increase from the end of fiscal 2024.

謝謝你，詹姆斯。接下來我將概述我們 2025 財年的財務表現。我們以強勁的資產負債表結束了這一年，這得益於多次成功的融資，而且每次融資的估值都在不斷提高。本年度，我們的整體現金狀況大幅增加，期末現金及現金等價物達到 2.033 億美元，比 2024 財年末增加了約 1.75 億美元。

The year-over-year increase was mainly driven by net proceeds from several successful equity capital raises. After our fiscal year-end, our cash position increased to approximately $580 million following an October 2025 private placement.

年成長主要得益於幾項成功的股權融資所帶來的淨收益。在我們的財政年度結束後，經過 2025 年 10 月的私募配售，我們的現金儲備增加到約 5.8 億美元。

We view our strong cash position and proven ability to raise funding at scale as a meaningful differentiator. With current cash on hand and our access to the public capital markets, we are well positioned to accelerate the licensing and commercialization of the KRONOS MMR while maintaining the flexibility to expand our vertical integration through disciplined M&A and potential strategic partnerships.

我們認為我們雄厚的現金實力和大規模融資的成熟能力是一項重要的差異化優勢。憑藉目前手頭上的現金以及我們進入公開資本市場的管道，我們完全有能力加快 KRONOS MMR 的許可和商業化進程，同時保持靈活性，透過嚴謹的併購和潛在的策略合作來擴大我們的垂直整​​合。

Turning to the income statement. Fiscal 2025 loss from operations was $46.2 million. The increase from fiscal 2024 was driven by an approximately $23 million increase in G&A expenses and an approximately $12 million increase in R&D expenses, primarily focused on advancing our KRONOS MMR and adjacent growth initiatives.

接下來來看損益表。2025財年營運虧損為4,620萬美元。與 2024 財年相比，成長主要由一般及行政費用增加約 2,300 萬美元和研發費用增加約 1,200 萬美元推動，主要集中在推進我們的 KRONOS MMR 和相關成長計畫。

Fiscal 2025 net loss totaled $40.1 million, up approximately $30 million from the prior year, reflecting the aforementioned increase in operating expenses. This was partially offset by an approximate $6 million increase in other income from higher interest income on a larger cash balance.

2025 財年淨虧損總額為 4,010 萬美元，比前一年增加了約 3,000 萬美元，反映了上述營運費用的增加。現金餘額增加，利息收入提高，其他收入增加了約 600 萬美元，部分抵銷了上述損失。

Net cash used in operating activities increased by approximately $11 million from the prior year to $19.6 million, driven by a higher net loss, partially offset by an increase in equity-based compensation. Net cash used in investing activities rose by approximately $14 million from the prior year to $17.5 million, driven by an increase in process R&D from our acquisition of the KRONOS MMR as well as property, plant and equipment additions related to the purchase of the Oak Brook, Illinois engineering and demonstration facility and the build-out of our Westchester, New York demonstration facility.

經營活動所用現金淨額較上年增加約 1,100 萬美元至 1,960 萬美元，主要原因是淨虧損增加，部分被股權激勵支出增加所抵銷。投資活動使用的淨現金較上年同期增加約 1,400 萬美元至 1,750 萬美元，主要原因是收購 KRONOS MMR 後製程研發投入增加，以及收購伊利諾州奧克布魯克工程和示範設施和擴建紐約州威徹斯特示範設施相關的物業、廠房和設備增加。

Before turning the call over to the operator for Q&A, I'd like to reiterate that our strong cash position and access to the public capital markets give us the financial strength to execute by accelerating advancement of KRONOS MMR -- while also providing the flexibility to pursue strategic partnerships and targeted M&A that further derisk our nuclear fuel supply chain and provide potential for near-term revenue generation.

在將電話轉交給接線員進行問答之前，我想重申，我們雄厚的現金實力和進入公開資本市場的管道，使我們擁有足夠的財力來加速推進 KRONOS MMR 項目——同時，也為我們提供了靈活性，可以尋求戰略合作夥伴關係和有針對性的併購，從而進一步降低我們核燃料供應鏈的風險，並為近期創收提供可能。

As always, we will continue to operate the business and allocate capital with discipline, prioritizing opportunities that offer compelling return on investment, and unlock sustainable value for shareholders. With that, I'll now turn the call over to the operator to open up the call for Q&A.

