NANO Nuclear Energy Inc. (NNE) 2026 Q3 法說會逐字稿

Greetings, welcome to the Nano Nuclear Q3 2026 Financial Results and Business Update Call. (Operator Instructions)

各位好，歡迎參加 Nano Nuclear 2026 年第三季財務業績與業務更新電話會議。(接線員指示)

Please note this conference is being recorded. I will now turn the conference over to Matthew Barry.

請注意，本次會議將被錄音。我現在把會議交給 Matthew Barry。

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 Jason Garcha, our CFO. Please note that today's press release and slide presentation to accompany this webcast are available on our website.

謝謝，大家下午好。今天與我一同參與電話會議的有：Jay Yu，Nano Nuclear 的創辦人、董事長兼總裁；James Walker，我們的執行長；以及 Jason Garcha，我們的財務長。請注意，今天的新聞稿以及配合本次網路直播的簡報投影片已發布於我們的網站。

Before moving ahead, I'll quickly address forward-looking statements made on this call.

在繼續之前，我將先簡要說明本次電話會議中的前瞻性陳述。

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.

如投影片第 2 頁更詳細所示，今天的簡報包含關於 Nano 未來的前瞻性陳述，並依據適用之聯邦證券法的「安全港」條款作出。

We're cautioned that actual results, including without limitation the results of Nano's microreactor development activities, our plans for vertical integration, customer acquisition and other strategies and plans, timelines for achieving goals and other matters relating to our future operations may differ materially and adversely from those expressed or implied by the forward-looking statements.

我們提醒各位，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 的微型反應爐開發活動成果、我們的垂直整合計畫、客戶取得及其他策略與計畫、達成目標的時間表，以及其他與我們未來營運相關事項。

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. Nano disclaims any obligation to update any information provided except as required by law. With that, I'll turn the call over to Jay Yu, Nano's Founder, Chairman and President.

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，已載於我們向 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。今天提供的前瞻性資訊僅截至今日為準且僅在今日時點上為準確。除法律要求外，Nano 不承擔更新任何所提供資訊之義務。接下來，我把電話會議交給 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'd like to begin the call by reminding investors what differentiates Nano Nuclear and why we believe we're well positioned to capture value in the advanced nuclear industry.

謝謝你，Matt，也感謝今天加入電話會議的各位。我想先提醒投資人，Nano Nuclear 的差異化之處是什麼，以及為何我們相信自己具備在先進核能產業中擷取價值的良好定位。

We've intentionally built our strategy around six factors we believe will determine commercial success at scale.

我們刻意將策略建立在六項我們認為將決定規模化商業成功的因素之上。

First is our technology. Kronos is built upon high-temperature gas-cooled reactor technology, which has been demonstrated through decades of global deployments.

第一是我們的技術。Kronos 建基於高溫氣冷式反應爐技術，該技術已透過數十年在全球的部署得到驗證。

The trisyl fuel used by Kronos also benefits from extensive qualification work under the U.S. DOE's AGR program, contributing to our confidence in building upon mature advanced reactor technology.

Kronos 所使用的 TRISO 燃料也受益於美國能源部（DOE）AGR 計畫下大量的資格鑑定工作，這也強化了我們在成熟的先進反應爐技術基礎上持續建構的信心。

At the same time, Kronos' enhanced safety profile using helium as coolant and triso fuel positions it well for applications requiring co-location with customer, including AI data centers, industrial applications, military installations and remote mining operations.

同時，Kronos 以氦氣作為冷卻劑並採用 TRISO 燃料所帶來的強化安全特性，使其非常適合需要與客戶就地共址的應用情境，包括 AI 資料中心、工業應用、軍事設施以及偏遠礦區作業。

The second is design maturity and fuel flexibility.

第二是設計成熟度與燃料彈性。

Kronos' high TRL is backed by a substantial historic investment over a decade of development. Our confidence in Kronos' design maturity is supported by the NRC's formal acceptance of the University of Illinois' construction permit application for REVEAL, making nanonuclear the first commercially ready microreactor developer building a full-scale unit and one of only a handful of Generation 4 advanced reactor developers to reach this stage.

Kronos 的高技術成熟度等級（TRL）背後，是超過十年開發所累積的大量歷史投資。我們對 Kronos 設計成熟度的信心，亦受到 NRC 正式受理伊利諾大學 REVEAL 建造許可申請的支持，使 Nano Nuclear 成為首家建造全尺寸機組、具商業就緒度的微型反應爐開發商，亦是少數達到此階段的第四代先進反應爐開發商之一。

Our reactor is also designed to utilize LEU+ fuel that's commercially available today, while maintaining the flexibility to utilize HALU in the future without redesign once HALU is available and economically viable.

我們的反應爐亦設計為可使用目前已具商業供應的 LEU+ 燃料，同時保有未來使用 HALEU 的彈性；一旦 HALEU 可取得且具經濟可行性，無需重新設計即可切換使用。

Next is scalability.

接下來是可擴展性。

We believe success will be measured by the ability to manufacture a standardized design economically and at scale. Kronos, this small modular architect, is intended to support standardized manufacturing and repeatable deployment.

我們相信，成功將以能否以具經濟效益的方式、以標準化設計進行規模化製造來衡量。Kronos 作為小型模組化架構，旨在支援標準化製造與可重複的部署。

We expect this approach to provide one of the clearest pathways to benefit from new expedited licensing pathways, including Part 53 and proposed Part 57, shortened deployment schedules and economies of scale.

我們預期此一方法將提供最清晰的路徑之一，以受益於新的加速許可途徑（包括 Part 53 與擬議的 Part 57）、縮短部署時程，以及規模經濟。

Fourth is commercialization. Our first full-scale prototype development at the University of Illinois is advancing through formal NRC licensing with a clear pathway toward first power around 2030.

第四是商業化。我們在伊利諾大學的首座全尺寸原型機開發，正透過正式的 NRC 許可程序推進，並具備明確路徑，目標在約 2030 年實現首次發電。

Our commercial pipeline also continues to grow. We recently completed a feasibility study assessing the potential to deploy up to 1 gigawatt of power with BonRupon. And at the same time, we are advancing discussions with potential strategic collaborator and customer advancing planned gigawatt-scale data centers in the U.S. And internationally.

我們的商業管線也持續成長。我們近期完成一項可行性研究，評估與 BonRupon 部署最高達 1 吉瓦電力的潛力。同時，我們也正與潛在策略合作夥伴與客戶推進討論，對方正在美國以及國際上推動規劃中的吉瓦級資料中心。

These discussions continue to progress, and we see a potential to soon reach an initial framework identifying nanonuclear as their preferred nuclear technology provider. In parallel, we are exploring strategic alignment mechanisms. Which could include milestone-based investments tied to defined commercial and project development milestones we believe would drive meaningful value for shareholders.

這些討論持續取得進展，我們看到有機會在不久後達成初步框架，將 Nano Nuclear 確立為其首選的核能技術供應商。與此同時，我們也在探索策略性對齊機制，其中可能包括以里程碑為基礎的投資安排，並與明確的商業與專案開發里程碑掛鉤；我們相信這將為股東帶來具意義的價值。

This proposed structure is designed to align long-term interest and incentivize our joint success.

此一擬議架構旨在對齊長期利益，並激勵我們共同成功。

Separately, we are advancing discussions with nuclear power project developer and an AI infrastructure company to jointly evaluate several projects. And lastly, we're also seeing strong interest from. Earlier stage discussions with potential defense, mining and industrial customers. We believe these opportunities provide visibility into multiple gigawatts of potential commercial deployments.

另外，我們也正與核電專案開發商及一家 AI 基礎設施公司推進討論，以共同評估數個專案。最後，我們也看到來自潛在國防、採礦與工業客戶的強烈興趣，並正進行較早期的洽談。我們相信這些機會讓我們可望掌握多個吉瓦等級的潛在商業部署能見度。

Next is vertical integration.

接下來是垂直整合。

We believe one of the greatest challenges facing advanced nuclear industry over the coming decade will be execution across the broader nuclear fuel cycle. Which is why we're strategically focused on expanding our capabilities in that area.

我們相信，未來十年先進核能產業面臨的最大挑戰之一，將是跨越更廣泛核燃料循環的執行能力。因此，我們策略性地聚焦於擴展在該領域的能力。

Our recently announced acquisition of Secure Transportation Services, or STS, has accelerated our progress by providing the ability to transport nuclear fuel and spent fuel. Our team has already identified opportunities to leverage STS's specialized expertise to de-risk Kronos' advancement and our expansion across the fuel cycle.

我們近期宣布收購 Secure Transportation Services（STS），加速了我們的進展，因為這使我們具備運輸核燃料與用過燃料的能力。我們的團隊已辨識出可運用 STS 專業能力的機會，以降低 Kronos 推進以及我們在燃料循環擴張過程中的風險。

Equally as important, STS has demonstrated a history of profitability and our team is excited for several significant opportunities to grow the business organically, as well as through an additional M&A opportunity currently under evaluation. We also continue to advance M&A and partnership discussions targeting fuel facility assets to further de-risk the nuclear fuel cycle.

同樣重要的是，STS 已展現其獲利歷史，而我們的團隊對於數項重大機會感到振奮，這些機會可透過有機成長，以及透過目前正在評估的另一項併購（M&A）機會來擴大業務。我們也持續推進以燃料設施資產為目標的併購與合作夥伴討論，以進一步降低核燃料循環的風險。

And lastly, execution requires both capital and the right team. We ended the quarter with approximately $580 million of liquidity, providing what we believe is one of the strongest balance sheets among advanced reactor developers. Our strong financial position provides the financial flexibility to advance our first deployment while also pursuing strategic acquisitions and partnerships across the nuclear fuel cycle.

最後，執行需要資本與合適的團隊。本季末我們約有 5.8 億美元的流動性，我們認為這使我們擁有先進反應爐開發商中最強健的資產負債表之一。我們強勁的財務狀況提供了財務彈性，使我們在推進首次部署的同時，也能在核燃料循環各環節追求策略性收購與合作夥伴關係。

Equally as important, we've assembled an experienced team from the DOE, the NRC, US National Labs, the US Military, and advanced reactor developers.

同樣重要的是，我們已組建一支具經驗的團隊，成員來自 DOE、NRC、美國國家實驗室、美國軍方，以及先進反應爐開發商。

Our team has grown significantly over the past year, with our headcount increasing to 85 employees and contractors as of the end of our third quarter, from 31 one year prior, and we have expectations for significant growth.

過去一年我們的團隊顯著成長，截至第三季末，我們的員工與承包商人數已增至 85 人，高於一年前的 31 人，且我們預期仍將大幅成長。

We believe this combination of technology, financial strength and industry experience has built one of the industry's strongest foundations for long-term value creation. Our team looks forward to additional progress and remains excited for both short and long-term opportunities to create further value for shareholders.

我們相信，技術、財務實力與產業經驗的結合，已建立起業界最強的長期價值創造基礎之一。我們的團隊期待取得更多進展，並對於短期與長期為股東創造更多價值的機會持續感到振奮。

With that, I'll turn over the call to our CEO, James Walker, who will provide additional details on our progress and recent developments.

接下來，我把電話會議交給我們的執行長 James Walker，他將就我們的進展與近期發展提供更多細節。

Thank you, Jay. Nano Nuclear has established a strong foundation within the advanced nuclear industry, and we continued converting that foundation into tangible execution during the third quarter.

謝謝你，Jay。Nano Nuclear 已在先進核能產業建立堅實基礎，而我們在第三季持續將這些基礎轉化為具體的執行成果。

In May, the NRC formally accepted to review the construction permit application for the deployment of the Kronos MMR at the University of Illinois Urbana-Champaign, initiating formal review activities.

在 5 月，NRC 正式受理並開始審查在伊利諾大學厄巴納—香檳分校部署 Kronos MMR 的建造許可申請，並啟動正式審查作業。

The NRC subsequently announced its expectation to complete its environmental assessment in Q1 2027 and its safety evaluation in Q3 2027.

NRC 隨後宣布，預期將於 2027 年第一季完成其環境評估，並於 2027 年第三季完成其安全評估。

These projected milestones remain consistent with our expectation for the review process to complete in 2027, providing the opportunity to begin initial construction activities in the second-half of 2027.

這些預估里程碑仍與我們對審查流程將於 2027 年完成的預期一致，並提供在 2027 年下半年開始初步施工活動的機會。

In parallel, we're advancing several critical engineering work streams. We recently announced progress with an engineering collaboration with Fortill, an internationally recognized engineering and consulting firm to advance Kronos' fuel handling and storage system.

