Oklo Inc (OKLO) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Jael, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklo first-quarter 2025 financial results and business update call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持。我叫 Jael，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Oklo 2025 年第一季財務表現和業務更新電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。（操作員指示）

I would now like to turn the conference over to Sam Doane, Director of Investor Relations. You may begin.

現在，我想將會議交給投資人關係總監 Sam Doane。你可以開始了。

Thank you, operator. Good afternoon, and welcome everyone to Oklo's first quarter 2025 earnings and company update call.

謝謝您，接線生。下午好，歡迎大家參加 Oklo 2025 年第一季財報和公司更新電話會議。

I'm Sam Doane, Oklo's Director of Investor Relations. Joining me today are Jake DeWitte, Oklo's Co-Founder and Chief Executive Officer, and Craig Bealmear, Oklo's Chief Financial Officer.

我是 Oklo 投資者關係總監 Sam Doane。今天與我一起出席的還有 Oklo 聯合創始人兼執行長 Jake DeWitte 和 Oklo 財務長 Craig Bealmear。

Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclosure included in our supplemental slides, which are available on the investor relations section of our website. Additional details on relevant risk factors can also be found in our most recent filings with the SEC. Please note that Oklo assumes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law.

在我們開始之前，我想提醒大家，今天的討論，包括我們準備好的發言和隨後的問答環節，將包括前瞻性陳述。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，這些因素可能導致實際結果與今天討論的結果大不相同。我們鼓勵您查看補充幻燈片中包含的前瞻性聲明披露，這些幻燈片可在我們網站的投資者關係部分找到。有關相關風險因素的更多詳細資訊也可在我們最近向美國證券交易委員會提交的文件中找到。請注意，除非法律要求，否則 Oklo 不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

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

現在，我將把電話轉給 Oklo 的聯合創始人兼執行長 Jake DeWitte。傑克？

Thanks, Sam. And thanks to all for joining us today. We're looking forward to sharing our first quarter update and highlighting the progress we've made since our last update just seven weeks ago on March 24th this year.

謝謝，山姆。感謝大家今天參加我們的活動。我們期待分享我們的第一季更新，並強調自今年 3 月 24 日七週前的上次更新以來我們所取得的進展。

We continue to see strong momentum across both the industry and the political landscape in support of nuclear energy, and that momentum is accelerating in 2025. The current administration has made it abundantly clear that nuclear is a strategic priority. In a recent letter to the Director of the White House Office of Science and Technology Policy, the President named nuclear energy, AI, and quantum technologies as central pillars in what he called the golden age of American innovation. That message reinforces what we're seeing across policy and regulatory activity.

我們繼續看到整個產業和政治領域對核能的支持勢頭強勁，而且這種勢頭在 2025 年將會加速。現任政府已明確表示核能是戰略重點。在最近一封致白宮科技政策辦公室主任的信中，總統將核能、人工智慧和量子技術列為美國創新黃金時代的核心支柱。這項訊息強化了我們在政策和監管活動中看到的情況。

A series of recent executive orders underscores the administration's commitment to nuclear energy, ranging from regulatory reform and streamlined permitting to the creation of a federal task force dedicated to next-generation nuclear deployment. This includes actions to revoke outdated regulatory barriers, declare a national energy emergency to fast track projects, and establish an energy-dominance council focused on accelerating technologies like small modular reactors. Other orders reinforce federal oversight to reduce state-level interference and direct agencies to conduct cost benefit reviews of existing rules.

最近的一系列行政命令強調了政府對核能的承諾，從監管改革和簡化許可到成立致力於下一代核部署的聯邦工作小組。這些舉措包括取消過時的監管障礙、宣布國家能源緊急狀態以加快專案進程以及成立專注於加速小型模組化反應器等技術發展的能源主導委員會。其他命令加強了聯邦監督，以減少州一級的干預，並指示各機構對現有規則進行成本效益審查。

And now, we're seeing signs that the administration may take its support even further. According to recent reporting, several new executive orders are being considered that would aim to quadruple the size of the U.S. nuclear fleet by 2050, declare certain data centers as defense-critical infrastructure, and direct the Department of Defense to take a more active role in nuclear procurement. These drafts also call for a wholesale revision of NRC regulations to streamline reactor approvals and rebuild domestic nuclear fuel supply chains. While still in development, the scope of these proposals signals just how serious the administration is about reestablishing U.S. leadership in nuclear and how aligned that ambition is with Oklo's mission and model.

現在，我們看到有跡象表明政府可能會進一步提供支持。根據最近的報道，美國正在考慮幾項新的行政命令，旨在到 2050 年將美國核艦隊的規模擴大四倍，宣布某些數據中心為國防關鍵基礎設施，並指示國防部在核採購中發揮更積極的作用。這些草案還要求全面修改核管管理委員會法規，以簡化反應器審批並重建國內核燃料供應鏈。雖然這些提案仍處於制定階段，但其範圍表明了政府對重建美國核子領域領導地位的認真態度，以及這一雄心與奧克洛的使命和模式的一致性。

Secretary Wright, a former Oklo Board member, has been one of the most vocal champions of the administration's commitment to expanding and accelerating nuclear deployment. He's made it clear that the U.S. must lead the global push to commercialize advanced nuclear technologies and that the federal government is prepared to support that leadership with urgency and action. We're encouraged to see that level of alignment at the highest levels, especially from someone who knows Oklo's mission and model firsthand.

賴特部長曾任奧克洛委員會成員，他是政府擴大和加速核子部署承諾的最積極倡導者之一。他明確表示，美國必須引領全球推動先進核子技術商業化，聯邦政府準備緊急採取行動支持這項領導角色。我們很高興看到最高層如此一致，尤其是來自那些親身了解奧克洛的使命和模式的人。

At Oklo, our foundation is built on the belief that advanced nuclear technology can and should play a transformative role in the global energy landscape. When we started this company, we saw an industry that had gone dormant, and we set out to reimagine what the nuclear energy industry could be. That vision continues to guide us, delivering clean, reliable, and affordable energy at scale.

在奧克洛，我們的基礎是這樣的信念：先進的核子技術能夠而且應該在全球能源格局中發揮變革作用。當我們創辦這家公司時，我們看到一個已經陷入休眠狀態的產業，我們開始重新想像核能產業的未來。這個願景繼續指導我們，大規模提供清潔、可靠、經濟的能源。

As a reminder, our competitive advantage is built on the intersection of three key strategies: our business model, our sizing philosophy, and our technology.

提醒一下，我們的競爭優勢建立在三大關鍵策略的交會之上：我們的商業模式、我們的規模理念和我們的技術。

First, our build, own, operate business model sets us apart. We sell power, not power plants, under long-term contracts. This structure provides predictable recurring revenue and enables a more efficient regulatory path.

首先，我們的「建構、擁有、經營」業務模式使我們與眾不同。我們根據長期合約銷售電力，而不是發電廠。這種結構提供了可預測的經常性收入，並實現了更有效的監管途徑。

Second, our small-scale modern design allows us to deploy quickly and scale flexibly. By leveraging existing supply chains and their factory fabrication, we can meet demand efficiently, reduce on-site complexity, and scale in lockstep with our customers' evolving needs.

其次，我們的小規模現代設計使我們能夠快速部署和靈活擴展。透過利用現有的供應鏈及其工廠製造，我們可以有效地滿足需求，降低現場複雜性，並與客戶不斷變化的需求同步擴展。

Third, our proven and demonstrated technology is backed by over 400 reactor-years of operational experience with liquid-metal-cooled fast reactors. This gives us a robust technical foundation with distinct performance and safety advantages. Importantly, it enables us to move directly into commercialization without the need for a costly and time-consuming demonstration plan.

第三，我們經過驗證和展示的技術有超過 400 堆年的液態金屬冷卻快堆運作經驗作為後盾。這為我們提供了堅實的技術基礎，具有獨特的性能和安全優勢。重要的是，它使我們能夠直接進入商業化，而無需昂貴且耗時的演示計劃。

Together, these pillars reinforce Oklo's position as a leading next-generation nuclear provider and will enable us to execute with speed, efficiency and confidence.

這些支柱共同鞏固了 Oklo 作為領先的下一代核能供應商的地位，並使我們能夠快速、高效、充滿信心地執行任務。

The key differentiator for Oklo is our ability to go straight to commercial deployment. We're not building a demonstration plant. Our Aurora powerhouse is built on mature technology derived from the reactors such as the Fast Flux Test Facility, or FFTF, and the Experimental Breeder Reactor-II, or EBR-II, which operated successfully for over 30 years at Idaho National Laboratory. This isn't theoretical. We're leveraging real validated operating data that's already recognized by the NRC.

Oklo 的關鍵差異在於我們能夠直接進行商業部署。我們不會建造示範工廠。我們的奧羅拉發電廠建立在成熟的技術之上，這些技術源自於快速通量測試裝置（FFTF）和實驗增殖反應器 II（EBR-II）等反應器，這些反應器在愛達荷國家實驗室成功運行了 30 多年。這不是理論上的。我們正在利用已經得到 NRC 認可的真實驗證的運行數據。

Importantly, members of our team work directly on both FFTF and EBR-II, bringing deep first-hand experience to the design and deployment of the Aurora. We believe this operational legacy allows us to move with greater speed and confidence through the licensing process and positions us to bring our first commercial unit online in late '27 to early '28.

重要的是，我們團隊的成員直接參與 FFTF 和 EBR-II 的工作，為 Aurora 的設計和部署帶來了豐富的第一手經驗。我們相信，這項營運傳統使我們能夠以更快的速度和信心完成許可流程，並使我們能夠在 27 年末至 28 年初將我們的第一個商業單位上線。

While many advanced nuclear companies are still building one-off demonstrations to validate new fuels or designs, Oklo is already focused on delivering a commercial powerhouse. These early-stage efforts are useful to the ecosystem, but they aren't market-ready. We're taking a fundamentally different path, one that's grounded in experience and optimized for near-term deployment.

儘管許多先進的核能公司仍在進行一次性示範，以驗證新燃料或新設計，但奧克洛核電廠已開始專注於建造一座商業發電廠。這些早期的努力對於生態系統是有用的，但還沒有做好市場準備。我們走的是一條完全不同的道路，一條以經驗為基礎並針對近期部署進行最佳化的道路。

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 will continue to be structured around six key areas: project execution, licensing progress, fuel recycling and feedstock, customer pipeline development, strategic partnerships for corporate and business development, and financial updates.

在我們繼續執行策略的同時，我們仍然致力於透過清晰、一致地更新進度來讓市場了解情況。我們的公司更新將繼續圍繞六個關鍵領域：專案執行、許可進度、燃料回收和原料、客戶通路開發、企業和業務發展的策略合作夥伴關係以及財務更新。

Since our last company update just seven weeks ago in March, we have continued progress across key areas of our business, from project execution and licensing to fuel strategy, customer positioning, and strategic partnerships. We advanced field work at key sites, made progress in our NRC engagement, and were selected as a qualified vendor through the Department of Defense's procurement process, strengthening our position to pursue future opportunities with military installation. We are in the process of formalizing new partnerships to support technology development and deployment of powerhouse and radioisotope assets at INL.

自從七週前三月我們上次更新公司資訊以來，我們在業務的關鍵領域取得了持續進展，從專案執行和許可到燃料策略、客戶定位和策略合作夥伴關係。我們推進了關鍵地點的現場工作，在與 NRC 的合作中取得了進展，並透過國防部的採購流程被選為合格供應商，增強了我們在未來尋求軍事設施機會的地位。我們正在建立新的合作夥伴關係，以支援 INL 發電站和放射性同位素資產的技術開發和部署。

On the financial front, we remain disciplined and transparent with updates on cash burn, operating expenses, and governance included in today's materials. At Oklo, we're executing against our plan and advancing steadily toward commercial deployment.

在財務方面，我們保持紀律和透明度，今天的材料包含了現金消耗、營運費用和治理的最新情況。在奧克洛，我們正在按照計劃穩步推進商業部署。

We have completed a major milestone in preparing our INL site for the Aurora powerhouse. Our team wrapped up a comprehensive drilling campaign involving seismic and geophysical studies at our proposed site at Idaho National Laboratory. The data we gathered will directly support our combined license application to the NRC and represents the final technical siting step ahead of submitting Phase 1 of our application.

我們在為 Aurora 發電廠準備 INL 場地方面已經完成了一個重要的里程碑。我們的團隊在愛達荷國家實驗室的擬定地點完成了涉及地震和地球物理研究的全面鑽探活動。我們收集的數據將直接支援我們向 NRC 提交的聯合許可證申請，並代表我們提交申請第一階段之前的最後技術選址步驟。

We also finalized a memorandum of agreement with the Department of Energy and an interface agreement with INL. These agreements ensure that our site development efforts are aligned with environmental standards and DOE coordination. With this complete, we're well-positioned to move into the next phase of licensing and infrastructure development with plans aiming for the plant to begin operations in late '27 to early '28.

我們也與能源部簽署了諒解備忘錄，並與 INL 簽署了介面協議。這些協議確保我們的場地開發工作符合環境標準和 DOE 協調。完成這項工作後，我們已做好準備，進入許可證和基礎設施開發的下一階段，計劃於 2027 年末至 2028 年初讓工廠開始運作。

We recently initiated Phase 1 of the pre-application readiness assessment for our Aurora INL powerhouse, reaching an important milestone in our licensing efforts with the NRC. This process, essentially, addressed rehearsal, enables the NRC and Oklo teams to align on scope and expectations ahead of our formal combined license application submission. The goal is to surface and address feedback early, reduce challenges later, and build confidence and momentum as we move toward our formal COLA submittal. We expect we will soon receive an audit report from the NRC summarizing their feedback and recommendations, which we'll incorporate into Phase 1 of the application.

我們最近啟動了 Aurora INL 發電站的申請前準備評估的第一階段，這是我們與 NRC 合作的許可工作中的一個重要里程碑。這個過程本質上解決了排練問題，使 NRC 和 Oklo 團隊能夠在我們正式提交聯合許可申請之前就範圍和期望達成一致。我們的目標是儘早提出並處理回饋，減少以後的挑戰，並在我們正式提交 COLA 時建立信心和動力。我們預計很快就會收到 NRC 的審計報告，其中總結了他們的回饋和建議，我們將把這些報告納入申請的第一階段。

The NRC's feedback will be categorized as follows: Category A, Final Safety Analysis Report, or FSAR, gaps, where information required by regulation may be missing; Category B, items requiring additional information or further clarification or justification is needed; Category C, other observations, suggestions, or potential issues that could affect the efficiency of review if left unaddressed.

