Oklo Inc (OKLO) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Karen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklo fourth quarter 2024 financial results and business update call.

感謝您的支持。我的名字是凱倫 (Karen)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Oklo 2024 年第四季財務表現和業務更新電話會議。

(Operator Instructions) I'll now turn the call over to Sam Doan, Director of Investor Relations. Please go ahead.

（操作員指示）現在我將把電話轉給投資者關係總監 Sam Doan。請繼續。

Thank you, operator, and good day, everyone, and welcome to Oklo’s fourth quarter and annual company update and earnings call. Joining me today are Jake DeWitt, Oklo’s Co Founder and Chief Executive Officer and Craig Velmer, Oklo’s Chief Financial Officer. Earlier today, after market closed, we announced our fourth quarter and full year 2024 earnings. You can find our shareholder letter and supplemental slides on the Investor Relations page of our website. Before we begin, I’d like to remind everyone that our discussion today, including our remarks and the Q and A session, will include forward looking statements.

謝謝接線員，大家好，歡迎參加 Oklo 第四季和年度公司更新和收益電話會議。今天與我一起出席的還有 Oklo 聯合創始人兼執行長 Jake DeWitt 和 Oklo 財務長 Craig Velmer。今天早些時候，市場收盤後，我們公佈了 2024 年第四季和全年收益。您可以在我們網站的投資者關係頁面上找到我們的股東信函和補充投影片。在我們開始之前，我想提醒大家，我們今天的討論，包括我們的評論和問答環節，將包括前瞻性陳述。

These statements reflect our current views on trends, assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from what we discussed today. We encourage you to review the forward-looking statements language in our shareholder letter and supplemental slides for additional context. You can also find a discussion of relevant risk factors in our most recent SEC filings. Oklo assumes no obligation to update these statements as a result of new information, future events or otherwise, except as required by law.

這些聲明反映了我們目前對趨勢、假設、風險、不確定性和其他因素的看法，這些因素可能會導致實際結果與我們今天討論的內容有重大差異。我們鼓勵您閱讀股東信和補充幻燈片中的前瞻性陳述語言，以獲取更多背景資訊。您也可以在我們最近的 SEC 文件中找到有關相關風險因素的討論。Oklo 不承擔因新資訊、未來事件或其他原因更新這些聲明的義務，除非法律要求。

With that, I’ll now turn the call over to Jake DeWitt, Oklo’s Co-Founder and Chief Executive Officer. Jake?

說完這些，我現在將電話轉給 Oklo 的聯合創始人兼執行長 Jake DeWitt。傑克？

Thanks, Sam, and thank you all for joining us today. We’re excited to share our quarterly and full year update and provide insights into Oklo’s progress over the past twelve months. Oklo was founded on the belief that there are significant opportunities for advanced nuclear technology. We saw an industry that had stagnated and recognized the need to rethink how new nuclear technologies could be brought to market. We started Oklo to seize this opportunity and fulfill our mission to deliver clean, reliable and affordable energy on a global scale.

謝謝，山姆，也謝謝大家今天加入我們。我們很高興與大家分享我們的季度和全年更新，並深入了解 Oklo 在過去十二個月的進展。奧克洛公司成立的基礎是這樣的信念：先進核子技術具有重大機會。我們看到核能產業已經停滯不前，意識到需要重新思考如何將新的核能技術推向市場。我們創立 Oklo 就是為了抓住這一機遇，實現我們的使命，在全球範圍內提供清潔、可靠且價格合理的能源。

The momentum behind nuclear energy has never been stronger. The new administration has made it clear that nuclear power is a cornerstone of America’s energy future with direct policy actions and public endorsement supporting its expansion. Key voices in government and industry are reinforcing the need for advanced nuclear deployment. Energy secretary and former Oakville Board Member, Chris Wright, stated that the long awaited American nuclear renaissance must launch now. He said, We’re at the start of Manhattan Project two.

核能發展的勢頭從未如此強勁。新政府已明確表示，核電是美國能源未來的基石，並透過直接的政策行動和公眾支持來支持核電的發展。政府和工業界的主要聲音正在強調先進核能部署的必要性。能源部長、前奧克維爾董事會成員克里斯賴特表示，期待已久的美國核能復興必須立即啟動。他說：“我們正處於曼哈頓計畫二號的啟動階段。”

It is critical, just like Manhattan Project one, that The United States wins this race and has emphasized the administration’s commitment through financial and regulatory support to enable rapid deployment and commercialization of next generation nuclear technology. Additionally, President Trump has recently highlighted the advantages of small, scalable nuclear plants. These statements reflect a growing consensus. Nuclear is essential for energy abundance and small, advanced nuclear reactors provide a practical, cost-effective path forward. The demand for power is growing at an unprecedented rate.

就像曼哈頓計畫一樣，美國贏得這場競賽至關重要，並強調政府致力於透過財政和監管支持實現下一代核子技術的快速部署和商業化。此外，川普總統最近強調了小型、可擴展核電廠的優勢。這些聲明體現了日益增強的共識。核能對於能源豐富至關重要，小型、先進的核反應器提供了一條實用、經濟有效的前進道路。對電力的需求正以前所未有的速度成長。

And while AI driven data centers are a major contributor, they are not the only source of this growth. This slide shows other sectors. Residential, transportation, commercial and industrial are also driving sustained energy needs. Total U. S. Power demand is projected to grow greater than 160% through 02/1930 with data centers contributing approximately 31% of this increase. We have demonstrated that Oklo is uniquely positioned to take advantage of this staggering potential growth.

雖然人工智慧驅動的資料中心是主要貢獻者，但它們並不是這一成長的唯一來源。這張投影片展示了其他部門。住宅、交通、商業和工業也推動持續的能源需求。預計到 2030 年 2 月，美國電力需求總量將增加 160% 以上，其中資料中心將貢獻約 31% 的增幅。我們已經證明奧克洛擁有獨特的優勢，能夠利用這一驚人的潛在成長。

Our build, own, operate model and small, scalable powerhouse designs are well suited for a broad range of applications ensuring we can meet growing energy needs across multiple sectors. At Oklo, our strategy is built on three core pillars that we believe will fundamentally transform how nuclear power is delivered to our customers. First is our business model.

我們的建造、擁有、營運模式以及小型、可擴展的發電站設計非常適合廣泛的應用，確保我們能夠滿足多個領域日益增長的能源需求。在奧克洛，我們的策略建立在三大核心支柱之上，我們相信這三大支柱將從根本上改變核電提供給客戶的方式。首先是我們的商業模式。

We’ve designed a model that simplifies the process for customers to purchase clean power at scale, eliminating traditional complexities and points of friction. Second is our reactor size. Our small, scalable reactors allow us to achieve greater efficiency while meeting customer demand incrementally. This approach not only optimizes our financial performance by creating a recurring revenue model but also delivers resilient and redundant power solutions, ensuring operational reliability.

我們設計了一個模型，簡化了客戶大規模購買清潔能源的流程，消除了傳統的複雜性和摩擦點。第二是我們的反應爐尺寸。我們的小型、可擴展的反應器使我們能夠實現更高的效率，同時逐步滿足客戶需求。這種方法不僅透過創建經常性收入模式優化了我們的財務業績，而且還提供了有彈性和冗餘的電源解決方案，確保了營運的可靠性。

Finally, our technology sets us apart. By utilizing technology backed by centuries of cumulative reactor operation experience, our use of liquid sodium coolant provides significant economic and operational advantages. This technology underpins our ability to deploy advanced nuclear solutions that are both efficient and cost effective.

最後，我們的技術使我們與眾不同。透過利用數百年累積的反應器運作經驗所支援的技術，我們使用液態鈉冷卻劑提供了顯著的經濟和營運優勢。這項技術鞏固了我們部署高效且經濟的先進核子解決方案的能力。

2024 was a transformative year for Oklo, marked by major commercial, technological and regulatory milestones. We started the year with a 500 megawatt partnership with Equinix, one of the largest colocation data center companies in the world, supported by a $25 million investment through the form of a prepayment. This really kicked off the partnership wave between nuclear technology companies and AI data center companies.

2024 年是奧克洛轉型的一年，取得了重大的商業、技術和監管里程碑。今年年初，我們與全球最大的主機託管資料中心公司之一 Equinix 建立了 500 兆瓦的合作夥伴關係，並透過預付款的形式獲得了 2,500 萬美元的投資。這真正開啟了核子技術公司與AI資料中心公司之間的合作浪潮。

Building on this momentum, we signed a letter of intent with Diamondback Energy for 50 megawatts, demonstrating an emerging demand for nuclear energy in the oil and gas sector as companies seek long-term sustainable energy solutions to electrify their operations. We also expanded our presence in the data center space by sending a letter of intent with Prometheus Hyperscale to deliver 100 megawatts of clean power to next generation AI infrastructure.

在此勢頭之下，我們與 Diamondback Energy 簽署了 50 兆瓦的意向書，表明隨著企業尋求長期可持續的能源解決方案來實現電氣化運營，石油和天然氣行業對核能的需求正在興起。我們也與 Prometheus Hyperscale 簽署了意向書，為下一代 AI 基礎設施提供 100 兆瓦的清潔能源，擴大了在資料中心領域的影響力。

We ended the year by signing what is potentially the largest corporate clean power agreement ever with Switched for 12 gigawatts of power. To put the magnitude of this agreement into perspective, that is equivalent to approximately 1% of the US grid. This is a massive opportunity for us, not just because of the size of the power need, but for the multi-pronged partnership of Switch to work together to bring nuclear to market at scale.

今年年底，我們與 Switched 簽署了可能是有史以來最大的企業清潔能源協議，涉及 12 千兆瓦電力。從這個角度看，該協議的規模大約相當於美國電網的 1%。這對我們來說是一個巨大的機遇，不僅是因為電力需求的規模，還因為 Switch 的多管齊下的合作夥伴關係可以共同努力將核能大規模推向市場。

One highlight to me of this partnership is that building data centers has significant similarities to building small reactors. If you think about data centers, they are fixed civil assets into which prefabricated and manufactured components and systems are installed, and electrical and cooling systems are tied together in the power and heat through the system.

對我來說，這次合作的一大亮點是，建造資料中心與建造小型反應器有很大的相似之處。如果你考慮資料中心，它們是固定的民用資產，其中安裝了預製和製造的組件和系統，並且電氣和冷卻系統透過系統在電力和熱量上連結在一起。

This has similarities to building small reactors, fixed civil facilities into which prefabricated and manufactured components are installed, and electrical and cooling systems are integrated and tied together. Working with Switch's expertise here will likely be accelerative to us, and we are excited about how this will progress.

這與建造小型反應器有相似之處，小型反應器是固定的民用設施，在其中安裝預製和製造的組件，並將電氣和冷卻系統整合並連接在一起。與 Switch 的專業知識合作可能會加速我們的發展，我們對這項進展感到非常興奮。

In May 2024, we went public on the New York Stock Exchange under the ticker OLO, a defining step in our growth. Beyond our commercial success, we made major progress in our regulatory strategy and in building our nuclear technology platform.

2024 年 5 月，我們在紐約證券交易所上市，股票代號為 OLO，這是我們成長過程中決定性的一步。除了商業上的成功之外，我們在監管策略和核子技術平台建設方面也取得了重大進展。

Our Idaho National Lab or INL Powerhouse project remains on track to be the first commercial small nuclear reactor built in the US with key DOE approvals and an environmental compliance permit secured. We also advanced our Aurora fuel fabrication facility, receiving DOE approval for its safety design strategy, reinforcing our ability to produce advanced reactor fuels domestically.

我們的愛達荷國家實驗室或 INL 發電站計畫仍有望成為美國建造的第一個商業小型核反應堆，並獲得能源部的關鍵批准和環境合規許可。我們也推動了奧羅拉燃料製造設施的建設，其安全設計策略獲得了美國能源部批准，增強了我們在國內生產先進反應器燃料的能力。

Lou is the only advanced nuclear company with high SA low enriched uranium, also known as Halo fuel secured for its first deployment, a significant competitive advantage that ensures we can move forward without fuel supply chain delays. We also successfully demonstrated our end-to-end fuel recycling process, proving our ability to close the nuclear fuel cycle and leverage both fresh and recycled fuel for long-term sustainability and growth.

Lou 是唯一一家在首次部署時就獲得高 SA 低濃縮鈾（也稱為 Halo 燃料）的先進核能公司，這是一個顯著的競爭優勢，確保我們可以向前推進而不會出現燃料供應鏈延遲。我們也成功展示了端到端燃料回收流程，證明了我們有能力閉合核燃料循環並利用新鮮燃料和再生燃料實現長期永續發展和成長。

As we continue to execute on our strategy, we remain committed to keeping the market informed with clear and consistent updates on our progress. Our company updates are structured around 6 key focus areas. Project execution, reactor licensing progress, fuel fabrication and recycling, customer pipeline development, strategic partnerships for corporate and business development, and financial updates. The last quarter was marked by major commercial regulatory and technology milestones that drive us toward commercialization.

在我們繼續執行我們的策略的同時，我們依然致力於透過清晰、一致的進展更新讓市場了解我們的進展。我們的公司更新圍繞著 6 個關鍵重點領域。專案實施、反應器許可進度、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。上個季度標誌著我們邁向商業化的重大商業監管和技術里程碑。

To meet increasing customer demand, we expanded our powerhouse offering to support up to 75 megawatts of power output, building on the same design architecture of the 50 megawatt powerhouse to deliver more power without changing our reactor design, footprint, or regulatory framework. The scalable platform strengthens our ability to serve energy intensive industries efficiently. On the regulatory front, we continue to advance key approvals with the NRC and DOE, ensuring steady progress towards deployment. We are working with the NRC through a pre-application readiness assessment for our Aurora Powerhouse combined license application at Idaho National Laboratory.

為了滿足日益增長的客戶需求，我們擴大了發電站的產品範圍，以支援高達 75 兆瓦的電力輸出，並在 50 兆瓦發電站相同的設計架構的基礎上提供更多電力，而無需改變我們的反應器設計、佔地面積或監管框架。可擴展的平台增強了我們高效服務能源密集產業的能力。在監管方面，我們持續推動NRC和DOE的關鍵審批，確保部署穩定推進。我們正在與 NRC 合作，對愛達荷國家實驗室的 Aurora Powerhouse 聯合許可證申請進行預申請準備評估。

Commercially, we signed a landmark 12 gigawatt master power agreement with Switch, underscoring the growing demand for reliable carbon-free base load power and positioning Oklo at the forefront of the energy transition.

在商業方面，我們與 Switch 簽署了具有里程碑意義的 12 千兆瓦主電力協議，強調了對可靠的無碳基載電力日益增長的需求，並將奧克洛定位在能源轉型的前沿。

We're also strengthening our capabilities through strategic partnerships. Our agreement with our power provides near term natural gas solutions as a bridge to nuclear, offering customers flexible energy options that can accelerate time frames. Additionally, our MOU with Light bridge explores co-locating commercial fuel fabrication recycling, reinforcing our long-term fuel strategy.

我們也透過策略合作夥伴關係增強我們的能力。我們與電力公司達成的協議提供了近期的天然氣解決方案作為通往核能的橋樑，為客戶提供了可以加快時間表的靈活能源選擇。此外，我們與 Light bridge 簽署的諒解備忘錄探討了商業燃料製造回收的共置，從而強化了我們的長期燃料策略。

Beyond power generation, we've expanded into the high value radioisotope market with the completion of our atomic alchemy acquisition. It continues to make progress towards near term radioisotope opportunities and in the regulatory pre-application work to deploy their viper reactor. We're also driving next generation materials innovation through collaborations with the DOE and Oak Ridge National Laboratory.

