Oklo Inc. (OKLO) 2026 Q2 法說會逐字稿

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

各位好。感謝各位加入，歡迎收看 Oklo 2026 年第二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.

現在我將把會議交給投資人關係資深總監 Sam Doane。Sam，請開始。

Thank you, operator, and welcome, everyone, to Oklo's second-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.

謝謝接線員，也歡迎各位參加 Oklo 2026 年第二季財報與公司最新進展電話會議。我是 Sam Doane，Oklo 投資人關係資深總監。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。

Earlier today, we released our second quarter 2026 financial results. Today's accompanying slide presentation is available on the Investor Relations section of our website.

今天稍早，我們已發布 2026 年第二季財務結果。今日搭配的簡報投影片可於我們網站的投資人關係專區取得。

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

在開始之前，我想提醒各位，今天的討論（包括我們的準備發言以及隨後的問答環節）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、不確定性及其他可能導致實際結果與今日討論內容出現重大差異之因素的看法。我們鼓勵各位查閱我們補充簡報中所載的前瞻性陳述免責聲明。

Additional information regarding relevant risks can also be found in our filings with the Securities and Exchange Commission. Oklo undertakes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required by law.

有關相關風險的其他資訊亦可在我們向美國證券交易委員會提交的文件中找到。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之義務。

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

接下來，我把電話交給 Jake。Jake？

Thanks, Sam. I want to start with two developments that are expanding the capabilities available to execute advanced nuclear projects in the United States. The first is the US Department of Energy's Genesis mission. We see Genesis as a sizable opportunity for Oklo and for the broader nuclear industry. DOE is bringing together its 17 national laboratories, industry, academia, advanced computing infrastructure, experimental facilities, scientific data and artificial intelligence capabilities.

謝謝，Sam。我想先從兩項正在擴大美國先進核能專案執行能力的進展談起。第一項是美國能源部（DOE）的 Genesis 任務。我們認為 Genesis 對 Oklo 以及更廣泛的核能產業而言，都是一個相當可觀的機會。DOE 正在整合其 17 座國家實驗室、產業界、學術界、先進運算基礎設施、實驗設施、科學數據與人工智慧能力。

In July, DOE announced the first project selections and more than $800 million in mission wide partner commitments. Prometheus, an IML-led project in which Oklo is participating, was selected for a $60 million Phase I award over three years, subject to appropriations. Oklo is participating in multiple projects connected to the Genesis mission.

7 月，DOE 宣布首批專案入選結果，以及全任務範圍合作夥伴超過 8 億美元的承諾。由 IML 主導、Oklo 參與的 Prometheus 專案，獲選在三年內取得 6,000 萬美元的第一階段（Phase I）獎助，惟仍須視撥款而定。Oklo 正參與多個與 Genesis 任務相關的專案。

One example is our announced collaboration with NVIDIA and was Los Alamos National Laboratory. That work brings together Oklo's reactor and fuel capabilities, NVIDIA's AI infrastructure and Los Alamos' expertise in nuclear fuels and materials.

其中一個例子是我們已宣布與 NVIDIA 以及洛斯阿拉莫斯國家實驗室的合作。該項工作結合了 Oklo 的反應爐與燃料能力、NVIDIA 的 AI 基礎設施，以及洛斯阿拉莫斯在核燃料與材料方面的專業。

Together, we are working to develop and deploy physics and chemistry-based AI models, digital twins, modeling and simulation tools that can accelerate fuel validation and improve the workflows used to design deploy and operate nuclear facilities. These are not generic AI applications; they are focused on some of the most time-intensive and technically demanding parts of nuclear deployment.

我們正共同開發並部署以物理與化學為基礎的 AI 模型、數位分身（digital twins）、建模與模擬工具，以加速燃料驗證並改善用於設計、部署與運轉核設施的工作流程。這些並非通用型 AI 應用；而是聚焦於核能部署中最耗時且技術要求最高的部分。

The second development is on DOE's nuclear life cycle innovation campus initiative. DOE recently selected Utah, Tennessee, Oklahoma, Louisiana and Idaho as potential host states for campuses that could bring together fuel fabrication; enrichment, recycling, reactor development and deployment power generation, advanced manufacturing and data centers.

第二項進展是 DOE 的「核能生命週期創新園區」倡議。DOE 近期選定猶他州、田納西州、奧克拉荷馬州、路易斯安那州與愛達荷州，作為可能承辦園區的候選州；這些園區可整合燃料製造、濃縮、回收、反應爐研發與部署、發電、先進製造與資料中心。

We have held productive conversations with all five states. We are excited about the potential in each of them and look forward to further engagement as the process advances and the campus plans take shape. United States is building real execution capabilities across artificial intelligence, national laboratories, fuel infrastructure, manufacturing and deployment.

我們已與這五個州都進行了富有成效的交流。我們對每一州的潛力都感到振奮，並期待隨著流程推進、園區規劃逐步成形而進一步參與。美國正在人工智慧、國家實驗室、燃料基礎設施、製造與部署等方面建立真正的執行能力。

Oklo has deliberately positioned itself to be a central participant in these efforts. Before we move into the quarter's project updates, I want to reinforce how we think about Oklo and reemphasize that we are not building three isolated businesses.

Oklo 已刻意將自身定位為這些工作中的核心參與者。在進入本季專案更新之前，我想再次強調我們如何看待 Oklo，並重申我們並不是在打造三個彼此孤立的事業。

We are building one integrated nuclear technology platform across power, fuel and isotopes. We see this as a fundamental and distinctive strategy. Power is the anchor. Our Aurora powerhouses are designed to deliver clean, reliable and affordable electricity and heat under long-term commercial arrangements.

我們正在電力、燃料與同位素三個領域打造一個整合式核能技術平台。我們認為這是一項根本且具差異化的策略。電力是核心支柱。我們的 Aurora 發電站（powerhouses）旨在透過長期商業合約，提供潔淨、可靠且可負擔的電力與熱能。

Fuel is the enabler, no matter how strong the customer demand or how mature the reactor design no nuclear deployment can scale without a reliable fuel supply. Fuel has always been a focus for Oakwood. That is why we are building capabilities across fuel sourcing, fabrication and recycling rather than relying on a single externally managed pathway. Isotopes expand the value of the platform.

燃料是關鍵推動力：無論客戶需求多強、反應爐設計多成熟，若沒有可靠的燃料供應，核能部署就無法規模化。燃料一直是 Oklo 的重點。因此，我們正在燃料來源、製造與回收等方面建立能力，而不是依賴單一由外部管理的途徑。同位素則擴大了平台的價值。

They allow us to apply many of the same nuclear materials, processing, licensing, procurement and operating capabilities to high-value markets across space, health care, defense, industry and research. Importantly, vertical integration is not simply about expanding the scope of our platform.

同位素讓我們能將許多相同的核材料、處理、許可、採購與營運能力，應用到太空、醫療保健、國防、工業與研究等高價值市場。重要的是，垂直整合不僅僅是擴大我們平台的範疇。

It can also create greater flexibility in how we fund growth. By investing in fuel sourcing, fabrication, recycling and related infrastructure, Oklo can capture value across the full life cycle of a nuclear asset, including in structures where third-party capital could fund a greater share of powerhouse deployment.

它也能在我們為成長籌資的方式上帶來更大的彈性。透過投資燃料來源、製造、回收及相關基礎設施，Oklo 能在核資產的全生命週期中捕捉價值；包括在某些架構下，由第三方資本為發電站部署提供更高比例資金的情境。

Over time, this model could reduce the amount of direct capital Oklo must invest per deployed megawatt while preserving recurring revenue opportunities across power, fuel supply operations, recycling and isotope production. This flexibility can improve capital efficiency, expand the range of financing structures available to us and support faster and more scalable deployment of the broader platform.

隨著時間推進，這種模式可在保留電力、燃料供應營運、回收與同位素生產等經常性收入機會的同時，降低 Oklo 每部署一兆瓦所需投入的直接資本。這種彈性可提升資本效率、擴大我們可採用的融資結構範圍，並支持更快速且更可規模化的整體平台部署。

Because Oklo develops, owns and operates these assets, we retain the operating experience, procedures and execution knowledge generated across the platform.

由於 Oklo 開發、持有並營運這些資產，我們得以保留在整個平台中所累積的營運經驗、作業程序與執行知識。

This slide shows the practical logic behind the integrated platform. The conventional nuclear fuel cycle is largely linear and extremely fragmented, mining, enrichment, fuel fabrication, power generation and long-term used fuel management are typically handled by different parties.

這張投影片展示了整合式平台背後的實務邏輯。傳統核燃料循環大多是線性的，且高度碎片化：採礦、濃縮、燃料製造、發電以及長期用過燃料管理，通常由不同的參與方分別負責。

Each participant is usually involved in only one part of the system, and most of the remaining fuel value is not returned to productive use. For the advanced nuclear industry, fuel cannot be treated as a procurement item that gets solved at the end of a project. It is one of the most important constraints on deployment.

每個參與者通常只涉入系統中的一個環節，而燃料剩餘價值的大部分並未回到生產性用途。對先進核能產業而言，燃料不能被視為在專案末期才解決的採購項目。它是部署的最重要限制因素之一。

A reactor strategy without a credible and scalable fuel strategy has a fundamental gap. Oklo is building what we believe to be a distinctive and differentiated model. Initial HALEU feedstock can move through our fuel fabrication capabilities to supply Aurora powerhouses and potentially other nuclear fuel customers.

若反應爐策略缺乏可信且可規模化的燃料策略，就存在根本性的缺口。Oklo 正在建立我們認為獨特且具差異化的模式。初始 HALEU 原料可透過我們的燃料製造能力，供應 Aurora 發電站，並可能供應其他核燃料客戶。

Those powerhouses would generate reliable heat and power while creating used fuel that can ultimately be recycled, both of which use proven technologies. Through recycling, usable material can be recovered, returned through fuel fabrication and reused in future powerhouses.

這些發電站將在產生可靠熱能與電力的同時，產生最終可回收的用過燃料；兩者皆採用已被驗證的技術。透過回收，可回收可用材料，經由燃料製造再度投入，並在未來的發電站中重複使用。

Conventional and used nuclear fuel could also provide an additional feedstock source over time. In addition, recycling may create opportunities to recover valuable isotope materials. We are not optimizing the system for one core load or a single reactor.

隨著時間推進，傳統核燃料與用過核燃料也可能提供額外的原料來源。此外，回收也可能帶來回收有價值同位素材料的機會。我們並非只為單一基載或單一反應爐來最佳化整個系統。

We are building the supply, fabrication, recycling and operating capabilities required to support a fleet of reactors that will support the strong demand we continue to see from our potential customers. That creates a flywheel power creates recurring fuel demand, scale supports investment in fabrication and recycling.