NRC 的回饋將分為以下幾類：A 類，最終安全分析報告或 FSAR，存在差距，法規要求的資訊可能缺失；B 類，需要補充資訊或進一步澄清或說明的項目；C 類，其他觀察、建議或潛在問題，如果不加以解決，可能會影響審查效率。

We have worked diligently with the NRC to ensure a robust and complete application that should reduce Category A observations. However, every observation offers important insight into areas we can further develop to allow for an efficient and timely review of our Phase 1 COLA. We do anticipate some Category A, B, and C items, which is entirely expected and consistent with what other reactor developers have seen. These are clarifications and refinements, not fundamental application content flaws. This is exactly what the readiness assessment is designed to identify, and it helps both Oklo and the NRC get ahead of potential considerations and areas for alignment. Notably, Oklo is using this audit as an opportunity to test several key repeatable licensing pathways and expects valuable NRC guidance on how these novel approaches will best support rapid and cost effective deployment.

我們與 NRC 密切合作，確保應用程式的穩健性和完整性，從而減少 A 類觀測。然而，每一次觀察都為我們可以進一步發展的領域提供了重要的見解，以便有效及時地審查我們的第一階段 COLA。我們確實預計會出現一些 A、B 和 C 類項目，這是完全可以預料到的，並且與其他反應器開發商所看到的情況一致。這些是澄清和改進，而不是應用程式內容的根本缺陷。這正是準備情況評估的目的所在，它可以幫助奧克洛和 NRC 領先於潛在的考慮因素和需要協調的領域。值得注意的是，奧克洛正在利用這次審計的機會來測試幾種關鍵的可重複許可途徑，並期待 NRC 提供寶貴的指導，指導這些新方法如何最好地支援快速且具有成本效益的部署。

We're also encouraged by broader efforts at the NRC in modernizing its approach to advance nuclear. For example, the NRC finalized the construction exemption for TerraPower's Natrium plant, allowing construction of its energy island to begin while licensing continues. That decision shows the NRC's increasing embrace of flexible, modern, and risk-informed approaches, setting a precedent that will also benefit a closed deployment strategy. It supports strong alignment with the NRC and will increase predictability and reduce downstream challenges as we move forward.

我們也對核能管理委員會在推動核能發展方法現代化方面所做的更廣泛努力感到鼓舞。例如，NRC 最終批准了 TerraPower 的 Natrium 工廠的建設豁免，允許在許可證有效期內開始建造其能源島。這項決定表明，核能管理委員會越來越傾向於採用靈活、現代且風險知情的方法，開創了封閉部署策略也從中受益的先例。它支持與 NRC 緊密合作，並將提高可預測性並減少我們前進過程中的下游挑戰。

We also continue to make progress on other regulatory funds by nearing the submission of the licensing project plan for our Oklo Fuel Foundry, a key step in the broader fuel strategy and our licensed operator topical report, which has now been submitted to the NRC. The licensed operator topical report outlines a new licensing approach designed specifically for Oklo's Aurora powerhouses. Today, most U.S. nuclear plant operators are licensed for a single plant and must be on-site to perform safety-related actions, a model developed for the traditional light water reactor fleet.

我們也在其他監管基金方面繼續取得進展，即將提交奧克洛燃料鑄造廠的許可項目計劃，這是更廣泛的燃料戰略和我們的許可運營商專題報告的關鍵一步，該報告現已提交給 NRC。持牌業者專題報告概述了專為奧克洛的 Aurora 發電站設計的新許可方法。如今，大多數美國核電廠營運商都持有單一核電廠的營運執照，並且必須在現場執行與安全相關的操作，這是為傳統輕水反應器機組開發的模式。

Oklo is proposing a different approach. Instead of licensing operators for individual sites, operators would be licensed for the Aurora powerhouse technology itself. This should enable them to monitor multiple powerhouses from a central location and travel between sites as needed. Because Oklo builds, owns, and operates its powerhouses, this licensing strategy is well aligned with its business model and emphasizes efficiency and repeatability.

奧克洛提出了不同的方法。營運商將不再獲得單一站點的授權，而是獲得 Aurora 發電站技術本身的授權。這使他們能夠從中心位置監控多個發電站，並根據需要在各個站點之間移動。由於 Oklo 建造、擁有並營運其發電站，因此這種許可策略與其商業模式非常契合，並強調效率和可重複性。

Once approved, the licensed operator topical report can be referenced in future applications, significantly reducing the need to re-review previously approved material. This regulatory efficiency is central to Oklo's plan for scalable deployment across its fleet. By strategically submitting topical reports like this one, Oklo is laying the regulatory foundation for faster licensing pathways that support its broader commercialization goals. Each of these regulatory touchpoints reflects Oklo's proactive approach to licensing and our ability to execute efficiently.

一旦獲得批准，持牌運營商專題報告可以在未來的申請中引用，大大減少重新審查以前批准的材料的需要。這種監管效率對於 Oklo 在船隊中實施可擴展部署的計劃至關重要。透過策略性地提交像這樣的專題報告，Oklo 正在為更快的許可途徑奠定監管基礎，以支持其更廣泛的商業化目標。每一個監管接觸點都體現了 Oklo 對授權的正面態度以及我們高效執行的能力。

Fuel strategy is a key differentiator in advanced nuclear and Oklo is setting a new standard for flexibility and readiness. We're the only advanced nuclear company that has secured and is actively working with HALEU for our first commercial plant. On the commercial side, we've signed an MOU with Centrus, currently the only domestic producer of HALEU, to support our powerhouse deployments with a reliable supply source. And looking ahead, our technology is designed to take full advantage of recycled fuel, and we're actively developing that capability through our in-house fuel recycling program.

燃料策略是先進核能的關鍵區別因素，而奧克洛正在為靈活性和準備設定新的標準。我們是唯一一家已獲得 HALEU 許可並正在積極與 HALEU 合作建造我們第一座商業核電廠的先進核能公司。在商業方面，我們與目前唯一的 HALEU 國內生產商 Centrus 簽署了一份諒解備忘錄，以可靠的供應源支援我們的發電站部署。展望未來，我們的技術旨在充分利用回收燃料，我們正在透過內部燃料回收計劃積極開發這種能力。

This three-pronged approach, government awarded material, commercial HALEU access, and future recycled fuel, positions Oklo with one of the most comprehensive and durable fuel strategies in the advanced nuclear sector. It not only strengthens our long-term supply chain, but will also give us a significant cost and commercialization advantage.

這種三管齊下的方法，即政府授予的材料、商業 HALEU 存取和未來的可回收燃料，使奧克洛擁有先進核能領域最全面、最持久的燃料策略之一。它不僅加強了我們的長期供應鏈，而且還將為我們帶來顯著的成本和商業化優勢。

We were recently selected as one of eight qualified vendors for the Department of Defense's Advanced Nuclear Power for Installations program, or ANPI. This is a significant milestone, not just because it opens near-term opportunities for deployment on military installations, but because it reinforces Oklo's position as a credible go-to solution for energy resilience in high security environments. The program is led by the Defense Innovation Unit, or DIU, which is focused on fast-tracking commercial technologies for national security applications. That means streamlined contracting, faster timelines, and a clear path to scalable deployment.

我們最近被選為國防部先進核電設施計劃（ANPI）的八家合格供應商之一。這是一個重要的里程碑，不僅因為它為在軍事設施上部署開闢了近期的機會，還因為它鞏固了 Oklo 作為高安全環境中可靠的能源彈性解決方案的地位。該計畫由國防創新部門（DIU）領導，致力於快速追蹤國家安全應用的商業技術。這意味著簡化的合約、更快的時間表以及可擴展部署的清晰路徑。

Unlike traditional procurement pathways, ANPI uses a contracting mechanism called Other Transaction Authority, or OTA. This allows for a faster milestone-based approach from early design through prototyping and ultimately can even end with a power purchase agreement. OTA contracts can also draw funding from DIU, any branch of the military, or other federal agencies, giving Oklo a versatile and well-supported path to deployment.

與傳統的採購途徑不同，ANPI 使用一種稱為其他交易授權（OTA）的合約機制。這使得從早期設計到原型設計可以採用更快的基於里程碑的方法，最終甚至可以達成電力購買協議。OTA 合約還可以從 DIU、任何軍種或其他聯邦機構獲得資金，為奧克洛提供靈活且得到良好支持的部署途徑。

For Oklo, this selection validates our technology, aligns with our commercial roadmap, and gives us added momentum with both federal and commercial partners. It's an endorsement that strengthens our position across the board.

對奧克洛來說，這次選擇驗證了我們的技術，符合我們的商業路線圖，並為我們與聯邦和商業合作夥伴的合作增添了動力。這是一項全面加強我們地位的認可。

We acquired Atomic Alchemy earlier this year to expand Oklo's reach into the high-growth radioisotope market, and this company is already delivering. Founded in 2018, Atomic Alchemy is building a domestic and vertically-integrated supply chain for high-value isotopes used in everything from cancer treatments and medical diagnostics to national security and advanced manufacturing.

我們今年稍早收購了 Atomic Alchemy，以擴大 Oklo 在高成長放射性同位素市場的影響力，而這家公司已經取得了成果。Atomic Alchemy 成立於 2018 年，致力於打造國內垂直整合的高價值同位素供應鏈，用於從癌症治療和醫學診斷到國家安全和先進製造等各個領域。

Their proprietary technology, including their Versatile Isotope Production Reactor, or VIPR reactor, is designed specifically for isotope production with a focus on efficiency, scalability, and simplicity. They've already hit key engineering and regulatory milestones and are working closely with Idaho National Laboratory to advance deployment. With strong early customer interest and a proven team in place, Atomic Alchemy gives Oklo a capital-light opportunity to drive near-term revenue and long-term market leadership in an essential and underserved space.

他們的專有技術，包括多功能同位素生產反應器（VIPR 反應器），專為同位素生產而設計，注重效率、可擴展性和簡單性。他們已經達到了關鍵的工程和監管里程碑，並正在與愛達荷國家實驗室密切合作以推進部署。憑藉早期客戶的濃厚興趣和經驗豐富的團隊，Atomic Alchemy 為 Oklo 提供了一個輕資本機會，以推動其在重要且服務不足的領域的短期收入和長期市場領導地位。

Today's radioisotope supply chain is outdated, fragmented, and increasingly unreliable, stretching across multiple facilities, geographies, and transport modes, making it risky, expensive, and slow. Atomic Alchemy flips this model with a vertically-integrated system. The VIPR facility will consolidate reactor operations, processing, and manufacturing at a single site, dramatically increasing efficiency and reliability. This model is not only better suited to meet modern demand, but also allows for global distribution with faster lead times and lower costs. As demand for isotopes accelerates, this supply chain advantage will be a major competitive differentiator.

現今的放射性同位素供應鏈已經過時、分散且越來越不可靠，涉及多個設施、地區和運輸方式，因此風險高、成本高且速度慢。Atomic Alchemy 透過垂直整合系統顛覆了這個模式。VIPR 設施將把反應爐的運作、加工和製造集中在一個地點，大大提高效率和可靠性。這種模式不僅更適合滿足現代需求，還能實現全球分銷，交貨時間更短，成本更低。隨著對同位素的需求加速成長，這種供應鏈優勢將成為主要的競爭優勢。

The Atomic Alchemy VIPR platform is designed to support broad radioisotope production as well as radiation capabilities across medical, industrial, defense, and emerging tech sectors. From life-saving cancer therapies and diagnostic imaging to industrial sensors, aerospace applications, and advanced semiconductor manufacturing, these isotopes and radiation capabilities are essential to critical systems in our economy. What makes this solution so compelling is not just the diversity of isotopes and radiation capabilities we can produce, but the scale and reliability our integrated model offers. This is a broad and growing market with unmet demand, and Atomic Alchemy is built to serve it efficiently and at commercial scale.

Atomic Alchemy VIPR 平台旨在支援廣泛的放射性同位素生產以及醫療、工業、國防和新興技術領域的輻射能力。從挽救生命的癌症治療和診斷成像到工業感測器、航空航天應用和先進的半導體製造，這些同位素和輻射能力對於我們經濟的關鍵系統至關重要。該解決方案之所以如此引人注目，不僅因為我們能夠生產的同位素和輻射能力的多樣性，還因為我們的整合模型所提供的規模和可靠性。這是一個廣闊且不斷成長且需求尚未滿足的市場，Atomic Alchemy 的成立就是為了有效率且大規模地服務這個市場。

We believe that Atomic Alchemy is executing a smart, multi-project approach to market entry. The first step is a lab-based demonstration project designed to validate the process and generate revenue quickly, potentially as early as 2026. This will involve a low-cost processing infrastructure and customer-ready material using third-party irradiation.

我們相信 Atomic Alchemy 正在實施一種智慧、多專案的市場進入方式。第一步是基於實驗室的演示項目，旨在驗證該流程並快速產生收入，可能最早在 2026 年實現。這將涉及使用第三方輻照的低成本處理基礎設施和客戶可用材料。

The second project is the launch of a fully commercial VIPR facility, a four-reactor site dedicated to direct isotope production. Licensing is expected to begin in 2025 with operations targeted for 2028. That project is expected to be potentially funded off-balance sheet and supported by long-term supply agreements that are already under negotiation. With this roadmap, Atomic Alchemy brings near-term upside, long-term scalability, and significant value to the [indiscernible] platform.

第二個計畫是啟動一個完全商業化的 VIPR 設施，這是一個擁有四座反應爐的設施，專門用於直接同位素生產。預計許可證發放將於 2025 年開始，營運預計於 2028 年開始。該項目預計將透過表外融資，並得到正在談判的長期供應協議的支持。透過該路線圖，Atomic Alchemy 為 [音訊不清晰] 平台帶來了近期優勢、長期可擴展性和巨大價值。

Shifting to leadership and governance, we're thrilled to welcome Pat Schweiger as our Chief Technology Officer. Pat brings deep technical expertise across advanced reactor design, plant systems, and regulatory strategy, and a track record of scaling both fusion and fission programs from concept through deployment, including his comprehensive experience working at FFTF while it was operating, which was one of the fast reactors that Oklo builds its design from. He's joining at a pivotal moment to help drive our commercial rollout, bringing the kind of strategic and operational leadership that will accelerate Oklo's next stage of growth. We're excited to have him on the team.