除了發電之外，隨著原子煉金術收購的完成，我們還將業務擴展到高價值放射性同位素市場。該公司在近期放射性同位素機會和部署毒蛇反應器的監管預申請工作方面繼續取得進展。我們也透過與美國能源部和橡樹嶺國家實驗室的合作推動下一代材料創新。

With strong financial positioning, scalable technology, and growing customer demand, we enter 2025 with clear momentum, accelerating toward deployment and cementing Oklo as a leader in the advanced nuclear space. Over the years, we've made significant progress in refining our powerhouse platform. We initially developed both 15 megawatt and 50 megawatt designs, but it consolidated our approach around a 50 megawatt architecture.

憑藉強大的財務實力、可擴展的技術和不斷增長的客戶需求，我們以明顯的勢頭進入 2025 年，加速部署並鞏固 Oklo 在先進核能領域的領先地位。多年來，我們在完善強大平台方面取得了重大進展。我們最初開發了 15 兆瓦和 50 兆瓦的設計，但它鞏固了我們圍繞 50 兆瓦架構的方法。

This allowed us to scale power output efficiently by simply adjusting things like fuel load and heat exchangers. With this approach, we can flexibly deliver between 15 megawatts and 75 megawatts from the same design platform, adapting to different customer needs while maintaining a streamlined supply chain and regulatory approach.

這樣，我們只需調整燃料負載和熱交換器等就能有效擴大電力輸出。透過這種方法，我們可以從同一設計平台靈活地提供 15 兆瓦至 75 兆瓦的電力，適應不同的客戶需求，同時保持精簡的供應鏈和監管方法。

The decision to scale up to 75 megawatts was driven by demand characteristics from large energy users, particularly data centers. This power range aligns well with the infrastructure of these customers, including at the data hall level, and it reduces the number of reactors needed to support gigawatt scale projects.

擴大至 75 兆瓦的決定是由於大型能源用戶（特別是資料中心）的需求特徵所驅動。此功率範圍與這些客戶的基礎設施（包括資料大廳層級）非常契合，並且減少了支援千兆瓦級專案所需的反應器數量。

We anticipate the majority of our plants will operate in the 60 to 75 megawatt range. Importantly, this update does not introduce new technical regulatory or design risk. We're leveraging the same core technology, optimizing it to deliver more power while maintaining the benefits of a compact repeatable system.

我們預計大多數電廠的發電功率將在 60 至 75 兆瓦範圍內。重要的是，此更新不會引入新的技術監管或設計風險。我們利用相同的核心技術，對其進行最佳化以提供更多功率，同時保持緊湊可重複系統的優勢。

By focusing on design, flexibility, scalability, and cost efficiency, Oklo continues to provide innovative and capital efficient nuclear power solutions to meet the evolving needs of our customers.

Oklo 透過專注於設計、靈活性、可擴展性和成本效益，持續提供創新且資本高效的核電解決方案，以滿足客戶不斷變化的需求。

OO continues to make steady progress on our first commercial aurora powerhouse at the Idaho National Laboratory, or INL. We are actively engaging with the US Nuclear Regulatory Commission through a pre-application readiness assessment for our Aurora Powerhouse combined license application at Idaho National Laboratory. This process enables NRC staff to review and familiarize themselves with OPO's licensing materials ahead of the formal application submission, streamlining regulatory review and positioning us for an efficient approval process.

OO 在愛達荷國家實驗室（INL）的第一個商業極光發電廠繼續取得穩步進展。我們正積極與美國核管會合作，對愛達荷國家實驗室的 Aurora Powerhouse 聯合許可證申請進行預申請準備評估。此流程使 NRC 工作人員能夠在正式提交申請之前審查並熟悉 OPO 的許可資料，從而簡化監管審查並使我們能夠實現高效的審批流程。

We have submitted our licensed operator topical report, a key step in enabling our fleet-based licensing approach. This approach lowers costs, accelerates deployment, and enhances operational efficiency.

我們已經提交了我們的許可運營商專題報告，這是實現基於車隊的許可方法的關鍵一步。這種方法可以降低成本、加速部署並提高營運效率。

Beyond licensing, we have begun drilling, testing, and site characterization efforts at INL, critical steps toward construction. Backed by a DOE site use permit, the project remains on track for deployment in late 2027 to early 2028.

除了獲得許可之外，我們還已經開始在 INL 進行鑽探、測試和場地特性描述工作，這是建設的關鍵步驟。在美國能源部場地使用許可證的支持下，該計畫預計在 2027 年底至 2028 年初部署。

At Oklo, our business model and licensing strategy provide a more streamlined regulatory pathway compared to conventional nuclear approaches, rather than pursuing separate construction and operating licenses or obtaining a design certification or DC, which is not a license or permit, to then later license out to customers who then have to obtain the actual commercial permits and or licenses. We take a direct path by securing a combined license or COL.

在 Oklo，我們的商業模式和許可策略與傳統核能方法相比，提供了更簡化的監管途徑，而不是尋求單獨的建設和營運許可證，或獲得設計認證或 DC（這不是許可證或許可），然後再授權給客戶，然後客戶必須獲得實際的商業許可證和/或許可。我們透過取得聯合許可證或 COL 採取直接途徑。

This single step approval allows us to build and operate without additional regulatory hurdles. Unlike the DC process, which requires multiple and separate NRC reviews, and unlike the Part 50 approach, which requires separate NRC reviews and approvals for construction and operation, the COL includes all key NRC specific reviews up front. This integrated approach eliminates duplicative reviews and accelerates deployment.

此單步批准使我們能夠在不面臨額外監管障礙的情況下進行建設和運營。與需要多次單獨 NRC 審查的 DC 流程以及需要單獨 NRC 審查和批准建造和運營的第 50 部分方法不同，COL 預先包含了所有關鍵的 NRC 特定審查。這種綜合方法消除了重複審查並加快了部署。

Ultimately, only after completing these regulatory steps can a company begin construction, operate a plan, and generate power and revenue. Oo's approach ensures that we reach those milestones faster and with greater certainty.

最終，只有在完成這些監管步驟後，公司才能開始建造、營運計劃並產生電力和收入。Oo 的方法確保我們更快、更有把握地實現這些里程碑。

As I just alluded to, what sets Oklo apart is our direct to COL approach. We secure a combined license in one streamlined process, whereas others in the industry pursue design certification or construction permits first, requiring separate construction and operating approvals later. We believe this makes our approach faster, more efficient, and more aligned with deployment.

正如我剛才提到的，Oklo 的與眾不同之處在於我們直接面對 COL 的方法。我們透過簡化的流程獲得了綜合許可，而業內其他公司則首先尋求設計認證或施工許可，隨後再要求單獨獲得施工和營運批准。我們相信這會讓我們的方法更快、更有效率、更符合部署。

Because we build, own and operate our powerhouses rather than selling designs or licenses, streamlining regulatory approval under a single process makes strategic sense. Securing our first COL will also serve as a reference license on RCOL, allowing future applications, and SCOL to focus only on site specific differences, greatly reducing approval timelines.

由於我們建造、擁有並運作自己的動力裝置，而不是出售設計或許可證，因此在單一流程下簡化監管審批具有戰略意義。獲得我們的第一個 COL 也將作為 RCOL 的參考許可證，允許未來的應用程式和 SCOL 僅關注網站特定的差異，從而大大縮短審批時間。

By minimizing those differences, we can gain faster regulatory approvals for each additional plant, enabling rapid scaling. This approach not only simplifies licensing but strengthens our ability to bring advanced nuclear power to market faster and more efficiently than traditional models.

透過盡量減少這些差異，我們可以更快地獲得每個新增工廠的監管部門批准，從而實現快速擴大規模。這種方法不僅簡化了許可，而且增強了我們比傳統模式更快、更有效地將先進核電推向市場的能力。

Our path with IL paves the way for future sites through subsequent combined licenses, reducing review timelines under the Advance Act, and accelerating deployment at scale.

我們與 IL 合作的道路為通過後續的聯合許可、減少《預先法案》下的審查時間以及加速大規模部署等未來的站點鋪平了道路。

Local licensing strategy is not just about getting approval, it's about getting to multiple powerhouses, to deployment, operation, and revenue generation faster than conventional approaches.

本地授權策略不僅僅是獲得批准，而是比傳統方法更快地接觸多個強大企業，進行部署、營運和創造收入。

At Oklo, we've built deep expertise in working with both the NRC and DOE, making significant regulatory progress as we move toward deploying our first commercial aurora powerhouse. We completed key pre-application work with the NRC, including safety analysis, operational programs, and environmental sighting. Additionally, we submitted fleet-based licensed operators and staffing methodology topical reports, important milestones that enable a standardized fleetwide staffing model. Unlike traditional nuclear plants which require site-specific operator licensing, our approach improves efficiency, reduces costs, and accelerates deployment.

在奧克洛，我們在與 NRC 和 DOE 合作方面積累了深厚的專業知識，並在部署首個商業極光發電站的過程中取得了重大的監管進展。我們與NRC一起完成了關鍵的申請前工作，包括安全分析、操作計劃和環境觀測。此外，我們還提交了基於車隊的持照營運商和人員配備方法專題報告，這是實現標準化車隊人員配備模型的重要里程碑。與需要特定場地營運商許可的傳統核電廠不同，我們的方法可以提高效率、降低成本並加快部署。

Alongside our energy progress, we are working closely with the DOE since our first commercial powerhouse will be deployed at the Idaho National Lab. We finalized the memorandum of agreement with DOE granting OO access to begin critical site investigations, a major step that allows us to conduct essential ground work to prepare for construction. With this approval, we have begun site characterization activities, including drilling, to study soil and rock conditions.

隨著我們在能源領域的進步，我們也與能源部密切合作，因為我們的第一台商用發電廠將部署在愛達荷州國家實驗室。我們與能源部達成了協議備忘錄，授權 OO 開始進行關鍵的現場調查，這是一個重要步驟，使我們能夠進行必要的基礎工作以準備施工。根據此項批准，我們已經開始場地表徵活動，包括鑽探，以研究土壤和岩石條件。

Looking ahead, we are advancing the quality assurance program description for design, construction, and operations, which is currently in progress. These milestones reinforce Opel's strong regulatory momentum and clear path to deployment. Each step moves us closer to our goal of delivering advanced nuclear power through streamlined efficient regulatory approach.

展望未來，我們正在推進目前正在進行的設計、施工和運營的品質保證計劃描述。這些里程碑增強了歐寶強勁的監管勢頭和明確的部署路徑。每一步都使我們更接近透過精簡高效的監管方式提供先進核電的目標。

Additionally, the NRC is actively advancing the implementation of the Advance Act, which is modernizing the regulatory landscape for advanced nuclear. The key component of this effort is a significant reduction in licensing fees, making regulatory processes more accessible and cost effective for advanced reactor developers. The NRC has proposed cutting the hourly rate by nearly 55% for advanced reactor applicants. This change, set to take effect on October 1, 2025, directly lowers the financial burden of licensing.

此外，NRC 正在積極推動《先進法案》的實施，該法案正在使先進核能的監管環境現代化。此項努力的關鍵部分是大幅降低授權費用，使先進反應器開發商能夠更方便、更經濟地接受監管流程。NRC 提議將先進反應器申請者的時薪降低近 55%。該變更將於 2025 年 10 月 1 日生效，直接降低了許可的財務負擔。

Securing fuel is a critical priority for Oklo, and we continue to make strong progress. We have successfully secured fuel for our first core load at INL through a competitive selection process and our expanding access for future deployments. Our MOU with Centris establishes a long-term halo supply, ensuring a scalable domestic source. It is important to highlight Centrus is already producing Halo today and continues to scale their production. Beyond securing fuel, we are also collaborating with Lightbridge, who's developing next generation light water reactor fuels. We are exploring opportunities where Lightbridge could manufacture their fuel at our fuel fabrication facility, given we are both fabricating metallic fuel forms. Furthermore, we are working together on our recycling activities and evaluating the benefits of recycling used light bridge fuel into our reactors. With that, I'll turn it over to Craig for customer development, atomic outcomes, and financial updates.

確保燃料供應是奧克洛的首要任務，我們繼續取得重大進展。我們已透過競爭性選擇流程成功確保了 INL 首批核心負載的燃料，並擴大了未來部署的管道。我們與 Centris 簽署的諒解備忘錄建立了長期的光環供應，確保了可擴展的國內來源。值得強調的是，Centrus 如今已經在生產 Halo，並且持續擴大生產規模。除了確保燃料安全之外，我們還與正在開發下一代輕水反應器燃料的 Lightbridge 合作。鑑於我們都在製造金屬燃料，我們正在探索 Lightbridge 可以在我們的燃料製造工廠生產其燃料的機會。此外，我們正在共同進行回收活動，並評估將用過的輕橋燃料回收到我們的反應器中的好處。說完這些，我將把客戶開發、原子結果和財務更新交給 Craig。

Thank you, Jake. Opel's powerhouses are purpose-built to meet the growing energy needs of numerous customer segments, including AI data centers.

謝謝你，傑克。歐寶的動力裝置專為滿足包括人工智慧資料中心在內的眾多客戶群日益增長的能源需求而打造。

As Jake has already highlighted, our 50 megawatt design now offers the flexibility to deliver up to 75 megawatts of power, demonstrating our modular power offering can scale with customer demand and enabling Oplo to meet higher customer capacity with fewer deployments.

正如傑克已經強調的那樣，我們的 50 兆瓦設計現在可以靈活地提供高達 75 兆瓦的電力，這表明我們的模組化電源產品可以根據客戶需求進行擴展，並使 Oplo 能夠以更少的部署滿足更高的客戶容量。

We expect Oo powerhouses to have construction timelines of less than 18 months, providing a very competitive time to market option for nuclear reactors, and our cost-oriented design and engineering provides customers with competitive pricing.

我們預計 Oo 發電廠的建造時間將在 18 個月以內，為核反應器提供極具競爭力的上市時間選擇，而且我們以成本為導向的設計和工程為客戶提供了具有競爭力的價格。

OPO is capable of providing data centers with high reliability to the development of redundant powerhouse facilities and can deploy multiple powerhouse facilities to a single site that matches the phased deployment approach of data center campuses.

OPO 能夠為資料中心提供高可靠性，以實現冗餘發電設施的開發，並可將多個發電設施部署到單一站點，以符合資料中心園區分佈階段部署的方法。

Finally, Oakland's small land footprint enables the company to pursue a co-location model that provides customers with greater site flexibility and competing alternatives.

最後，奧克蘭較小的佔地面積使該公司能夠推行共置模式，為客戶提供更大的場地靈活性和競爭替代方案。

Moving to our next slide, I would like to highlight two product features that are really resonating with data center customers phase deployment and reliability.

轉到下一張投影片，我想強調兩個真正與資料中心客戶產生共鳴的產品特性：階段部署和可靠性。

The first product feature that our large customers like about Oakland's powerhouse approach is the ability to build and deploy multiple small powerhouses in parallel rather than relying on a single large scale plant with long lead times.

我們的大客戶喜歡奧克蘭發電站方法的第一個產品特點是能夠並行建置和部署多個小型發電站，而不是依賴交付週期較長的單一大型工廠。

This phase and modular expansion capability allows us to better align with specific customer timelines and capacity requirements. Our data center customers absolutely love the fa scaling capabilities of multiple reactor projects.

此階段和模組化擴展能力使我們能夠更好地適應特定客戶的時間表和容量要求。我們的資料中心客戶非常喜歡多反應器專案的 fa 擴展能力。

Moving to the next slide, I will talk about the second product feature that resonates with our data center customers, which is our ability to build in redundant powerhouses to achieve greater than 99% reliability. Reliability is critical for AI-driven data centers which operate 24/7 and require constant uninterrupted power.

在下一張投影片中，我將談論引起我們資料中心客戶共鳴的第二個產品特性，即我們能夠建立冗餘電源以實現超過 99% 的可靠性。對於全天候運作且需要持續不間斷電源的人工智慧資料中心來說，可靠性至關重要。

Even brief outages can result in significant data loss, service disruptions, and financial consequences. Unlike large scale reactors that can experience complete shutdowns for maintenance, our modular powerhouses are designed so that routine or even unexpected maintenance on one unit does not impact overall system performance when there are more than one facility built on site.

