Oklo Inc. (OKLO) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to Oklo first-quarter 2026 financial results and webcast. (Operator Instructions)

各位好。感謝各位加入我們，歡迎收看 Oklo 2026 年第一季財務業績與網路直播。（接線員指示）

I will now hand the conference over to Sam Doane, Senior Director of Investor Relations. Sam, please go ahead.

我現在把會議交給投資人關係資深總監 Sam Doane。Sam，請開始。

Thank you, operator, and good afternoon, everyone, and welcome to Oklo's first-quarter 2026 earnings and company update call. I'm Sam Doane, Oklo's Senior 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. After my opening remarks and the forward-looking statement disclosure, Jake will walk through our business update and strategic progress, and Craig will cover our financial results and closing remarks.

謝謝接線員，各位下午好，歡迎參加 Oklo 2026 年第一季財報與公司最新進展電話會議。我是 Oklo 投資人關係資深總監 Sam Doane。今天與我一同出席的有 Oklo 共同創辦人兼執行長 Jake DeWitte，以及我們的財務長 Craig Bealmear。今天搭配的簡報投影片可在我們網站的投資人關係專區取得。在我開場致詞與前瞻性陳述揭露之後，Jake 將說明我們的業務更新與策略進展，Craig 則將說明我們的財務結果與結語。

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 the actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclaimer 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.

我想提醒各位，今天的討論（包括我們的準備稿與隨後的問答環節）將包含前瞻性陳述。這些陳述反映我們目前對趨勢、假設、風險、不確定性及其他因素的看法，而這些因素可能導致實際結果與今日討論內容出現重大差異。我們鼓勵各位查閱我們補充投影片中所載的前瞻性陳述免責聲明。相關風險因素的更多資訊亦可在我們最近向美國證券交易委員會（SEC）提交的文件中找到。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陳述的義務。

With that, I'll now turn the call over to Jake.

接下來，我把電話會議交給 Jake。

Thank you, Sam, and thank you, everyone, for joining us today. Before we get into the quarter, I want to step back briefly. It has been almost exactly two years since Oklo became a public company, and since that time, there has been incredible progress at Oklo and for the industry as a whole. For Oklo, the story has increasingly moved from strategy to execution.

謝謝你，Sam，也謝謝各位今天加入我們。在進入本季內容之前，我想先稍微退一步回顧。Oklo 成為上市公司至今幾乎正好兩年，而在這段期間，Oklo 以及整個產業都取得了令人驚豔的進展。對 Oklo 而言，我們的故事正日益從策略走向執行。

Since becoming a public company, we have built a customer pipeline across data centers, industrials, energy, and government customers. We have advanced major customer relationships, including Switch and Meta. We broke ground on our first Aurora Powerhouse at Idaho National Laboratory, advanced site work procurement, and Department of Energy authorization for Aurora-INL, and continue to make progress with the Nuclear Regulatory Commission, including approval of our Principal Design Criteria topical report.

自成為上市公司以來，我們已在資料中心、工業、能源以及政府客戶等領域建立了客戶管線。我們推進了多項重要客戶關係，包括 Switch 與 Meta。我們在愛達荷國家實驗室（INL）為首座 Aurora Powerhouse 動工，推進了場址工程採購，以及能源部（DOE）對 Aurora-INL 的授權，並持續與美國核能管理委員會（NRC）取得進展，包括核准我們的《主要設計準則》（Principal Design Criteria）專題報告。

We also advanced Aurora-Ohio, including plans with Meta for a 1.2-gigawatt power campus while continuing to expand the fuel infrastructure needed to support deployment. This includes progress on the Aurora Fuel Fabrication Facility at INL, the Tennessee Advanced Fuel Center, and our fast-spectrum plutonium criticality experiments. On the isotope side, we acquired Atomic Alchemy, built the Groves test reactor facility in 229 days, and we are developing our first isotope customer contracts for offtake from the radiochemistry laboratory.

我們也推進了 Aurora-Ohio，包括與 Meta 規劃 1.2 吉瓦的電力園區，同時持續擴充支援部署所需的燃料基礎設施。這包括 INL 的 Aurora 燃料製造設施、田納西先進燃料中心，以及我們的快譜鈽臨界實驗的進展。在同位素方面，我們收購了 Atomic Alchemy，在 229 天內建成 Groves 測試反應爐設施，並正為放射化學實驗室的承購（offtake）開發首批同位素客戶合約。

And importantly, we strengthened the balance sheet to support deployment and long-term growth. Oklo is no longer just preparing for deployment; we are actively building the platform to support it. The broader environment continues to move in a direction that is providing tremendous momentum and supports our strategy. We are seeing US Nuclear tailwinds shift from policy endorsement to execution, which manifests across power markets, fuel recycling, and now into space travel and exploration.

同樣重要的是，我們強化了資產負債表，以支援部署與長期成長。Oklo 不再只是為部署做準備；我們正積極打造支援部署的平台。整體外部環境持續朝著為我們帶來巨大動能、並支持我們策略的方向發展。我們看到美國核能的順風正從政策背書轉向落地執行，並體現在電力市場、燃料回收再利用，且如今延伸至太空旅行與探索。

The White House launched the National Initiative for American Space Nuclear Power, and the DOE has been directed to assess readiness for up to four space reactors within five years. That is a very strong signal that nuclear is increasingly being viewed as strategic infrastructure beyond the grid, beyond this planet, and beyond this century.

白宮啟動了「美國太空核能國家倡議」（National Initiative for American Space Nuclear Power），並指示 DOE 評估在五年內最多四座太空反應爐的就緒程度。這是非常強烈的訊號，顯示核能正日益被視為超越電網、超越地球、甚至超越本世紀的戰略性基礎設施。

Our business touches several of the world's expanding needs. Almost every incredible thing we have done in space has been powered by isotopes, and that will most likely continue to be true, which means isotope production, fuel development, compact reactors, and materials testing are all relevant markets. And even before permanent space reactors are deployed, our Isotope business can support space applications through radioisotope materials for systems like radioisotope thermoelectric generators, which are used to provide reliable power in extreme environments.

我們的業務觸及多項全球正在擴張的需求。人類在太空所完成的幾乎每一項驚人成就，都由同位素提供動力，而這很可能仍將如此；這意味著同位素生產、燃料開發、緊湊型反應爐與材料測試都是相關市場。即使在永久性太空反應爐部署之前，我們的同位素業務也能透過放射性同位素材料支援太空應用，例如用於放射性同位素熱電發電機（RTG）等系統，為極端環境提供可靠電力。

At the same time, PJM continues to highlight the need for new firm supply, including bridging a potential 50- to 60-gigawatt capacity shortfall over the next decade and a proposed reliability backstop procurement framework. That supports our view that co-located and campus-style deployment models can be an important part of serving large loads and also underscores why we are progressing deployment of power assets in power park-type-like locations such as those we are developing in Southern Ohio. Demand continues to build for reliable baseload power.

同時，PJM 持續強調新增可調度（firm）供給的需求，包括在未來十年可能出現 50 至 60 吉瓦的容量缺口，以及一項擬議的可靠性後備採購架構。這支持我們的觀點：共址（co-located）與園區式部署模式可成為服務大型負載的重要方式，也凸顯我們為何推進在類似電力園區的地點部署電力資產，例如我們正在俄亥俄州南部開發的地點。對可靠基載電力的需求仍在持續攀升。

And on the fuel side, the DOE has issued requests for applications to advance privately-funded used nuclear fuel recycling, while states are increasingly competing to host integrated nuclear campuses that can support clean, reliable, and affordable energy at scale. Together, these developments reinforce the idea that used fuel should be viewed not as a liability but as a strategic domestic energy resource.

在燃料方面，DOE 已發布申請徵求，以推進由民間資金支持的用過核燃料回收再利用；同時，各州也日益競相爭取承接整合式核能園區，以規模化提供潔淨、可靠且可負擔的能源。綜合而言，這些發展強化了一個觀念：用過燃料不應被視為負債，而應被視為具戰略意義的國內能源資源。

We are also seeing ongoing innovation at the NRC to expand the licensing pathways available to small advanced reactors, which helps accelerate deployment. Part 57 is designed around faster, repeatable deployment of microreactors and smaller advanced reactors. The NRC has discussed targeted licensing and deployment timelines of 6 to 12 months. That is a very different cadence from traditional nuclear licensing frameworks we were discussing just a few years ago.

我們也看到 NRC 持續創新，以擴大可用於小型先進反應爐的許可途徑，進而加速部署。Part 57 的設計目標是更快速、可重複地部署微型反應爐與較小型的先進反應爐。NRC 已討論 6 至 12 個月的目標許可與部署時程。這與我們在幾年前討論的傳統核能許可框架節奏截然不同。

Part 57 also proposes fleet-based licensing and more standardized reviews for smaller repeatable reactors, which could significantly streamline future licensing for projects with multiple same-kind assets, aligning with Oklo's repeatable deployment multiple powerhouse campus-style development approach. Part 57 also appears to leverage DOE and Department of War authorized operating experience to reduce duplicative NRC reviews. That is important because our initial deployments of DOE-authorized assets will generate real engineering, construction, safety, and operating experience, and that experience may inform and streamline future NRC reviews, enhancing the strategy value of those early asset deployments.

Part 57 也提出以機隊（fleet）為基礎的許可，以及對較小且可重複反應爐進行更標準化的審查，這可能大幅簡化未來針對多個同型資產專案的許可流程，並與 Oklo 以可重複部署、在多座 powerhouse 的園區式開發方法相一致。Part 57 似乎也利用 DOE 與國防部（Department of War）授權的運轉經驗，以降低 NRC 重複性審查。這很重要，因為我們初期部署的 DOE 授權資產將產生真實的工程、施工、安全與運轉經驗，而這些經驗可能為未來 NRC 審查提供參考並加以簡化，提升早期資產部署的策略價值。

The NRC has also finalized Part 53, an important modernization step because it creates a risk-informed, technology-inclusive framework for advanced reactors, though the development of the proposed Part 57 may be even more directly relevant and beneficial for Oklo. NRC modernization is moving in a direction that appears highly aligned with Oklo's targeted fleet deployment model of advanced reactors with repeatable designs.

