NANO Nuclear Energy Inc. (NNE) 2026 Q2 法說會逐字稿

Greetings, and welcome to the NANO Nuclear Q2 2026 financial results and business update call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 NANO Nuclear 2026 年第二季財務業績與業務更新電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Matthew Barry. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人 Matthew Barry。謝謝。您可以開始了。

Thank you, and good afternoon, everyone. Joining me on the call today are Jay Yu, NANO Nuclear's Founder, Chairman and President; James Walker, our CEO; and Jaisun Garcha, our CFO. Please note that today's press release and slide presentation to accompany this webcast are available on our website.

謝謝，各位下午好。今天與我一同參與電話會議的有：NANO Nuclear 創辦人、董事長兼總裁 Jay Yu；我們的執行長 James Walker；以及我們的財務長 Jaisun Garcha。請注意，今日新聞稿與本次網路直播搭配的簡報投影片已公布於我們的網站。

Before moving ahead, I'll quickly address forward-looking statements made on this call. As reflected in more detail on slide 2, today's presentation contains forward-looking statements about Nano's future that are made under the Safe Harbor provisions of the applicable federal securities laws. You are cautioned that actual results, including without limitation, the results of Nano's microreactor development activities, our plans for vertical integration, other strategies and plans, time lines for achieving goals and other matters related to our future operations may differ materially and adversely from those expressed or implied by the forward-looking statements.

在繼續之前，我先簡要說明本次電話會議中的前瞻性陳述。如投影片第 2 頁更詳細所示，今日簡報包含依據適用之聯邦證券法「安全港」條款所作、關於 Nano 未來的前瞻性陳述。敬請注意，實際結果可能與前瞻性陳述所明示或暗示者存在重大且不利的差異，包括但不限於 Nano 微型反應器研發活動的結果、我們的垂直整合計畫、其他策略與計畫、達成目標的時間表，以及與未來營運相關的其他事項。

Important risks and other factors that could cause actual results to differ from those in our forward-looking statements are contained in our filings with the SEC, including our annual report on Form 10-K filed this past December, which you're encouraged to review. The forward-looking information provided today is accurate only as of today, and Nano disclaims any obligation to update any information provided, except as required by law.

可能導致實際結果與前瞻性陳述不同的重要風險及其他因素，載於我們向美國證券交易委員會（SEC）提交的文件中，包括我們於去年 12 月提交的 Form 10-K 年度報告，建議各位查閱。今日提供的前瞻性資訊僅截至今日為準；除法律要求外，Nano 不承擔更新任何已提供資訊之義務。

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

接下來，我把電話交給 Nano 的創辦人、董事長兼總裁 Jay Yu。

Thank you, Matt, and thank you, everyone, for joining the call today. NANO Nuclear remains well positioned as a leading microreactor developer focused on vertical integration across key aspects of the nuclear fuel cycle, and we're delivering against the key strategic milestones we've outlined over the past several quarters.

謝謝你，Matt，也謝謝各位今天參與電話會議。NANO Nuclear 仍穩居領先的微型反應器開發商地位，專注於核燃料循環關鍵環節的垂直整合；同時，我們也持續達成過去數季所提出的關鍵策略里程碑。

Our KRONOS MMR is a high TRL, high-temperature gas-cooled reactor design backed by nearly a decade of investment and development and decades of high temperature gas-cooled reactor operating history. These advantages position us with a high degree of design maturity, underpinning our ability to advance KRONOS towards construction, licensing and commercialization.

我們的 KRONOS MMR 為高 TRL（技術成熟度等級）、高溫氣冷式反應器設計，背後有近十年的投資與開發，以及數十年高溫氣冷式反應器的運轉歷史作為支撐。這些優勢使我們具備高度的設計成熟度，支撐我們推進 KRONOS 朝向建造、取照與商業化。

Our confidence was recently validated by the formal submission of a construction permit application to the US NRC under Part 50 by the University of Illinois. The submission for our KRONOS MMR deployment on the University of Illinois campus required years of pre-licensing activities, thousands of pages of technical documentation and several months of pre-application engagement with the NRC.

我們的信心近期也獲得驗證：伊利諾大學已依據美國核能管理委員會（US NRC）Part 50 正式提交建造許可申請（CPA）。為在伊利諾大學校園部署我們的 KRONOS MMR，此次提交歷經多年取照前（pre-licensing）活動、數千頁技術文件，以及與 NRC 進行數個月的申請前（pre-application）溝通。

As a result, Nano became one of only a handful of Generation 4 advanced reactor developers to reach this stage and the first commercially ready microreactor to submit a CPA to the NRC, reflecting the maturity of KRONOS MMR's design, the growth and expertise of our team and our strong position as a leading microreactor developer.

因此，Nano 成為少數達到此階段的第四代先進反應器開發商之一，亦是首個向 NRC 提交 CPA、具商業就緒度的微型反應器；這反映 KRONOS MMR 設計的成熟度、我們團隊的成長與專業能力，以及我們作為領先微型反應器開發商的強勢地位。

Alongside our well-established technical foundation, our KRONOS MMR system also offers several advantages in its design and deployment profile. First, we expect a small size and our design philosophy to enable factory fabrication, repeatable construction and learnings that can accelerate deployment time lines and drive economies of scale.

除了既有且扎實的技術基礎外，我們的 KRONOS MMR 系統在設計與部署特性上也具備多項優勢。第一，我們預期其小型化與設計理念可支援工廠製造、可重複的建造流程，以及可加速部署時程並帶來規模經濟的經驗累積。

Second, KRONOS benefits from a superior safety profile as a high-temperature gas-cooled reactor using helium and inert gas as a coolant and TRISO fuel, which is engineered to retain fission products at extremely high temperatures. This safety profile is expected to enable a favorable footprint that's ideal for colocation and off-grid deployment, unlocking high-value applications previously unavailable to traditional nuclear. And third, KRONOS can leverage LEU-plus fuel that is commercially available today, supporting our ability to deploy at scale while maintaining the flexibility to use HALEU fuel once commercially available.

第二，KRONOS 作為以氦氣與惰性氣體為冷卻劑、並採用 TRISO 燃料的高溫氣冷式反應器，具備更優異的安全特性；TRISO 燃料經工程設計可在極高溫下仍保留裂變產物。此安全特性預期可帶來有利的占地條件，適合與其他設施共址（colocation）及離網（off-grid）部署，開啟傳統核能過去難以觸及的高價值應用。第三，KRONOS 可使用目前已具商業供應的 LEU-plus 燃料，支援我們以規模化方式部署，同時保有在 HALEU 燃料未來具商業供應後改用的彈性。

We pair this foundation with a focus on vertical integration across critical aspects of the nuclear fuel cycle, which we expect to provide an advantage versus our competitors, positioning us to accelerate reactor deployment, enhance long-term economics of our reactors and benefit as a key supplier to the industry.

我們在此基礎上，聚焦於核燃料循環關鍵環節的垂直整合；我們預期這將相較競爭對手形成優勢，使我們能加速反應器部署、提升反應器的長期經濟性，並作為產業關鍵供應商而受益。

Our progress to date, differentiated technology and strategies have positioned us to be a key beneficiary of global nuclear renaissance. Electricity demand tied to AI data centers and other power-intensive applications is expanding faster than the new generation and transmission can be delivered, creating rising concerns around power availability, grid expansion and energy affordability. Expected demand will require additional grid-independent energy sources capable of delivering high uptime and resiliency. And at the same time, climate mandates and decarbonization goals are driving preference for clean energy.