即使短暫的中斷也可能導致嚴重資料遺失、服務中斷和財務後果。與可能因維護而完全關閉的大型反應器不同，我們的模組化電站的設計使得當現場建造多個設施時，一個單元的例行甚至意外維護不會影響整個系統的性能。

This built-in redundancy can enable behind the meter operations as well as reducing the size of the customer's interconnect with the grid. I would now like to talk about our relationship with Switch. Our product market fit with the data center industry continues to be validated through major customer announcements. In December 2024, Ola announced it had secured one of the largest corporate power agreements in history.

這種內建冗餘可實現電錶後操作並減少客戶與電網的互連規模。現在我想談談我們與 Switch 的關係。我們的產品市場與資料中心產業的契合度不斷透過主要客戶公告得到驗證。2024 年 12 月，Ola 宣布已獲得史上最大的企業電力協議之一。

A 12 gigawatt master power agreement with Switch that could be deployed through 2044. For context, this is equivalent to 1% of the US grid capacity, which is a leader in designing, building, and operating, cutting edge, modular and scalable data centers. Their facilities support the most demanding AI, cloud and enterprise clients, requiring reliable and sustainable power solutions.

與 Switch 簽訂的 12 千兆瓦主電力協議可部署至 2044 年。就背景而言，這相當於美國電網容量的 1%，美國在設計、建造和營運尖端、模組化和可擴展資料中心方面處於領先地位。他們的設施支援最嚴苛的人工智慧、雲端和企業客戶，需要可靠且永續的電力解決方案。

Switch has been a leader in clean power procurement and believes nuclear is critical to the future of AI data center development and operations. This agreement is an example of putting a master partnership agreement in place and is the result of extensive collaboration to understand which's needs and tailor a solution that ensures long term energy reliability.

Switch 一直是清潔能源採購的領導者，並認為核能對於未來人工智慧資料中心的發展和運作至關重要。該協議是建立整體合作協議的一個例子，是透過廣泛的合作了解各方需求並制定確保長期能源可靠性的解決方案的結果。

It underscores OCA's role in powering next generation data infrastructure while establishing a significant long term revenue stream. Beyond just power delivery, this partnership lays the foundation for broader collaboration, aligning Olo's investment strategy, government and public affairs efforts, and supply chain optimization efforts to support large-scale deployment with a strategic customers.

它強調了 OCA 在推動下一代資料基礎設施發展並建立重要的長期收入來源方面所發揮的作用。除了電力傳輸之外，此次合作關係還為更廣泛的合作奠定了基礎，使 Olo 的投資策略、政府和公共事務工作以及供應鏈優化工作保持一致，以支援與戰略客戶的大規模部署。

We often get asked why Opel hasn't signed our purchase agreements or PPAs. The answer is that OPO is taking a measured approach to reduce risk to the company and get the most attractive terms for the company and our investors. We are looking to implement a comprehensive risk mitigated strategy, customer acquisition, and project execution.

我們經常被問到為什麼歐寶沒有簽署我們的購買協議或 PPA。答案是 OPO 正在採取一種審慎的方法來降低公司的風險，並為公司和我們的投資者爭取最具吸引力的條款。我們正在尋求實施全面的風險緩解策略、客戶獲取和專案執行。

On the previous slide, I talked about the Master Power Agreement or MTA that we have in place with Switch. Today we are signing NTAs with customers that establishes a framework for the overall partnership. Once a master power agreement is established, we use it as a platform for multiple partnership elements, which include power sales, corporate and asset investment, supply chain optimization, and public relations and permitting.

在上一張幻燈片中，我談到了我們與 Switch 簽訂的主電力協議 (MTA)。今天，我們與客戶簽署NTA，為整體合作建立框架。一旦建立主電力協議，我們就會將其作為多個合作要素的平台，其中包括電力銷售、企業和資產投資、供應鏈優化以及公共關係和許可。

The Master power agreement also establishes the starting point for PPA negotiations. NTAs start to define potential target sites or regions, total and phase power delivery, timing of capacity additions, and a pricing range. With this framework established, Olo can begin site feasibility analysis with customers and start specific PTA negotiations.

主電力協議也為電力購買協議 (PPA) 談判確立了起點。NTA 開始定義潛在的目標站點或區域、總和階段電力傳輸、容量增加的時間以及定價範圍。建立此框架後，Olo 可以開始與客戶進行場地可行性分析並啟動特定的 PTA 談判。

In addition, this structure lives and iterates as the market evolves and is not limited to customers. We are applying this structure with parties across our value chain from fuel supply to component manufacturing, creating a repeatable and scalable model for asset deployment that should enable Oklo to move quickly while maintaining capital efficiency.

此外，這種結構會隨著市場的發展而存在和迭代，並且不限於客戶。我們正在將此結構應用於從燃料供應到零件製造的整個價值鏈的各方，創建一個可重複、可擴展的資產部署模型，使奧克洛能夠快速行動，同時保持資本效率。

As a result of our efforts over the last 18 months, Oakland's customer pipeline has expanded significantly, driven primarily by growing data center demand. We've signed agreements across key customer segments with demand shifting towards our 75 megawatt powerhouse offer to meet large scale AI power needs.

由於我們過去 18 個月的努力，奧克蘭的客戶管道得到了顯著擴大，這主要得益於不斷增長的資料中心需求。我們已與主要客戶群簽署了協議，需求轉向我們的 75 兆瓦發電廠，以滿足大規模人工智慧電力需求。

Our pipeline has grown from 700 megawatts at the announcement of our business combination with Altse to over 14 gigawatts today, supported by major customers like Enix, Prometheus, Switch, and Diamondback Energy. As the demand accelerates, we continue to advance discussions with additional customers to further expand our pipeline. I'd now like to talk about our partnership with ARO.

在 Enix、Prometheus、Switch 和 Diamondback Energy 等主要客戶的支持下，我們的儲備能力已從宣布與 Altse 進行業務合併時的 700 兆瓦增長至如今的 14 千兆瓦以上。隨著需求的成長，我們將繼續與其他客戶進行討論，以進一步擴大我們的產品線。現在我想談談我們與 ARO 的合作關係。

Opel and Row are partnering to bridge the GAAP between today's power needs and the transition to advanced nuclear. This base model ensures data centers secure reliable power now while seamlessly moving towards a clean long term energy solution.

歐寶和 Row 正在合作將 GAAP 與當今的電力需求和向先進核能的過渡結合起來。此基礎模型確保資料中心現在能夠獲得可靠的電力，同時無縫地向清潔的長期能源解決方案邁進。

The approach has 3 phases. Phase one, immediate power deployment. Our power's natural gas generators should be in a position to be deployed within 24 months to meet urgent demand opportunities.

此方法分為三個階段。第一階段，立即部署電力。我們電力公司的天然氣發電機應該能夠在 24 個月內投入使用，以滿足緊急的需求機會。

Phase 2, transition to advanced nuclear. As Olo's Aurora powerhouses come online, they will integrate into these sites delivering new clean baseload power. Phase 3, long term energy resilience.

第二階段，向先進核能過渡。隨著 Olo 的 Aurora 發電廠投入使用，它們將融入這些站點，提供新的清潔基載電力。第三階段，長期能源恢復。

Over time, aurora powerhouses will become the primary energy source with our power generators shifting to an auxiliary power delivery role. This enhances grid stability, allowing our power to act as a good grid citizen with Oakland, supplying surplus power when needed. This approach meets urgent power needs today while enabling a clean, scalable energy future.

隨著時間的推移，極光發電廠將成為主要能源，而我們的發電機將轉變為輔助電力傳輸角色。這提高了電網穩定性，使我們的電力公司成為奧克蘭電網的良好公民，在需要時提供剩餘電力。這種方法滿足了當今迫切的電力需求，同時實現了清潔、可擴展的能源未來。

We have successfully closed the $25 million dollars acquisition of atomic alchemy. This transaction marks Oklo's strategic expansion into the high growth radioisotope market.

我們已成功完成對原子煉金術 2500 萬美元的收購。此次交易標誌著 Oklo 向高成長放射性同位素市場進行策略性擴張。

We view this as an extremely attractive bolt on acquisition that enhances Oakland's nuclear technology platform and diversifies our customer base to include critical industries such as space, defense, industrial applications, medical diagnostics, and semiconductor manufacturing.

我們認為這是一次極具吸引力的附加收購，它將增強奧克蘭的核技術平台，並使我們的客戶群更加多樣化，涵蓋航太、國防、工業應用、醫療診斷和半導體製造等關鍵產業。

This acquisition is not expected to have material near term operating cost increases for Oklo and does have the potential to accelerate revenues to the company through the sale of radioisotopes.

預計此次收購不會在短期內導致 Oklo 的營運成本大幅增加，但有可能透過銷售放射性同位素來增加公司的收入。

This transaction was primarily funded via stock and represented less than 1% of dilution to Oklo shareholders. Additionally, shares issued to the atomic Ame founders are subject to multi-year revesting to drive strong long-term alignment.

此次交易主要透過股票融資，對 Oklo 股東的稀釋作用不到 1%。此外，發行給原子 Ame 創始人的股票將經過多年的重新投資，以推動強大的長期協調。

The next slide focuses on some acquisition highlights. Atomic alchemy will enhance Oklo's technology portfolio and serve as a standalone radioisotope business with significant market potential. Acquisition highlights include the following massive market demand with limited supply.

下一張投影片重點介紹一些收購亮點。原子煉金術將增強 Oklo 的技術組合，並成為具有巨大市場潛力的獨立放射性同位素業務。收購亮點包括：市場需求龐大但供應有限。

The radioisotope market is projected to exceed 55 billion by 2026. With applications spanning medical imaging, cancer therapies, space and defense, and next generation semiconductor manufacturing. Meanwhile, aging facilities are struggling to keep up with demand, creating a critical supply GAAP.

預計到 2026 年放射性同位素市場規模將超過 550 億美元。其應用領域涵蓋醫學影像、癌症治療、太空和國防以及下一代半導體製造。同時，老化的設施難以滿足需求，從而產生了關鍵的供應 GAAP。

Benefits to OPO's energy and fuel business, Selecting high value radioisotopes from recycling co-products enhances the economics of fuel recycling. Third, growth opportunities. We are already exploring joint ventures with customers in radio pharmaceuticals and advanced silicon doping for semiconductor manufacturing, positioning Oplo for long-term success in high growth industries.

對 OPO 能源和燃料業務的益處：從回收副產品中選擇高價值放射性同位素可提高燃料回收的經濟性。第三，成長機會。我們已經在探索與放射性藥物和半導體製造先進矽摻雜領域的客戶建立合資企業，以使 Oplo 在高成長產業中取得長期成功。

Fourth and finally, revenue and milestone acceleration. Radioisotopes are among the most valuable materials on Earth.

第四，也是最後一點，收入和里程碑加速。放射性同位素是地球上最有價值的材料之一。

Take Actinium 225, for example, which sells for $400 per nanogram or an astonishing $400 billion per gram. With our recent acquisition of atomic alchemy, we are positioning Olo to capitalize on this high margin market. Our radio isotope demonstration project is already underway, and we could begin generating revenue as early as the first quarter of 2026, unlocking significant near term value for our business.

以錒225為例，其售價為每奈克 400 美元，即每克驚人的 4,000 億美元。透過我們最近對原子煉金術的收購，我們正在讓 Olo 利用這個高利潤的市場。我們的放射性同位素演示計畫已經在進行中，最快可在 2026 年第一季開始產生收入，為我們的業務釋放巨大的近期價值。

This acquisition is a true force multiplier accelerating our entry into the radioisotope sector. We are excited about the opportunities ahead and confident in the value this can create for our shareholders. I'd now like to talk about recent board appointments.

此次收購是真正的力量倍增器，加速我們進入放射性同位素領域。我們對未來的機會感到興奮，並相信這能為我們的股東創造價值。現在我想談談最近的董事會任命。

With Chris Wright's confirmation as the new US Secretary of Energy, Oklo needed to fill an open board seat. In doing so, we took the opportunity to strengthen our board by adding not just one but two exceptional leaders, Daniel Ponneman and Michael Thompson. Daniel Ponneman brings decades of experience in nuclear energy and national security. Most recently, he served as President and Chief Executive Officer of Centrus Energy, leading the company to profitability and deploying the first US-based technology uranium enrichment facility since 1,954.

隨著克里斯·賴特被確認為新任美國能源部長，奧克洛需要填補一個空缺的董事會席位。透過這樣做，我們藉此機會增強了我們的董事會，增加了兩位傑出的領導者，Daniel Ponneman 和 Michael Thompson。丹尼爾·龐尼曼 (Daniel Ponneman) 在核能和國家安全方面擁有數十年的經驗。最近，他擔任 Centrus Energy 的總裁兼首席執行官，帶領公司實現盈利並部署了自 1954 年以來第一座美國技術的鈾濃縮設施。

Before that, Dan was Deputy Secretary of Energy, overseeing energy technology and nuclear security, and playing a critical role in international nuclear negotiations and US energy security policy. Michael Thompson adds significant experience in capital markets and technology investments. As managing partner at Reinvent Capital, he has worked with some of the most innovative technology companies.

在此之前，丹曾擔任能源部副部長，負責監督能源技術和核子安全，並在國際核談判和美國能源安全政策中發揮關鍵作用。邁克爾湯普森 (Michael Thompson) 在資本市場和技術投資方面擁有豐富的經驗。身為 Reinvent Capital 的執行合夥人，他曾與一些最具創新性的科技公司合作。

Previously, he founded and led BHR Capital, a New York-based hedge fund, and has served as an investor and board advisor across multiple high growth sectors. With these additions, Oakland's board is well positioned to guide the company through its next phase of growth, ensuring strong governance as we execute on our strategy to deliver advanced nuclear power.

此前，他創立並領導了位於紐約的對沖基金 BHR Capital，並擔任多個高成長產業的投資者和董事會顧問。有了這些新成員，奧克蘭董事會將有能力指導公司進入下一階段的成長，確保在我們執行先進核電策略的同時，實現強而有力的治理。

I'll now provide a summary of our financials. Opel's full year operating loss was $52.8 billion. This included a one-time fair market value expense of $7.8 million related to earnout shares payable to Oakland staff who held dusted option at the time of SPAC closing, as well as $4.7 million of non-cash stock-based compensation expense.

我現在將提供我們的財務狀況摘要。歐寶全年營業虧損528億美元。其中包括一次性公允市價費用 780 萬美元，與在 SPAC 交易完成時持有粉塵選擇權的奧克蘭員工應付的獲利股票有關，以及 470 萬美元的非現金股票薪酬費用。

When adjusting for these non-cash amounts that were not included in our original 2024 budget, you get to $40.3 million which is at the low end of our forecasted range of $40 to $50 million. In preparing our year-end consolidated financials, Opal made two changes related to the accounting presentation associated with our business combination with Alt that occurred in the 2nd quarter of 2024.

當調整我們最初的 2024 年預算中未包含的這些非現金金額時，您會得到 4030 萬美元，這處於我們預測的 4000 萬至 5000 萬美元範圍的低端。在編制我們的年終合併財務報表時，Opal 對 2024 年第二季與 Alt 的業務合併相關的會計列報進行了兩項更改。

First, management received additional guidance that led us to reduce the fair market value of our safe notes at the closure by $2.1 million improving our full year net loss to $73.6 million. Second, we were directed that the tabular presentation of the deemed dividend on our quarterly income statement for earn out and founder shares was not required, that this was already covered in the accompanying footnotes.

首先，管理層收到了額外的指導，促使我們將收盤時安全票據的公平市場價值降低 210 萬美元，從而將全年淨虧損改善至 7,360 萬美元。其次，我們被告知，不需要在季度損益表中以表格形式列示盈利和創始人股份的視同股息，因為這已經在隨附的腳註中涵蓋。

We elected to reflect this as a material weakness in section 9b other information in our 10K for 2024 in the area of infrequent and complex accounting. It should be noted that these changes come from our business combination transaction that close in the second quarter and actually result in improvement to our financial statements by minimizing our net loss attributed to common stockholders from a loss of $563 million to a loss of $73.6 million.