NRC 也已定案 Part 53，這是重要的現代化一步，因為它為先進反應爐建立了以風險為基礎、技術包容的框架；不過，擬議中的 Part 57 的發展可能對 Oklo 更具直接相關性與效益。NRC 的現代化正朝著與 Oklo 以可重複設計為核心的先進反應爐機隊部署模式高度一致的方向前進。

Two years ago, the advanced nuclear conversation was still largely about policy support, customer interest, and long-term potential. Today, the conversation at Oklo is increasingly about execution. We are advancing licensing pathways across three businesses: securing multiple fuel pathways; converting demand into deployable, repeatable projects; and deploying and operating assets to meet that demand. We believe that Oklo is well-positioned to meet market demand as an integrated platform across three business units: Power, Fuel, and Isotopes.

兩年前，先進核能的討論仍主要聚焦在政策支持、客戶興趣與長期潛力。如今，在 Oklo 的討論正日益聚焦於執行。我們正跨三大業務推進許可途徑：確保多元燃料途徑；將需求轉化為可部署、可重複的專案；以及部署並運轉資產以滿足該需求。我們相信，Oklo 以電力、燃料與同位素三大事業單位構成的整合平台，已具備良好條件以滿足市場需求。

Power is the anchor product, clean, reliable baseload power and heat delivered through our Aurora powerhouses. Fuel is the enabler, fabrication, recycling, and multiple fuel supply pathways that support deployment. And isotopes that expand the platform into high-value domestic market sectors that will supply products for critical uses, including space, defense, industrial, and most importantly, healthcare.

電力是核心產品，透過我們的 Aurora powerhouses 提供潔淨、可靠的基載電力與熱能。燃料是關鍵推動者，包含製造、回收再利用，以及支援部署的多元燃料供應途徑。同位素則將平台延伸至高價值的國內市場領域，供應關鍵用途產品，包括太空、國防、工業，以及最重要的醫療保健。

These are complementary businesses with capabilities designed to reinforce each other over time. That integration is central to how we believe Oklo can scale. And we are in action, building assets across all three of our business verticals as we speak.

這些是相互補強的業務，其能力設計旨在隨時間彼此強化。這種整合是我們相信 Oklo 能夠擴張的核心。而此刻我們正在行動，同步在三大業務垂直領域建置資產。

On the Power side, we have Aurora-INL, our Aurora powerhouse at Idaho National Laboratory; Aurora-Ohio, our planned 1.2 gigawatt clean energy campus; and Aurora-Eielson, a co-generation project planned to provide heat and power for Eielson Air Force Base in Alaska.

在電力方面，我們有 Aurora-INL（位於愛達荷國家實驗室的 Aurora powerhouse）、Aurora-Ohio（規劃中的 1.2 吉瓦潔淨能源園區），以及 Aurora-Eielson（規劃中的熱電共生專案，將為阿拉斯加的 Eielson 空軍基地提供熱能與電力）。

On the Fuel side, we have the Aurora Fuel Fabrication Facility at INL and the Advanced Fuel Center in Tennessee, which begins with our first phase, a used nuclear fuel recycling facility. We are also developing plans for the potential use of plutonium-based fuels as a bridge fuel.

在燃料方面，我們有位於 INL 的 Aurora 燃料製造設施，以及田納西先進燃料中心，該中心將從第一階段開始，也就是用過核燃料回收再利用設施。我們也在制定計畫，評估以鈽基燃料作為過渡燃料的潛在用途。

And in Isotopes, we have Groves, our radioisotope test reactor, which is targeting criticality by July 4 of this year, and the Idaho Radiochemistry Laboratory, which already has an NRC license and is working toward generating early commercial isotope revenue starting in 2026.

在同位素方面，我們有 Groves（我們的放射性同位素測試反應爐），目標是在今年 7 月 4 日達到臨界；以及愛達荷放射化學實驗室，該實驗室已取得 NRC 許可，並正推進自 2026 年起創造早期商業同位素營收。

We are actively executing across all three business units of our vertically integrated nuclear platform, building the infrastructure, fuel pathways, licensing strategies, supply chain strategies, and commercial capabilities needed to deploy repeatedly. We used this slide last quarter, but it is worth revisiting briefly because it is a helpful reminder of how the pieces fit together.

我們正積極在這個垂直整合的核能平台三大事業單位全面執行，建置可支援重複部署所需的基礎設施、燃料途徑、許可策略、供應鏈策略與商業能力。我們上季使用過這張投影片，但值得再次簡要回顧，因為它有助於提醒各位各個環節如何相互契合。

In the conventional nuclear value chain, mining enrichment, power generation, and long-term waste storage are fragmented across different parties. Oklo's model is designed to connect fuel fabrication, power production, fuel recycling, and isotope production into an integrated loop.

在傳統的核能價值鏈中，採礦與濃縮、發電以及長期廢棄物儲存分散在不同的參與方之間。Oklo 的模式旨在把燃料製造、電力生產、燃料回收再利用與同位素生產串聯成一個整合式循環。

Power creates fuel demand. Recycling supports long-term supply. Recovered materials can support isotope opportunities. So this is a quick reminder, but an important one. Power, fuel, and isotopes are all synergistic capabilities, not separate strategic directions.

電力會創造燃料需求。回收再利用支撐長期供應。回收材料也能支援同位素機會。所以這是一個快速提醒，但很重要。電力、燃料與同位素都是彼此協同的能力，而不是彼此分離的策略方向。

We believe Oklo is the key player in the nuclear sector advancing the strategic integrated business model. Since our last company update just eight weeks ago, we've continued to make progress across all three business units.

我們相信 Oklo 是核能領域推進策略性整合式商業模式的關鍵玩家。自從八週前我們上次公司更新以來，我們在三個事業單位都持續取得進展。

In Power, Aurora-INL has submitted the Preliminary Documented Safety Analysis, or PDSA, for review with the Department of Energy, advanced procurement and site development, and received approval from the NRC for a Principal Design Criteria topical report. Aurora-Ohio has moved forward with PJM interconnection applications. For Aurora-Eielson, site characterization has been initiated. And with Project Pluto, we announced a strategic partnership project with Battelle Energy Alliance in Idaho National Laboratory for an industry-leading initiative to integrate AI into reactor and fuel system design.

在電力方面，Aurora-INL 已向能源部提交《初步文件化安全分析》（Preliminary Documented Safety Analysis，PDSA）供審查，並推進先期採購與場址開發，同時也獲得美國核能管制委員會（NRC）核准 Aurora-INL 的《主要設計準則》專題報告。Aurora-Ohio 已推進 PJM 並網申請。Aurora-Eielson 已啟動場址特性調查。而在 Project Pluto 方面，我們宣布與愛達荷國家實驗室（Idaho National Laboratory）的 Battelle Energy Alliance 展開策略夥伴合作專案，推動一項業界領先的計畫，將 AI 整合到反應爐與燃料系統設計中。

In Fuel, early construction activities at A3F are underway and final design deliverables are complete. The Tennessee Fuel Recycling Facility continues through application readiness review with the NRC, and site preparation continues. We also announced a collaboration with NVIDIA and Los Alamos National Laboratory to support fuel validation work for plutonium-bearing fuels.

在燃料方面，A3F 的早期施工活動正在進行，最終設計交付物已完成。田納西燃料回收設施持續進行與 NRC 的申請就緒審查（application readiness review），場址整備也持續推進。我們也宣布與 NVIDIA 及洛斯阿拉莫斯國家實驗室合作，支援含鈽燃料的燃料驗證工作。

And in Isotopes, Groves has its PDSA in review, has its DSA submitted, and received a Certificate of Substantial Completion for construction. The Idaho Radiochemistry Laboratory is also advancing our first customer contract, paving the way for potential revenue generation in 2026. Across the company, our mindset has shifted toward asset deployment, which is supporting asset delivery across all three business units, enabled by multiple regulatory pathways and unlocking several growing potential revenue opportunities.

在同位素方面，Groves 的 PDSA 正在審查中，DSA 已提交，且已取得施工《實質完工證明》（Certificate of Substantial Completion）。愛達荷放射化學實驗室也在推進我們的第一份客戶合約，為 2026 年潛在營收創造鋪路。在全公司層面，我們的思維已轉向資產部署，透過多重監管途徑推動三個事業單位的資產交付，並解鎖多項持續成長的潛在營收機會。

First, we'll start with the Fuel business updates. Fuel availability is one of the most important gating items for advanced nuclear deployment and is one of the areas where Oklo has spent years building differentiated capabilities and optionality. A3F is the Aurora Fuel Fabrication Facility at INL, which will be fabricating fuel for the Aurora-INL and supporting future Aurora deployments.

首先，我們從燃料事業更新開始。燃料可得性是先進核能部署最重要的關鍵限制因素之一，也是 Oklo 多年來投入打造差異化能力與選擇權的領域之一。A3F 是位於 INL 的 Aurora 燃料製造設施（Aurora Fuel Fabrication Facility），將為 Aurora-INL 製造燃料並支援未來 Aurora 的部署。

On the DOE authorization side, A3F has received approval for its Nuclear Safety Design Agreement, or NSDA, and its Preliminary Documented Safety Analysis, or PDSA. The next milestones are approval of the Documented Safety Analysis, or DSA, completion of the readiness review, and startup approval.

在能源部授權方面，A3F 已獲核准其《核安全設計協議》（Nuclear Safety Design Agreement，NSDA）以及其《初步文件化安全分析》（PDSA）。下一個里程碑是《文件化安全分析》（Documented Safety Analysis，DSA）核准、完成就緒審查，以及啟動核准。

On execution, early construction activities are complete. Final design deliverables are complete, and the next major execution milestone is expected to be the construction contract award.

在執行方面，早期施工活動已完成。最終設計交付物已完成，下一個主要執行里程碑預計為施工合約授標。

The Tennessee Advanced Fuel Center is our first major step toward long-term recycling capability. Site preparation activities continue in Tennessee, technology development continues to mature the design, and the NRC application readiness review continues. As of April 2026. The Department of Energy has initiated an accelerated private sector-led pathway for nuclear fuel recycling, moving away from the once-through cycle toward reprocessing for advanced reactors. We will continue to evaluate the right pathway as the project advances.