迄今的進展、差異化技術與策略，使我們有望成為全球核能復興的重要受益者。與 AI 資料中心及其他高耗電應用相關的用電需求，成長速度快於新增發電與輸電能力的交付，因而引發對電力可得性、電網擴建與能源可負擔性的日益關切。預期需求將需要更多可獨立於電網的能源來源，能提供高可用率與韌性。同時，氣候法規與去碳化目標也推動市場偏好潔淨能源。

In this environment, advanced reactors like our KRONOS MMR are best positioned to address these high-value challenges, driving unprecedented bipartisan support in the US and growing support globally.

在此環境下，像我們 KRONOS MMR 這類先進反應器最有能力解決這些高價值挑戰，並在美國帶動前所未有的跨黨派支持，且全球支持度亦持續提升。

We're continuing to see strong policy momentum supporting advanced nuclear deployment and development in the US, most notably, progress towards establishing a new risk-informed NRC licensing pathways under Part 53 and recently proposed Part 57 framework are expected to significantly streamline licensing for microreactors like KRONOS. Part 53 is designed to provide a more flexible performance-based framework tailored to non-light water technologies, while Part 57 intensive enable a highly streamlined pathway for lower risk standardized microreactor designs, including features such as a combined or closely aligned construction and operating license processes, reduced review scope and fleet-wide standardization benefits.

我們持續看到美國在支持先進核能部署與開發方面的強勁政策動能；其中最值得注意的是，建立新的、以風險為導向的 NRC Part 53 取照途徑，以及近期提出的 Part 57 架構，預期將大幅簡化像 KRONOS 這類微型反應器的取照流程。Part 53 旨在提供更具彈性、以績效為基礎的架構，以因應非輕水式技術；而 Part 57 則預期可為低風險、標準化的微型反應器設計提供高度精簡的途徑，包括合併或緊密銜接的建造與運轉許可流程、縮小審查範圍，以及全機隊（fleet-wide）標準化所帶來的效益。

In parallel, the establishment of the Defense Production Act Nuclear Fuel Consortium to strengthen the domestic capabilities could help accelerate our vertically integrated strategy across the nuclear fuel cycle. And we also see potential benefits from initiatives like the Genesis Mission and federal actions related to nuclear power for space.

同時，為強化國內能力而成立的《國防生產法》核燃料聯盟（Defense Production Act Nuclear Fuel Consortium），也可能有助於加速我們在核燃料循環上的垂直整合策略。此外，我們也看到如 Genesis Mission 等倡議，以及與太空核能相關的聯邦行動，可能帶來的潛在助益。

Taken together, we're confident our KRONOS MMR system is competitively well positioned to deliver reliable baseload power across a range of applications and benefit from increasingly supportive policy backdrop.

綜合而言，我們有信心 KRONOS MMR 系統在競爭上具備良好定位，可在多元應用情境中提供可靠的基載電力，並受益於日益有利的政策環境。

I'll now highlight several recent milestones and provide an overview of additional potential milestones in the coming quarters. Last quarter, we outlined four potential catalysts offering the opportunity to drive shareholder value: regulatory advancement, commercial progress, expansion of our vertical integration across the nuclear fuel supply chain and strategic partnerships. And we've made strong progress in each during our second quarter.

接下來我將重點說明近期幾項里程碑，並概述未來幾季其他潛在里程碑。上一季我們提出四項可能的催化劑，有機會推動股東價值：法規進展、商業進度、擴大我們在核燃料供應鏈的垂直整合，以及策略夥伴關係。而在第二季，我們在各項上都取得了強勁進展。

First, the recent CPA submission to the US NRC for our full-scale prototype at the University of Illinois represented a substantial milestone, validating our design maturity and offering the potential for initial construction activities to begin in mid to late 2027.

第一，近期為伊利諾大學的全尺寸原型機向 US NRC 提交 CPA，是一項重大里程碑，驗證我們的設計成熟度，並使初期建造活動有機會於 2027 年年中至年底啟動。

Second, we completed the feasibility study evaluating our KRONOS MMR providing up to 1 gigawatt of power to BaRupOn's AI data center and manufacturing campus in Texas. As a result, our KRONOS MMR solution is designed to reach their desired 1 gigawatt needs in stages over time. And we're now advancing work on project time lines and licensing. We also continue to see potential for additional commercial announcements in the coming quarters as our pipeline of opportunities continues to grow.

第二，我們完成可行性研究，評估以 KRONOS MMR 為 BaRupOn 位於德州的 AI 資料中心與製造園區提供最高達 1 吉瓦的電力。因此，我們的 KRONOS MMR 解決方案設計為可隨時間分階段達成其 1 吉瓦的需求。我們目前正推進專案時程與取照相關工作。隨著機會管線持續成長，我們也持續看到未來幾季可能有更多商業合作公告。

Third, we're advancing M&A and partnership discussions focused on commercial opportunities across the nuclear fuel supply chain, including areas like nuclear fuel transportation and fuel supply chain facilities. And we're in late-stage discussions for one such opportunity.

第三，我們正推進以核燃料供應鏈商機為核心的併購（M&A）與合作夥伴洽談，涵蓋核燃料運輸與燃料供應鏈設施等領域。其中一項機會目前已進入後期階段的討論。

And equally as important, we're advancing discussions around strategic partnerships we believe can accelerate and derisk large-scale deployment of our reactors. Our recent MOU with Supermicro represents an important step towards aligning advanced nuclear power with next-generation AI and data center infrastructure by exploring opportunities for our KRONOS MMR solution to pair with one of the leading providers of high-performance computing and liquid-cooled data center systems.

同樣重要的是，我們也在推進策略夥伴關係的討論；我們相信這些合作可加速並降低我們反應器大規模部署的風險。我們近期與 Supermicro 簽署的合作備忘錄（MOU），是重要一步：透過探索讓 KRONOS MMR 解決方案與高效能運算及液冷資料中心系統領先供應商之一進行搭配的機會，促進先進核能與下一代 AI 與資料中心基礎設施的對接。

Our recently announced collaboration with EHC Investment also reflects this strategy, creating a path toward a joint venture in the UAE with a partner that brings strong regional presence, decades of experience with large-scale energy infrastructure projects and an in-house EPC capabilities.

我們近期宣布與 EHC Investment 的合作也反映了這一策略，為在阿聯酋與具備強大區域影響力、在大型能源基礎設施專案方面擁有數十年經驗，且具備內部 EPC（工程、採購與施工）能力的合作夥伴，共同成立合資企業鋪設了路徑。

Furthermore, our collaboration with DS Dansuk represents an important step towards supporting KRONOS deployment and localization efforts in South Korea, including the potential development of a reactor core manufacturing facility and component production capabilities within one of the world's most advanced nuclear and industrial markets.

此外，我們與 DS Dansuk 的合作，代表著支持 KRONOS 在南韓部署與在地化工作的關鍵一步，包括潛在開發反應爐爐心製造設施，以及在全球最先進的核能與工業市場之一建立零組件生產能力。

With that, I'll turn the call over to our CEO, James Walker.

接下來，我把電話會議交給我們的執行長 James Walker。

Thank you, Jay. Turning to our Q2 highlights. We continue executing across all areas of the business, making important progress towards advancing KRONOS. As Jay mentioned, a CPA was formally submitted to the US NRC by the University of Illinois for our first full-scale KRONOS MMR prototype. This marked a critical milestone as we transition from engineering design to construction on the campus of the U of I. The CPA submission required years of engineering development, thousands of pages of technical documentation, coordinated input across reactor design, safety analysis, environmental review and regulatory compliance and a viable supply chain.

