Oklo Inc (OKLO) 2024 Q3 法說會逐字稿

Please stand by. Your program is about to begin. If you need audio assistance during today's program, please press star zero.

請稍候。你的節目即將開始。如果您在今天的節目中需要音訊幫助，請按星號零。

Good day, everyone and welcome to today's Oklo Q3, '24 financial results and webcast. (Operator Instructions) Today's call is being recorded.

大家好，歡迎收看今天的 Oklo 第三季 '24 財務表現和網路廣播。（操作員說明）今天的通話正在錄音。

I would now like to turn the call over to Sam Doane. Please go ahead.

我現在想把電話轉給薩姆·多恩。請繼續。

Thank you operator. Good day, everyone and welcome to Oklo's 2024 third-quarter company update and earnings call. Joining us today are Jake Dewitte, Oklo's Co-founder, and Chief Executive Officer; and Craig Bealmear, Chief Financial Officer. Oklo's Q3 earnings were announced after market close today.

謝謝運營商。大家好，歡迎參加 Oklo 的 2024 年第三季公司更新和財報電話會議。今天加入我們的是 Oklo 聯合創始人兼執行長 Jake Dewitte；克雷格·貝爾米爾（Craig Bealmear），財務長。Oklo 在今天收盤後公佈了第三季收益。

You can find the shareholder letter and supplemental slides on the investor relations page of our website. The information discussed during the course of our remarks and the subsequent Q&A session include forward-looking statements which reflect our current views of existing trends and are not subject to a variety of risks, assumptions, estimates, uncertainties and other factors that could cause actual results to differ materially from such statements.

您可以在我們網站的投資者關係頁面上找到股東信函和補充投影片。我們的發言和隨後的問答環節中討論的資訊包括前瞻性陳述，這些陳述反映了我們當前對現有趨勢的看法，不受各種風險、假設、估計、不確定性和其他可能導致實際結果的因素的影響與此類陳述有重大差異。

Your urged to carefully read the forward-looking statements language in our shareholder letter and supplemental slides. You can find a discussion of our risk factors which could potentially contribute to such differences in our most recent filings with the SEC. Oklo assumes no obligation to update these statements whether as a result of new information, future events or otherwise, except as required by law.

敦促您仔細閱讀我們的股東信和補充幻燈片中的前瞻性陳述語言。您可以在我們最近向 SEC 提交的文件中找到有關我們可能導致此類差異的風險因素的討論。Oklo 不承擔更新這些聲明的義務，無論是由於新資訊、未來事件或其他原因，除非法律要求。

I'll now turn the time over to Jake Dewitte, Oklo Co-founder and Chief Executive Officer, Jake.

現在我將把時間交給 Oklo 聯合創始人兼執行長 Jake Dewitte。

Thanks Sam and thank you all for joining us today. We're excited to share our quarterly update and provide some insight into the progress Oklo's has made over the last quarter.

感謝 Sam，也感謝大家今天加入我們。我們很高興分享我們的季度更新，並提供一些有關 Oklo 在上個季度取得的進展的見解。

Oklo was born largely out of the view that there is a significant opportunity for advanced nuclear technology. What we observed was an industry that had radically stagnated and there was a massive need to rethink about how a company could approach, taking new nuclear technologies to market.

Oklo 的誕生主要是因為先進核子技術有重大機會。我們觀察到的是一個已經完全停滯的行業，非常需要重新思考公司如何將新的核子技術推向市場。

Oklo was started to take advantage of this opportunity and deliver our mission to provide clean, reliable and affordable energy on a global scale.

Oklo 正是利用這一機會，履行我們的使命，在全球範圍內提供清潔、可靠和負擔得起的能源。

Jumping up to the next slide on slide 4. The last quarter has seen big tech make substantial and comprehensive commitments to nuclear as their technology of choice to reliably and affordably power their AI ambitions. The deals with existing nuclear facilities between Amazon and Talent and Microsoft in Constellation, demonstrate the desire to have access to reliable power.

跳到投影片 4 上的下一張投影片。上個季度，大型科技公司對核能做出了實質和全面的承諾，將其作為他們選擇的技術，以可靠且經濟的方式推動他們的人工智慧雄心。亞馬遜與 Talent 和 Microsoft Constellation 之間就現有核設施達成的協議表明了獲得可靠電力的願望。

These deals have played an important role in establishing a price for base load, low carbon electricity with some expected to be at or above $100 per megawatt hour, which supports our discussions with our current and future customers.

這些交易在確定基本負載、低碳電力的價格方面發揮了重要作用，其中一些交易預計達到或超過每兆瓦時 100 美元，這支持了我們與當前和未來客戶的討論。

The small reactor deals announced by Google and Cairo and Amazon and X-energy also demonstrate that big tech is willing to take long term bets on new nuclear technologies to power their future operations.

Google和開羅、亞馬遜和 X-energy 宣布的小型反應器交易也表明，大型科技公司願意對新核技術進行長期押注，為其未來的營運提供動力。

Oklo signed a similar strategic partnership agreement with Equinox earlier this year for 500 megawatts of power. Equinox also made a $25 million prepayment to the company for power. We believe that the Equinox deal and other small reactor deals serve as a useful road map for how Oklo intends to partner with data center customers in the future.

Oklo 今年稍早與 Equinox 簽署了類似的戰略合作夥伴協議，發電量為 500 兆瓦。Equinox 也向該公司預付了 2,500 萬美元的電費。我們相信，Equinox 交易和其他小型反應器交易可以為 Oklo 未來如何與資料中心客戶合作提供有用的路線圖。

Going to slide 5. Oklo is differentiated from many of its conventional and advanced nuclear competitors because our business model is to build own and operate our powerhouses and provide customers with what they want, reliable, low carbon electrons.

轉到投影片 5。Oklo 與許多傳統和先進核競爭對手不同，因為我們的商業模式是建立自己的發電站並運營我們的發電站，並為客戶提供他們想要的、可靠的低碳電子。

This graphic from the Department of Energy's Advanced nuclear liftoff report demonstrates the challenges of bringing large nuclear projects to market. Large projects with multibillion dollar price tags require risk and cost sharing across multiple stakeholders and customers who don't want to necessarily take those risks.

這張來自能源部先進核子發射報告的圖表展示了將大型核子專案推向市場的挑戰。標價數十億美元的大型專案需要多個利害關係人和不想承擔這些風險的客戶之間分擔風險和成本。

Reactor technology companies sell their partially complete reactor designs and require others to complete the design for them as well as fund and construct those assets. Oklo technology is small and scalable, allowing us to build own and operate the plants in a sequence manner that is expected to reduce risk to all stakeholders.

反應器技術公司出售其部分完成的反應器設計，並要求其他人為其完成設計以及資助和建造這些資產。Oklo 技術規模小且可擴展，使我們能夠建立自己的工廠並按順序營運工廠，預計將降低所有利害關係人的風險。

This value proposition resonates strongly with current and prospective customers. It's important to note that this graphic doesn't mean that we will be doing everything itself. The company is building relationships with key strategic partners across our value chain, so that we can bring our product to market. Our deal with humans energy is a good example of what our value chain partnerships can look like.

這一價值主張引起了當前和潛在客戶的強烈共鳴。值得注意的是，這張圖並不代表我們將自己做所有事情。該公司正在與整個價值鏈中的關鍵策略合作夥伴建立關係，以便我們能夠將我們的產品推向市場。我們與人類能源的交易是我們價值鏈合作關係的一個很好的例子。

Going to slide 6. The nuclear sector continues to receive strong support from all levels of government. This third quarter saw the nuclear fuel sector receive significant funding to construct the infrastructure required to supply high assay, low risk uranium or halo and an increased pledge at COP29 for 31 countries setting targets to triple nuclear energy capacity by 2050.

轉到投影片 6。核電產業持續得到各級政府的大力支持。今年第三季度，核燃料產業獲得了大量資金，用於建造供應高含量、低風險鈾或暈鈾所需的基礎設施，並在COP29 上增加了31 個國家的承諾，設定了到2050 年將核能容量增加兩倍的目標。

On slide 7, we highlight our strategic approach. Our strategy is centered on three key pillars that we believe position us to change the way nuclear power is delivered to customers.

在投影片 7 上，我們強調了我們的策略方法。我們的策略以三個關鍵支柱為中心，我們相信這些支柱使我們能夠改變向客戶提供核電的方式。

We take a different approach across the business model, the size of the plant and technology because we see these are key ways to unlock a huge amount of the potential nuclear has to offer. On the business model front, our model is designed to make it easy for customers to buy clean power at scale.

我們在商業模式、工廠規模和技術方面採取了不同的方法，因為我們認為這些是釋放核能所提供的巨大潛力的關鍵方法。在商業模式方面，我們的模式旨在讓客戶輕鬆大規模購買清潔電力。

We couple that with a small reactor size that allows us to achieve greater capital efficiency as a company and to match customer demand incrementally while offering resilient and redundant power solutions to our customers.

我們將其與小型反應器結合，使我們能夠作為一家公司實現更高的資本效率，並逐步滿足客戶需求，同時為客戶提供彈性和冗餘的電力解決方案。

And that's all coupled with our technology which leverages centuries of combined experience for technology with economic and operational advantages, thanks to the features of liquid sodium coolant. On Friday, we show what we presented last quarter as we laid our framework for how we plan to keep the market up to date on our progress largely in six major areas.

這一切都與我們的技術相結合，該技術利用了數百年的綜合經驗，憑藉液態鈉冷卻劑的特性，實現了具有經濟和營運優勢的技術。週五，我們展示了上個季度的情況，我們制定了框架，計劃如何讓市場了解我們主要在六個主要領域的最新進展。

The span reactor licensing progress, project execution, fuel fabrication and recycling customer pipeline development, strategic partnerships for corporate and business development and financial updates.

涵蓋反應器許可進度、專案執行、燃料製造和回收客戶管道開發、企業和業務發展的策略合作夥伴關係以及財務更新。

So moving on to slide 9. Will show where we made significant progress in the third quarter. We continued our engagement for reactor licensing and secured key DOE agreements, for project execution at the Idaho National Lab. Including environmental compliance permits from the Department of Energy.

繼續看投影片 9。將展示我們在第三季取得的重大進展。我們繼續參與反應器許可並獲得能源部的關鍵協議，以便在愛達荷國家實驗室執行專案。包括能源部的環境合規許可證。

Our fuel fabrication efforts were bolstered by the approval of the conceptual safety design report for our Aurora Fuel Fabrication Facility. On the customer side, we signed letters of intent with two major data centers for up to 750 megawatts of power.

我們的極光燃料製造設施概念安全設計報告的批准增強了我們的燃料製造工作。在客戶方面，我們與兩個主要資料中心簽署了高達750兆瓦電力的意向書。

We also signed a letter of intent to acquire Atomic Alchemy for radio is production. And financially, we carefully managed cash burn and operating expenses to support sustainable growth.

我們也簽署了收購 Atomic Alchemy 進行廣播生產的意向書。在財務上，我們仔細管理現金消耗和營運費用，以支持永續成長。

Going to slide 10. Regarding our regulatory and permitting progress, we are targeting to submit our combined license application for the Idaho project next year with several follow-on applications within a year's time frame. To streamline the licensing process, we are frontloading NRC review through extensive preapplication work aiming for a review timeline of about 24 months once submitted.

轉到投影片 10。關於我們的監管和許可進展，我們的目標是明年提交愛達荷州計畫的聯合許可申請，​​並在一年內提交幾項後續申請。為了簡化許可流程，我們正在透過廣泛的預申請工作提前進行 NRC 審查，目標是提交後審查時間約為 24 個月。

The ADVANCE Act presents significant cost and time advantages for permitting and we are actively engaged with the NRC to optimize our timeline and maximize benefits as the act takes effect. This includes refining our initial application to facilitate maximum carryover from our 15 megawatt to 50 megawatt designs.

ADVANCE 法案在許可方面具有顯著的成本和時間優勢，我們正在積極與 NRC 合作，以優化我們的時間表並在該法案生效時實現利益最大化。這包括改進我們的初始應用，以促進從 15 兆瓦到 50 兆瓦設計的最大結轉。

Importantly, the ADVANCE Act accelerates deployment when multiple assets are co located at one site which aligns well with our strategy to support customers at a single site.

重要的是，當多個資產位於一個站點時，ADVANCE Act 可以加速部署，這與我們在單一站點支援客戶的策略非常吻合。

As mentioned, we anticipate a 24 month review timeline with the NRC to get approval for our first site. During the application review period, we will also advance site preparation and likely initiate some construction activities in parallel. We expect to bring our first reactor online in late 2027.

如前所述，我們預計 NRC 需要 24 個月的審核時間才能獲得第一個站點的批准。在申請審核期間，我們還將推進場地準備工作，並可能同時啟動一些施工活動。我們預計第一個反應爐將於 2027 年底上線。

On slide 11, we show the benefits from a regulatory perspective of our integrated build, own operate business model. We believe that our business model and licensing strategy leverage a streamlined regulatory approach to achieve a combined license allowing us to secure all necessary approvals to build and operate a commercial plant in one step.

在投影片 11 中，我們從監管角度展示了我們的整合建置、自營業務模式的優勢。我們相信，我們的業務模式和許可策略利用簡化的監管方法來獲得合併許可，使我們能夠一步獲得建造和運營商業工廠所需的所有必要批准。

Unlike some others in the space and our peers out there who pursue separate construction and operating permits or design certifications. And later combined license applications, we go directly to a combined license. This approach aligns with our ownership model where we build own and operate our powerhouses rather than selling partially complete designs or licenses.

與該領域的其他一些人和我們的同行不同，他們追求單獨的施工和營運許可或設計認證。後來合併牌照申請，我們就直接去合併牌照。這種方法符合我們的所有權模式，我們建立自己的並運作我們的發電站，而不是出售部分完整的設計或許可證。

Additionally, the first combined license becomes a reference license for our COLA allowing us to submit subsequent licenses or S- COLAs with a focus only on changes from the original. By keeping these differences minimal, we gain significant efficiency, enabling faster licensing for each additional plant.

此外，第一個組合許可證成為我們 COLA 的參考許可證，使我們能夠提交後續許可證或 S-COLA，僅專注於與原始許可證的變更。透過將這些差異保持在最低限度，我們可以獲得顯著的效率，從而能夠更快地為每個額外的工廠提供許可。

The strategy not only simplifies the process but accelerates our ability to deploy plants quickly and effectively. And moving to slide 12, we show our regulatory path and our permitting progress.

該戰略不僅簡化了流程，還提高了我們快速有效地部署工廠的能力。轉到投影片 12，我們展示了我們的監管路徑和許可進展。

To recap a custom combined license like we're pursuing offers distinct advantages when your business model is to build own and operate the power plant. With this approach, all regulatory reviews including citing, design, financial, environmental, operational and security requirements as well as state and local considerations are expected to be completed in a single 24-month comprehensive application.

回顧一下，當您的業務模式是建造自己的和營運發電廠時，我們正在追求的客製化組合許可證可以提供明顯的優勢。透過這種方法，所有監管審查（包括引用、設計、財務、環境、營運和安全要求以及州和地方考慮因素）預計將在為期 24 個月的綜合申請中完成。

Once approved, you're fully licensed to build and operate. In contrast other regulatory pathways and business models require multiple steps and more time to reach operational status. For instance, a design certification only validates aspects of the design itself and still requires additional multistep, multiyear reviews to achieve an operating license.

