Oklo Inc (OKLO) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklo third-quarter 2025 financial results and business update call. (Operator Instructions) Thank you.

感謝您的耐心等待。我叫蒂娜，今天我將擔任你們的會議接線生。在此，我謹代表 Oklo 公司歡迎各位參加 2025 年第三季財務業績及業務更新電話會議。（操作說明）謝謝。

It is now my pleasure to turn the call over to Sam Doane, Director of Investor Relations. Please go ahead.

現在我很高興將電話轉交給投資人關係總監 Sam Doane。請繼續。

Good afternoon, and thank you, operator. Welcome, everyone, to Oklo's third-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. Today's accompanying slide presentation is available on the Investor Relations section of our website.

下午好，謝謝接線生。歡迎各位參加 Oklo 2025 年第三季財報及公司最新進度電話會議。我是 Oklo 的投資人關係總監 Sam Doane。今天與我一同出席的有 Oklo 的共同創辦人兼執行長 Jake Dewitte，以及我們的財務長 Craig Bealmear。今天附帶的幻燈片簡報可在我們網站的投資者關係版塊中找到。

Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed today.

在開始之前，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，將包含前瞻性陳述。這些聲明反映了我們目前對趨勢、假設、風險、不確定性以及其他可能導致實際結果與今天討論的結果有重大差異的因素的看法。

We encourage you to review the forward-looking statements disclosure included in our supplemental slides. Additional information on relevant risk factors can also be found in our most recent filings with the SEC. Please note that Oklo assumes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law.

我們建議您查看補充幻燈片中包含的前瞻性聲明揭露資訊。有關相關風險因素的更多信息，請參閱我們最近向美國證券交易委員會提交的文件。請注意，除法律要求外，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?

接下來，我將把電話交給 Oklo 的共同創辦人兼執行長 Jake Dewitte。傑克？

Thanks, Sam. The first half of this year brought an incredible wave of momentum across the advanced nuclear sector from new federal programs and executive actions to growing customer and investor interest in clean, reliable power.

謝謝你，山姆。今年上半年，從新的聯邦計畫和行政措施，到客戶和投資者對清潔、可靠電力的日益增長的興趣，先進核能領域迎來了一股勢不可擋的發展浪潮。

That momentum has continued into the third quarter and is creating a very different environment for deployment than even a year ago. We strongly believe Oklo is uniquely positioned to thrive in this environment. Our mission at Oklo continues to be focused and clear: to deliver clean, reliable, affordable energy at a global scale.

這一勢頭延續到了第三季度，並為部署創造了與一年前截然不同的環境。我們堅信，Oklo 擁有得天獨厚的優勢，能夠在這種環境下蓬勃發展。Oklo 的使命始終專注而明確：在全球範圍內提供清潔、可靠、價格合理的能源。

We started this company with the belief that advanced nuclear power could play a transformative role in the world's energy future. That meant rethinking everything, how we design reactors, how we license and fuel them, and how we operate them and engage customers. That same vision continues to guide us today, and it remains fully aligned with where we believe policy, technology, and customer demand are headed.

我們創辦這家公司的初衷是相信先進的核能可以在世界能源的未來中發揮變革性作用。這意味著要重新思考一切，包括我們如何設計反應器、如何為反應器頒發許可證和提供燃料、如何運作反應器以及如何與客戶互動。這個願景至今仍在指引著我們，並且與我們認為的政策、技術和客戶需求的發展方向完全一致。

Our competitive advantages come from the intersection of several core strategies: our business model, our scalable design, and our proven technology.

我們的競爭優勢源自於幾個核心策略的交會：我們的商業模式、可擴展的設計以及成熟的技術。

First, our build-own-operate model allows us to sell power directly to customers under long-term contracts. That creates recurring revenue and streamlines the regulatory process by keeping ownership and operational control within Oklo.

首先，我們的建設-擁有-營運模式使我們能夠根據長期合約直接向客戶售電。這樣既能創造經常性收入，又能透過維持 Oklo 的所有權和營運控制權來簡化監管流程。

Second, our small scalable design means we can deploy assets quickly and incrementally, matching customer demand while leveraging existing industrial supply chains and factory fabrication. That reduces on-site construction risk, lowers cost, and supports faster rollout.

其次，我們小巧可擴展的設計意味著我們可以快速、逐步地部署資產，滿足客戶需求，同時利用現有的工業供應鏈和工廠製造能力。這樣可以降低現場施工風險，降低成本，並支援更快地推廣應用。

And third, our liquid metal sodium cool technology is built on a foundation of more than 400 combined reactor years of operating experience worldwide, including the Experimental Breeder Reactor-II, which operated successfully for three decades in the United States.

第三，我們的液態金屬鈉冷卻技術建立在全球超過 400 反應器運作年的經驗基礎上，其中包括在美國成功運行了 30 年的實驗增殖反應器 II。

That operating record is one of the most tested, demonstrated, and validated in advanced nuclear history, and it gives us deep confidence in the performance, safety and reliability of our design. It's also the reason we can move directly into commercialization without the need for costly time-consuming demonstration plants.

這張運行記錄是先進核能歷史上經過最多測試、驗證和證明的記錄之一，這使我們對設計的性能、安全性和可靠性充滿信心。這也是為什麼我們可以直接進入商業化階段，而無需耗費大量成本和時間建造示範工廠的原因。

Oklo was building on that proven foundation to become the hub for metal fuel and fast reactor innovation, integrating design, licensing, fuel supply and recycling into a unified platform. This gives us a significant flexibility across fuels, fresh HALEU, recycled material and down-blended alternatives and positions Oklo at the center of how this next phase of advanced nuclear power will scale.

Oklo 在此已證明的基礎上，發展成為金屬燃料和快堆創新中心，將設計、授權、燃料供應和回收整合到一個統一的平台中。這使我們在燃料、新鮮高濃縮鈾、回收材料和低混合替代品方面擁有很大的靈活性，並使奧克洛在下一階段先進核電規模化發展中處於中心地位。

Additionally, Oklo's work across areas needed to deploy its reactors position the company to benefit from capabilities, including products and services from fuel fabrication, recycling, and isotopes to go along with power and heat sales from its reactors. Together, these advantages position Oklo to deploy at speed and scale with the model built for long-term growth and leadership in advanced nuclear energy.

此外，Oklo 在部署其反應器所需的各個領域的工作，使該公司能夠受益於其反應器的電力和熱能銷售，以及燃料製造、回收和同位素等產品和服務。這些優勢共同使 Oklo 能夠以快速、大規模的方式部署，其模式旨在實現先進核能領域的長期成長和領導地位。

We have continued to make meaningful progress this quarter across every part of the business, from licensing and project execution to fuel development, partnerships, and the customer pipeline. On the regulatory front, we were selected for three projects under the Department of Energy's new Reactor Pilot Program, or RPP, giving Oklo access to Department of Energy authorization pathways that accelerate deployment timelines and complement our ongoing NRC work.

本季度，我們在業務的各個方面都繼續取得了實質進展，從許可和專案執行到燃料開發、合作夥伴關係和客戶管道。在監管方面，我們被選中參與美國能源部新的反應器試點計劃（RPP）下的三個項目，這使得奧克洛能夠獲得美國能源部的授權途徑，從而加快部署時間表並補充我們正在進行的美國核管理委員會（NRC）工作。

And we submitted our Principal Design Criteria topical report to the NRC and received notice of acceptance in just 15 days, about half the time typically expected. NRC also indicated that the draft evaluation is expected in early 2026, which would be less than half the traditional review timeline.

我們向美國核管會提交了主要設計標準專題報告，並在短短 15 天內收到了接受通知，大約是通常預期時間的一半。美國核能管理委員會也表示，評估草案預計將於 2026 年初發布，這將比傳統的審查時間縮短一半以上。

And just before the RPP announcement, Oklo also completed a readiness assessment with the NRC for the Phase 1 of its COLA application, which found no gaps to application acceptance for review. We also broke ground on the Aurora-INL, marking the start of physical construction activities. We also advanced plans for Atomic Alchemy's pilot project under the RPP.

就在 RPP 宣布之前，Oklo 還完成了與 NRC 就其 COLA 申請第一階段進行的準備情況評估，結果顯示申請接受審查方面沒有任何差距。我們也為 Aurora-INL 舉行了奠基儀式，標誌著實體建設活動的開始。我們也推進了 Atomic Alchemy 在 RPP 框架下的試點計畫。

Finally, we successfully completed fuel assembly flow testing, demonstrating progress in the fabrication and handling systems that will serve many Oklo powerhouses.

最後，我們成功完成了燃料組件流動測試，證明了製造和處理系統取得了進展，這將為許多奧克洛發電廠提供服務。

In fuel and recycling, we announced Oklo's Advanced Fuel Center, up to $1.68 billion investment that anchors our long-term fuel supply chain and were selected for the Department of Energy's Advanced Nuclear Fuel Line Pilot Program, which accelerates US fuel fabrication capacity.

在燃料和回收利用方面，我們宣布了 Oklo 先進燃料中心，投資高達 16.8 億美元，這將鞏固我們的長期燃料供應鏈；我們還入選了美國能源部的先進核燃料生產線試點項目，該項目將加速美國燃料製造能力的提升。

We achieved a key regulatory milestone with the Department of Energy's approval of the Nuclear Safety Design Agreement, or NSDA, for the Aurora fuel fabrication facility. The NSDA, the first approved under the DOE's Fuel Line Pilot Projects, was completed in under two weeks and demonstrates a new authorization pathway that can help unlock US industrial capacity, strength in national energy security, and accelerate domestic fuel production under the executive order, deploying advanced nuclear reactor technologies for national security.

隨著美國能源部批准了奧羅拉燃料製造廠的核子安全設計協議（NSDA），我們在監管方面取得了一項重要的里程碑。NSDA 是能源部燃料管線試點項目下第一個獲得批准的項目，在不到兩週的時間內完成，它展示了一種新的授權途徑，可以幫助釋放美國的工業能力，增強國家能源安全，並根據行政命令加快國內燃料生產，部署先進的核反應堆技術以保障國家安全。

The approval reflects the strength of our technical submissions and proactive DOE engagement and builds on our Aurora-INL groundbreaking to advance an integrated model of fuel production, plant construction, and power delivery.

此次批准體現了我們技術方案的實力和與美國能源部的積極互動，並建立在我們 Aurora-INL 的突破性進展之上，以推進燃料生產、工廠建設和電力傳輸的一體化模式。

We also strengthened our partnership with Idaho National Laboratory through a new agreement with Battelle Energy Alliance, the lab's management and operations contractor. The collaboration focuses on advancing fuel and materials research that supports Oklo's and other companies' commercial deployments and takes advantage of Aurora-INL's unique ability to generate real-world data during operation, including fast neutrons for testing and research.

我們也透過與愛達荷國家實驗室的管理和營運承包商 Battelle Energy Alliance 達成一項新協議，加強了與愛達荷州國家實驗室的合作關係。此次合作的重點是推進燃料和材料研究，以支持 Oklo 和其他公司的商業部署，並利用 Aurora-INL 在運行期間產生真實世界數據的獨特能力，包括用於測試和研究的快中子。

That data will help us characterize materials faster, characterize fuels faster, improve designs more efficiently, and continue driving innovation across the nuclear technology landscape.

這些數據將幫助我們更快地表徵材料、更快地表徵燃料、更有效地改進設計，並繼續推動核子技術領域的創新。

In other words, this partnership is about expanding the Aurora-INL's mission to include fast neutron irradiation capabilities. These are capabilities that have been lacking in the US for decades. We signed new international partnerships with European nuclear companies Blykalla and newcleo to advance joint technology and fuel manufacturing capabilities and demonstrate our emerging technical leadership in this space.

換句話說，此次合作旨在擴展 Aurora-INL 的任務，使其包含快中子輻照能力。這些能力是美國幾十年來一直缺乏的。我們與歐洲核能公司 Blykalla 和 newcleo 簽署了新的國際合作協議，以推進聯合技術和燃料製造能力，並展示我們在該領域新興的技術領先地位。

On the customer pipeline side, we're evaluating potential power sales with the Tennessee Valley Authority as part of our Tennessee Fuel Center initiative, and we're continuing to advance discussions with both previously announced and new customers as we expand our commercial pipeline across data centers, utilities and defense markets.

在客戶通路方面，作為田納西燃料中心計畫的一部分，我們正在評估與田納西河谷管理局的潛在電力銷售，並且隨著我們在資料中心、公用事業和國防市場拓展商業管道，我們正在繼續推進與先前宣布的客戶和新客戶的討論。

We are also exploring potential fuel offtakes with the Tennessee Valley Authority as part of our Tennessee Fuel Center as well. And financially, we closed the quarter with a strong balance sheet, approximately $1.2 billion in cash and marketable securities with cash burn tracking in line with expectations.

作為我們田納西燃料中心的一部分，我們也正在與田納西河谷管理局探討潛在的燃料採購事宜。從財務角度來看，本季末我們的資產負債表表現強勁，擁有約 12 億美元的現金和有價證券，現金消耗符合預期。

Following the close of the third quarter, we also filed a new shelf registration to maintain flexibility and access to capital markets as we scale. Taken together, these milestones reflect the execution momentum behind Oklo's potential for near-term success, licensing, acceleration, supply chain build-out, and commercial traction all moving in parallel.

第三季結束後，我們也提交了新的暫擱註冊申請，以便在擴大規模的同時保持靈活性並進入資本市場。綜合來看，這些里程碑反映了 Oklo 在近期取得成功的潛力，背後的執行動能、授權、加速、供應鏈建設和商業進展都在同步進行。

This quarter marked a major milestone for Oklo with our selection under the Department of Energy's Reactor Pilot Program. The RPP was established earlier this year following new executive actions that directed DOE to take a leading role in advancing next-generation reactor deployment as part of the broader US energy renaissance.

本季對奧克洛公司而言是一個重要的里程碑，我們入選了美國能源部的反應爐試點計畫。RPP 是在今年稍早成立的，此前美國能源部發布了新的行政命令，指示其在推進下一代反應器部署方面發揮領導作用，作為美國更廣泛的能源復興的一部分。

Nuclear power is a federal priority with strong bipartisan support, reflecting the shared recognition that advanced nuclear energy is essential to meeting America's energy security and economic objectives. Oklo received 3 of the 11 granted awards, 2 led by Oklo and 1 by our subsidiary, Atomic Alchemy.

核能是聯邦政府的優先事項，得到了兩黨的大力支持，這反映出人們普遍認識到，先進的核能對於實現美國的能源安全和經濟目標至關重要。Oklo 獲得了 11 個獎項中的 3 個，其中 2 個由 Oklo 主導，1 個由我們的子公司 Atomic Alchemy 主導。

The awarded projects include Oklo's Aurora-INL, our first powerhouse, Atomic Alchemy's pilot plant for radioisotope production, and Oklo's Pluto, a test reactor supporting advanced fuel and component development.

獲獎項目包括 Oklo 的 Aurora-INL（我們的第一個發電廠）、Atomic Alchemy 的放射性同位素生產試驗工廠，以及 Oklo 的 Pluto（一個支持先進燃料和組件開發的試驗反應器）。

Participation in the Reactor Pilot Program gives us access to a Department of Energy authorization pathway, aligning our projects with federal review and creating the potential to accelerate construction and operation timelines.

參與反應爐試點計畫使我們能夠獲得能源部的授權途徑，使我們的計畫符合聯邦審查要求，並有可能加快建設和營運進度。

Just as importantly, the RPP provides a venue for generating operating data that will help derisk commercial licensing for future powerhouses, strengthening our overall regulatory foundation. This selection positions Oklo as one of the first advanced reactor companies moving from design to build under DOE oversight, reinforcing that the momentum behind nuclear energy in the United States is broad-based, durable, and growing.

同樣重要的是，RPP 提供了一個產生營運數據的場所，這將有助於降低未來發電企業獲得商業許可的風險，從而加強我們的整體監管基礎。此次入選使 Oklo 成為首批在能源部監管下從設計轉向建造的先進反應器公司之一，這進一步表明美國核能的發展勢頭廣泛、持久且不斷增長。

The DOE's authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades, expanding regulatory tools without reducing safety expectations. For Oklo, it effectively provides a structured approach and process to begin constructing our first powerhouse under DOE oversight while maintaining full alignment with NRC standards.

美國能源部的授權途徑代表了近幾十年來先進反應器領域最重要的政策轉變之一，它擴大了監管工具，但並未降低安全預期。對於 Oklo 而言，這有效地提供了一種結構化的方法和流程，以便在能源部的監督下開始建造我們的第一個發電廠，同時完全符合美國核子管理委員會的標準。

The DOE pathway enables faster demonstration of clean power while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an NRC license for full commercial operation.

美國能源部 (DOE) 的途徑能夠更快地展示清潔能源，同時保持同樣嚴格的安全要求，並為快速過渡到美國核管理委員會 (NRC) 的許可證以實現全面商業運營提供機會。

Here's what changed. In May, new executive actions established a clear DOE authorization process for first-of-a-kind nuclear plants, a process that now complements rather than replaces traditional NRC licensing. Within months, we moved to qualify our Aurora-INL powerhouse under that framework.

以下是變化之處。5 月，新的行政命令為首批核電廠制定了明確的能源部授權程序，現在是傳統核電廠許可的補充，而不是取代。幾個月內，我們就著手將我們的 Aurora-INL 強大工廠納入該框架進行認證。

We expect to finalize our other transaction authority or OTA agreement and have approval of our Nuclear Safety Design Agreement, or NSDA, with the DOE by the end of the year.

我們預計在年底前完成其他交易授權協議 (OTA) 的簽署，並獲得美國能源部 (DOE) 的核安設計協議 (NSDA) 的批准。

So here's how it works. DOE will authorize construction and initial operations under its modernized framework, which allows us to begin building while the longer commercial NRC transition proceeds in parallel. We don't need full operating approvals to finalize construction, which reduces idle time without compromising safety. Once the initial data is collected, the project can then transition to NRC oversight.