謝謝你，Jay。接著談談我們第二季的重點。我們持續在業務各領域推進執行，並在推動 KRONOS 方面取得重要進展。如 Jay 所提到，伊利諾大學已正式向美國核能管理委員會（US NRC）提交我們首座全尺寸 KRONOS MMR 原型機的 CPA。這標誌著一個關鍵里程碑，因為我們正從工程設計階段轉向在伊利諾大學校園內的施工階段。CPA 的提交需要多年工程研發、數千頁技術文件、在反應爐設計、安全分析、環境審查與法規遵循方面的協同投入，以及可行的供應鏈。

With the submission, NANO Nuclear becomes one of only a handful of Generation 4 advanced reactor developers to reach this stage and the first commercially ready microreactor developers submit a CPA to the NRC. We anticipate an approximate 12-month review period following formal acceptance of the application, providing the opportunity to initiate initial construction activities at the U of I in mid- to late 2027.

隨著此次提交，NANO Nuclear 成為少數達到此階段的第四代先進反應爐開發商之一，亦是首家向 NRC 提交 CPA 的具商業化準備度的微型反應爐開發商。我們預期在申請正式被受理後，審查期約為 12 個月，並可望於 2027 年年中至年底在伊利諾大學啟動初期施工活動。

In parallel, we're advancing discussions with supply chain partners for long lead components. In addition to enrichment and TRISO fuel suppliers as we work towards solidifying formal agreements, we also made notable progress with two partners focused on advancing the design of our refueling system and helium circulator.

同時，我們也在推進與供應鏈夥伴就長交期關鍵零組件的討論。除在濃縮與 TRISO 燃料供應商方面持續推進、以期敲定正式協議外，我們也與兩家夥伴取得顯著進展，聚焦於推動我們換料系統與氦氣循環機的設計。

It's important to highlight our expectation that KRONOS design philosophy, modularity and assembly strategy should enable greater use of commercially off-the-shelf components relative to the larger SMR designs. We believe this expands the pool of qualified suppliers able to manufacture key components, strengthening our position in commercial negotiations. Overall, this progress reflects continued execution on critical path items, further positioning Nano for initial construction and future commercial deployment.

值得強調的是，我們預期 KRONOS 的設計理念、模組化與組裝策略，相較於更大型的 SMR 設計，將能更大量採用商用現成（COTS）元件。我們相信這將擴大具備資格可製造關鍵零組件的供應商範圍，強化我們在商業談判中的地位。整體而言，這些進展反映我們在關鍵路徑事項上的持續執行，進一步使 Nano 為初期施工與未來商業部署做好準備。

On the commercial and strategic partnership front, we've completed the previously announced feasibility study with BaRupOn, evaluating up to 1 gigawatt of power generation with our KRONOS MMR solution, demonstrating the scalability of our platform for large energy-intensive applications such as AI data centers.

在商業與策略夥伴關係方面，我們已完成先前宣布與 BaRupOn 的可行性研究，評估使用我們的 KRONOS MMR 解決方案進行最高達 1 吉瓦的發電，展現我們平台可支援如 AI 資料中心等大型高耗能應用的可擴展性。

The study confirmed our KRONOS MMR solution is designed to reach their desired 1 gigawatt needs in stages over time with potential to even expand from there over time. And we are now jointly moving the project toward the initiating the licensing process.

研究確認，我們的 KRONOS MMR 解決方案設計可隨時間分階段達成其所需的 1 吉瓦需求，且未來甚至有進一步擴充的潛力。我們目前也正共同推動該專案進入啟動許可（licensing）流程。

We also continue to grow our pipeline of commercial opportunities across data center, industrial and defense-related customers and continue to see strong interest from credible strategic partners highlighted by previously announced MOUs with Supermicro, EHC Investment and DS Dansuk. Collectively, these relationships reinforce the strategic interest in our technology and strategy, support our path towards commercialization and create a potential pathways to broader long-term partnerships over time.

我們也持續擴大在資料中心、工業與國防相關客戶的商機管線，並持續看到來自具公信力之策略夥伴的強烈興趣，這可由先前宣布與 Supermicro、EHC Investment 與 DS Dansuk 的合作備忘錄（MOU）看出。整體而言，這些關係強化了市場對我們技術與策略的策略性興趣，支持我們邁向商業化的路徑，並隨時間推進，創造通往更廣泛長期合作夥伴關係的潛在途徑。

As it relates to our focus on vertical integration across key aspects of the nuclear fuel cycle, which we believe is a key differentiator between us and our competitors, we're advancing efforts to address key bottlenecks within the nuclear fuel supply chain, including progress towards solidifying acquisitions and partnerships for nuclear fuel supply chain facilities and fuel transportation. As Jay mentioned, we are in a late-stage discussions for one such opportunity and see strong potential to announce additional progress in the near term.

就我們聚焦於核燃料循環關鍵環節的垂直整合而言——我們相信這是我們相較競爭對手的重要差異化——我們正推進相關工作，以解決核燃料供應鏈中的關鍵瓶頸，包括在核燃料供應鏈設施與燃料運輸方面，推動收購與合作夥伴關係的進展。如 Jay 所提到，我們正就其中一項機會進行後期階段的討論，並看好在近期宣布更多進展。

From a financial perspective, our balance sheet remains strong with cash, cash equivalents and short-term investments totaling approximately $569 million. And in March, the SEC declared effective our $900 million shelf registration statement, including a $400 million at-the-market facility. While we are extremely well funded for our near-term cash needs, our S-3 approval provides additional flexibility to access capital markets opportunistically in the future, further strengthening our ability to advance KRONOS towards commercialization.

從財務角度來看，我們的資產負債表仍然穩健，現金、約當現金與短期投資合計約 5.69 億美元。此外在 3 月，美國證券交易委員會（SEC）宣布我們 9 億美元的擱置式註冊聲明（shelf registration statement）生效，其中包含 4 億美元的按市價發行（ATM）機制。雖然我們在短期現金需求方面資金極為充裕，但 S-3 的核准為我們未來在適當時機進入資本市場提供了額外彈性，進一步強化我們推動 KRONOS 邁向商業化的能力。

Building on this progress, I'd now like to provide additional detail on several recent strategic announcements that, we believe, collectively strengthen our commercialization strategy and help to derisk future KRONOS MMR deployments.

在此進展基礎上，我接下來想就近期幾項策略性公告提供更多細節；我們相信，這些公告合在一起將強化我們的商業化策略，並有助於降低未來 KRONOS MMR 部署的風險。

A great example of this strategy is our recently announced collaboration with Supermicro, a global leader in AI infrastructure, high-performance servers and advanced liquid-cooling data center systems, serving many of the world's leading hyperscale enterprise and cloud computing customers.

這項策略的一個很好的例子，是我們近期宣布與 Supermicro 的合作。Supermicro 是 AI 基礎設施、高效能伺服器與先進液冷資料中心系統的全球領導者，服務許多全球領先的超大規模企業與雲端運算客戶。

Through this MOU, we plan to explore strategic collaboration opportunities focused on integration of NANO Nuclear's KRONOS MMR with Supermicro's industry-leading AI server and data center platforms, explore joint go-to-market strategies and evaluate off-grid deployment opportunities for next-generation grid-independent AI infrastructure.