我們選擇將此作為 2024 年 10K 第 9b 節其他資訊中在非頻繁和複雜會計領域的重大缺陷來反映。值得注意的是，這些變化源自於我們在第二季完成的業務合併交易，並且實際上透過將歸屬於普通股股東的淨虧損從 5.63 億美元減少至 7,360 萬美元而改善了我們的財務報表。

We are working to address this material weakness and expect to have it remediated by Europe. Oakland's full year cash use and operating activities was $38.4 million. This balance is derived from a net loss of $73.6 million partially offset by $40.4 million in non-cash impacts. These non-cash impacts included $27.9 million of fair market value charges associated with the previously converted safe notes, as well as non-cash stock-based compensation charges of $12.5 million.

我們正在努力解決這一重大缺陷並希望歐洲能夠予以糾正。奧克蘭全年現金使用和營運活動為 3840 萬美元。該餘額來自 7,360 萬美元的淨虧損，部分被 4,040 萬美元的非現金影響所抵銷。這些非現金影響包括與先前轉換的安全票據相關的 2,790 萬美元的公平市價費用，以及 1,250 萬美元的非現金股票薪資費用。

Finally, at the end of the year, cash and marketable securities were at $275.3 million primarily driven by the $276 million in proceeds that of fees received at the closing of our business combination. This cash balance generated approximately $7.7 million in interest income in 2024.

最後，截至年底，現金和有價證券為 2.753 億美元，主要得益於我們業務合併結束時收到的 2.76 億美元費用收益。該現金餘額在 2024 年產生了約 770 萬美元的利息收入。

Looking forward to 2025, we expect the cashews and operations to be in the range of $65 million to $80 million. This year-on-year growth from 2024 is driven by increases in head count, initiation of procurement activities in support of our first powerhouse at the Idaho National Labs, license application fees.

展望 2025 年，我們預計腰果和營運收入將在 6,500 萬美元至 8,000 萬美元之間。從 2024 年開始的年增長主要是由於員工人數增加、為支持愛達荷國家實驗室的第一個發電站而啟動的採購活動以及許可證申請費。

Progressing activities in support of fuel recycling and a small increase resulting from our recently acquired atomic alchemy business. To close, we believe there are 6 factors that make Oklo such a compelling investment proposition.

推動支持燃料回收的活動以及因我們最近收購的原子煉金術業務而帶來的小幅增長。最後，我們認為有六個因素使得奧克洛成為如此引人注目的投資選擇。

First, technology and size they are based on proven fast reactor technologies that we look to deploy at scale to reduce complexity, cost, and time delivery. Second, an attractive business model that is customer oriented and enables recurring revenue and profits. Third, superior economics that can deliver power at competitive cost.

首先，技術和規模它們基於成熟的快堆技術，我們希望大規模部署這些技術，以降低複雜性、成本和交付時間。第二，以客戶為導向、能夠實現經常性收入和利潤的富有吸引力的商業模式。第三，卓越的經濟性，能夠以有競爭力的成本提供電力。

Fourth, a diverse and growing customer base with interest across multiple market sectors. Fifth, a streamlined approach to regulatory approval underpinned by our combined license 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.

第四，客戶群多元化且不斷成長，興趣涉及多個市場領域。第五，我們採用合併後的許可證申請流程作為監管審批的簡化方法，該流程充分利用了我們與核管會多年合作的經驗。最後，充足的資本資產負債表為我們實施業務策略奠定了良好的基礎。

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

最後，我要感謝您抽出時間。傑克和我現在開始回答問題。謝謝。

(Operator Instructions) Ryan Pfingst, B. Riley.

（操作員指令）Ryan Pfingst，B. Riley。

Hey guys, thanks for taking my questions. First, what's the decision to go from 50 megawatts to 75 driven by customers you already have in your pipeline or potential customers you're talking to today, and do you see obvious benefits for your economics with the greater output?

嘿夥計們，謝謝你們回答我的問題。首先，將發電量從 50 兆瓦增加到 75 兆瓦的決定是基於您現有的客戶或您正在洽談的潛在客戶做出的，您是否看到更大的發電量會給您的經濟帶來明顯的效益？

Yeah, thanks, Ryan. So a lot of it is built off of, kind of what we're seeing in the market come together from the customer interest that that where we see sort of the data center architectures, progressing.

是的，謝謝，瑞安。所以很多都是建立在我們在市場上看到的客戶興趣之上的，我們看到資料中心架構不斷進步。

There's a sweet spot that kind of lives between 50 and 75 and probably more of it really between 60 and 72. Probably more specifically, but in that range that's really well targeted at our site like basically being at that size matches really where really well where we see kind of that range existing so it just made sense given that we have some latent extra capacity just through the design process for margin to be able to go up that high and provide that flexibility and do that now rather than kind of. Sort of trim like basically keep the system more, say, targeted at 50 and limit some of the upside, so we just kind of unlock that in there and focus on making sure we can get up all that all the way to that number.

最佳壽命是 50 至 75 歲之間，但 60 至 72 歲之間則更為理想。可能更具體地說，但在那個範圍內，它確實很好地針對了我們的站點，就像基本上那個大小匹配真的非常好，我們看到那個範圍存在，所以它是有意義的，因為我們有一些潛在的額外容量，只是通過設計過程，保證金能夠上升到那麼高，提供那種靈活性，現在就做到這一點，而不是那種。有點像修剪，基本上保持系統更加穩定，比如說，以 50 為目標，並限制一些上行空間，所以我們只是在那裡解鎖它，並專注於確保我們能夠一直達到這個數字。

So very much a customer informed designed, kind of I would say. Decision if that makes sense. And just to be a little more specific, you might, people talk about gigawatt scale data centers, and that's awesome and exciting to see how that's going to come together, but many of the actual buildings that make up a campus because it's really going to be a campus that makes up a gigawatt scale.

所以我想說，這在很大程度上是一種以客戶為中心而設計的。如果有意義的話就做出決定。更具體地說，人們可能會談論千兆瓦級的資料中心，看到它如何組合在一起真是令人興奮和驚嘆，但許多實際的建築物組成了一個校園，因為它真的將是一個千兆瓦級的校園。

These kind of buildings, these structures are smaller than that and the sort of subunit or if you will, in those actual like data center buildings by themselves is really this kind of data hall architecture as we refer to it is really living in that kind of 50 to 75 megawatt range, which is why we decided to go to that, each different customer set has their own design, their own approach, so it does kind of have some range on that, but given Kind of the lower relative parts of the CapEx for us, on the plant that's non-fuel related, it gives us a little more flex to accommodate that.

這些類型的建築物，這些結構比那要小，並且在那些實際的數據中心建築物中的子單元或如果你願意的話，實際上就是我們所說的這種數據大廳架構，它實際上處於 50 到 75 兆瓦的範圍內，這就是我們決定這樣做的原因，每個不同的客戶群都有自己的設計，自己的方法，所以它確實有一些靈活性，我們給我們資本範圍的更多

And then we just size the core accordingly to make sure we match and live with what we need to do between sort of that 1,575 range. But generally speaking, I think we're going to see some general convergence that increasingly moves that number to exist pretty well between that 60 and sort of just, basically 75 megawatt number. But it works pretty favorably to tie into what they need at their core IT as well as heating and cooling loads at the sizes.

然後，我們只需相應地調整核心大小，以確保我們匹配並滿足 1,575 範圍內需要做的事情。但總體而言，我認為我們將看到某種普遍的趨同，即該數字將逐漸穩定在 60 兆瓦和 75 兆瓦之間。但它能夠非常有效地滿足他們的核心 IT 需求以及規模的加熱和冷卻負載。

And right, it's Craig, there will be some, absolute economic benefits as well because just, on the surface if we have a customer who wants 150 megawatts of power delivered it now moves that from 3 powerhouses at 50 to 2 powerhouses at 75, and so there'll be some economies of scale there.

是的，克雷格說，這也將帶來一些絕對的經濟效益，因為從表面上看，如果我們有一位客戶想要 150 兆瓦的電力，那麼現在需要的電力將從 3 個 50 兆瓦的發電站減少到 2 個 75 兆瓦的發電站，因此會有一些規模經濟。

Got it. I appreciate that detail. I'll stick to the customer side. Now that you have a pipeline of 14 gigawatts, do other potential customers see that and think, Olo is is pretty full. I'd better seek out power elsewhere, or are your discussions progressing at the same pace following your announcement of the switch agreement?

知道了。我很欣賞這個細節。我會堅持站在客戶的角度。現在您擁有 14 千兆瓦的管道，其他潛在客戶看到這一點是否會認為 Olo 已經相當滿了。我最好去別處尋求權力，還是在你們宣布轉換協議後，你們的討論是否以同樣的速度進展？

Yeah, I think it, I mean, generally speaking, I think it actually in some ways kind of accelerates for some, because now it's like, oh shoot, like, we want to, we don't want to miss out on this. We don't want to lose out on this. But, our kind of dynamic with customers and our engagement, as Craig talked about is iterative based on, what makes the most sense to engage folks when it, when and how and kind of bring a little bit more to the table accordingly. And so at the end of the day, I think.

是的，我認為，我的意思是，一般來說，我認為它實際上在某種程度上對某些人來說是一種加速，因為現在就像，哦，該死，就像，我們想要，我們不想錯過這個。我們不想失去這個機會。但是，正如 Craig 談到的，我們與客戶之間的動態關係以及我們的參與是迭代的，基於什麼最有意義，何時、何時、如何與人們互動，並相應地帶來更多好處。所以到最後我是這樣認為的。

There's a bit of scarcity effect that that is that is existing now and I imagine will probably increase, and generally speaking that's going to be pretty positive to us but then accordingly we'll kind of see how that unfolds as things progress in terms of what there might be an effect on some folks being like, oh that's pretty, but okay, Oakland might be pretty full up. But I think what we see is more folks being like, okay, we want to get in to TRY to figure out how to work with you guys and also what can we do to help expand that bandwidth and capacity. So there's, you can do more, and I think that's a little bit of a more gets more here, and that's really how we're trying to like structure, how and who we work with.

現在存在一些稀缺效應，我想這種效應可能會加劇，一般來說，這對我們來說是相當積極的影響，但隨後我們會看看隨著事態的發展，這種情況會如何發展，有些人會覺得，哦，這很不錯，但是，奧克蘭可能會很擁擠。但我認為我們看到更多的人會說，好吧，我們想嘗試弄清楚如何與你們合作，以及我們能做些什麼來幫助擴大頻寬和容量。所以，你可以做更多的事情，我認為在這裡，更多的事情會得到更多，這正是我們真正嘗試的結構、我們如何工作以及與誰合作。

Jeffrey Campbell, Seaport Research.

傑弗裡·坎貝爾，海港研究。

Good afternoon and congratulations on a pretty strong year. Jake, regarding the increased range of the powerhouse to 50 to 75 me, does this require any kind of change in your total license approach or is this already covered, or what kind of effect is that thing?

下午好，恭喜您度過了非常豐碩的一年。傑克，關於將強力器的範圍增加到 50 到 75 毫米，這是否需要對您的整體許可方法進行任何類型的更改，或者這已經涵蓋了，或者那是什麼樣的影響？

Yeah. And really try to keep it so that it's a pretty minimal effect, in general, like just everything we're doing to support kind of going to the 50, yes, basically is accommodating to this, there are of course a few, things that we need to be mindful of, but in general, like all the infrastructure and everything we have and all the design and analysis work, all those kind of things accommodate this pretty well and if you think about what this is. Really doing is this is giving us a platform that allows us to go between 15 and 75. That's pretty unconventional nuclear because people again, typically think of very fixed heavy CapEx of the plant dominating the cost profile.

是的。並真正嘗試將其保持在非常小的影響範圍內，總的來說，就像我們為支持達到 50 所做的一切，是的，基本上都是適應這一點的，當然有一些事情我們需要注意，但總的來說，就像所有的基礎設施和我們擁有的一切以及所有的設計和分析工作，所有這些事情都很好地適應了這一點，如果你想想這是什麼。這實際上為我們提供了一個平台，使我們能夠在 15 到 75 之間前進。這是非常非常規的核能，因為人們通常認為，工廠固定的沉重資本支出主導著成本狀況。

So you want to maximize the power output. Well, because of the benefits of, what liquid sodium affords you and kind of our design approach, you actually have a little more flex on that side and you become more, a little bit more sensitive and driven by the fuel side, relatively speaking. And that gives you some more room than to say, okay, if I need to be at 50, here's the number I'll be at. If I need to be at 75, here's the number I'll be at, because I have, less fuel and more fuel, respectively. And that gives you that flexibility then to match customer demand and some of the economic side.

所以你想最大化功率輸出。嗯，由於液態鈉帶來的好處和我們的設計方法，你實際上在那方面有更多的靈活性，相對而言，你會變得更加敏感，並受到燃料方面的驅動。這樣你就有了更多的空間，而不是說，好吧，如果我需要達到 50，那麼這就是我要達到的數字。如果我需要達到 75，那麼這就是我的數字，因為我的燃料更少，燃料更多。這樣您就能靈活地滿足客戶需求和一些經濟方面的問題。

As Craig said, of course, there are some benefits on the 75 just because you kind of get a scaling benefit on, fuel efficiency getting a little bit bigger. But at the end of the day, all of these sizes kind of keep us inside of a nice realm where the work. Doing on the licensing side carries over. That's also a reason why staying at the size range is important for us. As you, if you do get much bigger here, you do start to dip into a world where some of the -- a lot like you'll start needing to do more things that kind of go outside of the envelope of what we've been doing on the regulatory front to date. So it's a very intentional to be mindful about those considerations and works out pretty well that, we're in this kind of sweet spot in the market right now.

正如 Craig 所說，75 當然也有一些好處，因為你可以獲得規模效益，燃油效率會更高一些。但最終，所有這些尺寸都會讓我們處於一個良好的工作範圍內。許可證方面的工作將繼續進行。這也是為什麼保持尺寸範圍對我們來說很重要的原因。如果你在這裡確實變得更大，你就會開始進入這樣一個世界，在那裡，你會開始需要做更多的事情，這些事情超出了我們迄今為止在監管方面所做的事情的範圍。因此，我們有意考慮這些因素，並且結果非常好，我們現在正處於市場中的這種最佳狀態。

And Jeff, we counter through the slides pretty quickly, but if you go back to slide 10, it does talk about no new technical or design risk to achieve the larger power output, which is pretty important.

傑夫，我們很快就透過幻燈片進行了反駁，但如果你回到第 10 張幻燈片，它確實談到了沒有新的技術或設計風險來實現更大的功率輸出，這是非常重要的。

Okay, great. And I'll stick with one more regulatory question can you describe broadly what the readiness assessment. Entails and does it de-risk your actual cola application to any extent.

好的，太好了。我還想問一個監管問題，您能否大致描述一下準備狀況評估。它是否在某種程度上降低了您實際使用可樂的風險？

Yeah, I think, it's a great question. So how we're approaching, our application on this go is, it's kind of a structured submission of a first phase and then a second phase where you're putting in sort of this initial work on studying environmental and some other, dynamics that were being evaluated there, but ahead of that we're doing a readiness assessment, which is an optional kind of thing you can do with the NRC to basically do a pre-review.

是的，我認為這是一個很好的問題。因此，我們目前處理申請的方式是，第一階段是一種結構化的提交，然後是第二階段，您將在其中進行初步工作，研究環境和其他正在評估的動態，但在此之前，我們正在進行準備情況評估，這是您可以與 NRC 一起進行的一種可選工作，基本上是進行預審查。

It's something we've intended to do as kind of a key takeaway and lesson learned from our prior regulatory experience, and leading up to this, right, because it's continual and dynamic, to basically make sure we're all sort of working on the same page. It pre-converges us, it pre-converges the NRC to kind of have a good efficient review process accordingly. It's been a pretty clear point of benefit, based on some recent regulatory actions by the NRC that the readiness assessment is supportive of that.