我們正在建立支援一支反應爐機隊所需的供應、製造、回收與營運能力，以滿足我們持續從潛在客戶端看到的強勁需求。這會形成飛輪效應：電力帶來持續性的燃料需求，規模化則支持對製造與回收的投資。

Recycling expands long-term supply and enhances availability in addition to the commercial HALEU fuel markets. Isotopes create additional value from shared nuclear capabilities. Not every part of the system is commercially operating today, but this is the platform we are actively building.

回收可擴大長期供應並提升可得性，並補充商業 HALEU 燃料市場。同位素則可從共享的核能能力中創造額外價值。系統中的每個環節目前未必都已商業化運轉，但這正是我們正在積極打造的平台。

It is designed to support repeatable growth across an Oklo fleet. This is where the strategy we just described becomes tangible. We are actively putting capital to work, building physical assets and developing the infrastructure needed to deliver the integrated platform across power, fuel and isotopes. In Power, Aurora-INL is our anchor deployment and the foundation for future Aurora projects.

其設計旨在支援 Oklo 機組群的可重複成長。這正是我們剛才所描述的策略變得具體可見之處。我們正積極投入資本、建置實體資產，並發展交付涵蓋電力、燃料與同位素之整合平台所需的基礎設施。在電力方面，Aurora-INL 是我們的核心部署，也是未來 Aurora 專案的基礎。

In Ohio, we are advancing a planned 1.2-gigawatt clean energy campus designed around phased deployment of multiple powerhouses. At Eielson Air Force Base, we are developing an Aurora application designed to provide both electricity and heat for a mission-critical defense installation. In fuel, the Aurora fuel fabrication facility is being developed to fabricate fuel for our first Aurora core.

在俄亥俄州，我們正推進一座規劃中的 1.2 吉瓦潔淨能源園區，該園區以分期部署多座電力站為設計核心。在艾爾森空軍基地（Eielson Air Force Base），我們正在開發一項 Aurora 申請，旨在為一處任務關鍵的國防設施同時提供電力與熱能。在燃料方面，Aurora 燃料製造設施正在開發中，用於製造我們第一個 Aurora 爐心所需燃料。

Our advanced fuel center in Tennessee is intended to establish domestic recycling capability and expand the long-term fuel supply available to our fleets. In isotopes, Groves is now complete, and we have reached first criticality and our NRC license, Idaho radioisotope laboratory is supporting initial commercial isotope activities.

我們位於田納西州的先進燃料中心，旨在建立國內回收能力，並擴大可供我們機組群長期使用的燃料供應。在同位素方面，Groves 現已完工，我們已達成首次臨界並取得 NRC 執照；位於愛達荷州的放射性同位素實驗室正支援初期的商業同位素活動。

These assets are in different stages and serve different markets, but they are all part of the same execution strategy. Each project advances an immediate commercial or technical objective while also building capabilities that supports the broader Oklo platform. That includes engineering, licensing, procurement and construction, fuel handling operations and customer delivery.

這些資產處於不同階段並服務不同市場，但它們都屬於同一套執行策略的一部分。每個專案在推進即時的商業或技術目標的同時，也在建立支援更廣泛 Oklo 平台的能力。這包括工程、許可／執照、採購與建造、燃料處理作業以及客戶交付。

We are using the capital we have raised to build real assets and the execution infrastructure behind them. This is how the integrated model shown on the prior slide moves from strategy into operation and how we build the foundation to deploy repeatedly rather than one project at a time. Since our last update, we made substantial progress across power, fuel and isotopes business lines within our vertically integrated nuclear technology platform.

我們正運用已募集的資本來建置真實資產，以及其背後的執行基礎設施。這就是前一張投影片所示的整合模式如何從策略走向營運，以及我們如何建立可重複部署的基礎，而非一次只做一個專案。自上次更新以來，我們在垂直整合的核能技術平台內，於電力、燃料與同位素三條業務線均取得重大進展。

The most important point is that we are not advancing these business lines independently, we are continuing to build the shared capabilities that support all three. During the quarter, we strengthened our manufacturing, engineering and specialized systems capabilities through the acquisitions of ARMEC and Creative Engineers, Inc.

最重要的一點是，我們並非各自獨立推進這些業務線，而是持續建置可同時支援三者的共用能力。本季期間，我們透過收購 ARMEC 與 Creative Engineers, Inc.，強化了製造、工程與專業系統能力。

We also expanded our use of artificial intelligence through Prometheus and our work with the national laboratories. Across the portfolio, we are taking actions now to reduce future supply chain constraints.

我們也透過 Prometheus 以及與國家實驗室的合作，擴大人工智慧的運用。在整體投資組合中，我們正採取行動以降低未來供應鏈限制。

That includes advancing fabrication equipment qualifying suppliers, strengthening internal manufacturing capabilities, accelerating procurement where appropriate and integrating engineering, procurement and construction planning earlier in the development process. We are not only procuring what is needed for the next project. We are building the talent, processes and capabilities with future deployments in mind.

這包括推進製造設備的供應商資格認證、強化內部製造能力、在適當情況下加速採購，並在開發流程更早階段整合工程、採購與建造（EPC）規劃。我們不只是採購下一個專案所需的項目。我們正以未來部署為前提，打造人才、流程與能力。

At the asset level, Aurora-INL further advanced through DOE authorization and construction Aurora, Ohio, moved deeper into execution. Our fuel strategy expanded through continued work with Centrus recycling planning in Tennessee and potential use of government materials and our isotope business advanced both technically and commercially.

在資產層面，Aurora-INL 透過 DOE 授權與建造進一步推進；Aurora（俄亥俄）則更深入進入執行階段。我們的燃料策略也透過與 Centrus 的持續合作、田納西州的回收規劃，以及政府材料的潛在使用而擴展；同位素業務則在技術與商業面均取得進展。

A defining milestone since our last company update was Groves reaching first criticality. That achievement brings together many of the themes on this slide. disciplined capital deployment, commercial procurement, construction, execution, authorization, start-up and operations.

自上次公司更新以來，一項具指標性的里程碑是 Groves 達成首次臨界。這項成就匯聚了本頁投影片的多個主題：有紀律的資本部署、商業採購、建造、執行、授權、啟動與營運。

We will spend the next several slides explaining what Groves' accomplished and why it matters for every part of the Oklo platform. This is what the Groves journey look like. In September 2025, Groves was an undeveloped site in the Texas Prairie.

接下來幾張投影片，我們將說明 Groves 完成了什麼，以及為何這對 Oklo 平台的每個部分都很重要。這就是 Groves 的歷程。在 2025 年 9 月，Groves 還是德州大草原上一處尚未開發的基地。

By March of this year, the facility had taken shape. We have completed the major civil work installed key systems, and we're advancing commissioning and authorization activities. By early August, Groves was an operating nuclear isotope facility and had achieved first criticality. That transformation took a little over 11 months from groundbreaking.

到了今年 3 月，設施已初具規模。我們已完成主要土木工程、安裝關鍵系統，並正推進試運轉與授權相關工作。到 8 月初，Groves 已成為一座運轉中的核同位素設施，並達成首次臨界。從動土到完成這項轉變，耗時略超過 11 個月。

The pace is remarkable, not only for the nuclear industry but for any complex industrial project. In that period, we moved from site preparation through construction, installation, commissioning, fuel loading, startup testing and operation. And we did not accomplish this by stepping into an existing national laboratory facility or borrowing an established operating organization.

這樣的速度不僅在核能產業中相當罕見，對任何複雜的工業專案而言也同樣驚人。在此期間，我們從場址整備一路推進到建造、安裝、試運轉、燃料裝載、啟動測試與運轉。而我們並非透過進駐既有的國家實驗室設施，或借用一個成熟的營運組織來完成。

We built the project on private land, financed it with private capital and developed the execution and operating capabilities all inside Oklo. This timeline is the clearest visual representation of what the team accomplished, but the real value is not just the speed, it is the experience we gained by moving through the full deployment process ourselves.

我們在私人土地上建置該專案，以民間資本融資，並在 Oklo 內部建立所有執行與營運能力。這條時間軸是團隊成果最清楚的視覺呈現，但真正的價值不僅是速度，而是我們親自走完整個部署流程所獲得的經驗。

I want to put the scale of this achievement into context. Based on our internal reviews, Groves represents the fastest transition that we are aware of from greenfield to criticality for a full-scale privately funded and privately cited reactor in history. We completed substantial construction in 229 days and reached first criticality in less than a year after groundbreaking.

我想將這項成就的規模放在脈絡中說明。根據我們的內部審查，Groves 代表了我們所知歷史上，從綠地（greenfield）到達成臨界的最快轉換，且為一座全尺度、由民間資金支持並設址於私人土地的反應爐。我們在 229 天內完成大量建造工作，並在動土後不到一年達成首次臨界。

That is a record-setting pace for the nuclear industry but it is also an extraordinary pace for any complex industrial facility. In that period, the team had to develop in-house, the site design the reactor and the facility, complete civil construction, procure and install specialized equipment, establish the safety basis, source and load fuel, commission the systems, train and qualify operators complete federal safety reviews and safely bring the reactor critical.

這是核能產業創紀錄的速度，但對任何複雜工業設施而言也同樣非凡。在這段期間，團隊必須在內部完成場址設計、反應爐與設施設計、完成土木建造、採購並安裝專用設備、建立安全基礎、取得並裝載燃料、進行系統試運轉、訓練並認證操作人員、完成聯邦安全審查，並安全地使反應爐達到臨界。

Groves was built on private land and financed with private capital. Its major systems, components, fuel and construction services were commercially sourced or manufactured by Oklo. DOE provided rigorous safety oversight in the authorization pathway through the reactor pilot program, while Oklo supplied the capital and led the execution.

Groves 建於私人土地上，並以民間資本融資。其主要系統、組件、燃料與建造服務皆為商業採購來源，或由 Oklo 製造。DOE 透過反應爐試點計畫的授權途徑提供嚴格的安全監督，而 Oklo 則提供資本並主導執行。

Groves also became the first reactor pilot program reactor to achieve criticality on privately owned land, built from the ground up on a greenfield site. This is an important demonstration of how we are responsibly putting the capital we have raised to work.

Groves 也成為反應爐試點計畫中第一座在私人持有土地上達成臨界的反應爐，且是在綠地場址自零開始建置。這是我們如何負責任地將已募集資本投入運用的一項重要示範。

We are not only funding studies or developing designs for others to build. We are building and operating nuclear assets, and we are doing it at a pace that many people did not believe was possible. But this was not merely an investment in Groves.