透過這份 MOU，我們計畫探索策略合作機會，重點包括將 NANO Nuclear 的 KRONOS MMR 與 Supermicro 業界領先的 AI 伺服器與資料中心平台進行整合、探索共同的市場推進（go-to-market）策略，並評估用於下一代獨立於電網（grid-independent）的 AI 基礎設施之離網部署機會。

Importantly, we believe this collaboration further reinforces KRONOS' positioning as a potential long-term power solution for AI data centers and high-performance computing infrastructure, which represents one of the largest emerging electricity demand markets globally. By combining our advanced reactor technology with Supermicro's leadership, we believe there is meaningful opportunity to support future deployment and commercialization efforts through strategic collaboration with a leading technology infrastructure provider.

重要的是，我們相信此合作進一步強化 KRONOS 作為 AI 資料中心與高效能運算基礎設施之潛在長期供電解決方案的定位，而這也是全球最大的新增用電需求市場之一。透過結合我們的先進反應爐技術與 Supermicro 的領導地位，我們相信與領先的科技基礎設施供應商進行策略合作，將為未來部署與商業化推進帶來實質機會。

More broadly, these efforts reflect our strategy of aligning with highly credible strategic partners to help accelerate commercialization, reduce execution risk and expand long-term deployment opportunities for KRONOS. At the same time, our recently announced MOU with EHC Investment reflects another important component of our strategy, establishing regional partnerships that can help accelerate and support future reactor deployments.

更廣泛而言，這些努力反映了我們的策略：與高度具公信力的策略夥伴結盟，以加速商業化、降低執行風險，並擴大 KRONOS 的長期部署機會。同時，我們近期宣布與 EHC Investment 的 MOU 也反映了策略中的另一個重要面向：建立可協助加速並支持未來反應爐部署的區域性夥伴關係。

EHC Investment is a diversified Abu Dhabi-based investment holding company with a portfolio spanning energy, infrastructure, safety and advanced technologies with a strong track record of operating and expanding strategic infrastructure and energy businesses. Notably, we signed an MOU to explore a joint venture focused on deployment of our KRONOS MMR platform in the Gulf region. This includes working together to evaluate market entry opportunities, assess pathways for establishing a localized nuclear supply chain, identify potential end users and host sites and engage with key stakeholders across regulatory, financing and commercial frameworks.

EHC Investment 是一家總部位於阿布達比的多元化投資控股公司，投資組合涵蓋能源、基礎設施、安全與先進技術，並在營運與擴張策略性基礎設施與能源業務方面具備強勁實績。值得注意的是，我們已簽署 MOU，探索以在海灣地區部署我們的 KRONOS MMR 平台為重點的合資企業。這包括共同評估市場進入機會、評估建立在地化核能供應鏈的可行路徑、辨識潛在終端用戶與設置場址，並與法規、融資與商業架構等面向的關鍵利害關係人互動。

What makes this collaboration particularly compelling is the combination of EHC's capabilities and regional positioning. They bring decades of experience executing large-scale energy infrastructure projects in the UAE and broader Gulf region, offering the potential to materially accelerate project development time lines. EHC also benefits from in-region engineering, construction and project delivery capabilities, creating a strong foundation of execution at scale.

使這項合作特別具吸引力之處，在於 EHC 的能力與其區域定位的結合。他們在阿聯酋及更廣泛海灣地區執行大型能源基礎設施專案方面擁有數十年經驗，具備大幅加速專案開發時程的潛力。EHC 亦具備區域內的工程、施工與專案交付能力，為大規模執行奠定堅實基礎。

And importantly, their broader platform across energy, safety and advanced technologies, along with their regional relationships, position them as a strong partner for executing on future KRONOS deployments. Taken together, we believe this collaboration offers the potential to significantly derisk and accelerate our entry into one of the most attractive emerging markets for advanced nuclear.

同樣重要的是，他們在能源、安全與先進技術方面的更廣泛平台，加上其區域關係網，使其成為推動未來 KRONOS 部署的強力合作夥伴。綜合而言，我們相信此合作有潛力在先進核能最具吸引力的新興市場之一，顯著降低風險並加速我們的市場進入。

While the progress we've outlined in expanding strategic partnerships is important, it's ultimately enabled by the strength of our underlying technology, which we're confident offers clear advantages. First, we believe our KRONOS MMR reflects a high TRL level platform focused on integrating proven technologies into a compact modular system optimized for licensing and deployment. KRONOS builds on high-temperature gas-cooled reactor technology that has been deployed and validated across multiple countries for decades.

雖然我們在擴大策略夥伴關係方面所概述的進展很重要，但其根本仍是建立在我們底層技術的實力之上，而我們有信心該技術具備明確優勢。首先，我們相信 KRONOS MMR 代表一個技術成熟度等級（TRL）較高的平台，專注於將已驗證的技術整合至一個緊湊的模組化系統中，以最佳化許可與部署。KRONOS 建立在高溫氣冷反應爐技術之上，該技術已在多個國家部署並經數十年驗證。

Core elements of the design, including TRISO fuel, helium coolant and graphite moderation, are mature technologies supported by real-world operating data. The platform itself is supported by a strong technical foundation, including nearly a decade of prior development and more than an estimated $120 million of historical investment.

設計的核心要素，包括 TRISO 燃料、氦氣冷卻劑與石墨慢化，皆為成熟技術，並有真實世界的運轉數據支持。該平台本身亦具備堅實的技術基礎，包括近十年的前期開發，以及估計超過 1.2 億美元的歷史投入。

Beyond the reactor, our balance of plant strategy prioritizes commercially proven systems such as steam generators, turbines and thermal energy storage technologies already used in concentrated solar plants. We also expect to operate with conservative temperature and pressure parameters aligned with successful historical deployments.

在反應爐之外，我們的廠用系統（balance of plant）策略優先採用已在商業上驗證的系統，例如蒸汽發生器、渦輪機，以及已在聚光太陽能電廠中使用的熱能儲存技術。我們也預期將以保守的溫度與壓力參數運轉，並與過往成功部署的歷史經驗保持一致。

Second, the safety profile is fundamentally different from other reactor types. TRISO fuel retains fission products at extreme temperatures. Helium is an inert coolant, and the design relies on passive heat removal. As such, we don't expect a credible meltdown pathway, and the core can shut down itself without reliance on active safety systems.

第二，安全特性與其他反應爐類型在本質上不同。TRISO 燃料可在極端溫度下保留裂變產物。氦氣是惰性冷卻劑，而設計依賴被動式移除熱量。因此，我們不預期存在可信的熔毀途徑，且爐心可在不依賴主動式安全系統的情況下自行停堆。

Third, prismatic high-temperature gas-cooled reactors are inherently simple. There are few active systems and high-stress components and a substantial number of components are commercially off the shelf rather than safety grade. The core configuration itself has no moving parts other than the control rods, and the materials are inert and well understood, contrasting with the complexity of certain other advanced designs.

第三，稜柱式高溫氣冷反應爐本質上相當簡單。主動系統與高應力部件很少，且相當多的零組件為商用現成品，而非安全等級（safety grade）。爐心配置本身除控制棒外沒有任何運動部件，材料為惰性且已被充分理解，與某些其他先進設計的複雜性形成對比。

Fourth, prismatic high-temperature gas reactors like KRONOS are especially well suited for export. The use of TRISO fuel presents minimal proliferation risk compared with other fuel technologies. And the strong safety case may support more streamlined engagement with international regulators.

