Oklo Inc (OKLO) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to Oklo second quarter 2025 financial results and business update call. At this time, I would like to hand the call over to Mr. Sam Doane, Director of Investor Relations. Please go ahead, sir.

大家好，歡迎參加 Oklo 2025 年第二季財務業績和業務更新電話會議。現在，我想將電話交給投資者關係總監 Sam Doane 先生。先生，請繼續。

Thank you, operator. Good afternoon, and welcome, everyone, to Oklo's second quarter 2025 earnings and company update call. 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, our Chief Financial Officer. Earlier today, following the close of markets, we released our second quarter 2025 financial results.

謝謝您，接線生。下午好，歡迎大家參加 Oklo 2025 年第二季財報和公司更新電話會議。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 和財務長 Craig Bealmear。今天早些時候，在市場收盤後，我們發布了 2025 年第二季的財務業績。

Today's accompanying slide presentation is available on the Investor Relations section of our website. 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.

今天的隨附幻燈片演示可在我們網站的投資者關係部分找到。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。

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. Additional details on relevant risk factors can also be found in our most recent filings with the SEC.

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揭露。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。

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.

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. We're starting today's update by highlighting a wave of federal actions that are accelerating momentum behind advanced nuclear technologies and how Oklo is extremely well positioned to benefit. Over the past quarter, we've seen exceptional policy movement from sweeping executive orders to major legislation and national infrastructure strategies. Together, these actions reflect a coordinated federal push to speed up deployment of advanced nuclear technologies, strengthen domestic fuel supply chains and enhance US energy independence.

謝謝，山姆。今天的更新首先要強調的是聯邦政府採取的一系列行動，這些行動正在加速先進核技術的發展，以及奧克洛如何處於極其有利的地位從中受益。在過去的一個季度，我們看到了從全面的行政命令到重大立法和國家基礎設施戰略的異常政策動向。總體而言，這些行動體現了聯邦政府為加快部署先進核子技術、加強國內燃料供應鏈和增強美國能源獨立性所採取的協調一致的努力。

For Oklo, this shift is highly beneficial. These aren't just favorable signals, they're concrete steps that support faster licensing, faster deployment and better project economics for first-of-a-kind deployments. The next few slides will unpack the most significant drivers, the executive orders, the One Big Beautiful Bill and the Federal AI action plan, all of which align directly with Oklo's licensing strategy, customer partnerships and long-term cost advantage.

對奧克洛來說，這種轉變非常有益。這些不僅是有利的訊號，更是支援更快許可、更快部署和更好的專案經濟效益的具體步驟，以實現首創的部署。接下來的幾張投影片將揭示最重要的驅動因素、行政命令、《一項偉大的美麗法案》和聯邦人工智慧行動計劃，所有這些都與 Oklo 的授權策略、客戶合作夥伴關係和長期成本優勢直接相關。

The executive order signed earlier this year marked a historic shift in federal policy toward advanced nuclear. These executive orders build on legislation from the last Congress and administration to clearly recognize civil nuclear energy as a national and economic security priority.

今年稍早簽署的行政命令標誌著聯邦政府對先進核能政策的歷史性轉變。這些行政命令以上述國會和政府的立法為基礎，明確將民用核能視為國家和經濟安全的優先事項。

That designation alone reshapes the policy landscape and unlocks access to key government assets, including alternative fuel materials that do not require further enrichment. When used in advanced reactors like Oklo's, these material stockpiles could be made into fuel for more than 3 gigawatts of powerhouses.

僅此一項指定就重塑了政策格局，並解鎖了獲取關鍵政府資產的途徑，包括不需要進一步濃縮的替代燃料材料。當用於像奧克洛這樣的先進反應器時，這些材料庫存可以製成超過 3 千兆瓦發電廠的燃料。

Just as important, these orders direct the DOE and NRC to move faster, streamlining regulatory reviews, reforming reactor testing and targeting three operational advanced reactors by July 2026. It's rare to see this level of alignment across permitting fuel access and deployment.

同樣重要的是，這些命令指示美國能源部和核管委員會加快行動，簡化監管審查，改革反應器測試，目標是在2026年7月之前建造三座先進反應器。在允許燃料獲取和部署方面如此程度的協調是罕見的。

The executive orders go beyond signaling support. They include clear directives that align directly with Oklo's strategy. First, they revitalize the domestic nuclear fuel supply chain with a specific emphasis on recycling. Oklo is one of the few fast reactor companies positioned to use downblended alternative fuel materials, which don't require enrichment. This fuel, combined with the industry-leading advances we are making in fuel recycling can give us a significant structural advantage.

行政命令不僅表示支持。其中包括與奧克洛戰略直接一致的明確指令。首先，他們振興國內核燃料供應鏈，特別著重回收。奧克洛是少數幾家準備使用無需濃縮的稀釋替代燃料材料的快堆公司之一。這種燃料，加上我們在燃料回收方面取得的行業領先進步，可以為我們帶來顯著的結構優勢。

Second, the orders prioritize deployment of reactors at national security locations, including AI data centers and defense sites that aligns with where our customers are heading and where our small scalable powerhouse designs excel.

其次，訂單優先在國家安全地點部署反應堆，包括人工智慧資料中心和防禦站點，這與我們的客戶發展方向以及我們的小型可擴展發電站設計的優勢相一致。

Third, the orders mandate licensing reform, capping fees and setting an 18-month review window for new reactors. That level of regulatory clarity and speed will accelerate Oklo's path to market and strongly supports our combined license strategy. And finally, these orders direct DOE to accelerate reactor testing and target three operational advanced reactors by July 2026. That's an aggressive timeline and one Oklo could qualify to help deliver on.

第三，該命令要求進行許可證改革、限制費用並為新反應器設定 18 個月的審查期。這種監管清晰度和速度將加速 Oklo 的上市進程，並大力支持我們的聯合授權策略。最後，這些命令指示能源部加速反應器測試，目標是到 2026 年 7 月建造三座運作中的先進反應器。這是一個緊迫的時間表，奧克洛有資格幫助實現這一目標。

The One Big Beautiful Bill signed into law in July delivers a suite of policy wins that are directly aligned with Oklo's business model. First, it preserves robust investment and production tax credits through 2033 that then phase out through 2036. These credits improve our project economics and offer additional certainty for early-stage deployment.

7 月簽署成為法律的《One Big Beautiful Bill》帶來了一系列與 Oklo 商業模式直接相關的政策優勢。首先，它將保留強勁的投資和生產稅收抵免直至2033年，然後逐步取消直至2036年。這些信用提高了我們的專案經濟效益，並為早期部署提供了額外的確定性。

Second, the bill strengthens the loan program's office, establishing the energy dominance financing program. This is important because it provides access to long-term capital for projects that can't yet tap traditional debt markets like first-of-a-kind deployments.

其次，該法案加強了貸款計畫辦公室，建立了能源主導融資計畫。這很重要，因為它為那些尚無法利用傳統債務市場（如首創部署）的專案提供了獲得長期資本的管道。

Third, it accelerates NEPA, the National Environmental Policy Act reviews by setting strict deadlines for environmental assessments and impact statements. That helps reduce permitting delays and improves timeline confidence across our project portfolio. And finally, the bill allows for 100% bonus depreciation for assets that begin construction by 2029 and are in service by 2033. That gives us the ability to capture meaningful tax benefits as we build out fuel and manufacturing capabilities.

第三，透過設定環境評估和影響聲明的嚴格期限，加速了《國家環境政策法》（NEPA）的審查。這有助於減少許可延遲並提高我們整個專案組合的時間表信心。最後，該法案允許對 2029 年開始建造、2033 年投入使用的資產進行 100% 的獎勵折舊。這使得我們在建立燃料和製造能力時能夠獲得豐厚的稅收優惠。

The federal government's AI action plan also released in July as a major new dimension to the demand landscape for advanced nuclear. The plan calls for a rapid expansion of AI infrastructure, including high-security data centers and resilient domestic energy systems to support them.

聯邦政府的人工智慧行動計畫也於7月發布，為先進核能的需求格局帶來了新的重大變化。該計劃要求快速擴展人工智慧基礎設施，包括高安全性資料中心和為其提供支援的彈性國內能源系統。

It explicitly recognizes that achieving AI dominance requires building new sources of reliable, dispatchable power like advanced nuclear reactors. Our powerhouses are uniquely suited for this use case, delivering distributed baseload power that can be co-located with mission-critical AI workloads.

它明確承認，要實現人工智慧的主導地位，需要建立新的可靠、可調度的能源，如先進的核反應器。我們的動力源特別適合這種用例，可提供可與關鍵任務 AI 工作負載共置的分散式基載電力。

The policy also calls for streamlining permitting, deregulation and expanded workforce training to support infrastructure deployment. As AI infrastructure scales, we expect both commercial and policy momentum behind advanced nuclear to continue building, and Oklo is focused on delivering power solutions that meet that need.

該政策還要求簡化許可、放鬆管制並擴大勞動力培訓以支援基礎設施部署。隨著人工智慧基礎設施的規模擴大，我們預計先進核能背後的商業和政策動力將繼續增強，而 Oklo 則專注於提供滿足這一需求的電力解決方案。

With that context, I'll turn it over to Craig to walk through how our mission, model and design choices are translating into real execution advantages.

在這樣的背景下，我會把話題交給 Craig，讓他解釋我們的使命、模型和設計選擇如何轉化為真正的執行優勢。

Thank you, Jake. Our mission at Oklo has always been clear to deliver clean, reliable and affordable energy at a global scale. Our co-founder started this company with the belief that advanced nuclear could play a transformative role in the world's energy future. That meant rethinking the entire model from how we design reactors to how we license, fuel and operate them.

謝謝你，傑克。奧克洛的使命始終很明確：在全球範圍內提供清潔、可靠且價格合理的能源。我們的共同創辦人創立這家公司時堅信先進的核能能夠在世界能源的未來中發揮變革性的作用。這意味著我們要重新思考整個模型，從如何設計反應器到如何授權、提供燃料和操作反應器。

That vision continues to guide us today, and it's now clearly aligned with where policy, technology and customer demand are headed. Moving to the next slide. Oklo's competitive edge comes from the intersection of three key strategies; our business model, our sizing philosophy and our technology.

這個願景至今仍在指導著我們，並且與政策、技術和客戶需求的發展方向明確一致。移至下一張投影片。Oklo 的競爭優勢來自三大關鍵策略的交會：我們的商業模式、我們的規模理念和我們的技術。

First, we build, own and operate our powerhouses, selling power under long-term contracts. That creates recurring revenue and enables us to move more efficiently through the regulatory process. Second, our small scalable design allows us to deploy assets quickly, match customer demand in an incremental fashion and significantly tap into existing supply chains with factory fabrication, which reduces site complexity, cuts cost and supports faster rollout.

首先，我們建造、擁有並營運我們的發電站，並根據長期合約銷售電力。這創造了經常性收入並使我們能夠更有效地完成監管流程。其次，我們的小型可擴展設計使我們能夠快速部署資產，以漸進的方式滿足客戶需求，並透過工廠製造充分利用現有的供應鏈，從而降低場地複雜性、降低成本並支援更快的推出。

And third, our technology is based on proven liquid metal fast reactor designs with over 400 reactor years of operating history behind it worldwide. That gives us a deep technical foundation with built-in performance and safety benefits.

第三，我們的技術基於成熟的液態金屬快堆設計，該設計在全球範圍內已有超過 400 個反應器的運作歷史。這為我們提供了深厚的技術基礎以及內在的性能和安全優勢。

Importantly, it enables us to move directly into commercialization without the need for a costly and time-consuming demonstration plant. And finally, I really can't emphasize this point enough. It provides flexibility for Oklo to use fresh HALEU, recycled fuel and down blended alternative fuel for our powerhouses.

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示範工廠。最後，我真的不能過度強調這一點。它為奧克洛提供了靈活性，使我們可以為我們的發電站使用新鮮的 HALEU、再生燃料和混合替代燃料。

Together, these advantages position us to deploy at speed and scale with a structure built for long-term growth. This past quarter, we made meaningful headway across all elements of our milestone framework from licensing and project execution to field development, customer growth and strategic partnerships.

這些優勢使我們能夠快速、大規模地部署，並建立長期成長的結構。上個季度，我們在里程碑框架的所有要素上都取得了有意義的進展，從授權和專案執行到現場開發、客戶成長和策略合作夥伴關係。

We advanced our NRC engagement, completing Phase 1 pre-application readiness and saw our licensed operator topical report formally accepted for review. We also took another step towards deployment at scale by selecting Kiewit as our lead constructor for the first Aurora powerhouse at INL.

我們推進了與 NRC 的合作，完成了第一階段的預申請準備工作，我們的持牌業者專題報告已正式被接受審查。我們也透過選擇 Kiewit 作為 INL 第一個 Aurora 發電站的主導建造者，向大規模部署邁出了又一步。

On the customer front, we expanded our pipeline of commercial opportunities with both the Department of Defense and Liberty Energy and advanced our corporate development efforts through agreements with Korea Hydro and Nuclear Power and Vertiv.

在客戶方面，我們擴大了與國防部和自由能源公司的商業機會管道，並透過與韓國水電核電公司和 Vertiv 達成的協議推進了我們的企業發展工作。

We also remained disciplined on spend, keeping our cash burn in line with expectations and ending the quarter with a strong balance sheet.

我們在支出方面也保持紀律，使現金消耗符合預期，並在本季結束時擁有強勁的資產負債表。

I'll now hand it back to Jake to walk through the progress we made this quarter across our licensing project and commercial front. Jake?

現在我將把話題交還給傑克，讓他介紹我們本季在許可項目和商業方面的進展。傑克？

Thanks, Craig. We continue to make meaningful progress this quarter across our regulatory priorities. We completed Phase 1 of the NRC readiness assessment for the Aurora INL combined license application. The NRC found no significant gaps that would bar acceptance for review, reinforcing our readiness to submit Phase 1 of the application, which we expect to file in early Q4 after incorporating NRC feedback. We also had our license operator topical report accepted for review.

謝謝，克雷格。本季度，我們在監管重點方面繼續取得有意義的進展。我們完成了 Aurora INL 聯合許可證申請的 NRC 準備評估第一階段。NRC 沒有發現任何阻礙審查的重大差距，這進一步增強了我們提交申請第一階段的準備，我們預計將在納入 NRC 反饋後於第四季度初提交該申請。我們的執照運營商專題報告也已接受審查。

This is an important part of our repeatable deployment strategy. It proposes licensing operators by Aurora technology rather than by site. Once approved, this report can be referenced in future applications, streamlining regulatory timelines and supporting scalable deployment.

這是我們可重複部署策略的重要組成部分。它提議根據 Aurora 技術而不是根據站點來授權運營商。一旦獲得批准，該報告可在未來的應用程式中引用，從而簡化監管時間表並支援可擴展部署。

We're also seeing continued tailwinds across the regulatory landscape. The NRC recently accelerated Terra Power's review timeline by six months and introduced new fee reforms, reducing licensing costs through waivers and lower hourly rates. These changes further reinforce the momentum we're seeing and could benefit Oklo's licensing path going forward.

我們也看到監管領域持續呈現順風態勢。NRC 最近將 Terra Power 的審查時間提前了六個月，並推出了新的費用改革，透過豁免和降低小時費率來降低授權成本。這些變化進一步加強了我們所看到的勢頭，並可能有利於 Oklo 未來的許可之路。

And finally, recognizing that there's a lot to track on the regulatory front, we launched a public regulatory dashboard on our website that provides a transparent view of our progress across powerhouses, fuel and radioisotope licensing, helping keep all stakeholders informed as we move forward.

最後，認識到監管方面有很多事情需要跟踪，我們在網站上推出了一個公共監管儀表板，可以透明地查看我們在發電廠、燃料和放射性同位素許可方面取得的進展，幫助所有利益相關者隨時了解我們的進展。

Fuel is one of the most important inputs for advanced nuclear, and it's one of the areas where Oklo has built a significant strategic advantage. Our design enables a differentiated fuel strategy built around three complementary sources; access to government stockpiles, commercial supply partnerships and long-term recycling capabilities. This approach provides greater flexibility, cost control and resilience than traditional fuel models.