這是我們打算做的事情，作為從以前的監管經驗中學到的關鍵教訓和經驗，因為它是持續的和動態的，基本上是為了確保我們都在同一頁上工作。它預先聚合了我們，也預先聚合了 NRC，從而擁有良好且有效率的審查流程。根據核管會最近採取的一些監管行動，準備情況評估支持這一點，這是一個相當明顯的好處。

So yeah, it's a way to de-risk, both the content, the timeline of the review, and position everyone for not just success but more efficiency as a result. So that, that's how we're approaching this to lead into that review, here. So it's pretty exciting stuff for us to come here next week.

是的，這是一種降低風險的方法，既包括審查的內容，也包括審查的時間表，並且讓每個人不僅獲得成功，而且提高效率。這就是我們處理這個問題並進行審查的方法。因此我們下週來這裡是件非常令人興奮的事情。

Vikram Bagri, Citi.

花旗銀行的維克拉姆‧巴格里 (Vikram Bagri)

Hi, thanks for taking the question. It's Ted on for. Just wanted to follow up on that. Is there any initial feedback you could share on your discussions with the NRC as you work towards that pre-application readiness assessment, just in terms of kind of, how many meetings you've been having, what sort of discussions you're having.

你好，謝謝你回答這個問題。由 Ted 上場。只是想跟進一下這一點。在您進行預申請準備評估的過程中，您是否可以分享您與 NRC 討論的初步回饋，例如，您舉行了多少次會議，進行了什麼樣的討論。

And then in terms of timing, I think the letter mentioned that you're expecting the cola to be submitted this year. Is the plan to do that once, certain aspects of the advanced acts become effective? So should we be expecting that sometime in the 4th quarter?

然後就時間而言，我認為信中提到您預計可樂將於今年提交。是不是計劃一旦實施，某些先進行為就會生效？那麼我們是否應該預期這一情況會在第四季的某個時候出現？

So yeah, I mean, the engagement with the NRC is pretty continual. I don't actually have the latest number in terms of the total tally of meetings we've had, but it's like over, between, meetings and, reports missions, everything like that it's over 600, since we started working with them back in 2016 and then the number is almost changing. Well, it is changing pretty much by the week and so.

是的，我的意思是，與 NRC 的合作是相當持續的。我實際上沒有我們舉行過會議總數的最新數字，但自從我們在 2016 年開始與他們合作以來，會議、報告任務等已經超過 600 場，而且這個數字幾乎一直在變化。嗯，它每週都會發生很大變化。

But yeah, I mean, basically, you know what all this work is for is right, we're developing the application to content and what that is is really saying, okay, here's how we're going to meet the regulatory requirements that are outlined in the code of federal regulations and then, making sure that that is, the owner is able to spend some time understanding that and then using that to inform how they're going to do their independent safety analysis and their independent review that they have to do, and so spending some time to kind of work through that and then readiness assessment.

但是的，我的意思是，基本上，你知道所有這些工作的目的是什麼，我們正在開發應用程式的內容，這實際上是在說，好吧，我們將如何滿足聯邦法規中概述的監管要求，然後確保所有者能夠花一些時間理解這一點，然後利用它來告知他們將如何進行獨立安全分析和他們必須進行的獨立審查，因此花一些時間來完成這項工作，然後準備好進行評估。

Put them in a position where they have, they go through the exercises to be like, okay, here's what we here's here's the actual sort of approach we need in the review to make sure that everything is in place until then accordingly, it is incredibly valuable. So, hitting face on that here is going to be super useful to then move quickly into submitting the application thereafter. One reference point that I think is important here is TerraPower's, construction permit work, is, they did a readiness assessment and.

讓他們處於這樣的位置，透過練習，他們會知道，好吧，這就是我們在審查中需要的實際方法，以確保一切都已準備就緒，因此，這非常有價值。因此，在這裡了解這一點將非常有用，然後可以快速提交申請。我認為這裡重要的一個參考點是 TerraPower 的施工許可工作，他們進行了準備評估。

Possibly quickly thereafter submitted a construction permit, and there's been recent news that the state had had a schedule on that review. So you can see why, like, that's a very, and that's, it's a very similar techno technology set to ours. So this is why doing this for a cola is probably even more valuable, and which is why we're doing it. To the rest of your question, yeah, I mean, we're targeting submitting the rest of the full cola, by the end of the year. The timeline is going to depend a bit on sort of the, how the readiness assessment, feedback. Affects sort of the timing of the phase one submission, but most likely, we, I mean, given that the advanced act takes effect on October 1, it's going to, we're we're targeting Q4, just because the benefits of that are pretty important to be fully scoped under.

可能隨後很快就提交了建築許可證，最近有消息稱，州政府已經對該審查制定了時間表。所以你可以明白為什麼那是一個非常，那是，那是與我們的技術非常相似的技術。所以這就是為什麼對可樂這樣做可能更有價值，這也是我們這樣做的原因。對於您問題的其餘部分，是的，我的意思是，我們的目標是在今年年底前提交完整可樂的其餘部分。時間表將在一定程度上取決於準備評估和回饋。這會影響第一階段提交的時間，但最有可能的是，考慮到高級法案將於 10 月 1 日生效，我們的目標是第四季度，因為其好處非常重要，需要全面考慮。

On it, that's very helpful. And just in terms of the OpEx outlook, for this year, just kind of curious like what are the main drivers there, how should we be thinking about, cash from operations, this year relative to last, with that lower hourly fee rate from the NRC is that factored into the, to the OpEx outlook as well?

對此，這非常有幫助。就今年的營運支出前景而言，我很好奇，主要的驅動因素是什麼，我們應該如何考慮今年相對於去年的營運現金流，考慮到 NRC 較低的小時費率，這是否也影響到了營運支出前景？

Yeah, so, it's Craig. So I gave a range of 65 million to 80 million and incorporated in that range is the potential is the upside that we get from the lower NRCPs, but those really don't go into effect until October. So that's probably more of a next year impact than this year impact. In terms of, what are going to be the uses of that increase, we can continue to bring on more staff. Jake talked in his portion of the slides around the work we're doing at INL to get the site ready for deployment. We are continuing to advance things on the recycling front and seeing activity scale up there, and I think I said at the last update that we expected atomic Alchemy to add, circa 3 million to 6 million to our overall burn rate, and we're still very much within that range post deal completion.

是的，他是克雷格。因此我給出了 6500 萬到 8000 萬的範圍，並將從較低 NRCP 中獲得的潛力納入該範圍，但這些實際上要到 10 月才會生效。因此，這對明年的影響可能比今年的影響更大。至於增加的薪資有何用途，我們可以繼續招募更多員工。傑克在幻燈片的他那部分談到了我們在 INL 為做好部署準備而進行的工作。我們正在繼續推進回收方面的工作，並看到那裡的活動規模不斷擴大，我記得我在上次更新時說過，我們預計原子煉金術將為我們的整體消耗率增加約 300 萬到 600 萬美元，而交易完成後，我們仍然在這個範圍內。

Eric Stine, Craig Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi, Jake. Hey, so earlier question just talking about scarcity value as your pipeline fills up, just want to take it a step further. I'm curious, how is that kind of changed discussions or driven discussions around prepayments, such as you've got with Equinix? I mean, is that something that, counterparties out there looking at it as a way to potentially, you know. Get up further in line secure a spot. I'm just curious how that's playing out.

嗨，傑克。嘿，之前的問題只是談論當你的管道填滿時的稀缺價值，只是想更進一步。我很好奇，您與 Equinix 就預付款問題進行的討論有何變化或推動作用？我的意思是，這是否是交易對手將其視為潛在方式？排隊時請往前走一點，確保有一個位置。我只是好奇事情會如何發展。

Yeah, it's a great question. I mean, I think, what we're learning, and it's been interesting is one, each customer has different, I would say different things that matter to them and different tools in their toolbox accordingly. And so, well, what Craig, like the important thing about what we've learned and how we've adapted kind of our engagement with them as Craig pointed to, we definitely could have jumped into finding some PPAs and, probably left a lot of value for everybody on the table accordingly, right?

是的，這是一個很好的問題。我的意思是，我認為，我們正在學習的是，而且有趣的是，每個客戶都有不同之處，我會說對他們來說重要的事情不同，他們的工具箱裡有不同的工具。所以，好吧，克雷格，就像克雷格指出的那樣，我們所學到的重要一點以及我們如何調整與他們的互動，我們絕對可以立即找到一些 PPA，並且可能為桌面上的每個人留下很多價值，對吧？

And so it's important for us to kind of scope out what makes the most sense for everybody, through how we can structure master partnership agreement and find different ways to work with folks. And, I think the flavor of that is. Of that kind of pre-payment or similar structures is going to take a lot of different. Well, I'm afraid that it's going to have a lot of different flavors based on what we're learning so far, everything from prepayment like we saw directly there to the potential for.

因此，對我們來說，重要的是透過如何建立主合作協議並找到與人們合作的不同方式，找出對每個人來說最有意義的事情。我認為這就是它的味道。這種預付款或類似的結構將會帶來很多不同。嗯，根據我們目前了解的情況，我擔心它會有很多不同的風格，從我們直接看到的預付款到潛力。

Strategic investment as a possibility if that makes sense for both parties. There's some reasons that may or may not make sense for all of us, of course, the possibility of, sort of off balance sheet kind of joint venture approaches, the possibility of direct supply chain procurement, the possibility of land lease and kind of value kind of work like that, even just the actual in-kind value of doing work, like engineering siding and different work like that. I mean, that's one of the things that on the switch. I'm particularly excited about that I think is kind of a little bit underappreciated because, it's a huge opportunity. I mean, 12 gigawatts is a hard number to get your head around.

如果對雙方都有意義的話，戰略投資是一種可能性。當然，有些原因對我們所有人來說可能有意義，也可能沒意義，例如表外合資方式的可能性、直接供應鏈採購的可能性、土地租賃的可能性以及類似的價值工作，甚至只是實際完成工作所產生的實物價值，例如工程壁板和類似的不同工作。我的意思是，這是開關上的事情之一。我對此特別興奮，我認為這一點有點被低估了，因為這是一個巨大的機會。我的意思是，12千兆瓦是一個很難理解的數字。

But the reality is like their position for all this massive, right, growth, given kind of their positioning in the industry and their leadership, especially in high density compute. But their attention to detail and their focus on how they do design, engineering procurement construction. And that we, I was captivated by that the first time I met them, and how similar I saw some of what they do is to what we do. And as a result, like the ability to kind of, I'm going to use the term co-accelerate, deployment by working with them and tapping into their engineering capabilities resource, on the sort of full stack engineering procurement construction side. Is really helpful for us.

但現實情況是，考慮到他們在行業中的定位和領導地位，特別是在高密度計算領域，他們在這種大規模增長中所處的地位是合理的。但他們注重細節並專注於如何進行設計、工程採購施工。我第一次見到他們時就被這一點迷住了，我發現他們所做的事情與我們所做的事情有多麼相似。因此，我將使用「共同加速」這個術語，透過與他們合作並利用他們的工程能力資源，在某種全端工程採購建設方面進行部署。對我們真的很有幫助。

I mean, it's the preconditioning and acceleration of working with a group that's actively already building a lot of facilities that has some direct carryover. It can be difficult to overstate the value of that, right? So being able to slide into some of those pieces and work towards the sites is very promising and very exciting. So there's a lot of in-kind value that comes off that doesn't show up directly on the balance sheet, but helps to accelerate everything across the board. In that sense, so accordingly, I think there's a lot of flavors, and each customer has different tools in a toolbox and a different appetite accordingly. And our view is just working with the ones that kind of help us, maximize value for everybody and help us get a, position to do what actually needs to get done, which is build plants and produce power, and then, have them use the power. That's what we're ultimately working towards.

我的意思是，這是與一個已經積極建造大量設施的團體合作的先決條件和加速，這些設施有一些直接的延續性。很難誇大其價值，對吧？因此，能夠參與其中並致力於這些項目是非常有希望和令人興奮的。因此，許多實體價值不會直接顯示在資產負債表上，但有助於全面加速一切進程。從這個意義上來說，我認為有很多種口味，每個顧客的工具箱裡都有不同的工具，因此也有不同的胃口。我們的觀點是與那些能夠幫助我們、為每個人實現價值最大化並幫助我們完成真正需要完成的工作的人合作，即建造工廠、生產電力，然後讓他們使用這些電力。這正是我們最終努力的目標。

And since there's several different initial steps that can help us get there, this master power kind of like. And master sorry master power agreement structure allows us to define those partnerships and structure them and then iteratively grow those things, because the more you get to know a site, the customer, the more you find that certain levers are higher impact than other levers and so you want to work with them to pull those accordingly. So it's kind of a long-winded answer but that's how we're seeing it structure out. So definitely the opportunity for that and other types of things that have a similar kind of upside benefit.

由於有幾種不同的初始步驟可以幫助我們到達那裡，這種主力量有點像。並且，對不起，主權力協議結構使我們能夠定義這些合作夥伴關係並對其進行構建，然後迭代地發展這些事物，因為您越了解站點和客戶，您就越會發現某些槓桿比其他槓桿的影響力更大，因此您想與他們合作以相應地拉動這些槓桿。因此，這是一個有點冗長的答案，但這就是我們看到的它的結構。因此，這肯定是一個機會，而且還有其他類型的事情具有類似的上行效益。

Yeah, no, that's a great answer. Thank you for that. And maybe just for my follow up just on atomic alchemy, you mentioned potential that we see revenues initial in first quarter of 26, and you mentioned the demonstration project. Could you just lay out some of the signposts to look for, so we can kind of track if in fact, things are on track for that first quarter of 26 or, any of the factors that might push that out a bit.

是的，不，這是一個很好的答案。謝謝你。也許只是為了跟進原子煉金術，您提到了我們在 26 年第一季看到的初始收入的潛力，並且您提到了示範項目。您能否列出一些需要注意的路標，以便我們能夠追蹤 26 年第一季的事情是否順利，或者是否有任何因素可能會稍微推遲這一進度。

Yeah, so, there's this is a fun part of the business that's going to have a lot of upside of its kind of continual illumination occurs here, from the sort of, just like edification perspective is what I mean with that.

是的，所以，這是業務中一個有趣的部分，它將帶來很多好處，在這裡會發生持續的啟發，從某種程度上來說，就像啟蒙的角度來看，這就是我的意思。

I think there's a couple of watch points of how that's going to progress accordingly with different, progress at their facilities and capabilities that, build out, with what they're doing out in Idaho and potentially other sites, and then also their ability to source some of these different materials, and tap into that, and then couple that within, if you think about what they're doing, there's a couple of main major kind of points of value creation they have, right? One is on, being able to do the kind of near-term work. The other is like pull out some existing materials from either, existing sort of reserves of radionuclides that are kind of untapped or, like, priorly used sources and radio therapy devices.

我認為有幾個值得關注的點，那就是隨著他們在愛達荷州和其他潛在站點的設施和能力的進步，以及他們採購這些不同材料的能力，並利用這些材料，然後將它們結合起來，如果你考慮一下他們在做什麼，你會發現他們有幾個主要的價值創造點，對嗎？一是能夠做好一些近期的工作。另一種是從現有的尚未開發的放射性核素儲備或以前使用過的放射源和放射治療設備中提取一些現有材料。

Then the other is, the opportunity to actually directly produce. With their own reactor design and approach, it's very different than a power reactor, and it's very cool to see how this stuff works, but basically, you build a reactor that's main product is neutrons, and then you put materials in that reactor to absorb neutrons and turn into other elements. I mean, it literally is alchemy, which is what's so cool about.