田納西先進燃料中心（Tennessee Advanced Fuel Center）是我們邁向長期回收再利用能力的第一個重大步驟。田納西的場址整備活動持續進行，技術開發持續成熟設計，NRC 的申請就緒審查也持續進行。截至 2026 年 4 月，能源部已啟動一條加速的、由民間部門主導的核燃料回收再利用途徑，從一次通過（once-through）循環轉向為先進反應爐進行再處理（reprocessing）。隨著專案推進，我們將持續評估最合適的途徑。

We also announced the collaboration with NVIDIA and Los Alamo's National Laboratory to advance nuclear fuel validation. We see this collaboration as a potential key strategic enabler because it brings together Oklo's fast reactor platform, NVIDIA's AI infrastructure, and Los Alamos's fuel and materials expertise.

我們也宣布與 NVIDIA 及洛斯阿拉莫斯國家實驗室合作，以推進核燃料驗證。我們將此合作視為潛在的關鍵策略促成因素，因為它結合了 Oklo 的快中子反應爐平台、NVIDIA 的 AI 基礎設施，以及洛斯阿拉莫斯在燃料與材料方面的專業。

The collaboration supports AI-enabled modeling, digital twins, and validation work for plutonium-bearing fuels. It also advances fuel development for Pluto, one of our DOE reactor pilot program projects. The broader significance is that AI can help accelerate nuclear development, while nuclear can provide firm power for AI infrastructure. In this case, the collaboration links advanced nuclear power, AI-enabled research, and nuclear fuel R&D, and it supports the technical foundation for plutonium-bearing fuel work. It is another example of how our power and fuel strategies are connected to some of the most important infrastructure needs in the market today.

此合作支援 AI 賦能的建模、數位分身（digital twins）以及含鈽燃料的驗證工作。它也推進 Pluto 的燃料開發，Pluto 是我們能源部反應爐試點計畫（DOE reactor pilot program）專案之一。更廣泛的意義在於，AI 可協助加速核能開發，而核能可為 AI 基礎設施提供穩定電力。在此案例中，該合作把先進核能發電、AI 賦能研究與核燃料研發連結起來，並支援含鈽燃料工作的技術基礎。這也是我們電力與燃料策略如何與當前市場最重要的一些基礎設施需求相互連結的另一個例子。

Moving now to Power asset updates. Aurora-INL remains the anchor of our power deployment strategy, and we are advancing regulatory procurement and site work in parallel. On the DOE side, we have executed the Other Transaction Agreement, or OTA, and received approval for the Nuclear Safety Design Agreement. The Preliminary Documented Safety Analysis is currently in review, and the next milestones are approval of the Documented Safety Analysis, completion of the Readiness Review and Start-up Approval.

接著是電力資產更新。Aurora-INL 仍是我們電力部署策略的核心，我們正並行推進監管、採購與場址工作。在能源部方面，我們已簽署《其他交易協議》（Other Transaction Agreement，OTA），並取得《核安全設計協議》核准。《初步文件化安全分析》（PDSA）目前正在審查中，下一個里程碑是《文件化安全分析》（DSA）核准、完成就緒審查與啟動核准。

The DOE pathway allows us to continue advancing construction, procurement, and system integration while the project moves through authorization. At the same time, and as we have noted in previous updates, we continue to work with the NRC in parallel as demonstrated by the NRC's approval of the Principal Design Criteria Topical Report for the Aurora-INL. This approval is important because it establishes the fundamental safety, reliability and performance requirements that can guide future reactor licensing and design activities. It also clears the path for the report to be referenced in future applications, reducing the need to re-review established material.

能源部途徑使我們能在專案進入授權流程期間，持續推進施工、採購與系統整合。同時，正如我們在先前更新中所提到的，我們也持續與 NRC 並行合作，並由 NRC 核准 Aurora-INL 的《主要設計準則》專題報告作為佐證。此核准很重要，因為它確立了基本的安全性、可靠性與性能要求，可用以指導未來反應爐許可與設計活動。它也為該報告在未來申請中被引用清除障礙，降低對既有材料重複審查的需求。

To be clear, that is the point of parallel pathing our regulatory approach. We are using the DOE pathway to move the first asset forward while continuing NRC work that supports broader commercial licensing and future repeatability.

需要說清楚的是，這正是我們採取並行監管路徑的目的。我們使用能源部途徑推動第一個資產向前，同時持續進行 NRC 工作，以支援更廣泛的商業許可與未來的可重複性。

On the site, field execution continues at INL, including the transition to deep foundation excavation, long lead procurement work is advancing across major systems, and supplier engagement is progressing for the reactor module and the balance of plant needs. We also announced a strategic partnership project with Battelle Energy Alliance, the management and operating contractor for INL, to use AI technologies to accelerate advanced reactor and fuel system design work. The project will apply INL's Prometheus AI platform to support AI-enabled engineering workflows, modeling, simulation, and technical documentation, including work related to Pluto, which is a plutonium-fueled powerhouse. Together, the regulatory progress, site execution, and AI-enabled design work are all aimed at accelerating deployment while improving engineering efficiency.

在場址方面，INL 的現場執行持續進行，包括轉入深層基礎開挖；主要系統的長交期採購工作正在推進；針對反應爐模組與廠用系統（balance of plant）需求的供應商洽談也在進展中。我們也宣布與 Battelle Energy Alliance（INL 的管理與營運承包商）展開策略夥伴合作專案，運用 AI 技術加速先進反應爐與燃料系統設計工作。該專案將應用 INL 的 Prometheus AI 平台，以支援 AI 賦能的工程工作流程、建模、模擬與技術文件編製，包括與 Pluto 相關的工作；Pluto 是一座以鈽燃料驅動的強力機組。綜合而言，監管進展、場址執行與 AI 賦能設計工作，皆旨在加速部署並提升工程效率。

At Aurora-Ohio, we continue to advance campus development and permitting readiness. Meta and Oklo announced plans earlier this year to develop a 1.2 gigawatt advanced nuclear power campus in Ohio. And this quarter, Oklo submitted PJM interconnection applications as part of the most recent cluster study, which is key to overall site development and project deployment timelines. We are continuing to look for avenues to enhance site differentiators as we advance the Ohio campus and broader development strategy. We also continue coordination with regulatory bodies to support permitting, site readiness, and project scope alignment while advancing engagement across community, policy, and commercial stakeholders in Ohio.

在 Aurora-Ohio，我們持續推進園區開發與許可就緒工作。Meta 與 Oklo 今年稍早宣布計畫在俄亥俄州開發一座 1.2 吉瓦的先進核能園區。而在本季，Oklo 已在最新一輪叢集研究（cluster study）中提交 PJM 並網申請，這對整體場址開發與專案部署時程至關重要。隨著我們推進俄亥俄園區與更廣泛的開發策略，我們持續尋找強化場址差異化的途徑。我們也持續與監管機構協調，以支援許可、場址就緒與專案範疇一致性，同時推進在俄亥俄州與社區、政策與商業利害關係人的互動。

Aurora-Eielson represents a different but highly strategic power use case. The Defense Logistics Agency-Energy, on behalf of the Department of the Air Force, issued a Notice of Intent to Award to Oklo. The project is an Aurora-derived powerhouse planned for Eielson Air Force Base in Alaska. Site characterization is ongoing, with ground investigations expected to begin this summer.

Aurora-Eielson 代表一個不同但高度策略性的電力使用情境。國防後勤署—能源局（Defense Logistics Agency-Energy）代表美國空軍部（Department of the Air Force）向 Oklo 發出《擬授標通知》（Notice of Intent to Award）。該專案是在阿拉斯加艾爾森空軍基地（Eielson Air Force Base）規劃的一座源自 Aurora 的發電機組。場址特性調查正在進行中，預計今年夏天開始地面勘查。

The project is planned to deliver and meter at least 5 megawatts of electric power, with the primary use case for the asset being the delivery of steam for district heating, integrating with existing base energy infrastructure. Strategically, this demonstrates distributed nuclear for mission-critical defense operations. It is not only about electricity, it is also about heat, resilience, and energy security in a demanding operating environment. It expands Aurora applications beyond commercial campuses and supports the broader case for resilient nuclear power.

該專案規劃至少提供並計量 5 兆瓦的電力，其主要使用情境是提供蒸汽用於區域供熱，並與基地既有能源基礎設施整合。從策略角度看，這展示了可分散部署的核能可用於任務關鍵的國防作業。這不僅關乎電力，也關乎熱能、韌性，以及在嚴苛運作環境中的能源安全。它將 Aurora 的應用擴展到商業園區之外，並支援更具韌性的核能供電之整體論述。

The last asset updates are on our Isotope projects. This business continues to move from development toward near-term operations and commercial activity. This quarter, we completed construction activities for the Groves facility, receiving a certificate of substantial completion for construction for this Greenfield facility in just 229 days. That timing matters and is foundational to our strategy.

最後的資產更新是我們的同位素專案。這項業務正從開發階段邁向近期營運與商業活動。本季，我們完成 Groves 設施的施工活動，這座綠地（Greenfield）設施在僅 229 天內取得施工《實質完工證明》。這個時程很重要，也是我們策略的基礎。

Nuclear is often viewed as slow by default. Groves demonstrates that, with the right design, scope, supply chain, authorization pathway, and commercial mindset, nuclear assets can move much faster than people may expect. And the implications go beyond Groves itself. The lessons we are learning around procurement, construction, installation, regulatory sequencing, and commissioning will inform how we deploy future nuclear assets across the platform.

核能常被預設視為進度緩慢。Groves 證明，只要具備正確的設計、範疇、供應鏈、授權途徑與商業思維，核能資產的推進速度可以比人們預期快得多。而其影響不僅限於 Groves 本身。我們在採購、施工、安裝、監管排序與試運轉（commissioning）方面所學到的經驗，將為我們如何在整個平台上部署未來核能資產提供指引。

On the DOE authorization side, Groves has executed its OTA and received approval for its NSDA. The PDSA is in review, and the DSA has been submitted. The next milestones are completion of the Readiness Review and Startup Approval. From an execution standpoint, the focus now is in final installation of reactor equipment, integrated system testing, and fuel delivery, with the target of July 4, 2026 criticality. We are pleased with the pace of progress, and Groves is helping show what a faster model for nuclear asset deployment can look like.