燃料是先進核能最重要的投入之一，也是奧克洛核電廠建立顯著戰略優勢的領域之一。我們的設計實現了圍繞三個互補來源建立的差異化燃料策略：取得政府庫存、商業供應合作夥伴關係和長期回收能力。與傳統燃料模型相比，這種方法具有更大的靈活性、成本控制和彈性。

First, we were awarded five metric tons of high-assay low-enriched uranium or HALEU from the Department of Energy in 2019 for our first powerhouse at INL, and we're uniquely positioned to utilize additional government fuel stockpiles made available under recent executive orders, including enriched uranium and plutonium-based materials that don't require further enrichment.

首先，2019 年，美國能源部授予我們 5 公噸高純度低濃縮鈾（HALEU）用於我們在 INL 的第一座發電廠，並且我們擁有獨特的優勢，可以利用最近的行政命令提供的額外政府燃料庫存，包括濃縮鈾和不需要進一步濃縮的钚基材料。

These stockpiles, effectively waste materials that would otherwise be destined for costly disposal programs can instead be turned into a productive asset for clean energy by Oklo. Second, we're working with enrichers such as Centrus and Hexium to meet both near-term and long-term commercial HALEU needs.

這些庫存實際上是廢棄物，否則這些材料將需要昂貴的處理程序，而奧克洛卻可以將它們轉化為清潔能源的生產資產。其次，我們正在與 Centrus 和 Hexium 等濃縮器合作，以滿足近期和長期的商業 HALEU 需求。

Centrus supports early deployment with available domestic supply, while Hexium's next-generation atomic vapor laser isotope separation or AVLIS enrichment technology could enable lower cost scalable production over time.

Centrus 支援利用現有的國內供應進行早期部署，而 Hexium 的下一代原子蒸汽雷射同位素分離或 AVLIS 濃縮技術可以隨著時間的推移實現更低成本的可擴展生產。

And third, our fast reactors can use recovered nuclear material from both today's nuclear fleet and future advanced reactors, positioning us to recycle fuel over time and build a vertically integrated long-term supply model. Together, these efforts form a comprehensive and resilient fuel strategy, one that supports near-term deployment, while building long-term supply independence.

第三，我們的快堆可以使用從當今核電廠和未來先進反應器中回收的核材料，使我們能夠逐步回收燃料，並建立垂直整合的長期供應模式。這些努力共同形成了一個全面而有彈性的燃料策略，既支持近期部署，又建立長期供應獨立性。

As mentioned, fuel is a critical enabler for advanced nuclear deployment. That's especially true for HALEU, which comes with its own cost dynamics. Enrichment is measured in SWU or separative work unit and so are its costs. Cost of enrichment are actually driven by both ore and enrichment process efficiency. Producing 1 kilogram of HALEU requires roughly 35 to 60 SWUs plus 30 to 50 kilograms of natural uranium depending on market conditions that can create a wide range of cost outcomes.

如上所述，燃料是先進核子部署的關鍵推動因素。對於 HALEU 來說尤其如此，因為它有自己的成本動態。濃縮以 SWU 或分離功單位來衡量，其成本亦如此。濃縮成本實際上取決於礦石和濃縮製程的效率。生產 1 公斤 HALEU 大約需要 35 至 60 公斤 SWU 加上 30 至 50 公斤天然鈾，具體取決於市場情況，這會產生各種各樣的成本結果。

That said, Oklo's design and business model position us well for this market. We benefit from needing consistent high-volume fuel across many small units. That matches well with enrichment module capacities and allows us to scale demand over time. Smaller cores also mean more units in the field, creating steady annual uptake that supports long-term supply agreements. We're also watching next-generation enrichment closely.

也就是說，Oklo 的設計和商業模式使我們在這個市場上佔據了有利地位。我們需要在許多小型單位中持續供應大量燃料，這讓我們受益匪淺。這與豐富模組容量非常匹配，並使我們能夠隨著時間的推移擴展需求。較小的核心也意味著現場的單位更多，從而產生穩定的年度吸收量，支持長期供應協議。我們也在密切關注下一代濃縮技術。

Laser-based approaches like Atlas could unlock more cost-effective batch-friendly production over time. Our engagement with Hexium positions us to benefit as that innovation matures. In short, we're managing HALEU costs in the near term, while building a supply model that reduces volatility and lowers long-term fuel exposure. Oklo's fuel strategy isn't just well designed.

隨著時間的推移，像 Atlas 這樣的基於雷射的方法可以實現更具成本效益的批量生產。我們與 Hexium 的合作使我們在該創新逐漸成熟時受益。簡而言之，我們正在管理短期內的 HALEU 成本，同時建立一種降低波動性和降低長期燃料風險的供應模式。Oklo 的燃料策略不僅設計精良。

It's being executed today to support rapid deployment and long-term resilience. We've secured HALEU from DOE for our first commercial unit and our fast reactors are uniquely capable of using down-blended uranium and plutonium-based fuels, stockpiles that would otherwise be slated for disposal. With recent policy changes unlocking access, we can fuel dozens of early units from existing government material.

今天正在執行，以支援快速部署和長期彈性。我們已從美國能源部獲得了用於我們第一台商業裝置的高能效低排放燃料 (HALEU)，而且我們的快堆具有使用稀釋鈾和鈽基燃料的獨特能力，否則這些燃料庫存將被處置。隨著最近的政策變化解鎖訪問權限，我們可以從現有的政府材料中為數十個早期單位提供燃料。

We're also executing on commercial partnerships, Centrus for long-term HALEU and Hexium for long-term innovation. Their Atlas technology could materially improve enrichment economics over time. And our fuel strategy doesn't stop at procurement. We're building towards recycling. Oklo's reactors are designed to run unrecovered fuel, supporting a close fuel cycle and long-term resilience.

我們也正在執行商業合作夥伴關係，與 Centrus 合作進行長期 HALEU 合作，與 Hexium 合作進行長期創新。隨著時間的推移，他們的 Atlas 技術可以顯著提高濃縮經濟效益。我們的燃料策略不止於採購。我們正在努力實現回收。奧克洛的反應器設計用於運行未回收的燃料，以支持封閉的燃料循環和長期彈性。

This isn't just a vision for the future. We're operationalizing the strategy now with a model designed to scale. There's a growing consensus that nuclear power is fundamental to the country's energy future, but historically, costs and time delays have held it back.

這不僅是對未來的展望。我們現在正在利用可擴展的模型來實施該戰略。人們越來越一致地認為，核電對於國家未來的能源至關重要，但從歷史上看，成本和時間延遲阻礙了核電的發展。

Nuclear power is already the most land and material-efficient energy source, but decades of legacy design, complex safety systems and custom-built construction have driven up both costs and timelines. At Oklo, one of the reasons we're in a strong position today is the disciplined approach we've taken to design and cost engineering from the outset.

核能已經是最節省土地和材料的能源，但數十年的傳統設計、複雜的安全系統和客製化建築已經推高了成本和時間。在 Oklo，我們今天處於強勢地位的原因之一是我們從一開始就採取了嚴謹的設計和成本工程方法。

Our liquid metal sodium cool design enables inherent and passive safety, reducing the number of safety grade systems we need. That simplifies our architecture, streamlines regulatory reviews and lowers both capital and operating costs. We've also minimized the physical footprint of each powerhouse and designed around supply chain scalability, leveraging conventional components and proven industrial partners.

我們的液態金屬鈉冷卻設計實現了固有安全性和被動安全性，減少了我們所需的安全級系統的數量。這簡化了我們的架構，簡化了監管審查並降低了資本和營運成本。我們也盡量減少了每個發電廠的實體佔地面積，並圍繞供應鏈可擴展性進行設計，利用傳統組件和可靠的產業合作夥伴。

In the next few slides, we'll talk through how these choices translate to faster and more cost-effective deployment, starting with our supply chain and system architecture. This is where our design and supply chain strategy come together to deliver real execution benefits. Roughly 70% of our powerhouse components are sourced from nonnuclear supply chains, industrials, energy and chemicals, for example. These sectors offer mature, scalable manufacturing capabilities that we can tap into today at lower cost and with shorter lead times than traditional nuclear fabrication.

在接下來的幾張投影片中，我們將討論這些選擇如何轉化為更快、更具成本效益的部署，從我們的供應鏈和系統架構開始。這就是我們的設計和供應鏈策略相結合以提供真正的執行優勢的地方。例如，我們大約 70% 的發電零件來自非核子供應鏈、工業、能源和化學品。這些產業提供了成熟、可擴展的製造能力，與傳統核子製造相比，我們今天就可以以更低的成本和更短的交貨時間利用這些能力。

This isn't just about lowering cost. It's about reducing schedule risk as well. By designing around standardized shippable components like the reactor module, steam generators and power conversion system, we simplify installation, support parallel builds and minimize on-site construction complexity.

這不僅僅是為了降低成本。這也與降低進度風險有關。透過圍繞反應器模組、蒸汽發生器和電力轉換系統等標準化可運輸組件進行設計，我們簡化了安裝、支援並行建造並最大限度地降低了現場施工的複雜性。

We've also reduced the number of safety-grade systems by designing for inherent and passive safety. That helps streamline procurement and reduces the regulatory burden on our supply chain.

我們也透過設計固有安全性和被動安全性來減少安全級系統的數量。這有助於簡化採購並減輕我們供應鏈的監管負擔。

Our preferred supply agreement with Siemens Energy is a great example of this strategy in action, and we continue to build out that ecosystem with more partnerships to come as those deals reach commercial readiness. These decisions help us scale faster, deliver sooner and meet the needs of customers who value both certainty and speed.

我們與西門子能源簽訂的優先供應協議就是這項策略實施的一個很好的例子，隨著這些交易達到商業準備階段，我們將繼續建立更多的合作夥伴關係，拓展這項生態系統。這些決策幫助我們更快地擴大規模、更快地交付並滿足重視確定性和速度的客戶的需求。

We're also pleased to announce that we selected Kiewit as the lead constructor for the Aurora INL powerhouse. Kiewit is one of the most experienced engineering and construction firms in the country with deep expertise in complex energy infrastructure, including nuclear projects. Their capabilities go beyond construction. They also bring integrated procurement as well as asset and component fabrication capabilities that align well with our modular repeatable design approach.

我們也很高興地宣布，我們選擇 Kiewit 作為 Aurora INL 發電站的首席建造者。Kiewit 是全國最有經驗的工程和建築公司之一，在包括核子專案在內的複雜能源基礎設施方面擁有深厚的專業知識。他們的能力不僅限於建築。他們還帶來了綜合採購以及資產和零件製造能力，這與我們的模組化可重複設計方法非常吻合。

We've entered into a master services agreement with Kiewit intended to support the full scope of design, procurement and construction for the Aurora INL project. Preconstruction activities are scheduled to begin this quarter, including site mobilization, early procurement and groundwork. We're targeting a preconstruction groundbreaking in late Q3.

我們已與 Kiewit 簽訂了主服務協議，旨在支援 Aurora INL 專案的全部設計、採購和施工。施工前期活動計劃於本季開始，包括現場動員、早期採購和地基工作。我們的目標是在第三季末進行開工前破土動工。

This partnership and these efforts help ensure we're positioned to deliver our first powerhouse on a realistic executable schedule with commercial operations targeted between late 2027 and early 2028. In parallel, Atomic Alchemy, our radioisotope business has also begun site characterization work on its commercial isotope production facility at INL and submitted its materials license application through the NRC for its demonstration facility, continuing momentum on facility development for domestic radioisotope production.

此次合作和這些努力有助於確保我們能夠按照切實可行的時間表交付我們的第一個發電廠，目標是在 2027 年末至 2028 年初投入商業運營。同時，我們的放射性同位素業務部門 Atomic Alchemy 也已開始對其位於 INL 的商業同位素生產設施進行場地表徵工作，並透過 NRC 為其示範設施提交了材料許可申請，繼續保持國內放射性同位素生產設施開發的勢頭。

The demonstration facility will also produce revenue-generating isotopes, marking an early step toward commercial operations. We also signed a memorandum of understanding with Korea Hydro and Nuclear Power, one of the largest and most experienced nuclear operators and builders in the world.

該示範設施還將生產可產生收入的同位素，標誌著其向商業運營邁出了第一步。我們也與全球最大、經驗最豐富的核電營運商和建造者之一韓國水電核電公司簽署了諒解備忘錄。

The agreement is focused on exploring opportunities to collaborate across a range of areas, including project development, licensing, manufacturing and supply chain coordination. This partnership reflects a shared interest in deploying advanced reactors globally and in continuing to drive innovation across the nuclear value chain. It also aligns with our broader strategy of forming international partnerships that can support commercialization and accelerate deployment.

該協議的重點是探索在專案開發、授權、製造和供應鏈協調等多個領域的合作機會。這一夥伴關係體現了雙方在全球部署先進反應器以及繼續推動核價值鏈創新的共同利益。這也符合我們建立國際合作夥伴關係的更廣泛策略，以支援商業化並加速部署。

As part of our work with data center customers, we also announced a joint development agreement with Vertiv, a leader in data center infrastructure. The partnership focuses on co-developing integrated power and cooling solutions that take advantage of our ability to co-locate power generation and compute infrastructure. With Vertiv, we're building smarter nuclear power systems for compute-intensive infrastructure that could be a huge win for our customers.

作為我們與資料中心客戶合作的一部分，我們也宣布與資料中心基礎設施領導者 Vertiv 達成聯合開發協議。此次合作的重點是共同開發整合電力和冷卻解決方案，利用我們共置發電和計算基礎設施的能力。借助 Vertiv，我們正在為運算密集型基礎設施建立更智慧的核電系統，這將為我們的客戶帶來巨大的利益。

Vertiv will use steam from our powerhouses to drive chillers, improving the overall energy efficiency of the data center. This helps reduce total energy costs and allows customers to streamline infrastructure with a single integrated solution.

Vertiv 將利用我們發電站產生的蒸汽來驅動冷水機組，從而提高資料中心的整體能源效率。這有助於降低總能源成本，並允許客戶透過單一整合解決方案簡化基礎設施。

It's a strong example of how we're working directly with customers and infrastructure partners to deliver tailored solutions at the core of their operations, not just selling power, but operating integrated value where it matters most. We continue to have active discussions with other commercial partners and suppliers to round out our deployment ecosystem, ensuring we can deliver scalable energy infrastructure with speed, reliability and efficiency.

這是一個有力的例子，說明我們如何直接與客戶和基礎設施合作夥伴合作，為其營運核心提供客製化的解決方案，不僅是銷售電力，而且在最重要的地方運作綜合價值。我們繼續與其他商業夥伴和供應商進行積極討論，以完善我們的部署生態系統，確保我們能夠快速、可靠、有效率地提供可擴展的能源基礎設施。

With that, I'll hand it over to Craig to expand on our commercial momentum and walk through the financial and customer updates from the quarter.

接下來，我將把任務交給 Craig，讓他擴大我們的商業勢頭，並介紹本季的財務和客戶更新情況。

Thanks, Jake. One of the partnerships we're very excited to highlight this quarter is our work with Liberty Energy. Liberty was an early investor in Oklo while we were still a private company and former CEO, Chris Wright, served on our Board prior to his appointment as the United States Secretary of Energy. We are excited that there continue to be opportunities to collaborate with Liberty in a meaningful way.

謝謝，傑克。本季我們非常高興強調的合作夥伴之一是與 Liberty Energy 的合作。當我們還是一家私人公司時，Liberty 是 Oklo 的早期投資者，前執行長 Chris Wright 在被任命為美國能源部長之前曾在我們的董事會任職。我們很高興有機會繼續與 Liberty 進行有意義的合作。

This partnership is designed to solve a very real customer challenge, how to access reliable power now with a clear path to zero carbon baseload power over time. Together, we have the potential to offer a fully integrated solution that starts with Liberty's gas generation and load management platform that can transition to Oklo's nuclear powerhouses as they come online, providing a faster path to clean energy.