一旦獲得批准，您就獲得了建造和運營的完全許可。相較之下，其他監管途徑和商業模式需要多個步驟和更多時間才能達到營運狀態。例如，設計認證僅驗證設計本身的各個方面，仍需要額外的多步驟、多年審查才能獲得營運許可。

Which includes significant remaining regulatory work that needs to be done to obtain a license. Design certification also limits flexibility. A challenge often cited in reviews of lessons learned from the vocal experiences.

其中包括獲得許可證所需完成的大量剩餘監管工作。設計認證也限制了靈活性。在聲音經驗教訓的回顧中經常提到這項挑戰。

This can lead to needing additional regulatory review in the form of standard design approvals or similar approaches. Well, the design certification can be useful if customers are willing to take that back end risk, it is entirely optional and serves primarily as a risk management step.

這可能導致需要以標準設計批准或類似方法的形式進行額外的監管審查。那麼，如果客戶願意承擔後端風險，設計認證可能會很有用，它完全是可選的，主要作為風險管理步驟。

It's important to emphasize that there is a significant difference then between obtaining a design certification and securing an operating license, we continue to make significant progress towards receiving a combined license and the advantage of this approach are increasingly being demonstrated by our customer pipeline development.

需要強調的是，獲得設計認證和獲得營運許可證之間存在顯著差異，我們在獲得組合許可證方面繼續取得重大進展，並且我們的客戶管道開發越來越多地證明了這種方法的優勢。

Next on slide 13, we'll talk about our siding advancement for our Idaho powerhouse deployment. This slide highlights the multistep regulatory process required for citing approval with the Department of Energy at the Idaho National Laboratory for our plant there.

接下來在投影片 13 上，我們將討論愛達荷州強大部署的支線進展。這張投影片重點介紹了愛達荷州國家實驗室能源部批准我們在那裡的工廠所需的多步驟監管流程。

As you can see, DOE permitting involves several distinct stages including environmental analysis, site preparation and various agreements for access and services. I'm pleased to report that we made substantial progress this quarter with two key milestones.

如您所見，能源部許可涉及幾個不同的階段，包括環境分析、場地準備以及各種訪問和服務協議。我很高興地報告，我們本季取得了實質進展，實現了兩個關鍵里程碑。

First, we finalized a memorandum of agreement with the Department of Energy which grants us access to conduct site investigations. This is essential for carrying out assessments, environmental surveys and geotechnical studies paving the way for smooth site preparation.

首先，我們與能源部敲定了一份協議備忘錄，允許我們進行現場調查。這對於進行評估、環境調查和岩土工程研究至關重要，為順利進行場地準備鋪平道路。

Second, we secured an environmental compliance permit confirming that there are no significant environmental impacts allowing us to move forward with the characterization phase.

其次，我們獲得了環境合規許可證，確認沒有重大環境影響，使我們能夠繼續進行表徵階段。

These achievements mark critical steps in our journey toward full sighting approval and bring us closer to construction readiness for Oklo's first powerhouse at INL. moving to slide 14, I'm also excited to share that the Department of Energy has approved Oklo's conceptual safety design report for the Aurora fuel fabrication facility.

這些成就標誌著我們在獲得全面目視批准的過程中邁出了關鍵的一步，並使我們更接近為奧克洛在 INL 的第一個發電站的施工做好準備。前往投影片 14，我還很高興告訴大家，能源部已批准 Oklo 的 Aurora 燃料製造設施概念安全設計報告。

This approval is a key regulatory step in deploying our fuel fabrication facility and advancing our goal to use recovered nuclear material to fuel the first commercial Aurora powerhouse. With this milestone, we're one step closer to realizing our fuel fabrication capabilities.

此次批准是部署我們的燃料製造設施和推進我們使用回收的核材料為第一個商業極光發電廠提供燃料的目標的關鍵監管步驟。有了這個里程碑，我們距離實現燃料製造能力又更近了一步。

With that, I will pass it to Craig to share customer development updates.

這樣，我會將其傳遞給克雷格以分享客戶開發更新。

Thank you, Jake. Moving on to slide 15, similar to statements we made last quarter, we have seen a sizable increase in customer interest since the consummation of the business combination in May of this year with AltC. All of which is leading to an increasing customer pipeline.

謝謝你，傑克。前往投影片 15，與我們上季所做的聲明類似，自今年 5 月與 AltC 完成業務合併以來，我們看到客戶興趣大幅增加。所有這些都導致​​客戶管道不斷增加。

Oklo has continued to move forward with additional letters of intent with customers including new non-binding letters of intent with two major data center providers for up to 750 megawatts of power. Due to commercial reasons in this instance, both counterparties consider our stage of activity to be commercially sensitive and hence have requested we withhold their names until a future point in time.

Oklo 繼續與客戶簽訂更多意向書，包括與兩家主要資料中心供應商簽訂新的不具約束力的意向書，提供高達 750 兆瓦的電力。由於本例中的商業原因，雙方均認為我們的活動階段具有商業敏感性，因此要求我們在未來某個時間點之前保留他們的姓名。

Moving on to slide 16. As a reminder at the time of the announcement of our merger with AltC. We noted that we had over 700 megawatts of business that had been signed to a combination of memorandum of understanding and letters of intent.

繼續看投影片 16。在我們宣布與 AltC 合併時提醒您。我們注意到，我們已經簽署了諒解備忘錄和意向書相結合的超過 700 兆瓦的業務。

Since that time, we've made new announcements in the data center market sector with Equinox and Prometheus Hyperscale, as well as an announcement with Diamondback Energy in the oil and gas sector.

從那時起，我們在資料中心市場領域與 Equinox 和 Prometheus Hyperscale 發布了新公告，並與 Diamondback Energy 在石油和天然氣領域發布了新公告。

With the two LOIs, I mentioned earlier, this takes our total level of sign agreements to 2.1 gigawatts. We are already working towards putting in place our first set of power purchase agreements. While we are actively trading term sheets and PPAs.

我之前提到過，有了這兩個意向書，我們簽署協議的總水準就達到了 2.1 吉瓦。我們已經在努力製定第一套購電協議。我們正在積極交易條款清單和購電協議。

It is important to note that we are focused on commercial term quality, over speed, such that we have optimized pricing, potentially linked to fuel price, confirmed location, given the impact on cost, partnered with the right customer as we deliver first of a kind projects. Assess the opportunity for investment in Oklo either at the asset or corporate level, ensured access to other intangibles such as access to their supply chains to support asset deployment.

值得注意的是，我們專注於商業術語質量，而不是速度，因此我們優化了定價，可能與燃油價格相關，確認了位置，考慮到對成本的影響，在我們交付第一批產品時與合適的客戶合作。在資產或公司層級評估在奧克洛的投資機會，確保獲得其他無形資產，例如進入其供應鏈以支援資產部署。

Thank you for that Craig. Moving to slide 17, we are very excited to announce that with the support of our board of directors, we have decided to fully incorporate Atomic Alchemy into via an acquisition. The two companies have a long history together back in 2018 when Atomic Alchemy was founded, I provided due diligence support to venture capitalists to help them understand the potential for radioisotopes.

謝謝你，克雷格。轉到幻燈片 17，我們非常高興地宣布，在董事會的支持下，我們決定透過收購將 Atomic Alchemy 完全納入其中。早在 2018 年 Atomic Alchemy 成立時，兩家公司就有了悠久的合作歷史，我為創投家提供了盡職調查支持，幫助他們了解放射性同位素的潛力。

We stayed in close touch with Atomic Alchemy over the years and formed a strategic partnership that we announced earlier this year focused on supporting technology and market sector advancements. Through our work, we have realized that there are massive synergies between our technologies and overall business approach and believe we can achieve more traction on market and technical advancements if Atomic Alchemy were part of Oklo. Before getting into the elements of the deal, let me walk through some of the basics of what radioisotopes are.

多年來，我們與 Atomic Alchemy 保持密切聯繫，並在今年稍早宣佈建立了策略合作夥伴關係，重點是支援技術和市場領域的進步。透過我們的工作，我們意識到我們的技術和整體商業方法之間存在著巨大的協同作用，並相信如果 Atomic Alchemy 成為 Oklo 的一部分，我們就能在市場和技術進步方面獲得更大的吸引力。在討論該協議的要素之前，讓我先介紹放射性同位素的一些基礎知識。

So radioisotopes are radioactive elements. They are vital materials with growing applications in cancer treatment, diagnostic imaging, space exploration, industrial processes and even advanced semiconductor manufacturing and fabrication.

所以放射性同位素是放射性元素。它們是重要的材料，在癌症治療、診斷成像、太空探索、工業流程甚至先進的半導體製造和製造中的應用不斷增長。

However, the US lacks a robust supply chain to support these critical resources. Atomic Alchemy has developed proprietary reactor technologies and isotope production technologies to produce radioisotopes that can utilize unique nuclide sourced for nuclear fuel recycling processes for fast reactors and existing used nuclear materials.

然而，美國缺乏強大的供應鏈來支持這些關鍵資源。Atomic Alchemy 開發了專有的反應器技術和同位素生產技術來生產放射性同位素，這些放射性同位素可以利用來自快堆核燃料回收過程和現有廢核材料的獨特核素。

Oklo's fast vision technology can generate electricity using recycled fuel which can also produce valuable co products such as radioisotopes. Through the proposed acquisition, Oklo aims to integrate radioisotope production into its fuel recycling process, creating a complementary revenue stream and strengthening the US radioisotope supply chain.

Oklo 的快速視覺技術可以使用回收燃料來發電，還可以生產放射性同位素等有價值的副產品。透過擬議的收購，Oklo 旨在將放射性同位素生產整合到其燃料回收過程中，創造互補的收入來源並加強美國放射性同位素供應鏈。

The technology opportunity here has been validated through our work completed under the previously announced between Oklo and Atomic Alchemy.

這裡的技術機會已經透過我們先前在 Oklo 和 Atomic Alchemy 之間宣布的協議下完成的工作得到了驗證。

Moving to Slide 18. Atomic Alchemy is an innovative leader in radioisotopes. Founded in 2018 and initially funded through Y Combinator. Atomic Alchemy launched an innovative approach to radioisotope production to address global shortages and establish a reliable domestic supply chain for radioisotopes, crucial to life saving treatments, advanced industrial applications and national security.

轉到投影片 18。Atomic Alchemy 是放射性同位素領域的創新領導者。成立於 2018 年，最初由 Y Combinator 資助。Atomic Alchemy 推出了一種創新的放射性同位素生產方法，以解決全球放射性同位素短缺問題，並建立可靠的國內放射性同位素供應鏈，這對於拯救生命的治療、先進的工業應用和國家安全至關重要。

Atomic Alchemy has developed its proprietary viper reactor technology which aims to set new standards in efficiency, scalability, economics and operational simplicity for radioisotope production.

Atomic Alchemy 開發了其專有的 viper 反應器技術，旨在為放射性同位素生產的效率、可擴展性、經濟性和操作簡單性設立新標準。

Atomic Alchemy has achieved significant design engineering licensing and permitting milestones towards the initial deployment of its VIPR reactor facility.

Atomic Alchemy 已獲得重要的設計工程許可，並在其 VIPR 反應器設施的初步部署方面取得了里程碑式的許可。

Atomic Alchemy has also built an attractive supplier and customer pipeline to support commercialization of its operations and its products. And led by a high-quality engineering team based in Idaho Falls. The team is working in close collaboration with the Idaho National Laboratory and the Department of Energy.

Atomic Alchemy 還建立了一個有吸引力的供應商和客戶管道，以支援其業務和產品的商業化。由位於愛達荷瀑布的高素質工程團隊領導。該團隊正在與愛達荷國家實驗室和能源部密切合作。

On slide 19, we see that radioisotopes are becoming a national strategic priority for many nations. Many countries are recognizing radioisotopes are a national strategic priority, given their importance to medical defense, aerospace and semiconductor sectors.

在投影片 19 上，我們看到放射性同位素正在成為許多國家的國家戰略重點。鑑於放射性同位素對醫療國防、航空航太和半導體領域的重要性，許多國家都認識到放射性同位素是國家戰略重點。

China is targeting economic output from radioisotopes at $55.7 billion by 2026 and is making strategic investments in the same way that they did with renewable energy technologies and rare earth elements.

中國的目標是到2026年放射性同位素的經濟產出達到557億美元，並正在以與再生能源技術和稀土元素相同的方式進行戰略投資。

Additionally, the United Kingdom is also taking measures to ensure their domestic supply of radioisotopes keep up with demand.

此外，英國也採取措施確保國內放射性同位素供應符合需求。

With that, I'll go ahead and hand it off to Craig to talk more about the specific transaction.

接下來，我將把它交給克雷格，讓他更多地討論具體的交易。

Thank you, Jake. Moving on to slide 20, there have been several multibillion-dollar transactions in the biotech sector related to radio pharmaceuticals demonstrating market demand for radioisotopes which is the primary input to radio pharmaceuticals. Atomic Alchemy and intend to become a premier supplier to this sector as other radioisotope production facilities reach the end of their useful life resulting in reduced supply.

謝謝你，傑克。繼續看投影片 20，生物技術領域有幾筆與放射性藥品相關的數十億美元的交易，顯示市場對放射性同位素的需求，而放射性同位素是放射性藥品的主要投入。Atomic Alchemy 打算成為該行業的主要供應商，因為其他放射性同位素生產設施已達到使用壽命，導致供應減少。

Moving on to slide 21, to provide some acquisition highlights. Atomic Alchemy will create significant value for shareholders by enhancing the value of our technologies and serving as an attractive standalone radioisotope business.

繼續看投影片 21，提供一些收購亮點。Atomic Alchemy 將透過提高我們的技術價值並成為有吸引力的獨立放射性同位素業務，為股東創造巨大價值。

We view this as an extremely attractive bolt on acquisition at the right valuation, which will provide a unique enabler and springboard to enter the radioisotope business, which will be a co-product of our fuel recycling process. Acquisition highlights include the following.

我們認為這是一個極具吸引力的以正確估值收購的螺栓，它將為進入放射性同位素業務提供獨特的推動力和跳板，放射性同位素業務將成為我們燃料回收過程的副產品。收購亮點包括以下內容。

Complementary technology, radioisotope technologies can significantly enhance the economics of nuclear fuel fabrication and recycling through co-product sales of high margin radioisotopes. Massive market demand and diminishing supply.

作為補充技術，放射性同位素技術可以透過高利潤放射性同位素的副產品銷售來顯著提高核燃料製造和回收的經濟性。市場需求旺盛，供給減少。

The radioisotope market is estimated to be in excess of $55 billion by 2026 which we believe could achieve rapid sector growth. In addition, aging radioisotope facilities are causing acute shortages in supply for critical applications across many sectors.

到 2026 年，放射性同位素市場預計將超過 550 億美元，我們相信這將實現該行業的快速成長。此外，老化的放射性同位素設施正在導致許多行業關鍵應用的供應嚴重短缺。

Third, we see a diverse revenue opportunity. Oklo's reactors will generate radioisotopes as a valuable co-product of its fuel recycling process. Allowing revenue from both these co-products and existing used fuel.