它的運作方式如下。美國能源部將根據其現代化框架授權建設和初始運營，這使我們能夠在較長的商業化核管委員會過渡進程並行的同時開始建設。我們不需要獲得完整的營運許可即可完成建設，這不僅減少了閒置時間，又不會影響安全。一旦收集到初始數據，該專案就可以移交給美國核管會監管。

This approach builds on DOE's decades of experience managing nuclear facilities with an exceptional safety record from naval propulsion to national laboratory programs. It doesn't lower the bar. It simply puts the right reviewers in the right place. From a broader perspective, this model has the potential to unlock US industrial capacity, strengthen national energy security, and create a repeatable template for future advanced reactor deployment.

這種方法建立在能源部數十年來管理核設施的經驗之上，從海軍推進系統到國家實驗室項目，能源部都擁有卓越的安全記錄。這並沒有降低標準。它只是把合適的審稿人放在了合適的位置。從更廣泛的角度來看，這種模式有可能釋放美國的工業能力，加強國家能源安全，並為未來先進反應器的部署創造一個可重複的範本。

Importantly, DOE and the NRC are complementary, not competitive. Their teams have a long history of collaboration, and we expect continued coordination throughout this process to ensure a smooth handoff when conversion occurs. For investors and customers, this change hopefully means less timeline risk, better capital efficiency and earlier validation of cost and performance.

重要的是，能源部和核能管理委員會是互補的，而不是競爭的。他們的團隊有著長期的合作歷史，我們希望在過程中繼續保持協調，以確保轉換時能夠順利交接。對於投資者和客戶而言，這項變更有望降低時間風險，提高資本效率，並更早驗證成本和性能。

The bottom line is that DOE authorization derisks the Aurora-INL regulatory path and allows Oklo to focus on building and operating powerhouses while maintaining the same safety rigor and establishing a scalable modern pathway for the next generation of advanced reactors. As we pursue authorization under the DOE, we're maintaining steady momentum with the NRC to prepare for full commercial licensing.

歸根結底，美國能源部的授權降低了 Aurora-INL 監管路徑的風險，使 Oklo 能夠專注於建造和運營發電廠，同時保持同樣的安全嚴格性，並為下一代先進反應器建立可擴展的現代化路徑。在向美國能源部申請授權的同時，我們也與美國核管會保持穩定合作，為獲得全面商業許可做好準備。

This is a parallel engagement strategy, not competing reviews but coordinated progress that lets us move faster while maintaining regulatory rigor. Our work with the NRC remains focused on two priorities: first, completing ongoing pre-application reviews and topical reports for the Aurora-INL and future sites; and second, leveraging data from DOE authorized operations to further inform NRC licensing for the broader commercial fleet.

這是一種並行參與策略，不是相互競爭的審查，而是協調一致的進展，使我們能夠在保持監管嚴格性的同時加快步伐。我們與美國核管會 (NRC) 的合作仍然集中在兩個優先事項上：第一，完成 Aurora-INL 和未來站點的持續預申請審查和專題報告；第二，利用能源部授權運營的數據，為更廣泛的商業艦隊的 NRC 許可提供進一步的信息。

In practice, this means we'll finalize DOE authorization documentation and begin Aurora-INL construction and operations under DOE oversight while continuing NRC pre-application work for follow-on deployments. The learnings from real-world performance data, fuel behavior and operating experience will feed directly into the NRC's combined license process, which we expect could compress the timeline from the Aurora-INL to fleet deployment.

實際上，這意味著我們將完成美國能源部授權文件，並在能源部的監督下開始 Aurora-INL 的建設和運營，同時繼續進行美國核管理委員會後續部署的預申請工作。從實際性能數據、燃料行為和運作經驗中獲得的經驗將直接用於美國核管理委員會的綜合許可流程，我們預計這將縮短從 Aurora-INL 到艦隊部署的時間。

We expect to submit licensing actions next year to support construction for subsequent sites, and our goal is to use operating data from the Aurora-INL to strengthen each subsequent submission. This strategy ensures that as DOE authorizations advance early construction and operation, the NRC pathway continues in parallel, creating a repeatable data-supported model for commercial powerhouse deployment.

我們預計明年將提交許可申請，​​以支持後續站點的建設，我們的目標是利用 Aurora-INL 的運行數據來加強後續的每一次申請。該策略確保隨著美國能源部授權推進早期建設和運營，美國核管理委員會的路徑得以並行推進，從而為商業發電廠部署創建可重複的數據支援模型。

We expect the result to be a clear regulatory sequence: build and operate under DOE, then transition to NRC oversight. Acting on lessons learned, we will demonstrate a replicable commercial licensing framework for the next generation of Oklo powerhouses.

我們預計最終結果將是一個清晰的監管順序：先在能源部監管下建造和運營，然後過渡到核管理委員會監管。我們將吸取經驗教訓，為下一代 Oklo 超級設備展示可複製的商業許可框架。

With Idaho National Laboratory, we've officially broken ground on our first Aurora powerhouse, marking a major milestone in Oklo's transition from design and permitting to active construction. As mentioned, we're progressing under DOE's Reactor Pilot Program, which provides federal oversight and coordination as we move from preparation to build.

我們與愛達荷國家實驗室正式破土動工，建造我們在奧羅拉的第一座發電廠，這標誌著 Oklo 從設計和許可階段過渡到積極建設階段的一個重要里程碑。如前所述，我們正在美國能源部反應器試點計劃的指導下推進項目，該計劃在我們從準備階段過渡到建造階段的過程中提供聯邦監督和協調。

Kiewit has mobilized major equipment to the site, and earthworks began October 27 to be followed by controlled blasting in mid-November, targeting full excavation in early January. For Oklo, this is a defining moment. It represents the shift from planning to physical build with the same discipline and execution framework that will carry through our future projects.

Kiewit 已將主要設備調集到工地，土方工程於 10 月 27 日開始，隨後於 11 月中旬進行控制爆破，目標是在 1 月初完成全面挖掘。對奧克洛來說，這是一個決定性的時刻。它標誌著從規劃到實際建造的轉變，並將採用同樣的紀律和執行框架貫穿我們未來的項目。

This first site establishes the template for future powerhouses demonstrating our ability to execute as we move toward operations. With construction now underway at INL, we're also making strong progress on the procurement and supply chain front, securing the long lead components and supplier commitments that keep our schedule on track.

第一個站點為未來的大型站點奠定了基礎，展示了我們在邁向營運階段的執行能力。隨著 INL 的建設工作正在進行，我們在採購和供應鏈方面也取得了顯著進展，確保了長週期零件的供應和供應商的承諾，從而使我們的進度得以按計劃進行。

This quarter, we completed major procurements for in-vessel and ex-vessel handling machines, primary and intermediate sodium pumps, the reactor trip system and fuel assembly nozzle fabrication. These are some of the most technically significant systems in the powerhouse, and having them under contract early locks in pricing, timelines, and fabrication slots with qualified vendors.

本季度，我們完成了堆內和堆外處理機械、主鈉泵和中間鈉泵、反應器跳閘系統和燃料組件噴嘴製造等主要採購工作。這些是發電廠中一些技術上最重要的系統，儘早簽訂合約可以鎖定價格、時間表和合格供應商的製造檔期。

It also demonstrates the maturity of our supply chain, a key differentiator for Oklo, showing that we can source critical components through proven industrial partners rather than relying on bespoke, first-time suppliers. We are procuring these components in a dynamic and continually evolving environment amid fluctuating tariffs, supply chain pressures and inflation.

這也顯示了我們供應鏈的成熟度，這是 Oklo 的關鍵差異化優勢，表明我們可以透過成熟的產業合作夥伴採購關鍵零件，而不是依賴客製化的、首次合作的供應商。我們在不斷變化的環境中採購這些零件，面臨關稅波動、供應鏈壓力和通貨膨脹等諸多挑戰。

These challenges make procurement especially challenging, but our business model and the repeatability of our asset deployment plans will allow us to learn from our experience over time, even if costs are higher or there are other unexpected developments that impact our first few powerhouses.

這些挑戰使得採購尤其具有挑戰性，但我們的商業模式和資產部署計劃的可重複性將使我們能夠隨著時間的推移從經驗中學習，即使成本更高或出現其他意想不到的情況影響到我們最初的幾個大型專案。

We have the opportunity to iterate and improve as we scale up our operations to ultimately build a reliable and cost-effective supply chain. It is also worth noting that the future reactor deployments may benefit from a reduction in costs compared to the Aurora-INL, in part due to the required additional fuel and core testing capabilities.

隨著我們業務規模的擴大，我們有機會不斷迭代和改進，最終建立一個可靠且經濟高效的供應鏈。值得注意的是，未來的反應器部署可能會比 Aurora-INL 的成本降低，部分原因是需要額外的燃料和核心測試能力。

This progress builds real confidence in our ability to execute efficiently and scale repeatedly as we move from this first powerhouse to a broader fleet under the DOE's Reactor Pilot Program and future commercial deployments.

這項進展增強了我們對高效執行和不斷擴展能力的信心，因為我們將從第一個動力裝置發展到能源部反應器試點計劃下的更大規模的裝置群以及未來的商業部署。

Our wholly owned subsidiary, Atomic Alchemy, also achieved a major milestone this quarter with its selection under the Department of Energy's Reactor Pilot Program. The selection makes the Atomic Alchemy pilot facility eligible for DOE authorization, creating a faster pathway to construction and operations.

我們全資子公司 Atomic Alchemy 在本季也取得了重大里程碑式的成就，入選了美國能源部的反應器試點計畫。此次入選使原子煉金術試驗設施有資格獲得美國能源部的授權，從而加快了其建設和營運進程。

The pilot facility is designed to prove isotope production, validate supply chain readiness, and derisk the deployment of a larger commercial scale VIPR facility. In the near term, the team is finalizing DOE authorization documentation and advancing site selection and procurement with the intent to be operational by mid-2026.

該試點設施旨在驗證同位素生產，驗證供應鏈準備情況，並降低部署更大規模商業化 VIPR 設施的風險。短期內，該團隊正在敲定美國能源部授權文件，並推動選址和採購工作，目標是在 2026 年年中投入營運。

Over the medium term, Atomic Alchemy will begin at a separate lab scale facility, production, and initial isotope sales, creating an early revenue stream while expanding commercial and operational experience. Longer term, the focus shifts to securing an NRC license for full-scale VIPR facility, scaling to multiyear offtake agreements and carrying forward the procedures and quality assurance systems proven in the pilot facility to streamline future deployment.

從中長期來看，Atomic Alchemy 將從獨立的實驗室規模設施開始，進行生產和初始同位素銷售，從而創造早期收入來源，同時擴展商業和營運經驗。從長遠來看，重點轉向獲得美國核管理委員會 (NRC) 頒發的全規模 VIPR 設施許可證，擴大到多年承購協議，並沿用試點設施中證明有效的程序和品質保證體系，以簡化未來的部署。

What's important here is that Atomic Alchemy isn't just an adjacent business. It's a strategic extension of Oklo's technology platform. The business creates near-term production revenue potential and represents a paradigm shift in an underserved high-potential market.

重要的是，原子煉金術不僅僅是一家附屬企業。這是 Oklo 技術平台的策略延伸。該業務創造了近期生產收入潛力，並代表著一個服務不足但潛力巨大的市場的範式轉移。

The Atomic Alchemy VIPR reactor, or Versatile Isotope Production Reactor, is also quite a bit different than Oklo's Aurora. The VIPR reactor is designed to produce isotopes and therefore, produce neutrons. It is an open, water-cooled type reactor that is not pressurized and uses conventional 17 by 17 pressurized water reactor fuel bundles fueled with LEU at a shortened height.

原子煉金術 VIPR 反應器（或稱多功能同位素生產反應器）與 Oklo 的 Aurora 反應器也有很大不同。VIPR反應器設計用於生產同位素，因此也會產生中子。它是一種開放式水冷反應堆，沒有加壓，使用傳統的 17×17 壓水反應器燃料組件，燃料為低濃縮鈾，高度縮短。

This means the reactors can be built and supplied quickly and produce a variety of isotopes that serve health care, defense, and industrial applications. Isotopes are, generally speaking, vastly undersupplied in the US and can play a similar role to critical minerals in terms of national resilience and security.

這意味著反應器可以快速建造和供應，並生產各種同位素，用於醫療保健、國防和工業應用。總的來說，美國的同位素供應嚴重不足，而同位素在國家韌性和安全方面可以發揮與關鍵礦產類似的作用。

Our unique and differentiated approach to fuel brings together several complementary sources to cover near-, mid- and long-term needs. Near term, we're drawing on DOE materials like EBR-II fuel and potentially, plutonium-based feedstock to fuel early units.

我們獨特且差異化的燃料供應方式，將多種互補資源整合在一起，以滿足近期、中期和長期需求。短期內，我們將利用能源部提供的 EBR-II 燃料等材料，並可能利用鈽基原料為早期裝置提供燃料。

Midterm, our partnerships with Centrus, Hexium and others expand fresh HALEU access and reduce single vendor risk. Longer term, our Tennessee Advanced Fuel Center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories. Taken together, this strategy reduces cost and schedule risk, strengthens US energy resilience and ensures we can keep building regardless of how the enrichment market evolves.

中期來看，我們與 Centrus、Hexium 等公司的合作關係擴大了 HALEU 的新管道，並降低了單一供應商的風險。從長遠來看，我們的田納西州先進燃料中心使我們能夠利用廢燃料庫存，在國內大規模回收和製造我們自己的燃料。綜合來看，該策略降低了成本和進度風險，增強了美國的能源韌性，並確保無論濃縮市場如何發展，我們都能繼續建立。

Fuel remains one of the most important inputs for advanced nuclear power and one of the most complex to forecast right now. The reality is that the cost environment for HALEU and related materials looks very different today than it did in 2024.

燃料仍然是先進核電最重要的投入之一，也是目前最難預測的投資之一。事實上，如今高純度鈾及相關材料的成本環境與 2024 年相比已經大不相同。

Tariffs, supply chain constraints, inflation, and evolving sanctions have all changed the market dynamics. The global enrichment landscape is still shifting and so are the pricing assumptions that come with it. This is challenging work, and we're owning it.

關稅、供應鏈限制、通貨膨脹和不斷變化的製裁都改變了市場動態。全球濃縮技術格局仍在不斷變化，隨之而來的定價假設也不斷變化。這是一項具有挑戰性的工作，但我們正在全力以赴。

We're building the most resilient, diversified fuel strategy in the sector because we know fuel optionality will determine who scales successfully in the years ahead most quickly. We don't yet know where HALEU costs will ultimately land, but what we do know is that Oklo has more pathway than flexibility than other companies in the space.

我們正在建立業內最具韌性、最多元化的燃料策略，因為我們知道，燃料選擇的靈活性將決定未來幾年誰能最快地實現規模化。我們目前還不知道 HALEU 的成本最終會達到什麼水平，但我們知道的是，與其他同領域的公司相比，Oklo 的發展路徑比靈活性更大。

We'll continue refining our cost models and expect to share more detailed updates next year as the pricing picture becomes clearer, but the takeaway today is straightforward. Fuel markets are changing and Oklo is built to adapt, especially in the current fuel environment with additional government materials becoming available to serve as bridge fuel supplies.

我們將繼續完善成本模型，並預計明年隨著定價形勢的明朗化，將分享更詳細的更新信息，但今天的結論很簡單。燃料市場正在發生變化，Oklo 也做好了適應的準備，尤其是在當前的燃料環境下，政府將提供更多物資作為過渡燃料供應。

We think it's useful to spend a little time eliminating HALEU's supply chains and how they work. The current models in the US and in the world, generally speaking, involve several steps starting with uranium mining to then uranium milling to then conversion to then enrichment to then deconversion and then ultimately to fuel fabrication.

我們認為花點時間了解 HALEU 的供應鏈及其運作方式是有益的。總的來說，美國和世界目前的模式包括幾個步驟，從鈾礦開採開始，然後是鈾礦加工，然後是轉化，然後是濃縮，然後是脫轉化，最終是燃料製造。

Next-generation models might change this significantly. This is one of the reasons why we take a multipronged approach in partnering with HALEU providers, not just to work with those operating today in the supply chains that fit today's models but also for next-generation technologies that have the potential to have lower capital and operating costs that can simplify the processes and offer value chain consolidation and operate more flexibly, which can all together mean opportunities for lower cost HALEU.

下一代車型可能會顯著改變這種情況。這也是我們採取多管齊下的方式與 HALEU 供應商合作的原因之一，我們不僅要與那些在符合當今模式的供應鏈中運營的供應商合作，還要與那些具有降低資本和運營成本潛力的下一代技術合作，這些技術可以簡化流程、實現價值鏈整合並更靈活地運營，所有這些都意味著降低 HALEU 成本的機會。

And beyond HALEU, Oklo's also taking a multipronged approach for sourcing fuel both in the near term as well as the long term. We discussed this a little bit already, but there are several major pools of material to think about for fueling our reactors going forward. For one, there are significant government uranium reserves.

除了 HALEU 之外，Oklo 還採取多管齊下的方法來獲取燃料，無論是在短期或長期。我們之前已經稍微討論過這個問題，但未來為我們的反應器提供燃料時，我們需要考慮幾個主要的物質來源。首先，政府擁有大量的鈾礦儲備。

Some of this material stands in highly enriched form and can be downloaded into fuel for reactors. Some of it might also be in prior or previously irradiated fuel that can be recovered and then produced into fuel for reactors. That is where we're getting the first 5 tonnes of fuel for our first plant, 5 tonnes of fuel produced from EBR-II fuel that has been recovered and down-blended to make fuel suitable for use in our Aurora plant.

其中一些物質以高濃縮形式存在，可以下載到反應器中作為燃料。其中一些可能存在於先前或先前輻照過的燃料中，可以回收並製成反應器燃料。這就是我們第一座工廠獲得首批 5 噸燃料的地方，這 5 噸燃料是由回收的 EBR-II 燃料經降級混合製成，使其適合在我們 Aurora 工廠使用。

An important feature about some of that material is that it carries impurities because it spent time in a reactor. Those impurities do not necessarily make it suitable for all reactors to be able to use it, but our reactor, by being a fast reactor and by being designed to be versatile in its fuel, can use it.