此次合作旨在解決一個非常現實的客戶挑戰，即如何現在就獲得可靠的電力，並隨著時間的推移明確實現零碳基載電力。我們有潛力共同提供一個完全整合的解決方案，從 Liberty 的天然氣發電和負載管理平台開始，並可以在 Oklo 核電廠投入使用時過渡到該平台，從而提供更快的清潔能源途徑。

This is a strong validation of Oklo's business model. It demonstrates how our powerhouses can integrate with existing infrastructure to deliver a phased approach that's flexible, financeable and customer aligned. Customers get the uninterrupted energy today and a long-term certainty around clean baseload power.

這是對Oklo商業模式的有力驗證。它展示了我們的強大力量如何與現有基礎設施相結合，以提供靈活、可融資且符合客戶需求的分階段方法。客戶現在可以獲得不間斷的能源，並且可以長期獲得清潔基載電力。

And together, we're building a joint commercial platform designed to scale. We are finalizing the commercial structure of the partnership and believe this is a scalable blueprint for high-power demand sectors that prioritize reliability and long-term energy certainty.

我們正在共同建構一個可擴展的聯合商業平台。我們正在敲定合作夥伴關係的商業結構，並相信這是一個可擴展的藍圖，適用於優先考慮可靠性和長期能源確定性的高功率需求產業。

We were also selected by the US Air Force as the intended awardee for what would be a first advanced vision deployment at a US military installation. Under the terms of the Notice of Intent to Award or NOITA, Oklo was identified as the successful awardee to design, construct, own and operate a powerhouse that would deliver both electricity and heat under a long-term purchase agreement. This represents a major milestone both for Oklo and for the broader advanced nuclear sector.

我們也被美國空軍選為在美國軍事設施中首次部署先進視覺系統的預定獲獎者。根據授予意向通知書（NOITA）的條款，奧克洛被確定為成功的獲獎者，將根據長期購買協議設計、建造、擁有和運營一座可同時提供電力和熱能的發電站。這對於奧克洛以及更廣泛的先進核能領域來說都是一個重要的里程碑。

It reflects growing recognition of the role nuclear power can play in national security and energy resilience, particularly at distributed and remote sites where reliable power is mission critical. Oklo is actively working with the US Air Force and Defense Logistics Agency, or DLA, on next steps, and we look forward to providing further updates as the process advances. I will now provide a summary of our financials.

這反映出人們越來越認識到核能在國家安全和能源彈性方面所發揮的作用，特別是在可靠電力至關重要的分散式和偏遠地區。Oklo 正在積極與美國空軍和國防後勤局（DLA）合作，制定下一步行動，我們期待在進程推進過程中提供進一步的更新。我現在將提供我們的財務狀況摘要。

Oklo's second quarter operating loss was $28 million, inclusive of noncash stock-based compensation expense of $11.4 million. Oklo's loss before income taxes in the second quarter was $24.3 million, which reflects our operating loss adjusted for net interest income of $3.8 million.

Oklo 在第二季的營運虧損為 2,800 萬美元，其中包括 1,140 萬美元的非現金股票薪資費用。Oklo 第二季的稅前虧損為 2,430 萬美元，這反映了我們根據淨利息收入調整後的營業虧損 380 萬美元。

On a year-to-date basis, when adjusting for noncash stock-based compensation charges, changes to working capital and deferred income tax benefits, the cash used in operating activities equates to $30.7 million.

從年初至今的數據來看，調整非現金股票薪酬費用、營運資本變動及遞延所得稅收益後，經營活動所用的現金相當於 3,070 萬美元。

We still expect on a full year basis, cash used in operating activities to be within the guided range of $65 million to $80 million that we disclosed at the start of this year. In addition, based on our earlier discussion points in this company update, we now see an opportunity to potentially accelerate some modest CapEx investments from 2026 into 2025, which could include advancing deployment activities at INL before year-end, progressing fuel supply and fabrication activities in response to the executive orders and other activities to deploy powerhouses beyond INL.

我們仍然預計，全年經營活動所用現金將在年初披露的 6,500 萬美元至 8,000 萬美元的指導範圍內。此外，根據我們先前在公司更新中討論的要點，我們現在看到了將一些適度的資本支出投資從 2026 年加速到 2025 年的機會，其中可能包括在年底之前推進 INL 的部署活動、根據行政命令推進燃料供應和製造活動以及在 INL 以外部署發電站的其他活動。

We also completed a successful marketed first follow-on equity transaction on June 12, generating $460 million in gross proceeds, providing the company with additional cash on hand to deliver our enhanced growth agenda. And as a result of the capital raise, we ended second quarter with approximately $683 million in cash and marketable securities on our balance sheet.

我們也於 6 月 12 日成功完成了首次後續股權交易，產生了 4.6 億美元的總收益，為公司提供了額外的現金來實現我們增強的成長計畫。由於資本增加，我們第二季末的資產負債表上約有 6.83 億美元現金和有價證券。

To wrap up, I want to briefly highlight why we believe Oklo is one of the most compelling opportunities in the advanced nuclear industry. We're deploying proven fast reactor technology in a compact, scalable format designed to reduce cost, complexity and deployment timelines. We are vertically integrated across power generation, fuel recycling and radioisotopes, unlocking multiple high-value revenue streams.

最後，我想簡要說明為什麼我們認為奧克洛是先進核工業中最引人注目的機會之一。我們正在以緊湊、可擴展的形式部署成熟的快堆技術，旨在降低成本、複雜性和部署時間。我們在發電、燃料回收和放射性同位素領域進行垂直整合，從而開闢了多個高價值收入來源。

Our business model is built around long-term power sales, delivering recurring revenue, margin visibility and customer stickiness. We are pursuing superior economics through standardized design, repeatable deployment and recycled fuel that drives long-term capital efficiency and competitive levelized cost of energy.

我們的商業模式建立在長期電力銷售的基礎上，提供經常性收入、利潤可見度和客戶黏性。我們透過標準化設計、可重複部署和可回收燃料追求卓越的經濟效益，從而提高長期資本效率和具競爭力的平準化能源成本。

Our 14-gigawatt pipeline spans data centers, defense, utility and industrial customers, reflecting strong and growing demand. And we've developed a streamlined licensing strategy aligned with our business model backed by regulatory expertise, a repeatable collo path and accelerating federal tailwinds. At its core, Oklo is more than a technology company. We're building an energy platform to serve the world's next era of growth.

我們的 14 千兆瓦管道涵蓋資料中心、國防、公用事業和工業客戶，反映出強勁且不斷增長的需求。我們制定了與我們的業務模式一致的精簡許可策略，並以監管專業知識、可重複的合作路徑和加速的聯邦順風為後盾。從本質上來說，Oklo 不僅僅是一家科技公司。我們正在建構一個能源平台，服務世界下一個成長時代。

Thank you for your time. Operator, we are now ready to take questions.

感謝您抽出時間。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Yeah, good evening, and Congratulations on all the multifaceted progress. Regarding pressurized water reactor fuel, current law appears to dictate that the DOE cannot take title to utility stent fuel until a permanent disposal site is designated. What's your take on how this might be amended to support Oklo's future recycling effort? And I ask this question in the atmosphere of the significant nuclear power push that's been coming from the executive orders and the deal to fiddle.

是的，晚上好，祝賀你取得多方面的進步。關於壓水反應器燃料，現行法律似乎規定，在指定永久處置場之前，能源部不能取得公用事業支架燃料的所有權。您認為應如何修改法案以支持奧克洛未來的回收工作？我是在行政命令和協議大力推動核電發展的氛圍中提出這個問題的。

Yeah. Thanks, Jeff. It's a good question. So, as the law stands and the policy stands, there's nothing that gets in the way of us being able to work with utilities and the government to take the material and actually recycle it. The main challenge is, generally speaking, having the infrastructure facility to do it.

是的。謝謝，傑夫。這是個好問題。因此，根據法律和政策，沒有什麼可以阻止我們與公用事業公司和政府合作，取得並實際回收這些材料。一般來說，主要的挑戰是擁有實現這一目標的基礎設施。

There are some logistical dynamics about what's the best and most efficient path given kind of the nature of the situation, which is that -- by definition, the Department of Energy is supposed to be disposing of this material in a repository that is not happening. So, the Department of Energy is reimbursing effectively the utilities for holding a material on site because they fail to meet their duties under the Nuclear Waste Policy Act.

考慮到具體情況，存在一些關於最佳和最有效途徑的後勤動態，即 - 根據定義，能源部應該將這些材料處置在未發生的儲存庫中。因此，能源部實際上是在向公用事業公司補償因未能履行《核廢料政策法》規定的義務而將材料滯留在現場的費用。

That said, we have a great opportunity to help address a lot of that. And it kind of hits on two fronts, right? Like the biggest thing for us is it allows us to deal with fuel supplies. I mean used fuel is effectively 90-plus percent unused fuel. And with recycling, you can actually tap into and harness that material and use it.

也就是說，我們有很好的機會來幫助解決許多問題。這會對兩個方面帶來影響，對嗎？對我們來說最重要的是它使我們能夠處理燃料供應。我的意思是，廢燃料實際上 90% 以上是未使用的燃料。透過回收，您實際上可以挖掘、利用和使用這些材料。

That's a massive reserve of material. And very importantly, advanced recycling techniques like what we're doing, coupled with a fast reactor like what we're doing, enable you to do that in a very cost transformative way.

這是一個巨大的材料儲備。非常重要的是，我們正在採用的先進回收技術，加上我們正在採用的快中子反應堆，可以讓你以一種極具成本變革的方式做到這一點。

The paradigm that has largely existed in the academic sphere has suggested nuclear recycling is economically challenging, that maybe arguably has some legs to stand on in the era of much lower fuel costs and when you're trying to produce a fuel that today's light water reactors can use, which requires a much higher purity fuel form, that's not the case with a fast reactor. You can tolerate a much lower sort of purity fuel form.

學術界普遍存在的範式表明，核回收在經濟上具有挑戰性，在燃料成本低得多的時代，這種觀點或許有其依據，而當你試圖生產當今輕水反應器可以使用的燃料時，這需要純度更高的燃料形式，而快堆則不需要。您可以容忍純度低得多的燃料形式。

In other words, you can have all the transuranics mixed up together and comingled. The implication then is therefore a lower cost facility, which then you're amortizing a lower cost over more fuel throughput, which means the actual fuel produced from recycling will be a much lower cost even we think, than fresh fuel, like considerably less.

換句話說，你可以將所有超鈾元素混合在一起。因此，這意味著設施成本更低，然後你就可以透過更高的燃料吞吐量攤提更低的成本，這意味著，我們認為，回收生產的實際燃料成本將比新鮮燃料低得多。

So that's a pretty attractive paradigm for that alone, especially given that when we look at how do you meet the order book and how do you scale into the opportunity, tapping into recycling is a massive upside. But it also helps change the paradigm around waste management considerably, right?

因此，僅憑這一點，這是一個非常有吸引力的範例，特別是考慮到當我們考慮如何滿足訂單以及如何擴大機會時，利用回收是一個巨大的優勢。但它也有助於大幅改變廢棄物管理的模式，對嗎？

So, you're taking a material, you're reducing volume substantially. You still produce, no matter what you do, some high-level radioactive waste that will need some form of disposition. But you change the characteristics of it radically in recycling.

因此，您正在採用一種材料，您正在大幅減少其體積。無論你做什麼，都會產生一些需要某種形式處理的高放射性廢棄物。但在回收過程中，它的特性會徹底改變。

Generally, you shorten the half-life to be something that decades away in several hundreds of years, not hundreds of thousands of years and you change the nature of the form factor because you reduce the volume, but you can also then co-alloy these fission products to things that you need to dispose of with things like glasses or metals or things like that, all of which open up much more different -- well, you have just a much larger diverse set of opportunities and options for disposal and disposition, which is great because you can create a much more, I would say, community-oriented kind of consent-based siting approach for how you dispose of this, not to mention interim storage becomes a lot more palatable because of the nature of the material and having less volume.

一般來說，你可以將半衰期縮短到幾百年，而不是幾十萬年，並且由於減少了體積，你改變了形狀因子的性質，但你也可以將這些裂變產物與你需要處理的東西一起合金化，比如玻璃或金屬或類似的東西，所有這些都開闢了更多不同的 -嗯，你有一個更大更多樣化的處置和處置的機會和選擇，這很好，因為你可以創建一種更加以社區為導向的基於同意的選址方法來處置它，更不用說由於材料的性質和體積較小，臨時儲存變得更可接受。

That said, some utilities have a different push and pull to get this done sooner than later. Others are sort of taking a little bit of a more, I would say, conservative approach waiting for some of these infrastructure plays to come out to bear. In other words, let us build -- waiting for us to build and start operating before they're going to want to jump into something.

話雖如此，一些公用事業公司還是會採取不同的措施來盡快完成這項任務。其他人則採取了更保守的態度，等待一些基礎建設取得成效。換句話說，讓我們建造——等我們建設好並開始營運後，他們才會想著去做些什麼。

But we're finding some constructive engagement with folks to figure out how do you actually find the optimal path to move this material over to us to then be able to fuel it and find the right sort of pathway that manages the different stakeholders, right, from a risk and sort of title perspective in the best way.

但是，我們正在與人們進行一些建設性的接觸，以弄清楚如何真正找到將這些材料轉移給我們的最佳途徑，然後能夠為其提供動力，並找到從風險和所有權角度以最佳方式管理不同利益相關者的正確途徑。

There is a reality that what we're doing is also a pretty considerable service to managing these fuel to the government who has the title to dispose of it for the Nuclear Waste Policy Act. And therefore, has some benefits that are pretty helpful there. Not to mention, there are some other things we can do, right? We can take some of those fission products that will be disposed of. There are some industrial medical applications for some of those.

事實上，我們所做的也是為政府管理這些燃料提供了相當大的服務，政府有權根據《核廢料政策法》處理這些燃料。因此，它具有一些非常有用的好處。更不用說，我們還可以做其他一些事情，對吧？我們可以取走一些將會被處理的裂變產物。其中一些有一些工業醫療應用。

And I think another kind of key part of this is the fact that really reducing the volume really changes how we think about this stuff. And then I think from the utility side, the most interesting fuel for us to start with is actually the freshest fuel out of the reactor. In other words, the stuff that's in the pools today, not the stuff in the casks.

我認為另一個關鍵部分是，真正減少音量確實會改變我們對這些事情的看法。然後我認為從實用方面來說，對我們來說最有趣的燃料實際上是反應器中產生的最新鮮的燃料。換句話說，就是今天池子裡的東西，而不是桶子裡的東西。

That stuff is also interesting, but if we had to pick and choose, we'd pick the pools stuff first, which is great because that's where the most kind of constrained pressure is in storage. So all in all, like I actually think that on the heels of the executive order, which make it clear that this is going to be a direction that we move into, it builds on work that came from the Biden administration.

這些東西也很有趣，但如果我們必須挑選的話，我們會先選擇游泳池的東西，這很好，因為那是儲存中最受限制的壓力。總而言之，我認為，在行政命令之後，我們明確表示這是我們前進的方向，它建立在拜登政府的工作基礎上。

And before that, from Trump (inaudible) we find that we're in a spot to be executing fully and to actually developing out the right sort of plan to site, locate, build this facility and start receiving and actually recycling material and producing fuel.

在此之前，從川普（聽不清楚）我們發現，我們正處於一個可以全面執行的位置，並且實際上正在製定正確的計劃來選址、定位、建造這個設施，並開始接收和實際回收材料並生產燃料。

All that does take time. We've been at the pre-application and site selection work for a long time here, but it's all lining up for us to be kind of accelerating to move a little bit faster, especially given how much it unburdens us on the fuel side.