我們將一如既往地謹慎經營業務和分配資本，優先考慮能夠帶來可觀投資回報並為股東創造可持續價值的機會。接下來，我將把電話交給接線員，開始問答環節。

(Operator Instructions) Jeff Grampp, Northland Capital Markets.

（操作員說明）傑夫·格拉姆普，北地資本市場。

I'll start first at the U of I site. Good to hear, you guys are still on track for the permit application in Q1 of next year. Can you walk us through kind of the time line when that gets filed? How long do you guys think that will take to get through the NRC? And is there any work you guys can do to accelerate that time line while that's getting through the NRC process? Or is a lot of that predicated on getting that permit application through the NRC before you can do too much site preparation infrastructure work ahead of time.

我先從伊利諾大學的網站開始。很高興聽到這個消息，你們的許可證申請仍然按計劃在明年第一季進行。能大致介紹一下提交申請的時間軸嗎？你們覺得要多久才能通過美國核管會（NRC）的審批？在 NRC 審批過程中，你們能做些什麼來加速審批進度嗎？或者說，很多事情的前提是必須先透過美國核管會的許可申請，​​才能事先進行大量的場地準備基礎建設工作。

This is James. So what I would say is that actually, the drilling completed on schedule and on time. So that was good. That gave us the geotechnical data we needed to go into the construction permit. That was really the missing component.

這是詹姆斯。所以我想說的是，鑽探工作實際上已經按計劃按時完成。那很好。這為我們提供了申請施工許可證所需的地質技術數據。那才是真正缺少的關鍵環節。

We're in a bit of an odd situation with the reactor companies that our engineering is way ahead of the licensing. And usually, it's the other way around, that people get prepped for submissions and then they allow for the engineering to catch up. But effectively, this puts us in a position where we are on track to submit that construction permit application to the NRC in Q1 next year. And that is on track, and that is looking like it's going to go ahead.

我們與反應爐公司之間存在一種有點奇怪的情況，那就是我們的工程技術遠遠領先於許可證審批流程。通常情況正好相反，人們會先做好提交的準備工作，然後再讓工程部門跟上進度。但實際上，這使我們處於有利地位，我們預計在明年第一季向美國核管理委員會提交施工許可證申請。這件事進展順利，看起來會順利進行。

With regard to time on the turnaround from the NRC, one good thing to reference is, say [Kairos] did something very similar to us. They applied for a construction permit for their, not a full-scale reactor, but sort of a model scaled-down system. But they took about 15 months turnaround. But the reason why we're very likely to be a lot less than that is that they were using things like novel coolants, more novel tech, whereas what we're doing here is much more well known about large data sets, very well -- very high TR level components. So there's a lot less scrutiny that needs to go into the NRC evaluation of our applications. So 15 months can be considered like far beyond what we can expect.

關於 NRC 的周轉時間，可以參考 Kairos 對我們所做的非常相似的事情。他們申請了建造許可證，建造的不是全尺寸的反應堆，而是縮小版的模型系統。但他們花了大約 15 個月的時間才完成。但我們很可能比他們少得多的原因是，他們使用了新型冷卻劑、更多新技術，而我們在這裡所做的，對於大型數據集來說要成熟得多，而且是非常高 TR 級別的組件。因此，美國核子管理委員會對我們申請的評估所需進行的審查要少得多。所以15個月可以算是遠遠超出我們預期的時間了。

We really expect a turnaround substantially below that. It would be very nice if it was in the same calendar year. Certainly, within 12 months is kind of the ballpark we're expecting. In terms of what we're able to do on our side to expedite things, the most important part is the initial application to make sure that goes in.

我們預期實際的扭轉局面會遠低於這個數字。如果能在同一年內完成就太好了。當然，我們預計大概會在 12 個月內完成。就我們這邊能夠加快事情進展而言，最重要的部分是最初的申請，以確保申請能夠提交。

Now it doesn't have to be perfect. What you can do is, you can just -- you can get the application and then get them started on the process, understanding that there are certain components if you would supply them during their evaluation process. And that allows you to get the process underway and save on time. So I would say that's a big one. The big one is to get the application into them sooner, get as much detailing as you can and then work obviously very closely with them throughout the whole process to get it expedited and completed.