第四，像 KRONOS 這樣的稜柱式高溫氣冷反應爐特別適合出口。相較於其他燃料技術，採用 TRISO 燃料的擴散風險更低。而強健的安全論證也可能支持與國際監管機構更精簡的互動流程。

Fifth, we believe this architecture is particularly flexible with the standard design able to be deployed for smaller capacities by adjusting operating pressure, allowing KRONOS' output to scale without redesign. The standard design can also use different enrichment levels without redesign as well.

第五，我們認為此架構特別具彈性；標準設計可透過調整運轉壓力來部署於較小容量，使 KRONOS 的輸出可在不重新設計的情況下進行擴縮。同一標準設計也可在不重新設計的情況下使用不同的濃縮度。

And lastly, we believe these characteristics should enable stronger economies of scale, and an inert coolant, passive safety and advanced fuel, reduce the need for complex chemistry controls and high maintenance systems. Combined with a simpler design and greater use of commercial components, we see potential for lower operating costs, reduced maintenance requirements and favorable cost scaling over time.

最後，我們認為這些特性應能帶來更強的規模經濟；惰性冷卻劑、被動式安全與先進燃料可降低對複雜化學控制與高維護系統的需求。結合更簡化的設計與更高比例的商用零組件，我們看見降低營運成本、減少維護需求，以及隨時間推移更有利的成本擴展潛力。

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

接下來，我把電話交給我們的財務長 Jaisun，請他提供財務重點。

Thank you, James. I'll now provide a summary of our Q2 financial performance. Our overall liquidity position remains robust, ending the quarter with approximately $569 million in cash, cash equivalents and short-term investments. This was a slight decline from the prior quarter as we continue to fund development of our KRONOS MMR and related fuel cycle initiatives.

謝謝你，James。我現在將摘要說明我們第二季的財務表現。我們整體流動性狀況仍然穩健，本季末現金、約當現金與短期投資合計約 5.69 億美元。相較上一季略有下降，因我們持續投入 KRONOS MMR 的研發以及相關燃料循環計畫。

During the quarter, our previously filed $900 million shelf registration became effective, including a $400 million at-the-market facility, or ATM, enhancing our financial flexibility and ensuring we have efficient access to capital as needed in the future. While we have yet to use the shelf or ATM and while they do not reflect immediate financing needs, they provide us with flexibility to be opportunistic in the future as we execute on key milestones and further demonstrate the value of our technology, strategy and platform.

本季期間，我們先前提交的 9 億美元擱置註冊（shelf registration）已生效，其中包含 4 億美元的隨市發行（at-the-market，ATM）機制，提升了我們的財務彈性，並確保未來在需要時能有效率地取得資本。雖然我們尚未使用該擱置註冊或 ATM，且它們並不代表我們有立即的融資需求，但在我們推進關鍵里程碑並進一步展現技術、策略與平台價值的同時，這些工具讓我們未來能更具機動性、把握機會。

At the same time, we believe our current cash and short-term investments positions us well to support the development and advancement of our full-scale U of I prototype through construction and commissioning. This position is further strengthened by our ongoing evaluation of several nondilutive funding opportunities, which we believe could reduce the capital requirements associated with the project.

同時，我們認為目前的現金與短期投資足以支持伊利諾大學（U of I）全尺寸原型機的開發與推進，涵蓋建造與試運轉（commissioning）。此外，我們也持續評估多項非稀釋性資金來源機會，我們相信這些機會可降低與該專案相關的資本需求。

Taken together, this positions us with significant financial flexibility, not only to fund our core development efforts, but also to selectively pursue value-accretive opportunities, including potential transactions across the nuclear fuel cycle that could enhance our competitive positioning and vertical integration over time.

綜合而言，這使我們具備顯著的財務彈性，不僅能資助核心研發工作，也能有選擇地追求增值機會，包括核燃料循環各環節的潛在交易，以在時間推移中強化我們的競爭定位與垂直整合。

Turning to the income statement. Q2 net loss totaled $9.2 million, an increase of approximately $3 million from the prior quarter. This primarily reflected higher headcount and associated expenses as we continue to advance development and licensing of our KRONOS MMR, highlighted by submission of a CPA to the US NRC, while also pursuing strategic growth opportunities.

接著看損益表。第二季淨損為 920 萬美元，較上一季增加約 300 萬美元。主要反映我們持續推進 KRONOS MMR 的研發與取照（licensing），包括向美國核能管制委員會（US NRC）提交 CPA，同時也在追求策略性成長機會，因而帶來人力增加及相關費用上升。

Looking ahead, we expect expenses to trend higher as we continue to scale our team and initiate procurement of long lead items and testing equipment in support of our engineering and demonstration facility.

展望未來，隨著我們持續擴編團隊，並開始採購長交期項目與測試設備以支援工程與示範設施，我們預期費用將呈上升趨勢。

Q2 net loss declined by approximately $12 million from the prior year comparative period, primarily due to an increase in interest income and decline in equity-based compensation. Year-to-date net cash used in operating activities increased by approximately $4 million from the prior year period to $9.3 million, primarily due to an increase in personnel fees, excluding equity-based compensation and an increase in professional fees.

與去年同期相比，第二季淨損約減少 1,200 萬美元，主要因利息收入增加以及股權基礎薪酬下降。年初至今，營運活動使用的淨現金較去年同期增加約 400 萬美元至 930 萬美元，主要因人員費用（不含股權基礎薪酬）增加，以及專業服務費用增加。

And year-to-date net cash used in investing activities increased by approximately $368 million to approximately $381 million, primarily driven by an approximate $371 million increase in short-term investments to earn a higher yield on our cash balance.

此外，年初至今投資活動使用的淨現金增加約 3.68 億美元至約 3.81 億美元，主要由於短期投資約增加 3.71 億美元，以在我們的現金餘額上取得更高收益率。

Before turning the call over to the operator for Q&A, I'd like to reemphasize we are well positioned to execute our strategy of advancing our KRONOS MMR toward commercialization, while also enhancing our vertical integration through partnerships and M&A. As we look ahead, we will remain disciplined in deploying time and capital towards opportunities that are strategically accretive and offer compelling return on investment.

在把電話交回接線員進行問答之前，我想再次強調：我們已做好充分準備，執行推動 KRONOS MMR 商業化的策略，同時透過合作夥伴關係與併購（M&A）強化垂直整合。展望未來，我們將在時間與資本配置上保持紀律，聚焦於具策略性增值且能提供具吸引力投資報酬的機會。

With that, I'll now turn the call over to the operator to open up the call for Q&A.

接下來，我把電話交給接線員，開放問答。

(Operator Instructions) Nate Pendleton, Texas Capital Bank.

(接線員指示) Nate Pendleton，Texas Capital Bank。

Congrats on the continued progress. Regarding the BaRupOn feasibility study, can you provide some more detail around the potential timing of that 1 gigawatt of capacity and what the next steps look like from here?

恭喜持續取得進展。關於 BaRupOn 可行性研究，能否提供更多細節，說明那 1 吉瓦容量的潛在時程，以及接下來的步驟會是什麼？

Yes, I'm happy to do that. So that's going pretty well, actually. Down -- we've finished the feasibility study, and we've wrapped that up now. And so now we're in discussions with them about the next stage, which is examining the licensing requirements that would go into it. So you might have seen very recently at UIUC, we submitted a construction permit application.

好的，我很樂意說明。目前進展其實相當順利。我們已完成可行性研究，現在也已經收尾結案。接下來我們正與他們討論下一階段，也就是檢視將納入其中的取照要求。你可能最近在 UIUC 看到，我們已提交建造許可申請。

Now there's going to have to be a similar sort of process done at the BaRupOn site where we would follow up with drilling and gathering geotechnical work, and that would feed into the entire submission for construction permit at the site. So now that the feasibility study is done and they're happy with that, now we're into discussions about the next stage, that licensing process.