在 DOE 授權方面，Groves 已完成其 OTA 並取得其 NSDA 的核准。PDSA 正在審查中，DSA 已提交。下一個里程碑是完成就緒審查（Readiness Review）與啟動核准（Startup Approval）。從執行角度來看，目前重點在於反應爐設備的最終安裝、整合系統測試以及燃料交付，目標是在 2026 年 7 月 4 日達到臨界（criticality）。我們對進度的推進速度感到滿意，而 Groves 也正在協助展示核能資產部署更快速的模式可以是什麼樣子。

The second Isotope update is the Idaho Radiochemistry Laboratory. This is an NRC-authorized facility. Oklo received its NRC material handling permit earlier this year, which enables the processing and handling of licensed radioactive materials and supports early commercial isotope activities. This facility gives us the ability to safely process, handle, and supply purified isotope materials under the appropriate regulatory framework, allowing us to engage on commercial offtake opportunities.

第二項同位素更新是愛達荷放射化學實驗室（Idaho Radiochemistry Laboratory）。這是一座獲 NRC 授權的設施。Oklo 今年稍早取得 NRC 放射性物質處理許可，這使得我們能夠處理與操作受許可的放射性物質，並支援早期商業同位素活動。該設施讓我們能在適當的監管框架下，安全地處理、操作並供應純化的同位素材料，使我們得以洽談商業承購（offtake）機會。

On the commercial side, customer engagement continues to advance, and our first commercial isotope contract is pending. We are not naming the customer at this stage, but this represents continued movement toward early commercialization of Oklo's Isotope platform. The broader read-through is that we are building the pieces required for commercial isotope supply, authorized isotope handling capabilities, purified isotope processing, and commercial supply opportunities. This is the path this lab is intended to support.

在商業面，客戶互動持續推進，我們的第一份商業同位素合約正在洽簽中。我們目前不便公布客戶名稱，但這代表 Oklo 同位素平台朝向早期商業化持續前進。更廣泛的解讀是：我們正在建構商業同位素供應所需的各項拼圖——已授權的同位素處理能力、純化同位素加工，以及商業供應機會。這正是該實驗室預期要支援的路徑。

Before turning it over to Craig, I want to briefly highlight our Board of Directors. As Oklo moves from development into execution across multiple assets, we continue to build a Board with experience aligned to the scale and complexity of what we are doing.

在交給 Craig 之前，我想簡要強調我們的董事會。隨著 Oklo 從研發走向多項資產的執行階段，我們持續打造一個在經驗上能匹配我們所做事情之規模與複雜度的董事會。

Michael Thompson now serves as our Lead Independent Director. We also added Dr. Mark Peters, David Christian, Derek Kan, and David Park as new Directors. These additions bring deep experience executing complex and highly technical projects across energy, industrial, infrastructure, finance, and technology sectors.

Michael Thompson 現任我們的首席獨立董事（Lead Independent Director）。我們也新增 Dr. Mark Peters、David Christian、Derek Kan 與 David Park 擔任新任董事。這些加入為我們帶來在能源、工業、基礎建設、金融與科技領域執行複雜且高度技術性專案的深厚經驗。

That breadth matters. We are building a vertically integrated business across Fuel, Power, and Isotopes. Each has significant tailwinds, but each also has distinct execution needs. Adding this type of experience supports our ability to move faster and do more simultaneously as the company scales.

這種廣度很重要。我們正在打造橫跨燃料（Fuel）、電力（Power）與同位素（Isotopes）的垂直整合型業務。每一項都有顯著的順風因素，但也各自有不同的執行需求。加入這類經驗，有助於公司規模化時，我們能更快推進並同時做更多事情。

With that, I will turn it over to Craig for the financial update and closing remarks. Craig?

接下來我把時間交給 Craig 進行財務更新與結語。Craig？

Thanks, Jake. 2026 has started off strong for the company as we added both strength to our balance sheet and deployment of capital to advance our strategic agenda. In the first quarter, Oklo's net loss was $33.1 million made up of loss from operations of $51.2 million and income tax expense of $3.2 million, offset by $21.3 million of net interest and dividend income. Our cash used in operating activities in the first quarter of $17.9 million includes our net loss of $33.1 million, primarily adjusted for noncash charges of $15.6 million from stock-based compensation as well as $0.4 million of other adjustments.

謝謝，Jake。2026 年對公司而言開局強勁，我們一方面強化資產負債表，另一方面也部署資本以推進我們的策略議程。第一季 Oklo 淨損為 3,310 萬美元，包含營運虧損 5,120 萬美元與所得稅費用 320 萬美元，並由 2,130 萬美元的淨利息與股利收入抵銷。第一季營運活動使用現金 1,790 萬美元，包含淨損 3,310 萬美元，主要調整項目為 1,560 萬美元的以股份為基礎之酬勞等非現金費用，以及 40 萬美元的其他調整。

Cash used in investing activities was $359 million, including net cash used for purchases of marketable securities of $321.2 million following the closure of our successful ATM program in the first quarter. In addition, capital spend of $32.8 million increased planned property, plant, and equipment growth across all three business units. Other investment activity during the period was $5 million.

投資活動使用現金為 3.59 億美元，其中包括在第一季成功完成 ATM 計畫後，購買有價證券所使用的淨現金 3.212 億美元。此外，資本支出 3,280 萬美元，推動三個事業單位的廠房、設備與不動產（property, plant, and equipment）按計畫成長。期間其他投資活動為 500 萬美元。

We are trending toward our guided ranges we provided for 2026. Cash used in operating activities of $80 million to $100 million as well as cash used in investing activities for the deployment of property, plant and equipment of $350 million to $450 million, demonstrating Oklo's deployment efforts across our three business units of Power, Fuel and Isotopes. As we focus on accelerating procurement and construction efforts through the year, we expect to continue to make progress aligned towards these targets.

我們正朝向先前提供的 2026 年指引區間前進：營運活動使用現金 8,000 萬至 1 億美元，以及用於部署廠房、設備與不動產的投資活動使用現金 3.5 億至 4.5 億美元，展現 Oklo 在電力、燃料與同位素三大事業單位的部署進展。隨著我們在今年加速採購與施工工作，我們預期將持續取得與這些目標一致的進展。

Oklo ended the first quarter with cash and marketable securities of $2.5 billion, comprising cash and cash equivalents of $1.6 billion and marketable securities of $0.9 billion. This balance includes the additional $1.2 billion of capital generated in the first quarter from the completion of our ATO program. While also generating sizable interest income, this financing provides Oklo with a strong balance sheet, which leaves the company well positioned to benefit from ongoing policy and regulatory tailwinds and to execute on our business plans in 2026 and beyond.

Oklo 第一季末的現金與有價證券合計為 25 億美元，其中現金及約當現金 16 億美元，有價證券 9 億美元。該餘額包含第一季完成 ATO 計畫所新增募集的 12 億美元資本。在同時產生可觀利息收入之下，這項融資使 Oklo 擁有強健的資產負債表，讓公司能充分受惠於持續的政策與監管順風，並在 2026 年及其後執行我們的商業計畫。

Before we move to questions and answers, I'll briefly summarize why Oklo investment case. We believe Oklo is differentiated by the combination of advanced nuclear power, fuel and fuel recycling, isotopes and a vertically integrated business model.

在進入問答之前，我先簡要總結 Oklo 的投資主張。我們認為 Oklo 的差異化在於先進核能發電、燃料與燃料回收（recycling）、同位素，以及垂直整合的商業模式之組合。

Our Power business addresses growing demand for clean, reliable, always on energy. Our Fuel strategy is designed to support deployment while reducing reliance on any single fuel pathway. And our Isotope business adds high-value opportunities that are complementary to the broader platform.

我們的電力事業回應市場對潔淨、可靠、可全天候供應能源的成長需求。我們的燃料策略旨在支援部署，同時降低對單一路徑燃料供應的依賴。而同位素事業則帶來高價值機會，並與更廣泛的平台相互補強。

We are also pursuing licensing pathways that fit the asset and stage of development while early DOE authorized assets helping inform future NRC license deployments. Finally, our potential customer pipeline reflects strong demand across data centers, utilities, industrials, oil and gas and government applications. Together, these elements support our view that Oklo is building a scalable nuclear platform with multiple paths to value creation.

我們也在推進與資產特性及開發階段相匹配的許可（licensing）路徑，同時由早期 DOE 授權資產協助為未來 NRC 許可部署提供參考。最後，我們的潛在客戶管線反映出來自資料中心、公用事業、工業、油氣以及政府應用的強勁需求。綜合而言，這些要素支持我們的觀點：Oklo 正在打造一個可擴展的核能平台，並具備多條價值創造路徑。

With that, thank you again for joining us. We will now open up the call for questions.

再次感謝各位參與。我們現在開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Maybe I'll start with fuel. You secured supply needed for Aurora-INL and they're recycling opportunity looks promising. But curious if you have an update on your Fuel procurement strategy for mid-term opportunities like the Ohio plants with Meta and what you're seeing from enrichment companies out there and your ability to source fuel from them.

我先從燃料開始。你們已確保 Aurora-INL 所需的供應，而且回收（recycling）機會看起來很有前景。但我想了解一下，你們針對像是與 Meta 相關的俄亥俄廠這類中期機會的燃料採購策略是否有更新？以及你們從外部濃縮公司（enrichment companies）那邊看到的情況，還有你們向他們取得燃料的能力如何？

Jake, can you take that?

Jake，你可以回答嗎？

Okay. I'll start it and then, Craig, chime in. I think -- appreciate that. Basically, what we see happening in the space is a number of things evolving. We're actively working with enrichers. Obviously, we have a long time partnership with Centrus. We continue to dig in with the enrichment companies to shape the right format and try to figure out the best ways to accelerate their ability to meet supply, which we feel increasingly encouraged by.