某些這類材料的一個重要特點是，由於它們在反應器中放置了一段時間，所以含有雜質。這些雜質並不一定意味著所有反應器都能使用它，但我們的反應器是快堆，並且設計成燃料用途廣泛，因此可以使用它。

Additionally, the government has significant reserves of plutonium that it is now making available as a bridge source of fuel for commercial power plants. This is significant because the government recently announced up to 20 tonnes being made available in tranches. That could be made into about [180 metric tons] of Aurora fuel.

此外，政府擁有大量鈽儲備，目前正將其作為商業發電廠的過渡燃料來源。這意義重大，因為政府最近宣布將分批提供多達 20 噸的物資。這可以製成約 180 公噸極光燃料。

This is a massive bridge supply of fuel that can get us beyond not just our first few plants but out into our first 10 to 20 plants within an opportunity to scale beyond that with commercial enrichment sourcing as well as recycling. And the way this works is by taking the plutonium and blending it with unenriched uranium to make a fuel that can be used in our reactors.

這是一個巨大的燃料過渡供應，不僅可以幫助我們完成最初的幾座工廠，還可以幫助我們完成最初的 10 到 20 座工廠，並有機會透過商業濃縮資源和回收進一步擴大規模。其工作原理是將鈽與未濃縮的鈾混合，製成可用於我們反應器的燃料。

That negates and avoids the need for any enrichment and can accelerate time to market as well as reduce total capital investments needed to actually produce fuel for our plants. We are exploring the opportunities to use this material given that it can be a significant bridge to future supplies. Those future supplies really comprise of two main approaches is how we think about it.

這樣就無需進行任何濃縮，可以加快產品上市速度，並減少為我們的工廠實際生產燃料所需的總資本投資。鑑於這種材料可以成為未來物資供應的重要橋樑，我們正在探索利用這種材料的機會。我們對未來供應的看法實際上主要體現在兩個方面。

There are the conventional enrichers that, in many cases, are already producing LEU and are either actively or exploring expanding production into HALEU as well as advanced enrichers that bring forward different technologies and centrifuges that have unique upside and potential but may, in some cases, stand lower on the technology readiness development spectrum.

傳統的濃縮器在許多情況下已經生產低濃縮鈾，並且正在積極或探索將生產擴大到高濃縮鈾；此外，還有一些先進的濃縮器，它們採用了不同的技術和離心機，具有獨特的優勢和潛力，但在某些情況下，它們在技術成熟度發展方面可能處於較低水平。

But these technologies offer opportunities for value chain consolidation, lower cost of production, lower cost of operation and ultimately, the ability to use lower cost feedstocks. This can ultimately translate to lower cost HALEU at scale as well.

但這些技術為價值鏈整合、降低生產成本、降低營運成本以及最終使用成本更低的原料提供了機會。這最終也可以轉化為規模化生產成本較低的HALEU。

And ultimately, recycling is a key part of our fuel strategy because of how significant it is in unlocking significant reserves of fuel. I use that term duplicitously on purpose, significant because it is hard to overstate how much material there is in the US that can be made into fuel. The reason this is the case is because reactors, in general, only use a few percent of the fuel in one path.

最終，回收是我們燃料策略的關鍵部分，因為它對釋放大量燃料儲備意義重大。我故意使用這個術語，意義重大，因為很難誇大美國有多少材料可以製成燃料。造成這種情況的原因是，反應器通常只在一個反應路徑中使用幾個百分點的燃料。

So today's reactors, for example, only use about 5% of the fuel in a single path through the reactor. That means the used fuel that's discharged or often referred to as waste actually has about 95% of its fuel remaining. With our recycling technologies, we can tap into that, pull that material out and reuse it as fuel in our reactors.

例如，如今的反應器在一次反應器運作過程中，僅使用約 5% 的燃料。這意味著被排放或通常被稱為廢料的廢燃料實際上還剩餘約 95% 的燃料。利用我們的回收技術，我們可以利用這些材料，將其提取出來，並作為燃料在我們的反應器中重新使用。

We can also recycle the fuel from our reactors as well as other advanced reactors that will likely get built. This positions Oklo well to have a long-term, very durable supply of fuel going forward. Continuing on recycling.

我們還可以回收利用我們現有反應器以及未來可能建造的其他先進反應器的燃料。這使得奧克洛在未來能夠獲得長期、非常穩定的燃料供應。繼續進行回收。

One of our biggest advancements this quarter was the announcement of our Advanced Fuel Center in Tennessee, beginning with the fuel recycling facility located in Oak Ridge. This is the first privately funded recycling facility of its kind in the US, representing an investment of up to $1.68 billion in creating more than 800 permanent jobs.

本季我們最大的進展之一是宣佈在田納西州建立先進燃料中心，首先在橡樹嶺建立燃料回收設施。這是美國首個由私人投資興建的同類回收設施，投資額高達 ​​16.8 億美元，創造了 800 多個永久性就業機會。

In addition to the fuel recycling facility, this investment is expected to include other Oklo assets, such as one or more powerhouses and a fuel fabrication facility. The facility adds another layer of vertical integration to Oklo's business, enabling us to convert used fuel into new metal fuel for our powerhouses.

除了燃料回收設施外，這項投資預計還將包括 Oklo 的其他資產，例如一座或多座發電廠和一座燃料製造廠。該設施為 Oklo 的業務增加了另一層垂直整合，使我們能夠將廢燃料轉化為電廠所需的新金屬燃料。

It strengthens US capability and gives Oklo more supply chain control on our path to scale. We're tracking towards an initial production ramp-up in the early 2030s with regulatory engagement already underway through the NRC pre-application process.

它增強了美國的能力，並使 Oklo 在擴大規模的過程中擁有更多的供應鏈控制權。我們正朝著 2030 年代初期的初步生產爬坡目標穩步邁進，目前已透過美國核管理委員會 (NRC) 的預申請流程與監管機構展開了溝通。

We're also working with the Tennessee Valley Authority on potential collaboration around used nuclear fuel feedstock transfer as well as power generation from Aurora powerhouses. This project isn't just about fuel supply. It's about creating a durable domestic foundation for advanced nuclear power. It anchors Oklo's long-term fuel strategy and positions Tennessee as a national hub for clean energy manufacturing and innovation. In parallel, there's growing federal support for advanced fuel recycling.

我們也與田納西河谷管理局合作，探討在乏核燃料原料轉移以及奧羅拉發電廠發電方面的潛在合作。這個項目不僅僅是關於燃料供應。這是為了為先進的核能發展奠定一個持久的國內基礎。它奠定了 Oklo 的長期燃料戰略基礎，並將田納西州定位為清潔能源製造和創新的國家中心。同時，聯邦政府對先進燃料回收的支持力道也不斷增加。

Just last week, the Senate Energy and Public Works Committee announced the Nuclear REFUEL Act of 2025, which proposes updates to the Atomic Energy Act to provide regulatory clarity for licensing advanced fuel recycling facilities. If enacted, this legislation could further streamline the licensing process for our Tennessee facility.

就在上週，參議院能源和公共工程委員會宣布了《2025 年核燃料再利用法案》，該法案提議對《原子能法》進行更新，以明確先進燃料再利用設施的許可監管規定。如果這項立法獲得通過，將進一步簡化我們田納西州工廠的許可流程。

Building on the momentum from the Tennessee Fuel Center, we were also selected by the Department of Energy for the Advanced Nuclear Fuel Line Pilot Program. This program is designed to accelerate construction and operation of domestic fuel fabrication facilities, strengthening US capability and ensuring that advanced reactors like ours have a reliable long-term supply of fuel.

憑藉田納西燃料中心取得的良好勢頭，我們也被能源部選中參與先進核燃料生產線試點計畫。該計劃旨在加快國內燃料製造設施的建設和運營，增強美國的能力，並確保像我們這樣的先進反應器擁有可靠的長期燃料供應。

Under this initiative, DOE awarded three Oklo-led fuel-related projects, allowing us to build and operate facilities that directly support our powerhouse deployments and complement the work underway at our Advanced Fuel Center and Aurora-INL fuel fabrication facility. The Fuel Line Pilot Program mirrors the intent of the reactor pilot program, to create alternative pathways for advanced nuclear deployment that move faster, streamline reviews and leverage private investment alongside federal oversight.

在這項計劃下，美國能源部授予了由 Oklo 牽頭的三個與燃料相關的項目，使我們能夠建造和運營直接支持我們動力裝置部署的設施，並補充我們先進燃料中心和 Aurora-INL 燃料製造廠正在進行的工作。燃料管線試點計畫與反應爐試點計畫的目標一致，即為先進核能部署創造替代途徑，加快推進速度，簡化審查流程，並在聯邦監管的同時利用私人投資。

For Oklo, it does three important things. It presents an opportunity to secure near-term fuel for early powerhouses, producing one of the biggest bottlenecks facing the industry. It reinforces US manufacturing and fuel independence, supporting the national effort to rebuild domestic nuclear capacity; and it stacks directly with our Tennessee facility, creating a vertically integrated ecosystem for recycling, fabrication and deployment.

對 Oklo 來說，它能做三件重要的事。這為早期發電廠提供了近期燃料供應的機會，從而解決了該行業面臨的最大瓶頸之一。它增強了美國的製造業和燃料獨立性，支持國家重建國內核能產能的努力；並且它與我們在田納西州的工廠直接對接，創建了一個用於回收、製造和部署的垂直一體化生態系統。

Together, these programs, the reactor pilot and fuel line pilots form the backbone of a modern US nuclear strategy, and Oklo's one of the few companies positioned across both with the capabilities to deliver on near-term milestones while building the infrastructure for the long term.

這些項目，包括反應爐試驗和燃料管線試驗，共同構成了美國現代核子戰略的支柱，而奧克洛是少數幾家同時具備這兩個能力的公司之一，既能實現近期里程碑，又能為長期發展建設基礎設施。

With that, I'll pass it to Craig to share progress on our strategic partnerships and financials. Craig?

接下來，我將把發言權交給克雷格，讓他報告我們在策略合作和財務方面的進展。克雷格？

Thanks, Jake. As Jake mentioned, Oklo is leading the advanced nuclear effort here in the United States, but we are also experiencing growing international momentum around fast reactors and metal fuel technology. This quarter, we signed new transatlantic partnerships with Blykalla and newcleo, two European companies advancing fast reactor and fuel fabrication technologies.

謝謝你，傑克。正如傑克所提到的，奧克洛正在引領美國先進核能的發展，但我們也正在經歷快堆和金屬燃料技術日益增長的國際勢頭。本季度，我們與兩家歐洲公司 Blykalla 和 newcleo 簽署了新的跨大西洋合作夥伴關係，這兩家公司致力於推動快堆和燃料製造技術。

These collaborations strengthen our supply chain strategies, expand our technology base and align with broader trends across both the United States and Europe for a renewed commitment to nuclear innovation, manufacturing and partnership. With Blykalla, we entered into a joint technology development agreement to collaborate in key areas where there's mutual benefit such as balance of plant components, regulatory learnings and fuel strategy.

這些合作加強了我們的供應鏈策略，擴大了我們的技術基礎，並與美國和歐洲更廣泛的趨勢保持一致，從而重新致力於核能創新、製造和合作。我們與 Blykalla 簽訂了聯合技術開發協議，在互惠互利的關鍵領域合作，例如電廠輔助組件、監管經驗和燃料策略。

We also co-led their recent funding round, building across Atlantic partnership that benefits both companies. With newcleo, we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the United States under domestic oversight. newcleo could invest up to $2 billion through an affiliated vehicle to expand US capacity and support our metal fuel platform.

我們也共同主導了他們最近的一輪融資，建立了跨大西洋的合作關係，使兩家公司都從中受益。我們已與newcleo建立戰略合作夥伴關係，旨在美國國內監管下開發先進燃料製造基礎設施。 newcleo可能透過關聯公司投資高達20億美元，以擴大美國產能並支持我們的金屬燃料平台。

Taken together, these collaborations represent the next step in Oklo's evolution and could help us accelerate cost reduction, leverage international capital and extend our reach into markets where demand for advanced nuclear power is growing rapidly.

總而言之，這些合作代表了 Oklo 發展的下一步，可以幫助我們加快降低成本、利用國際資本，並將我們的業務拓展到對先進核電需求快速增長的市場。

Oklo is combining proven fast reactor technology with a global ecosystem of partners, suppliers and investors who are equally focused on delivering scalable, zero-carbon baseload power. I'll now provide a summary of our financials.

Oklo 將成熟的快堆技術與全球合作夥伴、供應商和投資者的生態系統相結合，這些合作夥伴、供應商和投資者同樣致力於提供可擴展的零碳基礎負載電力。現在我將提供一份財務概況。

Oklo's third quarter operating loss was $36.3 million, inclusive of noncash stock-based compensation expense of $9.1 million. Oklo's loss before income taxes in the third quarter was $29.2 million, which reflects our operating loss adjusted for net interest income of $7.1 million.

Oklo 第三季營業虧損為 3,630 萬美元，其中包括 910 萬美元的非現金股票選擇權費用。Oklo 第三季稅前虧損為 2,920 萬美元，經淨利息收入 710 萬美元調整後，營業虧損為 2,920 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 $48.7 million.

年初至今，在調整非現金股票選擇權費用、營運資本變動和遞延所得稅收益後，經營活動使用的現金為 4,870 萬美元。

We still expect, on a full-year basis, our cash used in operating activities to be within our guided range of $65 million to $80 million that we disclosed at the start of this year. In addition, to build on earlier discussion point in this company update, we have started to make modest capital investments in 2025, which include advancing deployment of activities at INL for our Aurora powerhouse and fuel fabrication facilities as well as for the Reactor Pilot Program for which we have been selected.

我們仍然預計，全年經營活動所用現金將在我們年初公佈的 6,500 萬美元至 8,000 萬美元的指導範圍內。此外，為了進一步闡述公司最新進展中先前討論的觀點，我們已開始在 2025 年進行適度的資本投資，其中包括推進我們在 INL 的 Aurora 動力裝置和燃料製造設施的活動部署，以及我們已被選中參與的反應器試點計劃。

The Reactor Pilot Program not only includes work in our power and fuel businesses but also the award received by Atomic Alchemy. This spin has been enabled by various accelerators we have seen across the business in 2025.

反應爐試點計畫不僅包括我們在電力和燃料業務方面的工作，還包括原子煉金術公司獲得的獎項。2025 年，我們看到公司各部門都在積極推動各種加速器，促成了這項轉型。

Finally, in the third quarter, we successfully completed an at-the-market fundraising program generating $540 million in gross proceeds, providing the company with additional cash on hand to deliver our enhanced growth agenda. As a result of the capital raise, we ended third quarter with approximately $1.2 billion in cash and marketable securities on our balance sheet.

最後，在第三季度，我們成功完成了市場融資計劃，籌集了 5.4 億美元的總收益，為公司提供了額外的現金，以實現我們增強的成長計劃。由於此次融資，我們在第三季末的資產負債表上擁有約 12 億美元的現金和有價證券。

As we wrap up, I want to connect the key themes you've heard today to what makes Oklo a compelling investment opportunity. We are now executing, not theorizing on advanced nuclear power. Our proven fast reactor technology is designed for speed, simplicity and scalability, and our first powerhouse at INL is under construction.

最後，我想把今天大家聽到的關鍵主題與 Oklo 成為極具吸引力的投資機會的原因聯繫起來。我們現在正在實踐先進核能技術，而不是停留在理論層面。我們成熟的快堆技術以速度快、簡單易用和可擴展性為設計目標，我們在愛達荷國家實驗室 (INL) 的第一個大型反應器正在建造中。

We've built a fully integrated fuel strategy that few others can match. From early access to fuel for the Aurora-INL powerhouse to fabrication under the Department of Energy's Fuel Line Pilots to long-term recycling through our Advanced Fuel Center in Tennessee. We have based our strategy on feedstock integration and multiple long-term fuel cycle delivery pathways that should provide cost stability and supply security as we grow our fleet.

我們建構了一套完全一體化的燃料策略，鮮有其他公司能夠匹敵。從早期取得奧羅拉-INL核電廠的燃料，到能源部燃料管線試點計畫的製造，再到透過我們在田納西州的先進燃料中心進行長期回收。我們的策略以原料整合和多種長期燃料循環供應途徑為基礎，這將在我們擴大車隊規模的同時，提供成本穩定性和供應安全。

Our radioisotope business has a high-margin adjacent revenue stream that leverages a similar technology base, regulatory pathway, facilities and core competencies to further diversify our earnings potential. And our build-own-operate model creates recurring revenue through long-term power contracts, driving margin visibility and capital efficiency.

我們的放射性同位素業務擁有高利潤的鄰近收入來源，利用類似的技術基礎、監管途徑、設施和核心競爭力，進一步分散了我們的獲利潛力。我們的建設-擁有-營運模式透過長期電力合約創造經常性收入，從而提高利潤可見度和資本效率。

Finally, our growing customer pipeline for power spans data centers, defense, utilities, and industrials, confirms strong durable demand from what we are building. In short, Oklo is delivering on its plans, proven technology, a differentiated field strategy, global partnerships and a business model designed to scale. We're executing today and positioned to lead the next era of clean, reliable energy.

最後，我們不斷成長的電力客戶管道涵蓋資料中心、國防、公用事業和工業領域，這證實了我們所建造的產品擁有強勁且持久的需求。簡而言之，Oklo 正在兌現其計劃，運用成熟的技術、差異化的現場策略、全球合作夥伴關係以及旨在規模化的商業模式。我們正在積極行動，並已準備好引領下一個清潔、可靠能源時代。

Operator, we are now ready to take questions.

操作員，我們現在可以開始接受提問了。

(Operator Instructions) Ryan Pfingst, B. Riley.

（操作說明）Ryan Pfingst，B. Riley。

Hey, guys. Thanks for taking my questions. Just want to make sure I'm clear on the DOE authorization. Does the INL plant shifting to the DOE pathway change your requirement to submit a COLA with the NRC for that project? Or is that something you still have to do? And has the government shutdown impacted your ability to do that at all? Thanks.