所有這些都需要時間。我們在這裡進行預申請和選址工作已經很長時間了，但一切都在為我們加速前進做準備，特別是考慮到它在燃料方面減輕了多少負擔。

No, that's great color. And we could also add that the taxpayers are currently paying for the storage of the fuel. So there might be an argument there as if there's any resistance to moving that waste towards Oklo. I just wanted to ask you, sticking with fuels. Can you provide some color on the recently announced Atlas effort? It appears Hexium is most focused on Atlas for lithium to produce Tritium at this time. So I was interested to hear how the shift to uranium might be accomplished. I mean I'm aware of the history of Atlas, I mean what's specific to Hexium, how we move them to uranium.

不，那顏色真棒。我們還可以補充一點，納稅人目前正在支付燃料的儲存費用。因此，可能會存在爭論，好像有人反對將這些廢物運往奧克洛。我只是想問你，堅持使用燃料。您能否介紹一下最近宣布的 Atlas 計劃？看來 Hexium 目前最關注的是 Atlas 的鋰生產氚。因此，我很想知道如何實現向鈾的轉型。我的意思是，我了解 Atlas 的歷史，我指的是 Hexium 的具體情況，我們如何將它們轉化為鈾。

Yeah, I'll just give you a little more color for everyone's benefit. Jeff, talking about Atlas, it's atomic vapor laser isotope separation. It's one of the more promising techniques for isotope separation using some pretty cool technology. I mean, like you combine lasers, isotope separation, it's pretty cool stuff.

是的，為了讓大家更了解狀況，我只會提供一些更豐富的內容。傑夫，說到 Atlas，它是原子蒸氣雷射同位素分離。這是利用一些非常酷的技術進行同位素分離的更有前景的技術之一。我的意思是，就像你把雷射和同位素分離結合起來一樣，這是非常酷的東西。

But it has significant improvements in efficiency, cost and operational characteristics that generally speaking, suggest a lower levelized cost of separative work unit or levelized cost of enrichment unit than centrifuges do in the current paradigm, which has significant upside for reducing the overall cost of fuel delivered to our systems.

但它在效率、成本和操作特性方面都有了顯著的改善，一般來說，與當前模式下的離心機相比，分離工作單元的平準化成本或濃縮單元的平準化成本更低，這對於降低輸送到我們系統的燃料總成本具有顯著的優勢。

The techniques used for Atlas can be tuned for a number of different isotopes and Hexium initially was starting to focus on looking at some of the work with lithium just given some of the dynamics that they saw with opportunities for that. But they also saw the opportunities in uranium part of the reason that bringing them in markets and help them sort of move that technology forward.

Atlas 使用的技術可以針對多種不同的同位素進行調整，而 Hexium 最初開始專注於研究與鋰有關的一些工作，只是因為他們看到了一些與鋰有關的機會。但他們也看到了鈾礦的機遇，部分原因是將他們帶入市場並幫助他們推動技術的發展。

They come out of the same -- in many ways, the origination of a lot of this technology was focused on enrichment capabilities for things like uranium, so the ability to use it for that as well as some other, by the way, stable isotopes that are relevant to the medical isotopes part of the business that we have.

它們來自同一個來源——在許多方面，許多此類技術的起源都集中在鈾等物質的濃縮能力上，因此能夠將其用於此目的，以及與我們業務的醫用同位素部分相關的其他一些穩定同位素。

They all kind of are actually complementary. So that's part of how we're looking at these partnerships is the ability to produce isotopes in high-purity forms for different use cases. Obviously, the big attractive one is enriched uranium for fuel, but there's also important aspects about producing higher-quality targets with enriched isotopes for radiation and Atomic Alchemy facilities or even just selling the products themselves.

它們其實都是互補的。因此，我們看待這些合作關係的一部分是能夠為不同的用途生產高純度同位素。顯然，最有吸引力的是濃縮鈾作為燃料，但生產具有濃縮同位素的輻射更高品質目標和原子煉金術設施，甚至只是銷售產品本身，也具有重要的意義。

So that's an area where we continue to be engaged and focused on in finding the right ways to partner and kind of deepen the partnerships we have in those spaces. Again, sort of at the high level, enrichment is, I think, at this place where we're, for the first time, seeing a pretty significant -- let me rephrase this, first time in a little while, probably in the last 20 years that we're seeing a pretty significant pressure of new technology coming forward because of technology R&D, coupling with an opportunity in the market with this massive demand for new enrichment capacity that's bringing forward new and more innovative approaches that have the potential to significantly change cost curves.

因此，我們將繼續致力於這一領域，並致力於尋找正確的合作方式，並深化我們在這些領域的合作關係。再次，從高層次上講，我認為，濃縮是我們第一次看到相當顯著的——讓我重新表述一下，這是一段時間以來，可能是過去 20 年裡，我們第一次看到由於技術研發而產生的相當顯著的新技術湧現的壓力，再加上市場對新濃縮能力的巨大需求，帶來了新的曲線更具創新性的方法，有可能更具創新性的改變成本。

Atlas has a long history behind it. And I would argue the large -- largely the reasons it didn't get commercialized on the first go where the market was pretty soft, uranium demand back in the '90s. It wasn't clear if those investments were going to be worthwhile. And then the other factor is, we've gotten a lot better at laser techniques like a lot better technologically in the last 30 to 40 years.

Atlas 有著悠久的歷史。我認為，很大程度上是因為鈾未能在第一次商業化時，市場對鈾的需求相當疲軟，也就是 90 年代的鈾需求。目前尚不清楚這些投資是否值得。另一個因素是，在過去的 30 到 40 年裡，我們的雷射技術已經有了很大的進步。

So, it's really changed the paradigm to make it an interesting time now for this, which is why we're at that opportunity, while also continuing to engage with folks who are working with more established center use technologies like Centrus.

所以，它確實改變了範式，使現在成為一個有趣的時刻，這就是為什麼我們抓住這個機會，同時也繼續與那些使用更成熟的中心使用技術（如 Centrus）的人接觸。

Great. Thank you.

偉大的。謝謝。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Hey, thanks for taking my questions. On the deal with Liberty, I imagine some of those customers are members of that 14-gigawatt pipeline that you've got. But it's interesting on the revenue side, could Oklo start recognizing revenues sooner, say, when those projects are seeing gas -- generating power from gas?

嘿，謝謝你回答我的問題。關於與 Liberty 的交易，我想其中一些客戶是你們擁有的 14 千兆瓦管道的成員。但從收入來看，有趣的是，當這些計畫開始產生天然氣、利用天然氣發電時，奧克洛能否更快開始確認收入？

I can take that. So, it's still early days for how we turn that agreement into an actual set of commercial terms and conditions with our customers, and I'm not really at liberty to no pun intended to say who we're progressing those discussions with. But yeah, you're correct. If there was a mechanism whereby we participated in early power sales, and that could potentially lead to revenue recognition for the company.

我可以接受。因此，我們將協議轉化為與客戶的實際商業條款和條件仍處於早期階段，而且我實際上不能隨意透露我們正在與誰進行這些討論。但是的，你是對的。如果有一種機制讓我們參與早期電力銷售，這可能會為公司帶來收入確認。

Okay. Interesting. And Jake, one more. In your prepared remarks, you mentioned that you guys have one of the only reactor designs that can run on down blended fuel. Can you just speak to why that is? I thought that was pretty interesting.

好的。有趣的。還有傑克。在您準備好的發言中，您提到您擁有唯一可以使用混合燃料運行的反應器設計之一。你能解釋為什麼會這樣嗎？我認為這非常有趣。

Yeah. It's a great question. I think it kind of has a bunch of details into it that obviously I can like to get into. But for times like, I'll be a little brief. There's kind of a couple of ways to look at it, right?

是的。這是一個很好的問題。我認為它包含很多細節，顯然我很想深入了解。但在這種情況下，我會簡短一點。有幾種方法可以看待它，對嗎？

So down blended high enrich uranium that's fresh, highly enriched uranium, by and large, is probably going to be useful for most everyone. That said, there's not a lot of that material that's coming available. The material we're seeing is typically stuff that's either going to have been rejected for prior use because of some level of impurity contamination or because it was already irradiated in reactors.

因此，混合高濃縮鈾，也就是新鮮的高濃縮鈾，總的來說，對大多數人來說可能是有用的。話雖如此，但可用的材料並不多。我們看到的材料通常是那些由於某種程度的雜質污染而被拒絕使用或因為它已經在反應器中受到輻照的東西。

In both cases, especially in the latter, you build up isotopes in the nuclear space, we call those the isotopic vectors, but isotopes of uranium that are not conducive to use in reactors that use moderators and slow the neutrons down. I think pretty much any reactor that uses TRISO fuel or graphite moderators or water is equivalent, they can't really use those very well without significant neutron penalties because of the nature of some of those isotopes, whereas in a fast spectrum reactor, it's really not that significant. It's even a penalty at all, so you can handle those materials.

在這兩種情況下，尤其是在後一種情況下，都會在核空間中累積同位素，我們稱之為同位素載體，但鈾的同位素不利於在使用慢化劑和減慢中子速度的反應器中使用。我認為幾乎任何使用 TRISO 燃料或石墨慢化劑或水的反應器都是等效的，由於某些同位素的性質，它們不能很好地利用它們，否則會產生顯著的中子懲罰，而在快譜反應器中，這種懲罰實際上並不那麼顯著。這甚至是一種懲罰，所以你可以處理這些材料。

Furthermore, the other aspect that's interesting here is another source of this material is the excess plutonium inventories that for the President's executive orders are being made available to industry. That's a sizable opportunity that's honestly, I think, kind of hard to overstate because of the potential implications it has. We're talking about that material could be made into hundreds of thousands of kilograms of HALEU equivalent material.

此外，另一個有趣的方面是，這種材料的另一個來源是過剩的鈽庫存，這些庫存是根據總統的行政命令提供給工業界的。這是一個巨大的機會，老實說，我認為，由於它的潛在影響，很難誇大它的重要性。我們討論的是，這種材料可以製成數十萬公斤的HALEU當量材料。

But the nature of that material is heavily biased towards, I would call it, a more streamlined usage and designed to accommodate in fast neutron reactors. And the reality gets into a lot of details, but plutonium-based fuels have a long history of sort of their usage in fast reactors.

但這種材料的性質嚴重偏向於更精簡的使用方式，並且旨在適應快中子反應器。實際情況涉及許多細節，但鈽基燃料在快堆中的使用歷史悠久。

They also have usage in water-cooled reactors and can be used but there doesn't exist the fuel fabrication infrastructure to support that. And it's a lot more complicated from a reactor -- let me rephrase it. It can be a lot more complicating with the core design and reactor design from what we do today.

它們也可用於水冷反應堆，但沒有燃料製造基礎設施來支持這一點。對於反應爐來說，情況要複雜得多——讓我重新表達一下。與我們今天所做的相比，核心設計和反應器設計可能會變得更加複雜。

The French obviously do this, the Japanese have done it, it's solvable, but it introduces a change that isn't exactly the most -- isn't one that I'd say today's operating plants are rushing into necessarily, given that fresh LEU is a superior fuel form.

法國人顯然這樣做了，日本人也這樣做了，這個問題是可以解決的，但它引入了一種變化，這種變化並不是最——我認為今天的運營工廠不一定急於採用這種變化，因為新鮮的低濃縮鈾是一種更優越的燃料形式。

And part of the reason is just because plutonium has a very different -- it's much more absorbing of neutrons, both to fission and to just capture than uranium 235 is the low energy spectrum. It's also in the higher energy spectrums, but that delta causes a lot of localized kind of dynamics that you really have to account for and manage against a light water reactor. Again, doable.

部分原因在於鈽與鈾 235 非常不同——它對中子的吸收能力更強，無論是裂變還是捕獲，都是低能譜。它也處於更高的能量譜中，但是那個增量會引起許多局部類型的動態，你必須真正考慮並應對輕水反應器。再次，可行。

But in a fast reactor, it's just frankly, easier to achieve and accommodate. And also the fuel fabrication for plutonium bearing materials using the fuel, which is like what we use can just be done in a way that from a facility design and management perspective, generally speaking, has just simpler considerations than around, for example, fabricating into oxide fuel for light water reactors. So there's a lot of nuance around it, but it's one of the key things that's pretty attractive and differentiating for us.

但坦白說，在快中子反應器中，這更容易實現和適應。而且，使用這種燃料製造含鈽材料的燃料（就像我們使用的一樣）可以以一種從設施設計和管理角度來看的方式完成，一般來說，比例如製造輕水反應器的氧化物燃料等考慮更簡單。因此，這其中存在著許多細微差別，但這對我們來說是一個非常有吸引力和差異化的關鍵因素之一。

And we see those materials as being pretty valuable and the opportunity to sort of bridge us you use those materials in the near term that then help us alleviate the demand need for HALEU in the very near term, which then gives us a lot more grace as those supply chains build up so that we can start shipping fuel and reactors more quickly as a result of that.

我們認為這些材料非常有價值，並且有機會在短期內使用這些材料，從而幫助我們在短期內緩解對 HALEU 的需求，隨著供應鏈的建立，這將為我們帶來更多的寬限期，以便我們能夠更快地開始運輸燃料和反應器。

So that's one of the things we're working towards and are excited about on the heels of those executive orders.

因此，這是我們在這些行政命令之後正在努力實現的目標之一，我們對此感到興奮。

And (inaudible) helpful. Thanks, Jake.

而且（聽不清楚）很有幫助。謝謝，傑克。

J Dorsheimer, William Blair.

J Dorsheimer，威廉‧布萊爾。

Hey, thanks for all the details and thanks for let me ask a question. Jake, first question for you is just as you look at your pipeline and as you look at the opportunities and conversations, I'm curious how you're thinking about the opportunities behind the meter versus front of the meter is there seems actually to be almost more excitement behind the meter around data center build-outs. And so I'm just curious how your -- how you would think of the power generation domestically split between those two? And then I have a follow-up.

嘿，謝謝你提供的所有詳細信息，也謝謝你讓我提出一個問題。傑克，第一個問題是，當你審視你的管道、機會和對話時，我很好奇你是如何看待電錶後面和電錶前面的機會的，似乎在數據中心建設方面，電錶後面的機會實際上更加令人興奮。所以我很好奇您—您如何看待這兩者之間國內發電量的分配？然後我有一個後續問題。

It's a great question and what we see is it's evolving pretty considerably and kind of just goes at the pace of different opportunities and different announcements of kind of everything from policy to build-outs to actual projects. So, I think what we're finding is paper, I would say the bias is majority focused on behind-the-meter applications and opportunities.

這是一個很好的問題，我們看到它正在發生相當大的變化，並且隨著從政策到建設到實際項目等各種不同機會和不同公告的出現而發展。所以，我認為我們發現的是紙面數據，我想說偏見主要集中在電錶背後的應用和機會。

But the practical reality of getting to that seems to focus probably more near term on some front-of-the-meter deployments before that happens. And what I mean by that is I think it depends, right, because we are in conversations, we were talking about Liberty have the nature of both of those happening. It's just that delivering kind of the right suite, which is part of why the partnership with Liberty is so important, delivering the right suite of options to deliver power at that reliability and availability rate.

但要實現這一目標，實際情況似乎更著重於近期的一些電網側部署。我的意思是，我認為這要視情況而定，對吧，因為我們正在對話，我們談論的是自由，它具有這兩種情況的性質。這只是提供正確的套件，這也是與 Liberty 合作如此重要的部分原因，提供正確的選項套件以在可靠性和可用率下提供電力。

I'm confident that in time, nuclear can demonstrate and validate it and do that. But to start with, like it's just a little bit more economically challenging to do it on a pure nuclear solution versus having a diversified fuel source. So long story short, I think we're finding that in many ways, the behind the meter is more elegant on paper and makes a lot more sense. But in some of the near-term actual deployment realities and implications, being grid tied and connected to it is helpful. Now I'm sorry, Jed,

我相信，隨著時間的推移，核能可以證明和驗證這一點並做到這一點。但首先，與採用多樣化燃料來源相比，採用純核解決方案在經濟上更具挑戰性。長話短說，我認為我們發現，在很多方面，儀表背後的東西在紙面上看起來更優雅，也更有意義。但在一些近期實際部署的現實和影響中，與電網連接併網是有幫助的。對不起，傑德，

I'm probably over-interpreting towards more -- when I say behind the meter, being I'm saying truly behind the meter with like minimal expectation of the grid. I think where you're behind the meter and you're connected to the grid, that is kind of probably that near to midterm sweet spot while all these things evolve.