好的。我先說，然後 Craig 也補充一下。謝謝你的提問。基本上，我們看到這個領域正在發生多項演進。我們正積極與濃縮業者合作。顯然，我們與 Centrus 有長期合作關係。我們也持續深入與各家濃縮公司討論，以塑造合適的合作形式，並找出加速他們滿足供應需求的最佳方式；對此我們越來越感到鼓舞。

We're seeing time scales and delivery schedule shift to the left, for the first time. That's pretty amazing. I think just given the activity in the space helps for that. Similarly, we're seeing a significant uptick in different opportunities emerge on the government side for making extra excess materials available, and those are in the form of either basically high-risk uranium that can be recovered and down blended to make high assay, low-enriched uranium or plutonium inventories or stockpile surplus plutonium that can be used, blended with uranium and made as a fuel that's equivalent to HALEU Fuel.

我們第一次看到時程與交付排程往前移，這相當令人驚訝。我認為這與產業內的活動增加有關。同樣地，我們也看到政府端出現顯著增加的各種機會，讓額外的剩餘材料可供使用；這些材料形式包括：基本上可回收並進行降濃（down blend）以製成高豐度低濃縮鈾（HALEU）的高風險鈾（high-risk uranium），或是鈽庫存／剩餘鈽存量，可與鈾混合並製成等同於 HALEU 燃料的燃料。

The good news about those is those are all materials that can exist with very little spin-up time or I should say, sort of production time compared to setting up enrichment capacity. And that's something we've long been pushing forward and excited to sort of see and see happen because it enables a significant amount of what I think of as a bridge fuel to come to market sooner.

這些材料的好消息是，相較於建立濃縮產能，它們幾乎不需要太多的前置啟動時間，或我應該說，生產時間。這也是我們長期以來一直推動並期待看到落地的方向，因為它能讓我所認為的「過渡燃料（bridge fuel）」更早進入市場。

So for the Ohio plants, it's in all sort of hands-on-deck approach, working from the fresh fuel perspective as well as looking at other sources from the government to help get those plants started, with the idea that they transitioned to refueling with sort of commercial HALEU supplies. Until recycling comes online, it makes sense to use in those areas as well.

因此，針對俄亥俄廠，我們採取全力以赴（all hands-on-deck）的方式：一方面從新燃料（fresh fuel）的角度推進，另一方面也評估政府端的其他來源來協助這些電廠啟動；同時的構想是，之後再轉換為以商用 HALEU 供應進行換料（refueling）。在回收尚未上線之前，在這些場景中採用上述方式也合理。

And that's a key differentiator for us, right? We have intentionally selected reactor technology and an integrated sort of strategy approach that allows us to source fuel from fresh daily sources from government reserves that includes uranium and plutonium that can be produced into fuel that can be fueled our reactors as well as recycling, which can produce fuel form that can be used in our reactors. And you can't do that across all reactor types. It's really unique to fast reactors in many ways, and that's something that we've been building the infrastructure for really since the beginning.

而這正是我們的關鍵差異化，對吧？我們刻意選擇了反應爐技術與整合式策略，使我們能從多種來源取得燃料：包括來自政府儲備的新鮮來源（包含可製成燃料的鈾與鈽）以供我們反應爐使用；也包括回收（recycling），其可產出可用於我們反應爐的燃料形式。並非所有反應爐類型都能做到這點；在許多方面，這是快中子反應爐（fast reactors）獨有的特性，而我們自一開始就一直在為此建構相關基礎設施。

Great. Jake, I think the only thing I would add is in addition to things that are underway around the government helping on the supply side, it’s early days, but it also feels like there’s help being provided on the capital side as well. And just to emphasize Jake’s point, we think having more than one pathway in the near term, as that bridge to recycling in the longer term is just -- it makes a lot of strategic sense, which is why we’re progressing more than one avenue.

很好。Jake，我想我唯一要補充的是，除了政府在供應端正在推進的事項之外，雖然仍在早期階段，但也感覺政府在資本端同樣提供協助。並再次強調 Jake 的觀點：我們認為在短期內擁有不只一條路徑，作為通往長期回收（recycling）的過渡橋梁，在策略上非常合理；這也是為什麼我們同時推進不只一個方向。

Jed Dorsheimer, William Blair.

Jed Dorsheimer，William Blair。

Jake, can you just talk about some of the challenges and maybe the timing of going from uranium to plutonium in your Pluto reactor? And then also the advantages that may provide?

Jake，你能否談談在你們的 Pluto 反應爐中，從鈾轉換到鈽在一些挑戰上以及可能的時間點？另外，這可能帶來哪些優勢？

For sure. Thank you, Jed, and thanks for the question. I think that’s one of the key things here with a fast reactor system like ours. You can use plutonium as a fuel source. And the way that works is you take the plutonium as it exists, and this is all surplus plutonium that the government produced largely as part of the weapons program in the past.

當然可以。謝謝你，Jed，也謝謝你的提問。我認為這是像我們這樣的快中子反應爐系統的一個關鍵點之一。你可以使用鈽作為燃料來源。其運作方式是，你取得現有形態的鈽；而這些鈽大多是政府過去主要作為武器計畫的一部分所生產的多餘鈽。

It’s been deemed surplus by various activities, not really suitable for use in that program, and was slated for disposition. Well, the best way to dispose of it is to put it in reactors and split it, which is what we’re intending to do. And plutonium is a really good surrogate as a fuel form compared to, for example, uranium-235, which is the main fissile isotope in uranium that you enrich to concentrate.

它已透過各種作業被認定為多餘，並不太適合再用於該計畫，因此原本規劃要進行處置。那麼，最好的處置方式就是把它放進反應爐中將其裂變分裂，這正是我們打算做的。而且，相較於例如鈾-235（也就是你透過濃縮來提高含量的鈾中主要可裂變同位素），鈽作為燃料形式是一個非常好的替代選項。

So what that means is plutonium exists in a concentrated form today. It’s being made available through a program that the government had a request for applications for as moved forward by an executive order back in May. What that would do is pull that plutonium, enable it to basically be used as a fuel form for reactors like ours. And how that works is you take it, you mix it with uranium and zirconium to cast the metallic fuel form.

這代表鈽在今天就已經以高濃度形式存在。政府在今年 5 月透過一項行政命令推動，並就此發布了徵求申請（request for applications）的計畫，讓這些鈽得以被提供使用。該計畫會把鈽調出來，使其基本上能作為像我們這樣反應爐的燃料形式使用。其作法是把鈽與鈾及鋯混合，鑄造成金屬燃料形式。

That fuel and technical jargon has been deemed or called or referred to as ternary alloy fuel. The long history of research and development in the fast reactor research and development programs in the United States and abroad, it has a deep history to its use and sort of a long supporting qualification base for that.

這種燃料在技術術語上被認定、稱作或被稱為三元合金燃料（ternary alloy fuel）。在美國及海外的快中子反應爐研發計畫中，這種燃料有很長的研發歷史，並且在使用上有深厚的基礎與長期的支撐性資格認證基礎。

So long story short, we can use that plutonium as a fuel source to -- instead of HALEU, which is particularly useful because that material exists and is more readily fabricatable than standing up and spinning up the larger scale HALEU supply chains in the near term. Over time, obviously that takes over, but that plutonium is a finite reserve, right? It’s a limited amount of material that we’ll use to get started.

簡而言之，我們可以使用該鈽作為燃料來源——取代 HALEU。這特別有用，因為就短期而言，這種材料已經存在，且比起在近期建立並擴大更大規模的 HALEU 供應鏈，更容易製造成燃料。當然，隨著時間推移，HALEU 會接手成為主要來源；但鈽是一個有限的儲備，對吧？它是有限量的材料，我們會用它來啟動。

So we’ll build reactors that will start on it, and we’ll gradually replace it and refuel it with either a high assay, low enrichment uranium, HALEU that’s produced, or the fuel produced from recycling, which is a different type. It has all the transuranics mixed together with uranium and everything else. Either way, it’s a really important way to produce a lot of fuel.

因此我們會建造以其為起始燃料的反應爐，並逐步以兩種方式替換並重新裝填燃料：要嘛使用已生產的高含量低濃縮鈾（HALEU），要嘛使用回收再製所產生的燃料（這是另一種類型，包含所有超鈾元素與鈾及其他成分混合在一起）。無論哪種方式，這都是一個非常重要的方法，可用來生產大量燃料。

That 20 tons that the government’s request for applications is making available in this first tranche of plutonium is equivalent to between 160 to 200 tons of HALEU. That’s a huge amount of fuel to get started, and help sort of create this bridge that can move a lot more reactors out the door more quickly.

政府這次徵求申請在第一批（tranche）提供的 20 噸鈽，等同於約 160 到 200 噸的 HALEU。這是一個非常龐大的起始燃料量，並有助於建立一座「橋樑」，讓更多反應爐能更快地交付部署。

In terms of challenges, there are some challenges with it, but they’re manageable from the sense that we’ve used this fuel before in fast reactors. We know how to manage its usage, and it’s a great fuel source. So, it’s one of those things that from a handling perspective and from other pieces, you manage to do that a little bit differently. But it’s something, again, there’s a long history base of in the United States, and we know how to deal with. It’s just an incredibly powerful resource to kickstart building more reactors more quickly.

就挑戰而言，確實有一些挑戰，但它們是可控的，因為我們過去在快中子反應爐中使用過這種燃料。我們知道如何管理其使用，而且它是一個很棒的燃料來源。因此，從處理角度以及其他環節來看，你需要以稍微不同的方式來管理。但同樣地，在美國有很長的歷史基礎，我們知道如何應對。它是一項極其強大的資源，可用來加速啟動並更快建造更多反應爐。

Brian Lee, Goldman Sachs.

Brian Lee，Goldman Sachs。

I just wanted to go back to one of the slides. This Part 57 overview was helpful. Jake, can you maybe frame for us kind of expectations around timing for that?

我想回到其中一張投影片。這個 Part 57 概覽很有幫助。Jake，你能否幫我們框定一下對其時程的預期？

And then it does sound like maybe as part of that the DOE to NRC licensing conversion could be facilitated. Is that the right read? Or kind of how should we think about this in the context of transitioning to NRC licenses from the DOE authorization?