另一個是實際直接生產的機會。他們有自己的反應器設計和方法，與動力反應器有很大不同，了解這些東西的工作原理非常酷，但基本上，你建造一個主要產品是中子的反應堆，然後你把材料放進反應堆來吸收中子並轉化為其他元素。我的意思是，它實際上就是煉金術，這就是它如此酷的地方。

And then, and that produces incredibly high value materials. And one of the things we really like about their approach is they're leveraging very mature technology sets. They're not trying to build these hyper exotic designs on the reactor side that give you the highest absolute performance, but at a marginally massive cost. And that's something that's easy to fall into because, the marginal economics, the unit economics of some of these materials are so high, it's like, oh, I may as well. I can pay for building out sort of this like Lamborghini of a reactor when really you just need like a Ford F-150. Maybe that's the best analogy, maybe better to pick a Toyota Camry, but like, use a simpler, cheaper machine, it gives you 20, 80% of what you need, but does it, in bulk and you get it built a lot faster and you need a lot less CapEx to get it built.

然後，這就產生了非常高價值的材料。我們真正喜歡他們的方法的一點是，他們利用了非常成熟的技術組合。他們並沒有試圖在反應爐方面建立這些超級奇特的設計，以獲得最高的絕對性能，但成本卻略高。人們很容易陷入這種境地，因為一些材料的邊際經濟學、單位經濟學太高了，所以你會想，哦，我可能也會這麼做。我可以出錢建造類似蘭博基尼的反應堆，但實際上你只需要一輛福特 F-150。也許這是最好的比喻，也許選擇一輛豐田凱美瑞更好，但是，就像使用更簡單、更便宜的機器一樣，它可以滿足您的 20% 到 80% 的需求，但是它是批量生產的，您可以更快地建造它，並且需要的資本支出要少得多。

So like that's another angle for potential future growth and some of the regulatory developments and milestones that come there are going to be important, and then additionally, there's going to be sort of the ability to tap into the things we're doing on the recycling side, pull out some of the what would otherwise be byproducts and turn them into co-products from our recycling process. And then another thing that's a little bit underappreciated that goes back to the legacy of fast reactors, it's really cool. One of the plants we derive our legacy from is called the Fast Flux test facility in Washington state, and that actually was, is a fast reactor, so I think fast reactor, a lot of similar attributes to what we're doing, and it was and did a lot of really cool things in terms of isotope production.

因此，這是未來潛在成長的另一個角度，而隨之而來的一些監管發展和里程碑將會非常重要，此外，我們還可以利用我們在回收方面所做的事情，從我們的回收過程中提取一些原本是副產品的東西，並將它們轉化為聯產品。另一件有點被低估的事情是回到快堆的遺產，它真的很酷。我們的遺產源自於其中一座工廠，即位於華盛頓州的快速通量測試設施，它實際上是一座快中子反應堆，所以我認為快中子反應堆有很多與我們正在做的類似的屬性，而且它在同位素生產方面做了很多非常酷的事情。

And there's some unique things you can do for high value isotope production and fast reactors. So accordingly, we expect that some of our plants, the Idaho plant being a very good candidate for this, to have some extra flexibility baked into it to actually allow you to produce radioisotopes. They're already doing work at Idaho National Laboratory in Idaho Falls, so it's kind of a natural segue to produce additional revenue streams from that first plant, with, isotope production and sales from it.

對於高價值同位素生產和快中子反應堆，你還可以做一些獨特的事情。因此，我們預計我們的一些工廠（愛達荷工廠是一個很好的選擇）將具有一些額外的靈活性，實際上可以生產放射性同位素。他們已經在愛達荷福爾斯的愛達荷國家實驗室開展工作，因此，透過第一家工廠的同位素生產和銷售，創造額外的收入來源是一種自然的過渡。

So like, very, kind of cool combination of different features that come together that way, but I would say like, there's going to be, updates as we go forward on the quarterly side about sort of where the progress and how that's tracking, certain things are kind of well on, sorry, certain things are kind of in development on the sort of facility side. Other things have some regulatory permitting milestones that will kind of come forward as the, as this kind of, progress accordingly, and that'll just be a point where we fold into our normal update excuse me, cadence that we have.

所以，就像這樣，不同的功能以一種非常酷的方式組合在一起，但我想說，隨著我們每個季度的進展，我們會更新進展情況和跟踪情況，某些事情進展順利，抱歉，某些事情在設施方面正在開發中。其他事情有一些監管許可的里程碑，這些里程碑將隨著這類事情的進展而出現，而這正是我們納入正常更新節奏的一個點。

Craig Shere, Tuohy Brothers.

克雷格‧謝爾 (Craig Shere)、陶伊兄弟 (Tuohy Brothers)。

Good afternoon. Thanks for taking questions. Did I hear correctly in response to Ryan's opening question that your 75 megawatt powerhouse would have similar non-fuel CapEx at the 50 megawatt design, and as to Eric's question, does the more scaled plant design, obviously increasing, fuel needs and CapEx including fuel. Does that necessitate either front loaded customer payments and our project equity participation if you're going to implement, the faster scale deployments and finally, not only is capital an issue in your early years of commercialization, but obviously, in the first, 23 years, halo fuel is in more limited supply. Any thoughts of addressing Accelerated halo requirements if you move more quickly to these upsized designs.

午安.感謝您的提問。在回答 Ryan 的開場問題時，我是否聽得正確？如果您要實施更快的規模部署，這是否需要預先支付客戶費用和我們的專案股權參與，最後，不僅在商業化的早期階段資金是一個問題，而且顯然在最初的 23 年裡，光環燃料的供應更加有限。如果您更快地轉向這些加大尺寸的設計，有任何解決加速光環要求的想法嗎？

Yeah, a bunch of questions. So I'll TRY to get through, unpacking each of those accordingly. I mean, there's a bit of a higher, CapEx between 50 and 75 if you, go that way just because, you have bigger heat exchangers, bigger turbines, so you do have an increase in the CapEx across the board there. But it, it's typically something that that that scales favorably for you. And similarly, at this size range, you actually get more power per kilogram of fuel accordingly, so there's some benefits accordingly that come that way.

是的，有很多問題。因此，我會盡力解決並逐一解答這些問題。我的意思是，如果你這樣做的話，資本支出會稍微高一點，在 50 到 75 之間，因為你有更大的熱交換器，更大的渦輪機，所以你的資本支出確實全面增加。但它通常是對你有利的事。同樣，在這個尺寸範圍內，每公斤燃料實際上可以獲得更多的功率，因此這樣做會帶來一些好處。

So it gives us some more flexibility, but that, and that's really just kind of margin improvement. Part of the main, like part of the other driver here, I mean the main driver is matching this with customers. The other benefit though that happens this way is you are getting more megawatts, basically for your fuel, and given that fuel supply is a constraint, this gives us the flexibility to preserve the benefits of tapping into existing. Changing capabilities, for a lot of the componentry here and live within that realm and not get too bespoke.

因此，它為我們提供了更多的靈活性，但這實際上只是一種利潤率的提高。主要部分，就像這裡的其他驅動因素的一部分，我的意思是主要驅動因素是將其與客戶進行匹配。但這樣做的另一個好處是，你可以獲得更多的兆瓦數，基本上用於燃料，並且考慮到燃料供應是一個限制因素，這使我們能夠靈活地保留利用現有能源的好處。改變能力，對於這裡的許多組件來說，並且生活在那個範圍內，並且不會太過定制。

And all of the upstream and downstream effects that happen if you do that, right, including needing to put a lot more CapEx in the tooling and the upfront manufacturing and all those kinds of things. It avoids a lot of that by staying in these sizes, but also, gives you that benefit of having, a little bit more, I'll call just economic efficiency on the fuel side. So at the end of the day, you can build more reactor or sorry you can build more megawatts, what you really say you can build more gigawatts with less fuel accordingly, and that's part of the one of the other drivers that's important here.

如果你這樣做，就會產生所有上游和下游的影響，包括需要在工具和前期製造等方面投入更多的資本支出。透過保持這些尺寸，它可以避免許多此類問題，而且還可以為您帶來更多的好處，我稱之為燃料方面的經濟效率。所以最終，你可以建造更多的反應堆，或者對不起，你可以建造更多的兆瓦發電廠，你真正要說的是，你可以用更少的燃料建造更多的千兆瓦發電廠，這是這裡重要的其他驅動因素之一。

Now, and that question that comes is, well, what if, why don't you just go to like 1,000 megawatt. We always evaluate kind of different size points, but the reality is there's a lot of inflection that occurs once you get above kind of the 75 megawatt range, that starts to complicate things, up and down stream on supply chain that that do put a lot more cost challenges drivers and uncertainties in play.

現在，隨之而來的問題是，好吧，為什麼不直接達到 1,000 兆瓦呢？我們總是評估不同規模的點，但現實情況是，一旦超過 75 兆瓦的範圍，就會出現很多變化，這開始使事情複雜化，供應鏈上下游的局面確實會帶來更多的成本挑戰、驅動因素和不確定性。

And so maybe in time that makes something, it's something we'll continue to watch and see, as we execute, at what we're doing now to see if there's some added insights we get, through execution that make those more either palatable, approachable, or, want to do them. But we see a pretty, favorable sweet spot that matches really well with, or we see the bulk of our customer interest being at this size range, and giving us the ability to execute against that accordingly. And the thoughts about capital.

因此，也許隨著時間的推移，這會產生一些影響，我們會在執行過程中繼續觀察和觀察我們現在所做的事情，看看我們是否能透過執行獲得一些額外的見解，使它們更容易接受，更容易接近，或者更願意去做。但是，我們看到了一個非常有利的最佳點，它與之非常匹配，或者我們看到大部分客戶的興趣都在這個尺寸範圍內，並且使我們能夠相應地執行。以及關於資本的思考。

Sorry, I feel like I kind of cut you off. Can you say that last part again? I'm sorry. It was about, yeah. Because you have to front load more cash back, obviously it's economic, but you have to come up with the money.

抱歉，我感覺好像打擾你了。你能再說一次最後一部分嗎？對不起。是的，就是這樣。因為你必須預先支付更多的現金，這顯然是經濟的，但你必須拿出錢來。

Yeah, so Craig, it will add more front-end CapEx. But similar to what we saw when you go from 15 to 50 and materials we showed it, on our investor day deck, but it will improve in terms of the dollars per megawatt delivered. And as Jake said, it's a much more efficient use of fuel and other things.

是的，Craig，它將增加更多的前端資本支出。但與我們在投資者日平台上展示的 15 到 50 的情況類似，但每兆瓦的美元價值會有所提高。正如傑克所說，這可以更有效地利用燃料和其他物質。

Max Hopkins, CLSA.

馬克斯霍普金斯，里昂證券。

Hello, thank you for the time. Question on fuel. I see, Daniel Fonman from Cents. He kind of led them and turned them around very well. Now on the board, I'll see in my talks with a lot of investors, it all comes down to fuel, it seems like in the longer term. You guys are not part of the ARDP, but you know you have Halo procured and secured.

您好，感謝您抽空。關於燃料的問題。我明白了，是 Cents 的 Daniel Fonman。他很好地領導了他們並改變了他們。現在在董事會，我在與許多投資者的談話中看到，從長遠來看，一切都歸結於燃料。你們不是 ARDP 的一部分，但你們知道你們已經採購並保護了 Halo。

I guess how does that look going forward with more procurement Halu? Will it be Cent specifically that you guys need to procure with, or can you go to other, halo providers or just straight to the DOE, I guess how does the fuel procurement look going forward?

我想，Halu，未來採購的前景會是如何？你們是否需要專門向 Cent 進行採購，或者可以向其他光環供應商或直接向 DOE 進行採購，我猜燃料採購的未來前景如何？

Yeah, it's a great question. I mean, there's one of the things that's interesting and exciting about this space and this opportunity.

是的，這是一個很好的問題。我的意思是，這個領域和這個機會有有趣和令人興奮的事情之一。

It's, I love that we have fuel for our first plant for many reasons, and one really important one is it helps position us to figure out the best ways to find fuel for the next plants and in a scalable way. It's one of the reasons we've publicly, partnered with Centrist. We're very excited that they are producing halo as we speak. We're very excited about what their path looks like to increase that, and we'll continue to work with them and find the different ways we can help partner and accelerate accordingly on that front. We're very pleased that, obviously there's been programs from the US government to help scale up and spin out what's happening on the Haley side, and we see those things as all constructive and moving forward. There is, this kind of multi-step dance that's occurring.

我很高興我們的第一個工廠擁有燃料，原因有很多，其中真正重要的一個原因是，它幫助我們找到為下一座工廠尋找燃料的最佳方法，並以可擴展的方式。這也是我們公開與 Centrist 合作的原因之一。我們非常興奮，正如我們所說，他們正在製作光環。我們對他們提高這一目標的途徑感到非常興奮，我們將繼續與他們合作，並找到不同的方法來幫助合作夥伴並加速這一領域的發展。我們非常高興，美國政府顯然已經推出了一些計劃，幫助擴大和推動黑莉方面的工作，我們認為這些都是建設性的和向前發展的。現在正在上演一種多步驟舞蹈。

But look, the part of the reason that these kind of partnership agreements that we sign are so important is because it helps build the order book and then helps build the frameworks accordingly because everything's adapting and dynamic right now to best accelerate the fuel. Side jumping forward with the GPA while you know too soon and then maybe you leave some opportunity on the table about how you could position the growth forward because some of these GPAs, even if it's a multi gigawatt potential upside on the whole project or the whole partnership, you're probably going to most likely have the GPA signed in incremental chunks as the phases go and as they sell the power and their capacity right on the data center side accordingly.

但是，我們簽署的這類合作協議之所以如此重要，部分原因是因為它有助於建立訂單，然後有助於建立相應的框架，因為現在一切都在適應和動態，以最好地加速燃料。在您知道為時過早的情況下就跳過 GPA，然後也許您會錯過一些關於如何定位未來增長的機會，因為其中一些 GPA，即使它為整個項目或整個合作夥伴關係帶來數千兆瓦的潛在上升空間，您也很可能隨著階段的進行以及他們在數據中心方面出售電力和容量而以增量形式簽署 GPA。

If you want to build the framework for sustained fuel production over 20 years, that's much more valuable to everybody than just sort of like, all right, we have this PPA, we're going to sprint to get built in the next 5 to 8 years and therefore bring the order accordingly in that sense and then having to be refueling kind of cadences go with it. Those things pieced together are even more powerful than standalone, but building that picture out helps the enrichers on capital planning, helps us help build the right frameworks, help build the right kind of contract structures, and even inform the right policy levers. There's a very important thing to highlight here too that's like significant.

如果你想建立一個能夠持續 20 年的燃料生產的框架，那麼這對每個人來說都更有價值，而不僅僅是說，好吧，我們有這個 PPA，我們將在未來 5 到 8 年內衝刺建設，從而從這個意義上帶來相應的秩序，然後必須隨之進行加油的節奏。這些東西拼湊在一起比單獨的更強大，但是構建出這幅圖景有助於豐富資本規劃，幫助我們建立正確的框架，幫助建立正確的合約結構，甚至提供正確的政策槓桿。這裡還有一件非常重要的事情要強調，這很重要。

First of all, I think sometimes people tend to focus, well, a design doesn't need Halo and that's a big benefit. That's not really that that accurate. The enrichment markets across the Western world are pretty tight, right? We were importing 18% of our enrichment service from Russia, and that's, off the table, more or less and there's exemptions being made, of course, I understand that. But even if there's changes in that policy, this is being challenged by I should say challenged stretched by increasing demand for new plants, life extensions, restarting plants, even on just the conventional LEU side. So really the capacity for LEU is is over, is basically overbooked and so is of course the capacity for Halu.

首先，我認為有時人們傾向於關注，設計不需要 Halo，這是一個很大的優點。這其實沒那麼準確。西方世界的致富市場相當緊張，對嗎？我們從俄羅斯進口了 18% 的濃縮服務，這或多或少是不可能的，而且有豁免，當然，我理解這一點。但即使這項政策有所改變，它也面臨著挑戰​​，我應該說，隨著對新工廠、延長壽命、重啟工廠的需求不斷增加，即使只是在傳統的低濃縮鈾方面，它也面臨著挑戰​​。因此，低濃縮鈾的產能實際上已經耗盡，基本上是超額預訂，Halu 的產能當然也是如此。

Now obviously the capacity, the production of LEU is much larger than the production of Haley today, but this is a constraining challenge across the board. Now what's a feature about that problem though. Is the demand signals are clear across the spectrum. Obviously, the hyperscalars have shown that they're not, they've been partnering, most of these announcements have come working with like us and our peers who are doing reactors that use halo.