我可能過度解讀了——當我說在電錶後面時，我指的是真正在電錶後面，對電網的期望值最低。我認為，當你位於電錶後面並連接到電網時，這可能是所有這些事情發展過程中接近中期的最佳時機。

But I do think there's, generally speaking, some degree of preference there, but we also see, in some cases, the front of the meter has some high value in certain markets. But I feel like I'm just kind of giving you a long rambling answer to say we're seeing it's a mix and it varies heavily by state, by location, by customer, but it does feel like probably the weight of it prefers a behind the meter offering in time.

但我確實認為，一般來說，存在一定程度的偏好，但我們也看到，在某些情況下，電錶前端在某些市場具有很高的價值。但我覺得我只是在給你一個冗長而雜亂的答案，說我們看到它是一種混合，它因州、地點和客戶的不同而有很大差異，但確實感覺它的重量可能更喜歡及時在電錶後面提供。

Yeah, you hit on it. I mean I think the hybrid was really what I was getting after. It seems to be where most of the demand is developing right now around SMR. So that's why I was asking. As my follow-up, just shifting gears on the radiopharma market, it's about a $30 billion opportunity.

是的，你猜對了。我的意思是我認為混合型才是我真正想要的。目前，大部分需求似乎都集中在 SMR 周圍。這就是我問的原因。作為我的後續報道，只需轉向放射性藥物市場，它就擁有約 300 億美元的商機。

I'm just curious, is there a -- and growing, I should say. As you look at the isolation of particular isotopes, obviously, small quantities can sell for a tremendous amount of money. Are there specific isotopes that you have an inherent advantage or moat around given your processing capability that you're going to be focused on? I'm just curious as those might be specific to certain drugs or applications. Any more details around that would be helpful. Thanks.

我只是好奇，是否有——而且應該說，還在增長。當你觀察特定同位素的分離時，顯然少量同位素可以賣出巨額金錢。考慮到您的處理能力，您是否在哪些特定同位素方面具有固有優勢或優勢，並將重點放在這些同位素上？我只是很好奇，因為這些可能特定於某些藥物或應用。有關此內容的任何更多詳細資訊都會有所幫助。謝謝。

Yeah, I love it. It's awesome. And we have -- there's so much more that will be unfolding going forward on this because you are nailing exactly it, which is how do we prioritize select and where are the ones we have sort of unique advantages into.

是的，我喜歡它。太棒了。而且我們——因為你已經完全掌握了這一點，所以未來還會有更多事情發生，那就是我們如何確定選擇的優先順序，以及我們在哪些方面具有獨特的優勢。

So, starting at a high level, like what we see is there are some near-term opportunities on a couple of sort of isotopes that we're going through looking at what those markets like -- and kind of the supply chain pieces are to prioritize as part of some of our pilot efforts that are happening out in Idaho right now.

因此，從高層次開始，就像我們看到的，幾種同位素上存在一些近期機會，我們正在研究這些市場是什麼樣的——而供應鏈部分是優先考慮的，這是我們目前正在愛達荷州開展的一些試點工作的一部分。

But then from there, we see a pretty significant scaling advantage, and we're looking at ways to get engaged in and possibly even opportunities to maybe invest into the supply chain or at least partner in the supply chain to sort of enhance what we see as some of the moats that we can build and have in terms of some of the production of either sourcing of stable isotopes or just rocked targets.

但從那時起，我們看到了相當顯著的規模優勢，我們正在尋找參與其中的方式，甚至可能尋找機會投資供應鏈或至少在供應鏈中合作，以增強我們所看到的我們可以建造和擁有的一些護城河，無論是在穩定同位素的採購還是僅僅是震撼目標的生產方面。

But I think at the -- at scale, so I'm kind of giving you a little bit of an answer of come back again because we're going to have a lot more as it comes. But I think at scale, the other thing we see is that part of the angle of why we're attracted to Atomic Alchemy, it's kind of twofold integration.

但我認為，從規模上來說，我會給你一點答案，因為我們將會得到更多。但我認為從規模來看，我們看到的另一件事是，我們被原子煉金術吸引的部分原因在於它是一種雙重整合。

One is the benefit of being able to pull stuff out from recycling where we do have some isotopes that are going to be made in bulk quantities, things like Stronium 90 in particular, but there's a bunch of others that have interesting potential industrial applications that are -- could be unlocked at scale in a voluminous way based on what recycling can tap into, which is a pretty cool space to be in.

一個好處是能夠從回收物中取出一些東西，我們確實有一些同位素可以大批量生產，特別是鍶90，但還有許多其他同位素具有有趣的潛在工業應用——可以根據回收利用的潛力大規模地解鎖，這是一個非常酷的領域。

So, there's that kind of piece. And there is some a lot of those isotopes are generally going to be longer-lived isotopes that are held up in the waste because most of this waste has been decaying for some time.

所以，有這樣的作品。而這些同位素中的許多通常都是壽命較長的同位素，它們會滯留在廢物中，因為大多數廢物已經衰變了一段時間。

So, there's that part and unlocking some of the things you can do with those that right now, frankly, don't really exist. And that's one of the hard things, but cool things about this is some of the stuff we're going to pull out and going to be able to pull out. People haven't even bothered to look into the use of it because it's just not available to even research with or study very much, so they don't prioritize it.

因此，有這一部分，可以解鎖一些你可以用它們做的事情，坦白說，現在這些事情並不存在。這是一件困難的事情，但很酷的是，有些東西我們會拿出來，並且能夠拿出來。人們甚至懶得去研究它的用途，因為它根本無法被研究或學習，所以他們不重視它。

But we expect this first to nucleate an entirely different ecosystem and philosophy around research and development around different isotopic uses because of all of a sudden it becoming available. And then additionally, there's a direct production kind of on a specific basis of radiating targets and producing that material, which is part of what we were attracted to Atomic Alchemy's Viper reactor design to do, given that we see it as one of the sort of most cost attractive options we've ever seen, where it's kind of a -- I'm going to use a very blunt kind of analogy, it's not maybe the best, but like instead of building -- designing and building a custom Formula 1 race car to produce some of these isotopes that's extremely expensive, but can produce some of these isotopes and the cost of those isotopes actually can justify doing so.

但我們預計，由於它突然變得可用，它首先會圍繞不同同位素用途的研究和開發形成一個完全不同的生態系統和理念。此外，還有一種直接生產方式，即在特定基礎上輻射目標並生產該材料，這也是我們被 Atomic Alchemy 的 Viper反應爐設計所吸引的原因之一，因為我們認為它是我們見過的最具成本吸引力的選擇之一，它有點像——我要用一個非常直白的比喻，它可能不是最好的，但就像建造——設計和建造一輛定制的一級方程式賽車來生產一些極其昂貴的同位素，但可以生產其中一些同位素，而且這些同位素的成本實際上可以證明這樣做是合理的。

So, it's fun from a technical perspective for sure. It makes the deployment development everything really, really hard on those, which is why a lot of these reactors haven't been built. Instead, Atomic Alchemy took an approach saying, Hey, let's just build like a Ford F-150 version of a reactor that does the job, maybe it's not as fast as some of these other things, but it's totally buildable, suppliable today, and you can build a lot more of them and just have -- make neutrons more cheaply than maybe anything else to irradiate these materials and produce them. So that then allows us to tap into those known isotope fields with a potential vector being more cost competitive than what exists or just lower cost of production, frankly, than what exist.

所以，從技術角度來看這肯定很有趣。這使得部署開發變得非常非常困難，這也是為什麼許多反應爐沒有建成的原因。相反，原子煉金術採取了這樣一種方式，說，嘿，讓我們建造一個像福特 F-150 版的反應堆來完成這項工作，也許它不如其他一些東西那麼快，但它完全可以建造，今天就可以供應，你可以建造更多，而且——比其他任何東西都更便宜地製造中子來輻照這些材料並生產它們。這樣，我們就可以利用那些已知的同位素場，其潛在載體比現有技術更具成本競爭力，或者坦白說，比現有技術的生產成本更低。

That said, I think those markets seem to be in many ways today in an inelastic state of demand. So, you just keep supplying and they're going to take as much as you get, but there's also the case where having that capacity and that flexibility and that versatility of different isotopes can actually open the door to do more things.

話雖如此，我認為這些市場目前在許多方面似乎處於需求缺乏彈性的狀態。所以，你只要繼續供應，他們就會拿走你得到的所有東西，但也存在這樣的情況：擁有這種能力、靈活性和不同同位素的多功能性實際上可以為做更多的事情打開大門。

So I'm kind of giving you a non-answer, Jed, but it's partly because we'll have more to talk about there soon, but also part of this is actually looking at what this opens the door to incentivize and create an ecosystem that thinks more broadly out of the mindset of abundance of different isotopes that right now, people can't even think about using. So, there's the usual players, but I think there's a lot more that could be coming in the horizon because now we can focus on how we can actually produce those and not be as scarcity limited as we have been.

所以傑德，我給你的是一個非答案的問題，但部分原因是我們很快會討論更多，但部分原因實際上是在看這是否為激勵和創建一個生態系統打開了大門，讓這個生態系統更廣泛地思考，擺脫目前人們甚至無法想像使用不同同位素的豐富性這一思維定式。所以，有常見的參與者，但我認為可能會有更多的參與者出現，因為現在我們可以專注於如何實際生產這些參與者，而不是像以前那樣受到稀缺性的限制。

So yeah, I think it's -- like you said in your comments, it's that size market and I think growing. I think that's one of the things we see as a way to unlock even more growth is by sort of bolstering production and availability of a much more diverse set of radioisotopes, but then we'll get more use cases of them because people will bother to actually invest and use them, which you can think about creates a really cool ecosystem to be a pretty significant part of. So that's part of how we see that playing out.

是的，我認為——就像您在評論中所說的那樣，這是一個規模很大的市場，而且我認為它還在增長。我認為，我們認為實現進一步成長的途徑之一是透過加強生產和提供更多樣化的放射性同位素，但隨後我們將獲得更多的使用案例，因為人們會願意實際投資和使用它們，你可以想像這將創建一個非常酷的生態系統，成為其中非常重要的一部分。這就是我們所看到的結果的一部分。

Sounds good. I'll jump back in queue. Thank you.

聽起來不錯。我會重新排隊。謝謝。

Ryan Pfingst,B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Hey guys, thanks for taking my questions. First, could you give us a sense of potential timing around Eielson project milestones or maybe just how licensing and development might differ for projects located on military or defense installations like that one?

嘿夥計們，謝謝你們回答我的問題。首先，您能否向我們介紹 Eielson 項目里程碑的潛在時間安排，或者對於位於軍事或國防設施上的項目，許可和開發可能有何不同？

Yeah. It's a fascinating question because the reality is all shifted a lot on the heels of the executive orders being signed. Obviously, a strong focus on those was leveraging defense use cases and accelerating defense use cases. This is a great one of those.

是的。這是一個有趣的問題，因為在行政命令簽署後，現實已經發生了很大變化。顯然，重點關注的是利用國防用例和加速國防用例。這是其中很棒的一個。

But it does set the stage for some interesting things to be supportive of either more streamlined or potentially, I would say, more like focused and therefore, potentially faster reviews on the environmental and fighting aspects of this.

但它確實為一些有趣的事情奠定了基礎，以支持更精簡或潛在的，我想說，更有針對性的，因此可能更快地審查環境和戰鬥方面的問題。

The Air Force has pursued through the Eielson project, and they want -- they want us to get an NRC license for this plant. So that's the general plan. Of course, they also have the capability of the Defense Department to authorize on their own.

空軍已經推進了艾爾森項目，他們希望我們能獲得該工廠的 NRC 許可證。這就是總體計劃。當然，他們也有國防部自行授權的能力。

So should that be something they want to do for other deployments or in different cases or even do different things, they have that optionality, which is kind of cool. That said, the nature of that facility and working in Alaska is, of course, interesting and unique.

因此，如果他們想在其他部署中或在不同情況下做某事，甚至做不同的事情，他們就有這種選擇權，這很酷。話雖如此，該設施的性質以及在阿拉斯加的工作當然是有趣且獨特的。

And so, we're going through the aspects of actually getting all of that work in motion and the siting work to then sort of come forward with what the timelines and the various details of that are going to look like with respect to like application submission timelines, wind of expect to break ground, do all that kind of stuff.

因此，我們正在研究實際啟動所有工作和選址工作的各個方面，然後提出時間表和各種細節，包括申請提交時間表、預計破土動工的時間等等。

Given that you have a short construction window, given all of those factors, it's obviously very seasonal. It's like we have to kind of play with and optimize against those. So, what we expect at the moment is going forward, we'll be able to get into the more detailed site work and everything we would need to do really next summer and then the schedules will kind of anchor in accordingly from there. But it's all actively developing as part of this path.

考慮到施工時間很短，考慮到所有這些因素，這顯然具有強烈的季節性。就像我們必須利用這些並進行最佳化一樣。因此，我們目前的期望是，我們將能夠進入更詳細的現場工作以及明年夏天真正需要做的所有事情，然後時間表就會相應地固定下來。但這一切都是這條道路的一部分，正在積極發展。

And I think the Air Force has said this a couple of times in a couple of ways, but I think of it as the pathfinder aspect of this. They see huge opportunity for what nuclear can do to bolster their mission capabilities. And I think what they want to see is how we can or what they want to do is be able to work with the industry to find ways to deliver that in different models of what that needs to look like.

我認為空軍已經多次以多種方式說過這一點，但我認為這是此事的探路者方面。他們看到了核能能夠增強其任務能力的巨大機會。我認為他們想看到的是我們如何能夠或他們想做的是能夠與業界合作，找到以不同的模式實現這一目標的方法。

One of the things you're constrained by any time you're working with the government is their contracting structures and mechanisms. And so also in addition to working with those and finding the right pathways for that to do the things that they want to see happen.

與政府合作時，受到的限制之一就是他們的合約結構和機制。因此，除了與他們合作並找到正確的途徑來實現他們想要看到的事情之外。

A heavy amount of focus from Defense Energy in the past has been using defense land to build renewable projects that are effectively shipping off the grid. Maybe the defense department is benefiting some from that, but this is different, right? This is internal facing and so prioritized.

國防能源過去一直致力於利用國防土地建設再生能源項目，從而有效地實現離網輸電。也許國防部從中受益不少，但情況不一樣，對吧？這是面向內部的問題，因此需要優先考慮。

I mean, it's cool, it's a little different, but pretty cool, but also opens the door for just the combination of different approaches of how we optimize that. And additionally, it's not just electricity they're buying, there's a lot of steam that they're buying from our plants, too.

我的意思是，這很酷，有點不同，但非常酷，而且還為我們優化它的不同方法的組合打開了大門。此外，他們不僅購買電力，還從我們的工廠購買大量蒸汽。

So, what that means is if you think about what a nuclear system is, it's primarily producing heat. Typically, you produce that -- you turn that heat into electricity. But in this case, you siphon off some of that heat before it gets turned into electricity and actually use it to heat infrastructure.

所以，這意味著如果你想想核系統是什麼，它主要產生熱量。通常，你生產它——你將熱轉化為電能。但在這種情況下，你會在熱量轉化為電能之前吸走一部分熱量，並實際用它來加熱基礎設施。

And that has obviously a lot of value for a lot of reasons. So especially up in Alaska. So, it's a little bit of a -- it's developing and we're working through all those pieces, and we'll continue to keep sort of the market updated as that progresses. But that's how it's sitting -- basically how it's progressing and how it's sitting up now.

顯然，出於很多原因，這具有很大的價值。尤其是在阿拉斯加。所以，它有點像——它正在發展，我們正在處理所有這些部分，隨著它的進展，我們將繼續向市場提供最新資訊。但這就是它的現狀——基本上就是它的進展和現在的現狀。

Yeah, I appreciate that, Jake. And then for my second question, shifting away from the federal side to commercial customers. How should we think about LOI to order conversion at this stage? Does the Liberty collaboration and some of the other partnership announcements you've made recently accelerate when we might see a firm order with one of the data center customers that's in your pipeline today?