轉向領導和治理，我們很高興歡迎 Pat Schweiger 擔任我們的首席技術長。帕特在先進反應器設計、工廠系統和監管策略方面擁有深厚的技術專長，並且在從概念到部署擴展聚變和裂變項目方面擁有豐富的經驗，包括他在 FFTF 運營期間的豐富工作經驗，FFTF 是 Oklo 設計的快堆之一。他在關鍵時刻加入，幫助推動我們的商業推廣，帶來能夠加速 Oklo 下一階段成長的策略和營運領導力。我們很高興他能加入我們的團隊。

We recently announced that Sam Altman has stepped down from Oklo's Board of Directors. Caroline and I first met Sam at a dinner in Cambridge, Massachusetts in April 2013. Since that first chance meeting, Sam has played an instrumental role in guiding Oklo, Caroline, myself, and our vision over the years. Sam has been a mentor, a leader, a supporter, a champion, and a friend since that meeting. Sam invested in the company and joined our Board in 2015, and he helped us grow through challenges and into the incredible opportunities that lay before us. We are deeply grateful for his early conviction, vision, leadership, and support.

我們最近宣布，Sam Altman 已辭去 Oklo 董事會職務。2013 年 4 月，卡洛琳和我第一次在馬薩諸塞州劍橋的一次晚宴上遇見了薩姆。自從第一次偶然相遇以來，多年來，山姆一直在指導奧克洛、卡羅琳、我以及我們的願景方面發揮了重要作用。自從那次會面以來，薩姆一直是一位導師、領導者、支持者、支持者和朋友。Sam 於 2015 年投資了該公司並加入了我們的董事會，他幫助我們克服挑戰並抓住了擺在我們面前的難以置信的機會。我們深深感謝他早期的信念、遠見、領導力和支持。

As we move closer to commercialization, this transition reflects a natural evolution from the company's early stage development into where it is today. We are excited about the growth this represents.

隨著我們越來越接近商業化，這種轉變反映了公司從早期發展階段到今天階段的自然演變。我們對於這代表的成長感到非常興奮。

And I will now turn it over to Craig.

現在我將把麥克風交給 Craig。

Thank you, Jake. As we move closer to commercialization, this transition reflects a natural evolution from the company's early-stage development into execution. Sam's departure also supports a shift of his role from that of an insider to a potential future commercial partner, removing a possible conflict of interest as we advance potential commercial discussions with OpenAI. Importantly, this change does not affect day-to-day operations.

謝謝你，傑克。隨著我們越來越接近商業化，這種轉變反映了公司從早期發展階段到執行階段的自然演變。Sam 的離職也支持了他從內部人員向未來潛在商業夥伴的角色轉變，從而消除了我們與 OpenAI 推進潛在商業討論時可能出現的利益衝突。重要的是，這項變更不會影響日常營運。

In conjunction with this transition, Oklo's Chief Executive Officer, Jake DeWitte, has assumed the role of Chairman of the Board, providing continuity and clear leadership as we enter this next phase of growth.

配合這項過渡，Oklo 執行長 Jake DeWitte 擔任董事會主席一職，為我們進入下一階段的成長提供連續性和明確的領導。

At our last update just seven weeks ago, we discussed the additions of Dan Poneman and Michael Thompson to the Board. After now Secretary of Energy Wright's confirmation and departure from the Board, we are pleased with how we have grown the Board. The experience and expertise in NRC licensing, fuel supply chains, strategic finance, and technology commercialization that Dan and Michael bring to the Board are great additions to our team.

在七週前的最後一次更新中，我們討論了 Dan Poneman 和 Michael Thompson 加入董事會的事宜。在能源部長賴特確認並離開董事會後，我們對董事會的發展感到滿意。Dan 和 Michael 為董事會帶來的 NRC 許可、燃料供應鏈、策略融資和技術商業化方面的經驗和專業知識對我們的團隊來說是極大的補充。

I will now provide a summary of our financials. Oklo's first quarter operating loss was $17.9 million, inclusive of non-cash stock-based compensation expense of $2.3 million. Oklo's loss before income taxes was $14.2 million, which reflects our operating loss adjusted for net interest income of $3.6 million. When adding back non-cash stock-based compensation charges and considering non-cash income tax benefit recorded for the quarter, you get cash used in operating activities of $12.2 million. We believe this puts us on track to deliver on our guided range of $65 million to $80 million for total cash used in operations for full year 2025. At the end of the quarter, cash and marketable securities were $260.7 million.

我現在將提供我們的財務狀況摘要。Oklo 在第一季營運虧損為 1,790 萬美元，其中包括 230 萬美元的非現金股票薪資費用。Oklo 的稅前虧損為 1,420 萬美元，這反映了我們根據 360 萬美元淨利息收入調整後的營業虧損。當加上非現金股票薪酬費用並考慮本季度記錄的非現金所得稅收益時，您將獲得 1220 萬美元的經營活動所用現金。我們相信，這將使我們預計將實現 2025 年全年營運所用現金總額 6,500 萬至 8,000 萬美元的預期範圍。本季末，現金和有價證券為2.607億美元。

Lastly, we have filed our proxy statement and will be holding our Annual General Meeting on Wednesday, June 04, 2025.

最後，我們已經提交了代理聲明，並將於 2025 年 6 月 4 日星期三召開年度股東大會。

To close, I'll briefly highlight why we believe Oklo stands out in the advanced nuclear and energy landscape. We are deploying proven fast reactor technology in a compact, scalable form, reducing cost, complexity, and time to market. Our business model is built around long-term power sales, delivering recurring revenue and strong margins. We look to drive superior economics through repeatable deployment of a common design asset that can be further enhanced with recycled fuel to drive capital efficiency and a competitive levelized cost of energy. Our customer pipeline totals over 14 gigawatts and spans sectors like data centers and defense, proof of strong and growing demand. We've developed a streamlined regulatory strategy backed by years of licensing expertise and a repeatable COLA process aligned to our business model. And finally, we're not just building powerhouses, we're building a platform that integrates generation, fuel recycling, and radioisotope production, unlocking multiple high-value markets.

最後，我將簡要說明為什麼我們認為奧克洛在先進的核能和能源領域中脫穎而出。我們正在以緊湊、可擴展的形式部署成熟的快堆技術，以降低成本、複雜性和上市時間。我們的商業模式建立在長期電力銷售的基礎上，帶來經常性收入和強勁的利潤。我們希望透過可重複部署通用設計資產來實現卓越的經濟效益，並且可以透過回收燃料進一步增強該資產，從而提高資本效率和具有競爭力的平準化能源成本。我們的客戶總量超過 14 千兆瓦，涵蓋資料中心和國防等領域，證明了強勁且不斷增長的需求。我們制定了精簡的監管策略，並以多年的許可專業知識和與我們的業務模式相符的可重複的 COLA 流程為後盾。最後，我們不僅要建造發電廠，還要建造一個集發電、燃料回收和放射性同位素生產於一體的平台，從而開拓多個高價值市場。

Thank you for joining us today. Operator, we're now ready for questions. Thank you.

感謝您今天加入我們。接線員，我們現在可以回答問題了。謝謝。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在開始接受提問。（操作員指示）

Ryan Pfingst, B. Riley.

瑞安·芬斯特、B·萊利。

Hey, guys. Thanks for taking my questions. Jake, you mentioned the recent reports about additional executive actions expected to support nuclear power. It sounds like these could include the DOD taking on a greater role in ordering reactors and installing them on military bases. Can you talk about the regulatory authority for nuclear power that the DOD has today and your thoughts on the Department's ability to potentially accelerate reactor deployments whether through programs like the ANPI or otherwise?

嘿，大家好。感謝您回答我的問題。傑克，你提到了最近的報道，有關預計將採取額外行政行動來支持核電。聽起來這些可能包括國防部在訂購反應器並將其安裝在軍事基地方面發揮更大的作用。您能否談談國防部目前擁有的核電監管權力，以及您對該部門透過 ANPI 等計劃或其他方式加速反應器部署的能力的看法？

Yeah. Thanks for the question, Ryan. I mean, I think, DOD does have authority to regulate nuclear plants on sort of for their use cases and for different opportunities around that. So, we see some interesting angles there. There's been kind of a mixed approach taken in the department, and I think what we've heard about some interest is looking at ways to make sure that they are not going to be held up or held back at all by any kind of -- from their needs sets, from any kind of regulatory permitting issues that could happen outside of sort of their control. Obviously, they have the ability to control it all. So, I think there's some appetite and some potential interest in doing that.

是的。謝謝你的提問，Ryan。我的意思是，我認為國防部確實有權根據核電廠的使用情況和不同的機會對其進行監管。因此，我們看到了一些有趣的角度。該部門採取了一種混合方法，我認為我們聽到的一些興趣是尋找方法確保他們不會因任何類型的需求、任何類型的監管許可問題而受到阻礙或阻礙，這些問題可能發生在他們的控制範圍之外。顯然，他們有能力控制這一切。所以，我認為人們對此有一定的興趣和潛在的興趣。

That said, their active infrastructure and their capabilities that hasn't been exercised a ton for these kinds of use cases in a while to put it somewhat, I guess, simplistically. So, I think there's some significant opportunities for them to step up and perhaps provide sort of an alternate pathway for some of those use cases, which is I think pretty exciting.

也就是說，他們的活躍基礎設施和能力已經有一段時間沒有在這些類型的用例中得到大量運用了，我想，這麼說有點簡單。因此，我認為他們有一些重要的機會可以加強並為其中一些用例提供某種替代途徑，我認為這非常令人興奮。

Additionally, I think it creates a pretty good dynamic to look at efficiencies where if you are [siting] (ph) these at military installations or other government installations, if you see the broad activities across the government today just trying to find ways to streamline and make the regulatory processes much more efficient and modern and quick and timely, I think you see opportunity for how these activities, these potential activities around sort of expanding DOD roles here could be done.

此外，我認為它創造了一種非常好的動力來審視效率，如果你將這些設在軍事設施或其他政府設施中，如果你看到今天政府各部門都在努力尋找簡化監管流程的方法，使監管流程更加高效、現代化、快速和及時，我認為你就會看到如何開展這些活動，這些圍繞擴大國防部角色的潛在活動的機會。

But DOD does have that capability set. They do have that authority. And so, I think it's a matter of looking at how they can sort of best use it to sort of push and accelerate these things.

但國防部確實擁有這套能力。他們確實有這個權力。所以，我認為問題在於如何最好地利用它來推動和加速這些事情。

Great. Appreciate that, Jake. And then, the fuel slide was a helpful reminder of the actions you're taking on that front. Can you give us an update on other parts of the supply chain and your confidence in commencing a fairly near-term construction effort?

偉大的。非常感謝，傑克。然後，燃料幻燈片有助於提醒您在這方面採取的行動。您能否向我們介紹供應鏈其他部分的最新情況，以及您對近期開始建設工作的信心？

Yeah. I mean, this is a feature set for -- we've designed two supply chain capabilities and information heavily since the beginning. There's a lot of ways you can design a reactor, a lot of different materials, fuel types, coolants, all sorts of things you can do. Some of which obviously are technologies need a lot more R&D and development before they're ready to go. Some others just need a lot more supply chain development before you can procure the various parts needed in them. In our case, we've designed heavily to leverage what's out there as much as we possibly can.

是的。我的意思是，這是一組功能——我們從一開始就專注於設計了兩種供應鏈功能和資訊。設計反應器的方法有很多種，可以使用多種不同的材料、燃料類型、冷卻劑，做各種各樣的事情。其中一些技術顯然需要進行更多的研發和開發才能投入使用。其他一些產品只是需要更多的供應鏈開發，然後才能購買所需的各種零件。在我們的案例中，我們進行了大量的設計，盡可能地利用現有資源。

Fuel is obviously the big watch point because that's kind of the biggest, I would say, sort of challenge and opportunity, if you will, that we see. But everything else, we try to leverage existing supply chains from in and also outside of nuclear as much as we can. And that's a real feature to sodium technologies, right? You can use common stainless materials. You can source those from many other industries, from the process side of things. When you look at, like, the steam generation side, that's partly why we partnered up with Siemens, to help drive that last year and kind of accelerate that for them to be able to deliver. And they do that very well, obviously.

燃料顯然是需要重點關注的點，因為我認為這是我們所看到的最大的挑戰和機會。但在其他所有方面，我們都盡可能地利用核能領域內外的現有供應鏈。這確實是鈉技術的一個特點，對吧？您可以使用常見的不銹鋼材質。您可以從許多其他行業中，從流程方面獲取這些資訊。當你看到蒸汽發電方面時，這就是我們與西門子合作的部分原因，以幫助推動去年的這一進程，並加速他們實現這一目標。顯然，他們做得非常好。

So, generally speaking, this is a thing that we're going to be sort of pushing forward as we try to accelerate what we can do to actually break ground and start building as quickly as we can. And I think that's something that we see on the supply chain side. Most of the limitations are really centered around fuel, and the other long lead items are looking at 18-month kind of windows. And our ability to then also bring in sort of the order book and backlog that we have behind it helps us sort of be able to actually scale more of that as well. So, when we talk to suppliers, it's not just about one, it's about more, and that kind of motivates the right kind of partnerships, if that makes sense.

所以，總的來說，這是我們要推動的事情，我們會盡力加快步伐，盡快動工，開始建造。我認為這是我們在供應鏈方面看到的情況。大多數限制實際上都集中在燃料方面，而其他長期項目則需要 18 個月的時間。而且，我們還能將現有的訂單和積壓訂單納入其中，這有助於我們進一步擴大規模。因此，當我們與供應商交談時，我們不僅僅談論一個供應商，而是談論更多的供應商，如果說得通的話，這種做法可以激發正確的合作關係。

So that's how we're looking at this and thinking of it. But this avoids some of the challenges you see in the light water space where you need large pressure vessels or forgings that way. Obviously, there's some capacity for that, but there's a lot less of that. So, work done there needs to be done to sort of show that to get in front of that bottleneck and that constraint, given there's only a few places in the Western world that we'll be able to source that from, we as a -- not Oklo, we as America frankly. And so, for us, at Oklo, being able to not require those needs helps us actually diversify away from that, which is super, super helpful.