第三，我們看到了多樣化的收入機會。奧克洛的反應器將產生放射性同位素，作為其燃料回收過程中有價值的副產品。允許從這些副產品和現有的廢燃料中獲得收入。

Or growth opportunities, joint ventures with customers on radioisotope applications including radio pharmaceuticals and silicon doping for next generation semiconductor manufacturing.

或者是成長機會，與客戶在放射性同位素應用領域建立合資企業，包括用於下一代半導體製造的放射性製藥和矽摻雜。

Finally, we believe this provides an attractive transaction structure. $25 million acquisition will be funded with stock price based on Oklo's most recent 20-day average closing price.

最後，我們相信這提供了一個有吸引力的交易結構。 2500 萬美元的收購資金將根據 Oklo 最近 20 天平均收盤價計算。

All shares issued to Atomic Alchemy are subject to one-to-three-year lockups with no early release mechanisms. Definitive agreements are expected to be signed in early December with the target closed in early 2025.

所有發行給 Atomic Alchemy 的股票都受到一到三年的鎖定，沒有提前釋放機制。最終協議預計將於 12 月初簽署，目標於 2025 年初完成。

No material near to him operating cost increase is expected for Oklo as a result of the acquisition. We are extremely excited about what Oklo and Atomic Alchemy can achieve together by pushing innovation on numerous fronts.

預計此次收購不會導致 Oklo 的營運成本大幅增加。我們對 Oklo 和 Atomic Alchemy 透過在多個領域推動創新共同實現的目標感到非常興奮。

And what we see is a very synergistic transaction. Hopefully, it's clear that this acquisition will create significant value for Oklo's shareholders. Moving now to slide 22. I would like to talk about lock up and earnout triggers.

我們看到的是一項非常協同的交易。希望這項收購顯然將為 Oklo 的股東創造巨大的價值。現在轉到投影片 22。我想談談鎖定和收益觸發器。

Oklo's met all triggering events we mentioned at our last quarterly call. We would like to take a minute to review. The first material event is that the 180-day lockup restriction for some of our investors was released on November 5, of 2024. Providing them the opportunity to sell their shares in the open market.

Oklo 滿足了我們上一季電話會議中提到的所有觸發事件。我們想花一點時間進行審查。第一個重大事件是我們部分投資者的180天禁售限制於2024年11月5日解除。為他們提供在公開市場出售股票的機會。

These investors were two early-stage venture capital investors who previously sat on our board. Their holdings to approximately 13.5 million shares. The second material that is that the time and price-based lock up restrictions which applied to the AltC sponsor and the Oklo Insiders have all expired as of November 13, 2024.

這些投資者是兩位早期創投人，他們之前是我們的董事會成員。他們的持股量約為1350萬股。第二個材料是，適用於 AltC 贊助商和 Oklo Insiders 的基於時間和價格的鎖定限制已於 2024 年 11 月 13 日全部到期。

Approximately $41.3 million shares were subject to the time and price based lockup restrictions. As we can see in the table, 40% of the shares were unlocked when Oklo's share price closed at $12 for 20 days, out of 60 trading days. 30% of the shares were unlocked when the share price closed above $14 for 20 out of 60 days and 30% unlocked at the $16 trigger for 20 out of 60 days.

大約 4,130 萬美元的股票受到基於時間和價格的鎖定限制。正如我們在表中看到的，當 Oklo 的股價在 60 個交易日中連續 20 天收於 12 美元時，40% 的股票被解鎖。當股價收盤價在 60 天內有 20 天高於 14 美元時，30% 的股票被解鎖；當股價在 60 天內有 20 天收盤價在 16 美元以上時，30% 的股票被解鎖。

Lastly, as part of the business combination, existing Oklo investors and employees at the time of close with shares invested stock options were offered approximately $15 million in earnout shares. These earnouts were also subject to price triggers.

最後，作為業務合併的一部分，現有 Oklo 投資者和員工在交易結束時獲得了約 1500 萬美元的收益股票。這些收益也受到價格觸發因素的影響。

As we can see in the table, 50% of the shares were triggered when the Oklo share price closed above $12 for 20 out of 60 trading days. Roughly 33% of the shares were triggered when the share price closed about $14 for 20 out of 60 days and roughly 17% triggered at the $16 trigger price for 20 out of 60 days.

正如我們在表中看到的，當 Oklo 股價在 60 個交易日中有 20 個交易日收盤高於 12 美元時，50% 的股票被觸發。大約 33% 的股票在 60 天內有 20 天內收盤價約為 14 美元時被觸發，約 17% 的股票在 60 天內有 20 天內以 16 美元的觸發價觸發。

Our two co-founders have elected to forfeit 300,000 of their earnout shares which may be issued as an equivalent number of restricted stock units to certain employees pursue through our 2024 equity incentive plan.

我們的兩位聯合創始人已選擇放棄 300,000 股盈利股票，這些股票可能會作為同等數量的限制性股票單位發行給透過我們的 2024 年股權激勵計劃追求的某些員工。

Moving to the table at the right. We can see the changes to our overall capitalization. We ended the second quarter with approximately 67.2 million shares in our tradeable float.

移動到右邊的桌子。我們可以看到我們整體資本的變化。第二季末，我們的可交易流通股數約為 6,720 萬股。

The release of the 180-day lockup restrictions added 13.5 million shares to the tradable float on November 5, 2024. Unlock sponsor and Oklo insider shares added 41.3 million shares to the tradable float.

2024 年 11 月 5 日，180 天禁售限制的解除使流通股數量增加了 1,350 萬股。Unlock 贊助商和 Oklo 內部人士股票為可交易流通股增加了 4,130 萬股。

Earnout shares added 14.7 million shares to the tradable float. Lock up, exploration and earnout shares bring Oklo's tradable float and total capitalization to a little under 137 million shares.

Earnout 股票為可交易流通股增加了 1,470 萬股。鎖定、勘探和獲利股票使 Oklo 的可交易流通股和總股本達到略低於 1.37 億股。

Moving on to slide 23, to provide a financial executive summary. Year-to-date Oklo's cash used in operation sits at $24.9 million made up of a net loss of $63.4 million partially offset by $38.5 million in non-cash impacts. Year-to-date operating loss of $37.4 million included a one-time fair market value adjustment of $7.8 million related to earnout shares payable to Oklo's staff who have invested options at the end of the deal closure.

前往投影片 23，提供財務執行摘要。今年迄今，Oklo 的營運現金為 2,490 萬美元，其中淨虧損 6,340 萬美元，部分被 3,850 萬美元的非現金影響所抵銷。年初至今的營業虧損為 3,740 萬美元，其中包括一次性公平市場價值調整 780 萬美元，與應付給在交易結束時擁有投資選擇權的 Oklo 員工的獎勵股票相關。

At the end of the third quarter, cash and marketable securities were $288.5 million primarily driven by the $276 million in proceeds net-of-fees received the deal closure. Our full year 2024 operating loss is still expected to be in line with our prior guidance of $40 million to $50 million that was noted in our super AK filing.

截至第三季末，現金和有價證券為 2.885 億美元，主要是由交易完成後扣除費用後的 2.76 億美元收益推動的。我們 2024 年全年的營運虧損預計仍將與我們在超級 AK 文件中指出的 4000 萬至 5000 萬美元的先前指導一致。

Moving on to slide 24, post the filing of our 10-Q for third quarter. We are looking forward to several upcoming investor events to close out the year including events in Scottsdale, New Orleans, and New York, as well as several virtual events.

轉到投影片 24，發布我們第三季的 10-Q 報告。我們期待即將舉行的幾場投資者活動來結束今年，包括在斯科茨代爾、新奧爾良和紐約舉行的活動，以及一些虛擬活動。

Finally to close. Why Oklo? We believe there are six factors that make Oklo such a compelling investment proposition. First, technology in size that is based on a proven fast reactor approach that we look to deploy at scale to reduce complexity cost and time to delivery.

終於要關門了。為什麼是奧克洛？我們認為，有六個因素使 Oklo 成為如此引人注目的投資主張。首先，技術規模是基於經過驗證的快堆方法，我們希望大規模部署該方法，以降低複雜性、成本和交付時間。

Second, an attractive business model that is customer oriented and enables recurring revenue and profits. Third, superior economics that look to deliver power and very competitive levelized cost of energy. Fourth, a diverse and growing customer base with interest across six market sectors.

其次，以客戶為導向、能夠帶來經常性收入和利潤的有吸引力的商業模式。第三，卓越的經濟性，旨在提供電力和極具競爭力的平準化能源成本。第四，多元化且不斷成長的客戶群，對六個市場領域感興趣。

Fifth, a streamlined approach to regulatory approval underpinned by our combined licensing application process, that leverages years of experience in our work with the NRC. And finally a well-capitalized balance sheet that positions us well for the implementation of our business strategy.

第五，以我們的聯合許可申請流程為基礎的簡化監管審批方法，充分利用了我們與 NRC 的多年合作經驗。最後，資本充足的資產負債表使我們能夠很好地實施我們的業務策略。

In the last year, it feels like the world has moved from why nuclear to why not nuclear to nuclear now. We believe the six points I not leave Oklo well positioned for the world of nuclear.

去年，世界似乎已經從“為什麼要使用核能”轉向“為什麼不使用核能”，再到現在“為什麼不使用核能”。我們相信這六點不會讓奧克洛在核能領域處於有利地位。

Now, with that, I would like to thank you for your time, Jake and I will now open up the call for questions.

現在，我要感謝您抽出時間，傑克和我現在開始提問。

(Operator Instructions)

（操作員說明）

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

Hey guys, thanks for taking my questions. I guess for my first one, I have the announcements from the tech giants recently led to an increased customer interest in Oklo. And you know, is it may be accelerating certain customer discussions and, when might we see the first contract conversion from an LOI to PPA, couple in there but. Appreciate it.

嘿夥計們，謝謝你回答我的問題。我想在我的第一個例子中，科技巨頭最近發布的公告增加了客戶對 Oklo 的興趣。你知道，這可能會加速某些客戶的討論，我們什麼時候可能會看到第一個合約從意向書轉換為購電協議，但是。欣賞它。

Yeah, thank you, it's a great question. This is Jake, by the way, I think it has accelerated. I think we've seen a steady pace of acceleration. I should say steady rate of acceleration really for some time, you know, we kind of set the market here with the announcement or, with the partnership we have with Equinox for 500 megawatts that included their $25 million prepayment back in the spring.

是的，謝謝，這是一個很好的問題。這是傑克，順便說一句，我認為它已經加速了。我認為我們已經看到了穩步的加速步伐。我應該說，在一段時間內，加速速度確實穩定，你知道，我們透過公告或與 Equinox 建立 500 兆瓦的合作夥伴關係，其中包括他們在春季預付款的 2500 萬美元，從而確定了市場。

And we've seen just progression continue. And with the announcements from, the Microsoft consolation deal. Now then the Google and Cairo's deal, the AWS energy deal, there's just this pace of increase that's happening and a rate of increase there.

我們看到進展還在繼續。隨著微軟安慰協議的宣布。現在，Google和開羅的交易、AWS 能源交易，就是正在發生的成長速度和成長率。

And I think what is changing the tone towards those is getting more and more towards recognizing that power is one of the biggest bottlenecks on data center deployment and some of the things nuclear, especially what we're offering in terms of the business model and our sizing and our citing flexibility accordingly.

我認為正在改變這些基調的是越來越多地認識到電力是數據中心部署和一些核問題的最大瓶頸之一，特別是我們在業務模式和我們提供的服務方面。性。

Opens up significant capabilities and flexibility for data center development as they think about what their scale and their plans for scale are. I think additionally, when we look at one of the indicators for what's expected here, there's a lot of eye popping numbers about power demand, but we're seeing it supported by what the semiconductor producers are making as kind of maybe a leading indicator, right?

當他們考慮自己的規模和規模計劃時，為資料中心開發提供重要的功能和靈活性。我認為此外，當我們查看這裡預期的一項指標時，有很多關於電力需求的令人瞠目結舌的數字，但我們看到它得到了半導體生產商正在製作的可能是領先指標的支持，正確的？

They see this enough to invest and produce and to support kind of where these power scales are moving to. And so it's a pretty exciting kind of, I mean, it's just an insanely exciting time to be really frank. I don't think there's really been a dynamic like this. In the world of electric our generation since the advent of electricity.

他們認為這足以進行投資和生產，並支持這些電力規模的發展。所以這是一個非常令人興奮的時刻，我的意思是，坦白說，這是一個非常令人興奮的時刻。我認為從來沒有真正存在過這樣的動態。在電力世界中，自從電力出現以來，我們這一代。

So we see that definitely occurring, that said everything as a result of that creates a lot of valuable dynamics to build long lasting strategic partnerships with between us and our customers and we're seeing that growing and evolving. And as a result of that our, acceleration design PPAs like it's not as relevant to do that in terms of a pace to do so like rushing to do so. As it is to build the right partnerships and the right frameworks for those folks.

因此，我們看到這種情況肯定會發生，這說明了一切，這創造了許多有價值的動力，以在我們和客戶之間建立長期持久的戰略合作夥伴關係，並且我們看到這種情況不斷成長和發展。因此，我們的加速設計 PPA 認為，就速度而言，這樣做並不像急於這樣做那樣相關。因為它是為這些人建立正確的夥伴關係和正確的框架。

And find the right ones to move forward with. Not to mention that. As this is going, I think we're getting more clarity on what the actual market pricing is for nuclear power, clear signals. As Craig was talking about the presentation, for $100 or more megawatt hour, we expect that to, continue and sustain itself going forward.

並找到合適的人來繼續前進。更不用說這一點了。隨著這一切的進行，我認為我們對核電的實際市場定價越來越清楚，有明確的訊號。正如 Craig 所談論的那樣，對於 100 美元或更多兆瓦時的演示，我們預計這種情況將繼續並維持下去。

So, for us, we are intentionally making sure we build the best partnerships we can with the best partners to drive that forward. Rather than rushing right into PPAs just given all the other dynamics in terms of deployment. As well as developing those partnerships for, you know, more potential value add to the whole business as we can.

因此，對我們來說，我們有意確保與最好的合作夥伴建立最好的合作夥伴關係，以推動這一進程。考慮到部署方面的所有其他動態，而不是直接急於簽署購電協議。您知道，除了發展這些合作關係之外，我們還可以為整個業務帶來更多潛在價值。

So I don't know, Craig if you want to add anything given some of the dynamics around that, but that's kind of how we see some of those dynamics evolving.

所以我不知道，克雷格，鑑於周圍的一些動態，您是否想添加任何內容，但這就是我們看到其中一些動態演變的方式。

No, Jake, I think he nailed it.

不，傑克，我認為他做到了。

And the one thing I'll just add is like we announced yesterday, I mean, we announced those agreements and those partnership agreements, people want to move quickly and I mean, there's a lot of exciting things happening. So I think, one of the things we really see is good validation of kind of our differentiated approaches with our business model, kind of our time to market advantages.