嘿，夥計們。謝謝您回答我的問題。我只是想確認一下我對美國能源部授權的理解是否正確。INL工廠轉向DOE途徑是否會改變您向NRC提交該專案COLA的要求？或者，那件事你還需要去做？政府停擺是否對您進行這項工作的能力造成了任何影響？謝謝。

Right. Thanks for the question. I think -- so yes, we no longer need to do a COLA, right? So we're going through the DOE authorization process, which is inherently quite different, so we don't have to do that anymore. At the end of the day -- to build. At the end of the day, we'll still do some combined license type application to the NRC.

正確的。謝謝你的提問。我想——所以，是的，我們不再需要進行生活成本調整（COLA）了，對嗎？所以我們現在要走能源部的授權流程，本質上非常不同，所以我們不必再走那個流程了。歸根究底——是為了建設。最終，我們還是會向美國核管會提交一些綜合許可證類型的申請。

Part of it's being a little bit redefined and developed based on even just this MOU signed between the NRC and DOE, which was a pretty big deal just last week or the week before. It sets the stage for how the facility would then become a commercial operating NRC licensed plant at some point after we get through some of the initial startup and operational frame -- baseload paradigm, I should say. But yes, now it's just through a different DOE process.

其中一部分內容正在根據美國核子管理委員會和能源部簽署的這份諒解備忘錄進行一些重新定義和發展，而這份備忘錄是上週或前週簽署的一件大事。它為該設施在完成一些初始啟動和運行框架（應該說是基荷模式）之後，如何成為一個獲得美國核管理委員會許可的商業營運工廠奠定了基礎。是的，現在只是透過不同的能源部流程進行而已。

What's huge about this, is this -- this is a muscle that, if you think about it, there's three major agencies, hats, right, to do nuclear authorization or permitting. Obviously, the NRC. Then, there's the Department of Energy and then the Department of War. And those three agencies have those abilities. DOE and DOD/DOW haven't really used those very much recently, but they have that history.

這件事意義重大，因為——如果你仔細想想，這就像一塊肌肉，有三個主要的機構負責核能授權或許可，對吧。顯然是美國核子管理委員會（NRC）。然後是能源部，再然後是戰爭部。這三個機構都具備這種能力。美國能源部和國防部/陶氏化學公司最近並沒有經常使用這些技術，但他們有這方面的歷史。

And so they are -- like they've used them and they do have continued oversight of the programs, but they're using them now a lot more. And this, by the way, wasn't just something that happened overnight. Like this goes back to the Nuclear Energy Innovation Capabilities Act, NEICA, that was passed into law in 2018. That set the stage for this. It was just following the executive orders that really supercharge this effort.

確實如此——他們過去一直使用這些項目，現在也繼續對這些項目進行監督，但他們現在已經更多地使用這些項目了。順便說一句，這並非一朝一夕就能發生的。這一切要追溯到 2018 年通過的《核能創新能力法案》（NEICA）。這為後續發展奠定了基礎。正是執行行政命令才真正推動了這項工作的進展。

And DOE has really leaned into it, and it's empowered that ability to do these things. What's cool about it is it changes the cadence compared to what the NRC had. The NRC framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully.

美國能源部也確實重視這一點，並賦予了他們做這些事情的能力。它最酷的地方在於，它改變了節奏，與美國核管會（NRC）的做法不同。美國核管會的框架規定，在能夠有意義地建造和運作核電廠之前，必須完成大量的預先許可工作。

Part of why we're able to break ground and move into meaningful construction is because the DOE process gives you the flexibility to build while you're going through the different steps of basically authorization up until loading fuel and turning it on. And that gives you a lot more flexibility to just move into a build mode and iterate a lot faster.

我們之所以能夠破土動工並進入實質的建設階段，部分原因是美國能源部的流程賦予了我們靈活性，讓我們能夠在完成從基本授權到裝載燃料和啟動的各個步驟的同時進行建設。這樣一來，你就可以更靈活地進入建置模式，並更快地迭代。

Something that I think is really important and that you see in pretty much every other industry. So in many ways, this has taken off a huge run of the regulatory risk, has changed the paradigm that we can build in parallel and has opened the path for a different approach.

我認為這非常重要，而且幾乎在其他所有行業都能看到這一點。因此，從許多方面來看，這大大降低了監管風險，改變了我們可以並行建構的範式，並為不同的方法開闢了道路。

And mind you, the Department of Energy has a long history of doing regulatory oversight and authorization of sodium fast reactors like we're developing. They were the ones that provided the regulatory authorization for EBR-II for FFTF and continue that oversight into operations. They know how to do this better than probably anybody, so it's a really great fit.

請注意，能源部在監管和授權像我們正在開發的這種鈉冷快堆方面有著悠久的歷史。是他們為 FFTF 的 EBR-II 提供了監管授權，並繼續對營運進行監督。他們在這方面可能比任何人都做得更好，所以這真的是個絕佳的選擇。

We looked at this pathway as it existed before back in the past, but it wasn't in any way modernized. And then since NEICA passed and then following the EOs, it has been, which made a ton of sense then for us to move into that space. Not to mention the enhanced work between the NRC and DOE to obviously leverage this.

我們考察了這條道路過去的樣子，但它沒有任何現代化改造。自從《國家經濟發展和投資法案》（NEICA）通過，以及隨後的行政命令頒布以來，情況就發生了變化，這對我們來說非常有意義，所以我們也應該進入這個領域。更不用說美國核子管理委員會和能源部之間加強合作以充分利用這一成果了。

The interesting thing is, right, DOE reviewers, NRC reviewers as well, they would all also use our national laboratory experts in this country, one of the key things we have in the country. And what's great about that is that actually means that there's going to be residual expertise and experience gained through our approaching this through DOE that will also help us in the NRC space.

有趣的是，能源部審查員、核能管理委員會審查員，他們都會利用我們國家的國家實驗室專家，這是我們國家擁有的關鍵資源之一。這樣做的好處在於，我們透過能源部進行這項工作所獲得的專業知識和經驗，實際上也將對我們在核管管理委員會的工作有所幫助。

So it's a huge change in many, many positive ways that is going to let us move faster to build and turn on the plant and also then convert over to commercial operations and scale from there. Doesn't take away NRC licensing. It just changes the cadence to accelerate the ability to get something built and get into NRC licensing in the commercial space in a meaningful way, which is really, really accelerative for us.

因此，這在許多方面都是一個巨大的積極變化，它將使我們能夠更快地建造和啟動工廠，然後過渡到商業運營並從那裡擴大規模。不會取消美國核子管理委員會的許可證。它只是改變了節奏，加快了我們以有意義的方式在商業領域建造產品並獲得 NRC 許可的能力，這對我們來說真的非常具有加速作用。

Got it. Appreciate that detail, Jake. And then my second question, I've asked you this one before. But curious if your thinking has changed regarding order conversion from pipeline to more of something firm and if it's starting to make more sense to try to lock in a PPA with a customer as we get closer to '26, '27 and ultimately, that first plant being built.

知道了。傑克，我很欣賞你這個細節。我的第二個問題，我以前問過你。但我很好奇，您對訂單從流水線式的轉換到更確定的訂單狀態的看法是否有所改變，以及隨著我們越來越接近 2026 年、2027 年，最終第一個工廠建成，與客戶簽訂購電協議 (PPA) 是否變得更有意義。

Yeah. Well, our view has always been find and build the right partnerships and deals with customers and takes time to do that in the most constructive way possible for the company and not necessarily rush into PPA timing but rather build better offtake structures because doing this inherently is not the same exact thing as just doing a power offtake purchase from like a solar project, which is what much of the, I would call it, legacy conventional PPA structure has been built for. There's a lot of room to be also more creative, and that opens the door to do a lot of things that are important for, frankly, derisking a lot of things for us that the offtakers are also incentive aligned to do with us.

是的。我們的觀點始終是，找到並建立與客戶之間合適的合作夥伴關係和交易，這需要時間，並且要以對公司最有建設性的方式去做，而不是急於達成購電協議，而是要建立更好的購電結構，因為這樣做本質上與直接從太陽能項目等地購買電力並不完全相同，而這正是我所說的傳統購電協議結構的大部分內容所依據的。還有很大的發揮空間，可以更加創新，這為我們做很多重要的事情打開了大門，坦白說，這些事情可以降低我們很多方面的風險，而承購方也樂於與我們一起做這些事情。

So yes, I mean, we've continued to develop customers in the market, and we continue to do that here. And that is part of our intentional cadence and strategy to do that. And I think as we work towards what we're executing against, we expect to be able to mature those into places that do make sense for everybody to build a really constructive mutual relationship that is part of an offtake agreement that also helps derisk some of the stuff today into that for them, for their power offtake. That's pretty powerful. So that's where our focus -- I shouldn't say kind of.

是的，我的意思是，我們一直在市場上持續開發客戶，我們在這裡也繼續這樣做。這是我們為此制定的有意節奏和策略的一部分。我認為，隨著我們朝著既定目標努力，我們希望能夠將這些目標完善，使之成為對每個人都有意義的地方，從而建立真正建設性的互惠關係，這是承購協議的一部分，也有助於降低他們目前在電力承購方面面臨的一些風險。那威力真大。所以這就是我們的關注點——不，應該說是「某種程度上的關注點」。

That is where our focus has been for the last over -- 12 months or so. And we're continuing on that pace because that's what the market is quite supportive and receptive to and we expect that to continue and position us well so that going into the next year and beyond, we'll start converting those into that -- those kinds of structures as it works.

在過去的12個月左右的時間裡，我們的工作重點一直都放在這裡。我們將繼續保持這個速度，因為市場對此非常支持和接受，我們預計這種情況會持續下去，這將使我們處於有利地位，以便進入明年及以後，我們將開始把這些結構——隨著情況的發展，將這些結構——轉化為那種結構。

Each of these different off-takers and groups is going to have different knobs and levers and things to turn that work better for them, respectively, than maybe their peers or competitors. So we got to make sure we work with the right ones that can lean into this in the right ways and cadence and then focus on moving that into the execution phase. So that's how we think about that.

每個不同的承購商和集團都會有不同的調節旋鈕、槓桿和調整方法，這些方法對他們來說可能比對他們的同行或競爭對手更有效。所以，我們必須確保與合適的人合作，以正確的方式和節奏投入其中，然後專注於將其推進到執行階段。這就是我們對此的看法。

I think one X factor that's interesting is part of the executive order structure includes the government's ability to be -- and also, as we've seen in their policy actions and I think as we hear about policy actions that are still developing around the AI side of things, enhancing the ability for them to be host and/or even some middlemen or some enabling structure for data center development at DOE sites, so this is still developing and speculative in many ways.

我認為一個有趣的 X 因素是，行政命令結構的一部分包括政府的能力——而且，正如我們在他們的政策行動中看到的，我認為，正如我們聽到的關於人工智能方面仍在發展的政策行動一樣，增強了他們作為能源部數據中心開發的託管方和/或一些中間人或賦能結構的能力，因此這在很多方面仍在發展和推測中。

But there's some interesting potential based on what the EOs put into law -- put into executive action that could enable interesting structures, too, to expand deployments under the DOE authorization that are providing to the government for their own use cases as they think about critical resource needs and critical capability needs, resource needs, meaning AI and compute needs. So it's cool to see what that might look like, too, which is interesting.

但根據行政命令中寫入法律的內容，存在一些有趣的潛力——這些行政命令也可能促成一些有趣的結構，從而擴大能源部授權下的部署，以滿足政府本身在考慮關鍵資源需求和關鍵能力需求（即人工智慧和運算需求）時的需求。所以看看那會是什麼樣子也蠻有趣的。

So that's probably the biggest shift that a lot of this has opened the door for. Otherwise, we've continued to work at pace in saying, hey, let's find the most constructive way to work with our customers and ultimately convert them forward based on what -- how we can work together and what we can do to more or less guarantee success in this project in a beneficial way.

所以，這或許是這一切帶來的最大轉變。否則，我們將繼續加快步伐，努力尋找與客戶合作的最有建設性的方式，並最終根據我們如何合作以及如何以有益的方式或多或少地保證該專案的成功來促使他們向前發展。

Thanks, Jake. I'll turn it back.

謝謝你，傑克。我會把它轉回去。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

Hey, guys. This is Tyler Bisset on for Brian. Thanks for taking our questions. Wanted to follow up on a prior question. I just wanted to confirm, are you guys still targeting commercial operations at INL to commence between late '27 and early '28? Or does shifting to the DOE pathway accelerate that timeline? And it sounds like full activation is targeted for early January.

嘿，夥計們。這裡是泰勒·比塞特，他正在為布萊恩報道。謝謝您回答我們的問題。我想就之前的問題做個後續說明。我只是想確認一下，你們是否仍然計劃在 2027 年底至 2028 年初之間在 INL 開始商業運營？或者，轉向美國能源部（DOE）的方案是否會加快這一進程？聽起來全面啟動計畫將於1月初進行。

So what are the next milestones we should be watching out for that supports that timeline beyond January?

那麼，在1月份之後，我們應該關注哪些下一個里程碑事件來支持這個時間表呢？

Yeah. I mean this is what's really exciting about the Reactor Pilot Program. It opens the door for quite a bit of different ways of doing things and thinking about things in terms of cadencing these milestones. So a couple of big things to pull back. We have three Reactor Pilot Programs awarded to us.

是的。我的意思是，這就是反應爐試點計畫真正令人興奮的地方。它為以不同的方式做事和思考問題，以及按節奏推進這些里程碑，打開了一扇門。所以有幾件大事要撤回。我們獲得了三個反應爐試點計畫。

We talked about those a little bit in earnings. One is Aurora-INL. The other is for the Atomic Alchemy pilot prototype production reactor. That is on pace for that plant and specifically in pace to turn on in June, July of next year, 2026. It's incredible.

我們在財報中稍微談到了這些。其中一家是 Aurora-INL。另一個是用於原子煉金術試驗原型生產反應器。該廠的進度符合預期，具體來說，預計將於明年（2026 年）6 月或 7 月投產。真是不可思議。

It's awesome. It's really cool to see how that's progressing. So that's a pretty big set of milestones alone to achieve that. So obviously, we'll continue to update the market as we hit milestones on that front as we execute into that. Then, there's the Pluto reactor, which is basically plutonium fuel testing reactor.

太棒了。看到它取得這樣的進展，真是太棒了。所以，光是實現這些里程碑就已經相當不容易了。顯然，隨著我們在這一領域取得進展，我們會繼續向市場更新相關資訊。然後，還有冥王星反應堆，它基本上是一個鈽燃料測試反應器。

That will have a continued set of milestones as well. That bridges well into serving both research and development purposes for us, to serve that for the government. We announced earlier today partnering with Idaho National Laboratory and Battelle Energy Alliance about providing fast neutron irradiation capabilities. Pluto will expand on that capability set.

這也將陸續迎來一連串里程碑。這很好地滿足了我們進行研究和開發的目的，也滿足了政府進行研究和開發的目的。今天早些時候，我們宣布與愛達荷國家實驗室和巴特爾能源聯盟合作，提供快中子輻照能力。冥王星將擴展此能力範圍。

But that has an incremental set of milestones that will march forward about moving towards basically plutonium-driven fuel systems and critical assemblies and test reactors that are happening on a pretty fast time scale as well that we'll continue to update the market over the course of the next 6 -- well, the next 3, 6, 9, 12 months out. And then back to part of where your question was on the Aurora-INL plant.

但這其中包含一系列循序漸進的里程碑，這些里程碑將逐步推進，最終實現以鈽為燃料的系統、關鍵組件和試驗反應堆，而且進展速度相當快，我們將在接下來的 6 個月——或者說接下來的 3 個月、6 個月、9 個月、12 個月內繼續向市場更新相關資訊。然後回到你之前關於 Aurora-INL 工廠的問題。

The authorization path that's important here it allows us to move into the construction activity much more quickly, so we can start building the plant. We broke ground in September. We're moving into major excavation work here coming up shortly and then moving through the full-scale procurement and activities as we speak, including stuff we've already done, stuff we're ramping forward into. That is going to be pretty important for us to be able to turn that plant on. We are still targeting in the '27, '28 timelines for that plant to commence operations, to turn on and go.

這裡重要的是授權途徑，它使我們能夠更快地進入施工活動，從而開始建造工廠。我們在九月破土動工。我們即將開始大規模的挖掘工作，然後正如我們所見，我們將全面推進採購和各項活動，包括我們已經完成的工作和我們正在加速的工作。對我們來說，能夠啟動那座工廠非常重要。我們仍計劃在 2027 年、2028 年讓工廠開始運營，投入使用。

There are some things that might be accelerative to benefit that, but some of that can also just help take out or accommodate some slack and other things in the system. It's just important that you can move fully into the build stage so that you can move through these things more iteratively. And then on top of that, the key thing that's enabling all of this is the ability to actually like fabricate fuel to put into these reactors.

有些事情可能會加速這一進程，從而帶來好處，但其中一些事情也可能只是有助於消除或適應系統中的一些鬆弛和其他問題。重要的是，你要能夠完全進入建置階段，這樣你才能以更迭代的方式完成這些事情。此外，這一切得以實現的關鍵在於能夠製造燃料並將其放入這些反應器中。

And that's a critical part of the supply chain that we've been focused on for a very long time and with the Reactor Pilot Program and then the associated fuel pilot program allows us to move into. And as we talked about and we announced earlier today, we see some pretty sizable milestones there in a really compressed time window and it illuminates objectively how clearly beneficial these things are for us.