這就是我們看待和思考這個問題的方式。但這避免了在輕水領域中遇到的一些挑戰，在這些領域中，您需要大型壓力容器或鍛造件。顯然，我們有一定的能力來實現這一點，但數量卻少得多。因此，需要進行一些工作來表明，要突破這一瓶頸和限制，因為在西方世界，我們只有少數幾個地方能夠獲得這種資源，坦白說，不是奧克洛，而是美國。因此，對於我們 Oklo 來說，能夠不滿足這些需求實際上有助於我們實現多元化，這是非常非常有幫助的。

Similarly, on the turbine set, actually something that's a little bit underappreciated. You think about nuclear steam turbine systems, most of those are gigawatt scale systems for light water -- well, most -- all of those are hundreds of megawatts to gigawatt scale systems for light water reactors. And light water reactors operate at a relatively low steam temperature set compared to other power generation technologies. And as a result, like scaling that turbine down to sort of small reactors and smaller for water cooled conditions, not technically challenging, but requires some reasonable non-recurring engineering and sort of tooling costs to set up the infrastructure to actually make those. Whereas our systems operate at those temperature ranges and pressure ranges that look a lot more similar to where a lot of fossil fire plants operate. And that's kind of another feature about non light water systems is you tap directly into some of those supply chains, which is super helpful.

同樣，在渦輪機組上，實際上有些東西被低估了。您想想核蒸汽渦輪系統，其中大多數是千兆瓦級輕水系統 - 嗯，大多數 - 所有這些都是數百兆瓦到千兆瓦級的輕水反應器系統。與其他發電技術相比，輕水反應器的蒸汽溫度相對較低。因此，將渦輪機縮小到適合水冷條件的小型反應器，這在技術上並不困難，但需要一些合理的非經常性工程和工具成本來建立實際製造這些反應器的基礎設施。而我們的系統運作的溫度範圍和壓力範圍與許多化石火電廠的運作範圍非常相似。非輕水系統的另一個特點是您可以直接利用其中一些供應鏈，這非常有幫助。

And just to kind of, like, emphasize the recent news of what the NRC did with their power is just an extraordinarily important validation of that model that applies also to us, right? Similar technology set shows that you can decouple the steam system, the power side from the reactor side, that opens up so much more flexibility in terms of how you can source, procure, and construct and install.

只是為了強調一下最近有關 NRC 如何運用其權力的新聞，這是對該模型的一個極其重要的驗證，該模型也適用於我們，對嗎？類似的技術組合表明，你可以將蒸汽系統、動力側與反應爐側分離，從而在採購、建造和安裝方式方面帶來更大的靈活性。

Great. Appreciate all that detail. I'll turn it back.

偉大的。感謝所有這些細節。我會把它轉回去。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

(inaudible) the fuel MOU with Centrus, can you tell us when you might start taking delivery of that fuel? And is there a date by which you need to firm up that agreement?

（聽不清楚）與 Centrus 簽署的燃料諒解備忘錄，您能告訴我們什麼時候可以開始接收該燃料嗎？您需要在哪個日期之前確定協議？

Yeah. I think just to clarify, right, the first fuel we're getting for our first plant, that was awarded to us through a competitive process by Idaho National Laboratory and the Department of Energy. So that material is all from there. That's for our first plant. Everything with, like, commercial procurement happens for our second and beyond plans, and that's where we're looking at obviously working with Centrus and others.

是的。我想澄清一下，我們為第一家工廠獲得的第一批燃料是透過愛達荷國家實驗室和能源部透過競爭程序授予我們的。所以那些材料都來自那裡。這是我們的第一家工廠。所有與商業採購相關的工作都發生在我們的第二個及以後的計劃中，而這正是我們顯然正在考慮與 Centrus 和其他公司合作的地方。

What we see is we're in the process of kind of figuring out the right structures to supply for what we need and kind of the growth and scale. So, I think the idea is, as we look at partnering with different folks on the enrichment side, it's really working to sort of what's the sort of right ramp rates for them and for us given the customer offtakes and how customers might be engaging or not engaging on this is something that we're kind of watching as this develops, and we're helping develop and shape as we speak [life time].

我們看到的是，我們正在尋找正確的結構來滿足我們的需求以及成長和規模。所以，我認為我們的想法是，當我們考慮與不同的人在濃縮方面合作時，它實際上是在努力確定對他們和我們來說合適的提升率，考慮到客戶的購買量以及客戶可能參與或不參與的情況，我們正在觀察它的發展，我們正在幫助發展和塑造它。[壽命]。

So, we want to start receiving that fuel as soon as reasonably possible, but some of those pieces are going to be the things that we want to put in place to make sure we set the stage for kind of a long-term growth curve up and out. When you look at what our fuel needs are, they're pretty exciting and pretty heavy. But that's great for this enrichers on the supply side, but just structuring the right kind of early deals and then also coupling that with some of these customer bases where we have started customer partnerships where their ability is to sort of come in and help actually potentially, right, support some of the fuel offtake, that's how we're kind of looking at shaping some things right now. A lot of that's still developing, but generally speaking, that's how we're structured on that sense.

因此，我們希望盡快開始接收這些燃料，但其中一些部分將是我們希望落實到位的事情，以確保為長期成長曲線的上升和向外發展奠定基礎。當你看到我們的燃料需求時，你會發現它們非常令人興奮，而且非常沉重。但這對於供應方面的濃縮器來說非常好，但只需建立正確的早期交易，然後將其與我們已經開始建立客戶合作夥伴關係的一些客戶群結合起來，他們的能力就是介入並實際上潛在地提供幫助，對吧，支持一些燃料的採購，這就是我們現在正在考慮塑造的一些事情。其中許多內容仍在發展中，但總體而言，這就是我們的結構。

But it's super, super helpful and important, right? We have fuel. It's actually at Idaho. It's being we're setting up the fuel fabrication capabilities to actually be able to take that fuel and fabricate, put that in our first plant. But that material has all been -- it's all out there. It's all been produced from government reserves and inventories. And that's kind of another key watch point for us is some of the actions that are potentially coming from the government. Ideally, there's a lot that moves forward on the fuel side, and we're really well positioned to be able to benefit from a lot of that beyond just what we already have.

但它非常非常有用而且重要，對吧？我們有燃料。它實際上位於愛達荷州。我們正在建立燃料製造能力，以便能夠真正獲得並製造燃料，然後將其放入我們的第一個工廠。但那些材料都已經存在了。所有這些都是由政府儲備和庫存生產的。這對我們來說是另一個關鍵的關注點，即政府可能採取的一些行動。理想情況下，燃料方面有很多進展，而且我們確實處於有利地位，能夠從中受益，而不僅僅是我們已經擁有的。

Got it. That's helpful. And sticking with those, I guess, second and later plants, when we talk about the timeline for subsequent COLAs, I think in the past, you said six to 18 months, would that apply to reactors in different sizes, let's say, customer wants to do 75 megawatt design, or is the timeline the same as the first custom COLA that we're doing about to do?

知道了。這很有幫助。繼續討論這些，我想，第二座及以後的工廠，當我們談論後​​續 COLA 的時間表時，我想在過去，您說過 6 到 18 個月，這是否適用於不同大小的反應堆，比如說，客戶想要做 75 兆瓦的設計，或者時間表是否與我們即將進行的第一個定制 COLA 相同？

Yeah. So, they'll be for the same general plant. What we see is -- the timing is going to depend a little bit, but, I mean, I think it'll be a staggered parallel fashion with the INL plant. The INL plant is a full commercial plant, right? We're building it on a national lab site because there's a lot of benefits of doing it, but it's a full commercial plant. And then, there'll be all these things that happen after that with respect to follow-on plants and follow-on sites that we're excited about how those are progressing and developing.

是的。所以，它們屬於同一種植物。我們看到的是——時間會有點依賴，但我的意思是，我認為它將與 INL 工廠採取交錯並行的方式。INL 工廠是一個完全商業化的工廠，對嗎？我們正在國家實驗室內建造它，因為這樣做有很多好處，但它是一個完整的商業工廠。然後，之後還會發生與後續工廠和後續站點相關的所有事情，我們對它們的進展和發展感到興奮。

That said, like, I think the timing of those is sort of we see a couple major sites that we've obviously talked about, and we see the different customers that we've announced. And there's the very dynamic market in that sense. So, what we expect is that there'll be some COLA activity that we anticipate submitting additional applications in parallel to all the first ones under review that will see some acceleration benefits, but then the real benefits will really happen on the acceleration of the COLAs after that.

話雖如此，我認為這些時機就像我們看到幾個我們顯然已經討論過的主要網站，我們看到我們已經宣布的不同客戶。從這個意義上來說，這是一個非常活躍的市場。因此，我們預計會有一些生活費用調整 (COLA) 活動，我們預計將與所有首批接受審核的申請同時提交額外的申請，這些申請將獲得一些加速效益，但真正的效益將真正體現在之後的生活費用調整 (COLA) 的加速上。

We're doing a lot of, like, kind of cutting-edge, leading-edge work with the NRC on doing some of the subsequent licensing at high volume, kind of high rates of deployment. They've been developing activity -- I'm sorry, capabilities and plan [that aligns with] (ph) sort of action around how they're going to review those things going forward. So that we're going to be one of the initial movers and one of the early kind of beneficiaries of those approaches, which is pretty exciting for what that looks like. But kind of that's how we see these things kind of playing out from there. But I think it's entirely likely that by sort of a year from now, we have additional COLAs under review on top of the INL one.

我們正在與 NRC 合作進行大量尖端、前沿的工作，以獲得大量後續許可，以實現高部署率。他們一直在進行活動——對不起，是能力和計劃[與之相一致]（ph）某種行動，圍繞著他們將如何審查這些事情向前發展。因此，我們將成為這些方法的最初推動者和早期受益者之一，這看起來相當令人興奮。但從某種程度上來說，我們看到這些事情就是這樣發生的。但我認為，從現在起一年左右的時間裡，我們很有可能在 INL 的基礎上審查其他生活費用調整法案。

Got it. Thanks, Jacob. I'll turn it over.

知道了。謝謝，雅各。我把它翻過來。

Vikram Bagri, Citi.

花旗銀行的維克拉姆‧巴格里 (Vikram Bagri)

Hi, it's Ted on for Vik. Thanks for taking the questions. I wanted to ask about the funding needs for the business, just given the larger reactor size that was mentioned last quarter, the growth needed for Atomic Alchemy, potential costs from tariffs, and then also potentially higher HALEU prices than the initial plan. Just wondering whether given all those factors, additional capital will be needed. And if so, when we could expect roughly that might be raised?

大家好，我是 Ted，為 Vik 播報。感謝您回答這些問題。我想問一下該業務的資金需求，考慮到上個季度提到的更大的反應器規模、Atomic Alchemy 所需的增長、關稅帶來的潛在成本，以及可能高於最初計劃的 HALEU 價格。只是想知道考慮到所有這些因素，是否需要額外的資本。如果是的話，我們大概什麼時候可以預期這個數字會提高？

Jake, I can take --

傑克，我可以帶--

I'll just start with -- I'll just start really quickly. I think, again, an important point is on the fuel, right? We have the fuel allocated and awarded to us. So that helps a lot with the first plant. And then, as we've looked at things, I'll turn it over to Craig here, but I think that's a big help with respect to how you sort of manage some of the HALEU pricing. But with that, I'll turn it over to Craig for kind of the dynamics on that.

我先開始——我很快就開始。我認為，再次強調，一個重點是燃料，對嗎？我們已分配並授予了燃料。這對第一家工廠有很大幫助。然後，當我們研究完情況後，我會把它交給 Craig，但我認為這對於您如何管理部分 HALEU 定價有很大幫助。但既然如此，我將把它交給 Craig 來了解這方面的動態。

Yeah. And just to reemphasize the point the balance sheet got adequate capital on it for the deployment of INL. Now, it was almost two years ago since we announced the leaseback in a year since we closed. And since that time HALEU prices have gone up, as you mentioned, Ted. We've also dramatically grown the order book, and we've now got customers wanting a much higher size powerhouse offering that is more capital efficient, but it is going to cost more capital per unit. And then, we're two years on from the dispatch, which means we're two years on towards [indiscernible] to bring recycling forward.

是的。再次強調一下，資產負債表上有足夠的資本來部署 INL。距離我們關閉公司一年後宣布回租，已經過去快兩年了。正如您所說，從那時起 HALEU 的價格就上漲了，Ted。我們的訂單量也大幅成長，現在客戶想要更大尺寸、更有效率、資本更充裕的動力產品，但每單位的資本成本也會更高。然後，距離發射已經過了兩年，這意味著我們還要花兩年的時間才能實現回收。

So, we'll want to be positioned such that capital does not become a constraint as we look to progress those growth plans. And we'll make sure that if there is a need to raise capital, we'll do that when the time and circumstances are right so that we can do it in a strategic manner, not a reactive manner.

因此，我們希望在推進這些成長計畫時，資本不會成為限制因素。我們將確保，如果需要籌集資金，我們將在適當的時間和情況下這樣做，以便我們能夠以策略性方式而不是被動方式進行。

Got it. Thank you. And I had just one follow-up. On the VIPR facility that was mentioned, could you just elaborate on what the NRC process looks like for that? So, it looks like there'll be a construction permit submitted this year. How does that process differ from the process for the Aurora powerhouse? And then, also just in terms of intensity required with the NRC? And are there any additional costs for that over and above what's provided in the guidance?

知道了。謝謝。我只有一個後續行動。關於提到的 VIPR 設施，能否詳細說明 NRC 流程是怎麼樣的？因此，看起來今年將會提交建築許可證。該流程與 Aurora 發電站的流程有何不同？那麼，是否也僅就 NRC 所需的強度而言？除了指南中提供的費用外，是否還會產生其他額外費用？

Yeah. I think, I mean, the licensing process in progress is really centered around a Part 50 license application, which is a bit different. This is a non -- this sounds funny. This is a non-electric power producing reactor. So, it benefits from a different regulatory approach that looks a lot more similar to what university and research reactors look like. So, good news there is there's some benefits that happen from that from an efficiency side, but it is inherently built to a two-step process where you get a construction license and then an operating license.