我要補充的一件事是，就像我們昨天宣布的那樣，我的意思是，我們宣布了這些協議和合作夥伴協議，人們希望迅速採取行動，我的意思是，正在發生很多令人興奮的事情。所以我認為，我們真正看到的一件事是對我們的差異化方法和我們的商業模式的良好驗證，以及我們的上市時間優勢。

All of those things are lining up to support some of those activities to be more constructive to near term power deployment, which is also a pretty exciting thing to see coming together.

所有這些事情都在排隊支援其中一些活動，以便對近期電力部署更具建設性，這也是一件非常令人興奮的事情。

Jake may went well and it's great to have the data center customers in our order book. But it's also, you know, we're so glad that we've got diversity in our order book across a number of other market sectors as well.

傑克可能進展順利，很高興將資料中心客戶納入我們的訂單簿中。但我們也很高興我們的訂單簿在許多其他市場領域也具有多樣性。

I appreciate that guys. And then just for my second one, could you give your high level thoughts on how the changing political landscape might affect nuclear and Oklo's opportunities specifically.

我很欣賞這些人。接下來是我的第二個問題，您能否就不斷變化的政治格局如何影響核能和奧克洛的機會提出您的高層次想法。

Like the broad, just nuclear competitive landscape?

喜歡廣泛、公正的核子競爭格局嗎？

Yeah, nuclear obviously enjoys pretty nice bipartisan support, but just with the change in administration, are there any additional benefits or changes that you might expect to see?

是的，核能顯然得到了兩黨相當好的支持，但隨著政府的變化，你可能會看到任何額外的好處或變化嗎？

Yeah, I think we see. I mean, I think it's been pretty clear the support has been bipartisan, like. You said, between, you know, whether it was going to be a Trump administration or Harris administration, and you know, a Democrat or Republican Congress. And I think what we've seen is levels of support on the nuclear side, continue to ramp up across the board.

是的，我想我們明白了。我的意思是，我認為很明顯，兩黨的支持都是如此。你說，無論是川普政府還是哈里斯政府，還是民主黨或共和黨國會。我認為我們看到的是核子方面的支援水準繼續全面提升。

From frankly one administration to the next to the next. I think we see a lot of focus on continued roles of regulatory modernization, going forward. Which I think will be particularly enabling for more and faster new nuclear. I also think you're going to see, evolution obviously depends on a number of factors but of the different support mechanisms on hand.

坦白說，從一屆政府到下一屆政府。我認為我們會看到很多關注未來監管現代化的持續作用。我認為這將特別有利於更多更快的新核能的發展。我還認為你會看到，進化顯然取決於許多因素，但取決於現有的不同支持機制。

Given that nuclear has a lot of bipartisan support. I think any modifications or developments that happen with the Inflation Reduction Act or different structures like that out there. I think you're going to see that support continue for nuclear.

鑑於核能得到了兩黨的大力支持。我認為《減少通貨膨脹法案》或類似結構所發生的任何修改或發展。我想你會看到人們繼續支持核能。

That said, you know, it depends on what happens, right. But when you read the news, it's possible that there may be a reduction in some of those benefits to non-nuclear sources of generation. So you know, that will kind of shift some of those I think implications and dynamics accordingly.

也就是說，你知道，這取決於發生的情況，對吧。但當你讀到新聞時，你會發現非核能發電來源的一些好處可能會減少。所以你知道，這將相應地改變我認為的一些影響和動態。

The other part of this is, I think we see some interesting dynamics on the kind of gas power generation side. And I actually think there's a lot of opportunity in the gas to nuclear combo that will be in play for data centers. So sort of the gas bridging to nuclear.

另一方面，我認為我們在天然氣發電方面看到了一些有趣的動態。事實上，我認為天然氣到核能的組合對於資料中心來說有很多機會。有點像氣體橋接核能。

So, I think there's some interesting opportunities that will continue to emerge there. But at the end of the day, like we see a lot of constructiveness to nuclear policy as a whole here probably with a heavy focus on regulatory, as well as amplifying and accelerating the levels of support that we've seen already in place.

因此，我認為那裡會繼續出現一些有趣的機會。但最終，我們看到整個核政策有很多建設性，可能專注於監管，以及擴大和加速我們已經看到的支持程度。

Thanks guys, I'll turn it back.

謝謝各位，我會轉回來的。

Vikram Bagri with Citi.

維克拉姆·巴格里（Vikram Bagri）與花旗銀行。

Hi, good afternoon. Thanks for the federal review of developments of the company. I have two questions, one on atomic and one on Oklo.

嗨，下午好。感謝聯邦對公司發展的檢討。我有兩個問題，一是關於atomic，一是關於Oklo。

Can you talk about the response from hyperscale's regarding the size of reactors, and you have plans to increase the size 200 megawatts and higher grid data in that process. And do you see an opportunity to expand the pipeline meaningfully once you have you know more details and a design ready for a larger reactor?

您能談談超大型企業對反應器規模的反應嗎？一旦您了解了更多細節並為更大的反應器做好了設計，您是否認為有機會有意義地擴展管道？

Yeah, I think just on the size part. So it's kind of an interesting strategic advantage given our sizing. I think the way to think about this is while there's eyepopping big numbers. In terms of like oh data campus data center campuses being multi 100 megawatt And I think we're going to see convergence more and more into the multi 100 megawatt data center campus size.

是的，我認為只是尺寸部分。因此，考慮到我們的規模，這是一個有趣的策略優勢。我認為思考這個問題的方法是在出現令人瞠目結舌的大數字的時候。就資料園區而言，資料中心園區的容量為 100 兆瓦以上，我認為我們將看到越來越多的資料中心園區規模達到 100 兆瓦以上。

You got to think about how these things are built, which is quite modular and the data halls that are building up these things. What we're finding, talking to a number of different customers seeing a number of different architectures. Is a size range that matches quite well, with what we're offering. We're seeing, you know, more of it offering and matching the 50 megawatt size that's, how we're thinking about that driving a lot of the growth here.

你必須考慮這些東西是如何建構的，這是相當模組化的，以及建構這些東西的資料大廳。我們與許多不同的客戶交談後發現，他們看到了許多不同的架構。尺寸範圍與我們提供的產品非常匹配。我們看到，你知道，更多的產品提供並匹配 50 兆瓦的尺寸，這就是我們如何考慮推動這裡的大量成長。

But that's important because when you think about these data center camps as they build out, it's nice to be able to build out incrementally with them as these things scale up and out from a power generation side. And then additionally, that allows us to cite multiple units to offer the right kind of reliability and resilience.

但這很重要，因為當你考慮這些資料中心營地的建設時，很高興能夠隨著這些設施從發電側擴大和擴展而逐步建造它們。此外，這使我們能夠引用多個單元來提供正確的可靠性和彈性。

That's ultimately quite critical, especially in the wake of different dynamics following sort of fer ruling and other implications that may exist at the sort of local and state level energy market regulatory paradigms which may have incentivize like really significantly incentivize near term deployment and more of an islanded mode behind the meter, obviously a lot of that's evolving still.

這最終是非常關鍵的，特別是在 fer 裁決之後出現不同的動態以及地方和州級能源市場監管範式中可能存在的其他影響之後，這些範式可能會激勵諸如真正顯著激勵近期部署等儀表後面的孤島模式，顯然其中許多仍在發展中。

But that said having multiple reactors reduces single shaft risk and our deployment strategy allows us to build up in parallel without having to overhang all that a bunch of fixed capital to accommodate that growing into it. So our sizing is actually quite well suited for that.

但這就是說，擁有多個反應器可以降低單軸風險，而我們的部署策略使我們能夠並行建設，而不必懸置大量固定資本來適應其成長。所以我們的尺寸實際上非常適合這一點。

And if you look at the announcements that have been in the space, they've been largely constructive for new builds of plants in this kind of size range. The nice thing is of course, our business model differentiation, which is super important making it easier for folks to buy what we're offering.

如果您查看該領域的公告，您會發現它們對於新建此類規模的工廠在很大程度上具有建設性。當然，好的一點是我們的商業模式差異化，這非常重要，可以讓人們更輕鬆地購買我們提供的產品。

That said, we also see to your point, there are some opportunities for getting bigger and that's always been part of our road map. Counterintuitively we don't see that there are the same economy of scale drivers that you see in light water reactor, pressurized system technologies.

也就是說，我們也看到了你的觀點，有一些擴大規模的機會，這一直是我們路線圖的一部分。與直覺相反，我們沒有看到輕水反應器、加壓系統技術中存在相同的規模經濟驅動因素。

So there are some cost optima at certain size. I shouldn't say cost optima, there are some cost thresholds at which above which you turn transition into becoming marginally more expensive due to the bespoke and non-recurring engineering costs of larger and larger plants.

因此，在一定規模下存在一些成本最優值。我不應該說成本最優，有一些成本閾值，超過該閾值，由於越來越大的工廠的定制和非經常性工程成本，過渡變得稍微昂貴。

The same things that plague large scale mega projects. So, you know, we see a sweet spot there that's going to be north of 100 megawatts probably. So that will kind of follow, but we see a lot of traction. Hence what we've talked about and announced is heavily focused on the 50 support for the 15 as well with respect to the sizing.

同樣的事情也困擾著大型專案。所以，你知道，我們看到了一個最佳點，可能會超過 100 兆瓦。所以這將會隨之而來，但我們看到了很大的吸引力。因此，我們所討論和宣布的重點是 50 對 15 的支持以及大小方面的支持。

So we see quite a bit of, you know, I think constructiveness on that size and the full in power solution we're offering because you got to think about the full power solution, not just the per reactor power basis. And that's what we see on the plant level being quite constructive.

因此，我們看到了很多，你知道，我認為我們提供的這種規模和完整的電力解決方案具有建設性，因為你必須考慮完整的電力解決方案，而不僅僅是每個反應器的電力基礎。這就是我們在工廠層級看到的非常有建設性的情況。

Thank you very helpful. And then moving on to atomic. I was wondering like how big this business could be and I realize I'm jumping the gun here, but is there a per reactor formula linked to fuel recycling that we should think about longer term based on our atomic rules with number of installations you have.

謝謝你非常有幫助。然後轉向原子。我想知道這個業務有多大，我意識到我在這裡操之過急，但是是否有一個與燃料回收相關的每個反應堆公式，我們應該根據我們的原子規則和您擁有的安裝數量來考慮更長期的公式。

And then in the near term, is there an independent revenue stream that atomic could participate in before the complementary recycling growth with Oklo that you highlighted? And then on the same topic, if there is, when do you think we'll see some partnerships or pipeline of orders being built on atomic site? Thank you.

然後，在短期內，在您強調的與 Oklo 互補的回收成長之前，atomic 是否可以參與獨立的收入來源？然後就同一主題，如果有的話，您認為我們什麼時候會看到在原子網站上建立一些合作夥伴關係或訂單管道？謝謝。

Yeah. No, I thank you for asking those, I can digging into that. I think this is an exciting one, that kind of a bit more, I guess a little bit born out of the long-term familiarity we've had with the business and honestly supporting a lot of venture capital investors looking at the business and wanting to talk to me about it. And having done some support for a number of, medical and radio is companies just kind of at the different levels of maturity and development.

是的。不，我感謝你提出這些問題，我可以深入研究這個問題。我認為這是一個令人興奮的事情，我想這有點源於我們對這項業務的長期熟悉，並誠實地支持許多關注該業務並希望獲得成功的風險投資人跟我談論這件事。為醫療和廣播等領域提供了一些支持的公司只是處於不同的成熟度和發展水平。

It's a space, I've long been excited and interested in. Obviously, we're super pumped about kind of the core vision of Oklo, it's hard not to get motivated by a technology that can truly be a terminal energy and climate solution set. But we saw a lot of constructiveness the more time we spent with, I'm sorry, a lot of complementariness.

這是一個我長期以來一直感到興奮和感興趣的空間。顯然，我們對 Oklo 的核心願景感到非常興奮，很難不被一項真正能夠成為終端能源和氣候解決方案的技術所激勵。但很抱歉，隨著時間的推移，我們看到了很多建設性的東西，很多互補性。

The more time we spent with Atomic Alchemy to some of the things we're doing with respect to expanding our fuel supply chains. The ability to monetize the Co-products from recycling and not have to develop those sales channels and leverage some of their technologies to actually separate those into sellable products. Is great we don't have to do that then. So, there's a natural harmony there that just is what sort of in many ways set the hook here to be pretty intrigued.

我們在原子煉金術上花費的時間越來越多，用於我們正在做的一些與擴大燃料供應鏈有關的事情。能夠透過回收來利用副產品貨幣化，而不必開發這些銷售管道並利用他們的一些技術將其實際分離成可銷售的產品。太好了，我們不必那麼做。所以，那裡有一種自然的和諧，這在很多方面都讓這裡的掛鉤非常有趣。

But what we see is additional opportunities. Is because of what's happening broadly in the Radioisotope space. I think the recent announcements that we highlighted from just in the last week or two about China and making this a geopolitical priority and basically projecting a $55 billion-plus impact in 2026 to their economy for this gives you a sense that there's some massive geopolitical and therefore economic implications of the radioisotope space.

但我們看到的是額外的機會。是因為放射性同位素領域廣泛發生的事。我認為，我們在過去一兩週內強調了有關中國的最新公告，並將其作為地緣政治優先事項，並基本上預計到2026 年將對其經濟產生550 億美元以上的影響，因為這讓您感覺到存在一些巨大的地緣政治和經濟影響。

And we are woefully underserving this domestically in the US, as our reliance has been significantly based on Russia to date. So there's a whole reinvigoration going on here and you see this manifest. Obviously the rate of pharmaceutical side, you have a lot of activity there, including some exciting M&A activity that's happened in the last few years around very promising treatments.

不幸的是，我們在美國國內對此的服務不足，因為迄今為止我們的依賴很大程度上依賴俄羅斯。所以這裡正在發生一種整體的復興，你可以看到這個清單。顯然，在製藥方面，您有很多活動，包括過去幾年圍繞非常有前途的治療方法發生的一些令人興奮的併購活動。

Couple that with also activity we've seen from our peers in the space, whether it be terra power or BWXT, seeing these as opportunities to grow into. It's a big market space. Now, for those of you who follow minerals and pricing of commodities, this stuff can be kind of opaque, but it is some of the most fun pricing to look at.

再加上我們在該領域看到的同行的活動，無論是 terra power 還是 BWXT，我們都將這些視為成長的機會。這是一個很大的市場空間。現在，對於那些關注礦物和商品定價的人來說，這些東西可能有點不透明，但它是一些最有趣的定價。

Because you see some of these elements in these isotopes fetch market pricing of, you know, billions of dollars per gram. We obviously don't produce that many grams, not even a gram of some of these things, but it's a clearly high value piece. So it's pretty exciting what that looks like.

因為你會看到這些同位素中的某些元素的市場定價為每克數十億美元。顯然，我們生產的東西沒有那麼多克，甚至連一克都沒有，但它顯然是一個高價值的產品。所以這看起來非常令人興奮。

Now, what's important to also highlight is there are opportunities for sort of you know, radioisotope production, that we saw with Atomic Alchemy, we'll be talking more about, but just a little like, post-closure of the transaction, should that all occur?