我們不只是資助研究，或為他人建造而開發設計。我們正在建造並營運核能資產，而且速度之快，許多人先前並不相信可行。但這不僅僅是對 Groves 的投資。

This was an investment in the organization and capabilities required to deliver future assets. Criticality validated the reactor, the entirety of the completed project validated the execution engine around it. We now have real construction data, trained operators, operating experience, DOE authorization experience and project controls in-house at Oklo.

這是對交付未來資產所需之組織與能力的投資。臨界驗證了反應爐，而整個已完成的專案則驗證了其周邊的執行引擎。我們如今在 Oklo 內部擁有真實的建造數據、受訓操作人員、營運經驗、DOE 授權經驗，以及專案控管能力。

That does not remove the unique work required for future facilities, but it meaningfully reduces execution uncertainty because we have now completed the full journey ourselves from an open field to an operating nuclear facility. The significance of Groves goes far beyond the reactor physics.

這並不會消除未來設施所需的獨特工作，但它確實大幅降低執行不確定性，因為我們已親自完成從一片空地到一座運轉中核設施的完整旅程。Groves 的重要性遠不止於反應爐物理。

We did not build the smallest possible experiment simply to reach criticality. We built a complete nuclear facility, and in doing so, created the organizational infrastructure required to deploy nuclear assets repeatedly. That capability creation was substantial.

我們並未建造一個僅為達成臨界而設計的最小型實驗。我們建造的是一座完整的核設施，並在此過程中建立了可重複部署核能資產所需的組織性基礎設施。這種能力建置的規模相當可觀。

We developed a private greenfield site works through local permitting and environmental requirements and establish the procedures needed to manage construction and nuclear operations on private land. We built a safety basis and engineering documentation required to support DOE review.

我們透過地方許可與環境要求，開發一處私人綠地場址工程，並建立在私人土地上管理建造與核能營運所需的程序。我們建立了支援 DOE 審查所需的安全基礎與工程文件。

We created quality assurance programs, configuration controls, document controls, and the processes needed to manage technical changes as the facility moved from design through construction and startup. We established security programs, physical access controls, material controls, emergency preparedness, radiation protection, environmental health and safety procedures and maintenance programs.

我們建立了品質保證計畫、組態控管、文件控管，以及在設施從設計走向建造與啟動過程中管理技術變更所需的流程。我們建立了保全計畫、實體出入管制、材料控管、緊急應變準備、輻射防護、環境健康與安全程序，以及維護保養計畫。

We built the operating organization that meant hiring, training, qualifying and managing the people responsible for operating the facility. It meant writing the procedures they would use testing those procedures and demonstrating to DOE that both the facility and the organization are ready to operate safely.

我們建立了營運組織，這意味著招募、訓練、資格認證並管理負責營運該設施的人員。這也意味著撰寫他們將使用的程序、測試這些程序，並向 DOE 證明該設施與組織均已準備好安全運轉。

In terms of procurement, we qualified suppliers, negotiated commercial terms, managed purchase orders, completed factory acceptance testing, coordinated delivery and took specialized systems through installation and commissioning.

在採購方面，我們完成供應商資格認證、協商商業條款、管理採購訂單、完成工廠驗收測試、協調交付，並推動專用系統完成安裝與試運轉。

We also developed the project controls behind the work, cost management, schedule management, risk management, execution governance, supplier performance, construction sequencing and readiness planning all had to function together. These were not capabilities we borrowed from a national laboratory or inherited from an established nuclear operator. Oklo built them.

我們也建立了支撐這些工作的專案控制體系：成本管理、進度管理、風險管理、執行治理、供應商績效、施工排序與就緒規劃都必須協同運作。這些能力並非我們向國家實驗室借用，或從既有核能營運商繼承而來。這些是 Oklo 自行建立的。

We use them and demonstrated them successfully through the Groves project and now we'll implement them in the deployment of other assets. That distinction matters because our integrated build, own and operate model allows us to retain and leverage the experience.

我們已在 Groves 專案中成功使用並驗證這些能力，現在也將在其他資產的部署中加以落實。這一差異很重要，因為我們整合式的「建造、持有並營運」模式，使我們能保留並運用這些經驗。

the procedure stay inside Oklo, the experiences with suppliers stay inside Oklo, the operators, project control, safety programs and lessons learned stay inside Oklo, and we learned from all of them. The next asset being built may be different, and the engineering and safety basis will be specific to each project and each product, but the organization and capabilities required to deliver those assets is no longer theoretical.

程序留在 Oklo 內部，與供應商合作的經驗留在 Oklo 內部，操作人員、專案控制、安全計畫與經驗教訓也都留在 Oklo 內部，而我們從中學習。下一個正在建造的資產可能不同，工程與安全基礎將針對每個專案與每項產品而定，但交付這些資產所需的組織與能力已不再只是理論。

As a result of the Groves facility, Oklo has developed a functioning nuclear deployment organization that has now designed, procured constructed, authorized, commissioned and operated a full-scale reactor. That is a significant capability and it can strengthen execution across every part of the company. This is how the capabilities we build through Groves translate across the broader company.

因此，透過 Groves 設施，Oklo 已建立一個可運作的核能部署組織，並已完成全尺寸反應爐的設計、採購、建造、取得授權、試運轉與營運。這是一項重要能力，能強化公司各部分的執行力。這就是我們透過 Groves 建立的能力如何擴散至更廣泛的公司層面。

Future Oklo assets do not have to start from zero. Every product line will still require its own engineering, safety analysis, licensing work and execution plan, and Aurora Powerhouse is different from an isotope reactor, and a fuel facility is different from both.

未來的 Oklo 資產不必從零開始。每條產品線仍需要各自的工程、安全分析、許可（licensing）工作與執行計畫；Aurora Powerhouse 與同位素反應爐不同，而燃料設施也與兩者皆不同。

But each future asset can now start with an experienced team that has already moved a nuclear project from an undeveloped site through construction, authorization, commissioning, startup and operation that meaningfully changes the starting point.

但每一個未來資產如今都能以一支有經驗的團隊為起點；該團隊已將核能專案從未開發場址推進至建造、取得授權、試運轉、啟動與營運，這在實質上改變了起跑點。

For future isotope facilities, the transfer is the most direct. We have now built a full-scale operating reactor that is repeatable and now we can reuse and improve the deployment model, operating programs, authorization experience and workforce capabilities established at Groves for future isotope facilities.

對於未來的同位素設施，移轉最為直接。我們已建成一座可複製的全尺寸運轉反應爐，現在可重複使用並持續改進在 Groves 建立的部署模式、營運計畫、授權經驗與人力能力，以用於未來的同位素設施。

Our next isotope facility is already in the planning stage. For Aurora powerhouses, we can adapt the project controls, procurement processes, construction sequencing, commissioning practices and procedures, readiness preparation and operating experience to a larger and more complex power facility.

我們的下一座同位素設施已進入規劃階段。對於 Aurora powerhouses，我們可以將專案控制、採購流程、施工排序、試運轉作法與程序、就緒準備與營運經驗，調整應用到規模更大、複雜度更高的發電設施。

For our fuel fabrication and recycling assets, we can apply the nuclear quality systems, material handling procedures, radiological controls, security programs, access controls and authorization experience built through Groves. Our build, own and operate model is important here because Oklo retains and through repetition iterates and refine these capabilities.

對於我們的燃料製造與回收資產，我們可以運用透過 Groves 建立的核能品質系統、物料處理程序、放射線管制、安全保全計畫、出入管制與授權經驗。我們的「建造、持有並營運」模式在此很重要，因為 Oklo 能保留這些能力，並透過重複實作持續迭代與精進。

We retain the people, we retain the procedures, we retain the cost and schedule data, the operating experience and the lessons learned, each project can build on the one before it rather than transferring that knowledge to a customer or recreating it with a new operating organization.

我們保留人才、保留程序、保留成本與進度資料、營運經驗與經驗教訓；每個專案都能在前一個專案的基礎上再往前，而不是把知識移轉給客戶，或以新的營運組織重新再做一次。

Groves was an exceptional execution achievement. We believe it also reduced future execution risk across our platform. It did not eliminate the project-specific risks associated with future facilities, but it demonstrated that Oklo can create and operate the organization required to deliver a nuclear asset.

Groves 是一項卓越的執行成果。我們相信它也降低了我們平台上未來執行的風險。它並未消除未來設施所伴隨的專案特定風險，但它證明 Oklo 能建立並營運交付核能資產所需的組織。

Future projects can begin with experienced teams, tested systems, real suppliers and an execution model that has already been used successfully. By building a full-scale nuclear facility, including full-scale civil engineering and construction on private land and fully commercially sourced fuel, we are learning at full scale.

未來專案可以從有經驗的團隊、經過測試的系統、真實的供應商，以及已成功使用過的執行模式開始。透過建造一座全尺寸核能設施（包含在私人土地上進行的全尺寸土木工程與施工，以及完全商業採購的燃料），我們正在以全尺寸規模學習。

That is what makes Groves more than a single reactor milestone. It is reasonable execution infrastructure for the rest of Oklo. The experience and capabilities we build through Groves are already informing how we approach our Aurora powerhouse deployments from authorization and construction through procurement, commissioning and operations.

這就是 Groves 不僅僅是一個單一反應爐里程碑的原因。它是 Oklo 其餘業務的可行執行基礎設施。我們透過 Groves 建立的經驗與能力，已在影響我們如何推進 Aurora powerhouse 的部署——從授權與建造，到採購、試運轉與營運。

At Aurora-INL, the primary regulatory milestone this quarter was DOE approval of the preliminary documented safety analysis, or PDSA. This is an important step because the PDSA establishes the preliminary safety basis for the facility, including the hazard analysis, accident analysis, safety controls and design commitments that support continued advancement of final design and construction.

在 Aurora-INL，本季主要的監管里程碑是 DOE 核准初步文件化安全分析（preliminary documented safety analysis，PDSA）。這是重要一步，因為 PDSA 建立了該設施的初步安全基礎，包括危害分析、事故分析、安全控制與設計承諾，以支持最終設計與施工的持續推進。

With the PDSA approved, the next DOE milestones are completion and approval of the documented safety analysis which we expect will be nearer to the commercial operations, followed by the readiness review and start-up authorization. This is the same authorization process and steps we successfully utilized for the Groves deployment.