接下來在 BaRupOn 場址也需要進行類似流程：我們會進一步鑽探並蒐集地工（geotechnical）資料，而這些資料將納入該場址的建造許可申請整體提交內容。因此，在可行性研究完成且對方也滿意之後，我們現在正進入下一階段的討論，也就是那個取照流程。

I mean the good part now is that the reactor construction at UIUC, that will gift us obviously a commercial product that we can deploy and is subsequently licensed, but still the licensing process for the site itself needs to be done. So that's what we're working on with them at the moment, and we're working out the step, the involvement, the contributions and the partners that will be involved in that geotechnical work as well with BaRupOn.

我的意思是，現在的好消息是 UIUC 的反應爐建造將讓我們獲得一個可部署、且後續可取得許可的商業產品，但場址本身的取照流程仍需要完成。所以這就是我們目前與他們正在推進的工作；我們也在與 BaRupOn 一起釐清地工工作所需的步驟、參與方式、各方貢獻，以及將參與其中的合作夥伴。

So how -- and after that stage, once the construction permit application is done, then you can start moving into the point where you can start site prepping. But it would go off to the NRC. The NRC would go through an examination process similar to UIUC of just examining the geotechnical data. And then once approved, you would be authorized to start construction.

那麼在那個階段之後，一旦建造許可申請完成，你就可以開始推進到場址整備（site prepping）的階段。但申請會送交 NRC。NRC 會進行一個類似 UIUC 的審查流程，主要是審查地工資料。一旦核准，你就會被授權開始施工。

Now it's still going to be dependent on the licensing process happening at UIUC for the ultimate deployment of the reactor systems. But we can get everything in place. And one of the nice parts about future operations similar to BaRupOn is that once the reactor is licensed and it's more of a known quantity with the NRC, you could even expect an expedited CPA approval process given that when we give them geotechnical data for the specific sites the reactor launch to.

當然，最終反應爐系統的部署仍將取決於 UIUC 的取照流程。但我們可以先把所有前置工作就位。而像 BaRupOn 這類未來營運的一個優點是：一旦反應爐取得許可、且對 NRC 而言成為較為已知的項目，當我們為特定場址提交地工資料以啟動反應爐部署時，你甚至可以預期 CPA 的核准流程會更為加速。

But that's how it's going to look now, feasibility study done, moving into examining licensing for the particular site. And then once the reactor is commercially ready for deployment, it can go straight into construction at the deployment site.

但這就是它現在將呈現的樣子：可行性研究已完成，接下來將進入針對特定場址的許可審查。然後，一旦反應爐在商業上準備好部署，就可以直接在部署場址進入施工。

That's great. I appreciate all that detail, James. And then maybe for Jaisun, you called out evaluating non-dilutive funding opportunities. Can you provide more details about what those opportunities are and directionally the size of the potential opportunity there?

太好了。James，我很感謝你提供這麼多細節。接著可能想問 Jaisun，你提到在評估非稀釋性資金的機會。你能否更詳細說明這些機會是什麼，以及就方向性而言，潛在機會的規模大概有多大？

Sure. So we're looking at government programs or incentives such as DOE fuel under project qualifications, items such as ITCs and potential avenues with the state and universities. So in terms of size, we haven't quantified the exact amount we'd be looking at. We do have substantial runway with our own liquidity. But as things get more moving forward to different time lines, we'll be looking at kind of quantifying that more and getting them nailed down.

當然。我們正在看政府計畫或激勵措施，例如在符合專案資格下的 DOE 燃料、像是投資稅額抵免（ITC）之類的項目，以及與州政府和大學合作的潛在途徑。就規模而言，我們尚未量化我們會尋求的確切金額。我們自身的流動性仍有相當充足的跑道。但隨著事情在不同時間軸上持續推進，我們會更進一步量化並把它們敲定。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

The new regulatory pathways for the NRC, Parts 53 and 57, is that something that could expedite UIUC? Or do you view this as more of like a commercial opportunity?

NRC 的新監管途徑，第 53 與第 57 部分，這是否能加速 UIUC 的進程？或者你認為這更像是一個商業機會？

I would say it's very, very, especially Part 57. I can go into a bit of both of them. But the reason why it's very important commercially is that Part 57, in particular, I mean, it's already focused on microreactors, which falls exactly into our ballpark. But it's really focused on fleet deployment. And what they're trying to do here is that the -- if you look at nuclear historically, you've got long deployment time lines for singular large systems. And for an anticipated market of small modular reactors and more in particular, microreactors, which is what that Part 57 is focused on, how do you deploy dozens or hundreds of these things on an annual basis without being held up by that extremely long historic licensing and construction process?

我會說非常、非常——尤其是第 57 部分。我可以稍微談談兩者。但之所以在商業上非常重要，是因為第 57 部分特別是——我的意思是，它已經聚焦在微型反應爐上，這正好落在我們的範疇內。但它其實更聚焦於機隊式部署（fleet deployment）。他們在這裡想做的是——如果你回顧核能的歷史，你會看到單一大型系統的部署時間線很長。而對於預期的小型模組化反應爐市場，尤其是第 57 部分所聚焦的微型反應爐，要如何在不被歷史上極長的許可與建造流程拖慢的情況下，每年部署數十台或數百台？

So Part 57, maybe it has some benefits on the licensing front for small reactor systems. But the real benefit of that system is it is way more commercially focused. So aligning construction operating licensing processes, the scope of safety characteristics, fleet-wide standardization benefits, the Part 57 is going to be crucial for us because by 2030, when we have the reactor fully constructed, outputting power, licensed and ready to commercially deploy, we want to be in a position, at that point, to deploy these things en masse. And the Part 57 facilitates that a lot. So we've been reading through, obviously, the releases that they've come out. That has been extremely beneficial.

所以第 57 部分或許在小型反應爐系統的許可面有一些好處。但這個體系真正的好處是它更偏向商業導向。因此，對齊建造、運轉、許可流程，安全特性範疇，以及全機隊標準化的效益——第 57 部分對我們會非常關鍵，因為到 2030 年，當我們把反應爐完整建成、開始輸出電力、取得許可並準備好商業部署時，我們希望在那個時間點具備大規模部署的能力。而第 57 部分在這方面提供了很大的促進。所以我們一直在研讀他們發布的內容。那對我們非常有幫助。

I would say in terms of where we are at the moment is that we were suitably far along in advance that we already had a licensing pathway, and there was no significant benefit to us changing anything we were doing. The Part 50 process that we're going through to get the reactor constructed at the university to get it licensed, there's no real expedited benefit of utilizing anything new. We're on pretty much the fastest pathway, but that commercial advantage is very important.

我會說，就我們目前的狀況而言，我們在很早之前就已經推進到相當程度，因此我們本來就有一條許可路徑，改變我們正在做的事情並沒有顯著好處。我們正在走的第 50 部分流程，用於在大學建造反應爐並取得許可，使用任何新的途徑並沒有真正的加速效益。我們基本上已在最快的路徑上，但那個商業優勢非常重要。

What I could say is an advantage for the industry, and you could see that the NRC is actually putting in real concerted efforts to facilitate the rollout of advanced nuclear is Part 53 is a different approach in that it's a more risk-informed approach to licensing, where a lot of the responsibility is put back on the reactor developer and the responsibility lies with them.