現在，還需要強調的是，我們在原子煉金術中看到了放射性同位素生產的機會，我們將更多地討論，但有點像交易結束後，如果那樣的話全部發生？

Some of those pieces though are pretty interesting from, I would say like opportunities to bring in radioisotope sales before having some like for example, our full scale recycling facilities operating and even before them having some of their other facilities operating.

不過，其中一些作品非常有趣，我想說的是，在我們的全面回收設施運作之前，甚至在他們的一些其他設施運作之前，就有機會引入放射性同位素銷售。

There are some near term opportunities accordingly that we're pretty eager to be digging into and exploring that are part of what we see is compelling about potential revenue stream acceleration. So that's kind of how we see some of those pieces of that. I don't know, Craig if you want to add anything but captures a few of these things.

因此，我們非常渴望挖掘和探索一些近期機會，這是我們認為潛在收入流加速令人信服的一部分。這就是我們如何看待其中的一些內容。我不知道，克雷格，你是否想添加任何內容，但捕獲了其中一些內容。

Yeah, Jake, I think the word I would use is standalone. Atomic Alchemy got near term and potentially long-term stand-alone capabilities to produce isotope. And the other thing I think quite complementary, it's actually one of the things that got me excited about Oklo when I joined the company a year and a half ago is we've always taken a customer oriented approach around building, selling part of customers because that's what they want.

是的，傑克，我想我會使用這個詞是獨立的。原子煉金術獲得了近期和潛在長期的獨立生產同位素的能力。另一件我認為非常互補的事情，實際上是一年半前我加入公司時讓我對 Oklo 感到興奮的事情之一，就是我們始終採取以客戶為導向的方法來建立和銷售部分客戶，因為這就是他們想要的。

And I think what excites me about Atomic Alchemy, is if you know the near term production capability, we may have means that we'll have near term market access. And as these markets are developing for these isotopes, I think we're at the early stages for that with Atomic Alchemy, we can be part of that near term market development. And then as our recycling business comes online and we'll have additional supply, we'll be that much better positioned.

我認為原子煉金術讓我興奮的是，如果你知道近期的生產能力，我們可能意味著我們將獲得近期的市場准入。隨著這些同位素市場的發展，我認為我們正處於原子煉金術的早期階段，我們可以成為近期市場發展的一部分。然後，隨著我們的回收業務上線，我們將獲得額外的供應，我們將處於更好的位置。

Thank you.

謝謝。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Hi, Jake a very good call, really enjoying it. I'll ask an a question as well. I was wondering if Oklo's ability to recycle nuclear waste at pennies on the dollar will provide any margin uplift or advantage for [AI] in its various radioisotope applications.

嗨，傑克，這是一個非常好的電話，我真的很享受。我也來問一個問題。我想知道 Oklo 以幾美分的價格回收核廢料的能力是否會為 [AI] 在各種放射性同位素應用中帶來任何利潤提升或優勢。

Yeah, I think, give an answer kind of around some of that and definitely [Craig], feel free to jump into. But I mean, I think what we see is you know, the way that there's some opportunities on how these are complementary aspects of the business is. When you think about what recycling is, you have multiple, I would call it sort of product streams, and products include services to some degree here and what I'm going to say.

是的，我想，圍繞其中的一些問題給出一個答案，當然[克雷格]，請隨意參與。但我的意思是，我認為我們看到的是，你知道，在這些業務的互補方面存在一些機會。當你思考什麼是回收時，你有多種，我稱之為產品流，產品在某種程度上包括這裡的服務以及我要說的內容。

But from the recycling part of the perspective on the business, you have the ability to take in use fuel and then when you recycle it, you're breaking it into different constituents. Those are largely the fission products, the byproducts of fission themselves.

但從業務角度的回收部分來看，您有能力吸收使用過的燃料，然後當您回收它時，您將其分解成不同的成分。這些主要是裂變產物，即裂變本身的副產品。

The transuranic is mixed up with some uranium, those are things like emorythem, neptunium, plutonium, curium and so on and so forth that are at the bottom of the periodic table to the right and then just pure uranium. We see opportunities for sales of all of those products, the trans uranium and uranium parts are what we use direct fuel in our systems.

超鈾與一些鈾混合在一起，這些東西是像合金、鎵、鈽、鋦等等，位於元素週期表右側的底部，然後是純鈾。我們看到了所有這些產品的銷售機會，反式鈾和鈾零件是我們在系統中使用的直接燃料。

There'll be some unused uranium that could be potentially sold into the market. And then on the fission product side, while a lot of those are frankly a waste stream, there are some high value radioisotopes in that. And that's what sort of was some of the initial partnership dynamics that formed between us and Atomic Alchemy that ultimately led to this.

將會有一些未使用的鈾可能會被出售到市場上。然後在裂變產物方面，雖然其中許多坦白說都是廢物流，但其中有一些高價值的放射性同位素。這就是我們和 Atomic Alchemy 之間形成的一些最初的合作關係動態，最終導致了這一點。

Is how to then pull those, separate them, package them and put them in the right sales channels. And some of the revenue, some of the revenue potential for that is quite significant for the recycling facility as well as then the benefits of actually consolidating the waste and all the things that come from reducing its size and all those other factors that recycling gives you.

就是如何將它們拉出來、分開、包裝並將它們放入正確的銷售管道。其中一些收入，一些收入潛力對於回收設施來說是相當重要的，以及實際整合廢物的好處以及減少其尺寸所帶來的所有東西以及回收給您帶來的所有其他因素。

So that opens up a number of revenue streams. And we see the Co-product sales as a pretty significant one because that market is pretty clear, right? Radioisotopes are bought and sold around the market today. So pretty clear one to be able to take advantage of if we would otherwise just be throwing this stuff away.

這樣就開闢了許多收入來源。我們認為聯產品銷售非常重要，因為該市場非常明確，對吧？如今，放射性同位素在市面上買賣。非常清楚的是，如果我們只是丟掉這些東西，就能夠利用這一點。

So that definitely will contribute and add additional revenue streams. And look, as we get more and more into the recycling story of the business as we grow, you know, what we'll be talking more and more about is all the different revenue knobs that may exist to turn and sort of what that does will just further help reduce the cost of those facilities if you will, that are ultimately borne by us on the fuel side.

因此，這肯定會貢獻並增加額外的收入來源。瞧，隨著我們的成長，我們越來越深入地了解業務的回收故事，你知道，我們將越來越多地討論的是可能存在的所有不同的收入旋鈕，以及它們的作用如果您願意的話，將進一步有助於降低這些設施的成本，而這些成本最終由我們在燃料方面承擔。

So yeah, there's potential to further reduce costs. So it's kind of my roundabout way of answering someone on that. I don't if you want to get into anything more on that or if there's anything you're curious to dig deeper on.

所以，是的，有進一步降低成本的潛力。所以這是我回答某人這個問題的一種迂迴方式。如果你想了解更多，或者你有什麼好奇想深入挖掘的話，我不知道。

Well, the other thing I just like about the recycling business, that's why we use the word Co-product in that byproduct it's going to produce things that we're going to be glad to have and monetize, into Co-product where, like when I was selling asphalt for BP in Europe, that was definitely selling a byproduct. Like, what are we going to do with it?

好吧，我喜歡回收業務的另一件事是，這就是為什麼我們在副產品中使用“聯產品”這個詞，它將生產出我們很高興擁有並貨幣化的東西，變成聯產品，例如當當我在歐洲為英國石油公司銷售瀝青時，那絕對是在銷售副產品。例如，我們要用它做什麼？

So, I think there's huge margin upside as we get, you know, recycling up and running. And I think, you know, now that, once our deal is complete, I think we'll find all sorts of additional synergy points between Oklo and Atomic Alchemy.

所以，我認為當我們開始回收並運行時，利潤率會有巨大的上升空間。我想，你知道，一旦我們的交易完成，我想我們會在 Oklo 和 Atomic Alchemy 之間找到各種額外的協同點。

Okay, great. That now that was very helpful. Jake, you had an excellent call on the COLA license process. To clarify, do you view each subsequent Aurora application making the same 24 months as the first or could it be quicker?

好的，太好了。現在這非常有幫助。傑克，您對 COLA 許可流程的了解非常出色。澄清一下，您是否認為後續的每個 Aurora 申請都與第一個申請相同 24 個月，還是可以更快？

And if so how quick, and also do you think once the first powerhouse is up and approved that it will be possible to apply for multiple COLA simultaneously?

如果是的話，多快，你認為一旦第一個強者成立並獲得批准，就可以同時申請多個 COLA 嗎？

Yeah, actually, so to answer your question in reverse order, we could actually have multiple applications in review at the same time. They don't have to wait for the first one. In fact, we anticipate having multiple applications that follow in relatively short order after our first one is in before that first one is issued, that's a really important strategy that we have to be able to scale up elements, scale up deployment across the business.

是的，實際上，為了以相反的順序回答你的問題，我們實際上可以同時審查多個申請。他們不必等待第一個。事實上，我們預計在第一個應用程式發布之後，在第一個應用程式發布之前，會有多個應用程式以相對較短的順序出現，這是一個非常重要的策略，我們必須能夠擴展元素，擴展整個業務的部署。

So in other words, just to summarize that we don't need the first one to be approved before we submit additional ones. And there is some timing benefit of having a staggered parallel review going on for those, subsequent applications.

換句話說，總結一下，在提交其他項目之前，我們不需要第一個項目獲得批准。對這些後續申請進行交錯並行審查有一些時間上的好處。

That said the real benefit to get to the first part of your question is on the subsequent applications. This is one of those features that's embedded in the regulations, that's really exciting. That was actually kind of envisioned for this model of repeatable deployment that we're just maybe going to be one of the first ones to actually fully take advantage of it.

也就是說，解決問題第一部分的真正好處在於後續的應用程式。這是法規中包含的功能之一，這確實令人興奮。這實際上是對這種可重複部署模型的設想，我們可能會成為第一批真正充分利用它的人之一。

It's this reference license subsequent license dynamic. In other words, your first plant you get a license for becomes your reference combined license. Your second, third, fourth, everything beyond that can become the subsequent license that references that actual reference first license.

這是此參考許可證後續許可證動態。換句話說，您獲得許可證的第一家工廠將成為您的參考組合許可證。您的第二個、第三個、第四個以及除此之外的所有內容都可以成為引用實際引用第一個許可證的後續許可證。

And the NRC just in the last few months issued a white paper outlining subsequent high volume deployment pathways leveraging this approach where they projected being able to get the total review times for those subsequent licenses down to seven months. So from time to submit, to time to approval as little as seven months.

NRC 在過去幾個月發布了一份白皮書，概述了利用這種方法的後續大批量部署途徑，他們預計能夠將這些後續許可證的總審核時間縮短至七個月。所以從提交，到批准只需要七個月的時間。

I mean, that's a game changer, not just in nuclear, but that's faster permitting for pretty much anything on energy in many ways. And you know, that's pretty damn exciting frankly and that's what we've been building towards, you know, we'd heard numbers that range in those levels, but it was really exciting to actually see some clear things come out in terms of how that could be achieved.

我的意思是，這不僅是核能領域的遊戲規則改變者，而且在許多方面都更快地允許幾乎任何能源方面的發展。你知道，坦白說，這非常令人興奮，這就是我們一直在努力實現的目標，你知道，我們聽到了這些等級的數字，但真正看到一些明確的事情出現在如何這是可以實現的。

Again, I mean, there's aspirational dynamics to that and that's not what we're going to realize on our second wave of applications necessarily. But I think we expect significant acceleration in that second wave and maybe even hitting to those numbers by the time we kind of hit the stride later in that second wave into the third wave.

我的意思是，這其中存在著理想的動態，但這並不是我們在第二波應用中必然要實現的。但我認為，我們預期第二波浪潮將顯著加速，甚至當我們在第二波浪潮後期進入第三波浪潮時，甚至可能達到這些數字。

And what I mean by waves is like submitting applications after we've largely gotten that first one, either approved or approved and the ones that kind of come after that. So we see some acceleration benefits pretty quickly and then some significant acceleration benefits down the road.

我所說的浪潮就像是在我們基本上收到第一個申請之後提交申請，無論是批准還是批准以及之後的申請。因此，我們很快就看到了一些加速優勢，然後很快就會看到一些顯著的加速優勢。

Now, that's really great. And that helps to make this massive backload of LOIs that you have feel more tangible. So I appreciate that. Thank you.

現在，這真的很棒。這有助於讓您感受到的大量積壓的意向書更加切實。所以我很欣賞這一點。謝謝。

Max Hopkins, CLSA.

馬克斯霍普金斯，里昂證券。

Hey guys. Many of my questions have already been asked but. I guess on the construction side of things to there, what's the timeline for, I guess ground-break on Idaho, obviously that was announced last week or weeks before.

嘿夥計們。我的許多問題已經被問到了，但是。我想在建設方面，我想愛達荷州的破土動工的時間表是什麼，顯然是上週或幾週前宣布的。

And then with that, are there specific sightings I guess issues for earthquakes, water, accessibility and everything in all the sites you're looking for that could potentially change how you cite things.

然後，我猜想您正在尋找的所有網站中是否有關於地震、水、可及性和所有內容的具體目擊問題，這些問題可能會改變您引用事物的方式。

Yeah. I mean, generally speaking, it depends a little bit on various elements on the specifics on the regulatory review plan and all those other details. But, we anticipate that there's opportunities to break ground as soon as 2026 for that Idaho plan, depends on a couple of factors.

是的。我的意思是，一般來說，這在一定程度上取決於監管審查計劃的具體細節和所有其他細節的各種因素。但是，我們預計愛達荷州計劃最早有機會在 2026 年破土動工，具體取決於幾個因素。

You know, that we'll have to optimize to, for all the various reasons, you need to do that from a project and asset management optimization perspective. But that's when we'd expect to be able to do that. Generally speaking, one important thing is given how we are approaching the plant and the nature of how you consider what's sort of in the safety envelope and what's not and things like that.

您知道，出於各種原因，我們必須進行最佳化，您需要從專案和資產管理優化的角度來做到這一點。但那時我們希望能夠做到這一點。一般來說，一件重要的事情是我們如何接近工廠，以及你如何考慮什麼在安全範圍內、什麼不在安全範圍之類的性質。

There are elements that allow you to do a lot of parallel development and construction, you know, while the license is under review within the right scope and bounds, of course, but that's something that we can use to deploy things accordingly.

當然，有些元素允許您進行大量並行開發和構建，同時許可證正在正確的範圍和界限內進行審查，但我們可以使用它來相應地部署事物。

The other dynamic in terms of like where we're at in Idaho is, we outlined this in the slides. But you know, there's a lot of steps to kind of progress this into full build out because this is on the land, which is great because it's well understood land, we have access to it and we get fuel with it, right, as part of, I mean, not with it.

就我們在愛達荷州的情況而言，另一個動態是，我們在幻燈片中概述了這一點。但你知道，要實現全面建設，需要採取很多步驟，因為這是在土地上，這很好，因為這是我們很了解的土地，我們可以使用它，並用它獲取燃料，對吧，作為一部分我的意思是，不是用它。

But we get fuel there as well as part of what we got in 2019 with the site use permit as well as the fuel award. That said we got to follow obviously, the DOE regulatory protocols about that facility to get the site ready to go. And then also the NRC regulatory requirements that are part of the ultimate license to build the plant commercial and turn it on commercially to operate.