在 PDSA 獲核准後，下一個 DOE 里程碑是完成並核准文件化安全分析（documented safety analysis），我們預期其時間點將更接近商業運轉，之後是就緒審查與啟動授權。這與我們在 Groves 部署中成功採用的授權流程與步驟相同。

Execution at the site is also advancing. Site mobilization is underway, and excavation for the reactor area is near completion. In parallel, we continue to progress procurement, engineering and system integration across the project.

場址端的執行也在推進。現場動員已展開，反應爐區域的開挖接近完成。同時，我們持續推進專案的採購、工程與系統整合。

The objective is to keep the major work streams moving together. Safety review and forms design, design informs procurement and construction field execution then provides real information that improves planning and coordination across the project. The experience from Groves is already relevant here.

目標是讓主要工作流同步推進。安全審查與（最終）設計相互配合，設計引導採購與施工現場執行，而現場執行再提供真實資訊，以改善整個專案的規劃與協調。Groves 的經驗在此已具參考價值。

We now have firsthand experience managing construction, supplier coordination, DOE safety reviews, readiness preparation and startup planning within one integrated operating organization. Aurora-INL is a larger and more complex asset than the Groves 1 isotope reactor, but we are carrying those execution capabilities forward as we continue progressing toward operations.

我們如今具備第一手經驗，能在同一個整合式營運組織內管理施工、供應商協調、DOE 安全審查、就緒準備與啟動規劃。Aurora-INL 是比 Groves 1 同位素反應爐更大且更複雜的資產，但我們正把這些執行能力延續下去，並持續朝運轉目標推進。

At Aurora, Ohio, we are carrying the execution model from our first deployment into planning for a much larger fleet. During the quarter, we entered into an MOU with Kiewit to support engineering, procurement, construction and execution planning for the initial phase of the Ohio Power campus.

在 Aurora（俄亥俄州），我們正把首次部署的執行模式帶入更大規模機組群的規劃。本季我們與 Kiewit 簽署一份 MOU，以支援俄亥俄電力園區（Ohio Power campus）初期階段的工程、採購、施工與執行規劃。

This builds on our existing relationship with Kiewit at Aurora-INL. The experience we are developing together in Idaho can now inform the work required to supply Meta Power from the Oklo 1.2 gigawatt power campus in Ohio. That continuity is important.

這是在我們於 Aurora-INL 與 Kiewit 既有合作關係上的延伸。我們在愛達荷州共同累積的經驗，現在可用來指導為俄亥俄州 Oklo 1.2 吉瓦電力園區向 Meta Power 供電所需的工作。這種延續性很重要。

We are working with Kiewit to carry forward lessons across design, procurement, constructability, scheduling cost reduction and control and field execution. The objective is to establish repeatable approaches that can support multiple Aurora powerhouses rather than one stand-alone facility. Grid planning is part of that same strategy.

我們正與 Kiewit 合作，將設計、採購、可施工性、排程、成本降低與控制，以及現場執行等方面的經驗教訓延續下去。目標是建立可重複的方法，以支援多座 Aurora powerhouses，而非單一獨立設施。電網規劃也是同一策略的一部分。

We are advancing PJM interconnection applications, transmission planning and related technical studies while integrating those requirements into slightly out infrastructure planning and the sequencing of future phases. Oklo is building for fleet deployment.

我們正在推進 PJM 併網申請、輸電規劃及相關技術研究，同時把這些要求整合進我們的場址基礎設施規劃與未來各階段的時序安排中。Oklo 正以機組群部署為目標進行建設。

The work underway at Aurora-INL, the capabilities demonstrated through growth and the planning now advancing with Kiewit in Ohio are intended to compound across projects rather than remain isolated within a single asset. We are also strengthening the internal capabilities that support execution across the platform. During the quarter, we acquired ARMEC and Creative Engineers.

Aurora-INL 正在進行的工作、透過 Groves 所驗證的能力，以及目前在俄亥俄州與 Kiewit 推進的規劃，旨在跨專案累積放大，而不是孤立在單一資產之內。我們也在強化支援整個平台執行的內部能力。本季我們收購了 ARMEC 與 Creative Engineers。

Those acquisitions add specialized engineering, manufacturing, testing and capabilities that can support repeatable deployment across the Oklo business lines while also continuing work with existing third-party customers. ARMEC is already contributing to engineering and procurement work for Aurora-INL.

這些收購增添了專業工程、製造、測試等能力，可支援 Oklo 各業務線的可重複部署，同時也能持續服務既有的第三方客戶。ARMEC 已開始為 Aurora-INL 的工程與採購工作做出貢獻。

We are leveraging the team's experience, manufacturing capabilities and supplier network to support critical component development and improve the connection between design and fabrication. We are also seeing the benefit of ARMEC's deep roots in the Oak Ridge nuclear community.

我們正運用團隊的經驗、製造能力與供應商網絡，以支援關鍵零組件開發，並改善設計與製造之間的銜接。我們也看到了 ARMEC 在橡樹嶺核能社群深厚根基所帶來的效益。

The acquisition expands our access to experienced talent and has increased interest from people who want to contribute to Oklo's mission. The manufacturing impact is beginning to show as well. Multiple new parts have already moved through production since the acquisition, demonstrating how bringing these capabilities closer to our engineering organization can improve the pace of execution.

此次收購擴大了我們接觸資深人才的管道，也提升了希望為 Oklo 使命做出貢獻的人士之興趣。製造端的影響也開始顯現。自收購以來，已有多個新零件完成生產流程，顯示將這些能力更貼近我們的工程組織，能提升執行速度。

Creative Engineers or CEI, adds roughly 30 years of experience in sodium and other alkali metal systems. Since the acquisition, CEI scope has expanded beyond its prior work with Oklo and now supports both our reactor and recycling organizations.

Creative Engineers（CEI）帶來約 30 年在鈉及其他鹼金屬系統方面的經驗。自收購以來，CEI 的工作範疇已超越其先前與 Oklo 的合作內容，現同時支援我們的反應爐與回收業務組織。

The strategic rationale is straightforward. These acquisitions shorten the feedback loop between engineering, procurement, manufacturing, testing and deployment. The experience gained on one project can then be retained and applied across the next.

其策略理由很直接。這些收購縮短了工程、採購、製造、測試與部署之間的回饋迴路。在一個專案中獲得的經驗，便可保留並應用於下一個專案。

These internal capabilities also strengthen one of the most important enablers of deployment and power delivery fuel. Our strategy is to build a diversified domestic fuel supply across sourcing, fabrication and recycling. So future Aurora deployments are not dependent on a single fuel pathway.

這些內部能力也強化了部署與供電最重要的促成因素之一：燃料。我們的策略是在來源、製造與回收三方面建立多元化的國內燃料供應。使未來 Aurora 的部署不會依賴單一燃料途徑。

Our fuel strategy is intentionally diversified because fuel availability remains one of the most important constraints on advanced nuclear deployment. We are not relying on a single supplier, a single feedstock or a single part of the fuel cycle, we are advancing multiple complementary pathways across commercial halo, government materials and recycling.

我們的燃料策略刻意採取多元化，因為燃料可得性仍是先進核能部署最重要的限制之一。我們不依賴單一供應商、單一原料來源或燃料循環中的單一環節；我們正推進多條互補路徑，涵蓋商用 HALEU、政府材料與回收。

On commercial HALEU, the Centrus letter of intent supports the creation of a domestic supply pathway with enough material contemplated to support up to five Aurora powerhouses for multiple years. We are also advancing potential government material pathways DOE selected Oklo for advanced negotiations regarding surplus plutonium that could be fabricated into reactor fuel. If awarded, this fuel could provide an important bridge for earlier deployments while new domestic enrichment capacity continues to scale.

在商用 HALEU 方面，與 Centrus 的意向書支持建立一條國內供應途徑，所規劃的材料量足以支援最多五座 Aurora 發電站運轉數年。我們也在推進潛在的政府材料途徑；美國能源部（DOE）已選定 Oklo 就可將剩餘鈽製造成反應爐燃料的事宜進行進階談判。若獲授予，該燃料可在國內新增濃縮產能持續擴張期間，為較早期的部署提供重要的過渡支撐。

That opportunity remains subject to a final DOE agreement, safeguards and material allocation. equipment required for our Aurora fuel fabrication facility, or A3F, is now in production, supporting planned installation and start-up activities in 2027.

該機會仍須視最終 DOE 協議、保防措施與材料分配而定。用於我們 Aurora 燃料製造設施（A3F）的設備目前已進入生產，支援 2027 年的計畫安裝與啟動作業。

This builds the fabrication infrastructure needed to convert our first core load of EBR-II used fuel into usable fuel for Aurora-INL. We continue advancing our advanced fuel center in Tennessee facility and process line engineering are progressing. NRC license application readiness work is underway in civil engineering and site grading permitting are advancing.

這將建立所需的製造基礎設施，把我們第一爐心裝載的 EBR-II 用過燃料轉換為 Aurora-INL 可用的燃料。我們持續推進位於田納西州的先進燃料中心，設施與製程線工程設計正在進展。NRC 申照準備工作正在進行中，土木工程與場地整地許可也在推進。

Our relationship with standard Nuclear also creates a potential third-party commercial pathway for recycled material. Each fuel pathway opens up supply optionality and strengthens our ability to continue deploying as the fuel market evolves.

我們與 Standard Nuclear 的合作關係，也為回收材料創造了潛在的第三方商業途徑。每一條燃料途徑都能提升供應選擇性，並在燃料市場演變之際強化我們持續部署的能力。

The Centrus Letter of Intent advances an important domestic fuel pathway for our Aurora deployments. Under the letter of intent, which anticipates a further definitive agreement, Centrus would supply HALEU for multiple years of initial core and reload needs for up to five Aurora powerhouses with deliveries expected to begin in 2029.

與 Centrus 的意向書推進了我們 Aurora 部署所需的一條重要國內燃料途徑。依該意向書（預期後續將簽訂具約束力的最終協議），Centrus 將為最多五座 Aurora 發電站提供多年的 HALEU，以滿足初始爐心與換料需求，預計自 2029 年開始交付。

The agreement could also include prepayments from Oklo either directly or via customer contributions to support fuel production for our planned Ohio campus build-out. The strategic significance extend beyond the fuel supply itself. In Southern Ohio, several of the critical elements needed for deployment are beginning to come together in one region.

該協議也可能包含 Oklo 的預付款（可由 Oklo 直接支付或透過客戶出資），以支援我們規劃中的俄亥俄園區擴建所需燃料生產。其策略意義不僅在於燃料供應本身。在俄亥俄州南部，部署所需的若干關鍵要素正開始在同一地區匯聚。

Domestic HALEU production, Oklo's planned 1.2 gigawatt clean energy campus, customer demand, existing energy infrastructure and execution planning with Kiewit Kiewit. Building a credible domestic supply pathway helps reduce fuel constraints and provides greater visibility as we advance project development.