這是我們長期以來一直關注的供應鏈的關鍵部分，透過反應爐試點計劃以及相關的燃料試點計劃，我們可以進入這一領域。正如我們今天早些時候討論和宣布的那樣，我們在非常短的時間內取得了一些相當大的里程碑，這客觀地表明了這些事情對我們來說是多麼有利。

We are building a fuel fabrication facility to make fuel for our Aurora plant in Idaho, where you can partner with the government. We're using an existing building at Idaho National Laboratory to do that. That building needs to have some refurbishment and then have equipment go into it. That building going through the traditional -- the legacy DOE -- because it's a DOE facility, DOE authorization path before the executive orders, we were moving at a pace that was in the order of like two years to get close to a milestone that then when we reset the process under the pilot program, starting from zero there, granted we had some work done so we can copy-paste over that, but we moved in two weeks to hit this significant milestone that is now allowing us to actually do the construction work there and sell equipment and fabricate fuel much more quickly. So there's clear benefits that we're seeing that we are going to be in pace to have things moving faster and be able to deploy and turn that plant on.

我們正在建造一座燃料製造廠，為我們在愛達荷州奧羅拉的工廠生產燃料，您可以與政府合作。我們正在利用愛達荷國家實驗室現有的建築物來實現這一目標。那棟大樓需要翻新一下，然後還要添置一些設備。那棟建築物走的是傳統的──也就是美國能源部的傳統流程──因為它是能源部的設施，在行政命令頒布之前，需要經過能源部的授權途徑。我們當時的進度大約需要兩年才能接近一個里程碑。後來，我們在試點計畫下重置了流程，一切從零開始。當然，我們之前做了一些工作，可以複製和貼上，但我們只用了兩週就達到了這個重要的里程碑，現在我們可以在那裡進行實際的建設工作，銷售設備，並更快地製造燃料。因此，我們看到明顯的益處，我們將加快步伐，加快進程，並能夠部署和啟動該工廠。

I will caveat that, that plant in Idaho, it is not going to be selling commercial power to the grid under DOE authorization. That's not what its intent is. You might be able to do some work selling into not just power but irradiation services to the lab complex and the Department of Energy as part of the authorization, but the point is we get this built more quickly, get the initial operational experiences and everything else, and then we can take that path over to the NRC.

需要說明的是，愛達荷州的那座電廠不會根據美國能源部的授權向電網出售商業電力。它的本意並非如此。作為授權的一部分，你或許可以向實驗室綜合體和能源部推銷電力和輻照服務，但關鍵是我們要更快地建成這個設施，獲得初步的運行經驗等等，然後我們就可以沿著這條路去爭取美國核管理委員會的批准。

And as indicated by the expanded MOU, signed, so the MOU signed by DOE and NRC just in the last week or two, they made it clear that the NRC is going to build on the DOE's work for that. So we expect -- look, there's some new work, obviously, to do that thing, but it's supportive that they're already getting in front of that.

正如最近一兩週內能源部和核管理委員會簽署的擴大版諒解備忘錄所表明的那樣，他們明確表示，核管理委員會將以能源部的工作為基礎繼續推進相關工作。所以我們期待——顯然，為了做到這一點，還有一些新的工作要做，但他們已經開始著手處理這件事，這令人鼓舞。

Part of why they're looking at that is to build off the success that we can do under the DOE. And again, the feature DOE has compared to the NRC, the NRC has been doing a lot of work to get ready to license advanced reactors. DOE has been licensing advanced reactors for a long time, so they already have those muscles internally.

他們之所以關注這一點，部分原因是希望在我們能源部的成功基礎上再接再厲。此外，與美國核管會 (NRC) 相比，美國能源部 (DOE) 的一項特點是，NRC 一直在努力準備頒發先進反應器許可證。美國能源部長期以來一直在發放先進反應器許可證，因此他們內部已經擁有這方面的能力。

Now they're just using them a little bit differently, externally, and that's hugely beneficial because then the NRC is going to be able to build off and reference those things. So it keeps the same pace and cadence of operations for what we're trying to do for the Aurora plant but opens the door for accelerated milestones on that and then additional accelerated milestones for other things going on.

現在他們只是在外部以略微不同的方式使用它們，這非常有益，因為這樣一來，美國核管會就能以此為基礎並參考這些內容。因此，它保持了我們在奧羅拉工廠所做工作的相同節奏和步調，但為加快工廠的里程碑以及隨後其他正在進行的項目的額外加速里程碑打開了大門。

Awesome. Super helpful. And then really appreciate the incremental details around the 20 tonnes of plutonium reserves potentially being made into 180 tonnes of Aurora fuel. Can you help me understand what underpins that conversion math or your assumptions because that was a lot more than what we were estimating? And then is this an opportunity for your fuel recycling facility?

驚人的。非常有用。然後，真正體會到將 20 噸鈽儲備轉化為 180 噸 Aurora 燃料的逐步細節。您能幫我理解這個轉換計算背後的數學原理或您的假設嗎？因為這比我們預估的要多得多。那麼，這對您的燃料回收設施來說是否是一個機會呢？

Or would processing this material require a separate NRC license facility? Because it sounds like that fuel source could accelerate your deployment schedule.

或者，處理這種材料是否需要單獨的美國核管會許可證？因為聽起來這種燃料來源可以加快你的部署進度。

So one of the things that we got -- I love that question for so many reasons, and I'm sure some folks are probably going to be a little nervous that I'm going to spend the whole time getting into the technical details, which I'll try not to because on the pre-recorded practice sessions, we were thinking about getting really, really deep on all this.

所以我們收到的一個問題是——我非常喜歡這個問題，原因有很多，而且我確信有些人可能會有點擔心我會花所有時間深入探討技術細節，我會盡量避免這樣做，因為在預先錄製的練習環節中，我們本來打算非常非常深入地探討所有這些問題。

Let me rephrase that. I was just doing that because this is one of my favorite things technically. So to answer your question, yes, so the key thing about plutonium, right, is it's an incredibly useful fissile material as a fuel source. In other words, if you think about HALEU, is 19% -- up to 20% -- less than 20% enriched in uranium-235, the balance uranium-238.

我換個說法吧。我這麼做是因為從技術角度來說，這是我最喜歡的事情之一。所以回答你的問題，是的，鈽的關鍵在於它是一種非常有用的裂變材料，可用作燃料來源。換句話說，如果你考慮 HALEU，那麼 19% 到 20%——不到 20% 的鈾-235 富集，其餘部分是鈾-238。

And the fast reactor, pretty much all isotopes and plutonium, but especially the stuff being made available, which is mostly plutonium-239 with some plutonium-240 and 241 in there. But that material, it's a great bridge fuel because it can be a direct replacement for the uranium-235 without needing any enrichment, right? It already exists.

而快堆幾乎全部都是同位素和鈽，但特別是目前可用的那些物質，主要是鈽-239，其中還含有一些鈽-240和鈽-241。但是這種材料是一種很好的過渡燃料，因為它可以直接取代鈾-235，而無需任何濃縮，對吧？它已經存在了。

So you blend it in with uranium. In our case, you have some zirconium to obviously make the metallic fuel, but you just blend the plutonium with uranium to make a HALEU equivalent type fuel form. And the thing about plutonium is it's an even better fuel than uranium, so you need less of it to get commensurate performance.

所以你要把它和鈾混合在一起。就我們而言，我們有一些鋯，顯然可以用來製造金屬燃料，但只需將鈽與鈾混合，即可製成高稀土元素（HALEU）等效燃料形式。鈽的優點在於它是一種比鈾更好的燃料，因此只需更少的鈽就能獲得相應的性能。

So on average -- and it depends by the variations and flavors in the fuel, but on average, if you basically -- it's about 11%-or so equivalent. So about 11%-or so plutonium is equivalent in our reactors in behavior and performance to about 19% -- just under 20% enriched uranium.

所以平均而言——這取決於燃料的種類和口味，但平均而言，如果你基本上——大約相當於 11% 左右。因此，濃度約為 11% 的鈽在我們的反應器中，其行為和表現相當於濃度約為 19%（略低於 20%）的濃縮鈾。

So that's where that conversion and math comes from. So that's why it's such a potent fuel form, so to speak. So that's pretty cool. That's obviously very accelerated for a lot of things. And for that facility, that's one of the things that was encompassed in the pilot program, the fuel pilot program awards and being able to do that work there at an initial stage on initial scale.

這就是換算和計算的由來。所以，從某種意義上來說，它才是一種如此有效率的燃料形式。那真是太酷了。顯然，很多事情的發展速度都大大加快了。對於該設施而言，這是試點計劃、燃料試點計劃獎勵所涵蓋的內容之一，能夠在初始階段以初始規模在那裡開展這項工作。

So it may, at the end of the day, convert over to a larger scale commercially licensed facility, but to get through some of the initial sources of that material and initial supplies, assuming that that's fully made available and we have access to, again, key thing on that, then we have the DOE fuel pilot program selection to support that.

因此，最終它可能會轉變為一個更大規模的商業許可設施，但要解決一些初始材料來源和初始供應問題，假設這些材料和供應能夠完全到位，並且我們能夠獲得，再次強調，關鍵在於，我們還需要能源部燃料試點計劃的選擇來支持這一點。

It's hard to overstate the significance of the government moving this material away from a $20 billion-plus taxpayer funded liability to bury it, literally mix it with kitty litter in the sand and bury in the desert in Mexico versus making it available to be a bridge fuel for the advanced reactor industry and completely changes the paradigm where you no longer or feel constrained because of that. It's huge.

政府將這種材料從耗資超過 200 億美元的納稅人資助的債務中轉移出來，使其不再被掩埋（實際上是將其與貓砂混合在沙子裡，然後埋在墨西哥的沙漠中），而是使其成為先進反應堆行業的過渡燃料，這意義重大，徹底改變了範式，使人們不再感到受到限制。它非常大。

And what's significant about that, obviously, is not just that you can build more reactors sooner, but that means you can scale more powerful and significant orders to the enrichment market as well as what we're doing on the recycling side. It's incredible.

顯然，這不僅意味著你可以更快地建造更多的反應堆，還意味著你可以向濃縮市場以及我們在回收方面所做的事情，擴大更強大、更重要的訂單規模。真是不可思議。

It is absolutely, absolutely incredible. So for me, like that was one of the most exciting things to have happened this year because of what that catalyzes for building more things sooner without like having to be dependent on other factors and then instead using that -- basically the ability to build more plants to convert to more fuel orders to then help scale that fuel supply side more quickly.

簡直太不可思議了。對我來說，這是今年發生的最令人興奮的事情之一，因為它促進了更快地建設更多設施，而無需依賴其他因素，而是利用這種能力——基本上是建設更多工廠以轉化為更多燃料訂單的能力，從而幫助更快地擴大燃料供應規模。

So for a long time at Oklo, we've been working to advocate for government bridge fuel supplies as a key enabler to kick start the commercial fuel supply chain. And I think we're seeing that really take root and open the doors for that to move in a totally different way. So yes, seriously, it's a really, really significant policy move to enabling the deployment of more nuclear power quickly -- more quickly.

因此，在 Oklo，我們長期以來一直致力於倡導政府提供過渡性燃料供應，將其作為啟動商業燃料供應鏈的關鍵推動因素。我認為我們正在看到這種趨勢真正生根發芽，並為它以完全不同的方式發展打開了大門。所以，是的，說真的，這是一項意義重大的政策舉措，能夠更快地部署更多核能。

Perfect. Thank you very much.

完美的。非常感謝。

And I'll just add one little piece to that. Like not all reactors and fuel fabrication approaches can benefit from plutonium the same. It has different characteristics to it. We just know it works really well in fast reactors because we spend a lot of time developing and researching it for that. So that obviously is part of the benefit of fast reactors and their ability to be quite fuel agnostic and fuel flexible.

我再補充一點。並非所有反應器和燃料製造方法都能以相同的方式受益於鈽。它具有不同的特點。我們知道它在快堆中效果非常好，因為我們為此投入了大量時間進行開發和研究。所以，這顯然是快堆的優勢之一，即它們對燃料具有相當高的適應性和靈活性。

Vikram Bagri, Citi.

Vikram Bagri，花旗集團。

Hi. It's [Ted]. Thanks for taking the question. I wanted to ask about the Pluto test reactor. So it looks like it's going to be deployed after the first reactor at INL. Is this going to be the template for all the future reactors? And what are the differences to Aurora?

你好。它是[泰德]感謝您回答這個問題。我想問一下冥王星試驗反應爐的狀況。所以看來它將在 INL 的第一個反應器之後部署。這會成為未來所有反應爐的模板嗎？與 Aurora 相比有什麼區別？

Is it only that it's going to be run on plutonium? Should we also assume a 75-megawatt size for it? And then just lastly, what are the main learnings that you hope to obtain from this test reactor?

只是因為它要用鈽作為燃料嗎？我們是否也應該假設它的容量為 75 兆瓦？最後，您希望從這個試驗反應器中獲得哪些主要經驗？

Yeah. It's a great set of questions. So basically, it's a little bit different. It's bespoke to enable the accelerated fast neutron irradiation testing capabilities that a system like that can afford. That's important for a couple of reasons.

是的。這是一組很好的問題。所以基本上，情況有點不同。它是專門定制的，旨在實現此類系統能夠負擔得起的加速快中子輻照測試能力。這很重要，原因有二。

Like part of what we've talked about is, at the company, right, if you think about what Oklo does, obviously, the reactor part is what people focus a lot on. We sell power. We sell heat. But we have these other parts of the business that we had to build to deliver into that like fuel fabrication, which will help us, obviously, make fuel for our reactors, potentially for others, too, which is part of what some of the investments and partnerships, which we announced this quarter, touched on.

正如我們之前討論過的一部分，在公司裡，如果你想想 Oklo 的業務，顯然，人們非常關注的是反應爐部分。我們出售電力。我們出售熱量。但是，為了實現這一目標，我們還需要建立其他業務部門，例如燃料製造。這顯然將幫助我們為自己的反應器製造燃料，也可能為其他反應器製造燃料。這也是我們本季宣布的一些投資和合作關係所涉及的部分內容。

Additionally, we talked about recycling, which is great because we can make fuel for ourselves as well as potentially for others and sell various materials and isotopes as coproducts from that as well as possibly recycling services, all great.

此外，我們還討論了回收利用，這很棒，因為我們可以為自己以及可能為他人製造燃料，還可以出售各種材料和同位素作為副產品，以及可能提供的回收服務，所有這些都很棒。

And then obviously, the isotype side of the business, which is specifically focused on that. Part of the reactor part of the story, though, and also somewhat ties over to the isotope side is we are a fast reactor. We use fast -- we make fast neutrons. We will have fast neutrons to help test and characterize materials and fuels. That is not a capability that we've had in this country in 30 years-plus.

然後，很顯然，還有專門專注於同型印刷業務的部分。不過，關於反應爐的部分，以及與同位素方面有些關聯的部分是，我們是一個快堆。我們利用快速中子－我們製造快速中子。我們將利用快中子來幫助測試和表徵材料和燃料。這是我們國家30多年來一直不具備的能力。

And it's not a capability that the Western world has had in a similar time frame, so like in 20 years or so. So it's an important thing that we're bringing to bear. The government set forward on building a big, dedicated test reactor, but it was a government program.

而且，西方世界在類似的時間範圍內，也就是大約 20 年的時間裡，還沒有這種能力。所以這是我們正在著手解決的重要問題。政府著手建造一座大型專用試驗反應爐，但畢竟這是一個政府計畫。

So it naturally had a lot of challenges around it. What we're doing at the Aurora plant and our ability to do that and therefore, also offer that as a potential revenue-generating aspect of the company, which is, hey, we have fast neutrons.

因此，它自然面臨許多挑戰。我們在奧羅拉工廠所做的事情，以及我們做這件事的能力，因此，也可以將其作為公司潛在的創收方面，那就是，嘿，我們有快中子。

We can provide irradiation capabilities not just for our own use but for others as well as what we're doing on the Pluto side, which expands that and gives us that cadence of experience in a plutonium-based system is pretty accelerative to opening the door for moving into better deals and different materials and expanding the fuel performance envelope so that we can maximize what we do.

我們不僅可以為自己提供輻照能力，還可以為其他人提供，以及我們在冥王星方面所做的工作，這擴大了我們的範圍，並使我們積累了基於鈽的系統經驗，這極大地加快了我們獲得更好的交易和不同材料以及擴大燃料性能範圍的大門，從而使我們能夠最大限度地發揮我們的作用。

We're in a good spot to be able to build and operate. That's great, but there is going to be so much more we can get out of these materials with more end fuels in terms of timing the reactor and just ultimately better economic performance with more data that we can generate using this. So that was part of the incipience to look at doing the Pluto test reactor. It's a smaller system.

我們處於有利位置，可以進行建設和運營。這固然很好，但如果我們能利用這些材料產生更多數據，就能在反應器運行時間控制和最終經濟效益方面獲得更多最終燃料，從而更好地發揮這些材料在經濟效益方面的作用。所以，這就是開始考慮建造冥王星試驗反應器的部分原因。這是一個較小的系統。

It's not producing electric power. Its primary job is -- I mean as of now, its primary job is focused on making fast neutrons. And it's a culmination of activity, so think of it more as a program than just a single reactor that will involve some plutonium critical, getting some experience doing that with our national lab partners, doing some work around the plutonium handling and management and then moving that into obviously the full-scale like Pluto reactor. T

它並不產生電力。它的主要任務是——我的意思是，就目前而言，它的主要任務是製造快中子。這是一系列活動的最終成果，所以應該把它看作是一個項目，而不僅僅是一個涉及鈽臨界的單一反應堆，它將與我們的國家實驗室合作夥伴一起積累一些經驗，開展一些關於鈽處理和管理的工作，然後顯然會將其轉移到像冥王星反應器這樣的全規模反應器中。T

he reactor will be smaller in its power production and will also be optimized to use plutonium. Since plutonium is inherently, in the nuclear space, higher worth, to use that terminology, fuel means we can actually use less overall fuel if we concentrate up the plutonium a bit more, which is what, generally speaking, fast test reactors have done.

該反應器的發電量將較小，並且還將進行最佳化以使用鈽。由於鈽在核能領域本質上是一種更有價值的燃料，這意味著如果我們把鈽的濃度再提高一些，實際上就可以減少燃料的總量，而這正是快堆試驗通常所做的。

So that means we can use a higher loading of plutonium, total -- less total fuel mass, get more thermal power out of it and therefore, more neutrons to test things with it. And it's a pretty favorable thing to do with that. But the system will give us a very significant amount of repetition about doing the actual work around plutonium fuel fabrication going forward.