但我們在那裡獲得了燃料，以及 2019 年透過場地使用許可證和燃料獎勵獲得的部分燃料。這就是說，我們顯然必須遵守能源部有關該設施的監管協議，以使該地點做好投入使用的準備。此外，NRC 的監管要求也是商業化工廠建設和商業運營最終許可的一部分。

That's what all these things are kind of progressing forward. Generally speaking, you just go back to that. These sites are extremely well characterized because this is on the international laboratory.

這就是所有這些事情正在向前發展的方向。一般來說，你只要回到那個就好了。這些地點的特徵非常清楚，因為這是在國際實驗室內。

We're not far just down the road frankly from where there's already an operating react, two operating test reactors and where EVR two operated before. So all this land is well characterized and that's one of the reasons we like it.

坦白說，我們離已經運行的反應器、兩個運行的測試反應器以及兩個之前運行的 EVR 的地方不遠了。所以這片土地都有很好的特色，這也是我們喜歡它的原因之一。

So, you know, obviously there's still work to do to fully get into build and everything else, but that continues at pace and we're pretty thrilled by the progress made so far and know that there's some inherent risk mitigation just by working with the government on, already well characterized and understood land.

所以，你知道，顯然還有工作要做才能完全進入構建和其他一切，但這種情況仍在繼續，我們對迄今為止的進展感到非常興奮，並且知道通過與政府對已經被充分描述和了解的土地進行了評估。

Thank you. And then I guess a follow up to that in some senses, these announcements from competitors, they're kind of thermal neutron versus fast you guys, fast neutron reactors. Are you guys seeing slower progress?

謝謝。然後我想從某種意義上來說，競爭對手的這些公告是後續的，它們是熱中子與快中子反應器的對比。你們看到進度慢了嗎？

Or I guess customer questioning given, your guys fast neutron reactor type and the potential, I guess for more proliferation from that technology is that a concern for clients? And it might be dangerous from that sense.

或者我想客戶提出的問題，你們的快中子反應器類型和潛力，我想客戶關心的是該技術的更多擴散嗎？從這個意義上說，這可能是危險的。

It is not, you know, I mean, this is one of the beautiful things about fast neutron technology. This is so okay, let's just kind of run through kind of a quick history and some of these pieces right. Initially, fast neutron reactors were envisioned for their significant potential on fuel efficiency.

我的意思是，這並不是快中子科技的美妙之處之一。沒關係，讓我們快速瀏覽一下歷史和其中的一些片段。最初，人們設想快中子反應器在燃料效率方面具有巨大潛力。

Slow neutron reactors just because what happens is neutrons are born going faster fission, they just are so you slow them down in slow neutron reactors to make them easier to catch, so you need less fuel to run. But you can't get that much energy out of the fuel because the slow neutrons are far easier to intercept by the byproducts of fission itself.

慢中子反應器只是因為中子生來就會加速裂變，所以你在慢中子反應器中減慢它們的速度，使它們更容易捕獲，所以你需要更少的燃料來運行。但你無法從燃料中獲得那麼多能量，因為慢中子更容易被裂變本身的副產品攔截。

Like, you know, fission products like these fission products. As well as other materials in the reactor and everything else. They also aren't very good at fission very many isotopes really only a few fissile isotopes. So you get a lot less energy and you're a lot more susceptible to significant challenges on the fuel side. In terms of the ability to run for longer and be able to even recycle you cannot do that, in a slow neutron reactor.

就像，你知道的，裂變產品，就像這些裂變產品。以及反應爐中的其他材料和其他一切。他們也不太擅長裂變很多同位素，實際上只有少數裂變同位素。因此，您獲得的能量會少得多，並且更容易受到燃料方面的重大挑戰。就運行更長時間甚至能夠回收的能力而言，在慢速中子反應器中你無法做到這一點。

In a fast reactor, you don't slow those neutrons down, you need more fuel. But you have the benefit now of allowing for much better material selections that are cheaper, that are better, that are just more resilient there. You have the ability to also be relatively impervious to these kinds of vision products, as well as be able to actually vision a lot more of the actinides.

在快堆中，你不能減慢這些中子的速度，你需要更多的燃料。但你現在的好處是可以選擇更好的材料，這些材料更便宜、更好、更有彈性。您還可以相對不受此類視覺產品的影響，並且能夠實際看到更多的錒系元素。

So you can actually recycle fuel and comprehensively get a lot more energy out, right. So just to use one metric if you look at today's reactors or most neutron reactors. The amount of energy they get out of the uranium, they pull out of the ground, right? Because you have to enrich it and you leave some uranium on the side as you enrich it.

所以你實際上可以回收燃料並全面獲得更多的能量，對吧。因此，如果您查看當今的反應器或大多數中子反應堆，只需使用一種指標。他們從鈾中獲得的能量，是從地下提取的，對嗎？因為你必須濃縮它，並且在濃縮它的同時你會留下一些鈾。

By the time you account for all of that, you're only extracting 1% or less of the overall energy content of what comes out of the ground with a fast reactor, you can actually extract, you know, you can get at more than 90% of that energy content. So that translates to massive long term fuel savings and economic efficiencies. As well as just de-constrained yourself on fuel availability.

當你考慮到所有這些時，你只提取了快反應器從地下產生的總能量的 1% 或更少，你實際上可以提取，你知道，你可以獲得超過90%的能量含量。因此，從長遠來看，這意味著大量的燃料節省和經濟效益。以及解除燃料可用性的限制。

But on the safety side, there's also an important aspect here. Fast neutrons are tightly neutron coupled systems and what that translates to are systems that are quite robust and quite stabilizing when you design them in a way that takes advantage of those features. This has been done before and it's one of the only technology that in the US has actually demonstrated these capabilities in a comprehensive safety manner.

但在安全方面，還有一個重要的面向。快中子是緊密中子耦合的系統，當您以利用這些特性的方式設計它們時，這意味著系統非常穩健且非常穩定。這以前已經做過，也是美國唯一真正以全面安全方式展示這些功能的技術之一。

From a proliferation perspective, look no commercial fuel has ever been used or plant fuel, has been used from a perspective for proliferation. Fast neutrons are actually far better at consuming things like plutonium and transuranic than thermal neutron reactors.

從擴散的角度來看，從擴散的角度來看，從未使用過任何商業燃料或植物燃料。實際上，快中子在消耗鈽和超鈾等物質方面比熱中子反應器好得多。

So, there's no inherent proliferation sort of challenges unique to fast reactors versus other things, from how I look at it, the reality, I mean, just from what the physics are. The reality is they're actually quite anti proliferative.

因此，從我的角度來看，快堆與其他事物相比並不存在獨特的固有擴散挑戰，我的意思是，從物理學的角度來看，現實是這樣的。事實是它們實際上具有很強的抗增殖作用。

And that's one of the nice things about, you know recycling as we can do that, you can only do with a fast reactor, which is actually keep all the transuranic that includes plutonium mixed up commingled and therefore really, really not usable in any direct way.

這是一件好事，你知道回收，因為我們可以做到這一點，你只能使用快堆來做到這一點，這實際上使所有包括鈽在內的超鈾元素混合在一起，因此真的非常不能直接用於任何直接用途。

So that then when you can put it in a reactor and just burn it like that, without having to go through additional steps to further refine it in purified pure plutonium, which is what you need to do to be able to use any kind of recycling in a thermal reactor. And even then, you get limits on what you can do.

這樣，當您可以將其放入反應器中並像這樣燃燒它時，無需執行額外的步驟來進一步提煉純化的純鈽，這是您需要做的才能使用任何類型的回收在熱反應器中。即便如此，你能做的事情也會受到限制。

So that's me rambling for quite a while. But the reality is technologically, it's actually, as we see a pretty competitive, I mean, frankly just a superior solution in many ways with a deep history of maturity behind it. And that's why we see the multitude, like we have a versatile customer, diverse customer order book that we've obviously talked about and announced 2,100 megawatts to date.

所以我就這樣閒逛了好一陣子。但現實是從技術上來說，正如我們所看到的，它實際上是一個相當有競爭力的解決方案，我的意思是，坦率地說，它在許多方面都是一個卓越的解決方案，背後有深厚的成熟歷史。這就是為什麼我們看到了眾多客戶，就像我們有一個多才多藝的客戶，多樣化的客戶訂單簿，我們顯然已經討論過並宣布迄今為止 2,100 兆瓦。

So a lot of exciting things happening there with good validation in that front. But look, there's a lot of different features that different types of technologies and approaches offer. And we think the market here is massive. So there's probably going to be multiple winners.

因此，那裡發生了很多令人興奮的事情，並在這方面得到了很好的驗證。但是，不同類型的技術和方法提供了許多不同的功能。我們認為這裡的市場很大。所以可能會有多個贏家。

But the nice thing we have is we have the only technology that's actually that's a nonlight water technology that's demonstrated out some of these characteristics and capabilities. And it's the only technology that's in many ways actually proven out some operational histories that have outperformed light water reactors operationally speaking, in terms of capacity factor and availability factor.

但我們擁有的好處是，我們擁有唯一的技術，實際上是一種非輕水技術，它展示了其中一些特性和功能。它是唯一在許多方面實際證明了一些運行歷史的技術，從運行角度來看，在容量係數和可用性係數方面，其性能優於輕水反應器。

All these other kind of next generation concepts have a lot more work to do to kind of get there. And so we see a lot of value in that piece. Not to mention we're trying to build this, not just for like optimizing where we're at in a couple of years. In terms of, we build some plants that's great.

所有這些其他類型的下一代概念還有很多工作要做才能實現這一目標。所以我們看到了那篇文章的許多價值。更不用說我們正在嘗試建立這個，而不僅僅是為了優化我們幾年後的處境。就而言，我們建造了一些非常棒的工廠。

Look, this is a technology that's fundamentally been demonstrated and proven on the fast reactor recycling side that can tap into known harvestable, right, resources of heavy metals on the planet and power the entire planet's energy needs for billions of years. I mean, are we, yeah, that's going to take a lot of work and a lot of things to actually get there, but we know the physics is on our side, easy to get excited by that and feel pretty good about that and that's part of why we like this approach.

看，這項技術已經在快堆回收方面得到了根本性的論證和證明，它可以利用地球上已知的可收穫的重金屬資源，為整個地球數十億年的能源需求提供動力。我的意思是，我們是的，這需要做很多工作和很多事情才能真正實現這一目標，但我們知道物理學站在我們這一邊，很容易對此感到興奮，並對此感覺很好，那就是我們喜歡這種方法的部分原因。

Awesome. Thank you very much for that detail. Cleared a lot of things up I think for many of us. So thanks Jake.

驚人的。非常感謝您提供的詳細資訊。我認為對我們許多人來說，澄清了很多事情。所以謝謝傑克。

[Greg Shear, Two brothers].

[格雷格·謝爾，兩兄弟]。

Good afternoon. Thanks for taking the questions and congratulations on the very positive announcements. My first question, if I understand it correctly, ultimately looking into the late part of this decade, early 20, 30s, fuel recycling is going to ultimately need some potentially sizable external capital raise to fund that effort.

午安.感謝您提出問題，並對非常積極的公告表示祝賀。我的第一個問題，如果我理解正確的話，最終考慮到本世紀末、20、30 年代初，燃料回收最終將需要一些可能相當大的外部融資來為這項工作提供資金。

Do you see the atomic acquisition commingling helping to increase prospective low risk project demand for such an undertaking?

您是否認為原子收購混合有助於增加此類專案的預期低風險專案需求？

Yeah, I'll just start with a little bit Greg, feel free to jump in. I mean, so what we see is, you know recycling is, first of all, we see this as a big catalyst and enabler for growth and for margin enhancement. It's not a thing we have to do to exist.

是的，我將從格雷格的一點開始，請隨意加入。我的意思是，我們看到的是，首先，我們認為回收是成長和利潤提高的重要催化劑和推動因素。這不是我們必須做的事情才能存在。

It's just something that look if we can reduce our fuel cost by over 90% or so, that's pretty compelling. Not to mention it, add additional revenue streams and pieces like that. But you know, as we structured, kind of when we, the transaction, the be back going through with AltC and how we thought about the capital retained from that and everything else.

如果我們能夠將燃料成本降低 90% 左右，那就非常引人注目了。更不用說，添加額外的收入來源和類似的部分。但你知道，正如我們的結構一樣，當我們進行交易、與 AltC 進行交易時，以及我們如何考慮從中保留的資本和其他一切。

Focuses on getting through, our first plant built and beyond knowing that then the recycling part of the story, we really didn't try to capture either in the value part of it or really in the core elements of that because you're not going to see some of those benefits for a bit later. So we think that is a lot of upside that remains there to be, I'll say potentially tapped into and accordingly as that matures and comes together.

專注於完成我們的第一座工廠的建設，除了知道故事的回收部分之外，我們真的沒有試圖捕捉它的價值部分或真正的核心元素，因為你不會去稍後再看看其中的一些好處。因此，我們認為，隨著這些因素的成熟和整合，我們認為還有很多好處，我想說的是，隨著這些因素的成熟和整合，可能會被挖掘出來。

Yeah, there may be opportunities where we go back to market to support what that looks like, but that's going to be largely supported by the additional growth accordingly that comes from that. And part of why we see there are some with, for example, Atomic Alchemy is helping to prove out and verify some of those radio sales channels accordingly.

是的，我們可能有機會回到市場來支持這種情況，但這將在很大程度上得到相應的額外增長的支持。我們看到一些電台的部分原因是，例如，原子煉金術（Atomic Alchemy）正在幫助證明和驗證其中一些無線電銷售管道。

So that there's some offtake examples, that can be used to sort of support the economic case of why we would do that. And then the, you know, according value add that we think can be made accordingly. So that's how I think we think about some of those dynamics. I don't care if you want to add anything on that front, but that's kind of how I see it.

因此，有一些承購範例可以用來支持我們這樣做的經濟理由。然後，你知道，我們認為可以相應地進行增值。我認為這就是我們對其中一些動態的看法。我不在乎你是否想在這方面添加任何內容，但這就是我的看法。

Yeah, I think the only thing I look at the recycling business is having three source of value. You know, one is the value it brings to reduce fuel costs too is our, we may potentially be able to extract when by storing the spent fuel that needs to be recycled. And last, but certainly not least is the Co-product production of the isotopes.

是的，我認為我關注回收業務的唯一一點是擁有三個價值來源。你知道，其中之一是它為降低燃料成本帶來的價值也是我們的，我們可能能夠透過儲存需要回收的乏燃料來提取。最後但同樣重要的是同位素的副產品生產。

And I think as we have a better view on what a buildup of that recycling business looks like. You know, following all the work that we're doing with the DOE, I think, it'll be you know, we've always said that would be a separate fundraising event for the company. But I think we'll have a lot of sources of value to point to that hopefully should give us a lot of optionality around the fundraising including potentially project funding.

我認為我們對回收業務的累積有了更好的了解。你知道，在我們與能源部所做的所有工作之後，我想，你知道，我們一直說這將是公司的一個單獨的籌款活動。但我認為我們將有很多價值來源可以指出，希望這能為我們在籌款方面提供許多選擇，包括潛在的專案資金。

Great. And then my second question, it's kind of tight but a three prater. So across data centers, oil and gas industry, military, how do you think about the mix of your first 5 to 10 powerhouses? Do you intentionally want to diversify your mix versus concentrating with any single industry or counterparty that may be paying a higher PPA price point today?