同時，我們正在推進數個關鍵的工程工作主軸。我們近期宣布，已與Fortill（一家國際知名的工程與顧問公司）展開工程合作並取得進展，以推進Kronos的燃料處理與儲存系統。

This system is an important element of both our first deployment and our broader commercialization of the platform.

該系統是我們首次部署以及平台更廣泛商業化的重要組成要素。

We're also advancing an engineering collaboration with another globally recognized engineering firm to advance Kronos' primary helium circulator.

我們也正與另一家全球知名的工程公司推進工程合作，以推進Kronos的主氦循環機。

This firm has decades of experience supporting gas-cooled nuclear reactor programs, and this collaboration has now advanced into the detailed design phase. Together, these advancements reflect progress across several critical path work streams.

該公司在支援氣冷式核反應爐計畫方面擁有數十年經驗，而這項合作現已進入細部設計階段。綜合而言，這些進展反映出多個關鍵路徑工作主軸的推進。

They are helping us mature key reactor subsystems, reduce first-of-the-kind execution risk and establish repeatable designs for future standardized commercial deployments. Another significant area of progress during the quarter was the continued expansion of our vertically integrated nuclear platform.

他們正協助我們使關鍵反應爐子系統更趨成熟、降低首台（first-of-a-kind）執行風險，並為未來標準化商業部署建立可重複的設計。本季另一項重大進展，是我們持續擴展垂直整合的核能平台。

As Jay highlighted, we completed the acquisition of STS in May. STS is a globally operating nuclear logistics, transportation and services company with a history of profitability. With more than 20 years of experience supporting the movement of radioactive and nuclear materials, STS supports both commercial nuclear customers and critical missions for the US DOE and NSA.

如Jay所強調，我們已於5月完成對STS的收購。STS是一家全球營運的核能物流、運輸與服務公司，且具備獲利歷史。STS擁有超過20年支援放射性與核材料運輸的經驗，服務對象涵蓋商用核能客戶，以及美國能源部（DOE）與國家安全局（NSA）的關鍵任務。

By bringing these capabilities in-house, we can reduce reliance on third-party providers, accelerate our expansion across several aspects of the fuel cycle and accelerate future reactor deployments. At the same time, we've made strong progress advancing several synergistic acquisition and partnership opportunities across the nuclear fuel cycle.

透過將這些能力內部化，我們可降低對第三方供應商的依賴，加速我們在燃料循環多個面向的擴張，並加速未來反應爐部署。同時，我們也在推進核燃料循環領域多項具協同效益的收購與合作機會方面取得強勁進展。

These include an additional fuel transportation business and nuclear fuel facility assets. We see potential for more than one announcement in the coming months, subject to further diligence and closing conditions. With one position to contribute revenue upon closing and another offering more meaningful revenue potential in or around the 2030 time frame.

其中包括另一項燃料運輸業務以及核燃料設施資產。在完成進一步盡職調查及滿足交割條件的前提下，我們預期未來幾個月可能不只發布一項公告。其中一項在交割後即可貢獻營收，另一項則在約2030年前後具備更顯著的營收潛力。

The third key area of progress came from the expansion of Kronos' commercial pipeline.

第三個關鍵進展領域來自Kronos商業管線的擴張。

During the quarter, we continued progressing our deployment opportunity with Perupon by completing the previously announced feasibility study, which evaluated a phased deployment of up to 1 gigawatt of Kronos MMR capacity.

本季，我們持續推進與Perupon的部署機會，完成先前宣布的可行性研究；該研究評估了分階段部署最高達1吉瓦的Kronos MMR容量。

We view this as an important milestone and we're advancing discussions towards initiation of the NRC licensing process.

我們視此為重要里程碑，並正推進討論以朝啟動NRC許可（licensing）流程邁進。

We're concurrently advancing discussions towards an initial framework with a potential strategic collaborator and customer to support their planned multi-gigawatt pipeline of data center projects.

我們也同步推進與潛在策略合作夥伴及客戶的初步框架討論，以支援其規劃中的多吉瓦資料中心專案管線。

If finalized, the framework could position Nanonuclear as the preferred nuclear technology provider, while terms remaining under discussion, we believe this framework and future collaboration could significantly strengthen our path toward commercialization by aligning Nanonuclear with an experienced infrastructure developer with a strong track record of developing, financing and executing large-scale projects.

若最終定案，該框架可使Nanonuclear成為優先的核能技術供應商；儘管條款仍在討論中，我們相信此框架與未來合作可透過使Nanonuclear與具備大型專案開發、融資與執行實績的資深基礎設施開發商結盟，顯著強化我們的商業化路徑。

We're also evaluating mechanisms to align interest through future investment in nanonuclear energy ties to defined commercial milestones we believe could drive substantial value for shareholders.

我們也在評估透過未來投資機制來對齊彼此利益，將對Nanonuclear Energy的投資與明確的商業里程碑連結；我們相信這些里程碑可為股東帶來可觀價值。

Moreover, we believe this collaboration could be a meaningful validator of our technology and our commercialization strategy, while also providing visibility into a multi-gigawatt deployment pipeline, which could help accelerate Kronos' commercialization.

此外，我們認為此合作可成為對我們技術與商業化策略的重要驗證，同時也能提供多吉瓦部署管線的能見度，進而協助加速Kronos的商業化。

We also signed an MOU with Supermicro to evaluate the integration of Kronos with Supermicro's AI server and data center infrastructure platforms, as well as potential joint go-to-market opportunities and off-grid deployments for next-generation AI infrastructure.

我們也與Supermicro簽署一份MOU（合作備忘錄），以評估將Kronos整合至Supermicro的AI伺服器與資料中心基礎設施平台，並探索潛在的聯合市場推廣機會，以及用於下一代AI基礎設施的離網（off-grid）部署。

By engaging early, we can jointly evaluate how in the future nuclear-powered data centers may be designed as integrated systems rather than treating the power source and computing infrastructure as separate development decisions.

透過及早投入，我們可共同評估未來核能供電資料中心如何以整合式系統進行設計，而非將電力來源與運算基礎設施視為彼此獨立的開發決策。

Moreover, we continue to advance several opportunities within and outside of the data center market, further demonstrating the breadth and scale of the market opportunity for Kronos.

此外，我們持續推進資料中心市場內外的多項機會，進一步展現Kronos市場機會的廣度與規模。

To this end, we were recently selected for an SBIR Phase I award by AFWERX, the innovation arm of the Department of the Air Force, to advance the Kronos MMR for the U.S. Air Force.

為此，我們近期獲美國空軍部（Department of the Air Force）之創新單位AFWERX選中，取得SBIR第一階段（Phase I）獎項，以推進供美國空軍使用的Kronos MMR。

The latest award further expands our opportunity set with the Department of the Air Force, following the company's previously announced direct-to-phase II SBIR award for Joint Base Anacostia Bowling.

此最新獎項在公司先前宣布、針對阿納科斯蒂亞-博林聯合基地（Joint Base Anacostia Bolling）的SBIR「直接進入第二階段」（direct-to-phase II）獎項之後，進一步擴大了我們與美國空軍部的機會集合。

Which continues to progress on schedule. We recently submitted our fourth contract line item deliverable with the remaining four deliverables expected to be completed over the next 12 to 18 months.

該專案仍按進度推進。我們近期已提交第四項合約分項交付成果，剩餘四項交付成果預計將在未來12至18個月內完成。

Lastly, we further enhanced our strong balance sheet by raising approximately $26 million in net proceeds from our at-the-market or ATM facility. At quarter end, we held approximately $580 million in liquidity.

最後，我們透過隨市發行（ATM）機制籌得約2,600萬美元的淨收益，進一步強化我們穩健的資產負債表。截至季末，我們持有約5.8億美元的流動性。

Overall, the quarter included substantial progress across each of our principal strategic priorities. I'd now like to provide additional color on our recent acquisitions of STS, the progress we've made since completing the transaction and the opportunities we see to create long-term shareholder value.

整體而言，本季在我們各項主要策略優先事項上均取得實質進展。接下來我想就我們近期收購STS、完成交易後的進展，以及我們所見可創造長期股東價值的機會，提供更多補充說明。

Our acquisition of STS represents more than a fuel transportation business. Beyond its established operating business, regulatory appearances, experienced personnel and long-standing customer relationships, SDS provides a strategic platform to expand our capabilities across the nuclear fuel cycle, helping to further de-risk Kronos' deployments.

我們對STS的收購不僅是一項燃料運輸業務。除其既有的營運業務、法規相關出庭/應對、經驗豐富的人員與長期客戶關係之外，SDS提供了一個策略平台，可擴展我們在核燃料循環各環節的能力，並協助進一步降低Kronos部署風險。

Since joining Nanonuclear, SDS has continued demonstrating the strength of its platform by supporting several important DOE and NNSA missions, including the successful transport of HALO from Japan to the United States. The removal of highly enriched uranium from Venezuela, and additional domestic transportation campaign supporting the US nuclear industry.

自加入Nanonuclear以來，SDS持續透過支援多項重要的DOE與NNSA任務，展現其平台實力，其中包括成功將HALO自日本運送至美國。以及將高濃縮鈾自委內瑞拉移除，並執行其他支援美國核能產業的國內運輸行動。

We believe these emissions reflect both the highly specialized nature of SDS's capabilities and the confidence key government agencies place in the organization. Looking ahead, we believe SDS is exceptionally well positioned to benefit from the continued growth of the nuclear industry. Increasing reactor deployments are expected to drive demand for fuel transportation and related fuel cycle services.

我們認為這些任務反映出SDS能力的高度專業性，以及關鍵政府機構對該組織的信任。展望未來，我們相信SDS具備極佳條件，可受惠於核能產業的持續成長。反應爐部署增加預期將帶動對燃料運輸及相關燃料循環服務的需求。

And SDS is one of the established leaders in this specialized market. Under the nanonuclear umbrella, SDS is already advancing initiatives to broaden its capabilities in anticipation of that growth. SDS also strengthens Nano Nuclear beyond transportation and logistics. The team includes personnel with decades of experience supporting the industry.

而SDS是此一專業市場中既有的領導者之一。在Nanonuclear的體系下，SDS已在推進多項計畫，以因應成長並擴大其能力。SDS也在運輸與物流之外強化Nano Nuclear。其團隊包含多位擁有數十年產業支援經驗的人員。

We believe this expertise can support future reactor operations while further strengthening our relationships with key government organizations. We've also been encouraged by the feedback we've received from prospective customers, several of whom view our ability to offer a more integrated solution as a meaningful differentiator compared with other reactor developers.

我們相信這些專業能力可支援未來反應爐營運，同時進一步強化我們與關鍵政府組織的關係。我們也對潛在客戶的回饋感到鼓舞，其中數位客戶認為，我們能提供更整合式解決方案，相較其他反應爐開發商是一項重要差異化優勢。

SDS provides a successful standalone operating business we expect will continue generating a solid base of revenue while offering multiple avenues for significant organic growth.

SDS提供一項成功的獨立營運業務，我們預期其將持續帶來穩健的營收基礎，同時也提供多條可實現顯著有機成長的途徑。

At the same time, we were already evaluating a complementary acquisition we believe could meaningfully expand SDS's capabilities, geographic footprint, and revenue base.

同時，我們也已在評估一項互補性的收購案；我們相信該收購可在能力、地理覆蓋範圍與營收基礎方面，實質擴大SDS的規模。

We look forward to sharing updates on our progress in the coming quarters.

我們期待在未來幾季分享我們進展的最新消息。

And with that, I'll hand over the call to our CFO, Jason, to discuss the financial highlights.

接下來，我將把電話會議交給我們的財務長Jason，請他說明財務重點。

Thank you, James.

謝謝你，James。

I'll now provide a brief overview of our financial performance for the third quarter and the year-to-date period.

我現在將簡要概述我們第三季及年初至今期間的財務表現。

Our acquisition of STS provides Nano Nuclear with a revenue-generating fuel transportation business with a demonstrated history of profitability.

我們收購STS，為Nano Nuclear帶來一項可創造營收的燃料運輸業務，且具備經證實的獲利歷史。

STS generated approximately $3.9 million of unaudited revenue during the first six months of calendar year 2026, including $200,000 from the May 22nd closing of the transaction through June 30.

STS在2026曆年上半年產生約390萬美元的未經審計營收，其中包含自5月22日交易交割日至6月30日期間的20萬美元。

Operating expenses totaled $15.9 million.

營運費用合計為1,590萬美元。

Driven by higher G&A and R&D expenses as we continue to advance Kronos development, progress Kronos through the formal NRC licensing process, advance activities at EU of I, and expand capabilities across the nuclear fuel cycle.