另外，聽起來 DOE 轉換到 NRC 的許可（licensing conversion）可能也會在其中被促進。這樣理解對嗎？或者，我們應該如何在從 DOE 授權轉換到 NRC 許可的脈絡下看待這件事？

Yeah. It’s a great question. Thank you. I think the general view, just to clarify, make very clear, from how the framework for converting from DOE to NRC authorization has been mapped out and planned is accommodating to a number of licensing pathways in the NRC, if that makes sense. Like, at the end of the day, the focus is going to be on how do you best transition an operating asset to an operating reactor, and that process will be developed, but it can fit into a number of different frameworks, 57 being one of them.

是的。這是個很好的問題，謝謝。我想一般的看法是——先澄清並講得非常清楚——就目前規劃與設計的 DOE 授權轉換到 NRC 授權的框架而言，它能容納 NRC 之下多種許可路徑（如果這樣說得通的話）。歸根結底，重點會放在如何把一個正在運作的資產最佳地轉換成一座正在運作的反應爐；這個流程會被建立起來，但它可以納入多種不同框架之中，而 57 只是其中之一。

The way we see Part 57 is a culmination of a lot of work of regulatory engagement to drive the NRC to a more, I would say, performance-based regulatory platform and foundation. It’s something that is like, kind of the fruits of labor spanning back over a decade, which is great to see. What I mean by that is not just the fruits of Oklo labor, I mean the fruits of the labor of the whole industry and the NRC and the government to come up with a better framework that is focused on recognizing the actual sort of hazard and consequence profile of reactors and not laying over massive prescriptive overlays, which is pretty significant and sort of, I would say, streamlining and focusing the regulations on what matter.

我們看待 Part 57 的方式，是把大量監管互動工作的成果匯聚起來，推動 NRC 朝向更偏向以績效為基礎（performance-based）的監管平台與基礎。我會說，這有點像是跨越十多年努力的成果，看到這樣的進展非常好。我所說的成果不只是 Oklo 的成果，而是整個產業、NRC 以及政府共同努力，建立一個更好的框架：著重於認知反應爐實際的危害與後果特徵，而不是疊加大量規定式（prescriptive）的要求。這相當重要，也可說是在精簡並聚焦法規於真正重要的事項。

57’s timeline for implementation is something that I know is going through a period of, as I understand it, a public comment period. I don’t know the exact details on when that’s going to expected to be rolled out, but based on the timelines that the NRC has put all that forward, I think they’re expecting that to be ready to be usable here as soon as later this year. It’s possible that there may be some reasons that that moves a little, but I think that’s the intent, and I think that’s the general timeline target.

至於 57 的實施時程，我知道它正處於一段——據我理解——公開意見徵詢期。我不清楚確切細節何時會正式推出，但依據 NRC 所提出的時程，我認為他們預期最早在今年稍晚就能準備好供使用。也可能因某些原因而略有延後，但我認為這就是其意圖與整體時程目標。

And so I think that’s pretty powerfully important. So it’s a great platform that our reactors can be slotted into. We’re generally quite excited about it. There’s obviously an iterative dynamic that needs to be accommodated. It’s going to be great, but I’m sure there will be ways to make it even better, and that’s something that we’re going to be eagerly engaged on.

因此我認為這非常重要且具影響力。這是一個很棒的平台，我們的反應爐可以被納入其中。我們整體上相當期待。當然，仍需要容納一個迭代式的動態調整。它會很棒，但我也確信會有方法讓它變得更好，而這也是我們會積極投入參與的部分。

But again, I think what’s really important is this is a massive step forward based on what had been looked at in the past and discussed for a long time. And to see it more or less codified like this is incredibly encouraging for us at Oklo, in particular, given the amount of time we’ve sort of taken, the amount of work we’ve put in to really try to modernize regulations going back since our founding and seeing some of those concepts and ideas sort of come to light like this is pretty dang exciting.

但同樣地，我認為真正重要的是：相較於過去被檢視並長期討論的內容，這是一大步的前進。看到它以這樣的方式或多或少被編纂成規，對我們 Oklo 來說非常令人振奮，特別是考量到我們自創立以來投入了大量時間與工作，致力於推動法規現代化；如今看到其中一些概念與想法以這種方式落地，真的相當令人興奮。

So I think it’s a great platform that we’ll tend to use most likely for most of our plants going forward and most likely to convert the Aurora-INL. Of course, depends on a number of the final details that come to bear, but we’re pretty excited about it.

所以我認為這是一個很棒的平台；往後我們很可能會用它來推進我們大多數的電廠，也很可能用來轉換 Aurora-INL。當然，仍取決於一些最終細節的落定，但我們對此相當期待。

And Jake, I’m not the engineer in the firm, but what really excites me about it is it almost feels like it really aligns with the strategy we’ve always had. Jake talked in his speaking points about fleet-based licensing. We’ve always had the plan to deploy a fleet of assets. We’ve always talked about our safety profile and our passive safety characteristics with low consequences, and Part 57 is really an enabler for that sort of design.

而且 Jake，我不是公司裡的工程師，但真正讓我興奮的是，這幾乎讓人覺得它與我們一直以來的策略高度一致。Jake 在他的發言重點中談到以機隊為基礎的許可（fleet-based licensing）。我們一直都有部署一整個資產機隊的計畫。我們也一直在談我們的安全特性、被動安全特徵以及低後果（low consequences）的安全剖面，而 Part 57 確實是促成這類設計的推動因素。

I think the other thing that maybe excites me from an efficiency standpoint is it is trying to take unnecessary steps that have already been done in one process and leverage that. So I think there’s just a lot of really positive things to take away for our powerhouse business as it relates to Part 57.

我認為另一個從效率角度讓我感到振奮的點是，它試圖把在某個流程中已經完成的不必要步驟移除，並加以沿用其成果。因此，就我們的發電主力業務而言，與 Part 57 相關的部分有很多非常正面的收穫。

Your next question -- please continue.

下一個問題——請繼續。

I'm sorry. I just -- yeah, I was just going to add. I’m so sorry. I’ll just tie onto that.

不好意思。我只是——對，我只是想補充一下。我很抱歉。我就接著剛才那點說。

I think Greg hits this, and I think one of the things that’s just very valuable about Part 57 is it is a culmination of a lot of work done dating back that spans things we were putting forward in our pre-application activities starting in 2016, work that the industry was working on from a few years after that kind of onward. So it’s very encouraging, and I think -- well, it’s exciting to see it come to bear like this because I think it’s going to be quite transformative.

我認為 Greg 把這點講得很到位，而我認為第 57 部分（Part 57）非常有價值的一點在於，它是大量工作累積的成果，這些工作可追溯到我們自 2016 年開始在申請前（pre-application）活動中提出的內容，也包括產業在之後幾年持續推進的工作。因此這非常令人鼓舞；而且我認為——看到它以這種方式落地實現也很令人振奮，因為我認為它將帶來相當具變革性的影響。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

For the PJM Interconnection request, do you have a sense for the turnaround time on that? And does approval come irrespective of where you are in the NRC regulatory process?

針對 PJM Interconnection 的併網申請，你們對其處理週期（turnaround time）有概念嗎？另外，核管會（NRC）的監管流程進度是否會影響該申請的核准，或是無論你們在 NRC 流程走到哪一步都可能獲批？

I don’t have the best answer for the timeline on the interconnection request timescales. I don’t know, Craig, if you do. I think the way I would understand it is.

我對併網申請時程的時間尺度沒有最好的答案。我不確定 Craig 你是否知道。我對它的理解方式是——

Yeah, I would say, Jake, it’s measured in months if not more than a year. My understanding is that it’s somewhat disconnected from our regulatory process.

是的，我會說，Jake，這通常以「月」為單位衡量，甚至可能超過一年。我的理解是，它與我們的監管流程在某種程度上是相對脫鉤的。

Yeah. On that part, definitely disconnected from the nuclear regulatory part.

對。就那一部分而言，確實與核能監管那一塊是分開的。

We think, you know, what we’ve done around PJM, it’s really an important action just to make sure that, you know, we’re thinking about the interconnection relative to all of our other critical path items as it relates to Aurora-Ohio.

我們認為，就我們在 PJM 方面所做的工作而言，這確實是一項重要行動，目的在於確保——你知道——在 Aurora-Ohio 相關的所有其他關鍵路徑事項（critical path items）之中，我們也把併網這件事納入整體考量。

Jeffrey Campbell, Seaport Research Partners.

Jeffrey Campbell，Seaport Research Partners。

Jake, I just wanted to understand regarding the strategic partnership project with Battelle to integrate the AI, and you also have one with NVIDIA at LANL. Could you sort of synopsize what the goals of each program are? You know, how they differ, if there’s any synergies? Thanks.

Jake，我想了解一下你們與 Battelle 的策略合作專案，用於整合 AI；你們也在 LANL 與 NVIDIA 有一個合作。你能否概述一下每個計畫的目標是什麼？它們有何不同？是否存在任何協同效應？謝謝。

Yeah. They’re complementary. A bit different, but they focus on bringing forward some of the state-of-the-art model against sim and computational capabilities from an -- frankly, from an AI-driven kind of workflow and agentic workflow perspective to support our reactor design and development works. And we’re putting it to work on our Pluto reactor, which is a plutonium fuel variant and is quite accelerative.

可以。它們是互補的。有些不同，但都聚焦於把最先進的模型、模擬（sim）與運算能力帶進來——坦白說，是從 AI 驅動的工作流程以及代理式（agentic）工作流程的角度——以支援我們的反應爐設計與開發工作。我們也正在把它用在我們的 Pluto 反應爐上；那是一種鈽燃料（plutonium fuel）的變體，並且能大幅加速推進。

So the NVIDIA LANL one is a great setup. Los Alamos is kind of the premier plutonium laboratory. NVIDIA’s working with us and them to help bring forward some state-of-the-art capabilities on various aspects around plutonium chemistry and material handling and management. That’s going to be very, I think, constructive in moving certain process and -- basically certain processes and technology considerations forward.

所以 NVIDIA 與 LANL 的那個合作是一個很棒的配置。Los Alamos 基本上是頂尖的鈽研究實驗室。NVIDIA 正與我們以及他們合作，協助在鈽化學、材料處理與管理等多個面向導入一些最先進的能力。我認為這將非常有助於推動某些流程——基本上是推動某些流程與技術考量向前發展。

So I’m pretty excited about that. It’s going to also help us streamline how and accelerate how we can manage some of the plutonium, I would say, material.