偉大的。然後是我的第二個問題，有點緊，但需要三普拉特。那麼，在資料中心、石油和天然氣產業、軍事領域，您如何看待前 5 到 10 位強者的組合？您是否有意使您的產品組合多樣化，而不是專注於當今可能支付更高購電協議價格點的任何單一行業或交易對手？

And finally, how do you see the mix over the first 5 or 10 deployments roughly in your mind today across the 15 versus 50 megawatt applications.

最後，您現在對 15 兆瓦與 50 兆瓦應用程式中前 5 或 10 個部署的組合有何看法？

I was starting to say, I think the diversification is a valuable thing to have. I think there's three macro trends, right. That are catching all this excitement about new, just new nuclear builds and A I and data centers clearly dominates that.

我開始說，我認為多元化是一件有價值的事。我認為有三個宏觀趨勢，對吧。這引起了人們對新的、剛剛新的核建設的所有興奮，而人工智慧和資料中心顯然佔據了主導地位。

But you know even before that, there was actually I think a couple of major macro trends that were kind of carrying the day too. So all these and they're all constructive to each other and complementary, but you know, broad efforts on energy transition.

但你知道，甚至在此之前，我認為實際上有幾個主要的宏觀趨勢也佔據了主導地位。因此，所有這些都是相互建設性的、互補的，但你知道，能源轉型方面的廣泛努力。

You know, you see people talk about needing two to three times more electric power generating capacity just to support electrification as we strive for that across transit and domestic use and all these other things. So that's one big drive of course. I think another drive is what we're seeing happening on the reindustrialization perspective.

你知道，你看到人們談論需要兩到三倍的發電能力來支持電氣化，因為我們在運輸和家庭使用以及所有其他方面都在努力實現這一目標。所以這當然是一大推手。我認為另一個驅動力是我們從再工業化角度看到的情況。

You know, there's a lot of factors that I think have dictated where we saw electric usage and demand, therefore kind of be relatively low growth for a couple of decades in the US. But one contributing factor there was the sort of, you know, offshoring of a lot of manufacturing capacity in the jobs associated with that.

你知道，我認為有很多因素決定了我們的電力使用和需求，因此美國幾十年來的成長相對較低。但其中一個促成因素是，你知道，與此相關的工作中大量製造能力的離岸外包。

As we see increasing dynamics to drive that back into the country, they need factories need baseload power, they need 24/7 power. And across all the different verticals ranging from semiconductors to, paper mills, oil and gas production, all these different industrial use cases. And so that's another big driver as we see that occurring kind of supportive of this as well.

隨著我們看到越來越多的動力將其帶回國內，他們需要工廠需要基本負載電力，他們需要 24/7 電力。跨越從半導體到造紙廠、石油和天然氣生產的所有不同垂直行業，所有這些不同的工業用例。因此，這是另一個重要的驅動因素，因為我們看到這種情況的發生也對這一點提供了支持。

You know, and we see that being something that's going to continue and we think from various market perspectives, those are giant markets as well. In some cases, they aren't moving as fast as data centers. And I would argue that in some cases, some of those are a little bit more a better.

你知道，我們認為這種情況將持續下去，我們從不同的市場角度認為，這些也是巨大的市場。在某些情況下，它們的移動速度不如資料中心。我認為，在某些情況下，其中一些是多一點更好。

I would say the 15-megawatt solution better suits a number of those, not all of them in the mix. That's why we see the need for both of those. Whereas we see on the data center side a lot more pull on a 50-megawatt piece.

我想說 15 兆瓦解決方案更適合其中一些，而不是所有這些。這就是為什麼我們認為兩者都有必要。而我們在資料中心方面看到 50 兆瓦的組件的拉力要大得多。

But yeah, we think it's pretty important to kind of support those things, but we also recognize that data centers are going to be moving faster. And so some of the near term deployments are likely to be sort of more data center focused.

但是，是的，我們認為支持這些事情非常重要，但我們也認識到資料中心的發展速度將會更快。因此，一些近期部署可能更側重於資料中心。

But from developing relationships and developing business partnerships, we see a lot of support on the sort of the diversified deployment by customer models and that's why we've tried to do that and we'll continue to build that up accordingly.

但從發展關係和發展業務夥伴關係中，我們看到了對客戶模型多樣化部署的大量支持，這就是我們嘗試這樣做的原因，並且我們將繼續相應地建立這一點。

Thank you.

謝謝。

Ivan Feinseth, Tigress Financial Partners.

Ivan Feinseth，Tigress Financial Partners。

All right. Thank you for taking my question and congratulations on the great progress and the acquisition announcement today. So, focusing on the opportunity for getting into other industries and maybe is there opportunities for like Co-R&D development partnerships.

好的。感謝您提出我的問題，並對今天的巨大進展和收購公告表示祝賀。因此，重點關注進入其他行業的機會，也許是否有類似聯合研發發展夥伴關係的機會。

And in that case, what do you feel your value proposition would be to working with some of the companies in biotech or pharmaceutical or semiconductors?

在這種情況下，您認為與生物技術、製藥或半導體領域的一些公司合作的價值主張是什麼？

Yeah, I think, I definitely think that's a possibility. I think one of the things we see is enabling here is our ability to share some of the kind of capabilities we have to help accelerate Atomic Alchemy. And then similarly what they bring to the table to help accelerate on their side.

是的，我想，我絕對認為這是可能的。我認為我們在這裡看到的一件事是我們能夠分享一些我們必須幫助加速原子煉金術的能力。同樣，他們也會帶來什麼來幫助他們加速。

To ultimately be able to scale into these markets and deliver, which opens the door for a lot of different things. I think right now, we're seeing on the value chain on the radiopharmaceutical side and a lot of focus on the potential of these radiopharmaceuticals. We're so early in the game on this and they've been so severely supply constrained that.

最終能夠擴展到這些市場並交付產品，這為許多不同的事情打開了大門。我認為現在，我們正在看到放射性藥物方面的價值鏈，並且非常關注這些放射性藥物的潛力。我們在這方面還處於早期階段，而且他們的供應受到嚴重限制。

The more this kind of, I would say pull on the market continues to grow and accelerate as more and more of these drugs kind of hit the market. You're just going to see a big pull up on the supplies, that's I think one of the things we really like about the Atomic Alchemy we play is a diversified approach on radioisotopes actually too.

我想說，隨著越來越多的這類藥物進入市場，對市場的拉力就會持續成長並加速。你只會看到供應量大幅增加，我認為我們真正喜歡我們玩的原子煉金術的一件事實際上也是對放射性同位素的多樣化方法。

Not just to focus on sort of the big name getters like Leute, Rin or Molly, like we're looking at a number of different, isotopes that they can be well produced to supply to. And as you open the door for even more of those, you're going to see more development.

不僅僅是關注像 Leute、Rin 或 Molly 這樣的大牌明星，我們正在研究許多不同的同位素，它們可以被很好地生產出來以供使用。當你為更多的人打開大門時，你將看到更多的發展。

Because right now, one of the big constraints even on R&D is the lack of availability. So I think we see a lot that comes from that and then there's strategic partnerships that come accordingly from a totally different pool of folks because of what you can supply here, which I think is neat and you hit on one point on there is the semiconductor side and this is something that still really exciting to me because it's kind of it's pretty significant and appreciated.

因為目前，即使是研發的一大限制也是缺乏可用性。所以我認為我們看到了很多來自於此的策略夥伴關係，這些策略夥伴關係來自於完全不同的人群，因為你在這裡可以提供什麼，我認為這很巧妙，你提到了一點，那就是半導體這對我來說仍然非常令人興奮，因為它非常重要且值得讚賞。

But it's some of the benefits that neutron transmutation doping can do for silicon doping for semiconductors. In many ways, it is one of the gold standards with respect to taking silicon ingots and doping them up for just better semiconductor fabrication and manufacturing. And reactors are the best way to do that.

但這是中子嬗變摻雜可以為半導體矽摻雜帶來的一些好處。在許多方面，它是採用矽錠並對其進行摻雜以實現更好的半導體製造和製造的黃金標準之一。反應爐是實現這一目標的最佳方式。

So when we think about state-of-the-art kind of best high quality semiconductors or really, I should say silicon input into semiconductors, this is a pretty interesting opportunity space there. So yeah, I think there's some dynamics that evolve there and this gets back. I know just quickly kind of, you know, there's a question I feel like I didn't answer very well before.

因此，當我們考慮最先進的最佳高品質半導體，或者實際上，我應該說半導體中的矽投入時，這是一個非常有趣的機會空間。所以，是的，我認為那裡有一些動態的發展，然後又回來了。我很快就知道了，你知道，有一個問題我覺得我之前沒有回答得很好。

But where do we see pipeline announcements and all these other things, you know. As we get through the transaction, I think we'll see how those develop and how that continues to develop as well. And I think there'll be some offtake developments that occur over the course of the next year or so with the Atomic Alchemy offtake streams.

但是我們在哪裡可以看到管道公告和所有其他事情，你知道。當我們完成交易時，我想我們將看到這些如何發展以及如何繼續發展。我認為在未來一年左右的時間裡，原子煉金術承購流將會出現一些承購進展。

This slide 20, really shows some significant investment from just [Brisal] Meyer Novartis and Lily into this area.

這張投影片 20 確實顯示了 [Brisal] Meyer Novartis 和 Lily 在該領域的一些重大投資。

Right. And I think what we see is as we as this continues to mature and develop, you're going to see I think the maturation of this to the point where you can really attractively attract some of those partners in the right way. To be even more constructively engaged.

正確的。我認為我們看到的是，隨著這方面的不斷成熟和發展，你會看到它的成熟到你可以以正確的方式真正有吸引力地吸引其中一些合作夥伴的程度。更富有建設性地參與。

I know just from the diligence side of providing sort of, you know, being a reference point for Atomic Alchemy and some others in the space before talking to some folks from the big pharma companies, who are looking around and watching the space. But I think waiting for a couple more pieces to come in before they start to sort of jump to partner.

我知道，從勤奮的角度來看，在與來自大型製藥公司的一些人交談之前，你知道，為原子煉金術和該領域的其他一些人提供參考點，他們正在環顧四周並觀察這個領域。但我認為，在他們開始跳到夥伴之前，還要等待更多的作品加入。

But it feels like it's largely just a function of sort of development and inevitability, which brings them to the table, which is part of what planted the seed that this could make a lot of sense to help accelerate into those opportunities potentially.

但感覺這在很大程度上只是一種發展和必然性的函數，這將它們帶到了桌面上，這是播下種子的一部分，這對於幫助加速潛在的機會來說非常有意義。

Well, it looks very exciting. Congratulations again.

嗯，看起來非常令人興奮。再次恭喜。

Thank you.

謝謝。

Pavel Molchanov, Raymond James.

帕維爾·莫爾恰諾夫，雷蒙德·詹姆斯。

Thanks for taking the question. Let me go back to one of the earlier points about the, at some more competitive landscape given the sheer number of new entrants in the space. Do you find that prospective customers are getting confused or bewildered just by the scope of offerings that are out there and trying to differentiate between them?

感謝您提出問題。讓我回到先前的觀點之一，考慮到該領域新進入者的數量龐大，競爭更加激烈。您是否發現潛在客戶只是對現有產品的範圍感到困惑或困惑，並試圖區分它們？

I think at times I think what we've seen though is a lot of these folks are, you get a lot of customers out here are getting pretty savvy on the different opportunities and they're talking to a lot of different groups. I mean, I think, yeah there's a mix, there's a spectrum, right.

我想有時我認為我們看到的是很多這樣的人，這裡有很多客戶對不同的機會非常了解，他們正在與許多不同的群體交談。我的意思是，我認為，是的，有一個混合體，有一個頻譜，對吧。

And I think at the end of the day, there's some, I'll call it frothiness in the space. And I think that's a good indicator of innovation and a good reflection of that. But look, I think this is where we see differentiation from a few perspectives being, to our advantage and how we've seen validation of that from the customer side. I think, you know, we were one of the first out, right?

我認為歸根結底，我將其稱為空間中的泡沫。我認為這是創新的一個很好的指標，也很好地反映了這一點。但是看，我認為這是我們從幾個角度看到差異化的地方，這對我們的優勢以及我們如何從客戶方面看到這一點進行驗證。我想，你知道，我們是最先出去的人之一，對吧？

And we were the first out with the data center deal with Equinox. So like months before everything else, it kind of reflects some of that validation point. And for us, we really like that approach and that model because this keeps versatility and flexibility with our partners because of the COLA model and who they serve.

我們是第一個與 Equinox 達成資料中心協議的公司。因此，就像發生其他事情之前的幾個月一樣，它在某種程度上反映了一些驗證點。對於我們來說，我們真的很喜歡這種方法和模型，因為由於 COLA 模型及其服務對象，這使我們的合作夥伴保持了多功能性和靈活性。

So we don't, you know, you can imagine that sometimes hyperscale's know they have a lot of leverage in a dynamic and might want to lock in some things that prohibit your ability to be flexible. There's ways that you can then find more versatile partners and that's one of the things we really liked about, you know, what we have with Equinox and the others we've announced and talked about.

所以我們不知道，你可以想像有時超大規模知道他們在動態中擁有很大的影響力，並且可能想要鎖定一些限制你靈活性能力的東西。您可以透過多種方式找到更多才多才多藝的合作夥伴，這是我們真正喜歡的事情之一，您知道，我們與 Equinox 以及我們已經宣布和討論的其他合作夥伴的合作。

That said, we see like I think what we see is, you know, that the some of the signals that we think are pretty powerful, that have been purpose built for how we've started the company and grown the company are built around the ability to position ourselves to be one of the early movers and largely make the solution for the potential customers easy.

也就是說，我們認為我們看到的是，我們認為非常強大的一些訊號，這些訊號是專門為我們如何創辦公司和發展公司而建構的，這些訊號是圍繞著有能力將自己定位為先行者之一，並在很大程度上使潛在客戶的解決方案變得容易。

We're not needing to have a bunch of complicated partners and teams and dynamics that our customers have to be involved with and push a lot of the work on them. All these other factors that just make deployment more challenging. Instead we bring that in house, we do that in house. It's more work for us, but it makes it easier for our customers and that's what I think a business should try to do is make their products a little easier.

我們不需要有一堆複雜的合作夥伴和團隊以及我們的客戶必須參與並推動大量工作的動態。所有這些其他因素只會使部署更具挑戰性。相反，我們將其帶入內部，我們在內部進行。這對我們來說是更多的工作，但它讓我們的客戶更容易，這就是我認為企業應該嘗試做的就是讓他們的產品更容易一些。

It's funny when you have people that want to buy your product, you make it so hard to sell, they can't buy It. It's so hard to buy it, it's hard for them to buy. It feels like there's a lot of room for just easy disruption there. And it's not easy but disruption to make that easier and that's what we focused on.