包括國內 HALEU 生產、Oklo 規劃的 1.2 吉瓦潔淨能源園區、客戶需求、既有能源基礎設施，以及與 Kiewit 的執行規劃。建立可信的國內供應途徑有助於降低燃料限制，並在我們推進專案開發時提供更高的可視性。

We are connecting fuel planning directly to customer demand and asset deployment rather than treating fuel as a separate supply chain issue to be addressed at some undefined point in the future. Fuel certainty supports deployment and power delivery certainty. This LOI strengthens both the planned Ohio campus and the domestic advanced nuclear ecosystem developing around it.

我們將燃料規劃直接與客戶需求及資產部署連結，而非把燃料視為獨立的供應鏈議題，留待未來某個不確定時間再處理。燃料確定性支援部署確定性與供電確定性。此意向書同時強化了規劃中的俄亥俄園區，以及圍繞其發展的國內先進核能生態系。

With that, I will now turn it over to Craig for a financial update. Craig?

接下來我把時間交給 Craig 進行財務更新。Craig？

Thanks, Jake. 2026 continues to be a strong year for the company as we added strength to our balance sheet while deploying capital into flagship projects across our platform. Oklo's year-to-date net loss for the second quarter was $81.6 million, made up of loss from operations of $124.2 million, offset by $44.5 million of net interest and dividend income.

謝謝，Jake。2026 年對公司而言仍是強勁的一年；我們在投入資金於平台上的旗艦專案之際，也進一步強化了資產負債表。Oklo 截至第二季的年初至今淨損為 8,160 萬美元，其中營運損失 1.242 億美元，並由 4,450 萬美元的淨利息與股利收入抵銷。

Our year-to-date cash used in operating activities of $65.5 million includes our net loss of $81.6 million primarily adjusted for noncash charges of $29.9 million from stock-based compensation as well as $13.8 million of net changes in working capital and other adjustments. Year-to-date, cash used in investing activities was $912.7 million, including net cash used for purchases of marketable securities of $743.6 million.

我們年初至今用於營運活動的現金為 6,550 萬美元，包含淨損 8,160 萬美元，主要調整項為 2,990 萬美元的以股份為基礎之酬勞等非現金費用，以及 1,380 萬美元的營運資金淨變動與其他調整。年初至今，用於投資活動的現金為 9.127 億美元，其中包括購買有價證券所使用的淨現金 7.436 億美元。

In addition, capital spend of $126.9 million increased as we continued planned investments into property, plant and equipment across all three business lines. Oklo ended the second quarter with cash and marketable securities of $3 billion, comprising cash and cash equivalents of $1.6 billion and marketable securities of $1.4 billion.

此外，資本支出 1.269 億美元增加，因我們持續按計畫在三條業務線上投資於不動產、廠房及設備。Oklo 於第二季末持有現金及有價證券合計 30 億美元，其中現金及約當現金 16 億美元，有價證券 14 億美元。

This balance includes the additional $1.9 billion of capital generated from the execution of our ATM programs in 2026. We are updating our 2026 cash flow guidance to reflect our strategy to bring forward select project activities to increase execution confidence. Although capital spending through the first half of the year remains below the expected full year range, the spending profile is expected to be weighted towards the second half of the year.

此餘額包含我們於 2026 年執行 ATM（隨市發行）計畫所新增募集的 19 億美元資金。我們正更新 2026 年現金流指引，以反映我們將部分專案活動提前、以提升執行信心的策略。雖然上半年資本支出仍低於全年預期區間，但支出結構預期將偏重於下半年。

We now have better visibility into specific procurement, construction, fuel and project payment milestones supporting the updated ranges on our first-of-a-kind deployments. We now expect cash used in operating activities to be in the range of $120 million to $150 million. compared with our prior range of $80 million to $100 million.

我們現在對特定採購、施工、燃料與專案付款里程碑有更清晰的能見度，從而支撐我們對首座（first-of-a-kind）部署更新後的區間預估。我們目前預期用於營運活動的現金將落在 1.2 億至 1.5 億美元之間，相較先前的 8,000 萬至 1 億美元區間。

The increase in operating cash used primarily reflects certain first-of-a-kind project costs at Aurora-INL that were expensed. Cash used to support the build-out of grid interconnections at Aurora-INL and acceleration of early stage deployment costs on other projects.

營運現金使用增加，主要反映 Aurora-INL 首座專案的部分成本已費用化。以及用於支援 Aurora-INL 電網互連建置的現金支出，並加速其他專案早期部署成本。

The increase in operating cash used does not reflect a material higher cash burn for general corporate purposes. It reflects research and development cost to support the build-out of our projects. We also now expect cash used for purchases of property, plant and equipment to be in the range of $400 million to $500 million compared with our prior range of $350 million to $450 million.

營運現金使用增加並不代表一般公司用途的現金消耗有實質性提高。其反映的是為支援專案建置所需的研發成本。我們也將購置不動產、廠房及設備的現金支出預期更新為 4 億至 5 億美元，相較先前的 3.5 億至 4.5 億美元區間。

The increase in spending on PP&E is primarily driven by accelerated procurement and construction activity at Aurora-INL and an opportunistic field purchase at attractive terms to support future isotope projects. Given the strength of our balance sheet and ongoing capital raise activity, we chose to spend opportunistically rather than allow procurement timing to potentially put project delivery at risk.

PP&E 支出增加主要由 Aurora-INL 的採購與施工活動加速所驅動，並包含一筆以具吸引力條件進行的機會性場地購置，以支援未來同位素專案。鑑於我們資產負債表的強勁以及持續的募資活動，我們選擇把握機會性支出，而非讓採購時點可能使專案交付面臨風險。

This is not a change in strategy, but rather reflective of actions taken by Oklo to ensure project delivery across all three business lines. As engineering, procurement, construction, fuel and interconnection activities continue to advance for our first-of-a-kind projects, we are gaining greater visibility into opportunities to bring forward critical work that supports Aurora-INL's planned 2028 startup.

這並非策略改變，而是反映 Oklo 為確保三條業務線皆能如期交付所採取的行動。隨著我們首座專案的工程、採購、施工、燃料與互連活動持續推進，我們對於可提前推動、以支援 Aurora-INL 規劃於 2028 年啟動之關鍵工作機會，正獲得更高的能見度。

This is why we have raised capital proactively and built a strong balance sheet. Our liquidity allows us to secure critical path items advanced work when it is ready and make execution decisions to prioritize project schedules. The updated 2026 plan is supported by our existing liquidity of cash and marketable securities combining the standard just over $3 billion at the end of the second quarter.

這就是為什麼我們主動提高資本並建立強健的資產負債表。我們的流動性使我們能在關鍵路徑項目準備就緒時，提前鎖定相關前置工作，並做出執行決策以優先確保專案時程。更新後的 2026 年計畫，將由我們現有的流動性支撐；截至第二季末，我們的現金與有價證券合計略高於 30 億美元。

Before we close, I want to summarize why we believe Oklo is differentiated. We are building an integrated nuclear platform across power, fuel and isotopes. Our fast reactor technology is designed for simpler, repeatable deployment. While our fuel sourcing fabrication and recycling strategy is intended to strengthen long-term supply security. Our build, own and operate model allows us to retain the economics operating experience and capabilities created across the platform.

在結束之前，我想總結我們為何認為 Oklo 具備差異化優勢。我們正在打造一個涵蓋電力、燃料與同位素的一體化核能平台。我們的快中子反應爐技術旨在更簡化、可重複部署。同時，我們的燃料來源、製造與回收策略，旨在強化長期供應安全。我們的「建造、持有並營運」模式，使我們能保留平台所創造的經濟效益、營運經驗與能力。

Just as importantly, we are now demonstrating that we can execute, translating strategy into constructed assets, operating experience and commercial progress. Together, these elements position Oklo to convert growing customer demand into operating nuclear assets and recurring revenue.

同樣重要的是，我們現在正在證明我們具備執行能力，能將策略轉化為已建成的資產、營運經驗與商業進展。綜合而言，這些要素使 Oklo 能將不斷成長的客戶需求轉化為可營運的核能資產與經常性收入。

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

最後，再次感謝各位參與。我們現在開放提問。

(Operator Instructions) Nate Pendleton, Texas Capital.

(接線員指示) Nate Pendleton，Texas Capital。

Congrats on reaching criticality at Groves. I wanted to dig a little bit deeper into the use of plutonium as a bridge fuel. Can you update us on the timeline for allocations?

恭喜在 Groves 達到臨界。我想更深入了解以鈽作為過渡燃料的使用。能否更新一下配額分配的時間表？

And then perhaps more specifically following the flat-top campaign, how did the measured reactivity coefficients compared to your models? With the delayed neutron fraction below U-235, I'd be curious how the feedback mechanisms come together and give you the transient response you're looking for in fuel.

另外，更具體地說，在 flat-top 測試活動之後，量測到的反應度係數與你們的模型相比如何？由於延遲中子分率低於 U-235，我很好奇各種回饋機制如何共同作用，並在燃料中提供你們想要的暫態響應。

Thank you. It's a great question. Actually, we were just talking about that. yesterday and the day before, post criticality it grows, talking about how the comparisons are from the dynamic response and a very fast plutonium system versus the moderated system here at Groves. So anyway, I appreciate it.

謝謝。這是個很好的問題。其實我們昨天和前天在達到臨界之後也正好在討論這件事，談到動態響應的比較：一個非常快的鈽系統，與 Groves 這裡的慢化系統之間的差異。總之，我很感謝你的提問。

I think to go to the part of your question on the plutonium part, the allocations, we were excited about what came out with respect to the Department of Energy moving forward with us as part of the process here. It's still developing and pending engagement with them. In terms of specific allocations. As a reminder, the overall total that they are allocating out in this tranche is about 20 tons, which would be divided up across a couple of recipients which translates out to quite a bit of HALEU equivalent fuel.

我先回到你問題中關於鈽的部分，也就是配額分配。我們對能源部在此流程中推進與我們合作的進展感到振奮。目前仍在發展中，並等待與他們進一步接洽。就具體配額而言，提醒一下，他們在這一批次中總共要分配約 20 噸，將在幾個受配單位之間分配，換算下來相當於相當可觀的 HALEU 等效燃料。

Just for a quick recap, the concept here is you take the plutonium and you can blend it with uranium, whether that be natural or depleted or even low-enriched depending on how you want to design the system, but to get a HALEU equivalent material, you typically blend it with a depleted or natural uranium stock and you can achieve have equivalent performance at about somewhere between 10% and 13% plutonium content depending on the load, maybe plus up a little bit depending on the exact characteristics of the material.