主要由於一般及行政（G&A）與研發（R&D）費用增加，因我們持續推進Kronos開發、推動Kronos進入正式的NRC許可流程、推進在EU of I的活動，並擴展核燃料循環各環節的能力。

As expected, operating expenses increased versus the prior year period as we scale our engineering, regulatory, commercial, and fuel cycle workstreams.

如預期，隨著我們擴大工程、法規、商業與燃料循環等工作主軸，營運費用較去年同期增加。

Our Q3 net loss was $10.1 million compared to $7.6 million in the prior year quarter.

我們第三季淨虧損為 1,010 萬美元，較去年同期的 760 萬美元增加。

The increase reflects higher OpEx, partially offset by higher interest income driven by our larger liquidity position. Year-to-date net loss totaled $25.8 million, an improvement versus the $32 million in the prior year period, benefiting from substantially higher interest income and lower equity-based compensation.

虧損增加反映營運費用（OpEx）較高，部分被因我們流動性部位較大所帶動的利息收入增加所抵銷。年初至今淨虧損合計 2,580 萬美元，較去年同期的 3,200 萬美元有所改善，主要受惠於利息收入大幅提高以及股權基礎薪酬降低。

Year-to-date net cash used in operating activities was $18.7 million, primarily reflecting the year-to-date net loss, partially offset by non-cash equity-based compensation.

年初至今營運活動使用之淨現金為 1,870 萬美元，主要反映年初至今淨虧損，部分被非現金的股權基礎薪酬所抵銷。

Year-to-date net cash used in investing activities was $297.6 million, driven by our approximate $281 million purchase of short-term investments, approximately $10 million in plant, property and equipment additions.

年初至今投資活動使用之淨現金為 2.976 億美元，主要由約 2.81 億美元的短期投資購買所驅動，另有約 1,000 萬美元的廠房、財產及設備新增。

And approximately $6 million related to the STS acquisition. At quarter end, we held $580 million in liquidity, an increase of roughly $11 million from the prior quarter.

以及約 600 萬美元與 STS 收購相關。季末我們持有 5.8 億美元的流動性，較上一季增加約 1,100 萬美元。

This increase reflects approximately $26 million in net proceeds from our ATM program, partially offset by capital deployed to advance Kronos development, NRC licensing activities, and broader fuel cycle initiatives.

此增加反映我們 ATM 計畫帶來約 2,600 萬美元的淨募資款，部分被用於推進 Kronos 開發、NRC 授權活動，以及更廣泛燃料循環計畫所投入的資本所抵銷。

We believe our balance sheet is among the strongest in the advanced nuclear energy sector, providing a clear competitive advantage as we progress toward our first-of-kind deployment. Our strong financial position could be further enhanced by several non-dilutive funding opportunities for EU of I project, which we believe could meaningfully reduce the capital required.

我們相信，我們的資產負債表在先進核能產業中名列前茅，隨著我們朝向首座示範部署（first-of-kind deployment）推進，這為我們帶來明確的競爭優勢。我們強健的財務狀況亦可透過多項針對 EU of I 專案的非稀釋性資金機會進一步強化，我們相信這些機會可實質降低所需資本。

Taken together, this liquidity profile not only positions us well to advance our first-of-kind prototype, but also provides the flexibility to pursue value-accretive acquisitions across the fuel cycle while continuing to advance Kronos towards commercialization.

綜合而言，這樣的流動性結構不僅使我們能夠順利推進首座原型機，也提供彈性，讓我們在持續推動 Kronos 商業化的同時，於燃料循環各環節尋求具增值效益的收購。

We will continue to deploy capital strategically to de-risk Kronos development and commercialization and prudently in line with prior successful value-accretive investments such as the acquisition of the Kronos MMR assets and STS. Overall, we remain confident that our financial strength positions us exceptionally well to execute on our growth strategy.

我們將持續以策略性方式部署資本，以降低 Kronos 開發與商業化風險，並在審慎原則下延續過往成功、具增值效益的投資作法，例如收購 Kronos MMR 資產與 STS。整體而言，我們仍有信心，我們的財務實力使我們具備極佳條件來執行成長策略。

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

接下來我把電話交給接線員進行問答。

Thank you. (Operator Instructions) Samir Joshi, HC Wainwright

謝謝。(接線員指示) Samir Joshi，HC Wainwright

Hey, good afternoon, James, Jay, Jason and Matt. Congratulations on the progress. The CPA acceptance was a real achievement and the STS acquisition also fits nicely in your strategy.

嗨，下午好，James、Jay、Jason 和 Matt。恭喜你們的進展。CPA 的受理是一項真正的里程碑，而 STS 的收購也非常契合你們的策略。

So my first question is about just as the regulatory process goes through with the safety evaluation and environmental assessment, on the flips on the other side, you said you're working with Fortill and another engineering firm. Are there any long LEED items that you might need to order now to start construction in the second. Half of 2027.

我第一個問題是，隨著法規流程進行安全評估與環境評估，另一方面你提到你們正與 Fortill 以及另一家工程公司合作。是否有任何交期很長（long lead）的 LEED 項目需要現在就下單，才能在 2027 年下半年開始施工？

So the initial construction fortunately focuses more on things like the installation of the citadel. So if you think about a big subterranean concrete structure for which the reactor will fit in, like for instance, technically right at the start of the construction period, we don't need any reactor related components. That doesn't mean we haven't started sourcing them already and we're into.

所幸初期施工更著重於例如堡壘結構（citadel）的安裝。因此如果你把它想成一個大型地下混凝土結構，反應爐將置於其中；例如在施工期一開始，技術上我們不需要任何與反應爐相關的組件。但這不代表我們尚未開始採購，我們已經在進行。

Vendor negotiations with regard to costs and delivery schedules and all that. But the initial construction isn't waiting on those. Once we get the approval and the turnaround from the NRC, the federal regulator, we'll proceed straight away with the ground excavation followed by concrete pouring and steel installation for that portion of the.

就成本與交付時程等事項與供應商進行談判。但初期施工並不需要等那些。當我們取得 NRC（聯邦監管機構）的核准與回覆後，我們會立即進行地面開挖，接著為該部分進行混凝土澆置與鋼構安裝。

The project that will house the nuclear reactor. The other parts of the actual system, the Kronos system overall include the thermal energy storage system, which is the solar salt. So the thing that acts as like a battery and the adjacent plant which converts that thermal output to electric. Now, none of that is nuclear at all.

該部分工程將用以容納核反應爐。整體 Kronos 系統的其他部分包含熱能儲存系統，也就是太陽鹽（solar salt）。它的作用類似電池，旁邊還有將熱輸出轉換為電力的電廠。而這些都完全不是核能相關。

And a lot of those components are very standard. So you're thinking turbine systems, solar salt.

其中許多組件都非常標準化。例如你想到的是渦輪機系統、太陽鹽。

Those don't even need to wait for NRC approval. We can get constructing on those straight away, and those are more off-the-shelf components. So there's a lot we can do even before we procure components. But we do want to, by the time we get the approval next year, be in a position where we know where everything is coming from, the cost of everything, and we have everything lined out in terms of the pathway to the full build out of the reactor system.

這些甚至不需要等待 NRC 核准。我們可以立即開始建造，而且多為現成（off-the-shelf）組件。因此即使在我們採購組件之前，也有很多工作可以先做。但我們確實希望在明年取得核准時，能夠清楚掌握所有供應來源、所有成本，並在反應爐系統完整建置的路徑上把一切都規劃到位。

That is reassuring and good to know.

這讓人安心，也很高興知道。

My next question is about the acquisitions you spoke about, of course, STS is in the bag.

我下一個問題是關於你們提到的收購，當然，STS 已經到手了。

You spoke about the adjacent acquisition and maybe another one.

你提到鄰近領域的收購，可能還有另一筆。

Have you allocated any budget particular amount, dollar amount that you want to spend during 2026 or you are more likely to be opportunistic and strategic about this?

你們是否已分配任何預算、特定金額，打算在 2026 年花多少？還是更可能採取機會型與策略型的方式？

So it's not that there's a ceiling on the limit to which we're about to spend on acquisitions, but we are very capital conscious. And I think that's important because we don't want to go after big acquisitions that are in the order of like hundreds of millions of dollars, even if it was to produce, even if it was to acquire.

我們並不是設定一個收購支出的上限，但我們非常重視資本效率。我認為這很重要，因為我們不想追求那種規模達數億美元的大型收購，即便那是為了生產，即便那是為了收購。

Big revenue generating businesses for Nano internally.

對 Nano 而言可在內部帶來大量營收的業務。

The focus has always largely been on acquisitions that provide us that in-house capability that will facilitate the rollout of our reactor systems. And a lot of the time, all that means is acquiring small companies. And so for instance, even with STS, I think the initial payments as part of that acquisition, we're only in the region of about $7 million with some future payments for retention allowances factored in. But that's kind of.

我們的重點一直主要放在能為我們帶來內部能力、以促進反應爐系統推廣落地的收購。而很多時候，這意味著收購小型公司。例如就 STS 而言，我認為該收購的初始付款金額大約只有 700 萬美元，另有一些未來付款（已將留任津貼納入考量）。但這大致上。

Emblematic of the other acquisitions that we're considering at the moment. They are small scale. It's to bring in-house capabilities to us.

代表了我們目前正在考慮的其他收購案。它們規模較小。目的是把能力納入我們內部。

The only contradiction to that might be the fuel facility that we are looking at. But again, that fuel facility, there's no acquisition cost exactly. Our equity position in that would be earned through investment into the completion of that facility. So it does need to all be very strategic, and all of these acquisitions are of course to facilitate the rollout, the mass rollout of the reactor systems, but we don't want to spend big money on acquisitions.

唯一可能不同的是我們正在評估的燃料設施。但同樣地，那座燃料設施並沒有明確的收購成本。我們在其中的股權部位將透過對該設施完工的投資來取得（earned）。因此一切都必須非常策略性；而這些收購當然都是為了促進反應爐系統的推出與大規模推廣，但我們不想在收購上花大錢。

The revenue is obviously beneficial. And it does de-risk the company to some degree, but it's in-house capabilities. And it's partially also to take advantage of the massively expanding nuclear market. That STS acquisition already, we're looking at all sorts of contracts that are way in excess of contracts that STS has been able to.

營收當然有幫助。它也在某種程度上降低公司的風險，但核心仍是內部能力。部分原因也是為了把握核能市場的大幅擴張。就 STS 這筆收購而言，我們已在評估各式各樣的合約，其規模遠超過 STS 過去所能。

Solicited for before because it needed more capital backing, which we can now give it. So there's the expansion potential that exists for these small entities, but succinctly to the question, no, we're not looking to have big outlays for big acquisitions.

爭取到的合約，因為它過去需要更強的資本後盾，而我們現在可以提供。因此這些小型實體確實存在擴張潛力；但簡要回答你的問題：不，我們不打算為大型收購做出大額支出。

And Samir, I would also just add as well that if there are acquisitions that have a bigger outlay relative to some of the acquisitions we've executed upon thus far, we're very conscious of that as James highlighted in terms of the capital outlay and we also are ideally evaluating several different funding mechanisms.

Samir，我也補充一下：如果有些收購相較於我們迄今執行的案子需要更大的資金支出，我們會如 James 所強調的那樣，對資本支出非常謹慎；同時我們也正在評估多種不同的資金來源機制。

To reduce that, whether it's like government programs or other mechanisms to reduce that capital outlay. And also, if there were other larger type acquisitions, it would be safe to say that those capital outlays would occur over a number of years rather than all upfront.

以降低該支出，例如政府計畫或其他機制來減少資本支出。另外，如果確實有其他較大型的收購類型，可以合理地說，相關資本支出會分多年發生，而不是一次性全額支付。

Understood. Thanks for that color and thanks. I will step back in queue.

了解。謝謝你提供的補充說明，也謝謝。我先回到提問隊列後面。

Craig Irwin with Ross Capital Partners

我是來自 Ross Capital Partners 的 Craig Irwin

Good evening and thank you for taking my questions.

晚安，謝謝你們回答我的問題。

So I wanted to ask about the project outlook, right? So your prepared remarks make it very clear, the UIUC project. Is on track construction start by the end of next year. And you've announced a particularly interesting relationship with Ameresco that I don't think is appreciated appropriately by the market. So Ameresco has eight enhanced use leases from the Navy, and they're actually bidding for leases right now from the Army, where this gives them.

我想問一下專案展望，好嗎？你們事先準備的發言已經很清楚說明 UIUC 專案。預計在明年年底前如期啟動施工。而且你們宣布了與 Ameresco 一項特別有意思的合作關係，我認為市場並沒有充分認知其重要性。Ameresco 目前從海軍取得了八份「強化使用租賃」（enhanced use leases），而且他們現在也正在競標陸軍的租賃案，這讓他們得以取得。

Land and access to easy permitting or much faster permitting than commercial or sort of non-military land for power projects to support data centers that would be used both by hyperscalers and by the military itself.