現在它不必完美。你可以做的就是——你可以拿到申請表，然後讓他們開始辦理，但要知道，在評估過程中，如果你能提供某些材料，他們就會收到。這樣可以讓你啟動流程並節省時間。所以我覺得這很重要。最重要的是盡快將申請提交給他們，盡可能詳細地說明情況，然後在整個過程中與他們密切合作，以加快審批速度並完成申請。

Great. That's super helpful, James. I appreciate that. For my follow-up, can we touch on the vertical integration strategy there? What are the main objectives in '26 in this regard. And I'm curious in terms of internally developing capabilities versus acquiring them, do you guys have a bias? Or does that kind of depend upon what aspect of the vertical integration we're talking about?

偉大的。詹姆斯，這太有幫助了。我很感激。接下來，我們能否探討那裡的垂直整合策略？在這方面，2026 年的主要目標是什麼？我很好奇，在內部培養能力和外在引進能力之間，你們有什麼偏好嗎？或者說，這在某種程度上取決於我們討論的是垂直整合的哪個面向？

Yes. So for instance, if we're talking about internal capabilities with regard to reactor first, just before we get into vertical integration around things like fuel. On the reactor itself, we very -- we do acknowledge that there are certain components that are very unlikely for us to be able to internally produce. And I mentioned that in reference to things like nuclear-grade graphite or a N-stamped fabrication facility to produce reactor vessels.

是的。例如，如果我們先談論反應爐的內部能力，然後再討論燃料等相關領域的垂直整合。關於反應器本身，我們非常——我們承認，有些組件我們不太可能在內部生產。我提到這一點，指的是核級石墨或用於生產反應器壓力容器的 N 型沖壓製造廠之類的東西。

These kind of things are so specialist that if you were to try and internally do them, you probably would spend in the order of 10 years getting yourself to a level where you are qualified to produce those materials. And still even then, you wouldn't have the operational experience that some of the partners that we're talking to at the moment have with regard to manufacture of those parts.

這些事情非常專業，如果你嘗試自己內部完成，你可能需要花費大約 10 年的時間才能達到有資格生產這些材料的水平。即便如此，你也不會擁有我們目前正在洽談的一些合作夥伴在這些零件製造方面所擁有的營運經驗。

So just all that to say that there are definite components within the reactor that we are very confident that we can do internally. And what we're examining is that while we're building out the UIUC project and the Canadian project is essentially a centralized reactor core manufacturing facility to centralize the fabrication of individual components so we can get that economies of scale for the reactor by doing as much as we can internally. But we know what we know and we know what is more specialist.

綜上所述，我想說的是，反應爐中確實存在一些我們非常有信心可以自行完成的組件。我們正在研究的是，雖然我們正在建造伊利諾伊大學厄巴納-香檳分校 (UIUC) 項目，但加拿大項目本質上是一個集中式反應堆堆芯製造設施，旨在集中製造各個組件，以便我們能夠通過盡可能多地內部生產來獲得反應堆的規模經濟效益。但我們知道我們所知道的，也知道什麼是更專業的。

And even in the US and a reactor vessel with an N-stamp. I don't think there's actually anybody currently outside of people who do cause for military that are able to do that kind of thing. Those things need to be more specialist.

即使在美國，反應器容器上也有 N 標記。我認為目前除了那些為軍隊效力的人之外，實際上沒有其他人能夠做到那種事情。這些事情需要更加專業。

What I would say on the fuel side of things is that this has been a concern of ours since as early back as 2022 when we started trying to derisk the fuel supply chain. And that's what led to our related transaction with LIS Technologies and their creation, essentially they give us a means to ensure that we could be relatively confident that we would have an enrichment capability in friendly hands that we would be able to utilize for our fuel.