簡要回顧一下，這裡的概念是把鈽與鈾混合；鈾可以是天然鈾、貧化鈾，甚至依系統設計也可用低濃縮鈾。要得到 HALEU 等效材料，通常會與貧化或天然鈾庫存混配；依裝載量不同，一般在約 10% 到 13% 的鈽含量即可達到等效性能，視材料的確切特性可能還會略微上調。

So that is still in development and progress, and we'll keep folks updated as that comes along. With respect to the work we did out of Los Alamos, so that was one of the things that we were excited about that was partnering with the lab to take assembly or critical assembly critical for the first time.

因此這部分仍在開發與推進中，我們會在有進展時持續向各位更新。至於我們在洛斯阿拉莫斯所做的工作，那是我們很興奮的一點：與實驗室合作，首次進行組件臨界（critical assembly）/臨界組件的實驗。

We did it in a fast reactor system, which was pretty cool for us to do back in December. And we also ran it through various reactivity feedback. We didn't just take it at effectively -- this is your power critical. We did put up to about -- from the calculations about 2 kilowatts or so of power into the system, and we're able to keep it up and then watch the activity feedbacks come in and work.

我們在快中子反應爐系統中完成了這件事，對我們而言在去年 12 月能做到相當酷。我們也進行了各種反應度回饋測試。我們不只是把它停留在「這就是功率臨界」的狀態。依計算我們把系統功率提高到約 2 千瓦左右，並能維持運轉，然後觀察反應度回饋如何介入並發揮作用。

Between being a fast system and being a plutonium system with the uranium reflector, it moves quick, but it also demonstrates the incredibly strong reactivity feedback coefficient, particularly the thermal expansion coefficient as well as some of the doppler effects to be a very tightly coupled, very responsive system where we were able to heat it up until it turned itself basically off by thermal expansion.

由於它既是快譜系統、又是鈽系統並搭配鈾反射層，反應很快；同時也展示了極強的反應度回饋係數，特別是熱膨脹係數以及部分都卜勒效應，使其成為高度耦合、反應非常靈敏的系統。我們能把它加熱到因熱膨脹而基本上自行關閉。

And then even going into maximum reactivity insertion at those temperatures, we could not turn it back on. So a great validation point. The thing that was shocking to me was how fast -- like when I say shocking to me, I've been around fast reactors, I've been involved in fast reactors in the past.

甚至在那些溫度下進行最大反應度插入時，我們也無法把它重新啟動。因此這是一個很好的驗證點。令我震驚的是它的速度——我說「震驚」是指，雖然我接觸過快中子反應爐，也曾參與過快中子反應爐相關工作。

But this thing just went so quick and so fast to come like to basically be so responsive. It was like a perfectly tuned and engineered sports car to the max with respect to how quickly it would ramp but also how quickly it would stabilize. So that was a key thing.

但這個系統的反應就是非常快、非常迅速，幾乎可以說極其靈敏。就像一台調校到極致、工程設計完美的跑車：升功率很快，但也能很快穩定下來。這是一個關鍵重點。

So the reactivity feedback coefficients, the overall behavior, all those things that we did, the Power maneuvers, all those things that we went through and that came out generally in the expected ranges, I'd say, is what we calculated. It was great to get higher fidelity and great to come in with that.

因此，反應度回饋係數、整體行為、以及我們做的功率操作等各項測試，整體結果大致落在我們計算的預期範圍內。能取得更高保真度的數據並用它來校準，這非常好。

But you're right to note between being a fast system, you have a very short neutron generation time line -- lifetime and then on top of that, having a pretty low delaying transaction compared to E35, it's a quickly resolving system, but that gives you great like, great, frankly, stability and very tight responses in the system.

不過你說得對：作為快譜系統，其中子世代時間——壽命非常短；再加上相較於 U-235，其延遲中子分率相當低，因此系統會很快收斂，但也因此帶來很好的、坦白說是很強的穩定性，以及非常緊密的系統響應。

I think I was debriefing the team on the way back from those experiments and said it was I think like driving that system is -- I've never driven one, but it feels like it's probably like the equivalent of going into an F1 car. Nothing gets really like faster and more responsive than that system.

我在從那些實驗回程時向團隊做了簡報，說我覺得操作那個系統——我從沒開過，但感覺就像是在開一台 F1 賽車。幾乎沒有什麼能比那個系統更快、更靈敏。

Everything else we built afterwards and every other kind of system would be a lot more, I would call it, pedestrian, but it was pretty cool to see those kind of dynamics and great validation of the inherent feedback effects and any small (inaudible).

之後我們建造的其他一切、以及其他類型的系統，相比之下都會更——我會說——更「日常」一些；但能看到那種動態特性真的很酷，也很好地驗證了固有回饋效應以及任何微小的(聽不清)。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Could you maybe please provide an update on the radioisotope production road map that grows? Which specific isotopes are you're prioritizing furnishing production? And when do you anticipate recognizing first revenue?

能否請你更新一下 Groves 的放射性同位素生產路線圖？你們優先推進生產的是哪些特定同位素？以及你們預計何時確認第一筆營收？

Yeah, I'll start with what we did at Groves, which is really important. It is a full-scale isotope reactor. That said, we're going to be going through all the various like operational commissioning and everything else all the way out for a bit. As we are positioning ourselves generally speaking, the key thing we got out of this was execution, right?

好的，我先從我們在 Groves 做的事情談起，這非常重要。那是一座全尺寸的同位素反應爐。不過，我們接下來還會在一段時間內完成各項營運調試（commissioning）以及其他相關工作。就我們整體定位而言，這次最關鍵的收穫是執行力，對吧？

We got an execution repetition down and building a real full reactor. This wasn't something we put in a national lab. It wasn't something we put at subscale. It was the full scale, full civil construction, right? We went full excavation. We went 60 feet deep.

我們建立了可重複的執行節奏，並建成了一座真正的全尺寸反應爐。這不是放在國家實驗室裡的東西。也不是次尺度（subscale）的東西。而是全尺寸、完整土建施工，對吧？我們進行了完整開挖。我們挖到 60 英尺深。

We but we built this like we will build our future is top reactors with the ability to take direct lessons, learn and then rate on them. So kind of showing, I think, one of the things that we try to do is and focus on iterating at scale and not subscale.

我們——我們建造它的方式，就像我們未來將建造我們的同位素反應爐一樣，能直接汲取經驗教訓、學習，然後在其上迭代改進。因此我想，這也展現了我們努力去做的一件事：專注於在規模化（scale）下迭代，而不是在次尺度下迭代。

So that was a big win for us with this plant and into doing -- got to turn on a full (inaudible) reactor under a year, which is pretty awesome. That said, to get to the point on the isotope production. It's going to depend on a couple of factors, but we anticipate sort of in the next year, like in about 12 months or so, we'll get through all those different capabilities, and we'll start producing some R&D quantities of material.

所以，這對我們來說是這座廠的一大勝利，而且在推進過程中——能在不到一年的時間內啟動一座完整的（聽不清）反應器，這相當了不起。話說回同位素生產這點。這會取決於幾個因素，但我們預期大概在接下來一年、也就是約 12 個月左右，我們會把那些不同的能力都跑通，並開始生產一些用於研發（R&D）數量等級的材料。

And then in parallel ramping up our next isotopes projects that would be producing at more scale. On top of that, we also have additional isotope opportunities that are not in reactor. And we're -- we have our Idaho (inaudible) Chemistry Lab that is NRC license and is able to be working with various quantities material, and we continue to sort of operate there and scale up there. And so there's opportunities on sort of the isotope recovery and refinement side that are independent of the reactor and then the reactor adds a ton of value into those.

同時也會並行推進我們下一批同位素專案，這些專案將能以更大規模生產。此外，我們也有一些不在反應器內的同位素機會。而且我們——在愛達荷有一座（聽不清）化學實驗室，具備 NRC 執照，能處理不同數量等級的材料；我們也持續在那裡運作並擴大規模。因此，在同位素回收與精煉這一端，存在一些獨立於反應器的機會，而反應器則能為這些機會帶來大量附加價值。

So those are things we're actively moving into and embarking upon, but those are kind of the time lines for how we're seeing in reactor production with the opportunity and the potential possibly for some production of -- basically by refining existing inventories, recovering and purifying of other isotopes that are in either stranded sources or similar kind of I would say, media that we can take out and package into product through that lab that we have the potential to possibly be producing before -- inside of that 12-month window.

所以這些都是我們正在積極推進並著手展開的事情；以上大致就是我們對反應器內生產的時間表看法。同時也可能存在一些生產機會——基本上是透過精煉既有庫存、回收並純化其他同位素；這些同位素可能來自於被閒置的來源或類似的、我會說是某種介質中的來源。我們可以把它取出，並透過我們那座實驗室封裝成產品；而這些產品有可能在——也就是在那個 12 個月窗口期內——就能開始生產。

And Craig, I don't know if you want to add anything else on the details --

Craig，我不確定你是否想在細節上再補充些什麼——

Yeah, George, just I think we think the first revenue coming out of the isotope business will more likely be from the lab facility in Idaho as opposed to Groves and as we noted in the material, we've got commercial discussions ongoing with several companies around potential offtake. And revenue though from that is more likely to come in the first part of next year, just given how we kind of see the timing of all those pieces.

是的，George，我想我們認為同位素業務的第一筆營收，更可能來自愛達荷的實驗室設施，而不是 Groves。正如我們在資料中提到的，我們正與數家公司就潛在承購（offtake）進行商業洽談。不過，考量我們對各項環節時程的判斷，相關營收更可能在明年上半年出現。

Joseph Osha, Guggenheim.

Joseph Osha，Guggenheim。

To return to the fuel question. I just want to make sure I understand. I mean you've got the initial couple of loads for INL from EBR is the plan to go to the blended plutonium after that? Or is Centrus going to come online before that? I just want to make sure I understand the order of operations here.

回到燃料的問題。我只是想確認我理解正確。我的意思是，你們給 INL 的最初幾批裝料，計畫是來自 EBR；那之後的計畫是改用混合鈽燃料嗎？還是 Centrus 會在那之前上線？我只是想確認一下這裡的作業順序。

Both. This is the key thing that's really important for us. We're really uniquely positioned between having -- basically line of sight and partnerships on Centrus on the HALEU side from commercial production add in the government materials from EBR-II fuel and then add into that the plutonium fuel.