土地與更容易取得許可的管道，或至少比商業用地或非軍事用地更快取得許可，用於支援資料中心的電力專案；這些資料中心將同時供超大規模業者（hyperscalers）以及軍方自身使用。

They've talked publicly about a $10 billion near-term pipeline. The billion and a half in bookings they had this last quarter, a very large chunk of that actually came from data center.

他們曾公開談到短期內約 100 億美元的案源（pipeline）。他們上一季 15 億美元的新增訂單（bookings）中，有很大一部分其實來自資料中心。

And I understand the actual number is mid-20s is sort of the medium term. Mid-20 billion is the medium-term power opportunity they're looking down.

而我理解實際數字在中期大約是 200 多億美元左右。約 200 多億美元是他們所看到的中期電力機會規模。

Given that they can move faster and they probably have access to.

考量到他們能更快推進，而且可能可以取得。

DOE and DoD licensing pathways for nuclear power.

能源部（DOE）與國防部（DoD）的核能許可／核准途徑。

This could be one of the most interesting customers in the market.

這可能會是市場上最有意思的客戶之一。

Can you maybe expand on your relationship with Ameresco? Have you been in discussions with them about potentially using these alternative pathways for.

你們能否進一步談談與 Ameresco 的合作關係？你們是否已與他們討論過，可能利用這些替代途徑來。

For construction approval, for plan approval, given that these would be DoD projects, they've talked about 70% funded by third-party debt, and I think there are names that are big names that are lined up and competing for those slots.

用於施工核准、計畫核准？考量到這些會是 DoD 專案；他們也提到其中 70% 將由第三方債務融資，我認為有一些大咖已經排隊、並在競爭那些名額。

Anything you can share about your conversations with that company that can help people understand the real value there?

你們能分享任何與該公司對話的內容，幫助大家理解其中真正的價值嗎？

Sure, so I'm happy to give some background and color on that. So the challenge for Nano is that we're a technology company, we've got a great reactor system, but when we start commercially deploying the reactors.

當然，我很樂意提供一些背景與補充說明。Nano 面臨的挑戰在於：我們是一家技術公司，我們有很棒的反應爐系統，但當我們開始商業化部署反應爐時。

We're going to be looking at dozens of different sites and many different reactors that will be deploying all around the place. That means a lot of components coming from a lot of different sources and going to one place. It's going to require a lot of EPC work. So the initial conversations with Amoresco were based around that engineering procurement and construction work, the coordination of that, because it is a big operation in and of itself, especially considering the size of the potential scale of some of these operations that we're looking at.

我們將面對數十個不同場址，以及許多不同反應爐在各地部署。這代表會有大量零組件來自許多不同來源並運送到同一地點。這將需要大量的 EPC（工程、採購與施工）工作。因此，與 Ameresco 的初步對話，主要是圍繞在工程採購與施工的協作與統籌，因為這本身就是一項龐大的作業，尤其考量到我們所看到的部分營運在潛在規模上可能非常大。

Now, Ameresco, I think they're clean energy projects, when they're looking at things like DoD, it's almost similar to how we're dealing with the Air Force and our Air Force contracts. Now, they are also, the DoD, pushing in the direction of trying to get these systems online so they can have that energy sovereignty.

至於 Ameresco，我認為他們在做潔淨能源專案時，當他們看像 DoD 這類案子，某種程度上與我們處理空軍、以及我們的空軍合約很類似。同時，DoD 也在推動讓這些系統上線，以便取得能源自主（energy sovereignty）。

It is, even for the DOD, these are new endeavors. They have a lot of familiarity with naval reactor systems, aircraft carrier reactor systems, but even this is a bit new territory for them. So it's also, whether it's through AMRESCO's projects or it's through the Air Force, we still need to go through that feasibility study analysis similar to how we're going through with the Air Force.

即便對 DoD 來說，這些也是新的嘗試。他們對海軍反應爐系統、航母反應爐系統很熟悉，但即便如此，這對他們仍算是有點新的領域。因此，不論是透過 Ameresco 的專案或是透過空軍，我們仍需要進行可行性研究分析，就像我們目前與空軍一起進行的流程一樣。

I wouldn't say that MResco's projects could expedite us hugely, just given, say, our existing experience of what we're having to go through at the moment in terms of providing the necessary information for the military to get comfortable with the installation of reactors at their sites. Now, they do need to defer to the NRC on some things, just given these are new reactor systems. I think even for Ameresco's projects where they'll be looking at the introduction of nuclear reactors onto their sites, it's still, no matter how you slice it, a new endeavor for the DoD that they will need NRC assistance and partial, they do benefit from projects like the UIUC project, the University of Illinois Construction Project, because they can.

我不會說 Ameresco 的專案能讓我們大幅加速；就我們目前的經驗來看，為了讓軍方對在其場址安裝反應爐感到安心，我們仍必須提供必要資訊並完成相關流程。另外，鑑於這些是新型反應爐系統，他們在某些事項上仍需要依循核能管制委員會（NRC）。我認為即使在 Ameresco 的專案中，他們要在其場址導入核反應爐，無論怎麼看，對 DoD 來說仍是新的嘗試，因此他們需要 NRC 的協助；同時，他們也會受益於像 UIUC 專案、伊利諾大學的建設專案，因為他們可以。

See it being constructed, they can see the NRC working through the process and it does provide more reassurance and they are in that phase now where they are trying to analyze the real players in this because there are really only a few handful on that sort of commercial path and they're distilling that down as they get more expert now at understanding this sort of advanced reactor industry in total. So it's not to convolute the answer, but effectively it's really a factor of.

看到它正在施工，也能看到 NRC 如何推進流程，這確實能提供更多信心。而他們目前也正處於分析真正參與者的階段，因為走在那條商業化路徑上的其實只有少數幾家；隨著他們對整個先進反應爐產業的理解更專業，他們也正在把名單逐步收斂。所以不是要把答案講得太複雜，但本質上這主要取決於。

Conventional licensing frameworks that need to be worked through for reassurance and the ability to fast-track them is rather minimal.

仍需依循傳統的許可框架來取得安心與核准，而能夠快速通關的空間其實相當有限。

Yeah, I just wanted to add with Ameresco, we are in active talks with them. They do have a robust nuclear kind of group there. So we're working with them actively and we are looking at different strategies with them. So just to reinforce what you said.

對，我也想補充一下關於 Ameresco：我們正與他們積極洽談。他們那邊確實有一個很強的核能團隊。所以我們正在與他們積極合作，也在一起評估不同策略。只是再強化你剛才的說法。

They are looking at different areas and one of the areas is nuclear and there are synergies there, as you mentioned. So we are ongoing and talking with them about these possibilities.

他們在看不同領域，其中一個領域就是核能；如你所提，確實存在協同效應。因此我們持續與他們就這些可能性進行討論。

Thank you for that.

謝謝你們的說明。

So my second question is about Deoxitech, right? So there's been public. Coverage out there that Nanonuclear proposed a $230 million investment structured in two phases.

那我第二個問題是關於 Deoxitech，對吧？外界有一些公開。報導提到 Nanonuclear 提出一項 2.3 億美元的投資提案，並分兩個階段架構。

I think it's fairly obvious that that didn't come from you, but it is out there in the public domain. So maybe that.

我想很明顯那不是出自你們之口，但它確實已經在公開領域流傳。所以也許這。

Increases the bandwidth or the opportunity for you to maybe discuss this potential investment. I know it was a proposal and that there's a negotiation going on and that you don't necessarily -- like there could be other parties that might win the bid in this process. But can you maybe just give us a little bit of color from your perspective where things stand at the moment and how this could be a strategic. Bit for nano over the next couple of years?

讓你們有更多空間或機會來談談這項潛在投資。我知道那是一個提案，目前仍在談判中，而且你們也不一定——可能還有其他競標方會在這個流程中勝出。但你們能否從你們的角度稍微補充一下目前進展到哪裡，以及這在未來幾年如何可能成為對 Nano 的一個策略性。布局？

Sure. So, yeah, that...

當然。所以，是的，那……

Well, I could quickly answer that. Our proposal is currently under review, and we hope to have an update in the coming months, but we can't really touch on that right now. But we are looking to be vertically integrated, obviously, so this would be a big.

我可以很快回答。我們的提案目前正在審查中，我們希望在接下來幾個月能有更新，但目前我們不便多談。不過我們顯然希望走向垂直整合，因此這會是對我們而言一個很大的。

Kind of achievement for us. But right now, it's still under review, so we don't really have too much comment on that.

里程碑式成果。但目前仍在審查中，所以我們暫時沒有太多可以評論的內容。

Understood. Completely understood. My last question, if I may.

了解。完全理解。如果可以的話，我最後一個問題。

It's not easy to hire people with nuclear expertise, right? And Nano has done a fantastic job bringing on experienced executives, bureaucrats.

要聘到具備核能專業的人才並不容易，對吧？而 Nano 在延攬資深高階主管、政府體系出身人士方面做得非常出色。

Engineers from the from the industry, people with decades of experience, many of them, can you talk about your hiring plans over the next year?

以及來自產業的工程師，許多人都有數十年的經驗；你們能談談未來一年的人才招募計畫嗎？

Would you expect the growth in employees to continue to continue at the similar rate that it's that it's been materializing over the course of the last year? And do we do we do we need to see a double in the total number of employees, in the medium to longer-term to have the capabilities. That you foresee and that you're planning for the broader nano nuclear energy capacity and execution potential?

您是否預期員工人數的成長會以過去一年所呈現的相近速度持續下去？而且，從中期到較長期來看，為了具備您所預見並規劃的更廣泛之 Nano 核能產能與執行潛力，我們是否需要讓員工總數倍增？

It's a good question, actually, because nano has obviously transitioned from a small company to a medium-sized company. And what came with that was a big reorganization of how we actually run things and integrate the departments.

這其實是個好問題，因為 Nano 顯然已經從一家小公司轉型為一家中型公司。隨之而來的是我們在實際營運方式以及部門整合方面進行了大幅重整。

The technical team does still need further expansion and we need to create, we need to do that essentially to have that in-house infrastructure to carry a reactor project forward from advanced design all the way through to an actual physical operating reactor system. So already, I mean, I'm calling from the University of Illinois today, and that's even the conversations today with the chancellors and the deans involve significant amount of personnel and technical work being required. So even over the next few months, you'll probably see a big upscaling in technical staff as we bring on more people. And over the next couple of years, that will expand even further.

技術團隊仍需要進一步擴編；我們必須這麼做，才能建立內部基礎設施，將一個反應爐專案從先進設計一路推進到實際可運轉的實體反應爐系統。所以其實我今天是在伊利諾大學打電話，而今天與校長與院長的對話也都涉及需要大量人力與技術工作。因此，即使在接下來幾個月，隨著我們招募更多人員，您可能也會看到技術人員大幅擴編。而在接下來幾年，規模還會進一步擴大。

That expansion is very necessary, and that's only specific to the reactor system. There are additional acquisitions that will bring in additional people in other departments of the nuclear industry as well, including transportation. The other areas that we have alluded to already around fuel supply chain, that we are also making additional recruitment with those areas as well. So Nano is expanding very quickly. I think the most important part though is to be very sensible in the hiring process because overemploying and not having the organization in place with the correct reporting lines can quite quickly result in personnel that are not. Allocated properly and do not have designated tasks that are specific to Nano's mission.

這樣的擴張非常必要，而且這還僅限於反應爐系統本身。此外，還會有其他併購案，將在核能產業的其他部門（包括運輸）引進更多人員。我們先前也提到燃料供應鏈等其他領域，我們也正在這些領域進行額外招募。因此，Nano 正在非常快速地擴張。不過我認為最重要的是，在招募流程上必須非常審慎，因為若過度雇用、且組織架構與正確的匯報線未到位，很快就會導致人員未被。妥善配置，且沒有被指派與 Nano 任務相符的明確工作內容。

So we're trying to do it as carefully as we can, but the pressure is on us to upscale as quickly as we can.

所以我們正盡可能謹慎地推進，但同時也承受著必須盡快擴編的壓力。

Thank you. Our next question comes from Nate Pendleton with Texas Capital Bank. Please proceed with your question.

謝謝。下一個問題來自德州資本銀行（Texas Capital Bank）的 Nate Pendleton。請提出您的問題。

Good afternoon, and thanks for taking my questions. In your prepared remarks, you talked about advancing discussions toward a framework with a strategic collaborator and customer for a multi-gigawatt pipeline, can you provide some insight into what that kind of structure would look like, what it could unlock from a commercialization perspective. Perspective for you and maybe what attracted the customer to nano specifically?