這意味著我們可以使用更高裝載量的鈽，總燃料品質更少，從中獲得更多的熱能，因此，可以產生更多的中子來進行測試。這樣做其實還挺好的。但該系統將為我們今後進行鈽燃料製造的實際工作提供大量的重複練習機會。

The fuel will look, generally speaking, very similar to the Aurora fuel if we use plutonium in it, in terms of form factor and type. It would just use a lower amount of plutonium in it because we have -- what we're designing to in the Aurora plant is going to be interchangeable between HALEU, plutonium-bearing fuel and transuranic-bearing fuel.

總的來說，如果我們在燃料中使用鈽，那麼從外形和類型來看，這種燃料將與極光燃料非常相似。它只會使用較少量的鈽，因為我們——我們在 Aurora 工廠的設計目標是在 HALEU、含鈽燃料和含超鈾燃料之間互換。

And that means you dilute the plutonium more compared to what Pluto will do. When you think about what Pluto is as a program, it's the cadence to build on top of the fuel -- the plutonium fuel fabrication piece into the plutonium reactor part. So over the course of the next year, we're gaining experience with plutonium criticality and work around that, and then we'll move that into the next steps of actually building the plant going forward.

這意味著與冥王星相比，你稀釋鈽的程度會更大。當你思考冥王星計畫的本質時，你會發現它是在燃料之上逐步構建的節奏——將鈽燃料製造部件建構成鈽反應器部件。因此，在接下來的一年裡，我們將累積鈽臨界方面的經驗，並圍繞這一問題開展工作，然後我們將把這些經驗運用到下一步的工廠建設中。

Those are high-level perspectives on where it goes, but it's a pretty significant enabler for getting those repetitions under our belt to then start fueling Aurora plant with plutonium-bearing fuel. Now just to put a number on this, like the thing that's really powerful about moving in this space, like building out these fast neutron irradiation capabilities, yes, it opens the door to do additional things for irradiation services.

這些是對其未來發展方向的高層次展望，但它對我們累積重複試驗經驗，然後開始用含鈽燃料為極光核電廠供能，是一個非常重要的推動因素。現在，為了具體說明這一點，在這個領域取得進展，例如建立這些快中子輻照能力，其真正強大的地方在於，它為輻照服務的其他方面打開了大門。

Yeah, it opens the door to do some additional isotope production using different material types. And yes, it's important because it helps us with ourselves as well as other companies come to us or government programs can come to us and either rent or buy irradiation type time -- sorry irradiation time or similar types of exposure in the environment to help bring some materials that are quite mature but need a little bit more to go over the finish line that are inherently basically economically better than what we have to use based on what the experiences are today. Those are still great because we can make stuff work.

是的，這為使用不同類型的材料進行一些額外的同位素生產打開了大門。是的，這很重要，因為它不僅對我們自身有益，而且對其他公司或政府項目也有幫助，他們可以租用或購買輻照時間——抱歉，是輻照時間或類似的環境暴露，以幫助一些已經相當成熟但還需要一些額外處理才能最終完成的材料，這些材料本質上比我們根據目前的經驗所使用的材料在經濟上更優。它們仍然很棒，因為我們可以讓事情運轉起來。

But that looks -- this is a platform for R&D and margin improvement. There's one way to think about it. So anyway, that's the cadence of how we see things.

但這看起來——這是一個用於研發和利潤提升的平台。有一種看待這個問題的方式。總之，這就是我們看待事物的節奏。

Got it. That's super helpful. And then I just had one follow-up. On slide 9, it mentions the breakdown of CapEx by components. And I think it's lifted by number of components.

知道了。這太有幫助了。然後我還有一次後續跟進。第 9 張投影片提到了按組成部分劃分的資本支出明細。我認為這是因為組件數量較多而導致的。

Are you able to share just directionally what that is in dollar terms?

您能否大致透露一下這相當於多少美元？

Yeah. I mean, I guess I'll hand this over for Craig, if you want to answer some of it, and then I can chime in.

是的。我的意思是，我想把這個問題交給克雷格，如果你想回答一些問題，然後我也可以插嘴。

Yeah. So I think, directionally, we would expect the dollars to be similar to the components. In terms of an actual dollar breakdown, we're still refining a lot of our cost estimates now that we've got Kiewit onboard and now that we're deepening some of our procurement activities. And we'll probably have more to share on that going probably into 2026.

是的。所以我認為，從方向來看，我們預期美元走勢將與各組成部分走勢相似。就實際的美元細分而言，隨著 Kiewit 的加入以及我們採購活動的深化，我們仍在不斷改進許多成本估算。我們可能會在 2026 年左右分享更多相關資訊。

Jed Dorsheimer, William Blair.

傑德·多爾斯海默，威廉·布萊爾。

Hi, thanks for taking my question here, guys. I guess, first, I don't know if, Jake, you want this or Craig, but just if you could talk a little bit about backlog. I think it was 14 gigawatts. Has that changed at all? And maybe just a little bit of color on the discussions that you're having. Is it mostly utility? Is it mostly hyperscaler? Just that breakdown if you would. And then I have a follow-up.

大家好，感謝各位回答我的問題。我想，首先，我不知道傑克，你想要這個還是克雷格，但你能不能稍微談談積壓的工作。我想應該是14吉瓦。情況有改變嗎？或許還能為你們的討論增添一些色彩。它主要用途是實用性嗎？它主要是一家超大規模資料中心嗎？就簡單分析一下就行了。然後我還有一個後續問題。

Yeah. Jed, I can take that. So I'd say the 14 gigawatts is still predominantly made up of data center and hyperscaler customers. I think I mentioned to you last time we were on the phone, we also got other potential customers in the mix that aren't identified customers as part of that 14 gigawatts that could maybe even cause that number to go up. I know the bigger question is when do you convert that into a PPA.

是的。傑德，我可以接受。所以我認為這14吉瓦的電力需求仍然主要來自資料中心和超大規模資料中心客戶。我想我上次跟你通電話的時候提到過，我們還有一些潛在客戶，他們不屬於那 14 吉瓦的已確定客戶範圍，這甚至可能導致這個數字上升。我知道更重要的問題是何時將其轉換為 PPA。

And I'd say we are working on that with pace and urgency and actively exchanging term sheets. I never want to promise an exact date on when we might announce something because it takes Oklo to be on the same page with the customer, but I'm really pleased with how those commercial discussions are progressing and not just on the PPA price, but I think we're also seeing good traction on -- similar to what we were able to achieve with Equinix, which was a prepayment for power, we're also progressing conversations with customers that could convert into prepayment for power or prepayment for fuel or some other asset-oriented contribution to the deal itself.

我想說，我們正在以最快的速度和最緊迫的行動推進這項工作，並積極交換條款清單。我從不想承諾何時會宣布某件事的具體日期，因為這需要 Oklo 與客戶達成一致，但我對這些商業討論的進展感到非常滿意，不僅僅是關於購電協議 (PPA) 的價格，而且我認為我們也看到了良好的進展——類似於我們與 Equinix 達成的電力預付款協議，我們也在與客戶進行對話，這些資產可能會預測為其他資產導向的

Got it. That's helpful. Just along those lines, the discussions, does -- has Atomic Alchemy in having that standing up a fueling recycling, even if that's in the future, has that moved some of those discussions along from a supply chain risk? And sorry -- yes, that's --

知道了。那很有幫助。沿著這個思路，討論是否——原子煉金術是否正在推動回收利用，即使這在未來，這是否推動了供應鏈風險方面的一些討論？抱歉——是的，就是這樣。--

Well, I would say Atomic Alchemy is probably -- the types of conversations we're having around feedstock for isotope production taking customer discussions into contract conversion, the steps are the same, but it's definitely with different counterparties on both the feedstock side, the supplier vendor side and all of that. But I think we are excited around the tremendous progress that the team is making around the reactor pilot program that Atomic Alchemy was awarded.

嗯，我認為原子煉金術可能是——我們圍繞同位素生產原料進行的對話，將客戶討論轉化為合同，步驟是一樣的，但肯定是在原料方面、供應商方面等等，與不同的交易對手進行。但我認為，我們對團隊在原子煉金術公司獲得的反應爐試點計畫方面取得的巨大進展感到興奮。

And in addition, we're also making good progress on the lab scale facility that will be down the road at INL. And I think, as I've said earlier, there is the possibility for the lab scale project that we could be generating revenue and gross margin. It's going to be in the single million dollars, not anything bigger than that, and it won't be exactly ratable.

此外，我們在 INL 即將建成的實驗室規模設施方面也取得了良好進展。而且我認為，正如我之前所說，實驗室規模的專案有可能產生收入和毛利率。金額大概在一百萬美元左右，不會超過這個金額，也無法進行評級。

But we're excited about what we might be able to do to actually turn some of that -- the lab scale facility, especially in the gross margin in the first half of next year.

但我們很高興能夠將其中一些成果轉化為實際收益——實驗室規模的設施，尤其是在明年上半年的毛利率方面。

Got it. And then just one for Jake. If I just look at using an EBR for isotope production and isolation, do we need to wait until you get the VIPR up for an actinide tailoring? Or can that be done in between? I ask because CANDU is really well suited for cobalt and lutetium, which are being used for the radioisotope or radiopharma market right now and just curious on the EBR side, whether or not you need that tailored reactor before you can do that or if there's an in-between.

知道了。然後，就給傑克來一杯。如果我只是考慮使用 EBR 進行同位素生產和分離，我們是否需要等到 VIPR 建成後才能進行錒系元素客製化？或是可以在中間階段完成嗎？我這麼問是因為 CANDU 非常適合鈷和镥，而鈷和鎔目前正用於放射性同位素或放射性藥物市場。我只是好奇 EBR 方面，是否需要定制的反應器才能進行這些操作，或者是否存在介於兩者之間的方案。

Yeah, it's a good question. I mean there's a couple of steps actually to parse that out. So one, there are some things we can do in the near term without a reactor in terms of isotope consolidation and recovery that we are making progress, we talked about in the update, towards -- in Idaho, where you'll be able to actually have infrastructure and facility capabilities to actually do some of that work and start producing some of the isotopes from those kinds of sources.

是的，這是個好問題。我的意思是，實際上需要幾個步驟才能解析出來。所以，第一，在同位素整合和回收方面，我們近期可以做一些無需反應器就能做的事情，我們正在取得進展，我們在更新中也談到了這一點——在愛達荷州，你將能夠真正擁有基礎設施和設施能力來實際開展一些工作，並開始從這些來源生產一些同位素。

But for the most meaningful -- and that's great because we get a lot -- we get some practice, repetitions, maybe helps accelerate revenue, which is cool. But at the end of the day, it helps position us with experience to then move into the next stage, which is where the reactors really unlock significant differentials in performance.

但對於最有意義的事情——這很棒，因為我們有很多——我們可以進行一些練習、重複，也許有助於加速收入成長，這很酷。但歸根結底，這有助於我們累積經驗，從而進入下一階段，而反應器正是在下一階段真正釋放出表現上的顯著差異。

And yes, CANDUs do that. They're also not in the US. And there is a pretty important focus on these production capabilities being in the US, not even in our nearest neighbors, right? And so -- and CANDUs are pretty limited. They can do some things pretty well, but they can do everything very well.

是的，CANDU 裝置確實會造成這種情況。他們也不在美國。而且，這些生產能力非常注重留在美國，甚至不留在我們的鄰國，對吧？因此——而且 CANDU 的用途相當有限。他們有些事情做得還不錯，但他們所有事情都能做得非常出色。

And the versatile isotope production reactor design is designed to do pretty much most everything pretty well that you can do with thermal neutrons, key caveat.

而多功能同位素生產反應器的設計旨在很好地完成你能用熱中子完成的大部分事情，但需要注意的是…

So the nice thing about that reactor is we'll have its prototype up running by the middle of next year. It uses standard pressurized water reactor fuel bundles that are just shortened in height at commercial scale. And that's awesome and filled with LEU.

所以這個反應爐的好處是，到明年年中我們就能讓它的原型機投入運作。它採用標準的壓水反應器燃料組件，只是在商業規模下縮短了高度。那真是太棒了，而且富含低能離子。

And it's part of what we were drawn to with this business, was it wasn't trying to design because some of the margins and the numbers that these radioisotopes bring to you have drawn some folks in the field to look at really exotic reactors because you can pay for it because of that.

這也是我們被這個行業吸引的原因之一，它並沒有試圖去設計，因為這些放射性同位素帶來的利潤和數字吸引了該領域的一些人去研究非常特殊的反應堆，因為正因如此，你才能負擔得起。

So you build like a Formula 1 custom reactor to produce these isotopes when maybe all you need is like a Ford F-150 or something similar to that. It doesn't have to go quite as fast or be quite as exotic and therefore, way cheaper and easier to build.

所以你得建造一個類似一級方程式賽車的客製化反應爐來生產這些同位素，而你可能只需要一輛福特 F-150 或類似的東西就夠了。它不必跑得那麼快，也不必那麼奇特，因此造價更低，也更容易建造。

And that was one of the things that really attracted us to Atomic Alchemy, is we were working with them. So that's one of the features here is what that will enable. But then there's the other part, which is some isotopes, you really -- I would say you best produce, if not, uniquely produce in a fast spectrum environment.

而這正是 Atomic Alchemy 真正吸引我們的地方之一，因為我們可以和他們一起工作。所以，這就是它所能實現的功能之一。但還有另一部分，那就是某些同位素，你真的——我想說，你最好是在快速光譜環境下生產，如果不是唯一生產的話。

You need fast neutrons to really do that. And that's where being able to harvest some of the fast neutrons in our fast reactors will unlock those capabilities pretty attractively and then tie that in to the Atomic Alchemy sales channels and -- well, productization and sales channels.

要真正做到這一點，你需要高速中子。而能夠利用我們快堆中的一些快中子，就能非常有吸引力地解鎖這些能力，然後將其與原子煉金術的銷售管道以及產品化和銷售管道聯繫起來。

And that's a pretty cool feature set that we'll be able to have. If you look back in the analyst history, the Fast Flux Test Facility, one of the reactors from which we derive our legacy, a reactor that our Chief Technology Officer spent a lot of time at, had quite cool setup to do a bunch of fast neutron like isotope production work, like a ton and pretty attractive economics to go with it. And that was in a somewhat constrained way of thinking about it.

那真是一套很棒的功能，我們將能夠擁有它。回顧分析師的歷史，快中子通量測試設施（Fast Flux Test Facility）是我們傳承至今的反應器之一，也是我們首席技術官曾花費大量時間研究的反應堆，它擁有非常酷的裝置，可以進行大量的快中子同位素生產工作，而且經濟效益相當可觀。而且，那是一種比較侷限的思考方式。

And then on top of that, the Russians have been significant players in the isotope market at a global scale because they've been using our fast neutron capabilities to do that, too. So it's a pretty significant game changer that does diversify away from capabilities that you can't do with just thermal neutron reactors. But at the end of the day, those are pretty important things.

此外，俄羅斯人也一直是全球同位素市場的重要參與者，因為他們也一直在利用我們的快中子能力來做到這一點。所以這是一個相當重要的變革，它使一些僅靠熱中子反應器無法實現的能力變得多元化。但歸根究底，這些都是非常重要的事。

One other thing I'll just throw out that we've talked a little bit about but it's important to illuminate, to go back to the VIPR reactor, one of the things it's designed for is also being able to do silicon radiation which is, generally speaking, the -- or one of the gold standards for achieving silicon doping right? If you do phosphorus like type vapor deposition or infusion, it's limited in wafer thicknesses and other things like that.

還有一點我想補充一下，我們之前也稍微討論過，但有必要先闡明。回到 VIPR 反應堆，它的設計用途之一就是進行矽輻射，這通常是實現矽摻雜的黃金標準之一，對吧？若採用磷氣相沉積或註入等工藝，在晶圓厚度等方面會受到限制。

Neutrons permeate the material much more uniformly and will then transmute and make that phosphorus doping happen naturally, and it's a pretty attractive thing.

中子能夠更均勻地滲透到材料中，然後發生嬗變，使磷摻雜自然發生，這是一件很吸引人的事。

That capability used to be used, when it existed, in a way because the ability to do that, the radiation went away. So we're also -- that's one of the cool things about VIPR, is it could do stuff like that, too, right? So a lot of flexibility that you couldn't otherwise do without a system design that would be versatile in nature.

這種能力曾經被利用過，但後來因為輻射消失了，所以這種能力也被用到了。所以，這也是 VIPR 的一個很酷的地方，它也能做這樣的事情，對吧？因此，如果沒有一種本質上具有多功能性的系統設計，就無法實現如此大的靈活性。

Jeffrey Campbell, Seaport Research.

Jeffrey Campbell，Seaport Research。

Good evening and congratulations on all the progress. I hadn't planned this one, but I found the last discussion pretty fascinating. So Jake, let me just ask, when you get around to trying to do isotope radiation with an Aurora, are you going to be able to do it in a way that won't interrupt your fuel cycle? You mentioned the Russian reactors. It has a peculiar fuel cycle that allows it to go in periodically and do the irradiation.

晚上好，祝賀你們的所有進展。我原本沒打算寫這篇文章，但我發現上次的討論非常精彩。傑克，我問一下，當你打算用 Aurora 進行同位素輻射實驗時，你能否在不中斷燃料循環的情況下完成這項實驗？你提到了俄羅斯的反應爐。它具有特殊的燃料循環，可以定期進入並進行輻照。

And of course, the CANDU can do it without any interruption. But typically, reactors have to match their fuel -- their refueling cycle with their irradiation. So I'm just wondering what you think about that.

當然，CANDU 可以不間斷地完成這項工作。但通常情況下，反應器的燃料——即燃料補充週期——必須與其輻照週期相符。所以我想知道你對此有何看法。

Yeah, it's a great question. By and large, like the focus of those reactors is really power production but some of the flexibility that will be afforded to us by -- for example, the Aurora, Idaho as well as the Pluto reactors will give us a lot more flexibility to do more work around those things.