所以我對此相當興奮。我認為它也會幫助我們簡化並加速我們管理部分鈽材料的方式。

I guess frankly, like, it’s really the processing out from some of the stuff that might be coming in in an oxide form or different forms that needs some purification around it. Just given Los Alamos’s experience there and NVIDIA’s capabilities and our capabilities, it’s just a great way to work together to actually apply some of these, frankly, like, phenomenal compute capabilities to get insights and accelerate sort of the technology development process.

我想坦白說，這其實是針對一些可能以氧化物（oxide）形式或其他形式進來的材料進行處理，並且需要做一定的純化。考量到 Los Alamos 在這方面的經驗、NVIDIA 的能力以及我們的能力，這是一個很好的合作方式，能把這些——坦白說——非常驚人的運算能力用來取得洞見，並加速整體技術開發流程。

And sort of the shortcut -- not shortcut, but let’s accelerate the trial and error considerations there, which is huge, in terms of time savings and increasing throughput and forming sort of design of material handling that allows us to get deeper into that inventory of some of that surplus plutonium and be able to turn it into fuel more quickly.

並且算是一種捷徑——不是捷徑，而是讓我們加速在那裡的試錯（trial and error）考量；這在節省時間、提高產出（throughput），以及形成一套材料處理設計方面都非常關鍵，讓我們能更深入地利用部分剩餘鈽（surplus plutonium）的庫存，並更快把它轉化為燃料。

There’s a lot more to unpack there. For time’s sake, I’ll kind of leave it at that and then move over to the INL one, which is a focus on us partnering with them to use some incredible capabilities they built around agentic AI workflows for reactor design and analysis all the way out through aspects of licensing and manufacturing and construction.

這裡其實還有很多可以展開說。為了節省時間，我先說到這裡，然後轉到 INL 的那個合作：重點是我們與他們合作，使用他們建立的一些非常強大的代理式 AI 工作流程能力，用於反應爐設計與分析，一路延伸到許可（licensing）、製造與施工等面向。

What that is effectively it’s like using their tools to create effectively reactor design teams that are -- AI reactor design teams to help us do more with less because all of the exciting things we have going on, finding ways that are significant levers for our engineering team to do more with less is going to help us take advantage of all of these opportunities that are in front of us.

它實際上等於是使用他們的工具，打造出等同於反應爐設計團隊——AI 反應爐設計團隊——來幫助我們以更少的資源做更多的事。因為我們正在推進的令人振奮的事情很多，找到能讓我們工程團隊「以更少做更多」的重大槓桿，將有助於我們把握眼前所有這些機會。

And partnering with INL has been kind of the home of this suite of reactor design and modeling tools, and being able to tie that into some of the really cool stuff they’ve been working on for a bit on driving AI. Frankly, agentic designers is hugely enabling because when you think about reactor design, a lot of work turns into doing kind of multi-physics optimization, and now you can put all that in a single place and get a ton of information out really quickly by just firing it off and letting it run for a long time, which helps us define, explore, and then iterate down on and optimize sorts of design spaces much more quickly.

而與 INL 的合作，某種程度上是這套反應爐設計與建模工具的發源地；並且能把它與他們一段時間以來在 AI 推進方面做的很酷的工作結合起來。坦白說，代理式設計師（agentic designers）是極具賦能效果的，因為當你思考反應爐設計時，很多工作會變成做多物理（multi-physics）最佳化；而現在你可以把這些都放在同一個地方，只要把任務丟出去讓它長時間運行，就能非常快速地得到大量資訊，這能幫助我們更快地定義、探索、迭代並最佳化各種設計空間。

And also gain a lot of insights in the process accordingly to reduce the design space accordingly and make it even basically faster the next time. So we’re kind of the -- I guess, we’re the vanguard of doing this with INL. We’ve been working with them for a few months on setting this up to see what could we do and what could be possible, and very excited about that.

同時也能在過程中獲得大量洞見，進而相應地縮小設計空間，讓下一次基本上更快。所以我們算是——我想——與 INL 一起做這件事的先鋒。我們已經與他們合作了幾個月來建立這套機制，看看我們能做什麼、什麼是可能的，對此非常興奮。

So basically, it’s going to be applying their reactor design and analysis tools, and things we’ve built together, and then tying that in from an agentic AI kind of reactor design workflow or team, if you will, that now allows us to apply that into the Pluto program to accelerate the design work there for what we can do on the reactor front there. We also expect that to span out to other design efforts, but that’s the one where it’s kind of the easiest natural tie-in to start. But I think it’s going to be really helpful in us doing more and more quickly, frankly, with less because that’s really important.

所以基本上，這會把他們的反應爐設計與分析工具、以及我們共同打造的東西加以應用，並把它們串接到一個代理式 AI 的反應爐設計工作流程或團隊（如果你願意這麼稱呼），從而讓我們能把它用到 Pluto 計畫上，加速那邊的設計工作、加速我們在反應爐端能做的事情。我們也預期它會延伸到其他設計工作，但這個是最容易、最自然的切入點。不過我認為它會非常有幫助，讓我們坦白說能以更少的資源做更多、做得更快，因為那真的很重要。

And Jake, what excites me is further down the road, when we have a fleet of assets running on more than one fuel, I can see a world where we’re trying to optimize minimum amount of fuel in for maximum amount of power for longest duration between refuelings. So building out this sort of capability now, I think is just going to have further applications on down the road.

而且 Jake，讓我感到興奮的是，在更長遠的未來，當我們有一支資產機隊（fleet of assets）在多種燃料上運行時，我可以想像我們會試圖在「投入最少燃料」的前提下，達到「最大輸出功率」並且「兩次換料（refuelings）之間的運行時間最長」。所以現在建立這種能力，我認為未來還會有更多應用。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

The Eielson Air Force Base cogen facility is 15 megawatts. That’s a different model than your 75 megawatts standard. How does that development differ or is similar to what you’re doing with the 75 megawatts? And is there a US Department of War or US Department of Defense pathway as well to -- for this?

Eielson 空軍基地的熱電共生（cogen）設施是 15 兆瓦。這與你們 75 兆瓦的標準機型是不同的模式。這個開發案與你們正在做的 75 兆瓦方案有何不同或相似之處？另外，是否也存在一條美國戰爭部（Department of War）或美國國防部（Department of Defense）的途徑——用於這個項目？

Yeah. It’s a great question. It builds off the experience from the basically what we’ve done from the past. If you go back to, like, our earlier design iterations of the Aurora when we were smaller, it basically picks up on those and is a carryover into the Pluto Project. Which was carried into the Pluto Project, which then carries over into the Aurora side.

是的，這是個很好的問題。它建立在我們過去所做工作的經驗之上。如果你回頭看，比如我們早期在規模較小時對 Aurora 的設計迭代，它基本上承接了那些設計，並延續到 Pluto 專案；而 Pluto 專案的成果又再延續回 Aurora 這一邊。

Given the size of that, it’s less -- it’s more about the thermal power output, especially given the steam needs rather than the electric side. So this is less of a comparison on electric power and more on thermal power. So it’s a 60 megawatt thermal power plant that will be designed to go up there.

考量到那個規模，它較少是——它更多是關於熱功率輸出（thermal power output），特別是考量到蒸汽需求，而不是電力端。因此，這與其說是在比較電功率，不如說是在比較熱功率。所以這是一座 60 兆瓦熱功率（60 megawatt thermal）的電廠，將被設計並部署到那裡。

And we see that being a pretty important piece that naturally fits off of our kind of product roadmap and evolution because it has a lot of common carryover. There are some differences, of course, between the Aurora product line that’s focused on the sort of 35 megawatt plus data center side and then this, but this has been core to some opportunities we see in Defense and then other industrial applications, and ties over pretty constructively there.

而我們認為這會是一個相當重要的組成部分，因為它能很自然地契合我們的產品路線圖與演進方向，因為其中有很多共通的延續性。當然，Aurora 產品線（更聚焦於 35 兆瓦以上、偏資料中心的應用）與這個方案之間仍有一些差異；但這一直是我們在國防以及其他工業應用上看到的一些機會的核心，並且在那裡能形成相當具建設性的銜接。

It uses the same fuel form and size and dimensions actually, just a bit less and in a bit of a smaller vessel with smaller sort of plant footprint. Because it’s smaller, you need smaller piping and small heat exchangers. But all the same technology pieces and in many cases we expect the same vendors, which generally speaking I think is helpful. And again, the strategic aspects of the Defense Department’s needs are -- sorry, the US Department of War’s needs are pretty important to be able to match into, and this gives us that flexibility.

它實際上使用相同的燃料形式、尺寸與外形尺寸，只是用量稍少，並且放在稍小的容器中、整體廠區占地也更小。因為它更小，你需要更小的管線與更小的熱交換器。但所有技術模組都是相同的，而且在許多情況下我們預期會使用相同的供應商；一般而言我認為這是有幫助的。再者，國防部的戰略需求——抱歉，美國戰爭部的需求——非常重要，必須能夠對接，而這也給了我們那樣的彈性。

The other piece that I think is important from that is, again, it shows the opportunity around the cogeneration side. Going back, I remember in my academic days and Caroline’s academic days, there was a lot of excitement around high temperature reactors to produce process heat. But when you really dig into the market, the vast, vast, vast majority of the market is going to be served by steam temperatures under 450 degrees centigrade.

我認為另一個重要點是，它再次顯示了熱電共生（cogeneration）方面的機會。回想我在學術界的日子以及 Caroline 在學術界的日子，當時大家對高溫反應爐用來產生製程熱非常興奮。但當你真正深入市場後會發現，市場中絕大多數、絕大多數、絕大多數的需求，將由低於 450°C 的蒸汽溫度來滿足。

And then the other big -- like, sort of the other big -- there’s kind of a moat of application of temperatures above that until you get to very, very, very, very high temperatures that make no sense to heat, like, to transport. You’re going to use other things, either combustion or hydrogen or electrified transport ’cause moving couple thousand -- like, 1,500 plus degrees centigrade, heat is just really hard and really expensive and designing a reactor to do so is also the same.