是的，我很感激，傑克。我的第二個問題是，從聯邦方面轉向商業客戶。現階段我們該如何考慮意向書到訂單的轉換？當我們看到您目前正在洽談的某個資料中心客戶的確認訂單時，您與 Liberty 的合作以及您最近宣布的一些其他合作計劃是否會加速推進？

Yeah, I'll start with a little bit and then ask Craig to jump in as well. But I think in general, it's supportive in opening up different apertures of the conversations. But as we've said generally in the past, what we find is the demand isn't going anywhere.

是的，我會先講一點點，然後讓 Craig 也加入進來。但我認為總的來說，它有助於開啟不同的對話視角。但正如我們過去通常所說的那樣，我們發現需求並沒有消失。

The opportunity in the market is pretty significant. The details are then figuring out the right ways to constructively build long and deep partnerships that really manage kind of the various aspects of these projects and the deployment realities in a much more sustainable and scalable way than just rushing into a PPA to make it sound kind of a little bit simplistic in how I answer that.

市場機會相當巨大。然後，細節就是找出正確的方法，建設性地建立長期而深入的合作夥伴關係，真正管理這些項目的各個方面和部署現實，以一種更可持續和可擴展的方式，而不是倉促簽訂 PPA，這讓我的回答聽起來有點過於簡單。

But that is kind of the reality, which is we continue to keep these conversations at pace, and we continue to find a lot of enthusiasm and excitement. It really just seems to be as we kind of progress these things, the opportunity space of what's possible in terms of deepening and strengthening ties is looking at all parts of sort of the ecosystem to be supportive of our success and also, honestly, candidly, the success of the nuclear industry as a whole.

但這就是現實，我們繼續保持這些對話的節奏，我們繼續發現很多熱情和興奮。看起來，隨著我們在這些事情上取得進展，在深化和加強聯繫方面可能存在的機會空間正在考慮生態系統的各個部分，以支持我們的成功，而且坦率地說，也支持整個核工業的成功。

And we're excited about the positioning we have to kind of help lean into that. But yes, I mean, on the Liberty side, it does help set the stage for doing some things a little more, I would say, well, a little different cadence in Tempo in some cases where you have that gas infrastructure. And what we continue to see is that the focus tends towards nuclear is a long-term solution, gas having a lot of opportunity in the near term.

我們對我們的定位感到非常興奮，因為我們能夠幫助實現這一點。但是的，我的意思是，在 Liberty 方面，它確實有助於為做更多的事情奠定基礎，我想說，在某些情況下，如果你有天然氣基礎設施，Tempo 的節奏會有所不同。我們持續看到的是，人們的焦點傾向於將核能視為長期解決方案，而天然氣在短期內也有很多機會。

And really a cool thing for us is, we've been kind of pioneers in that bridging gas to nuclear on a new capacity, new deploy perspective. And I think we're seeing how that kind of unlocks thinking about different sites and different cadencing in different ways. But yeah, so I'd say it does help. It kind of changes some of how we kind of cadence and tempo some of these customer discussions.

對我們來說真正酷的事情是，我們一直是從新產能、新部署角度將天然氣轉化為核能的先驅。我認為我們正在看到如何以不同的方式思考不同的地點和不同的節奏。但是是的，所以我想說它確實有幫助。這在某種程度上改變了我們與客戶討論的節奏和速度。

But at the same time, we're still kind of focused on the macro, trying to make the most of the opportunity, if that makes sense through kind of the right partnerships. I've talked for a long time, though, Craig can add some more detail and color.

但同時，我們仍然關注宏觀，試圖充分利用機會，如果透過正確的合作關係這是有意義的。我已經談了很長時間了，不過，克雷格可以添加更多細節和色彩。

Yeah, I would just say partnerships take time. And because we're trying to do things beyond just optimizing on a PPA price, I think it will take us a little bit longer to get things in place, but for all the right reasons. Our business development team stays quite busy and is traveling quite a bit, and they're keeping the legal and finance team quite busy as well.

是的，我只想說合作需要時間。而且由於我們嘗試做的事情不僅僅是優化 PPA 價格，我認為我們需要更長的時間才能完成所有事情，但這一切都是出於正確的原因。我們的業務開發團隊非常忙碌，經常出差，法律和財務團隊也同樣忙碌。

So, I think we're moving things. And it also a little bit goes back to Jed's earlier question around -- I think it's safe to say that the interest in front of the meter feels like it's grown a lot in the last 12 months. And I think that's also where we're trying to be customer responsive as we progress those customer discussions.

所以，我認為我們正在推動事情的發展。這也有點回到傑德之前提出的問題——我認為可以肯定地說，在過去的 12 個月裡，電錶前的興趣似乎增長了很多。我認為這也是我們在推進客戶討論時努力回應客戶需求的地方。

And as I think I've said, Ryan, probably on earlier calls, we're entertaining prepayments like what we did with Equinix, things we might do at the asset level investment. And so there's a whole host of avenues of things that we're exploring with our customer base at the moment.

我想我可能在之前的電話會議上說過，瑞安，我們正在考慮預付款，就像我們與 Equinix 所做的那樣，我們可能會在資產層面投資中所做的事情。目前我們正在與客戶群一起探索多種途徑。

Great, I appreciate all that detail. I'll turn it back.

太好了，我很欣賞這些細節。我會把它轉回去。

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

Yeah, hey guys, thanks for taking the questions and my congrats as well on the capital raise. I'll just keep that one question here. Jake, in the prepared remarks, you mentioned TerraPower's regulatory timeline. I think you said it's sped up by 6 months. I was wondering what the reason for that was?

是的，嘿夥計們，感謝你們回答問題，我也對融資表示祝賀。我只在這裡保留這一個問題。傑克，在準備好的發言中，你提到了 TerraPower 的監管時間表。我認為您說的是它加快了 6 個月。我想知道這是什麼原因？

What did that entail? And are you already seeing some tangible benefits from the executive orders on regulatory timelines? Could Oklo see a sizable timeline shift forward as well? Thanks.

那意味著什麼？您是否已經從行政命令中看到了監管時間表方面的一些實際好處？奧克洛的時間表是否也會大幅提前？謝謝。

Yeah, I appreciate the question. I think that's one of the exciting things is we've seen the NRC be quite responsive and take an approach lines that reflects clearly what the policy objectives and goals of this administration are to move those things more quickly based on what they did with TerraPower. And we're similarly seeing benefits.

是的，我很感謝你提出這個問題。我認為令人興奮的事情之一是，我們看到 NRC 反應非常迅速，並採取了明確反映本屆政府政策目標和宗旨的方針，即根據其對 TerraPower 的做法，更快地推動這些事情。我們也同樣看到了好處。

It's interesting when we went public, when you kind of had a review path of 24 to 36 months to then the ADVANCE Act capping things and the different contingencies around the 25-month period to now saying it's 18 months, like it's pretty great.

有趣的是，當我們上市時，你的審查週期大約為 24 到 36 個月，然後《ADVANCE 法案》對 25 個月期間的各種意外情況進行了限制，現在說是 18 個月，這非常棒。

That's helpful. That said, there's still, I think, various things and then and what we're seeing in the pre-application space, I think, is constructive to those things. I think it's been interesting because we went through Phase I readiness that helped the NRC map out, especially in the wake of kind of where things are now, how they would plan to do the review, make sure they had all the information they need to do it, which kind of amplifies in some ways the importance of those.

這很有幫助。話雖如此，我認為仍然存在各種各樣的事情，而我們在預申請領域看到的情況對這些事情具有建設性。我認為這很有趣，因為我們經歷了第一階段的準備工作，這有助於 NRC 制定規劃，特別是在了解了當前情況之後，他們將如何計劃進行審查，確保他們擁有進行審查所需的所有信息，這在某種程度上放大了這些的重要性。

We were pretty encouraged as well that we had no sort of significant gaps that were needed there. That's a big win for us and for the NRC, I think. So, at the end of the day, we feel pretty good about where that positions us on that part. Still a lot more work to do, but that's good. And then looking at the next phase in Phase II and that progressing, I mean, I think it will be very clearly aligned to say, okay, let's make sure we have a very strong like angle on how we get through the actual licensing steps and process in that 18-month window, which is just great for everybody, right, because it accelerates things for us.

我們也非常受鼓舞，因為我們在那裡沒有遇到任何重大的差距。我認為這對我們和 NRC 來說都是一個巨大的勝利。所以，最終，我們對於自己在該部分的位置感到非常滿意。還有很多工作要做，但這很好。然後看看第二階段的下一階段及其進展，我的意思是，我認為它將非常明確地保持一致，好吧，讓我們確保我們有一個非常強烈的角度，了解如何在 18 個月的時間內完成實際的許可步驟和流程，這對每個人來說都很好，因為它可以加速我們的進程。

There are other aspects that play though, we have to be mindful of just the realities that can perhaps raise the bar a little bit on the front end of what's on the acceptance side and how the NRC plans. We want to be mindful of that.

不過，還有其他方面需要考慮，我們必須留意現實情況，這些現實情況可能會在接受方面和 NRC 計劃的前端稍微提高一些標準。我們要牢記這一點。

Obviously, part of why we're doing readiness assessments is to manage that, but that can be something that affects those timelines and how we think about making sure we're submitting something that's in the best sort of position for everybody.

顯然，我們進行準備情況評估的部分原因是為了管理這一點，但這可能會影響這些時間表以及我們如何確保提交對每個人都最有利的內容。

And then additionally, one of the things that we're pretty intrigued by is how the EOs are setting the stage for completely different licensing pathways, which is pretty powerful given that there's still a lot of moving parts at the NRC front, but opening the door for things that might be doable under Department of Energy authorization that could accelerate timelines considerably for a number of things. That's pretty dang exciting, too.

此外，我們非常感興趣的一件事是，行政許可如何為完全不同的許可途徑奠定基礎，鑑於 NRC 方面仍有許多活動部件，這一點非常有力，但也為在能源部授權下可行的事情打開了大門，這可能會大大加快許多事情的時間表。這也太令人興奮了吧。

So, we're engaging in those to look at ways that might accelerate our ability to bring something online. There is a path potentially to having a regulatory review done under the Department of Energy, build the plant, turn it on. And then after you've kind of done that initial work, you can transition to the facility. These are things that haven't really been done before, but that's kind of the beautiful thing about today.

因此，我們正在參與其中，尋找可能加速我們將某些東西上線的能力的方法。有可能透過能源部的監管審查，建造工廠並投入營運。完成初步工作後，您就可以過渡到該設施了。這些事情以前從未真正做過，但這正是今天的美好之處。

We're actually reinvigorating the whole ecosystem to think outside of the boxes and the shells that we as an industry have thought in for the last candidly, 50-plus years. So now there's like so much more potential on the table about, hey, what could we do? What could this look like? Like there's no reason that can't necessarily be done. Maybe that's a faster way to get some first plants built. Maybe that's a faster way to get through (technical difficulty) first licensing challenges and hurdles.

我們實際上正在重振整個生態系統，使其跳脫我們作為一個產業在過去 50 多年所思考的框架和框架。所以現在擺在桌面上的潛力就這麼大了，嘿，我們能做什麼呢？這看起來像什麼？好像沒有理由不能做到這一點。或許這是建造第一批工廠的更快方法。也許這是克服（技術難題）第一個許可挑戰和障礙的更快方法。

So, there's not a clear answer yet because we're still not even three months out from those, but we're working through both sort of all parallel paths that we can to sort of optimize against what makes the most sense, not just from a time perspective, but from a time and from a scalable and deployable perspective to kind of enable us to try to get more plants built sooner and faster.

因此，目前還沒有明確的答案，因為距離目標不到三個月，但我們正在透過各種並行的途徑進行優化，以實現最合理的結果，不僅從時間角度，而且從時間和可擴展性和可部署性的角度，使我們能夠嘗試更快、更快地建造更多工廠。

And so, when I think about things simplistically, the executive orders really drive more aggressive timeline schedule, which is great. That means you kind of take some of that permitting challenge and risk of timing risk to a different level, right?

因此，當我簡單地思考問題時，行政命令確實會推動更積極的時間表，這很好。這意味著您將一些許可挑戰和時間風險提升到了不同的水平，對嗎？

So, it's a different kind of -- you got a lot of risk reduced just by that. But then additionally, you have a totally different change of kind of the fuel side because of what's happening in the EU to make more fuel available from this excess plutonium material that could support dozens of reactors being built without needing any HALEU like that's huge because that helps set the market for us to then build more plants, have stronger partnerships with HALEU providers to then get to those HALEU kind of production goals at the right pace and scale. So, like it's a very, very supportive ecosystem right now that's really changed the equation from where we were just three months ago, frankly.

所以，這是一種不同的——透過這種方式，你可以降低很多風險。但此外，由於歐盟正在採取的措施，燃料方面也發生了完全不同的變化，即利用過剩的鈽材料生產更多的燃料，這些燃料可以支持正在建造的數十座反應堆，而無需任何 HALEU，這是巨大的，因為這有助於為我們建立市場，以便建造更多的工廠，與 HALEU 供應商建立更牢固的合作夥伴關係，然後以適當的速度和規模生產。所以，坦白說，現在這是一個非常非常支持的生態系統，它確實改變了我們三個月前的狀況。

Yeah, that's helpful. I'll pass it on. Thanks, guys.

是的，這很有幫助。我會傳達的。謝謝大家。

Craig Shere, Tuohy Brothers.

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

Hi, thanks for the call and taking my questions. Hopefully, some quicker ones for me. So, do you have a timeline or road map for announcing PPAs on your INL plant? Do you have line of sight on sufficient fuel for full 75 megawatts there at this point?

您好，感謝您的來電並回答我的問題。希望對我而言能更快。那麼，您是否有公佈 INL 工廠 PPA 的時間表或路線圖？您是否認為目前那裡有足夠的燃料來滿足 75 兆瓦的發電量？

And given government support with rejected plutonium fuel that you say can support a lot. At this point, once you get past initial regulatory hurdles, could we see multiple powerhouses all announced at once?

並且考慮到政府對廢棄鈽燃料的支持，您說這可以提供很多支持。此時，一旦突破最初的監管障礙，我們是否可以看到多家巨頭同時宣布成立？

Yeah, good questions. Yeah, we continue to move through. We're finding that there is more interest in power from the Idaho plant from different folks and then different ways, not to mention the other benefits we get from it. Part of what's beautiful about that plant is the benefit to provide fast neutron radiation capabilities. We're continuing to explore different ways that we can partner with government and other things -- other groups and focus on industry and academia, leverage some of the positions we have there, utilize some of that.

是的，好問題。是的，我們繼續前進。我們發現，不同的人以不同的方式對愛達荷電廠的電力越來越感興趣，更不用說我們從中獲得的其他好處了。該工廠的優點之一是能夠提供快中子輻射能力。我們正在繼續探索與政府和其他組織合作的不同方式——其他團體，專注於工業和學術界，利用我們在那裡的一些地位，並利用其中的一些。

Additionally, part of the -- what we're doing with Vertiv is setting the stage to build a pilot thermal-based cooling system at that plant and demonstrate that which is great. That's getting some interest from different folks to come in and be part of that. So, we're finding it's probably going to be a mix of offtake and use case, and that's what's been important about how we structured that is to be flexible. I guess I would say I've long bet that there would be a lot of demand for that power, and we're seeing that that's definitely the case.

此外，我們與 Vertiv 合作的部分工作是為在該工廠建立試點熱冷卻系統奠定基礎，並展示其卓越性能。這引起了不同人的興趣並促使他們參與其中。因此，我們發現它可能是承購和用例的混合，這就是我們如何建構它的重要之處，即靈活性。我想說，我早就打賭這種電力的需求會很大，而且我們看到情況確實如此。

So, how we structure it, again, gets back to the prior conversation of what Craig was saying, looking at the right ways and making sure we're doing all the things that get the most for sort of where everyone wants to be and how to structure it in the right ways. But the main value to me in that plant is getting it built, but it's obviously great that we can do additional things with it like we're showing.