關於燃料方面，我想說的是，早在 2022 年，我們就開始關注這個問題，當時我們開始嘗試降低燃料供應鏈的風險。正是這一點促成了我們與 LIS Technologies 的相關交易和他們的成立，從本質上說，他們為我們提供了一種手段，確保我們能夠相對自信地將濃縮能力掌握在友好人士手中，以便我們能夠將其用於我們的燃料。

Now saying that, we took a very holistic approach of the entire industry, and we realized that there were a number of different people going into enrichment. So there was ourselves with LIS Technology. There was General Matter, Orano, Centrus, but none of them were actually focusing on the feed material that actually goes into all the enrichment facilities, which was uranium hexafluoride, and that's produced via conversion.

話雖如此，我們對整個行業採取了非常全面的方法，我們意識到有許多不同的人進入了富集領域。所以，我們和LIS Technology公司就是這樣合作的。當時有 General Matter、Orano、Centrus 等公司，但它們都沒有真正專注於所有濃縮設施實際使用的原料——六氟化鈾，而六氟化鈾是透過轉化產生的。

Now a conversion facility is kind of -- it's kind of odd. It's not spoken about very much. But already in the US at the current time, the US produces about a third as much as it needs for its civilian reactors.

現在，轉換設施有點——有點奇怪。很少有人談論這件事。但就目前而言，美國的碳產量大約只有其民用反應器所需碳產量的三分之一。

And by 2050, that -- maximum capacity of that facility is expected to produce about one-tenth of what the country needs for new feed for enrichment facility. And we saw that as being maybe even a bigger bottleneck in the enrichment component. So we spent the last couple of years really examining how we can involve ourselves in the conversion side of things.

到 2050 年，該設施的最大產能預計將生產出該國新建飼料強化設施所需飼料的十分之一左右。我們認為這可能是濃縮環節中更大的瓶頸。因此，在過去的兩年裡，我們一直在認真研究如何參與轉化工作。

And there's nothing publicly released at the moment. So I'm somewhat limited on what I can talk about the internal work. But what I would say is that I would expect next year that you can anticipate some developments on that side where we can announce the work that we've been doing on that conversion side to derisk that and ultimately being able to be involved in that uranium hexafluoride supply chain. And obviously, what's beneficial about that is that it is a business before even the reactors are online. And it's a very unique thing that nobody else seems to be doing that gives us a lot more control and derisking of our reactor systems.

目前還沒有任何公開資訊發布。因此，關於內部工作，我能談論的內容有限。但我想說的是，我預計明年這方面會有一些進展，我們可以宣布我們在轉化方面所做的工作，以降低風險，並最終能夠參與六氟化鈾供應鏈中。顯然，這樣做的好處在於，即使在反應爐上線之前，它本身就是一項業務。這是一項非常獨特的技術，似乎其他人都沒有採用，它使我們能夠更好地控制反應器系統並降低風險。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Thanks for providing good color in the presentation. Just a few questions from me. You did mention progress on the Canada front with the Nuclear Safety Commission there. Can you give us a little bit more color into what the steps are for that country and what you're planning for there in 2026?

感謝您為簡報增添了亮麗的色彩。我還有幾個問題。您確實提到了加拿大核安委員會的進展。您能否詳細介紹一下針對該國的具體步驟以及您在 2026 年的計劃？

Absolutely. So Canada is actually an extremely interesting prospect, just given the fact that when we took over the asset that we're going to develop. The Canada projects have been previously backed by the Canadian government because it was being looked at as a means to supply areas all over the country that subsist off for more diesel. And obviously, we've been very keen to put this back in place, and it's been very tied in with the Canadian government. Now that all relates to just answering the question very quickly because the siting is probably the most important thing we're concentrating on now that we do have the -- we do know where the reactor will be placed.

絕對地。所以，考慮到我們接管了我們將要開發的資產，加拿大實際上是一個非常有趣的前景。加拿大計畫先前曾得到加拿大政府的支持，因為這些計畫被視為向全國各地依賴柴油的地區供應燃料的一種手段。顯然，我們一直非常渴望恢復這項措施，而且這與加拿大政府密切相關。現在這一切都與快速回答這個問題有關，因為選址可能是我們現在最關注的事情，既然我們已經知道反應爐將建在哪裡。

And now we're going through the legal process and the due diligence process to be formally awarded that site at the federal level. Once we do have that, and we do expect that announcement in the first half of next year, then the next stages become quite quick. So for instance, you mentioned CNSC with the licensing. That licensing work that has previously been completed for this project and on our reactor was completed at this site too. So we automatically inherit all of that progress that was done at that site.