我可以說，對產業而言的一個優勢——你也可以看到 NRC 確實在投入相當一致的努力來促進先進核能的推進——是第 53 部分採取了不同的方法：它是一種更以風險為導向（risk-informed）的許可方式，將許多責任交回給反應爐開發商，責任在他們身上。

That is a crucial factor difference because it's no longer a thing of the -- proving to the NRC that every single aspect is safe. It's you submit an application where you look at the risk profiles, and that's really what's assessed. And you need to submit all of that information to them, and that's your responsibility.

這是一個關鍵性的差異因素，因為不再是——向 NRC 證明每一個面向都安全。而是你提交一份申請，檢視風險輪廓（risk profiles），真正被評估的是這些內容。你需要把所有資訊提交給他們，而這是你的責任。

That should actually shorten things substantially for future licensing processes for advanced reactor systems. I would say it's just less of a benefit for us just given how advanced we were in the process of site characterization, submission of the CPA, the place of where the reactor is in terms of technological development and the fact that we've already had a lot of ongoing licensing engagement with the NRC already. But yes, Part 57, incredibly useful, very, very useful for future mass deployment of reactor systems at fleet level.

這其實應該能在未來針對先進反應爐系統的許可流程中大幅縮短時間。我會說，對我們而言效益相對較小，主要是因為我們在場址特性化、CPA 的提交、反應爐技術開發所處的位置，以及我們已經與 NRC 進行了大量持續的許可互動等方面，都已經推進得很前面。但沒錯，第 57 部分非常有用，對於未來在機隊層級的大規模部署反應爐系統而言，非常、非常有用。

That is great color as always. Just one follow-up out of curiosity. Are there similar efforts in Canada to keep pace with what the NRC is doing?

一如既往，這些說明很有幫助。只是出於好奇再追問一個問題。加拿大是否也有類似的努力，以跟上 NRC 正在做的事情？

I've got to admit, I don't know. I know that Canada, obviously, they've been very vocal about the need for the introduction of like these advanced systems into Canada, especially because some of the larger nuclear systems are just ill suited for the ring of fire or oil sands projects or remote communities up there. But I haven't seen anything like this so far. Now I don't want to be offside with the CNSC, so they might be doing something very similar. I just don't know.

我得承認，我不知道。我知道加拿大顯然一直很積極地談到需要把這類先進系統引入加拿大，特別是因為一些較大型的核能系統並不適合用於「火環」（Ring of Fire）或油砂專案，或是那邊的偏遠社區。但到目前為止，我還沒看到類似這樣的事情。當然我也不想對 CNSC 說錯話，所以他們可能正在做非常類似的事。我只是不了解。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Just a few on the CPA. I think you mentioned the CPA has been submitted. Any idea on when it will be accepted? And then does the 12-month time line start from acceptance? Or has it already been triggered?

關於 CPA 我有幾個問題。我想你提到 CPA 已經提交了。有沒有概念大概何時會被受理（accepted）？另外，12 個月的時間線是從受理開始算嗎？還是已經啟動了？

So obviously, everyone saw that we formally announced the submission of that CPA just at the end of March. There is a standard acceptance window. Actually, that window is now. So it could be any time from today, actually, all the way through to early next week where we can really expect that formal acceptance from the NRC.

所以很明顯，大家都看到我們在 3 月底正式公告提交了那份 CPA。有一個標準的受理窗口期。其實那個窗口期就是現在。所以可能從今天起一直到下週初的任何時間，我們都可以合理期待 NRC 的正式受理。

And obviously, I don't want to speak for them. There are always delays with organizations, but that formal acceptance, we also expect imminently. So there's that process. And then obviously, there's the expected 12-month turnaround once formally accepted for the permission to then go and construct. So -- but yes, that formal acceptance is expected very, very soon.

而且很明顯，我不想替他們發言。組織總是可能有延遲，但我們也預期那個正式受理會很快到來。所以有這個流程。然後一旦正式受理，就會有預期的 12 個月周轉期，之後才會獲准去建造。所以——但沒錯，那個正式受理預期會非常、非常快。

Just switching subjects. I think in the commentary, the M&A opportunities were mentioned, including for transportation and some other areas. Are you looking at specifically transportation partners that will help you transfer nuclear fuel?

換個話題。我想在評論中提到了併購（M&A）機會，包括運輸以及其他一些領域。你們是否在尋找特定的運輸合作夥伴，協助你們轉運核燃料？

So this is a very important question. And to be honest with everybody as well, we did have -- we have some things that we're working on at the moment, and we hope they would have been ready in time for this earnings call so we could speak about them more publicly. But I don't think it's any secret that we've identified that the transportation element of the nuclear industry, especially advanced nuclear industry, will be very crucial to the successful mass deployment of reactor systems and refueling spent fuel, everything like that.

所以這是一個非常重要的問題。也坦白跟大家說，我們確實有——我們目前正在推進一些事情，我們原本希望能在這次財報電話會議前準備好，這樣就能更公開地談它們。但我想這也不是什麼秘密：我們已經辨識到核能產業、尤其是先進核能產業的運輸環節，對於反應爐系統的成功大規模部署、補充燃料、乏燃料處理等所有事情，都將非常關鍵。

Now we've accepted actually that we're going to have to create more in-house capabilities within Nano to ensure that there's not going to be a bottleneck on operations due to constrictions around the delivery of materials, nuclear materials, fuel, anything like that. So there are acquisitions that we are -- we've already identified. We're in late-stage discussions about. And those late-stage discussions should lead to announcements, I think, in the short term that we can publicly talk about.

我們現在其實已經接受一個事實：我們必須在 Nano 內部建立更多自有能力，以確保不會因為材料交付、核材料、燃料或類似事項的限制，而在營運上形成瓶頸。因此，我們已經辨識出一些收購標的。我們正就其中一些進行後期階段的討論。而我認為，這些後期討論應該會在短期內促成一些公告，讓我們可以對外公開談論。

I'm just trying to not be offside with what our lawyers advise us on, but it is a very important aspect of the business. It is actually an area of the nuclear industry that is already a bit squeezed, and we are trying to get ahead of that problem right now. And we are very, very close, as I say. It should be a very short turnaround before we can actually formally announce something on this one.

我只是盡量避免違背我們律師給的建議，但這確實是業務中非常重要的一環。這其實是核能產業中已經有點吃緊的一個領域，而我們正試圖現在就超前部署、提前解決這個問題。而且如我所說，我們已經非常、非常接近了。在我們能正式宣布這件事之前，應該只需要非常短的時間。

Yes. It is an important aspect because everyone is focused on the reactors and fuel enrichment and other aspects, but transportation has not been a subject of focus so far. So glad you're working on that.

是的。這是一個重要面向，因為大家都把焦點放在反應爐、燃料濃縮和其他面向，但到目前為止，運輸並不是關注的重點。很高興你們正在處理這件事。

My last question is regarding the proposed Part 57. Correct me if I'm wrong, but the NRC is still accepting comments on this? And if so, are you -- do you have any comments that you may be submitting as part of this process?

我最後一個問題是關於擬議中的第 57 部分（Part 57）。如果我沒弄錯的話，NRC 仍在接受對此的意見評論嗎？如果是的話，你們是否有任何可能會在此程序中提交的意見？

So on the Part 57, I mean, we are part of a lot of the consortiums. And obviously, I think they're specifically -- I think 57 -- that's sort of physical protection of special nuclear material. It probably is going to be an increasing consideration of ours just because they're going to be involved in some level of transportation.