下午好，謝謝讓我提問。在您事先準備的發言中，您提到正推進與某個策略性合作夥伴及客戶就多吉瓦（multi-gigawatt）管線的框架進行討論；您能否分享一下這種架構大概會長什麼樣子、從商業化角度可能解鎖哪些機會。也請談談對你們而言，以及是什麼吸引該客戶特別選擇 Nano？

Sure. So we haven't publicly released a huge amount of information yet, but I can speak in sort of high levels to the sort of the framework that's been put in place, that's being put in place at the moment with this big partner.

當然。我們目前尚未公開釋出大量資訊，但我可以用較高層次來談談，這個與大型合作夥伴正在建立中的框架大致是什麼樣子。

They established a lot of data center campuses.

他們建立了許多資料中心園區（campuses）。

They're looking to integrate nano systems into these data center campuses over time.

他們希望隨著時間推進，將 Nano 系統整合進這些資料中心園區。

They would provide things like finance, the campuses, power infrastructure. Nano would provide things like the reactors, fuel licensing support, and operational capabilities.

他們會提供例如融資、園區本身以及電力基礎設施等。Nano 則會提供例如反應爐、燃料、協助取得許可（licensing support）以及營運能力。

The way we have structured this is that we have looked at how other companies have structured PPA agreements. And the reason why a lot of these are deficient is that they don't require investment from the potential customer that they're going to be servicing. And that can create some level of weakness because.

我們在設計這個架構時，參考了其他公司如何安排 PPA（購電協議）。而許多這類協議之所以不足，是因為它們不要求未來將被服務的潛在客戶投入資金。這會造成某種程度的弱點，因為。

Any agreement that's non-binding that says if you build a reactor system and it costs this much money for power, sure, we'll buy it. If it doesn't meet this requirement, we have no obligation.

任何不具約束力的協議，如果只是說「你們蓋出反應爐系統、電力成本是這個數字，我們就買」，但若不符合某些要求，我們就沒有任何義務。

That is an insufficient model, I think, for how reactor companies are going to successfully market and deploy their reactor systems. So, the way we get our structuring is that, the.

我認為這是一種不足以讓反應爐公司成功行銷並部署其反應爐系統的模式。因此，我們的架構設計方式是，這個。

The partner in this question will have an ability to receive equity grants and warrants in nano, but also give them the ability to invest tens of millions, if not $100 million into nano as part of a development and reactor purchase milestones are achieved.

此處所指的合作夥伴，將有能力獲得 Nano 的股權授予（equity grants）與認股權證（warrants），同時也能在達成開發與反應爐採購里程碑時，對 Nano 投資數千萬美元，甚至可能達到 1 億美元。

So it's a very.

所以這是一個非常。

Incentivizing arrangement where we can even Nano, for instance, could invest in the nuclear data center project itself. So we could have equity in that position. So again, it could lead towards additional revenue being generated for the company once nuclear construction actually begins. But this way we are more bound up with the.

具激勵性的安排；例如，Nano 甚至也可以投資於核能資料中心專案本身。因此我們可以在其中持有股權部位。同樣地，一旦核能建設真正開始，這可能為公司帶來額外收入。但透過這種方式，我們與。

With the technology partner and that co-level of investment de-risks both sides and provides a way for us both to double dip almost into an ability to raise revenue on both sides. But that synergistic partnership is essentially what we're aiming for with this new framework that we're deploying for Kronos in collaboration with the data center partner.

與技術合作夥伴的綁定更深，而共同投資的層級能為雙方降低風險，並讓我們幾乎可以「雙重獲利」——在兩邊都具備創造收入的能力。而這種協同式的合作關係，正是我們在與資料中心合作夥伴共同為 Kronos 部署這個新框架時所追求的核心。

And also, if I could just jump in and just add some additional color as well. So this potential partner is a global infrastructure investment and development firm, has experience building, owning and operating large infrastructure projects globally, which they expect will translate well to some of their ambitious plans for some gigawatt scale AI industrial campuses in the US and also internationally.

另外，如果我可以補充一些背景說明。這個潛在合作夥伴是一家全球性的基礎設施投資與開發公司，具備在全球建造、持有並營運大型基礎設施專案的經驗；他們預期這些經驗能很好地轉化到其在美國以及國際上、以吉瓦規模的 AI 工業園區之宏大計畫上。

And so I'd say, as James highlighted, close to finalizing an initial framework where nano could be their preferred nuclear technology provider, this would be structured, obviously, James talked about.

因此我會說，如 James 所強調的，我們已接近完成一個初步框架的定案，讓 Nano 可能成為他們偏好的核能技術供應商；而這個架構的設計，當然，James 也談到了。

Seeing some of the challenges with types of agreements, whether it's PPA agreements or other, this would be potentially structured a little bit differently as this company would look to purchase Nano's reactors, so given their experience with some of these large-scale infrastructure projects, experience identifying land, procuring power.

我們看到某些協議類型（無論是 PPA 或其他）所面臨的挑戰；因此這可能會以稍微不同的方式來設計，因為該公司將會購買 Nano 的反應爐。鑑於他們在大型基礎設施專案方面的經驗，包括選址、取得土地、採購電力。

In sort of executing on these, they are very adept and also financing them as well.

以及在執行這些專案方面，他們非常擅長，並且也擅長為其融資。

They're very adept at all of that, which will be very complementary to us and so they would purchase our reactors in what we envision.

他們在上述各方面都非常在行，這將與我們形成高度互補；因此在我們的構想中，他們會購買我們的反應爐。

But as James highlighted, there would be an opportunity for things like options to potentially have equity interest in some of that nuclear company that would be selling the power, which is really interesting. And then lastly, as James highlighted, yeah, I think the potential to have an arrangement where there is a level of investment in.

但如 James 所提到的，可能也會有例如選擇權等機制，使我們有機會在那家出售電力的核能公司中取得股權利益，這點非常有意思。最後，如 James 所說，是的，我認為若能有一種安排，使得在。

In nano not only signifies additional capital potentially in the future, but also signifies a level of seriousness to this and a level of, I'd say, belief and confidence in nanonuclear and how strongly positioned we are in terms of being the first microreactor developer building a full-scale prototype to enter formal NRC licensing and obviously being able to procure fuel that's commercially available today and having a design that has had. Significant investment. And so I think it also signifies confidence in Nano as a company. And I think also important is that given the potential planned pipeline, potential multi-gigawatt opportunity for Nano, I think it would really accelerate potentially our commercialization as well. And obviously, it being with a credible partner, I think it also makes it really important. So hopefully all that kind of.

在 Nano 層面也存在一定程度的投資，這不僅代表未來可能有額外資本，也代表對此事的嚴肅程度，以及我會說，對 NanoNuclear 的信念與信心——我們在定位上非常強勢：作為第一家微型反應爐（microreactor）開發商，正在建造全尺寸原型機並進入正式的 NRC 許可流程；而且我們能夠採購到目前已具商業可得性的燃料，並且我們的設計已獲得。大量投資。因此我認為這也代表對 Nano 作為一家公司的信心。我也認為很重要的一點是，考量到潛在規劃中的管線、對 Nano 而言可能是多吉瓦的機會，我認為這也可能大幅加速我們的商業化進程。而且顯然，與可信賴的合作夥伴合作，我認為也使其重要性更高。所以希望以上這些能夠。

Absolutely.

完全同意。

Sounds really exciting, so I'll stay tuned on the specifics.

聽起來非常令人振奮，我會持續關注後續細節。

And then maybe for my follow-up, going back to your prepared remarks on the supply chain, fuel availability tends to be a key critical path item that a lot are focused on right now.

接著作為追問，回到您事先準備的發言中關於供應鏈的部分，燃料可得性往往是目前許多人關注的關鍵關卡（critical path）項目。

Can you provide an update on how your conversations with commercial enrichment providers and Triso fabricators are progressing, and what does that availability. Look like based on your commercialization timelines at UIUC and beyond.

您能否更新一下您與商用濃縮服務供應商以及 TRISO 製造商的洽談進展如何？並且就您在 UIUC 以及後續商業化時程而言，該供應可得性看起來如何。

This is, I think, an intrinsically important question for every reactor company at the moment. The conversations with enrichment and fabricators are very different conversations. But on the enrichment front, I think the big advantage we have over most of our competitors is the fact that we can use low-enriched uranium, so fuel that can actually be manufactured today.

我認為，這是目前每一家反應爐公司都必然會面對的一個重要問題。與濃縮端與製造端的對話其實是非常不同的對話。但在濃縮方面，我認為我們相較多數競爭對手的一大優勢在於，我們可以使用低濃縮鈾，也就是今天就能製造的燃料。

Like Urenco, we've already started conversations with them about them being able to provide us the enrichment that we would need for the mass rollout of systems. So that's obviously different from the University of Illinois project where we're obviously sourcing the fuel that's necessary for that first of a kind initial reactor system.

以 Urenco 為例，我們已經開始與他們洽談，討論他們是否能為我們提供系統大規模部署所需的濃縮服務。因此，這顯然不同於伊利諾大學專案；在那個專案中，我們顯然是在採購首座示範、首套反應爐系統所需的燃料。

There are a number of fabricators on that side that we'll discuss in just a second. But the enrichment part fortunately plays into our favor. Now, when HALU is available, and there are a number of companies that we are already speaking with, groups like Centris, that do intend to make HALU fuel, we will take that fuel and we will be able to refuel our reactors without modification.

在那一端有若干家製造商，我們稍後會談到。但所幸濃縮這一塊對我們是有利的。現在，當 HALEU 可取得時——我們已經在與多家公司洽談，例如 Centrus 這類有意生產 HALEU 燃料的團隊——我們將採用該燃料，並且能在不修改的情況下為我們的反應爐重新換料。

With that halo fuel that will allow for longer periods between refueling.

使用該 HALEU 燃料將可延長兩次換料之間的間隔時間。

But the advantage is we want to get to market soon. We want to get to market sooner and the ability to actually utilize enrichment companies that don't need any site amendment, license amendment to make our fuel is a big one. So those conversations thankfully.

但我們的優勢在於，我們希望盡快進入市場。我們希望更早進入市場，而能夠利用不需要任何場址修訂、也不需要執照修訂就能生產我們燃料的濃縮公司，這點非常關鍵。因此，這些對話所幸……

They've been very positive. The capacity exists to do that. And the other reactor companies are looking at utilizing HALU. They're not having those conversations with existing enrichment companies because they would not be able to source their type of fuel from them.

進展非常正面。相關產能是存在的。而其他反應爐公司則是打算使用 HALEU。他們無法與既有濃縮公司進行同樣的對話，因為他們無法從這些公司取得其所需類型的燃料。

Now on the fabrication side of things, the interesting part of this is that there are emerging players in this market. So everyone's probably familiar with.

至於燃料製造端，有趣之處在於這個市場正出現新興玩家。所以大家可能都熟悉……

B2XT, they've already been manufacturing Triso for many years. They are looking now for a commercial arm of that venture where they would establish a CAT2 site, principally because their CAT1 site creates far too many overheads to make a competitive product.

BWXT，他們多年來一直在製造 TRISO。他們現在正在尋求該事業的商業化部門，計畫建立一個 CAT2 場址，主要是因為他們的 CAT1 場址帶來的間接成本太高，難以做出具競爭力的產品。

And then there are groups like Standard Nuclear partnered with Framatome and even TrisoX with the subsidiary of X Energy. The nice part is that as there are more and more players involved in this space.

另外還有像 Standard Nuclear（與 Framatome 合作）這樣的團隊，甚至還有 Triso-X（X-energy 的子公司）。好的一點是，隨著越來越多玩家投入這個領域……

We are in a nice position to negotiate and find the best prices. So with everybody that I've mentioned, we are speaking to all of them at the moment and we are trying to lock down long-term contracts. The ability to fabricate the fuel that we need for the first of a kind reactor system already exists. We aren't worried about getting that fabrication done and meeting our timelines because that capacity and that capability is already there.

我們就處於一個有利的位置，可以談判並找到最好的價格。因此，對於我提到的所有公司，我們目前都在與他們洽談，並嘗試敲定長期合約。製造我們首座示範反應爐系統所需燃料的能力目前已經存在。我們不擔心無法完成製造並達成我們的時程，因為相關產能與能力都已經到位。

Now the long-term strategy could look a bit different as we look at bigger bulk loads with escalating production of reactors over time.

而長期策略在我們展望未來、隨著反應爐產量逐步提升、需要更大批量裝載時，可能會有所不同。

And there still might have to be some part of some some element of nano that we would bring online in the future to manufacture certain elements of the fuel like the SCM that's necessary for our fuel, it could be that we want to be more involved in that and we establish joint ventures in that department.