現在我們正在走法律程序和盡職調查程序，以便在聯邦層級正式取得該地塊的所有權。一旦我們掌握了這些資訊（我們預計明年上半年會發佈公告），接下來的階段就會很快完成。例如，您提到了加拿大國家安全委員會（CNSC）的許可製度。先前為本專案和我們的反應器完成的許可工作也已在本場地完成。因此，我們會自動繼承該網站所取得的所有進展。

That means we go straight into the Phase 2 of the licensing process, so the LTPS 2 process, and we bypass the Phase 1 because it's already been done.

這意味著我們將直接進入許可流程的第二階段，即 LTPS 2 流程，而跳過第一階段，因為第一階段已經完成。

So that sort of leapfrogs us into the lead in Canada in terms of the progress needed to commercialize and deploy and license a microreactor system. And what I would say after that stage of things is once we've got the sites announced and finalized and we've got the progress reinstated with the CNSC, you're going to see some level of government support coming for this reactor system, which we are currently negotiating with the Canadian government, but it's likely to take the form of certain incentives or investment or support in some sort of breakdown fashion because obviously, they are very keen to have this as a future power source for particularly areas where they subsist off for more diesel and they don't have an alternative. So -- but those are the milestones in the order you'll see them coming out next year.

因此，就微型反應器系統的商業化、部署和許可所需的進展而言，這使我們在加拿大實現了跨越式發展，處於領先地位。在那之後，我想說的是，一旦我們公佈並最終確定了選址，並且與加拿大核安全委員會（CNSC）的進展恢復正常，你就會看到政府對這個反應器系統給予一定程度的支持。我們目前正在與加拿大政府就此進行談判，但這種支持可能會以某種激勵措施、投資或分階段支持的形式出現，因為很明顯，他們非常渴望將此作為未來的能源，尤其是在那些主要依賴柴油且沒有其他替代方案的地區。所以——但這些就是明年你將看到的里程碑事件的先後順序。

And sort of staying on the government opportunity, but in the US, I guess, what is the scope of this AFWERX Direct to Phase 2 project. What does it entail on your -- on Nano's part? And what is the potential opportunity here in coming years?

繼續關注政府提供的機會，但在美國，我想問的是，AFWERX Direct to Phase 2 計畫的範圍是什麼？對你而言，對Nano而言，這意味著什麼？那麼，未來幾年這裡有哪些潛在機會呢？

So it's a good question actually because it wasn't a very well known about opportunity. But the reason why it's particularly important is that the US military bases have a mandate to be able to be self-sufficient in terms of generating their own power for at least a 2-week period. And currently, very few of them are able to meet that requirement. In fact, if -- and if they are, they usually have to stockpile diesel, which in itself is a dangerous thing to do, especially for targeted attacks.

所以這確實是個好問題，因為這不是一個廣為人知的機會。但其特別重要的原因是，美國軍事基地有義務在至少兩週的時間內能夠自給自足地發電。目前，能夠滿足這項要求的人寥寥無幾。事實上，如果——如果他們真的有這種想法——他們通常需要囤積柴油，這本身就是一件危險的事情，尤其是在有針對性的攻擊中。

So the AFWERX program is for the -- deliberately for the purposes of trying to find energy systems, particularly nuclear that can come in and provide that mandated self-sufficiency.

因此，AFWERX 計劃的目的是——特意尋找能夠提供強制性自給自足的能源系統，特別是核能係統。

But the long-term prospects are that once this is done and we move into the later stages of the development of the program, that opens the door to all military bases because the AFWERX program is concentrated on the Air Force originally.

但從長遠來看，一旦完成這項工作，進入專案開發的後期階段，這將向所有軍事基地敞開大門，因為 AFWERX 專案最初是集中於空軍的。

But effectively, once you're in the system and you're working through the later AFWERX programs, effectively, you're given the same opportunity to mass produce reactor systems for many, many bases, if you would, the defense innovation unit opportunity that came out a few years ago, that was looking at reactor systems for bases.