關於第 57 部分，我的意思是，我們是許多聯盟的一員。而且很明顯，我想他們特別是——我想 57——那算是針對特殊核材料的實體防護。這可能會成為我們日益重要的考量，因為它們在某種程度上會涉及運輸。

So even though we're part of the consortiums with the NEI that are examining this kind of thing, I would say, at the moment, until we complete those prospective acquisitions, we probably won't concentrate too much on them.

所以即便我們是 NEI 相關聯盟的一部分、也在檢視這類議題，我會說，就目前而言，在我們完成那些潛在收購之前，我們可能不會把太多精力放在這上面。

But they, almost certainly, the security aspects of things like that, like 10 CFR Part 57, they are going to be a focus of some of the specialists that we're going to inherit as part of any potential acquisition that will have to focus on these different aspects.

但幾乎可以確定的是，像 10 CFR 第 57 部分這類的安全／保安面向，將會是我們在任何潛在收購中所承接的部分專家必須聚焦的重點，因為他們必須關注這些不同面向。

But at the moment, I wouldn't say we've allocated any personnel. And what we expect is that the personnel we're going to bring into the company will address these things with the NRC, probably through consortiums run by the NEI.

但就目前而言，我不會說我們已經配置任何人力。我們的預期是，未來我們引進公司的那些人員，將會與 NRC 一起處理這些事項，可能是透過 NEI 主導的聯盟來進行。

Thank you. And we have reached the end of the question-and-answer session. Therefore, I'd like to turn the floor back to Jay Yu for closing remarks.

謝謝。我們的問答環節到此結束。因此，我想把時間交回給 Jay Yu 做結語。

Actually, I'm sorry. We have one more question from the line of Subash Chandra with StoneX.

其實，不好意思。我們還有一個問題，來自 StoneX 的 Subash Chandra。

Sorry, I thought I was in the queue already. The first question, James, I guess, is as you order these long lead items, does your original cost estimates, how are they sort of fleshing out? And when will you have sort of a more fulsome view of what the actual will be versus the estimate?

抱歉，我以為我已經在排隊了。第一個問題，James，我想問的是，當你們訂購這些長交期項目時，你們原先的成本估算目前落實得如何？你們何時能對實際成本相對於估算有更完整的掌握？

So actually, kind of near term because now that the technical team has finished with the construction permit application, and that was really occupying almost all of them, like 60 -- or 60 number of people, whatever number it was, the team has immediately shifted focus on to the supply chain.

其實會在近期，因為技術團隊已經完成建造許可申請（CPA），而那件事幾乎占用了他們所有人的時間，大概 60——或 60 人左右，不管實際人數是多少；團隊已經立刻把焦點轉向供應鏈。

So the vessels, the graphite fuel, the fabrication, helium circulators, whatever it is, and including the nonnuclear components like the turbine systems, the mechanical, the salts. And we do -- I mean, prior to the submission of the CPA, we already had identified suppliers involved. And so now what is going down is contract negotiation. And that started with all the different vendors. So the subsections, we can get a much more granular appreciation of what the overall cost would be.

所以包括壓力容器、石墨燃料、製造、氦氣循環機等等，還有非核組件，例如渦輪系統、機械設備、鹽類等。而且我們確實——我的意思是，在提交 CPA 之前，我們就已經辨識並接觸相關供應商。所以現在正在進行的是合約談判。而且已經與各家供應商展開。因此在各個子項目上，我們能更細緻地掌握整體成本會是多少。

I would say at the moment, the estimations that we provided so far, that $300 million to $350 million, which were conservative, are still accurate. And as we get deeper into the examination and the negotiations, that's not shifting.

我會說，就目前而言，我們迄今提供的估算，也就是 3 億到 3.5 億美元（屬於保守估計），仍然是準確的。而隨著我們更深入檢視與談判，這個數字並沒有改變。

Now I would just preface as well that, that number is not -- certainly not going to be representative of nth of a kind reactor systems. Everything is being bespoke for this particular reactor, and maybe we might double them up if we go ahead with the Canadian project. But the, -- yes, so far that initial first-of-a-kind full power, fully operating, power-producing full-scale reactor system at UIUC, the estimates are, so far, looking to be pretty accurate.

我也要先說明，那個數字當然不會代表第 n 座同型反應爐系統的成本。所有東西都是為這座特定反應爐量身打造的；如果我們推進加拿大專案，或許會做成雙套。但是——是的，到目前為止，UIUC 的首座全功率、完全運轉、可發電的全尺寸反應爐系統（首座示範機）的估算看起來仍相當準確。

That's good to hear. And on BaRupOn, just curious, when do they secure a tenant? -- Yes, go ahead, sorry.

很高興聽到。另外關於 BaRupOn，我只是好奇，他們什麼時候會確定租戶？——是的，你先說，抱歉。

No, I was just going to say, obviously, that's their business, but we have a very close relationship with them, and they keep us updated. There are actually two major hyperscale’s that are examining their facility at the moment. And obviously, we -- it's -- I wouldn't say their business is dependent on those two being successful, but they're attracting, obviously, a lot of interest to get the tenants onto that particular site.

不，我只是想說，顯然那是他們的業務，但我們和他們的關係非常密切，他們也會持續向我們更新進度。目前其實有兩家主要的超大規模業者（hyperscale）正在評估他們的設施。而且很明顯，我們——我不會說他們的業務一定要靠那兩家成功才行，但他們確實吸引了大量興趣，希望能把租戶帶到那個特定場址。

Now the nice thing about BaRupOn is that they are suitably flexible. And I know that we've learned a little bit about how hyperscale’s and data centers operate just through discussions with them. And the nice part is that they do have alternative sites even if the site is considered not ideal for a lot of these different areas.

BaRupOn 的好處在於他們具備足夠的彈性。而且我知道，透過與他們的討論，我們也對超大規模業者與資料中心的運作方式有了一些了解。而好的一點是，即使某個場址對許多不同面向而言被認為不理想，他們也有替代場址。

And the nice part is if we -- because we've gone through this process with them anyway, wherever they do deploy, whether it's Texas or Virginia or Wyoming or wherever they're currently looking to deploy these sites and attract tenants, we're already earmarked in to provide the nuclear power for these different sites. So even though we've only publicly spoken about Texas, there are other opportunities with them even beyond that site. But yes, they're currently going through the due diligence process with two big hyperscale’s at the moment.

而更好的是，如果我們——因為我們已經和他們一起走過這個流程——無論他們最後部署在哪裡，不管是德州、維吉尼亞、懷俄明，或他們目前正在評估部署這些場址並吸引租戶的任何地方，我們都已被預先納入，將為這些不同場址提供核能電力。所以即使我們對外只公開談過德州，除了那個場址之外，和他們合作還有其他機會。但沒錯，他們目前正與兩家大型超大規模業者進行盡職調查流程。

Thank you. And now we have reached the end of the question-and-answer session. Therefore, I'll now turn the call back over to Jay Yu for our closing remarks.

謝謝。現在我們已到達問答環節的結束。因此，我現在把電話交回給 Jay Yu 做結語。

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

我想再次感謝各位參加今天的電話會議。投資人與市場參與者的關注與熱情對我們很重要，我們也非常感謝各位的支持。我們期待未來提供更多更新資訊。祝各位今晚愉快。

And ladies and gentlemen, this concludes today's conference, and you may disconnect your lines at this time. We thank you for your participation.

各位女士先生，今天的會議到此結束，您現在可以掛斷電話。感謝各位的參與。