是的，這是一個很好的問題。總的來說，這些反應器的重點確實是發電，但例如愛達荷州奧羅拉反應器和冥王星反應器賦予我們的一些靈活性，將使我們有更大的靈活性來進行更多相關工作。

So think of it more as -- imagine some -- like for normal commercial ops, if we want to harvest some of those neutrons because it makes sense, we're going to have to fit it into the power cadence because that's the primary driver.

所以，不妨這樣想——想像一下——就像正常的商業運作一樣，如果我們想要收集一些中子，因為這很有意義，我們就必須將其納入電力節奏，因為那是主要驅動因素。

But we'll have some flexibility in some other reactors that will give us more flexibility to match that accordingly because we're going to be doing other testing work. So there's going to be some interesting planning and coordination like it is for other test reactor -- or radiation and test reactors to optimize to that and do the trade-offs.

但是，在其他一些反應器中，我們將有一定的靈活性，以便我們能夠更靈活地進行相應的調整，因為我們還將進行其他測試工作。因此，將會有一些有趣的規劃和協調工作，就像其他試驗反應器或輻射試驗反應器一樣，以進行最佳化並權衡利弊。

But generally speaking, yes, for the vast majority, the focus, if we're going to use any of their fast neutron capacity, would be largely skewed towards minimizing, if not, completely avoiding interference on the power operation schedule, while there will be a couple that will have more flexibility that we can optimize, too, on the isotope side if it makes sense to do so. So it's one of those acknowledgments of, yes, we're going to have to look at possibly parsing some of the asset's operation schedules if it makes sense to do. And that's the key question there, is if it makes sense to do.

但總的來說，是的，對於絕大多數核電廠而言，如果我們要使用它們的快中子能力，重點將主要放在盡量減少（如果不是完全避免）對電力運行計劃的干擾上；同時，也會有一些核電站具有更大的靈活性，如果這樣做有意義的話，我們也可以在同位素方面對其進行優化。所以，這算是承認了一點，那就是，如果這樣做有意義的話，我們可能需要研究如何解析一些資產的運行計劃。而關鍵問題就在於，這樣做是否有意義。

Okay. Yeah, that makes sense. The other question I wanted to ask you is, if you could give us any update on your proposed natural gas Aurora partnership with Liberty Energy. Liberty has recently spoken about it at a high level, and they seem to indicate they've been aimed towards large projects. Frankly, I wondered if there's been any diminished appetite on Oklo's side as its progression to Aurora construction has accelerated.

好的。嗯，有道理。我也想問您一個問題，您能否向我們提供您提議與 Liberty Energy 合作的 Aurora 天然氣專案的最新進展。Liberty 最近在高層談到了此事，他們似乎表示這些舉措旨在用於大型專案。坦白說，我很好奇隨著 Oklo 向 Aurora 建設的推進速度加快，Oklo 方面是否有所減退。

Yeah. I think, in general, we still see it as a pretty powerful bridge. I think we've seen now several other groups be talking at a broad thematic about the gas-to-nuclear combo and bridging capabilities and features that offers. So we continue to see that as a positive thing in different customer discussions. I think what we see in general though -- and this is a bit anecdotal, so take it for that.

是的。我認為，總的來說，我們仍然將其視為一座非常強大的橋樑。我認為我們現在已經看到其他幾個團體正在就天然氣與核能結合以及由此帶來的過渡能力和特點進行廣泛的主題討論。因此，我們在與不同客戶的討論中，一直認為這是一個正面因素。不過，我認為我們總體上看到的是──這只是個例，僅供參考。

But I think some of the near-term focus and priorities at the moment is around utilizing stuff that's basically on grid to be the nearest term operational preference, where that will be a key enabler for getting some stuff built or powering stuff that's already being built and filling in the power to either meet additionality goals or other feature sets that this can do.

但我認為，目前的一些近期重點和優先事項是利用基本上已併入電網的設備作為近期運營的首選，這將是建造一些設備或為正在建設的設備供電的關鍵推動因素，並填補電力缺口，以滿足額外目標或其他功能集。

And then that is in parallel happening, but just the temporal nature of the project planning isn't followed by the benefits of being able to bring gas and to enable power at a site for either a colocation or near location or even behind-the-meter approach that gas can enable pretty successfully.

同時，其他事情也在發生​​，但專案規劃的時間性並沒有帶來相應的益處，例如在現場引入天然氣和電力，無論是共址、附近位置，甚至是錶後供電方式，天然氣都能很好地實現。

So I mean, it's still a pretty powerful feature in market conversations and discussions. But I think at the end of the day, like -- and I don't think there's much diminishment on it. I think if anything, there's a lot of validation that it's valuable and it's a feature, and it continues to evolve and progress.

所以我的意思是，這在市場對話和討論中仍然是一個非常強大的功能。但我認為歸根結底，就像——而且我認為它並沒有減少多少。我認為，這正好證明了它的價值和實用性，而且它還在不斷發展和進步。

One of the challenges, I think, we see in the commercial markets, I don't know if you'd call it a challenge, but one of the things we've observed is a lot of focus on the hyperscalers has been on the energy objectives they have over the next -- on multi-month scale time frames, right?

我認為，我們在商業市場中看到的一個挑戰，我不知道你是否能稱之為挑戰，但我們觀察到的一件事是，超大規模資料中心營運商的關注點很大程度上集中在他們未來幾個月的能源目標上，對吧？

Maybe that extends out to 24 months or less, but like that's where they're obviously really, really focusing most of their activities, is making sure they're in a good position for all of what they need then. And they're increasingly looking at the longer-term views just given how constrained the power markets are as a whole, realizing they need to expand those horizons and that systematically continue to see evolve and gas as an ability to bring power to a facility or site sooner is pretty powerful.

也許這種情況會持續 24 個月或更短時間，但很明顯，他們真正將大部分精力集中在確保他們屆時能夠獲得所需的一切方面。鑑於電力市場整體受到諸多限制，他們越來越關注長遠發展，意識到需要拓展視野，並系統性地繼續關注天然氣的發展，因為天然氣能夠更快地將電力輸送到設施或場所，這非常強大。

I still think -- I'll say that -- I still think that the understanding of the benefits that making fuel -- government fuel availability, like was it increasing government fuel availability, like the plutonium side, which can be quite accelerative to building new nuclear plants faster and more plants faster? It's still being digested in the market.

我仍然認為——我會這麼說——我仍然認為，理解增加政府燃料供應的好處，例如增加政府燃料供應，例如鈽方面，可以大大加快建造更多新核電站的速度？市場仍在消化這項消息。

So like that may have an ability to help show a path to bringing nuclear on even sooner, and that's, I think, pretty potent. And I think it's still very early innings for folks' understanding of what that means given the nature of it's still pretty fresh.

所以，這或許能夠幫助我們找到一條更快發展核武的道路，我認為這非常有力。我認為，鑑於其性質仍然相當新穎，人們對這意味著什麼的理解還處於非常早期的階段。

Yeah, that makes sense. But at least I wasn't completely irrational. You know what I was saying, so appreciate the color.

嗯，有道理。但至少我並非完全不理智。你知道我的意思，所以要欣賞這種色彩。

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

Yeah. Hey, guys. Just one question for me. Is there a level of prepayments you need to make to secure some of these long lead time items in either the nuclear, nonnuclear supply chain? And wondering if you can quantify how much capital it will require to just ensure access to those long lead time items as you scale.

是的。嘿，夥計們。我只有一個問題。在核能或非核能供應鏈中，是否需要預付一定金額才能確保獲得某些交貨週期較長的物料？我想知道，隨著業務規模的擴大，為了確保能夠獲得那些交貨週期長的商品，究竟需要多少資金？

I can take that one. So like we're currently working on progressing, I don't want to mention the vendor specifically, but some of the other supply chain partnerships we've already announced. And there might be some form of a prepayment, but it's in the -- it's in that 10% range. So it's a number, but it's not significant.

我可以接受這個。就像我們目前正在努力推進的一些事情一樣，我不想具體提及供應商，但我們已經宣布了一些其他的供應鏈合作夥伴關係。可能會有一些預付款，但金額應該在——應該在 10% 左右。所以它只是一個數字，但並不重要。

And I think one of the reasons, though, that we're so glad about the success we've had around the capital raise is that we can -- we don't need to have capital be a constraint that if we find an opportunity, then it makes sense in terms of the returns to do a prepayment because we can get a better price point on the asset, then we can go forth and do that.

不過，我認為我們對此次融資的成功感到非常高興的原因之一是，我們不必讓資金成為限制因素，如果我們發現機會，那麼從回報的角度來看，提前付款是有意義的，因為我們可以獲得更好的資產價格，然後我們就可以繼續進行下去。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Hi. Thank you. Just a two-parter on the fuel line pilot at INL. Do you have a target online date? And then the facility was also selected for a DOE program, which you mentioned. And I'm wondering if there's an economic opportunity there as soon as the facility comes online or if that's also something that needs NRC approval to monetize?

你好。謝謝。關於 INL 燃油管線試點計畫的兩部分報告。你有沒有設定目標線上約會日期？然後，該設施也被選中參與您提到的美國能源部項目。我想知道，一旦該設施投入運營，是否就能立即產生經濟效益，還是也需要獲得美國核管會的批准才能獲利？

Yeah. So I just want to understand, the Aurora plant, so that is going through DOE authorization to get built and turned on initially and get through some of the initial operational cycles. And then the intent is to move that over into a commercially operating space.

是的。所以我想了解一下，奧羅拉工廠正在接受美國能源部的授權，以便建造、啟動並完成一些初始運作週期。然後，其目標是將其轉移到商業營運領域。

I will flag like moving that over to an NRC license is the most likely path. It's not impossible, though, that given some of the dynamics of what's happening on the DOE side that there might be pathways to sell into the government that could exist.

我認為，將該許可證轉為 NRC 許可證是最有可能的途徑。不過，考慮到美國能源部目前的一些動態，並不是完全不可能有向政府推銷產品的途徑。

We're not planning that that's exactly where it is, but that is something that has been -- and it was in the EOs, and that might be something that does evolve. But the plan is to convert that over to an NRC license after some of that experience is gained, which, at the end of the day, is great because you point to real data with the real plant.

我們並沒有計劃讓它完全落在那裡，但這確實是過去發生的事情——而且在經濟行動綱領中也出現過，這或許會成為未來發展的方向。但計劃是在積累了一些經驗之後，將其轉換為美國核管理委員會 (NRC) 的許可證，從長遠來看，這很棒，因為你可以用真實的工廠數據來證明這一點。

Just move some of that stuff pretty constructively forward. The Atomic Alchemy plant in Texas, the intent we have on there is to primarily be serving where DOE is. It's not impossible that we go convert it over to an NRC license as well.

把其中一些事情推進得更有建設性。位於德州的原子煉金術工廠，我們在那裡的主要目的是為美國能源部提供服務。我們也不排除將其轉換為美國核管會（NRC）許可證的可能性。

There's some optionality potentially there. But the general view is keep to the DOE facility, get the experience of loading it, running it, doing some radiation work, providing some support to DOE emissions and possibly opening the door for other things.

這其中可能存在一些選擇餘地。但普遍的看法是，留在能源部設施，累積裝載、運作、進行一些輻射研究、為能源部排放提供一些支援的經驗，並有可能為其他事情打開大門。

But at the end of the day, that's how we see that, and that similarly is how we think about the Pluto reactor as well. Again, it's possible that there's a feature set to convert many of these facilities or convert these to NRC license, all of them to NRC licenses. That's a possibility, but the general purpose and plan is we see the Aurora-INL being the one that would make the most sense to do that with.

但歸根究底，我們就是這樣看待這件事的，我們對冥王星反應器的看法也類似。同樣，有可能存在一套功能可以將其中許多設施轉換為 NRC 許可證，或將它們全部轉換為 NRC 許可證。這確實是一種可能性，但總體目的和計劃是，我們認為 Aurora-INL 是最適合進行這項任務的。

The other two, not necessarily, but it depends on some factors that may evolve. Another thing I'll flag is coming out of the executive orders, one of the things that's mentioned and clearly defined in there, just to highlight, is the fact that DOE authorization or DOE-authorized facilities can support and provide "product", right, whether that be power or heat or isotopes or whatever it is to the Department of Energy use cases.

另外兩個方面，不一定，但這取決於一些可能會改變的因素。我還要指出一點，根據行政命令，其中提到並明確定義的一件事是，能源部授權或經能源部授權的設施可以支持和提供“產品”，無論是電力、熱量、同位素還是其他任何能源部用途的產品。

That can then, by how these things are defined, can be and proceed and be built like -- sorry, things that do that work can be under -- like basically authorized under DOE authorization. And that could mean, for example, we are in a position where we build more plants under DOE authorization because they're serving DOE. So that could be something that also occurs.

然後，根據這些事物的定義，就可以像這樣進行和建構——抱歉，做這項工作的事情可以——基本上是在能源部授權下進行授權的。例如，這意味著我們可以在能源部授權下建造更多工廠，因為它們服務於能源部。所以這也有可能發生。

There's nothing firm on that but just given that the EOs put that out there and it does open the door for the possibilities that, that might be something else.

雖然目前還沒有定論，但鑑於行政命令已經提出了這種可​​能性，這或許意味著還有其他可能。

The nice thing and the key thing here that's so important for why we felt confident and excited to move in this pathway that's accelerative is because it's clear that the NRC and DOE are working well together and working together to, I would say, be efficient in how work done by one will be complementarily informative to the other. And that's an important capability set.

令人欣慰的是，也是我們感到充滿信心和興奮地走上這條加速發展道路的關鍵所在，是NRC和DOE顯然正在良好地合作，並且共同努力，可以說，他們能夠高效地使一方的工作能夠與另一方的工作形成互補，從而提供有益的信息。這是一項重要的能力。

And again, that's evidenced pretty clearly by the recent MOU between DOE and NRC, which is supportive of the fact that getting DOE authorization and going through the technical work to do that will be constructive in NRC either licensing conversion and/or, I should say really and future NRC license applications for future commercial plans.

再次，能源部和核管會最近簽署的諒解備忘錄也清楚地證明了這一點，該備忘錄支持這樣一種觀點：獲得能源部的授權並完成相關的技術工作，對於核管會的許可證轉換和/或（我應該說）未來的商業計劃的核管會許可證申請都將具有建設性意義。

Great. Thank you, Jake.

偉大的。謝謝你，傑克。

Craig Shere, Tuohy Brothers.

克雷格·謝爾，圖伊兄弟。

Hi. Thanks for taking the question. What are the prospects for rounding up remaining fuel needs to maximize your made in INL powerhouse to 75 megawatts? And if you don't have it upfront as you commence operations, the later get NRC approval and can commence full commercial sales. At that time, could you refuel to maximum capacity?

你好。感謝您回答這個問題。如何滿足剩餘的燃料需求，從而最大限度地提高您在 INL 製造的發電廠的發電量至 75 兆瓦？如果你在開始營運時沒有預先獲得批准，那麼後來者可以獲得美國核管會的批准，並開始全面商業銷售。當時，你能把油加滿嗎？

Yeah. Although given the recent activities and traction around a multitude of fuel policy arrangements as well as what we're seeing in the commercial fuel supply markets, I think we feel increasingly confident that we'll be able to have the fuel needed to run that facility, if not, immediately at the onset of full power pretty close to the immediate onset of full power.

是的。儘管鑑於最近圍繞眾多燃料政策安排的活動和進展，以及我們在商業燃料供應市場看到的情況，我認為我們越來越有信心，即使不能立即獲得運行該設施所需的燃料，也能在滿負荷運轉時或接近滿負荷運轉時立即獲得燃料。

Not that this is the plan because we feel, again, increasingly confident that there's going to be extra HALEU that we can use for that facility from actually a variety of sources, which is the diversity of sources is part of the confidence -- the inspiration of the confidence.

但這並非計劃，因為我們越來越有信心，我們將有額外的 HALEU 可供該設施使用，這些 HALEU 的來源多種多樣，而來源的多樣性正是信心的來源——信心的靈感來源。

The other part of it is we can in that reactor, if we needed, if we were able to get, for example, access to some of that plutonium feedstock, mix that into fuel that could be located and commingled with the reactor fuel there. It just means some assemblies would have plutonium-bearing fuel.

另一方面，如果需要，如果我們能夠獲得一些鈽原料，例如，我們可以將鈽與燃料混合到反應器中，然後將這些燃料放置在那裡並與反應器燃料混合。這意味著某些組件將使用含鈽的燃料。

Some would just be uranium-bearing fuel. And you can design it to work just fine in that configuration and manner. And given that, that material exists in a pretty much ready-to-fabricate form, it gives us a lot of confidence in how that can actually proceed. So that's how we see that playing out.

有些只是含鈾燃料。您可以將其設計成在這種配置和方式下也能正常運作。鑑於這種材料幾乎已經可以製成，這讓我們對實際生產過程充滿信心。所以我們看到事情就是這樣發展的。

Great. And last for me. To the degree you start employing, which sounds like a great opportunity, this plutonium mix to help bridge quicker plant deployments, does that have any implications on NRC regulatory process? Do they have to shift because of the new fuel mix and having some plutonium in there, does that have any proliferation concerns of any kind?

偉大的。最後，也是我的最後一步。如果你們開始大量使用這種鈽混合物（這聽起來是一個很好的機會），以幫助加快核電廠的部署，那麼這對美國核管理委員會的監管流程會有什麼影響呢？由於新的燃料混合物中含有鈽，他們是否需要進行調整？這是否會引發任何擴散方面的擔憂？

Yeah, it's a very good question. There are some inherent things that are a little different. To go back in the history of this plutonium material, its legacy and policy history, the President's executive orders directed 34 tonnes that was slated for dilute and dispose to be made available for reactors for fueling.

是的，這是一個很好的問題。有些固有的方面略有不同。回顧這種鈽材料的歷史、其遺留問題和政策歷史，總統的行政命令指示將 34 噸原本計劃稀釋和處置的鈽提供給反應器用作燃料。

Before the program of diluted and dispose, which is are we going to spend $20 billion-plus of taxpayer money to just blend the stuff up to kitty litter and sand and bury it, the program before that was actually fabricated into fuel as part of a joint treaty with Russia at the time for stockpile reduction. And the plan was to take that material, fabricate it into fuel for light water reactors and then use in light water reactors.