有趣的是，當你有人想買你的產品時，你卻讓產品很難銷售，他們買不到。太難買了，他們也很難買。感覺那裡有很大的空間可以輕易破壞。這並不容易，但要透過顛覆來讓這一切變得更容易，這就是我們所關注的。

So I think the business model is a key differentiator, our size and our approach on technology are key differentiators. We don't have long R&D requirements, and we don't have these massive supply chain requirement challenges like nuclear graphite supply chains and some of those pieces.

所以我認為商業模式是關鍵的差異化因素，我們的規模和我們的技術方法是關鍵的差異化因素。我們沒有長期的研發要求，也沒有像核石墨供應鏈和其中一些零件這樣巨大的供應鏈需求挑戰。

We all share nuclear fuel supply chain challenges, but there's a lot of work, obviously, that's moving that forward. That said, and we can diversify into recycling because we're a fast reactor which is awesome. Meaning diversify, fuel sourcing.

我們都面臨核燃料供應鏈的挑戰，但顯然，要推動這項進程還有很多工作要做。也就是說，我們可以實現回收多元化，因為我們是一個很棒的快速反應器。意思是多樣化，燃料採購。

That said we also have the progress points to date, right. I mean, we're the first of the nonlight water companies to formally engage in the NRCs pre application processes. Back in 2016, we've had a lot of regulatory traction there. We're the only company that has a site use permit for a commercial plan as a national lab.

也就是說，我們也有迄今為止的進展，對吧。我的意思是，我們是第一家正式參與 NRC 預申請流程的非輕質水務公司。早在 2016 年，我們就受到了許多監管的關注。我們是唯一一家擁有國家實驗室商業計劃場地使用許可證的公司。

And we're the only company that has fuel secured for an advanced reactor as part of that partnership, as part of a partnership with the National Lab and the Department of Energy as well. So all those are pretty great positions to have that we've been building for a long time.

作為該合作夥伴關係的一部分，也是與國家實驗室和能源部合作的一部分，我們是唯一一家為先進反應器提供燃料的公司。因此，所有這些都是我們長期以來一直在建立的非常好的職位。

So that we can be well suited to be, you know, take advantage of the opportunity. I can't sit here and say, we knew the timing was all going to line up exactly like this. You know, I wish we could have stuff even sooner than we do now, for example.

這樣我們就可以好好利用這個機會。我不能坐在這裡說，我們知道時間安排會完全像這樣排列。你知道，例如，我希望我們能比現在更快擁有東西。

But I think we've long felt that the physics of energy make what's happening in terms of recognition of nuclear fission inevitable. It just happens to be accelerating at a really good time where we're really well positioned, one of the leaders of the pack with respect to that. So I think those things have been pretty constructive for differentiation for us.

但我認為我們長期以來一直認為，能量物理學使核分裂的認知不可避免地發生。它恰好在一個非常好的時機加速，我們處於非常有利的位置，是這方面的領導者之一。所以我認為這些事情對我們的差異化非常有建設性。

That said, I think there's still some confusion at times about licensing and about readiness to market and all these other factors, and the differences between different steps on the permitting process, the permitting journey, I should say, you know, ranging from things like construction permits for test reactors or construction permits for commercial reactors or design certifications or, you know, combined licenses and all that.

也就是說，我認為有時對於許可、上市準備以及所有其他因素，以及許可過程中不同步驟之間的差異、許可過程之間的差異，我應該說，你知道，範圍從諸如試驗堆的施工許可證或商業反應器的施工許可證或設計認證，或者，你知道，組合許可證等等。

So I think there's still some room for obviously continued education across the board. And that's one area where we see that being pretty clear, but that's where our model is very advantageous as we go straight to the license that actually gets you to commercial operations. And then grow from that and have the repeatability from that accordingly.

因此，我認為顯然，全面的繼續教育仍有一些空間。這是我們認為非常明確的一個領域，但這也是我們的模式非常有優勢的地方，因為我們直接獲得真正讓您進行商業運營的許可證。然後從中成長並相應地獲得可重複性。

Appreciate the color on all that. Let me also follow up on the recent politics. Can you just remind in the economics of or the indicative economics of your projects that you spelled out more than a year ago, was there any assumption for either ITC or PTC for nuclear?

欣賞這一切的顏色。讓我也跟進一下最近的政治。您能否提醒一下，在您一年多前闡述的專案的經濟學或指示性經濟學中，是否對 ITC 或 PTC 核能有任何假設？

The models we put out do not include those directly in there. I don't know Craig if you want to add any commentary on that.

我們推出的模型並不直接包含在其中。我不知道克雷格你是否想對此添加任何評論。

I mean, we've always viewed it as upside. I think we did have some levelized cost of energy metrics. In our last 2Q update, in our Investor Day presentation, it showed a range of $90 to $40 and the $40 did include the benefit of ITC, but we've always viewed that as not a requirement to generate an appropriate return.

我的意思是，我們一直認為它有好處。我認為我們確實有一些平準化的能源成本指標。在我們上次第二季更新的投資者日演示中，它顯示了 90 美元到 40 美元的範圍，40 美元確實包括 ITC 的收益，但我們始終認為這不是產生適當回報的要求。

Got it. Thank you very much.

知道了。非常感謝。

Thank you. And now I'd like to turn the call back over to Sam Doane, Oklo Director of Investor Relations to present a couple of retail investor questions.

謝謝。現在我想將電話轉回 Oklo 投資者關係總監 Sam Doane，向散戶投資者提出幾個問題。

Thanks Marjorie. Yeah, we've had a number of inbound retail investors questions. I'd like to just ask a couple here. The first one is, when can we expect to produce a physical plant? And is the timeline solely depending on legislative changes?

謝謝瑪喬麗。是的，我們收到了一些入境散戶投資者的問題。我想在這裡問幾個問題。第一個是，我們什麼時候可以生產出實體植物？時間表是否僅取決於立法變化？

Yeah. So, no, not dependent on legislative changes. We see legislative changes as possibly being accelerative and conducive to this but I think we see a lot of the legislative activity probably going to be more geared for the following units to be, more, I guess more constructive for acceleration on those units.

是的。所以，不，不依賴立法變化。我們認為立法變革可能會加速並有利於這一點，但我認為我們看到許多立法活動可能會更適合以下單位，我想對這些單位的加速更有建設性。

Just given all the other factors that kind of dictate the time frame for that first plant. But we're targeting, you know, beginning the initial operations of that plant in late 2027.

考慮到所有其他因素決定了第一座工廠的時間框架。但我們的目標是在 2027 年底開始該工廠的初步運作。

Next one is, will you explain the mode Oklo is building out to protect against other competitors and why Oklo is poised to power an increasingly large share of the nuclear powered AI market.

下一個問題是，您能否解釋一下 Oklo 正在建立的用於抵禦其他競爭對手的模式，以及為什麼 Oklo 準備在核動力人工智慧市場中佔據越來越大的份額。

Yeah, I think we see this manifest in a couple of ways, but it's pretty comprehensive throughout the business, right. One is the business model where we're selling power and not kind of the conventional model that allows us to consolidate the deployment partnerships through us where we bring in the partners like the (inaudible) that like the of the world and others to help actually deliver the plans and therefore the power.

是的，我認為我們可以透過多種方式看到這一點，但它在整個業務中相當全面，對吧。一種是我們出售電力的商業模式，而不是傳統的模式，這種模式允許我們透過我們鞏固部署合作夥伴關係，我們引入像世界各地的（聽不清楚）這樣的合作夥伴和其他人來實際提供幫助交付計劃，從而交付權力。

Additionally, we see value in the size we have, which gives us flexibility to offer kind of, you know, redundant. Frankly, shaft redundancy, having more plants than just one to power, especially industrial assets that want high reliability power and the size allows us to target the markets from a slightly different angle which we think is pretty important.

此外，我們看到了我們擁有的規模的價值，這使我們能夠靈活地提供某種冗餘的服務。坦白說，軸冗餘，擁有更多的工廠來供電，特別是需要高可靠性電力和規模的工業資產，使我們能夠從稍微不同的角度瞄準市場，我們認為這非常重要。

And then from the technology side, it sounds kind of funny but building up a very mature technology base and optimizing that for operations and deploy-ability and not necessarily for a lot of fundamental R&D requirements to go forward from that or to deliver that.

然後從技術方面來看，這聽起來有點有趣，但建立一個非常成熟的技術基礎並針對營運和部署能力進行最佳化，而不一定是針對許多基本的研發要求來推進或實現這一點。

Gives us some advantages on that front because we design on the technology side accordingly to cost and supply chain capabilities that exist today, that help us negate some of the significant supply chain investment requirements that otherwise exist for some design choices that one could make. So we've tried to avoid those.

在這方面為我們帶來了一些優勢，因為我們根據當今存在的成本和供應鏈能力在技術方面進行設計，這有助於我們消除一些重要的供應鏈投資要求，而這些要求對於人們可以做出的某些設計選擇來說是存在的。所以我們盡力避免這些。

And accordingly that gives us some supply chain scalability that's faster, frankly and less volume limited. I think that's a differentiated factor, right? We don't need to build like a factory to build a bunch of reactors to get out. That's I think arguably that's constraining because you need all the capital to put in the factory and then you're inevitably going to have to retool the factory because it's pretty hard to get it right before you actually start doing it.

因此，這為我們提供了一些更快、更坦率、更少數量限制的供應鏈可擴展性。我認為這是一個差異化因素，對嗎？我們不需要像工廠一樣建造一堆反應爐才能出去。我認為這可以說是一種限制，因為你需要所有的資金投入工廠，然後你不可避免地必須重組工廠，因為在你真正開始做之前很難把它做好。

And you're so you're going to need capital to do that and you're going to be bandwidth limited and you're going to need more capital to scale that capacity. Instead, we try to leverage existing supply chains, existing suppliers and manufacturing capabilities to actually get the supply chains able to use those supply chains so that we're not as constrained.

因此，您將需要資金來做到這一點，並且您將受到頻寬限制，並且您將需要更多資金來擴展該容量。相反，我們嘗試利用現有的供應鏈、現有的供應商和製造能力，讓供應鏈真正能夠使用這些供應鏈，這樣我們就不會受到限制。

That means our unit costs are probably going to be a bit higher than they would be if we fully internalized it. But that's okay for now, we can clearly have support to pass those along and be quite competitive. And then in time if we decide there's things that make sense to internalize for margin control or improvements or whatever, then we can take those approaches.

這意味著我們的單位成本可能會比我們完全內部化時更高。但現在沒關係，我們顯然可以得到支持來傳遞這些並具有相當的競爭力。然後，如果我們認為有一些事情可以內部化以實現利潤控製或改進或其他任何事情，那麼我們就可以採取這些方法。

But we'll be in a different position with cash flows in terms of what that looks like to finance that kind of growth. So right now, I think we're pretty excited about what those positions look like. But I think the other thing is just really our capital efficiency. You know, the numbers we spent this last quarter are quite a bit less than what you often see in the nuclear industry.

但就為這種成長提供資金的方式而言，我們在現金流方面將處於不同的位置。所以現在，我認為我們對這些職位的樣子感到非常興奮。但我認為另一件事是我們的資本效率。您知道，我們上個季度花費的數字比您在核工業中經常看到的要少得多。

And that's a reflection of a cost conscious culture, that's what I just talked about, a focus on being able to be efficient in getting these things out the door and leveraging what's been done before. And that's very much something that is a manifestation of kind of the culture we've built from the beginning and important for us to kind of continue to maintain as we grow, obviously, as we grow, we'll spend more money and those things happen as you do that.

這反映了成本意識文化，這就是我剛才談到的，重點是能夠有效地把這些東西推出並利用以前所做的事情。這在很大程度上是我們從一開始就建立的文化的體現，對於我們在成長過程中繼續維持很重要，顯然，隨著我們的成長，我們會花更多的錢和這些東西當你這樣做時就會發生。

But starting with that base is a great place to be rather than starting at a really high cash burn position, which is all too often kind of what the incentives are in nuclear to do before you're shipping anything, in fact, way before you're shipping anything.

但從這個基礎開始是一個很好的地方，而不是從一個非常高的現金消耗位置開始，這通常是在你交付任何東西之前，事實上，早在你之前就要做的激勵措施。任何東西。

So that gives us some advantages in that sense. So, you know, across a lot of prongs, those things are pretty helpful for us. And then I think the other really major one is the timing advantages that we have given that we're the only company with the timing and the maturity we have on the site use permit the fuel, having fuel security and ordered to us.

從這個意義上來說，這給了我們一些優勢。所以，你知道，在很多方面，這些東西對我們非常有幫助。然後我認為另一個真正重要的因素是我們給予的時機優勢，我們是唯一一家擁有時機和成熟度的公司，我們在現場使用許可燃料，具有燃料安全並向我們訂購。

All those factors just give us a massive advantage in getting to market in terms of being an early mover and then having the opportunity to scale and learn across our fleet accordingly in that sense. And with our business model, since we take some of the owner operational, we take that owner operational risk off the table.

所有這些因素都為我們提供了進入市場的巨大優勢，成為先行者，然後有機會在我們的機隊中進行相應的擴展和學習。透過我們的商業模式，由於我們讓一些所有者進行運營，我們就消除了所有者的營運風險。

You don't have a lot of customers saying, okay, we're interested, but we want to wait and see a couple of years of operation from your first plan. Instead, people are like, okay, well you're providing power, great. We're comfortable to do that and then we can accelerate the lessons learned accordingly to our fleet as we grow and scale. So it gives us a lot of benefits that way.

沒有很多客戶說，好吧，我們很感興趣，但我們想等待，看看從你的第一個計劃開始幾年的運營。相反，人們會說，好吧，你提供了力量，太棒了。我們很樂意這樣做，然後隨著我們的發展和規模擴大，我們可以根據我們的機隊加速吸取經驗教訓。所以它為我們帶來了很多好處。

Thank you. I'd now like to turn the conference back over to Jake for any closing remarks.

謝謝。現在我想把會議轉回給傑克做總結發言。

Awesome. Well, thank you all for joining us today and appreciate the attention and engagement as always. I think it's a particularly exciting time in nuclear, especially in the last month, a month and a half with all the activity in the space. We see all these announcements that are being made as extraordinarily constructive and validating of the opportunity that nuclear is well positioned to meet, which is the opportunity to provide abundant, affordable, reliable and clean energy.

驚人的。好的，感謝大家今天加入我們，並感謝大家一如既往的關注和參與。我認為這是核能領域特別令人興奮的時刻，尤其是在過去的一個半月裡，該領域的所有活動都在進行中。我們認為所有這些聲明都非常具有建設性，並證實了核能能夠很好地應對這一機遇，即提供豐富、負擔得起、可靠和清潔能源的機會。

And I think we're pretty excited that Oklo about the position we have in the market to do that validated by our customer partnerships and our general traction to deployment. So, look forward to keeping you all updated in the next quarter and appreciate the time again.

我認為我們對 Oklo 感到非常興奮，因為我們在市場上的地位得到了我們的客戶合作夥伴關係和我們對部署的整體吸引力的驗證。因此，期待在下個季度向大家通報最新情況，並再次感謝這段時間。

Thank you, and ladies and gentlemen, that does conclude today's program. We thank you for your participation. You may now disconnect.

謝謝女士們、先生們，今天的節目到此結束。我們感謝您的參與。您現在可以斷開連線。

Nice job, Jake.

幹得好，傑克。