是的。我認為，正在進行的許可流程實際上圍繞著第 50 部分許可申請展開，這有點不同。這聽起來很可笑。這是一個非發電反應器。因此，它受益於一種不同的監管方法，這種方法看起來與大學和研究反應器的情況更為相似。因此，好消息是，從效率方面來看，這樣做確實有一些好處，但它本質上是一個兩步驟流程，即先獲得施工許可證，然後獲得經營許可證。

However, given kind of the nature of the review of those systems and that we expect that the construction permit review will happen at first. You'll build significant amounts of the plant and you'll apply for the operating license thereafter. This is similar to the process taken by Kairos, which received their construction permit, and then a couple other active groups that are doing work in the space on that.

然而，考慮到這些系統審查的性質，我們預計建築許可證審查將首先進行。您將建造大量工廠，然後申請營運許可證。這與 Kairos 採取的流程類似，Kairos 獲得了建築許可證，然後還有其他幾個活躍的團體也在該領域工作。

So that's what the application, like, review process looks like. Again, that's quite different than a Part 52, which is for power reactors, so electric power producing reactors, and doesn't have the repeatability functionality built into it because typically these kind of test reactors or these non-power producing reactors are built around kind of that not needing that repeatability.

這就是申請、審核過程的樣子。再次強調，這與第 52 部分有很大不同，第 52 部分適用於動力反應堆，即發電反應堆，並且沒有內置可重複性功能，因為通常這類測試反應堆或非發電反應堆都是圍繞不需要這種可重複性而建造的。

So, what's kind of neat about it from the Oklo side is we're going to have a lot of experience and expertise around both those processes, and there's some efficiencies that we're looking at seeing as possible benefits to inform sort of future activities around either continued sort of regulatory modernization efforts, as well as potential legislative efforts around applying some of the best practices between the two to each other. And we'll obviously be kind of at the center of that experience set, which is kind of neat actually, but that's how we see those things going.

因此，從奧克洛方面來看，這件事的妙處在於我們將在這兩個流程方面擁有豐富的經驗和專業知識，而且我們正在研究提高效率，將其視為可能帶來的好處，為未來的活動提供信息，無論是圍繞持續的監管現代化努力，還是圍繞將兩者之間的一些最佳實踐相互應用的潛在立法努力。顯然，我們會成為這種體驗的中心，這實際上很棒，但這就是我們對這些事情發展的看法。

Generally speaking, there's it's considerable -- it's considered to be a simpler, more straightforward process to get a non-power license, right, than a power reactor license just given the relevant hazards around a non -- a low power reactor operating in that kind of environment. So, typically speaking, the regulatory process kind of reflects that.

一般來說，取得非動力許可證比獲得動力反應器許可證的過程更簡單、更直接，因為在那種環境下運行的非低功率反應器存在相關危險。因此，一般來說，監管過程在某種程度上反映了這一點。

Got it. Thank you.

知道了。謝謝。

Eric Stine, Craig-Hallum

艾瑞克·斯坦、克雷格·哈勒姆

Hi, Jake. Hi, Craig. Hello?

你好，傑克。你好，克雷格。你好？

Hey. How's it going?

嘿。怎麼樣了？

Hey, Eric.

嘿，艾瑞克。

Good. I'm glad. I wasn't sure what was going on there.

好的。我很高興。我不確定那裡發生了什麼事。

Hey. So, just curious I know you've done the readiness assessment. You've had quite a bit of interaction with the NRC, but also know the NRC is known for that being a pretty onerous process on the licensing side. So, as you get closer to submitting the COLA, I mean, is your confidence higher, or what has maybe changed in your view, if at all, as to your prospects to move, as you said, into a commercial facility and not having to go through kind of the typical demonstration plant that might have to operate for three, four, five years?

嘿。所以，只是好奇，我知道你已經完成了準備狀況評估。您與 NRC 有過相當多的互動，但也知道 NRC 以許可證審批流程非常繁瑣而聞名。那麼，隨著您越來越接近提交生活成本調整法案 (COLA)，我的意思是，您的信心是否更高了，或者，如果有的話，您認為，對於您轉移到商業設施的前景，以及不必通過可能需要運行三、四、五年的典型示範工廠，您的觀點是否發生了變化？

Yeah. I mean, I think, generally speaking, so just to be clear, this is a full commercial plant, right? Like, this is a full commercial plant that will operate commercially, produce full power, do all of that. Obviously, it's the first plant, so there's some learnings you both design for and engineer around to be able to accommodate and be able to iterate through. But this is not kind of like a, "Oh, build it, see how it works." No. We're building off of technology that's done that already, right? There's been two noticeable -- notable examples on top of 20-plus reactors from before that around the world built around sodium fast reactor technology showing what works and what doesn't work. And the successes at EBR-II and FFTF are very significant sort of enablers for us to actually be able to take those technologies forward, apply those, right, take those lessons learned, apply them, and basically replicate what was done in many ways because they were so successful. So that's really important, right?

是的。我的意思是，我認為，一般來說，只是為了清楚起見，這是一個完整的商業工廠，對嗎？就像，這是一個完全商業化的工廠，將進行商業運營，產生全部電力，完成所有這些工作。顯然，這是第一家工廠，因此您需要在設計和工程方面學習一些知識，以便能夠適應並進行迭代。但這並不像“哦，建造它，看看它如何運作。”不。我們正在利用已經實現的技術，對嗎？在此之前，全球已有 20 多個採用鈉快堆技術建造的反應堆，其中有兩個值得注意的例子，展示了哪些有效，哪些無效。EBR-II 和 FFTF 的成功對於我們能夠真正推動這些技術的發展、應用這些技術、吸取這些經驗教訓並加以應用，以及從根本上複製在許多方面所做的事情是非常重要的，因為它們非常成功。這真的很重要，對吧？

I think sometimes the facts and the realities of sort of the history around non-light water reactor technology development is often very underappreciated even in the nuclear industry. And a lot of that's just because a lot of that pioneering work happened between the '60s, '70s, '80s, and '90s, pre-digitization. Actually, I think there's a big part of the story to this, which is a lot of those lessons learned, a lot of the records, all that stuff were written in paper, and put in books, put in binders, put in reports that were literally printed and filed on shelves, like literally. I used to say left on the shelves of history, literally because they were. And that as a result had meant that like accessing all of the wonderful nuggets of information that had been out there about these things, well, it wasn't exactly easy to do unless maybe you're an academia or in the research and development communities, which Caroline and I were. So, we had the benefits of having a lot of the opportunity to see a lot of the amazing things about this technology set and how mature it really was, something that again is vastly underappreciated by and large. And so, that's a fantastic spot to be.

我認為，有時即使在核工業領域，非輕水反應器技術發展的歷史事實和現實也常常被低估。這在很大程度上是因為許多開創性的工作都發生在 60 年代、70 年代、80 年代和 90 年代之間，也就是數位化之前。實際上，我認為這個故事很大一部分內容是，很多經驗教訓、很多記錄，所有這些東西都寫在紙上，放在書裡、放在活頁夾裡、放在報告中，然後打印出來並歸檔在書架上，就像字面意思一樣。我過去常說它們被留在了歷史的書架上，因為它們確實被留在了歷史的書架上。而這意味著，要獲取有關這些事情的所有精彩信息，這並不容易，除非你是學術界或研發界人士，就像卡羅琳和我一樣。因此，我們有很多機會了解這套技術的眾多令人驚嘆的地方以及它實際上有多麼成熟，而這一點總體上仍然被大大低估了。所以，那是一個很棒的地方。

Now, one of the things we leaned into very early in the company's history was even starting with our first regulatory interactions, including getting the Department of Energy to help with this and the national labs to help with this -- working with the NRC back in 2016, was actually getting that old information, digitizing it, modernizing it, being able to use it in the regulatory space. And that we set off a bunch of activity and work in 2016 that really is continuing through today that pays significant dividends, right?

現在，我們在公司歷史早期就傾向於做的事情之一就是從我們的第一次監管互動開始，包括讓能源部和國家實驗室提供幫助——早在 2016 年就與 NRC 合作，實際上是獲取那些舊信息，對其進行數字化、現代化，以便能夠在監管領域使用它。我們在 2016 年啟動了一系列活動和工作，這些活動和工作實際上一直持續到今天，並帶來了豐厚的回報，對嗎？

So that kind of dovetails into your question of, yeah, I mean, generally speaking, as we've seen our engagement with the NRC, we've had 600-plus meetings with them. I mean, we have a huge amount of interactions in history leading up to submitting an application, and being in a position that we feel pretty happy about.

所以這和你的問題有點吻合，是的，我的意思是，一般來說，正如我們與 NRC 的接觸一樣，我們已經與他們舉行了 600 多次會議。我的意思是，在提交申請之前，我們在歷史上進行了大量的互動，並且處於一個讓我們感到非常高興的位置。

So, obviously, we're doing a readiness assessment to make sure that we understand where there might be gaps so that we can work to address those. We've seen that had a lot of success with what TerraPower did. They also did a readiness assessment before they submitted their construction permit and -- or the construction permit application and they've seen that their review has been moving pretty well on pace. I think it's slightly ahead of schedule even. So, that's fantastic. We expect there to be some similar benefits for us. Obviously, each case is a little bit different, but generally speaking, that's why we've been at this for so long. Of all the non-light water companies active today with the NRC, we've had the longest engagement, right, dating back to 2016. And that's a very important thing for us for having sort of that history and that maturity and that kind of credibility and capability accordingly with the regulator.

因此，顯然，我們正在進行準備情況評估，以確保我們了解可能的差距，以便我們能夠努力解決這些問題。我們已經看到 TerraPower 的做法取得了巨大成功。在提交施工許可證或施工許可證申請之前，他們還進行了準備評估，並且發現審查進展順利。我認為它甚至比計劃稍微提前了一點。這真是太棒了。我們期望我們也能獲得一些類似的好處。顯然，每個案例都有點不同，但總的來說，這就是我們長期致力於此的原因。在目前與 NRC 合作的所有非輕水公司中，我們的合作時間最長，可以追溯到 2016 年。對我們來說，擁有這樣的歷史、成熟度、以及監管機構相應的信譽和能力是非常重要的。

I think the thing that's important is also how we take an approach isn't just about whether or not you get the license, but doing so efficiently and effectively. And I think that's that next level of depth and nuance that I think people are starting to fully understand the importance of, which is not just getting a license. That, I would say is something that's quite doable. It's also doing it efficiently and effectively, so it's scalable. And that's where we spend a lot of time trying to optimize for that.

我認為重要的一點是，我們採取的方法不僅僅是關於是否獲得許可，還關乎高效和有效地做到這一點。我認為這是下一個層次的深度和細微差別，我認為人們開始充分理解其重要性，而不僅僅是獲得許可證。我想說，這是相當可行的。它還能有效率、有效地完成這項工作，因此具有可擴展性。這就是我們花費大量時間嘗試優化的地方。

Back in 2019 -- or 2018, when we first piloted an application with the NRC, they said they could review something like that. They thought that that made a lot of sense that we proposed all these novel things. Something they then built a novel review plan based heavily on -- based on doing things, I mean, heavily in-person in 2019. Obviously, when we submit an application for all this in-person review dynamics in 2020, that didn't work out so great given that the pandemic blew a lot of that stuff out. We couldn't have those in-person meetings and dynamics. We had to obviously change course and that became somewhat challenging. But since '22, when we started re-engaging with them in-person and pre-application on this, we've been able to kind of structure around addressing some of these open items and some of these items that we've tried to push the NRC to be forward leaning on. Frankly, we found that there's been a lot of things that they've been pretty receptive to.

早在 2019 年或 2018 年，當我們首次與 NRC 試行一項申請時，他們表示他們可以審查類似的東西。他們認為我們提出的這些新穎的想法非常有意義。然後，他們制定了一個新穎的審查計劃，該計劃主要基於——我的意思是，基於 2019 年大量的面對面工作。顯然，當我們在 2020 年提交所有這些面對面審查動態的申請時，效果並不好，因為疫情摧毀了很多東西。我們無法進行那些面對面的會議和交流。我們顯然必須改變方向，這變得有點困難。但自 2022 年以來，當我們開始與他們進行面對面的接觸和預先申請時，我們已經能夠圍繞解決其中一些懸而未決的問題和一些我們試圖推動 NRC 向前發展的問題建立某種結構。坦白說，我們發現他們對很多事情都相當樂於接受。

Still a lot of work. It's not a like, hey, this is going to be a walk in the park. It's a lot of work. There's still a lot of existing inefficiencies, frankly, in the regulatory process, but we couldn't ask for a better setup right now amidst the drive and demand on the AI side, as well as bipartisan level of support coupled with a very -- an administration that's very focused on driving regulatory efficiency throughout the entire ecosystem. So, all in all, it creates a pretty favorable dynamic, I think, for where we sit and how we're seeing this come together.

還有很多工作要做。這並不是說，嘿，這將是一次公園散步。這需要做很多工作。坦白說，監管過程中仍然存在許多低效之處，但在人工智慧方面的推動和需求、兩黨的支持以及非常注重推動整個生態系統監管效率的政府的推動下，我們現在不能要求更好的設置。所以，總而言之，我認為，對於我們所處的位置以及我們如何看待這一切的進展而言，它創造了一種非常有利的動態。

So, I guess, I would say like the pre-application engagement is a way to -- that we've done continually more or less since 2016 and sort of re-upped in '22, if you will, into what we're doing now, like, has been quite, I think, constructive to preparing both parties to be ready for an application. I think some of the feedback we've had from the NRC has largely been around, "Okay, we're really getting ready for you guys to have an application now. We've done all this work, but I think we're getting ready for it."