兩者都會。這是對我們來說非常關鍵的一點。我們的定位非常獨特：一方面在 HALEU 端，透過與 Centrus 的合作，我們對商業化生產有清晰可見的路徑；再加上來自 EBR-II 燃料的政府材料；並且再加上鈽燃料。

We're uniquely positioned to be able to use a multi-varied fuel strategy and then add on top of that recycling when we turn that online to provide kind of this enduring effective fuel capability. That's the key thing.

我們具備獨特優勢，能採用多元燃料策略；再加上當我們把回收（recycling）能力上線後，就能提供一種持久且有效的燃料供應能力。這就是關鍵。

We are versatile and what we can take as fuel. That means we can take a diverse set -- a diverse mix of fuels, and that's super important because that gives us a lot of fuel independence a lot -- I think this is one of the most severely underestimated things that we're doing as a company is that we have that ability to have and use all of the sources that we can tap into and that we get access to.

我們在可作為燃料的來源上很有彈性。這代表我們可以使用多樣化——多元組合的燃料，而這非常重要，因為這讓我們在燃料上有很高的獨立性。我認為，這可能是外界對我們公司正在做的事情中，最被嚴重低估的一點之一：我們有能力擁有並使用所有我們能切入、且能取得的來源。

And we're investing and developing that capability to be able to do that. But that's innately unique characteristic of a fast reactor. And we're designing for that, right? And so it's really a blended mix. The plan and the goal is to be able to take and receive all the different fuel sources we have that stretches the fuel resources we have, while we spin our recycling capabilities, while we support enrichment expansion, and that's how we see this all come together with respect to being able to fuel these things.

而我們正在投資並開發這種能力，以便能做到這件事。但這本質上就是快中子反應器的獨特特性。我們也正是為此而設計，對吧？因此它其實是一種混合搭配。計畫與目標是：能接收並使用我們所有不同的燃料來源，延展我們的燃料資源；同時推動回收能力的建置；同時支持濃縮產能擴張——這就是我們如何看待這一切在燃料供應面向上整合到一起。

So to put it in summary, first reactor from EBR-II recovered material, scale-up is supported by plutonium-blended plutonium fuel as a bridging fuel. -- to ramp with the uranium enrichment scale up. That then goes on, right, and for a very, very long time or use of in retranium and then at the end of the day, recycling, which can sort of offset the need for everything because of its ability to extend the resource so tremendously.

總結來說：第一座反應器使用從 EBR-II 回收的材料；擴產則由鈽混合燃料作為過渡燃料來支撐——用以銜接鈾濃縮產能的擴張爬坡。接著它會持續很長、非常非常長的時間，使用（聽不清）的鈾；而到最後，回收可以在某種程度上抵消對其他一切的需求，因為它能極大幅度延展資源。

So then you have the recycling that bolts on the backside of that. So it's a three-pronged approach that's an enduring advantage that you can't really touch. And just to zoom out to like the 100,000 [per view], we have fast reactors with recycling like what we're developing, have the potential to tap in and own resources and reserves of heavy metals on this planet and power the entire plant's energies for billions of years, right?

然後你再把回收接在後端。所以這是一個三管齊下的方法，是一種你幾乎無法企及的持久優勢。再把視角拉遠到像 100,000（每視圖）這種尺度：我們正在開發的、具備回收的快中子反應器，有潛力去利用並掌握地球上的重金屬資源與儲量，並為整個星球的能源供應數十億年，對吧？

The first principle is the physics support that. That's why that was something people wanted to do. That's why we're doing it.

第一性原理是物理學支持這件事。這也是為什麼人們想做這件事。這也是為什麼我們正在做。

And George, just as I added to Jake's question because we're progressing more than one fuel pathway, that optimization of kind of which fuel is going to come next in the pecking order is actually something that we keep up to date, but it's -- we keep up to date because we keep pushing on more commercial opportunities to make sure that, for us, fuel is not a constraint. It's an opportunity.

George，我再補充 Jake 的問題：因為我們同時推進不只一條燃料路徑，所以在「下一個優先順序應該是哪種燃料」這種最佳化，其實是我們持續更新的事情；我們之所以持續更新，是因為我們也持續推進更多商業機會，以確保對我們而言，燃料不是限制。而是一個機會。

And just -- I would assume that we get maybe a little more detail once we know what the allocation of plutonium is going to look like from the DOE because that gives you a sense correctly. And can you remind me -- I'll go away in just a minute what the expected timing is on that allocation?

另外——我想一旦我們知道 DOE 對鈽的分配會長什麼樣子，我們可能就能得到更多細節，因為那會讓你更正確地掌握情況。你能提醒我一下——我馬上就不再追問了——那個分配預期的時間點是什麼？

That timing is really being not dictated by Oklo. So I would not want to throw out a date because it's really not under our control. But I guess the flipped answer is we're closer than we were.

那個時間點其實不是由 Oklo 來決定的。所以我不想拋出一個日期，因為那真的不在我們的控制之下。但換個角度回答：我們比以前更接近了。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Congrats on the criticality milestones. I wanted to ask about the nuclear lifestyle innovation campuses and what that program could do for a project like the Advanced Fuel Center in Tennessee in terms of bringing in capital or other resources.

恭喜達成臨界（criticality）的里程碑。我想請教核能生活型態創新園區（nuclear lifestyle innovation campuses），以及這個計畫對田納西的先進燃料中心（Advanced Fuel Center）這類專案，在引入資本或其他資源方面可能帶來什麼幫助。

Yeah. I mean I think what we see with that is the, I would say, full-throated support moving forward into a much more, I would say, effective constructive and scalable solution on sort of nuclear fuel, frankly, life cycle management. What that means is I think the approaches of the past have not exactly scaled the best in any form of execution, namely (inaudible) Mountain.

是的。我的意思是，我們看到的是一種——我會說——全力支持，推動我們走向一個在核燃料（坦白說是）全生命週期管理方面，更有效、更具建設性且可擴展的解決方案。這代表我認為過去的方法，在任何執行形式上都沒有很好地擴展，尤其是（聽不清）Mountain。

And so the idea here is to open up different disposition pathways that also capture innovations in the technology front. Again, this is probably another part like this specific piece of what's happening, I should say this.

因此，這裡的想法是開啟不同的處置路徑，同時也把技術端的創新納入其中。再說一次，這可能也是另一個部分——就這個正在發生的特定環節而言，我應該這麼說。

The (inaudible) initiative is also probably one of the more widely underappreciated sort of efforts at the policy level that has incredible potential impacts on the frankly, future of energy for the world, especially in the United States. Because what it's doing is saying, hey, let's get communities who want to take this material and see the upside of being able to post a combined ecosystem on the life cycle side for used fuel coming in, recycling, being a cornerstone piece of that, disposing ways through more innovative methods like boreholes, which are far more capital efficient and scalable and just better than mine repositories in most all regards.

（聽不清）倡議也可能是在政策層面上較被廣泛低估的努力之一，但它對坦白說、對世界能源的未來——尤其是在美國——具有極其巨大的潛在影響。因為它正在做的是：它在說，嘿，讓那些願意接收這些材料、並看得到好處的社區參與進來，建立一個在生命週期端的整合生態系，讓用過燃料進來；以回收作為其中的基石；並透過更具創新性的方式來處置，例如鑽孔（boreholes）——這在資本效率與可擴展性上都更好，而且在幾乎所有方面都比礦坑式處置庫更優。

And then advanced fuel fabrication that can take the recycled material, the ecosystem that bolts on to isotopes from recycled material. The fuel from the fabrication of recycled fuel into basically fast reactors. And then the power that comes from it to then support other parts of the nuclear ecosystem and other industry, right, because you start creating these kind of energy super campuses or super regional campuses that happened because of what happens there, that's a tremendous thing to be able to tap into.

接著是先進燃料製造，能夠把回收材料拿來使用，也就是把由回收材料所產生的同位素所「外掛」形成的生態系。把回收燃料製造成基本上可供快中子反應爐使用的燃料。然後由此產生的電力再去支援核能生態系的其他部分以及其他產業，對吧，因為你會開始打造這種能源超級園區或超級區域園區，因為那裡發生的事情而形成；這是一個非常值得去善加利用的巨大機會。

If you think about the used fuel inventories in the United States today, it's more than four Saudi Arabia's equivalent of oil energy, right, in terms of content. I mean it's almost the entire world's energy supplies that we know of in terms of known oil reserves.

如果你想想美國目前的用過燃料庫存，就其所含能量而言，超過四個沙烏地阿拉伯等值的石油能量，對吧。我的意思是，就我們所知的已知石油儲量而言，幾乎相當於全世界的能源供應總量。

And so these states, if you get three states that get this, they're getting more than one Saudi Arabia of energy content. They get to basically have in-house in-state. And then every year, they get replenished by about a Norway worth of energy, right?

所以這些州，如果有三個州理解這件事，他們得到的能量含量就超過一個沙烏地阿拉伯。他們基本上可以在州內自給自足。而且每一年，還會再補充大約相當於一個挪威的能量，對吧？

Like that's incredible. And I don't mean annual production. I'm talking about known total oil reserves equivalent, right? This is what they would have. So the economic implications are tremendous.

這太不可思議了。而且我不是指年產量。我說的是已知總石油儲量的等值，對吧？這就是他們將擁有的。所以其經濟意涵非常巨大。

There are a number of things that will flow from this at the capital level, right? And a lot of that's being pursued and developed. But it's a whole government approach to say, Hey, how do we manage this and solve for this? And the fact that you had I think it was 26 states step up and say, Hey, we're interested in taking this material. I mean that was incredible.

在資本層面，會有很多事情由此衍生，對吧？而其中很多也正在被推進與發展。但這需要整體政府的作法來說：嘿，我們要如何管理並解決這件事？而且你看到我想是有 26 個州站出來說：嘿，我們有興趣接收這些材料。我的意思是，那真的很驚人。

And then clearly shows that it was competitive and the five that have been down selected are clearly the ones that are going to sort of raise their hand and showed we're eager to be partners here. So -- but we're very excited about it for Oklo because of the opportunity to play in that ecosystem.

而且這也清楚顯示這是一個競爭性的流程，而最後入選的五個顯然就是那些願意舉手、表明我們渴望成為合作夥伴的州。所以——但我們對 Oklo 來說非常興奮，因為有機會參與那個生態系。

If you think about the key enablers there it's recycling, it's reactors to use recycled fuel, it's the opportunities to monetize and sell the coproducts of recycling? I mean that's what we do. So we're very excited about this. And I think it's a tremendous move to sort of unleash the ecosystem around frankly, advancing nuclear innovation.