而且未來可能仍需要把某些 Nano 的部分或某些要素上線，用於製造燃料的特定組件，例如我們燃料所需的 SCM；也可能我們希望更深度參與，並在該領域建立合資企業。

For long-term de-risking. But the important part is those are considerations, I think, for the future as we want to de-risk the mass rollout of reactor systems. First of a kind is fine, both on enrichment and fabrication. I think already we've turned our focus towards 2030 and beyond where we want to be in a position where we hit that timeline and we can mass manufacture reactors with mass fabricated fuel.

以降低長期風險。但重點是，這些我認為是未來的考量，因為我們希望降低反應爐系統大規模部署的風險。首座示範在濃縮與製造兩端都沒有問題。我想我們已經把焦點轉向 2030 年及之後，希望屆時能達成該時程，並能以量產燃料支撐反應爐的量產。

Thank you. Craig Shere, Tuohy Brothers

謝謝。Craig Shere，Tuohy Brothers。

Good afternoon. Thanks for taking the questions.

各位下午好。感謝讓我提問。

So in a pure SMR industry earnings call, an argument was made that most deployment opportunities to take advantage of both the power and thermal applications can utilize.

在一場純 SMR 產業的法說會上，有人提出一個論點：多數部署機會若要同時利用發電與熱能應用，可以像使用高溫氣冷反應爐一樣，直接採用 400 到 450 度的快中子反應爐技術；而 HTGR 可能只是在某些利基應用上才具有獨特的最佳適配性。

400 to 450 degree fast reactor technology as readily as high temperature gas cooled reactors and that HTGRs are only uniquely optimally suited for perhaps niche applications.

然而，我們對 HTGR 的差異化似乎更為強調，並指出 X-energy 最先進的部署是與 Dow 以及 NNE（尤其是）合作。

Now we've kind of made a bigger deal about the HTGR differentiation though, noting X Energy's most advanced deployment is with Dow and NNE in particular. Has a great many opportunities from Korea to the Middle East to those remote off-grid cold weather Canadian markets, whether they be communities or mining operations.

而且從韓國到中東，再到加拿大偏遠、離網、寒冷氣候的市場——無論是社區或礦業營運——都有大量機會。您能否談談更高的運轉溫度（即使相較於金屬燃料快中子反應爐）實際上可能有多重要？

Can you chime in on just how important that higher temperature run rate, even versus metallic fueled fast reactors, may actually be?

您能否談談更高的運轉溫度（即使相較於金屬燃料快中子反應爐）實際上可能有多重要？

Sure, so as a bit of technical background and thankfully, I've got a nuclear engineering background to speak to this somewhat, so the background to what was said about high-temperature gas reactors is that they have been previously deployed in the past, there's been many deployed internationally around the world and people are very familiar with their operating profile.

當然。先提供一些技術背景；也幸好我有核工程背景，可以就此稍作說明。

The only criticism really of them is that the capacity factors were low because the time to ramp up power and ramp down power could be fairly long.

對它們唯一真正的批評是容量因數偏低，因為升載與降載所需時間可能相當長。

And so for industrial applications where you might have fluctuating demand, it could be ill-suited. So in the advanced reactor systems like ours, the solar salt loop acts as an energy storage. So the reactor can actually just maintain constant output and it's the thermal energy storage system that you can take up and take down. And fluctuate demand enormously. So that's been specifically designed around that operating history that's given us that information. The problem with fast reactors though, if you are comparing the two, is that they've never been deployed commercially and in order to...

因此，對於需求可能波動的工業應用而言，可能不太適合。但在像我們這樣的先進反應爐系統中，太陽鹽迴路扮演能量儲存的角色。因此反應爐其實可以維持恆定輸出，而可由熱能儲存系統來進行升降載。並能大幅因應需求波動。這正是根據既有運轉歷史所提供的資訊而特別設計的。但若要比較快中子反應爐，問題在於它們從未商業化部署過，而且要……

If I'm just going off the top of my head, to actually deploy a fast reactor, you would need a very enriched central core of fuel, which would either have to be some sort of Halo fuel or some sort of blend of plutonium. The problem with both of those is, one, Halo is not available.

如果我憑印象來說，要部署快中子反應爐，你需要一個濃縮度很高的核心燃料，可能必須是某種 HALEU 燃料，或某種鈽的混合燃料。這兩者的問題在於：第一，HALEU 目前不可得。

And it might not be available for a long time. And a commercial company being allowed to handle some plutonium is also not allowed, but also require legal changes. So if you had to choose from the two of them, you would choose a high temperature gas reactor or a fast reactor any day of the week at the moment, especially given the fact that it lacks operating history and commercial deployment.

而且可能很長一段時間都不可得。另外，商業公司被允許處理鈽不僅目前不被允許，還需要法律變更。所以如果此刻要在兩者之間做選擇，你任何一天都會選高溫氣冷反應爐而不是快中子反應爐，尤其考量到後者缺乏運轉歷史與商業部署經驗。

The reason why high temperature gas reactors would be better as well for industrial applications given the thermal energy storage system is that they do produce a high thermal output, which would be ideal for foundries, but doesn't require fuel that is just not available. It's available now.

此外，之所以高溫氣冷反應爐在搭配熱能儲存系統後更適合工業應用，是因為它們能提供高熱輸出，對鑄造等產業非常理想，同時又不需要那種根本不可得的燃料。它現在就可取得。

And the other part is that if you make a fast reactor, the bigger the better. And the reason why is that you have a lot of neutron flux. And you're not moderating it. It's called a fast reactor because the fast fission that takes place as a result of the fission incident, you are compacting your core with things like uranium 238, which isn't that fissile, but with enough neutron flux, you can create that fission reaction. But on a small scale, it's difficult, so you need a big reactor system. If you're making a massive reactor system to cater towards the efficiencies of fast reactor. You're already limiting the flexibility of your deployment because you cannot make them as small and as mobile and as portable and as modular as you can a high temperature gas reactor. Very different strategies. I would say if you put me into a fast reactor company today, I would, one, I would have to look at the fuel straight away and try to help with a solution.

另一部分是，如果你要做快中子反應爐，規模越大越好。原因在於你會有很高的中子通量。而且你不會去做慢化。之所以稱為快中子反應爐，是因為裂變事件所引發的快裂變在其中發生；你會用像鈾-238 這類材料來緊密堆積你的爐心，鈾-238 的可裂變性其實沒那麼高，但在足夠的中子通量下，你可以促成那個裂變反應。但在小規模下很困難，所以你需要一個大型反應爐系統。如果你要打造一個龐大的反應爐系統來追求快中子反應爐的效率，你其實已經在限制部署的彈性，因為你無法把它做得像高溫氣冷反應爐那樣小型、可移動、可攜、可模組化。這是非常不同的策略。我會說，如果今天你把我放進一家快中子反應爐公司，我第一件事會立刻去看燃料，並嘗試協助提出解決方案。

Two, I would be targeting bigger, going bigger, almost straight away. So it's, I think you would be. Being very selective with your information, if you said fast reactors had an advantage over high-temperature gas reactors when it came to thermal output for industry, very difficult to make that case unless you're being very carefully selective.

第二，我會幾乎立刻把目標放在做更大、往更大規模走。所以我認為你會是。如果你說快中子反應爐在工業用熱的熱輸出方面比高溫氣冷反應爐更有優勢，那你可能是在非常選擇性地取用資訊；除非你非常小心地挑選條件，否則很難成立這個論點。

Very helpful.

非常有幫助。

My second question, some of this has already been touched on when. When you're responding to questions about the potential strategic developer-partner relationship and the fee-based versus, some retained equity ownership potential.

我的第二個問題，其中一些在你回應相關問題時已經提到過。也就是在回應關於潛在的策略性開發商—合作夥伴關係，以及按費用收取（fee-based）與保留部分股權持有（retained equity ownership）之間的可能性。

But I'm interested in, kind of tension between those two across your entire business prospects.

但我想了解的是，這兩者在你們整體商業前景中所呈現的某種張力。

We've got kind of like on the one end, the Aqua ownership PPA model and then a few others, X Energy, Nucleo, Terrestrial Energy with more of a fee base or fuel sales model. Now, I realize you're open to both and that probably the fee-based approach may ultimately comprise the lion's share of deployments, but is there a geographic distinction. Where you may be, for example, more likely to provide services versus retain ownership internationally.

我們看到一端是像 Aqua 的持有權 PPA 模式，另一端還有一些公司，例如 X Energy、Nucleo、Terrestrial Energy，較偏向按費用收取或燃料銷售模式。我知道你們兩種都開放，而且按費用收取的方式最終可能會占部署的大宗，但是否存在地理上的區分，例如在國際市場你們更可能提供服務，而不是保留持有權？

That's a very interesting question. Actually, funnily enough, it kind of ties into your first question because we have a lot of interest coming from countries like South Korea, and a lot of their interest is around industrial heat for manufacturing operations because they don't have access to the same level of gas or coal or oil that the US might have or. Other countries. So the long-term de-risking of their own heavy industry, they're looking at nuclear as being a solution.

這是個非常有意思的問題。其實很有趣的是，它某種程度上也呼應你第一個問題，因為我們收到很多來自南韓等國家的興趣，而他們的關注點很大一部分在於製造業營運所需的工業熱，因為他們不像美國那樣能取得同等程度的天然氣、煤或石油，或。其他國家。因此，為了長期降低其重工業自身的風險，他們正在把核能視為一個解決方案。

Because they are looking at nuclear as being a solution, there is more of an interest, I think, there of being able to do mass deploy these reactor systems. And so there is a bit of a mix there between wanting ownership of those systems, so you don't have to worry about the long-term payments of those. Those reactors, you would just have to pay for servicing, maintenance and refueling.

既然他們把核能視為解決方案，我認為那裡對於能夠大量部署這些反應爐系統的興趣更高。因此在那裡會有一些混合：一方面希望擁有那些系統，這樣就不必擔心長期的付款。那些反應爐，你只需要支付服務、維護與換料費用。

I would still say that is a minority even compared to just paying a monthly or quarterly agreed contractual price for the power because a lot of these industries, even though they are heavy industries trying to de-risk their long-term security.

但我仍會說，相較於僅僅按月或按季支付一個事先約定的合約電價，這種做法仍屬少數，因為這些產業即使是想降低長期安全性的重工業。

They still are not as interested in owning an operating reactor and being responsible for it. They are still happy to put in capital investment into these projects, but they ultimately want the responsibility to sit with somebody else, but they just want that long-term de-risking power to come in.

他們仍然不太有興趣去擁有一座正在運轉的反應爐並對其負責。他們仍然願意在這些專案中投入資本，但最終他們希望責任由其他人承擔，而他們只是希望獲得那種能長期降低風險的電力供應。

Thank you. Jake Sekelsky, Alliance Global Partners

謝謝。Jake Sekelsky，Alliance Global Partners

Hi, guys. Thanks for taking my questions.

嗨，各位。謝謝讓我提問。

Just circling back to STS and the $7 million or so in revenue last year, can you provide any color on how we should think about this heading into 2027? I'm just wondering if you have plans to scale the business in the near term here or is it better viewed as a complementary business to secure fuel transport?

回到 STS 以及去年約 700 萬美元左右的營收，你們能否提供一些說明，讓我們理解展望到 2027 年應該如何看待？我想知道你們是否計畫在近期擴大這項業務規模，還是更適合把它視為一項用來確保燃料運輸的互補性業務？

So it is both, like we were always very commercially focused as a company, like even from inception we were looking at how we really get reactors out there, it became very clear that it's a very specialized industry and the ability to move. Yellow cake to a conversion facility, uranium hexafluoride to enrichment, enriched uranium hexafluoride to deconversion, deconverted fuel to fabricators, fabricated fuel to a reactor. Every single component of that requires some level of transportation capability. And when we realized that there were very few players in the space and that as the advanced reactors advanced towards deployment of the reactor systems that would be squeezed substantially, we realized we had to go after.

所以兩者都是；我們一直以來都非常重視商業化，甚至從公司成立之初，我們就在思考如何真正把反應爐推向市場。很快就很清楚，這是一個高度專業的產業，而要運輸。黃餅到轉換設施、六氟化鈾到濃縮、濃縮六氟化鈾到去轉換、去轉換後的燃料到燃料製造商、製造好的燃料到反應爐。其中每一個環節都需要某種程度的運輸能力。當我們意識到這個領域的參與者非常少，而且隨著先進反應爐逐步走向系統部署，這一環節會被大幅擠壓時，我們就知道必須去做。

A transportation capability to have that ability in-house so we didn't get stuck at that juncture. Now, the advantage here is that because it is going to be a big growth area, we can grow that business very substantially. And look, STS is an incredibly expert company, but they have more experience in the back end of the fuel cycle.