所以，我想說，申請前的接觸是一種方式——自 2016 年以來，我們或多或少一直在做這件事，如果你願意的話，在 2022 年又重新開始了，現在我們正在做的事情，我認為，對於雙方做好申請的準備，這是相當有建設性的。我認為我們從 NRC 收到的一些回饋主要是這樣的，「好的，我們現在真的準備好讓你們提交申請了。我們已經完成了所有這些工作，但我認為我們正在為此做好準備。 」

So, we see that. We expect to see how that plays out with the Phase 1 readiness, and then we'll kind of move that to the next steps of the review, hopefully, with some of those efficiencies gained. That doesn't take care of all the bumps and problems. There's still going to be things that come up, of course, but at the end of the day, it gives us a great shot on a lot of those angles.

所以，我們看到了這一點。我們期望看到第一階段的準備情況，然後我們將其推進到審查的下一步，希望能夠提高一些效率。這並不能解決所有的障礙和問題。當然，還會有其他事情發生，但最終，它讓我們從許多角度獲得了絕佳的機會。

Yeah.

是的。

Yeah, no, it's a great color. Thank you. And then just for my follow up, I mean, should we still think about timing of the actual cola submission to be, I think in in the past you'd said kind of coincide with the advanced act and in the October time frame.

是的，不，顏色很棒。謝謝。然後只是為了我的後續問題，我的意思是，我們是否仍應該考慮實際可樂提交的時間，我認為在過去你會說有點與提前行為相吻合，並在十月份的時間範圍內。

Yeah, that's how we're looking at it. I will say that with all the pending activity around like executive orders and all these other things, there's, I would call it, good uncertainty, because it could motivate some reasons that things might move somewhat faster. But at the end of the day, like, that's how we're seeing kind of the timing evolve here. So, we expect to transition out of the readiness assessment with the feedback we get from that to be able to support us submitting for actually a Phase 1 application in a few months after kind of the feedback from that. And then that would position us to then do readiness on the Phase 2 part. And then, also with the feedback from that position us to be able to submit that sort of in the Q4 timeframe is what we're expecting.

是的，我們就是這樣看待它的。我想說的是，在所有懸而未決的活動（例如行政命令和所有其他事項）下，我稱之為好的不確定性，因為它可以激發一些事情可能會更快的原因。但最終，我們看到的時間就是這樣演變的。因此，我們希望根據從中獲得的回饋來過渡到準備情況評估，以便能夠在幾個月後支持我們提交第一階段的申請。然後，我們就可以開始為第二階段做好準備。然後，根據該職位的回饋，我們期望能夠在第四季度提交此類文件。

Okay, excellent. Thanks a lot.

好的，非常好。多謝。

And that would mean full applications then at that point, yeah.

那就意味著到那時應用程式將完全可用，是的。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Good evening, Jake, on Slides 9 --

晚上好，傑克，幻燈片 9——

Hey, Jeff.

嘿，傑夫。

Hey. On Slides 9 and 11, the fuel recycling and the feedstock preparing the submission to the licensing project plan for the Oklo Fuel Foundry, I like that name. Can you add some color on how this licensing effort might be different than that for Aurora? What the primary hurdles might be? And what the timing might be like?

嘿。在第 9 和 11 張幻燈片上，燃料回收和原料準備提交給奧克洛燃料鑄造廠的許可項目計劃，我喜歡這個名字。您能否詳細說明一下這次許可工作與 Aurora 的許可工作有何不同？主要障礙可能是什麼？時機是怎樣的？

Yeah, it's a good question. We've been engaged at the NRC on the pre-application activities to submit for large-scale fuel fabrication work that is outside, right? Just to kind of recap, we have fuel from the INL and the Department of Energy for fuel for our first plant. We'll fabricate that fuel at the Idaho National Laboratory. We're building a pilot fabrication facility there. By that I mean we're installing the equipment and existing building. But then, as we grow and we look at sort of this backlog that we've been accumulating, we're working to set up a full-scale fuel fabrication facility on a -- not full-scale, but I call it large commercial scale to help us kind of start to meet that demand set.

是的，這是個好問題。我們一直在與 NRC 合作進行申請前的活動，以提交外部大規模燃料製造工作，對嗎？簡單回顧一下，我們的第一家工廠有來自 INL 和能源部門的燃料。我們將在愛達荷國家實驗室製造這種燃料。我們正在那裡建造一個試點製造設施。我的意思是我們正在安裝設備和現有建築物。但是，隨著我們的成長，我們看到了我們累積的積壓訂單，我們正在努力建立一個全面的燃料製造設施——不是全面的，但我稱之為大型商業規模，以幫助我們開始滿足這一需求。

That follows a different regulatory path than the typical like Part 50, Part 52, because it's just materials handling, it's not reactors. And so, it depends a little bit on the specifics of the site and the infrastructure that we're taking advantage of, but that's something where as we've been engaging with them, you can expect a full sort of application review to be done potentially in the 24- to 30-month time period, possibly as long as 36. It depends on how much infrastructure you need to install.

它遵循與第 50 部分、第 52 部分等典型法規不同的監管路徑，因為它只是涉及材料處理，而不是反應器。因此，這在一定程度上取決於場地的具體情況以及我們所利用的基礎設施，但這正是我們與他們合作時所期待的，您可以預期全面的申請審查可能會在 24 到 30 個月的時間內完成，甚至可能長達 36 個月。這取決於您需要安裝多少基礎架構。

Given the nature of kind of the regulatory environment today, there's some benefits that those timelines might be reduced. I do think there's a general view that this should definitely be done faster than reactors. So, everything that moves those timelines is probably going to help with this. So, that's kind of how we're seeing that progress. But we're going through evaluating different site opportunities accordingly for that. And as those things continue to progress, we'll have good updates for the market and for investors as those come together. But generally speaking, that's how we expect that to go to sort of unlock our ability to scale into the very exciting numbers and customer bases we have.

考慮到當今監管環境的性質，縮短這些時間表可能會帶來一些好處。我確實認為人們普遍認為這肯定應該比反應器更快完成。因此，任何改變時間表的事情都可能對此有所幫助。這就是我們所看到的進展。但我們正在相應地評估不同的站點機會。隨著這些事情的不斷進展，我們將為市場和投資者帶來好消息。但總的來說，我們期望透過這種方式來釋放我們擴大規模的能力，實現我們目前令人興奮的數位和客戶群。

Right. And that's very helpful. And the point about being faster than a reactor license certainly makes sense.

正確的。這非常有幫助。比反應爐許可證更快這一點當然是有道理的。

And my follow up is, is this essentially somewhat similar to the way you've talked about your COLA licenses and having multiple applications, even as you're waiting for INL? Is this already an effort to create a blueprint for potential fuel founders in a variety of locations? And in other words, already thinking about scalability in the fuel foundry in the same way that you're thinking about (inaudible)?

我的後續問題是，這本質上是否與您談論的 COLA 許可證和擁有多個申請的方式有些類似，即使您正在等待 INL？這是否已經是為各個地方的潛在燃料創始人創建藍圖的努力了？換句話說，你已經在考慮燃料鑄造廠的可擴展性，就像你在考慮（聽不清楚）？

Yeah, it's a great question. It's definitely something we think about here. We aren't baking in necessarily the same scalability, but the lessons learned to apply forward will be helpful. The reason I say that is because, like, we kind of expect this facility to be pretty large to meet a lot of our need sets for a while. And then, beyond that, well, we kind of are looking at how this can be built and done in different places potentially as needed. But generally speaking, like, this is all happening, which is like -- that's a really silly thing to say. This is all kind of progressing in a way to expect to build one, but understand that there might be like scalability for beyond that.

是的，這是一個很好的問題。這絕對是我們在這裡思考的事情。我們不一定具備相同的可擴展性，但從中汲取的經驗教訓將會很有幫助。我這樣說的原因是，我們預期這個設施會相當大，可以暫時滿足我們許多的需求。除此之外，我們正在研究如何根據需要在不同的地方建造和完成它。但一般來說，這一切都在發生，這就像──這是一件非常愚蠢的事。這一切都在以某種方式進展，期望能夠建立一個，但要明白，可能還會有超越它的可擴展性。

So, it's kind of a weird non-answer, but we're saying, yes, there's ability to have a scalability from it, but the infrastructure of the regulations themselves, the actual structure doesn't really allow for that same translatability for repeatability the way the reactors do, because it's not anticipated you'd build many of these. But there's going to definitely be lessons learned and there's things we're trying to do to allow for that where it makes sense to do. But generally speaking, that's kind of a thing that we'll keep watching as we kind of think through and get into the actual licensing process here.

所以，這是一個有點奇怪的非答案，但我們說，是的，它具有可擴展性，但法規本身的基礎設施，實際結構並不真正允許像反應器那樣具有可重複性的可翻譯性，因為預計你不會建造很多這樣的反應堆。但我們肯定會學到教訓，並且我們正在努力做一些有意義的事情。但一般來說，我們會繼續關注此事，並仔細考慮並進入實際的許可流程。

But if -- as we think about the opportunity space for the business, it does make sense to think about having multiple locations most likely. But kind of not do all those at once, obviously, but that's stuff that kind of lags by probably by five to 10-year increments as we think about the long-scale growth and potential here.

但是，如果我們考慮業務的機會空間，那麼考慮擁有多個地點確實是有意義的。但顯然，這些工作不能一次全部完成，考慮到長期成長和潛力，這些工作可能會落後 5 到 10 年。

And Jake, I think the other trade-off is size of the facility and the scale economies you may get on one end, but logistics of having -- the difference between having one plant and -- one foundry in one location versus multiple locations, and what it could do around logistics.

傑克，我認為另一個權衡是設施的規模和你可能獲得的規模經濟，但擁有的物流——在一個地方擁有一個工廠和一個代工廠與在多個地方擁有一個工廠之間的區別，以及它在物流方面可以做些什麼。

Sameer Joshi, H.C. Wainwright.

薩米爾喬希、H.C. 溫賴特。

Hey, good afternoon Jake, Craig. Thanks for taking my questions. First, congrats on all the progress. My question is about the borehole drilling campaign that you just announced this morning. Does this -- I think the press release says that it will inform your detailed engineering design. I'm assuming this engineering design pertains to the building and building stability as against the balance of plant, like the steam generators and the power conversion system that may need any modifications. Will you confirm that?

嘿，下午好，傑克，克雷格。感謝您回答我的問題。首先，恭喜您取得的所有進展。我的問題是關於您今天早上剛剛宣布的鑽孔活動。這是嗎——我認為新聞稿說它會告知你的詳細工程設計。我認為這種工程設計涉及建築和建築穩定性，而不是工廠的平衡，例如可能需要任何修改的蒸汽發生器和電力轉換系統。能確認一下嗎？

Yeah, the way I understood that was really if we expect to see like what the data does or sort of the insights from the site characterization due to impact sort of the detailed design. Yeah, I mean, generally speaking it's really just to make sure that the site characteristics and where we're exactly going to be building, like we just engineer all the right like structural mechanical pieces in the right ways to support that, that are kind of bounded by how we take that sort of bounded kind of standardized approach as is. That's really how we kind of angle to incorporate that feedback. But it's important to have that information to support then also in the regulatory process, which is kind of why we do it, if that makes sense.

是的，我的理解是，我們實際上是否希望看到數據的作用，或者由於詳細設計的影響而從網站特徵中獲得的見解。是的，我的意思是，一般來說，這實際上只是為了確保場地特徵和我們要建造的確切位置，就像我們以正確的方式設計所有正確的結構機械部件以支持它一樣，這在某種程度上受到我們如何採取這種有界限的標準化方法的限制。這實際上就是我們吸收這些回饋的方式。但在監管過程中，擁有這些資訊來支持也很重要，這也是我們這樣做的原因，如果這說得通的話。

Yeah. No, understood. And then, the second question I have is, and maybe this has been discussed in the past, but just I want to make sure I understand. Now that you are in the Phase 1 -- or initiated the Phase 1 of the pre-application readiness assessment, has this phase also included the specific size of the reactor in terms of whether it is 50 megawatts or 75 megawatts, or will this be needed to be included in Phase 2 or the next stage? Just wanted to understand that. Mainly in context of one of the previous questioners who asked if the subsequent COLAs can be of different sizes. So, just wanted to understand the Phase 1, Phase 2, and when you have to specify what the COLA is for, whether it is for 75 or 50 megawatt.

是的。不，明白。然後，我的第二個問題是，也許這個問題過去已經討論過了，但我只是想確保我理解。現在您已進入第一階段 - 或者啟動了申請前準備情況評估的第一階段，這個階段是否也包括了反應器的具體大小，例如是 50 兆瓦還是 75 兆瓦，或者是否需要在第二階段或下一階段包含這些內容？只是想了解這一點。主要針對先前提問者提出的一個問題，他詢問後續的生活費用調整是否可以有不同的規模。因此，只是想了解第 1 階段、第 2 階段，以及何時必須指定 COLA 的用途，無論是 75 兆瓦還是 50 兆瓦。

Yeah. So, most every -- so pretty much everything we're really doing is at a 75 megawatt size range. That kind of is the generalized design. And then, if we flex down from that, it's just because there's a customer need or specific need to do so, which would then, generally speaking, bound against largely speaking the same analysis and everything else that we do to support the 75. So, really just think of it as a kind of a consolidated single platform that we build off of from the licensing side.

是的。因此，我們實際上所做的幾乎所有事情都在 75 兆瓦的範圍內。這就是通用的設計。然後，如果我們從中退縮，那隻是因為有客戶需求或特定需求，那麼一般來說，這將在很大程度上限制我們為支援 75 所做的相同分析和其他一切。因此，實際上只需將其視為一種我們從許可方面構建的整合的單一平台。

Each site, then, if it does change a little bit, it's going to -- obviously each site has to get its own license, but the benefits of sort of the repeatability and scalability because of that approach should hold pretty heavily. Obviously, if we make significant departures by introducing major design changes, that changes some of that, but that's not exactly like in terms of the near-term deployment, that's not what we're intending or planning to do. And that's part of why we made that decision to kind of just centralize and focus around the size range.