顯然，現在低濃縮鈾的產能和產量比哈雷的產量要大得多，但這是一個全面的限制挑戰。那麼，現在該問題的特徵是什麼呢？需求訊號是否在整個頻譜範圍內清晰可見。顯然，超標量已經表明他們不是，他們一直在合作，大多數這些公告都是與我們以及正在使用光環進行反應器開發的同行合作發布的。

So clearly there's something that they dig into it. They feel like these are things that help move that forward. Because it's a solvable problem, but it's important because what all that kind of translates to then is we're stimulating the supply chain for the enrichment industry across the board with these different government programs and these different sort of commercial updates, right, that are coming together because the centrifuges that you make on the centrifuge technology base to make Lleu are the same that you're really going to use to make HALEU, but you're going to typically see an order book that's larger on the LEU side just given the existing fleet and the size of it.

顯然，他們正在深入研究一些東西。他們覺得這些事情有助於推動這項進程。因為這是一個可以解決的問題，但它很重要，因為所有這些意味著我們正在通過不同的政府計劃和不同類型的商業更新來全面刺激濃縮行業的供應鏈，對吧，這些正在結合在一起，因為你在離心機技術基礎上製造的用於製造 LLEU 的離心機與你真正用於製造 HALEU 的中心訂單機是相同的，但通常會看到現有機隊及其訂單的數量。

So if you spin that into a growth mode, you're going to see a significant drop in the economy scale production of that equipment, and then that's going to propagate across the entire ecosystem from LEU to Haywood. So all of this is a silver lining of the tightness today to significant benefits to be seen tomorrow. So I do worry about sort of the bridge between now and the early 2030s. We obviously have a little bit of an ace up our sleeve on the recycling side. It's kind of a silly way to say it, but recycling helps diversify our exposure to that massively, and that's part of why we're taking this approach. It also just massively changes the fuel utilization question in economics.

因此，如果將其轉變為成長模式，您將看到該設備的經濟規模生產大幅下降，然後這種下降將蔓延到從低濃縮鈾到海伍德的整個生態系統。因此，所有這些都是今天的緊張局勢為明天帶來重大利益的一線希望。所以我確實擔心現在和 2030 年代初之間的橋樑。顯然我們在回收方面還有一些秘訣。這樣說可能有點傻，但回收有助於大大分散我們的接觸面，這也是我們採取這種方法的原因之一。它也大大改變了經濟學的燃料利用問題。

It's hard to beat dropping your fuel costs, which is a big cost item in our plans by over 80%. Having that potential is pretty exciting. Not to mention all the other benefits you get from recycling, but what we see is, like there is significant opportunity and there's appetite as we see it coming together on a policy landscape for opening up reserves, extra reserves of fuel that the government has that can be used to bridge us to that point. And one of the interesting things about that is that's actually preferentially advantageous on average.

降低燃料成本是很難的，燃料成本是我們計劃中的一項大成本，下降幅度超過 80%。擁有這樣的潛力真是令人興奮。更不用說回收所帶來的其他好處，但我們看到的是，這裡有巨大的機遇，也有巨大的胃口，因為我們看到政策環境正在形成，以開放儲備，政府擁有的額外燃料儲備可以用來幫助我們達到這一點。有趣的是，這實際上平均而言具有優先優勢。

To actually fast reactors because you're accommodating the impurities that might exist in some of the government reserves that they can't use for anything else because of impurities that don't matter for fast reactors that are already using different sources of this material and therefore opening up totally different, opportunities to basically bridge us forward and I'll not make this be kind of as a potential sort of coupled. Kind of finding risk dynamic that that does exist today that is going, market forces will force through this and resolve it. But we're pretty excited about some of the policy appetite. We've already been a beneficiary of what that looks like.

對於實際的快堆來說，因為你正在容納一些政府儲備中可能存在的雜質，這些雜質不能用於其他任何用途，因為對於已經在使用這種材料的不同來源的快堆來說，這些雜質並不重要，因此開闢了完全不同的機會，基本上可以推動我們向前發展，我不會讓這成為一種潛在的耦合。發現當今確實存在的風險動態，市場力量將推動其發展並解決它。但我們對於一些政策意願感到非常興奮。我們已經成為這種現象的受益者。

We've shown that that can be a successful pathway to open up government reserves as a bridging mechanism, and we're very excited and eager to see that, well, basically help drive forward hopefully more of that to come, that helps us and others. But there's a lot of features that actually by by on purpose, how we've designed our system, the features that allow us to recycle and be flexible on fuel streams are actually going to help us a lot if those programs get opened up because a lot we can use pretty much anything that's out there.

我們已經證明，這可以成為一種成功的途徑，以開放政府儲備作為過渡機制，我們非常興奮並渴望看到，這基本上有助於推動未來更多的此類舉措，從而幫助我們和其他人。但實際上有很多功能是故意設計的，我們如何設計我們的系統，這些功能使我們能夠回收並靈活地處理燃料流，如果這些程序開放，這些功能實際上會對我們有很大幫助，因為我們可以使用幾乎任何現有的東西。

Not everyone else can do that, and that's going to obviously help because the material that maybe others can't use is not going to be as competitive for and so it gives us good advantages in that sense. So at the end of the day, I feel like, the market's moving in the right way to address this in a number of fronts for LEU and HLEU. It's a problem across the board, to just catch up on the supply there, but it's happening, which is good. I'd love to see it happen faster, obviously.

並非所有人都能做到這一點，而這顯然會有所幫助，因為其他人可能無法使用的材料不會那麼有競爭力，所以從這個意義上說，這給了我們很大的優勢。所以最終我覺得市場正朝著正確的方向發展，從多個方面解決低強度鈾濃縮和高強度鈾濃縮的問題。這是一個普遍存在的問題，只是要滿足那裡的供應，但它正在發生，這是好事。顯然，我希望看到它更快發生。

But then I think there's also the bridging piece that can really help and help accelerate that happening, by the way, that ramp up on the commercial side, because then you can go build reactors and faster because you're not fuel constrained, which is going to help you then order more fuel to build more reactors faster after that. So, virtuous cycle. That's how I kind of look at that.

但我認為還有一個銜接點可以真正幫助並加速這一進程，順便說一下，這在商業方面是可以實現的，因為這樣你就可以更快地建造反應堆，因為你不受燃料的限制，這將幫助你訂購更多的燃料，以便更快地建造更多的反應堆。因此，形成良性循環。這就是我的看法。

Thank you, very clear.

謝謝，非常清楚。

I will now pass the call back to Sam Doan, Director of Investor Relations, for a couple of retail questions.

現在我將把電話轉回給投資人關係總監 Sam Doan，詢問他幾個零售問題。

Thanks, Karen. Jake, Craig. We had a couple of retail questions. The first one is, can you give more detail on the switch deal, and con confirm, is this a firm or conditional and what does that mean pro low?

謝謝，凱倫。傑克，克雷格。我們有幾個關於零售的問題。第一個問題是，您能否提供有關轉換交易的更多細節，並確認，這是確定的還是有條件的，以及低價意味著什麼？

Yeah, happy to, So, the switch deals, a pretty exciting opportunity for us given the size, right? It's just, it's immense, in terms of the magnitude of it at 12 gigawatts. Accordingly, it has conditional elements around it for sure. So it's not a firm PPA. We didn't want to find a firm PPA right away around that kind of size. It's too early. It's much better to do what we did here, which is say, okay, here's how we're going to work together, switch went around and kind of built their case and talked to several different company or companies technologies and liked to what we're doing and decided they wanted to work with us and partner with us to power their growth, help power their growth and their ambitions accordingly. And we also really liked working with them, there's a lot of people doing work in the space, so we have the benefits of being selected too, and we see like they are really well aligned, big vision.

是的，很高興。 所以，考慮到規模，轉換交易對我們來說是一個非常令人興奮的機會，對吧？從規模上看，它的發電量高達 12 千兆瓦，堪稱巨大。因此，它周圍肯定存在條件元素。因此，這不是一個確定的 PPA。我們不想馬上找到一個如此規模的確定的電力購買協議 (PPA)。還太早。按照我們的做法去做要好得多，也就是說，好吧，這就是我們將如何合作，Switch 四處走動，建立了他們的案例，並與幾家不同的公司或公司的技術進行了交談，他們喜歡我們所做的事情，並決定他們希望與我們合作，與我們合作以推動他們的增長，幫助推動他們的增長和實現他們的雄心壯志。我們也非常喜歡與他們合作，有很多人在這個領域工作，所以我們也有被選中的好處，我們看到他們真的一致，有一個遠大的願景。

About what they can do, incredibly impressive technology for high compute. I mean, it's just incredibly impressive. The guy, as a technical guy just from like, they don't have neutronics and data centers, but they do have thermal hydraulics or thermal fluids and what they do is awesome and very cool. And getting to see that was pretty neat to see. And accordingly, like their philosophy, their design approach, their attention to detail all kind of resonated really strongly, not to mention kind of the benefits they have in terms of their plan for scale and growth across a number of different areas.

關於他們能做什麼，高運算能力令人難以置信地印象深刻的技術。我的意思是，這真是令人印象深刻。這個人，作為一名技術人員，他們沒有中子學和數據中心，但他們有熱工水力學或熱流體，他們所做的事情非常棒，非常酷。看到這一幕真是令人欣喜。因此，他們的理念、設計方法、對細節的關注都引起了強烈的共鳴，更不用說他們在多個不同領域的規模和成長計劃方面帶來的好處了。

So we were pretty excited to be able to work with them and want to work with them to then frame out this big vision. To say, hey, here's where we see the road map being able to go to, and here's how we're going to start working together as we further refine and define this. So this sets the stage, 12 gigawatts is, I mean it is, it's one of if not the largest clean power deal in the US history or in US history, and so like it's great to have the stage set for that, but it takes a lot of time to say, okay, how are we going to execute against this and instead of spending much of time to come up with.

因此，我們非常高興能夠與他們合作，並希望與他們共同建立這個宏偉的願景。說，嘿，這就是我們看到的路線圖可以去的地方，這就是我們在進一步完善和定義它時將如何開始合作。所以這奠定了基礎，12 千兆瓦，我的意思是，它是美國歷史上最大的清潔能源交易之一，所以為此奠定基礎是很好的，但它需要花費大量時間去思考，好吧，我們將如何執行這個交易，而不是花很多時間來想出。

This grand master plan that at the end of the day is only going to be, 20% accurate because once you start executing against it, things change, rather it was like, let's take this incremental piece and approach, let's find a master power agreement that sets the stage of how we're going to work together on sighting and working together in different areas and government affairs. And different aspects around public relations and site relations, how we do site characterization and studies, how we do design scoping and sizing, how we actually do site design and integration and do the engineering some of the engineering work, and therefore the engineering procurement construction work accordingly, how do we look at how we can overlap those things, tap into what they do really well, and find ways to sort of build off of their capabilities so that there's some economic and timing benefits that way, and then use those to define how you actually move to the next stages of contract negotiations for Firm off.

這個宏偉的總體規劃到最後也只有 20% 的準確率，因為一旦你開始執行它，事情就會發生變化，相反，我們應該採取這種漸進的方式，找到一個總體權力協議，為我們如何在不同領域和政府事務上共同努力奠定基礎。以及圍繞公共關係和現場關係的不同方面，我們如何進行現場特性描述和研究，如何確定設計範圍和規模，如何實際進行現場設計和集成並進行一些工程工作，以及相應的工程採購施工工作，我們如何看待如何重疊這些事情，挖掘他們真正擅長的領域，並找到方法來發揮他們的能力，這樣就可以帶來一些經濟和時間上的好處，然後利用這些時間上的好處如何進入。

So this is actually really important and it's the right way to do things. If you jump straight to this like firm PPA model again you might miss the target and get into a bunch of re trading and a bunch of renegotiation and that's just not going to be helpful to building out what we're actually trying to do together, which is much more than just the transactional relationship, right? It's much more about building a very sustainable source of energy to power the future of compute and AI. So like that is pretty.

所以這實際上非常重要而且這是正確的做事方式。如果您再次直接跳到這種像 PPA 模型一樣的模式，您可能會錯過目標並陷入大量的重新交易和大量的重新談判，而這對於建立我們實際上想要共同做的事情沒有任何幫助，這不僅僅是交易關係，對嗎？這更多的是關於建立一個非常永續的能源，為運算和人工智慧的未來提供動力。所以那樣就很漂亮了。

So that's how we structure that again like just from an engineering kind of like. I guess I'd almost call it a philosophical alignment like we, I saw so many parallels to what they do to what we need to do from designing a fixable asset to then how you route the sort of bring in these prefabricated manufactured componentry and put it together and wrap piping and rap plumbing and right route power. Like there's a lot of similarities. It's not again. Not the same same, but there's a lot of interesting similarities. It's a great example of what that partnership set the stage for and how we expect that to go, and it's also worth noting it spans a very long timeline to deploy to that. I mean, it's going to take us a long time to scale in 12 gigawatts.

這就是我們如何從工程的角度重新建構它。我想我幾乎可以稱它為一種哲學上的一致，就像我們一樣，我看到了他們所做的事情與我們需要做的事情有很多相似之處，從設計可固定資產到如何將這些預製製造的組件引入並將其組裝在一起並包裹管道和水管以及正確佈線。好像有很多相似之處。不再是這樣了。雖然不完全相同，但卻有很多有趣的相似之處。這是一個很好的例子，說明了這種合作關係奠定了什麼基礎以及我們對其發展的期望，值得注意的是，它跨越了很長的時間來部署。我的意思是，我們要花很長時間才能擴大到 12 千兆瓦。

I mean, I'm excited about the opportunity, but it's not something we can just do overnight and it's not something we can just do in 5 years, even or even 10 years, right? That's why this spans several decades. So, anyway, that's how we framed this and scope this, and I think this is kind of the right way to put these things together to help move the ball forward. So there's much more to come here, right, as these things progress, but it's the right kind of initial steps to move forward.

我的意思是，我對這個機會感到非常興奮，但這不是我們一夜之間就能完成的事情，也不是我們 5 年甚至 10 年就能完成的事情，對吧？這就是為什麼這件事跨越了幾十年。所以，無論如何，這就是我們如何構思和確定範圍，我認為這是將這些東西放在一起以幫助推動事情向前發展的正確方法。所以，隨著這些事情的進展，還會有更多的事情發生，但這是向前邁出的正確的第一步。

And Jake, I was kind of held it internally that, with when we were talking to switch, and I think back to the meeting that you and I and other members of our team had with Rob Roy and his team in Las Vegas, it kind of pivot us towards the master partnership agreement because as we were going deeper in conversations with the Switch team, we realized there was More than one avenue of partnership that we could take with them, which is why we put that over overarching frame in place so we could, explore different things at different points in time, and TRY to find optimized partnership elements between, what Switch is looking for and their priorities as well.

傑克，我心裡一直有個想法，當我們在和 Switch 談話的時候，我回想起你和我以及我們團隊的其他成員與羅布·羅伊和他的團隊在拉斯維加斯的會議，那次會議讓我們轉向了主合作協議，因為隨著我們與 Switch 團隊的深入對話，我們意識到我們可以與他們建立不止一種合作途徑，這就是為什麼我們制定了這個主題。

Great, thank you both. Last question for the day. Oklo previously faced regulatory setbacks with the NRC rejecting its application due to information gaps. Given those challenges, what specific changes or advancements have you made that now give you confidence in securing approval for your nuclear projects?