但實際上，一旦你進入該系統並參與到後續的 AFWERX 專案中，你實際上就擁有了為許多基地批量生產反應器系統的機會，就像幾年前出現的國防創新部門機會一樣，該部門正在研究基地用反應器系統。

So I would say the Phase 1, which we're currently in the moment, that could take anywhere from around sort of a 12-month period kind of estimate, potentially a bit longer, but it's only a small buildup program. The next phase after this will be much more substantial and that will look at actual deployment, actual costs and who's going to be operating and how the logistics will actually look like.

所以我認為，我們目前所處的第一階段，估計需要大約 12 個月的時間，可能會更長一些，但這只是一個小規模的建設計劃。接下來的下一階段將更加實質性，屆時將著眼於實際部署、實際成本、營運人員以及物流的實際運作方式。

Once that's done, that's when you really -- we really will have available to us many opportunities to make many reactors for many different bases. So the AFWERX thing is it was a really great win. And we won it particularly as well just because the solution we do have was so ideally suited for what they needed.

一旦完成那件事，我們就會真正——我們真的會有很多機會為許多不同的基地建造許多反應爐。所以AFWERX這次真的取得了巨大的勝利。我們之所以能贏得比賽，尤其因為我們提供的解決方案非常符合他們的需求。

Subterranean to be co-located, didn't need large emergency planning zone. And for that reason, we did beat out the competition and the Air Force and the military -- the wider military just believe that this is the better solution for them in terms of long-term self-sufficiency for power.

由於位於地下，無需設立大型緊急規劃區。正因如此，我們擊敗了競爭對手、空軍和軍隊——更廣泛的軍方認為，就長期電力自給自足而言，這是更好的解決方案。

Subhasish Chandra, Benchmark.

Subhasish Chandra，《基準》。

A couple of questions from, I guess, the 10-K. One of them is, I think you mentioned in there that states can get delegated authority over some nuclear activities by the NRC and it's something that you might be able to take advantage of. Could you elaborate on that, like sort of what activities and if you're looking at any specific states or if that -- what you're suggesting there is Illinois?

我想，以下幾個問題來自10-K專案。其中一點，我想你在那裡提到過，各州可以從美國核管會獲得某些核子活動的授權，這或許是你可以利用的。能詳細說明一下嗎？例如具體有哪些活動？您是否在關注某些特定州？或您指的是伊利諾州嗎？

Sure. So there are a number of different things here. So what I would say, initially, when we were working with people at the state level, is say for instance, when it comes to something like a conversion facility, that sort of facility is actually more largely a chemical plant rather than a nuclear facility. And so when it comes to chemical plants, states actually license those all the time outside of a federal regulator actually being involved. But because of a historic precedent, those facilities fell under the NRC.

當然。所以這裡涉及很多不同的面向。所以，最初當我們與州一級的人們合作時，我想說的是，例如，當談到轉化設施之類的東西時，這種設施實際上更像是一個化工廠，而不是一個核設施。因此，就化工廠而言，各州實際上一直在發放許可證，而聯邦監管機構並未真正介入。但由於歷史先例，這些設施歸美國核能管理委員會管轄。

And so what we have been working with at the state and actually with the NRC directly is looking at opportunities for the state to take back that control to license those facilities and take that off the plate of the NRC. And the fortunate part is at the state level and at the NRC level, there's support on both sides for that. For that kind of facility, it's very unnecessary for the NRC to be involved. It certainly can do the job, but it's also coming at a time when the NRC will be very stretched.

因此，我們一直在與州政府以及美國核管會 (NRC) 合作，尋找機會讓州政府重新掌控這些設施的許可權，從而減輕美國核管理委員會的負擔。幸運的是，在州一級和全國公民登記冊（NRC）一級，雙方都對此表示支持。對於這類設施，美國核能管理委員會完全沒有必要介入。它當然可以勝任這項工作，但此時美國核能管理委員會的經費將非常緊張。

And especially if states have the internal capabilities to license a facility like that, then it's advantageous to do it at the state level. So that's one thing. What I would say is that there are a number of companies at the moment that are -- I wouldn't say blaming the NRC, but there's even a couple of lawsuits against the NRC at the moment to state rights to license reactor systems.