因此，我們如何建構它，再次回到克雷格之前所說的話題，尋找正確的方法，並確保我們正在做所有能最大限度地滿足每個人需求的事情，以及如何以正確的方式建構它。但對我來說，工廠的主要價值在於建造它，但很明顯，我們可以用它做更多的事情，就像我們所展示的那樣。

And having a diversity of use cases like we're showing is pretty important, too, because you find different ways to get different partners to the table in meaningful ways, too. Bridging from that to the fuel piece, yeah, we are uniquely positioned with those 5 tons of material that's awesome.

而且，擁有我們所展示的多樣化用例也非常重要，因為您可以找到不同的方法以有意義的方式讓不同的合作夥伴參與其中。從那到燃料部分，是的，我們擁有獨特的優勢，擁有 5 噸非常棒的材料。

We would like to have some more to run that plant in a normal way all the way up to 75 megawatts and it's pretty clear that there's a number of sources. It hasn't been finalized what we're going to do with that, but there is way more material. So, we're working through the different logistics about how and what the right sources and cadencing is going to be for those with in mind -- well, let me rephrase while maintaining in mind the other part of what you said, which is setting the stage for multiple announcements kind of at once.

我們希望有更多的電力來使工廠正常運轉，直到達到 75 兆瓦，而且很明顯，有很多電力來源。我們還沒有最終確定如何處理它，但是還有更多的材料。因此，我們正在研究不同的後勤工作，關於如何以及為那些考慮到的人提供正確的來源和節奏——好吧，讓我重新表述一下，同時記住你所說的另一部分，即為同時發布多個公告做好準備。

I think one of the things that we see that is exciting about fast reactors and recycling is the ability to effectively tap into known reserves of heavy metals and power the entire planet's energy needs for basically the durable lifetime of the planet. It's a bold aggressive thing to do, but physics in many ways is for that.

我認為，我們看到的快堆和回收令人興奮的事情之一是，它能夠有效地利用已知的重金屬儲量，並在地球的整個壽命期間滿足整個地球的能源需求。這是一件大膽而激進的事情，但物理學在許多方面都支持這一點。

So, building out the right pieces of infrastructure to actually realize that is something that we've long been motivated, driven by and dream of. So, part of that includes getting the right pieces in place to build a lot more plants a lot faster, right? And that's what we can do on the heels of the EU announcements.

因此，建立正確的基礎設施來真正實現這一目標是我們長期以來的動力和夢想。那麼，其中一部分包括準備好正確的部件，以便更快地建造更多的工廠，對嗎？這就是我們根據歐盟的聲明所能做的。

So, I think what we see is, generally speaking, working towards what the next plants are going to be and figuring out the right partners that we can have at the table to make those (inaudible) to next. And then most of our conversations after the sort of Idaho and Airport pieces, those become larger campuses with more plants at them. So that's kind of how we explore that.

因此，我認為，總的來說，我們看到的是，我們正在為下一個工廠的未來而努力，並找出我們可以合作的合適合作夥伴，以使這些工廠（聽不清楚）走向下一個工廠。在談到愛達荷州和機場之後，我們的大多數討論都是關於這些園區的規模更大、工廠更多的問題。這就是我們探索的方式。

So, yeah, I mean, all of that has set the stage very favorably for that. But again, we could run it and have something more quickly, but leave some significant things off the table, which we think is the less optimal thing to do than build the right partnerships that help us really be successful in delivering all these things we want to do, which also, by the way, is what's so exciting about nuclear today, of building the right kind of dynamics and partnerships to do this.

所以，是的，我的意思是，所有這些都為此奠定了非常有利的基礎。但是，我們可以更快地運行它並取得一些成果，但卻忽略了一些重要的事情，我們認為這與建立正確的合作夥伴關係相比並不是最優的選擇，而正確的合作夥伴關係可以幫助我們真正成功地實現我們想要做的所有事情，順便說一句，這也是當今核能令人興奮的地方，即建立正確的動力和夥伴關係來實現這一目標。

And one of the nice things about our model of designing owning and operating, we have a very clear sense and insight factors we need to drive and manage our that when we find partners who can lean in to help us with those can do so in the most accretive ways. It's a lot simpler.

我們設計所有權和營運權的模式的優點之一是，我們對推動和管理所需的因素有非常清晰的認識和洞察力，當我們找到能夠幫助我們的合作夥伴時，我們可以以最具增值的方式做到這一點。這簡單多了。

This is a crude analogy, but to kind of have a two-body problem like that in that sense than it is to have a multi-body problem where you might have a utility in between a developer or even both or all of those in between and trying to figure out and solve for the different pain points has it just kind of complicates the deals in the space of operation. So, it's helpful for us that we kind of have this approach.

這是一個粗略的類比，但從這個意義上講，二體問題比多體問題更具有代表性，在多體問題中，開發人員之間、甚至兩者之間、或所有開發人員之間可能都有一個實用程序，並試圖找出並解決不同的痛點，這只會使操作空間中的交易變得複雜。因此，這種方法對我們很有幫助。

Now I will say another thing we're seeing, though, and is a possibility always been the case from onset for the business. I think we've long been convicted that utilities aren't really going to be interested nor are they really the right ones to move forward on first-of-a-kind deployments for these kinds of technologies.

現在我要說的是我們看到的另一件事，而且這種可能性從業務一開始就一直存在。我認為，我們長期以來一直堅信，公用事業公司不會真正感興趣，也不是真正適合推進此類技術的首創部署的公司。

But they can be very useful partners in some cases where you build and develop yourself unlike we're doing, we make this easier, you could turn the -- flip the asset over to them, you could sell the assets to them, right? That is a possible thing that can be done and something that was kind of baked into some of the story -- not stories, but conversations that [Carolyn] and I had before we founded the company way back when.

但在某些情況下，他們可以是非常有用的合作夥伴，你可以自己建造和開發，而不像我們所做的那樣，我們讓這一切變得更容易，你可以把資產轉交給他們，你可以把資產賣給他們，對嗎？這是有可能做到的，也是融入故事中的一些事情——不是故事，而是我和卡洛琳在很久以前創立公司之前的對話。

So, I think it all the stage for some pretty accretive dynamics for how it's all come together to, I would say, make nuclear pretty like clearly inevitable is how I would characterize it for my opinion.

所以，我認為這一切都是一些相當累積性的動力的階段，所有這些動力結合在一起，我想說，核能顯然是不可避免的，這是我對它的看法。

Great, thank you.

太好了，謝謝。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hey, Jake and Craig, just want to sneak in a few here at the end. So, the topical report accepted by NRC, I mean, is there a way to think about the timing of that process? I know that you're kind of taking a different path. So maybe that's a bit of an unknown, but maybe initial thoughts on how that speeds up the timeline? And then once you get through that, kind of what percentage of the process would that take care of that you then don't have to replicate for each successive deployment?

嘿，傑克和克雷格，最後我只想偷偷說幾句。那麼，對於 NRC 接受的專題報告，我的意思是，有沒有辦法考慮過程的時間安排？我知道你正在走一條不同的路。所以也許這有點未知，但也許是關於如何加快時間表的初步想法？然後，一旦您完成了這一步，那麼有多少比例的流程可以處理，而您不必在每次連續部署時重複這些流程？

Yeah, I think there's an interesting cadence of tactics and strategy about pre-application and topical reports. I think there can be an appeasement strategy where you feed the NRC just and don't actually move deeply into the licensing space until you spend a lot of time doing all that and be very conciliatory and not be kind of innovative and leaning into the opportunity to do things, especially now a little bit differently.

是的，我認為預申請和專題報告的策略和策略有一個有趣的節奏。我認為可以採取一種綏靖策略，即你只向 NRC 提供資金，而不會真正深入到許可領域，直到你花費大量時間做完所有事情，並且非常和解，而不是創新並抓住機會做事，尤其是現在情況有些不同。

I think that's been the playbook that is kind of how the industry has thought about things before, but hasn't really yielded very many successful results clearly.

我認為這是一種劇本，代表了業界以前思考事物的方式，但實際上並沒有產生太多成功的結果。

But what we see is more important to kind of leverage them in a much more strategic way in terms of targeting and achieve beyond just the first plant instead of kind of taking some what a topical report is, is an ability for like you to take an issue or a regulatory issue to the NRC, I'm being obviously a bit simplistic in close deal, but to the NRC and have them do review and issue some kind of safety evaluation report typically out of it, which provides a good precedent to be able to reference going forward in future applications.

但我們認為，更重要的是，以更具戰略性的方式利用它們，瞄準並實現不僅僅是第一家工廠的目標，而不是採取某種專題報告，這是一種將問題或監管問題提交給 NRC 的能力，顯然，我在接近交易時有點過於簡單，但對於 NRC 來說，讓他們進行審查並發布某種安全評估報告，這為未來的應用提供了良好的先例，可供參考。

So in some ways, you're able to do some -- let's like preseason licensing, but where the score actually counts. So maybe better analogies, early season games. I don't know, anyway, the score does count, but you don't get the whole thing at once. It's a great way to like compartmentalize or incrementalize certain things you need to do. It's also a really good way to deal with generic broad cross-cutting issues that might affect fleet-wide considerations, like in our case, are we looking at licensing operators or instead of licensing a single operator to run each individual single reactor, which is the typical model or maybe site, which is a typical model, it's actually a trained operator can run any of the plants of that class anywhere wherever they are.

因此，從某種程度上來說，你可以做一些事情——就像季前賽許可一樣，但實際上比分才是最重要的。所以也許更好的類比是賽季初的比賽。我不知道，無論如何，分數確實很重要，但你不可能一次就得到全部分數。這是將您需要做的某些事情進行分類或增量處理的好方法。這也是處理可能影響整個機組考慮的一般性廣泛跨領域問題的一種非常好的方法，例如在我們的案例中，我們是在考慮授權運營商，還是授權單個運營商運行每個單獨的反應堆，這是典型的模型或可能是站點，這是一個典型的模型，實際上，經過培訓的操作員可以在任何地方運行該級別的任何工廠。

It looks a lot more like how aviation does pipe ratings, right? So instead of having a pilot that can fly one or maybe 2 tail numbers of a specific plane like Airbus or Boeing 737 or A320, like now you instead have -- that would be insane and really inefficient, probably why they don't do it. But when you think about smaller reactors and more of them going to a model where instead, Hey, no, I can actually fly all A320s or 737s or whatever, bigger plane.

這看起來更像航空管道評級的方式，對嗎？因此，如果現在沒有一名飛行員可以駕駛空中巴士、波音 737 或 A320 等特定飛機的一個或兩個尾號，那將是瘋狂的，而且效率非常低，這可能是他們不這樣做的原因。但是當你想到更小的反應爐和更多的反應爐將用於這樣一種模式時，嘿，不，我實際上可以駕駛所有 A320 或 737 或更大的飛機。

That kind of pipe rating similarity is at play here where you can then do that for the whole fleet of reactors. So there's a lot of scalability benefit to that. I think the general time line has been about 12 or so months from that.

這種管道評級相似性在這裡發揮作用，您可以對整個反應器群進行相同的操作。因此這具有很大的可擴展性優勢。我認為總體時間線從那時起大約是 12 個月左右。

That does take some of the operational considerations that we will be able to reference some of those with our applications. But what it's really mostly helpful for is actually for the plant second, third, fourth and beyond. That's where it's a lot more helpful, always have been building this kind of thing. It's kind of like when I think about licensing, I think about going back when I was younger playing sports, whether it be soccer or golf or whatever, you don't swing at the ball or hit at the ball or just kick at the ball. You got to kick through, you got to swing through, right?

這確實需要考慮一些操作因素，我們可以在我們的應用程式中參考其中的一些。但它真正最有幫助的實際上是對植物的第二、第三、第四次生長以及以後的生長。這就是它更有幫助的地方，我一直在建造這種東西。這有點像當我想到許可證時，我會想到我年輕時玩體育運動的時候，無論是足球還是高爾夫還是其他什麼，你都不會揮動球或擊球或只是踢球。你必須踢過去，你必須揮過去，對嗎？

You got to follow through. And that's the same thing here. We're not optimizing for just the first. It's about how we set the stage to hit the things after that. So through the first and beyond.

你必須堅持到底。這裡也是一樣的。我們並不是只針對第一個進行最佳化。而是關於我們如何為接下來的事情做好準備。因此，透過第一步以及之後的步驟。

And so that, for example, is a very clear one to do. There's additional things we're working on with the NRC from the preapplication perspective that helps set the stage for that. So we expect, I would say, it's pretty hard to point to a specific point of singular acceleration for the first plant, but it's going to provide significant acceleration for the plants thereafter, which is part of what's so important about this kind of model and how we've kind of taken that approach.

因此，這是一個非常明確的做法。從預申請的角度來看，我們正在與 NRC 合作進行其他工作，以為此做好準備。因此，我們預計，我想說，很難指出第一家工廠的奇異加速度的特定點，但它將為此後的工廠提供顯著的加速度，這是這種模型如此重要的原因之一，也是我們如何採取這種方法的原因。

And then accordingly, on the tactical aspects, these are all strategic implications in how I think about it. There's some tactical aspects, too, which is maintaining the right momentum with kind of the right review teams and right reviewers at the NRC on different items of interest.

因此，就戰術方面而言，我認為這些都是戰略意義。還有一些戰術方面的問題，即在 NRC 中與合適的審查團隊和合適的審查員就不同的興趣項目保持正確的勢頭。

And so making sure you kind of have the right content in the right way in the right order to sort of deal with setting the stage for successful review is pretty important to focus on getting the right review and that's how we've tried to approach it. So that's kind of how we've set the stage for executing into that. And I think like doing a custom 52 approach, they're taking a lot (inaudible) to this, and yes, they referenced the design certification, but there's a lot of one-offs in between them and even differences in how they kind of looked at the actual plant builds on a site-by-site basis to some degrees so that like given what we're trying to do here, that full approach we don't see any significant departure from this. It's not like we're taking a Part 53 licensing approach or something like that. This is a Part 52 combined license.

因此，確保以正確的方式和正確的順序獲得正確的內容，為成功的審核奠定基礎，這對於獲得正確的審核非常重要，而這正是我們嘗試解決的方法。這就是我們為執行這項目標所奠定的基礎。我認為就像採用定制的 52 種方法一樣，他們對此做了很多（聽不清楚），是的，他們參考了設計認證，但它們之間存在很多一次性的事情，甚至在某種程度上，他們對實際工廠建設的看法也存在差異，所以考慮到我們在這裡嘗試做的事情，我們沒有看到這種完整的方法有任何顯著的偏差。我們並不是採用第 53 部分授權方法或類似方法。這是第 52 部分組合許可證。

(inaudible) kind of putting those together. But what's nice about that is you don't have to deal with the pains of regulatory rulemaking, which is what the design certification is. So from an actual administrative perspective, rulemakings are way harder than license issuances from an evolution and development perspective because of what you have to do for rulemaking or how it's typically been done. So like at the end of the day, that's how we saw some of the advantages on that kind of approach to combine those things. (inaudible) scalability.

（聽不清楚）把它們放在一起。但這樣做的好處是，您不必處理監管規則制定的麻煩，這就是設計認證。因此，從實際的管理角度來看，制定規則比從演進和發展角度頒發許可證要困難得多，因為制定規則需要做的事情或通常是如何做的。所以，歸根結底，這就是我們看到的將這些東西結合起來的這種方法的一些優勢。 （聽不清楚）可擴展性。

Like it's really about, again, like subsequent licensing, this industry has done a lot, but we haven't had a lot of subsequent license (inaudible) did a lot of work because we had a hard time getting through the first plants, right? So now we're looking at seeing those benefits come to bear. And I think that's one of the cool things is the NRC has spent a lot of effort and time to be ready to do that. I mean they did do a lot of that. It just didn't get built, so it's great that we can tap into doing a lot of that as well from a subsequent license application perspective, from the reference license application perspective.