建立一套運輸能力，把這個能力內部化，避免在那個關鍵點被卡住。現在，這裡的優勢在於，因為這將是一個高成長領域，我們可以非常大幅度地擴張這項業務。而且你看，STS 是一家極具專業能力的公司，但他們在燃料循環後端的經驗更多。

We are looking at acquisitions at the front end of the fuel cycle to complement what they do and give us a more holistic business account that can do everything in the nuclear industry. One, for us internally, but two, also it just taps into that ability to grow that business very substantially this decade before the reactors are actually even out.

我們正在尋找燃料循環前端的併購案，來補足他們的能力，並讓我們擁有更完整的業務版圖，能在核能產業中做到全流程。第一，對我們內部而言；第二，這也能在反應爐甚至尚未真正推出之前，就切入並利用這個十年內可大幅成長的商機。

But yes, it did begin as a de-risking operation for the deployment of reactor systems, but we see the massive potential for business to be generated through the growth of that industry.

不過是的，它一開始確實是為了降低反應爐系統部署風險的操作，但我們也看到了，隨著該產業成長，將能帶來巨大的業務產出潛力。

Okay, that's helpful. And just to follow-up on M&A opportunities, realizing you can't speak to specifics, but can you maybe just touch in broad strokes on some of the areas of the supply chain you're honing in on and seeing the most opportunity from a vertical integration standpoint?

好的，這很有幫助。再追問一下併購（M&A）機會，我知道你不能談具體個案，但你能否用較概括的方式談談，你們正聚焦供應鏈中的哪些領域，以及從垂直整合的角度看，你們在哪些地方看到最多機會？

Yes, absolutely. So I think Jay and I, when we were building the company up, we realized at a very early stage the fuel supply chain was going to be a major issue just because of lack of investment over the previous decades into bolstering that and with more reactors coming online, that being squeezed even more.

可以，當然。我想 Jay 和我在建立公司時，很早就意識到燃料供應鏈會是一個重大問題，原因是過去幾十年在強化這一環節上的投資不足，而隨著更多反應爐上線，供應會被進一步擠壓。

Because of because of that, we have we have made very strategic investments into things like, famous technologies as an example is a related transaction company, it is it does specialize in enrichment, it was all Cameco Tech.

正因如此，我們已經對一些項目做了非常策略性的投資，例如，以 Famous Technologies 為例，它是一家關聯交易公司，專精於濃縮；它原本是 Cameco Tech。

With very decent results in the '90s that also got mothballed just because cheap Russian material was available. Having that partnership is a great call option if they are successful in their ventures for the only Richmond side. Either side of that, we are looking at both conversion and deconversion projects at the moment.

在 1990 年代曾取得相當不錯的成果，但後來因為有便宜的俄羅斯材料可用而被封存停用。與他們建立合作關係，是一個很好的買權（call option）：如果他們在濃縮端的業務推進成功，對我們會很有利。在那之外，我們目前也同時在看轉換（conversion）與去轉換（deconversion）專案。

One was referred to earlier on in this call today, but we want to solidify that and get those contracts under place and get that in-house capability to control certain parts of fuel supply chain, not just to de-risk our reactors, but it also is going to be massive growth area for our own business.

其中一個在今天這通電話稍早已被提到，但我們希望把它落實，讓合約到位，並把某些燃料供應鏈環節的能力內部化，以掌控關鍵部分；這不僅是為了降低我們反應爐的風險，對我們自身業務而言也將是一個巨大的成長領域。

Over the coming years. And everyone's going to need fuel. No matter what kind of reactor you're going to put in place, everyone's going to need that fuel supply. Whether you're a fast reactor or molten salt or a high temperature gas reactor, it's going to be very crucial to have some level of control over that fuel supply chain to ensure that you can mass manufacture reactors. So a lot of the acquisitions and investments we're making at the moment are centered around those particular areas to de-risk. I would say, but the yellow cake industry exists to a certain extent that we are comfortable with, we can source the material as we need it, but beyond that, heavy industry, heavy infrastructure is going to be necessary.

在未來幾年。而且每個人都會需要燃料。不論你要部署哪一種反應爐，每個人都需要那個燃料供應。不管你是快中子反應爐、熔鹽反應爐或高溫氣冷反應爐，對燃料供應鏈具備某種程度的掌控將非常關鍵，以確保你能夠大量製造反應爐。因此，我們目前進行的許多併購與投資都聚焦在這些特定領域，以降低風險。我會說，不過黃餅產業在某種程度上已經存在，且我們對此感到放心；我們可以在需要時取得材料，但除此之外，仍將需要重工業與大型基礎設施。

Thank you. Jeff Grampp, Northland Capital Markets

謝謝。Northland Capital Markets 的 Jeff Grampp

Yes. In the prepared remarks, you mentioned some potential non-dilutive funding opportunities to potentially help finance EU of I deployment. Just hoping to get a little bit more detail on what kind of opportunities, if there's any kind of ranges of quantum of capital that could be out there to help fund this?

是的。在事先準備的發言中，你提到一些可能的非稀釋性資金機會，可能有助於為 EU of I 的部署融資。想請你再多提供一些細節：有哪些類型的機會？是否有任何可能的資金規模區間，可以協助為此提供資金？

Hey, Jeff, I can just chime in really quick. So I think there's a couple of different opportunities. We're evaluating things like investment tax credits. I think EU of I project is a pretty unique project in that we're building our first unit next to the Abbott power plant there.

嗨，Jeff，我先很快補充一下。我想大概有幾種不同的機會。我們正在評估像是投資稅額抵免（ITC）之類的方案。我認為 EU of I 專案相當獨特，因為我們的第一座機組會建在那裡的 Abbott 發電廠旁邊。

So there is potential not only for a base 30% ITC for that project. But also potentially an extra 10% energy community bonus, it's the things that we're evaluating. So I think that's number one, also obviously evaluating DOE programs to potentially pay for portions of the fuel as well as opportunities, whether it's with our partner endeavor, EU of I or the state of Illinois to potentially support us.

因此，該專案不僅可能適用基本的 30% ITC。也可能再加上 10% 的能源社區加成（energy community bonus），這些都是我們正在評估的事項。所以我想這是第一點；另外也很明顯地在評估 DOE 的計畫，可能支付部分燃料成本，以及與我們的合作夥伴（無論是 EU of I、或伊利諾伊州）合作、可能支持我們的機會。

Obviously, given that this is a research reactor, we are saving on the NRC licensing fees, so I think that's something we've been very proud of that we've been very mindful about capital allocation here. But yeah, we're very excited about some of these other funding opportunities as well to potentially significantly reduce the capital cost of the project.

當然，鑑於這是一座研究用反應爐，我們在 NRC 的許可費用上有所節省，所以我認為這也是我們很自豪的一點：我們在資本配置上一直非常謹慎。不過，是的，我們也對這些其他資金機會感到非常興奮，因為它們可能大幅降低該專案的資本成本。

Got it, thanks for that. And to my follow-up with Barupan. Can you guys update us on just the project a bit more? I know you can't speak too specifically for them, but you mentioned a potential licensing application. Any preliminary estimates of when that could be and what are the main drivers there that dictate the timing of maturing that project a bit further?

了解，謝謝你的說明。接著我想追問 Barupan 的部分。你們能否再更新一下該專案的進展？我知道你們不能替他們講得太具體，但你們提到可能會提出許可申請。是否有任何初步的時間預估？以及有哪些主要驅動因素會決定把該專案再往前推進、成熟到能提出申請的時點？

Hey, I'm sorry, Jeff. Can you repeat that? I apologize. Something got broke off.

嗨，Jeff，不好意思。你可以再重複一次嗎？抱歉，剛剛有一段沒聽清楚。

Yeah, sure. So the question was on BaRupon and the potential licensing application that you guys referenced. Just wondering if there's any preliminary estimates of the timing of when that project could be in a position to submit a licensing application and what are the factors that dictate that potential timing?

好的，當然。問題是關於 BaRupon，以及你們提到的可能提出許可申請。想請問是否有任何初步的時間預估：該專案何時可能具備提交許可申請的條件？以及有哪些因素會決定這個潛在時程？

Sure. So James actually just, he got cut off, so I could quickly answer this. I'd say obviously we completed the feasibility study there, we're excited about the opportunity with BaRupon and continuing to engage in discussions with him.

當然。James 剛剛其實斷線了，所以我先快速回答。我會說，我們顯然已完成那邊的可行性研究，我們對與 BaRupon 的機會感到興奮，並持續與他進行討論。

As we said in the prepared remarks, evaluating the beginning of the licensing process, evaluating project timelines, working towards early stage product development activities. At this point in time, we don't want to put a definitive timeline on any of this because discussions are ongoing, but we are obviously discussing initiation of the licensing process.

如同我們在事先準備的發言中所說，我們正在評估啟動許可流程、評估專案時程，並推進早期階段的產品開發活動。目前我們不想對任何事項給出明確的時間表，因為討論仍在進行中，但我們確實正在討論啟動許可流程。

Obviously, given where we are with the EURBY project, we still have a few years and time is on our side, but obviously, we would look to move as quickly as possible. So hopefully, in the coming quarters, we'll have additional updates there.

另外，考量我們在 EURBY 專案上的進度，我們仍有幾年的時間，時間對我們是有利的；但當然，我們也會希望盡可能快速推進。所以希望在接下來幾個季度，我們能提供更多更新。

Adam Kelsey, Titan Partners

Titan Partners 的 Adam Kelsey

Great, thank you. Plenty of asked and answered already, so just two quick ones for me.

很好，謝謝。很多問題都已經問過也回答過了，所以我這邊只有兩個簡短問題。

I know you already touched on the NRC process, but it's obviously a major near-term driver for the stock. I'm curious if there are any upcoming visible signals or checkpoints between the major milestones that would demonstrate NRC process that that process remains on schedule.

我知道你們已經談到 NRC 的流程，但這顯然是短期內影響股價的主要驅動因素。我想了解，在那些重大里程碑之間，是否有任何接下來可見的訊號或檢核點，可以顯示 NRC 流程仍按計畫進行？

Hey, Adam. Yeah, so I think there's a couple of different milestones we're evaluating. As the NRC publicly put out, there's an environmental assessment in I think February of 2027 is based on their public timeline and then obviously a safety analysis slated for September of 2027.

嗨，Adam。是的，我想我們正在關注幾個不同的里程碑。如 NRC 公開發布的內容所示，依其公開時程，環境評估大概在 2027 年 2 月，然後安全分析預計在 2027 年 9 月。

And obviously, those aren't kind of the two big -- those aren't the only two big milestones. When we think about this review, it is an iterative process.

當然，那兩個並不是唯二的重大里程碑。當我們看待這次審查時，它是一個反覆迭代的流程。

We're going through audit questions as we speak, receiving questions from them, providing answers to address areas where the NRC is looking to have more completeness and a better understanding. So I think the two big milestones I just touched upon are two of the big ones, but.

我們目前正在處理稽核問題（audit questions），一邊接收他們的提問、一邊提供回覆，以補足 NRC 希望更完整、並更深入理解的部分。所以我剛提到的兩個大里程碑確實是其中兩個重要節點，但。

There's obviously, this is, like I said, an iterative process and we're obviously going to keep engaging with them. And I think ultimately, as we mentioned in our prepared remarks, the timeline that the NRC put out is in line with our expectation to begin construction in the second-half of this year. And as seen in some other construction permit applications with some other public peers or private peers, hopefully there's an opportunity to maybe even compress that.

另外，正如我所說，這是一個迭代流程，我們也會持續與他們互動。而且最終，如同我們在事先準備的發言中提到，NRC 公布的時程與我們預期在今年下半年開始施工的規劃一致。並且參考其他上市或非上市同業的施工許可申請案例，希望也有機會把。

Licensing timeline from what the NRC has publicly slated.

許可時程相較於 NRC 公開排定的時間再壓縮一些。

Great, thanks. And any additional insight on where you said in terms of their staff's bandwidth or prioritization?

很好，謝謝。另外，你提到他們人員的工作量或優先順序方面，有沒有更多看法？

Just based on.

主要是根據。

Conversations we've had internally with our NRC licensing team. I mean, we have not heard any issues with regarding staffing. I think we're continuing to engage with them quite frequently. And so I don't think we have yet to see any instances where staffing has prevented continued engagement with them. I mean, we've been engaging with them pretty actively since June, as I mentioned earlier, answering some of their audit questions and things like that. And we've actually been having ongoing weekly meetings with them.