那麼，每個站點，如果確實有一點變化，它將會——顯然每個站點都必須獲得自己的許可證，但是由於這種方法而產生的可重複性和可擴展性的好處應該會相當大。顯然，如果我們透過引入重大設計變更而做出重大改變，那麼就會改變其中的一些，但這與近期部署並不完全相同，這不是我們打算或計劃要做的。這就是我們做出集中並關注尺寸範圍的決定的部分原因。

What that means then is if a customer wants it to be a 60 megawatt variant, then it's the same plant that we're building. We're just basically, as we use the term kind of underrating it and running it at a lower power level and then maybe low then have the ability to potentially increase that power level with more fuel going forward. So that's really how we're trying to approach that.

這意味著，如果客戶想要 60 兆瓦的版本，那麼它就是我們正在建造的同一座工廠。基本上，正如我們所使用的術語那樣，我們只是低估它並以較低的功率水平運行它，然後可能較低，然後有能力在未來使用更多的燃料來潛在地提高該功率水平。這就是我們真正嘗試去解決的問題。

With the Idaho plant, specifically, like that's the same approach we're taking. However, we have a fuel constraint, right? We've been awarded fuel and to sort of best use that fuel, we would be running that plant at less than 75 megawatts, but we're also pursuing options to perhaps get more fuel to run that up at a higher power level. That just depends a little bit on sort of how kind of some of these activities are going to play out with respect to the fuel supplies, especially given the fact that there's another 5 tons of that material that we requested that's available potentially. So, like, some of that material we could use to help us run all the way for a full cycle at the full power level, but that's kind of how we're approaching this right now. But yeah, everything really centralizes around kind of that 75 megawatt level.

具體來說，對於愛達荷工廠，我們採取的是同樣的方法。但是，我們有燃料限制，對嗎？我們已經獲得了燃料供應，為了最好地利用這些燃料，我們將以低於 75 兆瓦的功率運行該電廠，但我們也在尋求其他選擇，或許可以獲得更多燃料，從而以更高的功率水平運行該電廠。這在一定程度上取決於這些活動對燃料供應的影響，特別是考慮到我們請求的另外 5 噸燃料可能已經到位。因此，我們可以使用其中一些材料來幫助我們以全功率等級運行整個週期，但這就是我們現在所採取的方法。但是的，一切確實都集中在 75 兆瓦的水平上。

Understood. May I squeeze in one more for the Oklo Fuel Foundry? Will this facility be also able to handle recycled fuel for the fabrication facility?

明白了。我可以再為奧克洛燃料鑄造廠擠一份嗎？該設施是否也能夠處理製造廠的回收燃料？

It's an interesting question. So, what we're talking about with the fuel foundry piece here is specific to fresh fuel fabrication. However, next to, like -- not next to physically, but in terms of in addition to that, we've been ongoing on the regulatory front for, I think, dating back to at this point, 2021 and pre-application preparing for the fuel recycling facility, that fuel recycling facility would also include -- that would include the actual recycling, as well as the fuel fabrication facility for recycled fuel.

這是一個有趣的問題。因此，我們在這裡討論的燃料鑄造部分專門針對新鮮燃料的製造。然而，除此之外，不是從物理角度，而是從其他方面來看，我們一直在監管方面進行工作，我認為，可以追溯到 2021 年，並為燃料回收設施進行預申請準備，該燃料回收設施還將包括 - 這將包括實際回收，以及回收燃料的燃料製造設施。

The fuel foundry we talked about here, that's really specific to fresh fuel. The same techniques and approaches in terms of facility design and process design, generally speaking, will be used to handle recycled fuel. It's still metal, it's still casting based, but it has to be done obviously in a different environment given the nature of the recycled material it's casting. In other words, the transuranic bearing kind of feedstock that we're fabricating the fuel out of. So that's a really important thing here, right?

我們在這裡討論的燃料鑄造廠實際上是專門針對新鮮燃料的。一般來說，在設施設計和製程設計方面，將採用相同的技術和方法來處理回收燃料。它仍然是金屬，仍然基於鑄造，但考慮到鑄造的再生材料的性質，顯然必須在不同的環境中完成。換句話說，我們用來製造燃料的原料是含超鈾元素的原料。所以這真的是一件非常重要的事情，對吧？

The recycling means you don't need HALEU. You're not using HALEU. You're instead using the transuranics and the uranium from recycling itself. And as a result, the material is more radioactive. It's also thermally hotter. So, you need to fabricate that in a different way or in a different kind of set of constraints, but it sets a really good stage for how we can like apply some of the technologies for it.

回收意味著您不需要 HALEU。您沒有使用 HALEU。相反，您使用的是超鈾元素和鈾本身的回收。因此，該物質的放射性更強。從熱度上來說它也更熱。因此，您需要以不同的方式或在不同類型的約束條件下進行製造，但它為我們如何應用某些技術奠定了良好的基礎。

So, to answer your question, the activities going on the regulatory side for recycling are different than the fuel foundry side, but of course, there's some relations.

因此，回答你的問題，回收監管方面的活動與燃料鑄造方面的活動不同，但當然，它們之間也存在一些關係。

Got it. Thanks for that color. Have a good one.

知道了。謝謝你這個顏色。祝你一切順利。

Craig Shere, Tuohy Brothers.

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

Good afternoon. Thanks for fitting me in. So, let me jump on that same line of questioning. So, what exactly is the CapEx delta between a commercial scale fuel foundry versus recycling facility? And while the licensing for fuel may be quicker than for the plants, the Aurora powerhouses, how long are we talking about constructing a foundry or recycling facility or constructing?

午安.謝謝你幫我安排。那麼，讓我來回答同樣的問題。那麼，商業規模燃料鑄造廠與回收設施之間的資本支出差異到底是多少？雖然燃料許可證的發放速度可能比電廠、奧羅拉發電廠要快，但我們談論建造鑄造廠或回收設施或建造多久了？

Yeah, just a couple of things. So, basically you've got -- if you think about this, right, you have basically two major centers for fuel for Oklo plants going forward. You have one center which is around fresh HALEU. We procure that material and then we fabricate it in our fuel foundries to make fuel to go into our reactors. Then, you'll also have the recycling side that comes in and we'll start to be able to recycle fuel from existing plants that are producing power today as well as Oklo plants, as well as other advanced reactors actually. We can take all that material and recycle it, produce a new feedstock, we can make fuel out of that actual recycling facility and then have that material go fuel some Oklo plants as well.

是的，只有幾件事。所以，基本上你已經有了——如果你考慮一下，對的，你基本上有兩個主要的奧克洛工廠未來的燃料中心。您有一個圍繞新鮮 HALEU 的中心。我們採購該材料，然後在我們的燃料鑄造廠進行加工，以製造進入我們反應器的燃料。然後，你還會有回收利用方面的內容，我們將開始能夠回收目前發電的現有電廠以及奧克洛電廠以及其他先進反應器的燃料。我們可以回收所有這些材料，生產新的原料，然後利用實際的回收設施製造燃料，然後將這些材料為奧克洛的一些工廠提供燃料。

So, generally speaking, like we see those, like, the fuel foundry will most likely come into existence in terms of being operational before the recycling facility, just given the nature of kind of licensing and the technology development and everything else needed for that. And then, from there, we kind of see that staged approach of you get the fuel foundry going, fabricating fuel for our plants, you get recycling, it comes in later, produces fuel. All the benefits kind of play forward in those areas.

因此，一般來說，就像我們所看到的，燃料鑄造廠很可能會在回收設施之前投入運營，只要考慮到許可的性質、技術開發和所有其它所需的條件。然後，從那裡，我們看到了分階段的方法，讓燃料鑄造廠運作起來，為我們的工廠製造燃料，然後進行回收，最後生產出燃料。所有的好處都在這些領域中充分發揮。

But generally speaking -- and I'm not saying they're staggered on purpose, it's just kind of the nature of sort of how we think about the infrastructure build out and the planning on that. So, a lot of exciting stuff coming, but generally speaking, it sets the foundation for like things that then allow us to kind of grow and scale.

但一般來說——我並不是說它們是故意錯開的，這只是我們對基礎設施建設和規劃的看法的本質。因此，許多令人興奮的事情即將發生，但總的來說，它為我們的發展和擴張奠定了基礎。

Now, important thing to come from this too. Fuel fabrication is great, allows us to make fuel. Also opens the door for us to look at potential partnerships with others, to make fuel with or for others. Additionally, on recycling, similar kind of thing. So, good nice opportunities to touch in and tie into different pieces there, which is pretty important. If you have a licensed facility to actually fabricate fuel, of which currently in the United States, there's really like -- there's just not -- it's pretty significantly under supplies for advanced reactors. There's just not that much out there. A big opportunity obviously for us to be able to have that facility and perhaps support some other activity that others are doing in addition to what we're doing.

現在，重要的事情也由此而來。燃料製造很棒，可以讓我們製造燃料。這也為我們尋找與他人的潛在合作關係、與他人合作或為他人生產燃料打開了大門。此外，關於回收，也有類似的事情。因此，這是一個很好的機會來接觸和結合不同的部分，這非常重要。如果你有一個獲得許可的實際製造燃料的設施，目前該設施位於美國，那麼實際上——根本就沒有——先進反應器的供應嚴重不足。那裡沒有那麼多東西。顯然，對我們來說，擁有這樣的設施是一個巨大的機會，也許可以支持其他人除了我們正在做的事情之外還在做的其他活動。

So, some cool things all kind of come together on that. And one illusion just points you between both obviously stuff we did earlier in the year, but a couple months ago we obviously announced a partnership with Lightbridge, just kind of an example of how these things kind of can tie together now with the infrastructure facility work we're doing. But generally speaking kind of the focus we have is, okay, we know we're going to -- like, those things support us for after what we have going on right now with Idaho, with the pilot fuel fabrication facility we have there as well as with the first plant we're building there. So that's kind of how we think about sort of the staging and order of operations.

所以，一些很酷的事情就這樣聚集到了一起。其中一個幻象就是將我們在今年早些時候所做的事情聯繫起來，但幾個月前我們顯然宣布了與 Lightbridge 的合作，這只是一個例子，說明這些事情現在可以與我們正在進行的基礎設施工作結合在一起。但一般來說，我們的重點是，我們知道我們會——例如，這些事情會支持我們目前在愛達荷州的工作，包括我們在那裡建立的試驗燃料製造設施以及我們在那裡建造的第一家工廠。這就是我們對操作的分階段和順序的看法。

Craig, I'm not sure if you want to add anything specific to the commentary around kind of the incremental CapEx, but that's kind of how we're thinking of the phasing and the structure of this.

克雷格，我不確定您是否想對增量資本支出的評論添加任何具體內容，但這就是我們對此階段和結構的思考。

Well, I'd say, Jake, there will be incredible CapEx there, but really, we'll have more to say as we've kind of completed some of this appraised work on both the foundry and the recycling. And so, I think it'd be too early at this point for us to talk about what that could look like.

好吧，我想說，傑克，那裡會有令人難以置信的資本支出，但實際上，我們還有很多話要說，因為我們已經完成了對鑄造廠和回收廠的一些評估工作。所以，我認為現在談論它會是什麼樣子還為時過早。

That's fair. Could we just presume that the recycling takes more capital and longer to construct versus just the foundry?

這很公平。我們是否可以假設，與鑄造廠相比，回收廠需要更多的資金和更長的時間來建造？

The recycling facility?

回收設施？

Yes.

是的。

Yeah. I mean, generally speaking, because you're putting in fuel fabrication as well, yeah, it's going to be -- it's going to take longer to build and take more capital, generally speaking, than the fuel foundry will, is how we think about it. Now, the thing with the recycling, though, is you also open up all these massive opportunities for additional potential revenues, right, from additional radioisotope co-product sales, additional uranium sales, additional actual true-bearing fuel feed sales. So, there's a lot of things that kind of come from that too. So, it kind of diversifies that piece, which is something that we're particularly excited about, not to mention the massive savings it gives us compared to fresh fuel, which is pretty huge. But yeah, we expect that to be something that takes longer and will cost more than the fresh fuel foundry.

是的。我的意思是，一般來說，因為你也要投入燃料製造，是的，它會——一般來說，它會比燃料鑄造廠花費更長的時間來建造，需要更多的資金，這就是我們的想法。現在，回收還可以為你帶來巨大的額外潛在收入機會，包括額外的放射性同位素副產品銷售、額外的鈾銷售、額外的實際真實燃料供應銷售。所以，還有很多事情也是由此產生的。因此，它在某種程度上使這一部分多樣化，這是我們特別興奮的事情，更不用說與新鮮燃料相比，它給我們帶來了巨大的節省，這是相當大的。但是是的，我們預計這將比新燃料鑄造廠花費更長的時間並且成本更高。

Great. And my last one, you touched on this a bit in Sherif's questioning, but it kind of feels like the foreshadow new executive orders and Department of Defense involvement to grease the rails on U.S. nuclear could by far be the most meaningful on the fuel side, not government property and other things. Would you agree with that? And if so, what tangible perspective federal steps would you want to see on that front?

偉大的。我的最後一個問題，您在 Sherif 的提問中稍微提到了這一點，但感覺新行政命令和國防部的參與對美國核能的發展起到了推波助瀾的作用，這在燃料方面可能是最有意義的，而不是政府財產和其他方面。你同意嗎？如果是的話，您希望看到聯邦政府在這方面採取哪些實際的措施？

Yeah, I'll kind of -- I'll give you a long-winded answer to this. But I think it's -- there's a huge amount of like, I'll call it, greenfield opportunity right now in terms of the policy landscape and in terms of the appetite to use, I'll call it, the national resources and assets we have as a country with respect to deployment between significant federal land, like at the Department of Energy, requesting information about how they might be able to support building data centers at existing DOE sites. That could also tie over potentially to benefits of them being able to actually be the regulator on some of those sites potentially. I mean, some of this depends on a lot of moving parts, but that could provide a significant accelerated benefit. At the very least, it provides an interesting competitive alternative dynamic to the NRC, which I think is good, right? Competitive dynamics are kind of good for everybody. So, it's pretty cool.