然後另一個大的——就像，另一個大的——在那之上其實存在一段「溫度應用的護城河」，直到你到達非常、非常、非常、非常高的溫度，那種溫度用來輸送熱量根本不合理。你會改用其他方式，可能是燃燒、氫能或電氣化輸送，因為搬運幾千度——像是 1,500°C 以上——的熱量真的非常困難、非常昂貴，而設計一座能做到這點的反應爐同樣也很難、也很昂貴。

So it’s kind of cool because it allows us to tie in with a more moderate temperature reactor system and the benefits that affords us with then being able to serve these kind of process heat applications, which are a massive opportunity, especially since, again, such a huge percentage of process heat energy usage is met by sub 50 degrees steam. And this is a great example of what that looks like.

所以這很酷，因為它讓我們能與較中等溫度的反應爐系統結合，並享有其帶來的好處，進而能服務這類製程熱應用；這是一個巨大的機會，尤其是因為（再次強調）製程熱能源使用中有很大比例是由低於 50°C 的蒸汽所滿足。而這就是那種情況的絕佳例子。

Now for a lot of those like, facilities and plants though, this size range plant is very ideal. So we -- it’s why we’ve designed it like that and built it from that. It also has benefits from different authorization and regulatory pathways potentially. However, given the Part 57 dynamic that’s come out, it’s most likely, very likely that we’ll go that path with this there, given that it has significant benefits, and that’s been the Air Force’s inclinations.

現在對於許多這類設施與工廠而言，這個容量區間的電廠非常理想。所以我們——這就是我們為何如此設計並以此為基礎打造它。它也可能在不同的授權與監管路徑上帶來好處。不過，鑑於目前已出爐的 Part 57 動態，我們很可能、非常可能會在此案採用那條路徑，因為它有顯著優勢，而這也一直是空軍的傾向。

But it’s important to also note that we are also part of the Defense Innovation Unit’s Advanced Nuclear Power program, the ANP program, and that has some cool upside capabilities and benefits for us as well that may tie over to some of these DOE, DW regulatory pathways. But at this point, the intent and plan for Eielson would stick with Part 57, but future Defense or Department of War applications might go a different regulatory pathway depending on the structure there.

但同樣重要的是要注意，我們也是國防創新單位（Defense Innovation Unit）的先進核能（Advanced Nuclear Power）計畫（ANP 計畫）的一部分，這也為我們帶來一些很酷的上行能力與好處，並可能延伸到某些 DOE、DW 的監管路徑。不過就目前而言，Eielson 的意圖與計畫會維持採用 Part 57，但未來的國防部或戰爭部應用，可能會依其架構而走不同的監管路徑。

This is very much a pathfinder. It’s been clearly communicated that way by the Air Force, by a lot of the stakeholders. It’s our view too, and it’s a great place to figure it out.

這非常像是一個探路者（pathfinder）。空軍以及許多利害關係人都已非常清楚地以這種方式溝通。我們也這麼看，而且這是一個很適合把事情摸清楚的地方。

(Operator Instructions)

（操作員指示）

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

I’m hopping around calls tonight, so apologies if the question’s been asked. I want to start with some commentary from the Nuclear Energy Institute. Sounds like they’re considering a plan to potentially finance billions of dollars of long lead time items for nuclear reactors. I was wondering if you can comment on that. And what might be the implications on your CapEx assumptions, deployment timelines, if that indeed happens.

我今晚在不同電話會議間跳來跳去，所以如果這個問題已經被問過先說聲抱歉。我想先從核能研究院（Nuclear Energy Institute）的評論談起。聽起來他們正在考慮一項計畫，可能為核反應爐的長交期項目提供數十億美元的融資。我想請你們評論一下這件事。如果真的發生，對你們的資本支出（CapEx）假設、部署時程可能會有什麼影響？

I mean -- I can take this one. So Derek, it’s early days for those sorts of conversations, but we’ve talked about -- we’ve been very active clearly in the capital markets to make sure that capital is not a constraint for our asset deployment timeline, and we are looking now to explore government financing options and asset-level financing options if the terms and other things make sense. And that could even include supplier financing.

我的意思是——我可以回答這題。Derek，這類對話還在早期階段，但我們一直在談——我們顯然一直非常積極參與資本市場，以確保資金不會成為我們資產部署時程的限制；我們現在也在探索政府融資選項與資產層級融資選項，只要條款與其他條件合理。這甚至也可能包括供應商融資。

But it’s good that we’re looking at those sorts of things. Just as you said, can that help lower our cost of capital? Can that help accelerate deployment as opposed to something that we absolutely need to have to progress our strategic agenda?

不過我們去看這些事情是好事。就像你說的，這能否幫助降低我們的資金成本？能否幫助加速部署？而不是我們推進戰略議程所「絕對必須」具備的條件？

There are no further questions at this time. I will now turn the call back to Jake DeWitte, CEO of Oklo, for closing remarks.

目前沒有其他問題。我現在把電話會議交回 Oklo 執行長 Jake DeWitte 作結語。

Great. Thank you, and thank you all for chiming in. We’re excited to share these updates. I know it’s only been about eight weeks since our last one, but it has been a pretty dynamic period, including just in the last few weeks, the release of Part 57. Couple that with the strategic advancements, we’ve been focused on working with our partners in the national lab ecosystem as well as across sort of the, I would call it,1 the AI space.

很好。謝謝，也謝謝大家參與。我們很高興分享這些更新。我知道距離上一次更新大概才八週，但這段期間相當動態，包括就在最近幾週 Part 57 的發布。再加上戰略上的推進，我們一直專注於與國家實驗室生態系的合作夥伴合作，以及跨越我所稱的 AI 領域。

And on top of that, we continue to see this broad mix of significant opportunities and tailwinds come together to be quite supportive for solving through some of the biggest bottlenecks, right? Regulatory is one of the biggest ones that obviously has been focused on, and there’s a ton of tremendous work there. Again, the opportunity space around how we can convert a DOE authorization to an NRC license is a clear benefit and advantage because you can take the first build iteration cycles faster on the DOE authorization side and then have a path to bring it over in the right way to the NRC license side, while also informing NRC licensing for future work.

此外，我們持續看到廣泛且重大的機會與順風因素匯聚，對於解決一些最大的瓶頸相當有利，對吧？監管就是其中最大的之一，顯然一直是關注焦點，而那裡也有大量卓越的工作。再次強調，如何把 DOE 授權轉換為 NRC 執照的機會空間，是一個明確的好處與優勢，因為你可以在 DOE 授權端更快完成第一輪建造迭代，然後以正確方式把它導入 NRC 執照端，同時也能為 NRC 未來的許可工作提供資訊。

And then we continue to ensure both of those, and we’re taking both approaches. And then on top of that, we’re making steady progress on solving for fuel, which at this point has a multitude of potential pathways that get over and around the challenge of initial fuel loads. And we are uniquely positioned on purpose, from a strategic perspective to be able to capitalize on that by using bridge fuel sources that come from different excess materials and inventories, while also working proactively and quickly with our long-term enrichment partners. So we’re pretty excited about how that space is shaping up and how we’re leaning into it and how we’re positioned to make the most out of diversity of fuel sources becoming available.

然後我們也持續確保兩者都能推進，我們採取雙軌並行。除此之外，我們在燃料問題上也持續穩健推進；就目前而言，針對初始裝料的挑戰，有多種可能路徑可以跨越或繞過。我們在戰略上是刻意打造出獨特定位，能夠利用來自不同剩餘材料與庫存的「過渡燃料」來源，同時也主動且快速地與長期濃縮合作夥伴合作。因此我們對這個領域的發展、我們如何投入其中，以及我們如何定位以充分利用多元燃料來源逐步可得，感到非常興奮。

And finally, I think it’s really important to highlight that it’s an exciting place and time for us to be moving fully into build and execution and iteration mode. With the Groves reactor in Texas, we’re differentiated in the sense that we’ve been able to build a reactor from the ground up on a piece of land that had nothing on it. And everything we put into it wasn’t prefabricated or existing, already fabricated fuel the government had or components or building that already existed or a minimum kind of slab and tilt up. It was a full-on civil construction build for a nuclear reactor with the vessel sourced and something that we -- and fuel sourced and all the components sourced in the supply chain that we needed or made. And we were able to do that and reach substantial completion in 229 days.

最後，我認為非常重要的是要強調：對我們而言，現在是一個令人振奮的時點與環境，讓我們能全面進入建造、執行與迭代模式。以德州的 Groves 反應爐為例，我們的差異化在於：我們能在一塊原本什麼都沒有的土地上，從零開始建造一座反應爐。我們投入的所有東西都不是預製或既有的——不是政府已經有的已製造燃料、不是既有的組件或既有建築，也不是那種最低限度的地坪與預製牆體。這是一個完整的核反應爐土木建造工程：壓力容器採購到位、燃料採購到位，以及供應鏈中我們所需或自行製造的所有組件。我們做到了，並在 229 天內達到實質完工。

Something that frankly has been a bit impressive if it was just a normal building, much less a nuclear reactor. So we’re really proud of the team for how we’ve done that. We’re proving out that some of the key theses we’ve had, that nuclear doesn’t have to be incredibly big or incredibly slow and incredibly expensive, and it can be done in radically different ways by taking the right business model approach, team, and structure and solving to do that. And we’ve got some great experience points already. So it’s been very exciting and rewarding for us to see that progress.

坦白說，即便只是一般建築，這也已經有點令人印象深刻，更何況是一座核反應爐。所以我們對團隊能做到這點感到非常自豪。我們正在驗證一些關鍵論點：核能不必一定非常巨大、非常緩慢、非常昂貴；只要採取正確的商業模式、團隊與組織架構，並把問題解到位，就能以截然不同的方式完成。我們已經累積了一些很好的經驗點。因此看到這些進展，對我們而言非常令人振奮也很有成就感。

We’re very excited to then come back soon with even more exciting updates when we see you guys next in a few months. So thank you all for joining us, and appreciate the time.

我們也非常期待在幾個月後下次與各位見面時，能很快帶來更多令人振奮的更新。謝謝大家加入，也感謝各位的時間。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。