尤其是如果各州具備對這類設施進行許可的內部能力，那麼在州一級進行許可就更有利了。這是其中一件事。我想說的是，目前有很多公司——我不會說是在指責美國核管理委員會（NRC），但目前甚至有幾起針對美國核管理委員會的訴訟，旨在質疑其頒發反應器系統許可證的權利。

Now I would caution with doing that is that without a framework and a historic experience of doing that kind of thing, it's going to be very trying for people to do a licensing of reactor at the state level. And certainly, if you examine even a DOE license, which wouldn't be commercial, even the DOE for a large part, is going to have to defer towards the NRC for how it does regulate these systems on DOE land or if there is its own DOE license.

現在我要提醒大家的是，如果沒有相關的框架和歷史經驗，在州一級進行反應器許可審批將會非常困難。當然，即使是能源部頒發的非商業性許可證，能源部在很大程度上也必須聽從核管理委員會的指示，才能對能源部土地上的這些系統進行監管，或者是否需要頒發自己的能源部許可證。

But what you can do for certain things, certain individual components is that you can get certain things qualified at the state level rather than the federal NRC level for certain components to get them qualified. That would be the biggest advantage you could have to, one, take work off the NRC's plate; and two, potentially expedite the licensing time lines that are going to be a critical path towards the commercial deployment of the reactor system.

但是對於某些事物、某些單獨的組件，你可以做的是，你可以讓某些組件在州一級獲得認證，而不是在聯邦核管理委員會一級獲得認證。這將是您所能獲得的最大優勢：第一，減輕美國核管會的工作負擔；第二，有可能加快許可審批流程，而許可審批流程是反應器系統商業部署的關鍵路徑。

But in large part, we have a very good relationship with the NRC. The bulk of all of our licensing will go through them. They're already very familiar and confident with our reactor design. We don't anticipate actually any significant issues with getting our reactor license. And just for us, it's more of a process we have to go through.

但總體而言，我們與美國核子管理委員會（NRC）保持著非常好的關係。我們的大部分許可證都將透過他們辦理。他們對我們的反應器設計已經非常熟悉和有信心。我們預計在獲得反應器許可證方面不會遇到任何重大問題。對我們來說，這更像是我們必須經歷的過程。

But on the -- just regressing back to the facility, there's definitely opportunities to do things at the state level, which would definitely expedite certain facilities a lot faster than if we were doing at the NRC level.

但是，回到設施本身，肯定有機會在州一級做一些事情，這肯定會比我們在核管會層級做事情快得多，從而加快某些設施的建設。

Okay. Got it. And could you remind us the test reactor at UIUC, what components or what's going to be the difference between that and the commercial reactor, if any, including balance of plant?

好的。知道了。您能否提醒我們伊利諾大學厄巴納-香檳分校的試驗反應堆，它與商業反應器有哪些組成部分或區別（如果有的話），包括輔助設備？

It's a very good question because actually, the answer is not much, whereas other companies have gone for demonstration reactors or test reactors. We want to do a full-scale reactor system. So same dimensions, same everything. And the reason why we want to do that is that there are companies out there with license designs. And what they found and what we've noticed is that no customer wants to be the first customer to buy a reactor and build it and hope that all the kinks have been worked out in the design process and then operate the system.

這是一個非常好的問題，因為實際上答案是：並沒有太多，而其他公司則選擇了示範反應器或試驗反應器。我們想建造一個全尺寸的反應器系統。所以尺寸一樣，所有東西都一樣。我們之所以想這麼做，是因為市面上有一些公司擁有授權設計方案。他們發現，我們也注意到，沒有哪個客戶願意成為第一個購買反應爐並建造它的客戶，然後希望所有的缺陷都在設計過程中得到了解決，然後再運行系統。

And that effectively led to [killing] any potential orders that came in from it, especially when that vendor wasn't interested in being the owner operator of the system. So the UIUC reactor will be a full-scale reactor. It will be called a research reactor, but effectively, it will be full scale.