是的，我會給你一個冗長的答案。但我認為，就政策環境和使用意願而言，目前存在大量類似綠地機遇，我稱之為，我們作為一個國家在重要聯邦土地之間部署的國家資源和資產，例如能源部，要求提供有關如何支持在現有能源部站點建設數據中心的信息。這也可能與他們實際上能夠成為其中一些網站的監管者的好處有關。我的意思是，其中一些取決於許多活動部件，但這可以提供顯著的加速效益。至少，它為 NRC 提供了一個有趣的競爭替代動力，我認為這很好，對吧？競爭態勢對每個人來說都是有益的。所以，這很酷。

And just for us, one benefit we have, right, like we kind of -- we often have -- we haven't actually talked about this as much as maybe there's some interesting opportunities to do so, but the Department of Energy was going through the process of designing and building out and therefore included their having to prove they're having to go through a regulatory process of their internal regulatory authority and authorization of the sodium-cooled fast reactor for neutron radiation testing purposes.

對我們來說，我們有一個好處，對吧，就像我們經常做的那樣，我們實際上並沒有談論過這個問題，也許有一些有趣的機會可以這樣做，但能源部正在經歷設計和建設的過程，因此包括他們必須證明他們必須經過內部監管機構的監管程序和授權鈉冷快堆進行中子輻射測試。

A lot of the work that they did in that process and for that project, the safety evaluations and all those pieces have significant carryover and benefit to us. And as a result, we've seen some of that actually place forward some benefits on the NRC side, because I think generally speaking, it's safe to say that regulators in general, like -- well, I think all of us, it's not just them. It's all nice when you can build off of work that others have done as well, and you don't have to do it all kind of from scratch yourself. So, if that's the case, then as we've seen there, there's some benefits.

他們在該流程和該專案中所做的大量工作、安全評估以及所有這些部分都對我們產生了重大的影響和益處。因此，我們看到其中一些實際上為 NRC 方面帶來了一些好處，因為我認為一般來說，可以肯定地說，監管機構總體上，例如 - 嗯，我認為我們所有人，而不僅僅是他們。當你能夠借鑒其他人已經完成的工作，而不必自己從頭開始做所有事情時，這一切都很好。所以，如果事實確實如此，那麼正如我們所看到的，它會帶來一些好處。

So, if some of that activity and some of these potential ideas that we've heard kind of circle around and we know there's been appetite in Capitol Hill from conversations and also in different NGOs and think tanks and activities around how to best leverage the regulatory authorities that the Department of Defense, the Department of Energy and the NRC have kind of in a cooperative but also maybe somewhat competitive dynamic, that's pretty favorable.

因此，如果我們聽到的一些活動和一些潛在想法得到廣泛討論，並且我們知道國會山在對話中以及在不同的非政府組織和智庫中以及在活動中對如何最好地利用國防部、能源部和核管理委員會所擁有的監管權力表現出興趣，這種權力既有合作性，也可能有某種競爭性，那麼這是非常有利的。

If you think about what we're doing too, at Idaho, we have a great head start on some of these activities given we have a site use permit. We're deep in the process of deploying and developing there. It's also there's an opportunity to perhaps bring in folks like hyperscale partners to there and maybe build more plants there and then have some benefits because we're doing that, whether it be the Department of Energy as a regulating body or some piece like that. Like there's some significant benefits that can kind of come from all those pieces together.

如果您想想我們也在做什麼，在愛達荷州，由於我們擁有場地使用許可證，我們在一些活動中已經取得了良好的開端。我們正深入進行那裡的部署和開發。這也可能是一個機會，可以引入像超大規模合作夥伴這樣的人，並在那裡建造更多的工廠，然後獲得一些好處，因為我們正在這樣做，無論是能源部作為監管機構還是類似的機構。就好像所有這些部分結合在一起可以帶來一些顯著的好處。

Another side of this, look at the work we're doing out that we've -- we announced some time ago, but part of our partnership with Centrus was looking at building two plants, right, to build two plants in Ohio to help support sort of what they're doing. And that has some carry over from Department of Energy, environment management, kind of legacy land that they've been turning over for development.

另一方面，看看我們正在做的工作——我們不久前宣布過，但我們與 Centrus 合作的一部分是考慮建造兩座工廠，對，在俄亥俄州建造兩座工廠以幫助支持他們正在做的事情。這與能源部、環境管理部門以及他們一直在開發的遺留土地有關。

So, a lot of cool opportunities between the different things we've been doing on the DOE and DOD sites. Obviously, our selection and the DIU process is part of the ANPI program. It is also helpful for unlocking some opportunities to provide power direct there, given that AI and energy are considered pretty important things for the national security perspective. There's also opportunities to do stuff at defense land that could be constructive here as well.

因此，我們在 DOE 和 DOD 網站上所做的不同事情之間存在著許多很棒的機會。顯然，我們的選擇和 DIU 流程是 ANPI 計劃的一部分。鑑於人工智慧和能源對於國家安全而言非常重要，這也有助於開啟一些直接提供電力的機會。還有機會在國防土地上做一些同樣具有建設性的事情。

So, I'm kind of giving you this wraparound answer to say, right now there's a lot of the art of the possible on the table that could be really, really attractive and pretty exciting in an accelerative manner. But we'll see, like all this stuff is actively evolving and it's going to be iterative and dynamic, I think over the next couple of years, frankly, but especially over the next couple of months. So, we're excited to see what might be there and what might happen with this. And we're trying to kind of thread the needle and push where things make the most sense to sort of accelerate getting plants built and scaling accordingly and bringing the right resources to the table, but that would be pretty constructive and helpful.

所以，我給你這個概括性的答案是，現在有很多可能性擺在桌面上，這些可能性可能真的非常有吸引力，而且以加速的方式非常令人興奮。但我們會看到，所有這些東西都在積極發展，而且會是迭代和動態的，坦白說，我認為在接下來的幾年裡，尤其是在接下來的幾個月裡。因此，我們很高興看到那裡可能存在什麼以及會發生什麼。我們正在嘗試找到最合理的方法，以加速工廠的建設和相應擴大規模，並提供合適的資源，但這將非常具有建設性和幫助性。

And then, I think another dynamic that ties to that, we talked -- I just talked a lot about siting and regulatory side, but the government also owns a lot of material that could be used as fuel. And ideally, there's some opportunities to sort of accelerate that and build off of what they've already done with us, what they just did in the next round of those things for other companies building kind of small-scale test plants. We're excited about hopefully these things continuing to scale and ramp up for more opportunities there as well.

然後，我認為與此相關的另一個動態是，我們談論了——我剛才談了很多關於選址和監管方面的問題，但政府也擁有許多可以用作燃料的材料。理想情況下，有一些機會可以加速這一進程，並藉鑒他們已經與我們合作過的做法，以及他們在下一輪中為其他公司建造小規模測試工廠所做的事情。我們非常高興，希望這些事情能繼續擴大，並在那裡獲得更多機會。

Thank you. I'd now like to pass the call back over to Sam Doane for a question from Oklo's retail investors. Please go ahead.

謝謝。現在我想將電話轉回給 Sam Doane，以回答 Oklo 散戶投資者的一個問題。請繼續。

Thank you. Yeah, we had one question come through. The question is, can you elaborate on the current stage of your discussions or agreements with data center operators or hyperscale customers? And how these conversations are shaping Oklo's deployment timeline and reactor siding strategy?

謝謝。是的，我們有一個問題。問題是，您能否詳細說明與資料中心營運商或超大規模客戶的討論或協議的當前階段？這些對話如何影響奧克洛的部署時間表和反應器側線策略？

Yes, I can take that one. So, as we said at our last call that we continue to have active discussions with all of our customers, especially those in the data center space. We are exchanging term sheets, and we're talking about commercial terms. And I think it's really about how do we optimize what we do commercially around, as I hold it three factors, there's power purchase pricing itself, but there's also trying to structure deals with customers that could include some form of investment in Oklo, either kind of a prepayment like what Equinix did, or potentially some sort of like asset level investment, and also just trying to work with customers that can help us share and manage risk better.

是的，我可以接受這個。因此，正如我們在上次電話會議上所說的那樣，我們將繼續與所有客戶，特別是資料中心領域的客戶進行積極的討論。我們正在交換條款清單，並討論商業條款。我認為這實際上關乎我們如何優化我們的商業活動，因為我認為這涉及三個因素，即電力購買定價本身，但也包括嘗試與客戶達成交易，其中可能包括對 Oklo 的某種形式的投資，無論是像 Equinix 所做的預付款，還是某種資產級投資，同時也只是嘗試與可以幫助我們更好地分擔和管理風險的客戶合作。

In addition to one of our new hires that Jake talked about earlier, Patrick, we've also had Mike Donohue join Oklo as the person leading our business development activities focused specifically on our data center solution customers. And I think -- and Mike has been with the company a couple of months, and I think he's kind of reinforced that think about this strategically and do it in a thoughtful manner approach that we've been taking.

除了傑克之前提到的新員工之一帕特里克 (Patrick) 之外，我們還邀請了邁克·多諾霍 (Mike Donohue) 加入 Oklo，擔任我們業務開發活動的負責人，專門負責我們的數據中心解決方案客戶。我認為——麥克已經在公司工作了幾個月，我認為他在某種程度上強化了我們一直以來從戰略角度思考這個問題並以深思熟慮的方式去做這件事的做法。

Now, Jake did talk earlier about the ability for us to file and have more permits on file as the first permit for Idaho site is being reviewed. One thing we do need to have in order to file a permit is to kind of know which -- where we would be locating that site beyond Idaho. So that does kind of become an important step in terms of our contracting strategy, linking into our permitting strategy. But we're making a lot of progress. And I think it's fair to say that our business development team is one of the busier teams in Oklo.

現在，傑克確實早些時候談到了我們申請和擁有更多許可證的能力，因為愛達荷州工廠的第一個許可證正在接受審查。為了申請許可證，我們需要做的一件事就是知道我們將在愛達荷州以外的哪個地方建立該地點。因此，就我們的承包策略而言，這確實成為與我們的授權策略連結的重要一步。但我們正在取得很大進展。我認為可以公平地說，我們的業務開發團隊是奧克洛最忙碌的團隊之一。

Thank you. That concludes our Q&A session. I'll now turn the conference back over to CEO Jake DeWitte for closing remarks.

謝謝。我們的問答環節到此結束。現在，我將會議交還給執行長傑克·德維特 (Jake DeWitte) 進行閉幕發言。

Great. Thank you all, and thank you for the time as always.

偉大的。謝謝大家，一如既往地感謝你們抽出時間。

I think it's only been about seven weeks since the last call. A lot of different things kind of transpiring in the broader sort of macro environment. And since then, and what we see though is kind of a consistent steady drumbeat on the AI kind of theme around energy need and sort of on the hyperscalers coming to the table and seeing a massive set of opportunities for growth for compute, but massively constrained by power.

我認為距離上次通話僅過了七週左右。在更廣泛的宏觀環境中，許多不同的事情正在發生。從那時起，我們看到人工智慧在能源需求方面的主題一直穩步推進，超大規模企業也開始參與其中，看到了計算領域巨大的成長機會，但卻受到了電力的巨大限制。

At a congressional testimony just a few days ago, I guess last week, our former Chairman Sam Altman made it pretty clear that energy is probably one of the best things, and most important things the government can invest in. And I think -- and just generally speaking, be invested into. And so, pretty exciting opportunity space to see all of those come together, and couple that with a broad policy backdrop and an administration that has a heavy focus on driving infrastructure development, growth, investment, and driving the regulatory process to be conducive to that. Also it's a stage for, I think, a lot of things to actually exceed expectations in some ways with the potential of ideas out there, but a lot of challenges obviously against that.

就在幾天前的一次國會聽證會上，我想應該是上週，我們的前主席薩姆·奧特曼明確表示，能源可能是政府可以投資的最好、最重要的事情之一。我認為 — — 整體來說，值得投資。因此，看到所有這些結合在一起，再加上廣泛的政策背景和高度重視推動基礎設施發展、成長、投資以及推動有利於此的監管進程的政府，這是一個非常令人興奮的機會空間。我認為，這也是一個可以實現許多超出預期的事情的舞台，因為其中蘊含著許多有潛力的想法，但顯然也存在著許多挑戰。

However, we're in a different world today than I think nuclear's ever seen before. And coupling our sort of distinction with the business model we afford, our approach in technology, and kind of the integrated model we have, we're starting to see some of the clarity of kind of the alignment of what those things unfold and enable, as well as just generally speaking, the ability to move technology development and deployment more quickly and significantly change the paradigm that has in some ways challenged nuclear, which had a lot of misaligned incentives, had a lot of different parties and transactional dynamics that made nuclear really hard to scale and build.

然而，我認為，我們今天所處的世界與核能以前所見過的世界不同。將我們的獨特之處與我們所提供的商業模式、我們的技術方法以及我們擁有的整合模型結合起來，我們開始看到這些事物展開和實現的某種清晰的一致性，以及一般而言，更快地推動技術開發和部署的能力，並顯著改變在某種程度上挑戰核能的範式，核能存在許多不一致的激勵措施、許多不同的參與方和動態，這些都使核能交易

These things are all a different world today. You have some of the biggest companies in the world needing power in almost insatiable amounts, having deep pocketbooks and the ability to support paying prices needed to get early plans built with a clear sort of angle on cost declination beyond that down the road, and then be able to also couple that with best practices from other industries and supply chains to really kind of be able to deliver what nuclear long has in terms of its potential and promise.

如今，這些事情已是另一個世界了。世界上一些最大的公司對電力的需求幾乎是無法滿足的，它們財力雄厚，有能力支付制定早期計劃所需的價格，並明確指出未來成本下降的趨勢，然後能夠將其與其他行業和供應鏈的最佳實踐結合起來，真正發揮核能長期以來的潛力和前景。

So, we remain, I think -- the mission here is one that transcends even just kind of the quarterly basis or the yearly basis, but something that we're working to unlock is the actual capabilities afforded by splitting atoms, which when you think about heavy metal reserves that we have in the planet, a couple of the fast reactors and recycling, you can talk about billion-plus year energy reserves available to us with technologies that have quite a bit of maturity behind them. So, we're excited to be working on that and leading the charge on a lot of those fronts and looking forward to the next update here in a few months.

所以，我認為，我們的任務不僅僅是按季度或按年度進行，我們正在努力探索原子分裂的實際能力，考慮到地球上的重金屬儲量、一些快中子反應器和循環利用技術，我們可以利用這些技術獲得超過十億年的能源儲備。因此，我們很高興能夠致力於此並在許多方面發揮領導作用，並期待幾個月後的下一次更新。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。