在稀釋和處置計劃實施之前（該計劃是要花費超過 200 億美元的納稅人資金，將這些東西與貓砂和沙子混合併掩埋），在此之前的計劃實際上是將其製成燃料，作為當時與俄羅斯簽訂的削減庫存聯合條約的一部分。計劃是將這種材料加工成輕水反應器燃料，然後在輕水反應器中使用。

It was called the MOX program and then the facility in South Carolina to do that. That program, there's a -- you could spend a long time and for time's sake, I'll keep it very simple and a little bit simplistic. That program had significant struggles because plutonium fuel and light water reactors, while very doable, is inherently something very different than what we do as a country here.

它被稱為 MOX 計劃，以及在南卡羅來納州建造的用於實施該計劃的設施。那個程序，你可以花很長時間，為了節省時間，我會盡量簡化，讓它更簡單。該計劃遇到了很大的困難，因為鈽燃料和輕水反應器雖然完全可行，但本質上與我們國家正在做的事情截然不同。

So the infrastructure to do all that wasn't necessarily in place because plutonium does behave notably differently in a slow neutron reactor than a fast reactor. It still behaved differently than uranium and the fast reactor, but the difference is it is more amplified and accentuated in the thermal spectrum or slow neutron reactor, especially water-cooled reactor.

因此，完成所有這些工作的基礎設施未必已經到位，因為鈽在慢中子反應器中的行為與在快中子反應器中的行為明顯不同。雖然它與鈾和快堆的行為仍然不同，但區別在於它在熱譜或慢中子反應器（尤其是水冷反應器）中得到了更顯著的放大和強調。

And it wasn't something utilities were really wanting. Fuel markets were not constrained. It was not something that there was a market for. And it was a top-down government-run approach where the facility got way out of control in costs and everything else because it wasn't mainly driven by a a more, I would say, entrepreneurial or enterprising dynamic.

而且這也不是公用事業公司真正想要的。燃料市場並未受到限制。這種產品沒有市場需求。這是一種自上而下的政府運作方式，導致該設施在成本和其他方面完全失控，因為它主要不是由更具創業精神或進取精神的動力所驅動的。

So the recommended options, the best path coming out of that program basically not being in a spot to not proceed was to actually -- the technical panelists were to say, okay, the best thing would be to put it in fast reactors.

因此，建議的方案，也就是該專案最終得出的最佳方案，基本上是——技術專家組成員表示，最好的方法是將其放入快堆中。

But we don't have any fast reactors, so the next best option is just to dilute and dispose it. Well, now we're going to have fast reactors, right, based on what we're doing. So our view is, hey, this is great because -- it's not just that. There are other companies developing reactors and other things that can use this material, and there is a fuel crunch. So now we're in a different world where -- how they think about that.

但我們沒有快堆，所以次優選擇就是將其稀釋並處置。根據我們目前的進展，我們現在將擁有快堆，對吧。所以我們的觀點是，嘿，這很棒，因為——不僅僅是這樣。還有其他公司正在開發可以使用這種材料的反應器和其他設備，而且目前燃料短缺。所以現在我們身處在一個不同的世界，他們對此的看法也不同了。

That facility that I talked about under the light water MOX program was actually going through and have gone through a -- like all of that was set up to be under NRC purview, generally speaking. And so there's a lot of infrastructure in place and experience around that. So there are some differences with things you need to do on the regulatory side for this. But it's not -- it's, generally speaking, pretty well known. But what's really powerful, too, is that DOE expanding with the Reactor Pilot Program to include the fuel pilot program to help fuel these reactors under the pilot program.

我之前提到的輕水 MOX 計畫的那個設施實際上正在經歷，而且已經經歷了——總的來說，所有這些都是為了納入 NRC 的管轄範圍而設立的。因此，這方面已經有很多基礎設施和經驗。因此，在監管方面，你需要做的事情有一些不同之處。但事實並非如此——總的來說，這已經是眾所周知的事情了。但真正強大的是，美國能源部正在擴大反應器試點計畫的範圍，將燃料試點計畫納入其中，以幫助試點計畫下的反應器獲得燃料。

They also are extending their authorization capabilities, and they are the ones that already oversee from a permitting and authorization perspective plutonium work. So it's great to be able to tie in with that. And we've been expanding our partnerships with some of the national labs who have experience doing all that work. So it helps us drive and build out that expertise set in partnership with the experts that we have in this country and accordingly be able to scale that forward. So that's like -- that's how this course charts.

他們也正在擴大其授權能力，而且他們已經從許可和授權的角度監督鈽的開採工作。所以能參與其中真是太好了。我們一直在擴大與一些在相關工作方面經驗豐富的國家實驗室的合作關係。因此，這有助於我們與國內的專家合作，推動和發展這套專業知識體系，並相應地擴大其規模。所以，這就是這門課程的安排方式。

It's got some things that are a little bit different than the uranium side but nothing significantly departed and stuff that's largely like noble and manageable. I mean again, there's contours and elements to it. But generally speaking, there are -- this is -- this has a history and precedent behind it in a multitude of ways between DOE and NRC.

它有一些與鈾礦方面略有不同的地方，但沒有什麼顯著的差異，而且大部分都像貴族一樣，易於管理。我的意思是，它同樣具有輪廓和要素。但總的來說，能源部和核管理委員會之間存在著——這是——這背後有許多歷史和先例。

Where there is -- and to your other part of the question, where there is an exciting opportunity around this is the story and the conversation around proliferation. And I say that because the only way to permanently destroy plutonium out of this universe is to fission it.

至於你問題的另一部分，關於擴散的故事和討論，這裡存在著令人興奮的機會。我說這話是因為，要徹底從宇宙中消除鈽，唯一的方法就是讓它發生裂變。

So by putting it in the reactors, you're fissioning it, and you're trying to get into two fission products that -- like stars have a really hard time synthesizing through supernovas into -- back into plutonium. So that's a cheeky way of saying like this is a pretty good way to get rid of it and generate power in doing so and solve a fuel crunch while doing so.

所以，把它放進反應爐裡，就相當於讓它裂變，你試圖得到兩種裂變產物，就像恆星很難透過超新星合成它們一樣，最後又合成鈽。所以，這其實是一種比較巧妙的說法，意思是說，這是一種很好的擺脫它的方法，同時還能產生電力，並解決燃料短缺問題。

So if anything, our view is pretty strongly, is you obviously apply all the relevant state of the art -- and this is something we've leaned into because of our work in recycling in other fields. Applying state-of-the-art capabilities on safeguards and security around managing this material from receipt into fabrication and then into reactors, and then in the reactors, you're destroying it. So it's actually a pretty cool setup and something that, as a country, we were geared to do.

所以，如果非要說有什麼觀點的話，那就是我們非常堅定地認為，顯然應該應用所有相關的最新技術——而這正是我們在其他領域進行回收利用工作時所重視的。從接收、製造到進入反應爐，再到在反應爐中，你都在應用最先進的安全保障措施來管理這種材料，結果在反應爐中，你卻在銷毀它。所以這其實是一個非常酷的方案，也是我們國家一直都想做的事。

There are some, I would say, predicts out there, mostly just pretty clear antinuclear advocates who have said, oh, this is a non-proliferation concern. I've never understood that because destroying plutonium, I think, is the best way to get rid of it. I think it's objectively the best way to get rid of it. So yes, it's just pretty elegant solution to actually get rid of the material. I think what it really distills to, though, is just like, oh, this is different, and then it's just changed. It takes a little bit of time to socialize and people are like, oh, yes, makes a lot of sense.

我認為，目前有一些預測，其中大部分是立場鮮明的反核倡導者，他們表示，哦，這是一個不擴散問題。我一直不明白這一點，因為我認為銷毀鈽才是處理鈽的最佳方法。我認為客觀來說，這是擺脫它的最佳方法。所以，是的，這確實是一個非常巧妙的去除這種材料的方法。但我認為，歸根結底，就是“哦，這不一樣了”，然後就改變了。社交需要一些時間，人們會說，哦，是的，很有道理。

The other concern is like, well, we'll incentivize other countries to do the same, which, I would also argue, well, I think if we incentivize other counties to destroy their plutonium, that's also a feature in the non-proliferation world, so not necessarily the worst thing on that front. And then I think what's important, too, is this is legacy material from weapons programs.

另一個擔憂是，我們會激勵其他國家也這樣做，但我認為，如果我們激勵其他國家銷毀他們的鈽，這也是防擴散領域的一個特徵，所以從這個角度來看，這未必是件壞事。而且我認為同樣重要的是，這是武器計畫的遺留材料。

As we think about the future and recycling, you're not separating out pure plutonium using state-of-the-art technologies, which again gets back to how I think at a policy level, we should be thinking about leading in the world stage. If we, as a country, are, as what we announced in Tennessee, recycling material in a manner that does not ever produce pure separated plutonium, instead produces uranium, transuranic mix that's co-mingled, that's a good spot to lead from. And so that's how I think about the space.

當我們思考未來和回收時，你並沒有使用最先進的技術來分離純鈽，這又回到了我在政策層面上的想法，我們應該思考如何在世界舞台上發揮領導作用。如果我們作為一個國家，正如我們在田納西州宣布的那樣，以一種永遠不會產生純淨分離鈽，而是產生鈾、超鈾混合物的方式來回收材料，那麼這是一個很好的領導起點。這就是我對這個空間的看法。

Great. Thank you.

偉大的。謝謝。

And with no further questions in queue, I will now hand the call back over to Jake Dewitte, CEO and Co-Founder of Oklo. Please go ahead.

由於沒有其他問題需要回答，我現在將把電話轉回給 Oklo 的執行長兼聯合創始人 Jake Dewitte。請繼續。

Thank you. Thank you all for joining in today. We appreciate it. There's -- this is the second call since the executive orders were signed, the first call since we had the Reactor Pilot Program and fuel pilot program selections. So it has significantly changed how we think about the regulatory landscape and the regulatory strategy we're employing accordingly.

謝謝。感謝各位今天的參與。我們很感激。這是自行政命令簽署以來的第二次通話，也是自反應爐試點計畫和燃料試點計畫選型以來的第一次通話。因此，它極大地改變了我們對監管環境的看法以及我們相應地採取的監管策略。

It's significant in its accelerated features but also in its regulatory derisking features. This aligns pretty well with what we're also seeing in the policy landscape, driving a continued focus and effort on modernization at not just the Department of Energy but the Nuclear Regulatory Commission.

它不僅在加速功能方面意義重大，而且在降低監管風險方面也意義重大。這與我們在政策領域看到的趨勢非常吻合，推動了能源部和核能管理委員會持續關注和努力現代化。

Our work with the NRC has not stopped. It still continues. But now it gets the benefit and the accelerating benefit of working with the Department of Energy and the national laboratory ecosystem that supports this, that will help NRC reviews and generally speaking, enable a world where NRC reviews will be accelerated and made more efficient and generally speaking, improved by the experiences already done by the DOE.

我們與美國核子管理委員會的合作並未停止。這種情況仍在繼續。但現在，它獲得了與能源部和支持這項事業的國家實驗室生態系統合作帶來的好處和加速的好處，這將有助於美國核管理委員會的審查，總的來說，這將使美國核管理委員會的審查得以加快、提高效率，並且總的來說，透過能源部已經取得的經驗得到改進。

DOE has a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities. And the NRC and DOE, don't forget, were born from the same entity, the Atomic Energy Commission. And so there's a lot of common threads. They worked together for a long time, and we're happy to see that that's continuing and in some ways, they're even getting closer again to work together.

美國能源部在安全授權、審查和監督核設施方面有著卓越的記錄。別忘了，美國核能管理委員會 (NRC) 和能源部 (DOE) 都是從同一個機構——原子能委員會——發展而來的。因此，它們之間有很多共同點。他們曾長期合作，我們很高興看到這種合作仍在繼續，而且在某些方面，他們甚至再次走得更近，以便更好地合作。

And I mean that in a constructively independent way, where NRC can use DOE's best resources and information because one of the best ways you can do safety analysis and safety oversight is good understanding of what the system is you're overseeing and leveraging our nation's leadership, technically speaking, that the DOE has, the national labs have to help support that.

我的意思是，以一種建設性的獨立方式，讓美國核管理委員會能夠利用能源部最好的資源和信息，因為進行安全分析和安全監督的最佳方法之一，就是充分了解你所監督的系統，並利用我們國家在技術上的領導地位，也就是能源部所擁有的領導地位，以及國家實驗室所擁有的支持。

It's a pretty powerful combination. So I like to think that we're now moving into this next chapter of this new wave of nuclear that's leveraging the best features of government to its maximum abilities, and that's a benefit for all of us.

這是一個非常強大的組合。所以我認為，我們現在正邁入新一波核能浪潮的下一個篇章，這波浪潮最大限度地發揮了政府的最佳特性，這對我們所有人都有好處。

Additionally, the opportunities around making more fuel sources available, for example, this plutonium material as well as continued traction and efforts to stand -- to build out and invest in and expand the uranium fuel supply chain are pretty accelerative because the bridge fuel opportunities that plutonium gives us is a game changer and building more reactors more quickly and using that to help accelerate the investment and development of the uranium enrichment markets. Uranium enrichment is radically undersupplied in this country, practically meaning like 18%, 20%. We need more of it for just our existing plants.

此外，圍繞著提供更多燃料來源的機會，例如這種鈽材料，以及持續的努力和堅持——建造、投資和擴大鈾燃料供應鏈——都是相當加速的，因為鈽為我們提供的過渡燃料機會是改變遊戲規則的，更快地建造更多反應堆，並利用這些反應堆來幫助加速濃縮鈾市場的投資和發展。該國的鈾濃縮供應嚴重不足，實際供應量只有 18%、20%。我們現有的工廠就需要更多這種肥料。

And we also needed, of course, where we're making less than 1 tonne a year but for HALEU. And so things we can do to help signal more powerful offtakes, orders and investments and therefore, expansion in the HALEU side, supported by building more reactors sooner using bridge fuels is pretty accretive to realizing more fuel supplies and to use maybe a bit of a silly term, fuel leadership, and fuel dominance because back in the 1980s, we as a country, had more fuel production capacity, meaning conversion enrichment, de-conversion, fabrication in the rest of the world combined. And now we definitely don't. So a big opportunity for how that's proceeding. And bridge fuels are a really important piece of that.

當然，我們也需要為 HALEU 提供每年不到 1 噸的產量。因此，我們可以採取一些措施，幫助發出更強有力的承購、訂單和投資信號，從而促進高低濃鈾（HALEU）領域的擴張，例如更快地建造更多使用過渡燃料的反應堆，這對於實現更多的燃料供應，以及用一個可能有點傻的詞來說，燃料領導地位和燃料主導地位，都非常有益。因為早在 20 世紀 80 年代，作為一個國家，我們擁有比世界其他地區加起來更多的燃料生產能力，這意味著轉化濃縮、脫轉化和製造能力。而現在我們肯定不會了。所以，這件事的進展方式蘊藏著巨大的機會。而橋樑燃料是其中非常重要的一環。

And then on the reactor front, one of the great things about the pilot program and the benefits there is an ability to move into building. A big thing that we have long thought from policy would be very supportive of nuclear is to move the front-loaded paperwork to be developed largely or largely as in parallel as possible with the actual building of facilities so that you can do the learning of building while you do the regulatory work so that you know what you're building, one; two, and you know what you're licensing. But also you can have it built and then you get the final authorization before you actually load the fuel and actually run the plant. And the DOE pathways allow us to do that. So we can accelerate timelines.

而在反應器方面，試點計畫的一大優點和優勢在於能夠進入建造階段。我們長期以來認為，政策上的一個重要舉措將非常有利於核能發展，那就是將前期繁瑣的文書工作盡可能與設施的實際建設同步進行，這樣你就可以在進行監管工作的同時學習建設，從而清楚地知道你在建造什麼，以及你在頒發什麼許可證。但也可以在實際裝載燃料和實際運行電廠之前，先完成建造並獲得最終授權。而美國能源部提供的途徑使我們能夠做到這一點。這樣我們就能加快進度。

And it's bringing forward an ability to start going from greenfield and the design of a reactor to turning reactors on and what looks like it's going to be less than 12 months for at least what we're doing on the Atomic Alchemy side as well as some other companies that are pursuing this that were selected under the program.

它將使我們能夠從零開始設計反應堆，到啟動反應堆，而且看起來至少對於我們 Atomic Alchemy 公司以及其他一些入選該計劃並正在從事這項工作的公司來說，這個過程將不到 12 個月。

That's -- as someone said recently, Manhattan project level speed of being able to do these things. And that's a real feature to moving all of this excitement and enthusiasm into real-world application and the iterations that come from being able to build and build more quickly.

正如最近有人所說，這速度堪比曼哈頓計畫。而這正是將所有這些興奮和熱情轉化為現實世界應用以及透過更快地建構和迭代而帶來的真正優勢。

So this is a bit of a dream set of scenarios that I think Caroline and I long dreamed about when we were starting the company, and it's all coming together in a very, very accretive time for us, not just to be positioned to take advantage of it because of where we are as a company and the maturity we have but also the resources we have to bring to bear to it.

所以，這有點像是卡羅琳和我創辦公司之初就一直夢想的一系列場景，而現在這一切都在對我們非常有利的時期匯聚在一起，這不僅是因為我們公司目前的地位和成熟度，使我們能夠利用這些機會，還因為我們擁有可以投入的資源。

So we're very excited that we are selected for three of those Reactor Pilot Programs as well as the fuel line programs and executing down that as we also scale forward with additional customer development and future sites and deployment opportunities.

因此，我們非常高興能夠入選其中三個反應爐試點項目以及燃料管線項目，並隨著我們不斷擴大客戶開發規模、拓展未來場地和部署機會，逐步推進這些項目的實施。

Thank you, all.

謝謝大家。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天蒞臨。今天的電話會議到此結束。您現在可以斷開連線了。