根據我們內部與 NRC 許可團隊的對話。我的意思是，我們沒有聽到任何與人力配置相關的問題。我想我們仍相當頻繁地與他們互動。因此目前我們尚未看到任何因人力不足而妨礙持續互動的情況。如我先前提到的，我們自 6 月以來就一直相當積極地與他們互動，回覆一些稽核問題等等。而且我們實際上每週都與他們進行例行會議。

And supplementing that with additional interactions as necessary to close some of -- so any gaps that are identified. So, yeah, I think it's been pretty constructive dialogue with them thus far.

並在必要時補充額外互動，以彌補一些——也就是針對被識別出的缺口進行補強。所以，是的，到目前為止與他們的對話相當具建設性。

Thank you. Sharif El-Magarbi with BTIG

謝謝。BTIG 的 Sharif El-Magarbi

Hey, thanks and good afternoon. First question. SDF gels pretty nicely with some of the work you're already doing in fuel, and you've touched on how you might look to grow your fuel footprint.

嗨，謝謝，午安。第一個問題：SDF 與你們已在燃料領域進行的一些工作相當契合，而你們也談到可能如何擴大燃料版圖。

But when it comes to M&A and Kronos, how are you thinking about strategic opportunities that might help get Kronos built and commercialized?

但談到併購（M&A）以及 Kronos 時，你們如何看待可能有助於讓 Kronos 建成並商業化的策略性機會？

Sharif, obviously, when we think about commercialization of Kronos, there's many different aspects to that, I'd say the acquisition of STS, I think really importantly adds a couple of key things, the team has decades of experience supporting the industry, they even have people who have experience operating reactors, so when we think about.

Sharif，顯然當我們思考 Kronos 的商業化時，牽涉到許多不同面向。我會說，收購 STS 非常重要地帶來了幾個關鍵要素：該團隊擁有數十年支援產業的經驗，他們甚至有人具備操作反應爐的經驗，所以當我們在思考。

Having those capabilities in-house and even think about some projects that we have at this point and we're looking to build reduced scaled mockups of Kronos in our Oakbrook demonstration facility and are actually advancing plans there.

將這些能力內部化，甚至回頭想想我們目前的一些專案；我們正著手在奧克布魯克（Oakbrook）示範設施打造縮小比例的 Kronos 模型，並且確實正在推進那裡的規劃。

Having this expertise in-house can support us in some of these endeavors, whether it's obviously their experience operating, but some of these other endeavors and then also obviously fuel is integral to.

把這些專業能力留在公司內部，能在這些工作上支援我們；不僅是他們在營運方面的經驗，也包括其他一些工作，當然燃料也是其中不可或缺的一環。

Is integral to deploying future commercial units, but obviously even our first of a kind unit and obviously evaluating DOE programs. I'd say STS has great relationships with not only national labs, but the DOE and the NNSA.

燃料對於未來商用機組的部署至關重要；當然也包括我們的首座示範機組，以及對 DOE 計畫的評估。我會說 STS 不僅與國家實驗室，也與 DOE 以及 NNSA 都有很好的關係。

And so we think some of those relationships as well could potentially benefit us. And lastly, obviously STS has experienced not only handling spent fuel.

因此我們認為，這些關係也可能在某些方面為我們帶來助益。最後，當然 STS 不僅在處理用過燃料方面經驗豐富。

But also transporting fuel across the cycle. And so I think all of this experience can not only help us with future commercial deployments, but even just advancing development of Kronos, having this additional expertise in-house can enable us in each of these areas to support us in each of these areas.

也在燃料全週期的運輸方面有經驗。因此我認為，這些經驗不僅能協助我們未來的商用部署，甚至也能推進 Kronos 的研發；把這些額外專業能力內部化，能讓我們在上述各領域都更有能力推進並提供支援。

Thanks, Matt. And then a process question that would be helpful from my understanding, which might make it a James question, but if I start a Kronos reactor on conventional fuel and later switch to HALU, is there any power plant retooling associated with that or is that just a matter of dropping in the new fuel?

謝謝，Matt。接著有個流程面的問題，對我理解會很有幫助，可能要問 James：如果我用傳統燃料啟動一座 Kronos 反應爐，之後再切換到 HALU，電廠需要重新改裝嗎？還是只要把新燃料換上去就行？

So unfortunately, James got kicked off the call, but our understanding is based on conversations with the technical team that we really could just plug and play and remove the LLAU+ fuel and replace it with HALU fuel.

很不巧，James 被踢出這通電話了；但根據我們與技術團隊的對話理解，我們基本上可以直接即插即用，把 LLAU+ 燃料取出並以 HALU 燃料替換。

Okay, super helpful.

好的，這非常有幫助。

And we would not need a redesign, I think that's like of the Kronos MMR design. So I think that's really important is that we can do that without redesign.

而且我們不需要重新設計，我想是指 Kronos MMR 的設計。所以我認為這點非常重要：我們可以在不重新設計的情況下做到。

And really provides us the flexibility to not only use fuelless commercials available today, but once HALU is available and economically viable to use, we could basically plug and play.

這也確實讓我們具備彈性：不僅能使用目前市面上可取得的商用燃料，等到 HALU 可供應且在經濟上可行時，我們基本上就能即插即用。

Yeah, it's good to hear. Thanks again.

很高興聽到這個。再次感謝。

Christopher Souther, Truist

Christopher Souther，Truist

Thanks for taking my questions here.

謝謝讓我在這裡提問。

Great to hear some of the advanced discussions with the project developer and AI infrastructure company. Is that something you think we might be getting more clarity on this year? I just wanted to kind of level set like, the -- I guess how intense the conversations are and where we see those kind of evolving from here in the near term.

很高興聽到你們與專案開發商以及 AI 基礎設施公司的深入討論。你們認為今年我們會更清楚一些嗎？我想先對齊一下：也就是說——我想了解對話的強度大概到什麼程度，以及短期內你們預期會如何演進。

Yeah, I appreciate the question, Chris. I think there's two elements to this. Obviously, there's the opportunity with the central strategic partner and data center developer for the planned multi-gigawatt pipeline. I'd say we're excited about the potential to, and we've been advancing discussions with them. I'd say near term, the things to look out for would be.

是的，Chris，謝謝你的問題。我認為這裡有兩個面向。首先，當然是與核心策略夥伴及資料中心開發商合作、針對規劃中的多 GW（gigawatt）管線的機會。我會說我們對其潛力感到興奮，也一直在推進與他們的討論。我會說短期內可以留意的事項會是——

And obviously, there's no way to guarantee timeline on any of this, but I'd say a near-term potential framework agreement that outlines the potential relationship that we discussed and then obviously including potential things like milestone investment opportunities tied to key value creating commercial milestones.

當然，任何事情的時程都無法保證；但我會說短期內可能會有一份框架協議，用以概述我們所討論的潛在合作關係，並且可能包含例如：與關鍵、能創造價值的商業里程碑掛鉤的里程碑投資機會等內容。

And so that would be like initially I'd look out for a framework agreement and then obviously from there we'd look to.

因此一開始我會先留意框架協議；接著當然我們會再進一步——

Obviously make a great deal more progress and more definitive agreements, whether that's things like joint development agreements for specific sites. I think there's a number of -- the way we've envisioned this at this point in time, there's a number of development milestones, but ahead of potential milestones relating to actual firm commercial purchase orders. So I think there's a number of development milestones potentially, whether it's like it's a joint development agreement, securing site.

當然會取得更多進展並簽署更具約束力的協議，例如針對特定場址的聯合開發協議等。以我們目前的構想來看，有許多開發里程碑會先於實際具約束力的商業採購訂單等潛在里程碑。所以我認為可能會先有一系列開發里程碑，例如聯合開發協議、取得場址等。

Initiating NRC licensing process, doing things like site characterization and drilling that can clearly demonstrate that there is a strong partnership and progress being made.

啟動 NRC 許可程序、進行場址特性調查與鑽探等，這些都能清楚展現合作夥伴關係穩固且正在取得進展。

Ahead of like firm purchase commitments and more definitive agreements.

然後才會走向具約束力的採購承諾與更明確的協議。

So I think that's the way to look at that one. And then separately, as we highlighted in our prepared remarks, we are evaluating potential opportunities with an AI infrastructure company as well as another nuclear project developer. And this potentially could be us evaluating amongst the three parties joint opportunities.

所以我認為可以用這樣的方式來看這一項。另外，如同我們在事先準備的發言中提到的，我們也在評估與一家 AI 基礎設施公司以及另一家核能專案開發商的潛在機會。這可能會是我們在三方之間評估共同機會。

Which I think given that these two companies are pretty credible and have each bring their own unique experience in the space, it could be something that's pretty exciting. So I'd say keep that in the near term, potentially for things like an LLI or things like that there, assuming we can continue to advance discussions.

我認為，鑑於這兩家公司都相當具公信力，且各自帶來在該領域的獨特經驗，這可能會是相當令人振奮的事情。因此我會說，短期內可以留意例如 LLI（意向書）之類的進展，前提是我們能持續推進討論。

That's super helpful. And maybe just how should we think about you guys entering the NRC process? And upcoming construction as catalysts for customers as they're looking for proof of execution and de-risking of future commercial developments, are you seeing kind of increased inbound or.

這非常有幫助。另外，你們進入 NRC 程序，以及即將開始施工，作為客戶端的催化劑應該怎麼看？因為客戶在尋求執行力證明、降低未來商用開發風險時，你們是否看到更多主動洽詢，或——

Credibility on your end around being able to kind of enter that process with a real project here that you're going to be starting construction basically a year from now.

你們在可信度方面是否有所提升？畢竟你們要用一個真實專案進入該程序，而且基本上一年後就要開始施工。

Yeah, Chris, I could tell you absolutely, the answer is absolutely. We've gotten direct feedback after we submitted the construction permit application and it was accepted for review. We've gotten direct feedback from several potential customers for several opportunities that we're working on that they view Nano as being very credible just given by the fact that we're really the first, as we said earlier, micro director, developer building a full-scale commercial unit.

是的，Chris，我可以告訴你，絕對是，答案是絕對的。在我們提交施工許可申請且獲受理進入審查後，我們收到直接回饋。我們從幾個正在洽談的機會中的多位潛在客戶那裡收到直接回饋：他們認為 Nano 非常可信，因為我們確實是第一家——如同先前所說——建造全尺寸商用機組的微型反應爐（micro reactor）開發商。

Well, it's technically a research reactor, but it will be a full-scale 15-megawatt electric unit.

雖然技術上它是研究用反應爐，但它將是一座全尺寸、15 兆瓦電力（15-megawatt electric）的機組。

Just by that alone, given where we are on the licensing process, is viewed very favorably. And so we've gotten that feedback. And complementary to that, we've also gotten direct feedback regarding the acquisition of STS and having the in-house capabilities not only to transport the fuel, but also have a clear plan.

僅憑這一點，加上我們在許可流程中的進展，就被非常正面地看待。因此我們確實收到了這樣的回饋。此外，作為互補，我們也收到關於收購 STS 的直接回饋：把燃料運輸能力內部化，並且有明確的——

For spent fuel and having people in-house who also have those capabilities.

用過燃料處置規劃，以及公司內部有人具備這些能力。

So yes, it's something we're very excited about. We've already seen, I think, growing interest, whether it's from mining companies or even military-related opportunities. There's been specific mentioning of the fact that we're informal NRC licensing and there appears to be clearly a direct path to a commercial license.

所以是的，這是我們非常興奮的一點。我認為我們已經看到日益增加的興趣，不論是來自礦業公司，或甚至是軍方相關機會。也有人特別提到，我們正在進行非正式的 NRC 許可程序，而且看起來有一條清晰的路徑可取得商用許可。

Relating to that a commercial license will be very easily achievable once EU of I project will receive that operating license. So, yes, I think we're very excited about our progress and some of these opportunities.

就此而言，一旦伊利諾大學（U of I）專案取得運轉許可，商用許可將非常容易達成。所以，是的，我們對自身進展以及其中一些機會感到非常興奮。

Thank you. This now concludes our question-and-answer session. I would like to turn the floor back over to Jay for closing comments.

謝謝。現在問答環節到此結束。我想把時間交回給 Jay 作結語。

I want to thank everyone again for joining us on today's call. We are very grateful for your continued support, and we have never been more excited for nanonuclear's future. We look forward to additional progress and updates in the coming quarters. Have a great evening.

再次感謝各位參加今天的電話會議。我們非常感謝各位持續的支持，而且我們從未像現在這樣對 nanonuclear 的未來感到興奮。我們期待在接下來幾季帶來更多進展與更新。祝各位晚安。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

各位女士先生，感謝您的參與。今天的電話會議到此結束。請掛斷電話線，祝您有美好的一天。