太好了，謝謝你們兩個。今天的最後一個問題。奧克洛此前曾面臨監管挫折，NRC 因資訊缺口而拒絕了其申請。面對這些挑戰，您做出了哪些具體改變或進步，使您現在有信心獲得核子專案的批准？

Yeah, I'm not trying to just like you.

是的，我並不是只是想喜歡你。

What's the word, like polish this or put a silver lining on it, but like the setbacks were also very informative, like learning points to gain a lot of information. I do them some way setbacks, but more as learning opportunities for progress in on them.

怎麼說呢，就像是完善它或給它增加一絲希望，但是就像挫折也非常具有啟發性，就像是學習要點以獲得很多信息。我有時會遇到挫折，但更多的是將它們視為學習進步的機會。

Just to recap, like, we submitted our combined license application the first time around for a 1.5 megawatt plant out of the Idaho site. This is 2020, right? Free this boom in AI data centers, all these customer dynamics. And much more focused on kind of a smaller incremental piece of reactor development and deployment. Our long term roadmap was always to work our way up into the sizes we're at now. We just want to start as small as we could to reduce the total amount of capital to get built and still have a viable market, which really works well that we thought at that time at that size.

回顧一下，我們第一次提交了聯合許可證申請，申請地點是愛達荷州的 1.5 兆瓦發電廠。現在是 2020 年了吧？釋放人工智慧資料中心的繁榮，以及所有這些客戶動態。而更多的是專注於反應器開發和部署的較小增量部分。我們的長期發展路線圖始終是努力達到我們現在的規模。我們只是想從盡可能小的規模開始，以減少建設所需的總資本，同時仍然擁有一個可行的市場，我們當時認為這在那個規模下確實很有效。

Well, the market evolved and moved, which was good, and it's nice because we would, it would have been. Wouldn't have been the best thing for us to build a 1.5 megawatt plant, given where the market is today had that license progressed, but also we took a very forward leaning licensing approach, and the NRC had worked with us in pre-application for 4 years leading up to submitting that application, including us piloting an application with them that was very novel in structure in 2018, and that was pretty important because we wanted to TRY to set up a new framework and a new approach on sort of what a license application would look like.

嗯，市場在發展和變化，這是好事，也很好，因為我們會，它本來就會是這樣的。考慮到現在的市場狀況，如果許可證能夠順利發放，那麼建造一座 1.5 兆瓦的發電廠對我們來說並不是最好的選擇，但我們採取了一種非常前瞻性的許可方式，在提交申請之前，NRC 已經與我們在預申請方面合作了 4 年，包括我們在 2018 年與他們一起試行了一個結構非常重要的申請，這非常重要的方法來了解新樣子的新樣子。

I think the tendency in, if we TRY to license these new reactor types like large conventional light water reactors, it just doesn't really make sense. A lot of square peg round hole. There's a lot of ways you need to do things differently. And so we leaned into that pretty heavily. The leaned back into that heavily and after they did a round of audits on our app, our pilot application in 2018 2019, they gave us a clear feedback that they could review an application that looked like that. They gave some feedback about how to approach framing and scoping it and also took it that, okay, more or less if you come in or something like that, we could find a ath to review that. And just to put some numbers on it, we went in with an application that was very forward leaning, right, very innovative.

我認為，如果我們嘗試授權這些新型反應器類型，例如大型常規輕水反應堆，那麼這實際上沒有任何意義。許多方形釘圓孔。有很多方法都需要用不同的方式去做事。因此我們非常重視這一點。他們非常重視這一點，在對我們的應用程式（2018 年到 2019 年的試點應用程式）進行了一輪審核之後，他們給了我們明確的回饋，他們可以審查像這樣的應用程式。他們給了一些關於如何著手建立框架和確定範圍的回饋，並且認為，好的，或多或少，如果你進來或類似的事情，我們可以找到一個方法來審查它。只要給一些數字，我們就會提出一個非常前瞻性、非常創新的應用程式。

It was like 7 major sections rather than the 19 typical chapters. It was only like it was less than 600 pages compared to 10s of thousands, like 10 to 20,000 pages. Very different, much more lightweight approach. In parallel to that, theC was doing some new things that was pretty cool. And so we were pretty excited about what they were doing, in terms of highlighting a very audit heavy review focus rather than kind of a written question and answer approach. I mean they're going to do both, but do a lot more in the audits which are much more intensive, by the way, but they move faster, much more productive for us and for the regulators. Additionally, and that was all based on in-person audits, right? And then additionally they wanted to move forward.

它有 7 個主要部分，而不是典型的 19 個章節。它只有不到 600 頁，而原來的版本有數萬頁，大約 10 到 20,000 頁。非常不同，更加輕量的方法。同時，theC 也在做一些非常酷的新事情。因此，我們對他們的做法感到非常興奮，他們強調高度重視審計審查重點，而不是採用書面問答的方式。我的意思是，他們將同時進行這兩項工作，但在審計中會做更多工作，順便說一句，審計工作要更加密集，但他們的行動速度更快，對我們和監管機構來說也更有成效。此外，這一切都是基於現場審計的，對嗎？此外，他們還想繼續前進。

This kind of doing some cool like, core team cross functional review team that was working together in person, not in a sort of departmental technical silos that they typically would sit in where an application would come in and get shotgunned out rather they would all be together across different subject matters and working together to kind of develop out their independent safety analysis review and move forward. On top of that, we told them, hey, we're going to come in.

這是一種很酷的做法，例如核心團隊跨職能審查團隊面對面地一起工作，而不是像他們通常那樣坐在部門技術孤島中，收到申請後就立即進行審查，而是他們會一起處理不同的主題，共同製定獨立的安全分析審查並向前推進。除此之外，我們還告訴他們，嘿，我們要進來了。

Very forward leaning, we're going to come in with a, we think is a justifiable and defensible approach, but it's going to inherently be quite different than what we've seen before. So a very, I would say optimized safety footprint and how we classified what things were safety related or not. So it was, it's very modern, frankly. All of that I think was great.

我們將採取非常前瞻性的措施，我們認為這是一種合理且可辯護的方法，但它本質上與我們以前所見的完全不同。所以，我想說這是一個非常優化的安全足跡，以及我們如何將哪些事物與安全相關、哪些不與安全相關進行分類。坦白說，它非常現代。我認為這一切都很棒。

Going in 2019 and early 2020, and unfortunately for much bigger reasons than our application, but obviously the world changed very substantially in March of 2020, which is when we submitted our application, literally on the day the pandemic was declared. And that completely shifted the review dynamics so that we were no longer doing these in-person things. We weren't doing the same approach that we built our application for. As far as we knew and we were told by the See, at that time, we submitted the first application that had ever been submitted online.

我們於 2019 年和 2020 年初前往，不幸的是，原因比我們的申請要大得多，但顯然，世界在 2020 年 3 月發生了巨大變化，那時我們提交了申請，恰好是在宣布大流行的那一天。這徹底改變了審查動態，使我們不再進行這些面對面的事情。我們沒有採用與我們建立應用程式相同的方法。據我們所知並且教廷也告訴我們，我們當時提交了有史以來第一份在線提交的申請。

We never verified and validated that through the whole change, but we think that's pretty true. And that was in 2020, right? It just shows you that we were really doing some new things and they were really responding to it. Ultimately, I think it was all too much during an era of COVID. And that's where we got set back considerably on, I think, sort of the, okay, we can't review the application that's submitted, given all these things. So they denied it in January 2, 2022.

我們從未在整個變革過程中驗證過這一點，但我們認為這是事實。那是 2020 年的事了，對吧？這只是表明我們確實在做一些新的事情，而且他們確實對此做出了回應。最終，我認為在疫情期間，這一切都太過分了。這就是我們遭遇重大挫折的地方，我想，考慮到所有這些事情，我們無法審查已提交的申請。所以他們在2022年1月2日否認了這一點。

After, a couple of months later we're able to engage again in person with them and immediately got back into pre-application. Obviously we updated the design to be bigger because the market had moved on us that way. We'd already been talking about that with the NRC and so that gave us the platform to do that, move fully into that, and then take an approach that allowed us to focus on sort of resolving and answering the open items that the NRC wanted, which mostly turned into, hey, how did you do this? What was your methodology?

幾個月後，我們能夠再次與他們面對面交流，並立即重新開始預申請工作。顯然，我們更新了設計，使其變得更大，因為市場已經朝著這個方向發展了。我們已經與 NRC 討論過這個問題，因此這為我們提供了平台來做到這一點，完全投入其中，然後採取一種方法，讓我們能夠專注於解決和回答 NRC 想要的未決問題，而這些問題大多變成了，嘿，你是怎麼做到的？你的方法是什麼？

And then Bridging our approach and how we did it to sort of what they're used to seeing and, what they were comfortable with. What we found was a little more time on that got everyone a lot more kind of sort of comfortable with the different approaches being taken and saying, oh, actually, you did do these things. It was just done in a way we're different from seeing it.

然後將我們的方法以及我們如何做到與他們習慣看到的內容以及他們感到舒適的內容聯繫起來。我們發現，多花一點時間可以讓每個人都更適應所採取的不同方法，並且會說，哦，實際上，你確實做了這些事情。只是它以一種與我們看到的方式完成了。

But now spending time together, we see that it's done in a way that we're kind of used to. Maybe some extra, approaches on, like, if you can help answer questions that we have. These areas that will help us then, progress a review for example. Do you have many meetings that then happen from April 22 through now to sort of converge on this to put draft content of application together to submit different technical reports and have meetings and have reviews on this or white papers, I should say, and then also have the topical reports coming out and then also moving into readiness assessment gives us the chance to then move forward on all these things in time.

但現在我們一起度過時光，發現我們已經習慣了這種方式。也許還有一些額外的方法，例如，如果你能幫助我們回答問題。這些領域將幫助我們推進審查。從 4 月 22 日到現在，你們是否召開了很多次會議來匯總申請草案內容，提交不同的技術報告，召開會議並對此進行審查，或者說白皮書，然後發布專題報告，然後進行準備情況評估，這讓我們有機會及時推進所有這些事情。

Since when we first submitted through now and time looking at these things as well as how we're using them and implementing them has actually grown a lot more convergence on the doability of some of the things we were intending to do. Obviously there's some updates and some modernization, but the lessons learned have been massive because we spent time to actually now go through those things and TRY to do things. The key thing that was different for us compared to other companies is we leaned into that opportunity back at the very beginning of our engagement with the NRC to TRY to do things in as efficient as a way as we could see possible, and we got some bumps and bruises and scratches and all of that and black eyes accordingly.

自從我們第一次提交到現在，經過一段時間的研究，我們終於對這些事情以及我們如何使用和實施它們，並且在我們打算做的一些事情的可行性方面取得了更大的共識。顯然有一些更新和現代化，但我們學到的教訓是巨大的，因為我們花時間去實際經歷這些事情並嘗試去做。我們與其他公司相比，最關鍵的不同之處在於，在與 NRC 合作之初，我們就抓住了這個機會，嘗試以盡可能高效的方式開展工作，我們也因此受了一些碰傷、擦傷、划痕等等，甚至還有黑眼圈。

But guess what? Look at how things have progressed accordingly. And a lot of that stuff mimics, not mimics, but, builds off of some of the things we put forward. Like some stuff we tried and put forward maybe a bit too different or too much, so it's kind of changed. But a lot of things are finding a lot of footing in the different things you know she has done in the last, frankly, right, almost 9 years since we started working with them.

但你猜怎麼著？看看事情是如何進展的。其中很多內容是模仿，不是模仿，而是基於我們提出的一些東西。就像我們嘗試和提出的一些東西可能有點太不同或太多了，所以它有點改變了。但自從我們開始與他們合作以來，坦白說，在過去的近 9 年裡，很多事情都在她所做的不同事情中找到立足點。

Not because it's like, oh we did all these things, look how great it is, it's more, hey, we're trying to do something differently, and then others are echoing that that was some time in it and we were obviously. Ahead of the pack, and so the others start kind of digging in and developing their own plans in the space, and then you know she's looking at it kind of all comes together in a constructive way to say, okay, yeah, we could do something in this way that's more efficient and right sized.

並不是因為，哦，我們做了所有這些事情，看看它有多棒，而是，嘿，我們正在嘗試做一些不同的事情，然後其他人也附和道，那是在某個時候，我們顯然也是如此。領先於其他人，所以其他人開始深入研究並製定自己的計劃，然後你知道她正在以建設性的方式看待這一切，並說，好的，是的，我們可以用更有效、更合適的方式來做一些事情。

Then you couple that with the current environment that's gone from several administrations successively of trying to drive forward more modernized regulatory framework and approach to reflect these kind of capabilities and these exchanges, it's pretty exciting, honestly. So at the end of the day, like, we've applied a lot of lessons learned. We've done a lot of we've grown this team hired a lot of good folks to come in and help us do this, but a lot of the things that we put forward are also finding kind of footing with some updates and tweaks with iterations on them that have, can come together over the last couple of years.

然後，再加上當前的環境，即歷屆政府都相繼試圖推動更現代化的監管框架和方法，以反映這些能力和交流，老實說，這是非常令人興奮的。所以到最後，我們就能夠運用很多學到的經驗教訓。我們做了很多工作，擴大了團隊，聘請了很多優秀人才來幫助我們做這件事，但是我們提出的很多事情也在通過一些更新和調整以及迭代找到了立足點，這些更新和調整以及迭代已經在過去幾年中整合在一起。

These things don't move super quickly, but we've invested the longest amount of time of anybody to get to this state, so we're in a really good position to go forward into sending an application and the next steps thereafter. So, obviously there's a lot more work to do, but we've been very excited about how the NRC has done things, how we've been doing things, the feedback we've gotten has been helpful and constructive here. There's some things we've kind of evolved our course on.

這些事情的進展並不會非常快，但是我們比任何人都投入了最長的時間來達到這個狀態，因此我們處於一個非常有利的位置來繼續發送申請以及隨後的步驟。因此，顯然還有很多工作要做，但我們對 NRC 的工作方式、我們的工作方式感到非常興奮，我們得到的回饋非常有幫助和建設性。我們已經在某些方面改進了我們的課程。

There's things that I think it actually has as well, but at the end of the day, it's coming together to set the stage for review unless they have licensed and issued things for other advanced reactor types, which are pretty important. Granted the construction permits or design certifications, and those aren't the same as the coal of all that builds on itself so that when we go in with the coal application, there's a lot that we get to stand on and they get to stand on from a success perspective. So that's my really long answer, but it's been a journey and one I will continue to.

我認為它實際上也有一些事情要做，但最終，它還是要為審查奠定基礎，除非他們已經為其他先進反應器類型許可並發布了相關文件，這非常重要。獲得了施工許可證或設計證書，這些與所有自行建造的煤炭都不一樣，因此，當我們進入煤炭應用時，從成功的角度來看，我們和他們都有很多立足之地。這就是我的很長的回答，但這是一段旅程，我會繼續前進。

I will now hand the call back to Jake Dewitte for closing remarks.

現在我將把電話交還給傑克‧德維特 (Jake Dewitte)，請他作最後發言。

Great. Well, thank you all so much for the time. Always fun to talk about the different updates and things we have going on. 2024 year was a very exciting year for us for a lot of reasons, but also just a preview of what we're all really excited to go do. Something I tend to talk about internally is the broad potential that this technology has and truly unlocking, the energy of the actinides that we are fortunately blessed with. To have this incredible energy resource that fast reactors are recycling are pretty uniquely positioned to fully tap into. So thank you for the time and looking forward to the next one.

偉大的。好吧，非常感謝您抽出時間。談論我們正在進行的不同更新和事情總是很有趣。 2024 年對我們來說是非常令人興奮的一年，原因有很多，但這也是我們真正興奮的事情的預覽。我傾向於在內部談論的是這項技術所具有的巨大潛力以及真正釋放我們有幸擁有的錒系元素的能量。快堆回收的這種令人難以置信的能源具有得天獨厚的優勢，可以充分利用。感謝您的時間，期待下次見面。

Ladies and gentlemen, that concludes today's call. Think of adjoining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。想想毗鄰，你現在就可以斷開連接。