就像它真的關於後續許可一樣，這個行業已經做了很多，但我們還沒有很多後續許可（聽不清楚）做了很多工作，因為我們很難通過第一批工廠，對吧？因此，現在我們期待看到這些好處得以實現。我認為最酷的事情之一是 NRC 花費了大量的精力和時間來準備做到這一點。我的意思是他們確實做了很多這樣的事。它只是沒有建成，所以我們可以從後續許可證申請的角度、從參考許可證申請的角度來做很多事情，這很好。

Okay, I appreciate it. Thanks.

好的，我很感激。謝謝。

Max Hopkins, CLSA.

馬克斯霍普金斯，里昂證券。

Hello, thanks for the time, to be brief, so you guys mentioned the MOU with KHNP. I want to touch on the supply chain. I guess, as you guys move forward, you said 70% of materials could be nonnuclear. For that 30% of nuclear required components, are you guys looking to Korea more to maybe BWXT in the US? Or is there any focus on kind of those nuclear-specific materials coming down the line?

您好，感謝您抽出時間，簡單說一下，你們提到了與 KHNP 簽署的諒解備忘錄。我想談談供應鏈。我想，隨著你們的前進，你們說過 70% 的材料可能是非核的。對於核能所需 30% 的零件，你們更重視韓國還是美國的 BWXT？或者是否有任何關注點集中在那些即將面世的核專用材料上？

Yeah, it's a great question. And I'll zoom out a level real quick because I think this is kind of a key narrative piece. There's a whole thing about nuclear having been expensive and difficult and those other things for time to build and understand why and where that comes from, the real experience.

是的，這是一個很好的問題。我會快速縮小一個級別，因為我認為這是一個關鍵的敘述片段。核能成本高、建設困難，而其他建設項目則需要時間建設，要了解其原因和來源，需要真正的經驗。

We've also seen success stories through the things that people like to point to for big plants. But there's another whole vector of attack here, which is what we, I think, as an industry need to think a lot more about, which is how we get back to realizing the true cost potential of nuclear.

我們也透過人們喜歡引用的大型工廠的例子看到了成功的故事。但這裡還有另一種攻擊方式，我認為，作為一個行業，我們需要更多地思考，那就是如何重新認識到核能的真正成本潛力。

Look, there's the term I know it's we've used it before. I think it comes out of SpaceX and from Elon Musk, but was the idea of an Idiot Index of what's the ratio of the actual delivered cost of something divided by its actual cost of raw materials.

瞧，我知道這個術語我們以前用過。我認為它來自 SpaceX 和 Elon Musk，但它是一個白痴指數的想法，即某物的實際交付成本除以其原材料的實際成本的比率。

And in nuclear, a lot of times, those are really, really, really high multiples. And a lot of that points to, for a lot of reasons, just kind of how things have been done in the industry, but it's not how they have to be done because, again, nuclear has the fewest material needs per megawatt hour of all energy sources. So there's a lot of room for cost improvement, frankly, just there.

在核能領域，很多時候，這些倍數非常非常高。由於許多原因，這在很大程度上表明了行業的做法，但這並不是必須的做法，因為在所有能源中，核能每兆瓦時所需的材料最少。坦白說，成本改進的空間還很大。

And the way I see it and in my experiences, and I think that we've seen at Oklo and what we've tried and designed towards is there's kind of two main ways you attack that. One is designing systems that have the passive and inherent safety features that reduce the number of what are called safety-related or safety grade or nuclear-grade systems and components.

從我的角度來看，根據我的經驗，我認為我們在奧克洛已經看到過，我們嘗試設計的目標是，主要有兩種方法可以解決這個問題。一是設計具有被動和固有安全特性的系統，以減少所謂的安全相關或安全級或核級系統和組件的數量。

That's one thing, right? And study fast reactors based on what EBR showed, have a good kind of trajectory on hitting those inherent and passive safety features, but then they have a lot fewer things that are required for the safety kind of functions in the plant. The other aspect is how you deliver -- how you actually deliver the parts that need to fall under that kind of oversight or maybe just unique enough because they're only supplied in nuclear, how do you modernize some of that?

這是一回事，對吧？根據 EBR 的研究成果，快堆在實現固有和被動安全特性方面有良好的軌跡，但它們對工廠安全功能的要求卻少得多。另一個方面是如何交付——如何實際交付需要接受這種監督的部件，或者可能只是足夠獨特，因為它們只在核領域供應，如何使其中一些部件現代化？

And there's a whole bunch of opportunity there because in many ways, the nuclear supply chain went out of growth mode by and large, in the '70s and '80s, and it has only now started to come back. But when that happened, we were investing in modernizing the actual processes and procedures and protocols and even just methods of manufacturing and fabrication as well as quality assurance compliance, there wasn't a big impetus to do that. Well, because those changes can be expensive.

這其中蘊藏著大量機遇，因為從許多方面來看，核子供應鏈在 70 年代和 80 年代基本上已經脫離了成長模式，而現在才開始復甦。但當這種情況發生時，我們正在投資現代化實際流程、程序和協議，甚至只是製造和製造方法以及品質保證合規性，但沒有很大的動力去做這件事。嗯，因為這些改變可能很昂貴。

But we actually have a really big benefit and opportunity to take that and do it differently in a more fresh way today because of how you can work with doing sort of meeting those requirements in a more modern way. If you think about where the world was when those things happened, we were building a lot of Ford Pintos to be candid, right?

但實際上，我們今天擁有很大的優勢和機會來利用這一點，並以更新穎的方式去做不同的事情，因為你可以用更現代的方式來滿足這些要求。如果您想想當這些事情發生時世界是什麼樣子，坦白說，我們正在製造很多福特 Pintos，對嗎？

That was what was going on then you have different level of quality assurance, a different level of expectation at an industrial level. And in fact, I would argue that in many ways, industrial quality assurance has cut up, if not leapfrogged kind of what typical nuclear has been and -- but done so in a much more efficient and effective way.

這就是當時發生的事情，然後你就有了不同程度的品質保證，不同程度的工業期望。事實上，我認為，在許多方面，工業品質保證已經超越了典型的核能，甚至是超越了核能，而且是以更有效率、更有效的方式。

So you can obviously -- and also the pathways by which you achieve the kind of functional outcomes and outputs can be done the same way with like -- with these modern -- I mean, it's not exactly the same, but you can do commercial grade education for these pathways to actually get them to meet what's required in the industry or from the regulatory basis and from a quality control basis.

因此，您顯然可以 — — 而且，實現功能結果和輸出的途徑也可以以同樣的方式 — — 使用這些現代 — — 我的意思是，它並不完全相同，但您可以對這些途徑進行商業級教育，以真正使它們滿足行業要求或從監管基礎和質量控制基礎出發。

So there's actually a lot of opportunity just from those two to drive a total change in cost, which then opens the door for how you think about the suppliers to meet that 30% mix of who fits into this. And yeah, some are going to be some legacy, but not large pressurized water reactor.

因此，實際上，僅從這兩者就有很多機會推動整體成本的變化，這為你如何考慮供應商以滿足這 30% 的混合比例打開了大門。是的，有些將會成為遺留問題，但不會是大型壓水反應器。

We're not even a small pressurized water reactor, which means we have a very different set of what we can buy and use in the plant. We don't need a pressure vessel because we're not pressurized, right? We can use common alloys of stainless that are used in many other industrial applications that are shown to be compatible in a sodium system.

我們甚至不是一個小型壓水反應堆，這意味著我們可以購買並在工廠中使用的設備非常不同。我們不需要壓力容器，因為我們沒有壓力，對嗎？我們可以使用在許多其他工業應用中被證明與鈉系統相容的常見不銹鋼合金。

And so you kind of basically partner up and work with different folks, both legacy as well as some newer entrants who want to get into this business and help them kind of meet what's required and do so in a -- I would say, a more cost-effective way. So it's kind of an all-in very comprehensive approach on how you attack this problem and do things a bit differently.

因此，你基本上就是與不同的人合作，既有老牌企業，也有想要進入這個行業的新進者，幫助他們滿足要求，並以更具成本效益的方式做到這一點。因此，這是一種非常全面的方法，可以幫助您解決這個問題並以不同的方式做事。

It's not the best -- it's not always -- it's not the worst always, but it's also not always the best to go to legacy incumbent suppliers because they're used to doing what they've done, trying to get them to modernize can sometimes be challenging. So you find the right ways to work with them, but sometimes it's just better to work with some others.

這不是最好的——並不總是——也不總是最糟糕的，但選擇傳統的現任供應商也並不總是最好的，因為他們習慣於做他們已經做過的事情，試圖讓他們現代化有時會很有挑戰性。因此，您可以找到與他們合作的正確方法，但有時與其他人合作會更好。

So a big focus has been we have opportunities to partner, obviously, with what's been done. We don't need all the full capacity of what the Koreans can do, but obviously, that means they can definitely do what we need them to do. So there's interesting dynamics there.

因此，我們關注的重點顯然是與已經完成的工作合作的機會。我們不需要韓國人的全部能力，但顯然，這意味著他們一定能夠做我們需要他們做的事情。因此，那裡存在著有趣的動態。

There's also interesting dynamics about different fabricators (inaudible) And we found that some legacy providers and suppliers are really excited about modernizing and they see us as a big pathway to do that because it can help them get experience of doing things in a more modern and efficient way, but then also apply it over the rest of the operations and maybe change their cost curves as well.

不同製造商之間也存在一些有趣的動態（聽不清楚），我們發現一些傳統供應商和供應商對現代化感到非常興奮，他們認為我們是實現現代化的重要途徑，因為它可以幫助他們獲得以更現代、更高效的方式做事的經驗，然後也可以將其應用於其餘操作，並可能改變他們的成本曲線。

So like at the end of the day, we see it being pretty attractive to do that and kind of push on that angle of attack. So it's a long-winded answer that's deeply ingrained in Oklo philosophy. And another thing is by building a lot of plants, you can kind of find an approach where maybe you find a couple of different partners for the same system.

所以，最終，我們認為這樣做非常有吸引力，並且可以推動這種攻擊角度。所以，這是一個冗長的答案，深深根植於奧克洛哲學。另一件事是，建造大量工廠，您可以找到一種方法，也許可以為同一系統找到幾個不同的合作夥伴。

Maybe not, it just depends, but it gives you that ability to then find the best ways and right ways to partner with folks to be able to buy things from and do so at the right cost or just partner in a way to help them do it with ourselves or us do it, right?

也許不是，這取決於情況，但它能讓你有能力找到最佳方式和正確的方式與人們合作，以便能夠從他們那裡購買東西，並以合適的成本這樣做，或者只是以某種方式合作，幫助他們自己做這件事，或者我們自己做這件事，對嗎？

So it's a full dynamic about how you attack that problem. But at the end of the day, yeah, it's quite helpful that we have, as I like to think about it, the physical cost drivers are generally on our side because we have such a material advantage as the nuclear technology as a whole.

因此，這是一個關於如何解決問題的完整動態。但歸根結底，是的，這對我們來說非常有幫助，因為我喜歡這樣想，物理成本驅動因素通常站在我們這邊，因為我們擁有像核技術這樣的物質優勢。

And I'll just say like changing that paradigm from a light water reactor, if you're a light water reactor has different complications and challenges. And I would say, in many ways, it can be harder than it is to do it from like an advanced reactor perspective because light water reactors have a pretty specific way of doing things.

我只想說，就像改變輕水反應器的範式一樣，如果你是輕水反應器，就會有不同的複雜性和挑戰。我想說，從很多方面來說，這比從先進反應器的角度來看要困難得多，因為輕水反應器有非常特殊的運作方式。

And if you're going to try to do something differently, given that's the bulk of the plants operating today, there's a lot more inertia that's kind of resistant to that change and/or modernization or even just lack of appetite, a better way to do it than it is if you're a technology that doesn't have that same paradigm and can bridge outside of the sort of incumbent nuclear supply chains effectively.

如果你要嘗試做一些不同的事情，考慮到目前運營的大部分工廠，會存在更多的惰性來抵制這種變化和/或現代化，甚至只是缺乏興趣，這是一種比沒有相同範式的技術更好的方法，並且可以有效地連接現有的核供應鏈之外。

And that's a big feature that sodium fast reactors have -- and in some cases, I think, have a broader envelope of opportunity than kind of any other type of technology because of the material compatibility and the technology kind of the operating temperatures in the history of operation.

這是鈉快堆的一大特點——在某些情況下，我認為，由於材料相容性和運行歷史上的操作溫度技術，鈉快堆比任何其他類型的技術都具有更廣泛的機會。

It's a little hard to do that also with gas reactors, I would contend just because, again, pressurized larger scale volumes, nuclear-grade graphite, all that. It doesn't mean it can't be done. It's just a different attack.

對於氣體反應器來說，要做到這一點也有點困難，我之所以這麼說，是因為，再次強調，更大規模的壓力、核級石墨等等。這並不意味著它無法完成。這只是不同的攻擊。

Great, thank you.

太好了，謝謝。

And everyone, at this time, there are no further questions. I would like to hand the conference back to Mr. Jake Dewitte, Oklo's [Chief Financial Officer], for any closing or additional remarks.

各位，目前，沒有其他問題了。我想將會議交還給 Oklo 的財務長 Jake Dewitte 先生，請他發表結束語或補充發言。

Yeah. Thank you so much, and thank you, everyone, for calling in today. Excited about the last quarter marked for us a pretty sizable change in the entire nuclear landscape, including, frankly, the art of what's possible in the wake of sort of the monumental changes made by President Trump and his executive orders, build on massive changes already in hand that go back to President Biden and the ADVANCE Act and work done around the Inflation Reduction Act to support nuclear and then go beyond back before that to President Trump first term with NICA and NIMA and those bills and then additional executive order signing and then back before that, even the President Obama.

是的。非常感謝，也感謝大家今天的來電。我們很興奮地看到，上個季度標誌著整個核能格局發生了相當大的變化，坦率地說，包括在特朗普總統及其行政命令做出的重大改變之後可能發生的變化，這些改變建立在拜登總統和《先進法案》以及圍繞《降低通脹法案》為支持核能所做的工作的基礎上，然後超越了之前特朗普總統第一任期內的《核子報》和《國家核能》，然後超越了川普總統第一任期內的《國家核子》甚至是額外的《國家核算法案》和這些問題之前是額外的。

I could actually go on for long, but the reality is it's a very exciting time here in that we see a clear setup for a need for what nuclear to offer policy support that helps solve some of the biggest challenges or risk factors, including permitting as well as fuel supplies. So we're excited about watching how those fully unfold.

我實際上可以繼續說下去，但事實是，這是一個非常激動人心的時刻，因為我們清楚地看到了核能需要提供政策支持，以幫助解決一些最大的挑戰或風險因素，包括許可證以及燃料供應。因此，我們很高興看到這一切將如何全面展開。

That said, there's still obviously a lot of work to do to capitalize on this. But it's a pretty -- it's frankly, it's a person who grew up in this space and loves this technology and loves this field, it's pretty hard to not find myself sort of pinching myself to make sure this is the reality that we live in that we have such a clear ecosystem of support -- and support in the most meaningful ways possible to actually go to execute on realizing the real promise and potential of the atom.

話雖如此，但要利用這一點顯然還有很多工作要做。但它很漂亮——坦率地說，對於一個在這個領域長大、熱愛這項技術、熱愛這個領域的人來說，很難不掐自己一下，以確保這就是我們生活的現實，我們擁有如此清晰的支持生態系統——並以最有意義的方式提供支持，以真正實現原子的真正前景和潛力。

So very excited about that. Very excited about what we accomplished in the last quarter and looking forward to what's ahead because there's a lot more to do. So thank you, guys. Thank you all.

我對此感到非常興奮。我們對上個季度的成就感到非常興奮，並期待未來，因為還有很多事情要做。所以謝謝你們，夥計們。謝謝大家。

Once again, everyone, that does conclude today's conference. We would like to thank you all for your participation today. You may now disconnect.

各位，今天的會議再次結束。我們感謝大家今天的參與。您現在可以斷開連線。