這實際上扼殺了來自該系統的任何潛在訂單，尤其是當該供應商對成為該系統的所有者和運營商不感興趣時。因此，伊利諾大學厄巴納-香檳分校的反應器將是一個全尺寸反應器。它將被稱為研究反應堆，但實際上，它將是一個全規模的反應器。

I would say that the only potential difference between the UIUC reactor and the commercial reactors is that we will certainly be able to optimize a lot of the engineering as we build them out so that the power output of the commercial reactors will very likely be higher than the research reactor at UIUC. But same scale, same balance of plant, same components as much as we can get in terms of closeness to the final commercial design, it will match very closely.

我認為，UIUC 反應器和商業反應器之間唯一的潛在區別在於，我們在建造過程中肯定能夠優化許多工程設計，因此商業反應器的功率輸出很可能會高於 UIUC 的研究反應器。但是，只要規模相同、工廠平衡相同、組件相同，盡可能接近最終的商業設計，它就會非常接近。

Got it. And I guess what I was getting at, do you think you'll be able to determine an LCOE value with this reactor?

知道了。我想問的是，你認為你能用這個反應器來確定平準化能源成本（LCOE）值嗎？

I think most certainly, what I would preface that with though is just saying that the LCOE for the first-of-a-kind reactor will be wildly different from the commercial reactors, especially once you start deploying those commercial reactors at scale and multiple units because each one will significantly drive down the cost of that LCOE.

不過，我首先要說明的是，首個此類反應器的平準化能源成本 (LCOE) 將與商業反應器大相徑庭，尤其是在大規模部署多個商業反應器之後，因為每個反應器都會顯著降低其平準化能源成本。

Now I would say with the -- already internally, we've taken great lengths to try and actually get towards those numbers, which is why in the brief we gave at the start, we said we're very confident it will be cost competitive with solar and wind and traditional nuclear. We get into the ballpark of those outputs very, very quickly.

現在我想說的是，我們已經在內部採取了諸多措施來努力實現這些數字，這也是為什麼我們在一開始的簡報中說，我們非常有信心它在成本上將與太陽能、風能和傳統核能相媲美。我們很快就能達到這些輸出的大致範圍。

Now we didn't say things like gas or coal, but if you -- and if you do look at the fact that even something like that is anticipated to doubling costs within the next five, six, seven years, then it actually starts getting quite commensurate with even the gas. But with the added benefit of obviously, we can co-locate and it can be put anywhere and you don't need to be connected to the grid and you've got those advantages, too.

我們雖然沒有提到天然氣或煤炭之類的東西，但是如果你——如果你考慮到即使是這類東西，預計在未來五、六、七年內成本也會翻一番，那麼它實際上就開始變得與天然氣相當了。但顯然，它還有一個額外的好處，就是我們可以把它放在一起，它可以放在任何地方，而且你不需要連接到電網，你也擁有這些優勢。

So I know you've probably noticed I'm avoiding figures exactly. But at this point, it's better to just compare what we know we are commensurate with. And then as we get to the finalization of that first-of-a-kind, that will give us an even stronger indication of how correct we were in our assessments.

所以，我知道你可能已經注意到我一直在刻意迴避數字。但就目前而言，最好還是只比較我們已知與我們水平相當的事物。然後，隨著這項史無前例的最終完成，這將更加有力地表明我們的評估是多麼正確。

There are no further questions at this time. I would like to turn the floor back over to Jay Yu for any closing remarks.

目前沒有其他問題了。我謹將發言權交還給Jay Yu，請他作總結發言。

I want to thank everyone again for joining us on today's call. The interest and enthusiasm of our investors and market participants are important to us, and we're very grateful for the support we've received. We look forward to providing additional updates to you in the future. Have a great evening.

我再次感謝大家參加今天的電話會議。投資者和市場參與者的興趣和熱情對我們非常重要，我們非常感謝他們給予的支持。我們期待在未來為您提供更多更新資訊。祝你有個美好的夜晚。

This concludes today's conference. You may disconnect your lines at this time. We thank you again for your participation.

今天的會議到此結束。您可以在此時斷開線路。再次感謝您的參與。