如果你想想那裡的關鍵推動因素，就是回收、使用回收燃料的反應爐，以及把回收的副產品變現並銷售的機會？我的意思是，這正是我們在做的事。所以我們對此非常興奮。我認為這是一個非常重大的舉措，能夠在坦白說推進核能創新方面，釋放出周邊的生態系。

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

Maybe just a two-part question. be curious if you could provide a bit more detail on what exactly is being pulled forward with the higher CapEx budget this year? And any way to quantify the pull forward in terms of whether it's quarters or months. that you are accelerating the plan?

也許是兩個部分的問題。我想請教你們能否更詳細說明，今年較高的資本支出（CapEx）預算究竟是把哪些項目提前了？以及是否有辦法量化這個提前幅度，例如是以季度或月份計，你們把計畫加速了多少？

And then secondarily, a pretty big step-up in OpEx here this quarter, both R&D and G&A. Can you kind of walk us through that, how to think about the OpEx growth for the balance of the year?

第二個問題是，本季營運支出（OpEx）大幅上升，研發與一般及行政（G&A）都增加。能否帶我們梳理一下，該如何看待今年剩餘期間的 OpEx 成長？

Yeah, Brian, I'll take both of those. I think in terms of the capital spend, it's and pull forward, it's not just dedicated to one business, but a good portion of that is related to the project at Idaho National Labs or INL. And it's really around just wanting to make sure that we've got long lead time procurement spend in place and activity in place.

好的，Brian，這兩個我都來回答。就資本支出與提前而言，並不只針對單一業務，但其中相當一部分與愛達荷國家實驗室（Idaho National Labs，INL）的專案有關。主要是希望確保我們已經把長交期採購的支出與相關活動先安排到位。

And also making sure that we've got things in place for the interconnection to the grid. And it's less about bringing forward the time line because 2028 is still the target to go live, but it's more about creating more assurance for that and making sure that long lead time items don't impact the critical path for those projects.

同時也要確保我們已就電網併網（interconnection）把相關事項準備到位。這比較不是把時程往前拉，因為 2028 年仍是上線目標；而是提高達成目標的把握度，並確保長交期項目不會影響這些專案的關鍵路徑。

In terms of the OpEx spend, I think we are growing headcount. And I'd say most of that growth, though, is not for functional growth. It's really for engineering and technical growth Part of what drove a little bit of that higher OpEx.

就 OpEx 而言，我認為我們正在增加人力。但我會說，這些增長大多不是功能部門的擴編。主要是工程與技術人力的擴充，這也是 OpEx 稍高的一部分原因。

And I think I said this at the time of the initial guidance is when you're doing a first-of-a-kind project, there's always a little bit of accounting interrogation in terms of what needs to be capitalized versus what needs to be expensed. And it just ends up that we're just needing to expense a few more items in the quarter given -- just given the nature of the spin.

而且我想我在最初的指引時也提過，當你在做首座示範（first-of-a-kind）專案時，會有一些會計上的反覆檢視：哪些需要資本化、哪些需要費用化。結果就是，基於這次支出的性質，我們在本季需要把多一些項目列為費用。

But really, all of this is about project delivery, project assurance and just making sure that we can hit the critical path. And for Aurora-INL, it's not just hitting the critical path on the powerhouse itself. But we're also in good situation to start equipment delivery and installation at the Aurora fuel fabrication facility that Ryan Webster and team lead so that we can start fabricating fuel for that first powerhouse that will go live in 2028.

但其實這一切都是為了專案交付、專案確保，以及確保我們能夠走在關鍵路徑上。對 Aurora-INL 而言，不只是讓發電站本體走在關鍵路徑上。我們也處於良好狀態，可以開始由 Ryan Webster 與其團隊負責的 Aurora 燃料製造設施進行設備交付與安裝，這樣我們就能開始為 2028 年上線的第一座發電站製造燃料。

Christopher Souther, Truist.

Christopher Souther，Truist。

Congrats on the progress here. Can you give us a sense as to how the all-in spend at or I&L is shaking out with Hewitt -- just any kind of update around the costs that you expect for that first of a kind project would be very helpful.

恭喜你們在這裡的進展。你能否讓我們了解一下，在 INL 的整體投入支出目前與 Kiewit 的合作進展如何——任何關於你們預期這個首座示範專案成本的更新都會非常有幫助。

And then I know we're getting EBR-II fuel in the DOE there, but are we able to secure the full fuel for the 75-megawatt operating level? I wasn't sure if that was updated yet.

另外我知道我們正在從美國能源部（DOE）取得 EBR-II 燃料，但我們是否能夠確保 75 兆瓦運轉水準所需的全部燃料？我不確定這部分是否已有更新。

Yeah, I'll start an inverse order on the fuel and then hand it to Craig for the cost part. So yes, between what we've -- we're working with and additionally, what we're seeing evolving on the plutonium side, we feel quite confident in having all the fuel we need for that plant to run at full power without any changes in course.

好的，我先以相反順序從燃料開始回答，然後把成本部分交給 Craig。所以是的，結合我們正在合作取得的，以及我們看到在鈽（plutonium）端的進展，我們相當有信心能取得該電廠滿載運轉所需的全部燃料，而且不需要改變既定方向。

Yeah. And in terms of costs, we're not yet providing full guidance on that partially because we're still narrowing in on what total cost for the project is going to be with Kiewit as well as looking at what will be the glide path of not just cost for the Idaho project.

是的。至於成本方面，我們目前還沒有提供完整指引，部分原因是我們仍在與 Kiewit 一起收斂該專案的總成本，同時也在評估不只是愛達荷專案的成本走勢（glide path）。

But the future projects that more likely than not for power will take place in the know-how campus. As we narrow in on those numbers, through the rest of this year when we've got a more tight number to provide to the market, we'll do that then.

也包括未來更有可能在 know-how 園區內進行的電力專案。當我們在今年剩餘時間把這些數字收斂得更精準、能提供給市場更緊的數字時，我們就會在那時提供。

Got it. Okay. That makes sense. And then you had called out at the beginning of the call, partner capital opportunities. I just wanted to get a sense, as you're looking at the different business lines here, historically, you've talked about on the steel side, some partner opportunities.

了解。好。這很合理。另外你在電話會議一開始提到合作夥伴資本的機會。我想了解一下，當你們看不同的業務線時，過去你們在鋼鐵那一塊談過一些合作夥伴機會。

But on the Powerhouse side, is that an area where you're having more active discussions? Or is it still just kind of reiterating the optionality over time within the business model. I was curious if there was an emphasis there intentionally.

但在 Powerhouse 這一塊，是否是你們正在更積極討論的領域？還是仍然只是重申商業模式隨時間推進的選擇性（optionality）？我好奇你們是否有刻意在這裡加重強調。

Yeah. I'd say if you look at the -- Power side of the -- the customer a bit of your question, it's really around -- we've already had the meta payment. We've had the Equinix payment. And so it does feel like those discussions are a little bit more advanced.

是的。我會說，如果你看——就你問題中關於電力端客戶的部分而言，主要是因為——我們已經收到 Meta 的付款。我們也收到 Equinix 的付款。所以確實感覺這些討論已經更為深入。

But what Jake talked earlier about the ink campuses and what excites me about that, maybe from my oil and gas background, is this as an opportunity to create new energy corridors across the United States. And those are other ways that people could invest at the asset and project level in our business.

但如同 Jake 先前談到的那些 ink 校園，以及這件事讓我感到興奮的地方——也許是因為我在油氣產業的背景——在我看來，這是一個在美國各地打造新型能源走廊的機會。而這些也是人們可以在我們業務中，以資產與專案層級進行投資的其他方式。

So in terms of the third leg of the stool, our isotopes business, that's probably where we're at most of the early days in terms of what a customer investment in the business could look like. We have brought on in the quarter, first by the name of Ray Wang, is our business unit leader for that business. And I know it's one of the things that's very high on radar screen as well.

所以就第三條支柱而言，也就是我們的同位素業務，這大概是我們目前仍處於最早期階段的部分，因為客戶對該業務的投資可能會長什麼樣子，這方面我們還在早期探索。我們在本季延攬了一位名叫 Ray Wang 的同仁，擔任該業務的事業單位負責人。我也知道，這同樣是大家高度關注的重點之一。

Jeremy Tonet, JPMorgan.

Jeremy Tonet，摩根大通。

Congratulations on criticality.

恭喜達成臨界。

It was pretty cool.

真的很酷。

Just wanted to see, I guess, you've successfully been using M&A as tool to both, I guess, the supply chain. I'm just wondering, along those lines, are there any other areas you think that would be of interest to you and that would make sense to kind of pursue more?

我想了解一下，你們一直成功地把併購（M&A）當作工具來使用，來強化——我想——供應鏈。我只是想問，沿著這條思路，是否還有其他你們認為會感興趣、而且值得進一步追求的領域？

I won't go deep into the things we are looking at, but we do continue to look. I think it's things that would still be in the scale of ARMEC and CEI, but it really is about -- when we look at building out asset deployment capability in the firm, you can do that by hiring staff so building the capability internally or you can go and buy it.

我不會深入談我們正在看的具體標的，但我們確實持續在看。我認為規模大概仍會落在 ARMEC 和 CEI 這個等級，但重點其實在於——當我們看要在公司內部建立資產部署能力時，你可以透過招募人員、在內部建立能力，或是直接去收購把能力買進來。

And I think when we see those bid opportunities, it's really around the strength of the team and the capability that we can bring in-house, and we're really pleased with what we did in that regard in the quarter and looking at it as an accelerator. I think if there's one thing that people can take away from this call, it's like we are putting assets on the ground. We've successfully gone critical.

而我認為當我們看到那些投標機會時，關鍵真的在於團隊的實力，以及我們能把哪些能力帶進公司內部；我們對本季在這方面所做的事情非常滿意，並把它視為加速器。我想如果這通電話大家只能帶走一件事，那就是：我們正在把資產落地。我們已經成功達成臨界。

And now we're really just looking at more that we can do to provide assurance around asset deployment for all three businesses. So if we see an opportunity to scale that capability at the right price point, then we've got the capital to do that, and we'll look to execute on those opportunities.

而現在我們真正要看的，是我們還能做更多什麼，來為三大業務的資產部署提供更高的確定性與保障。所以如果我們看到能以合適的價格點擴大這項能力的機會，我們有資本可以去做，也會尋求在那些機會上執行。

Great. And then maybe just given the progress that you've had, just wondering if this is impacted, I guess, the pace of the tone of commercial conversations as far as offtake is concerned?

很好。另外，考量到你們目前的進展，我想問這是否影響了——就承購（offtake）而言——商業洽談的節奏或氛圍？

I would say that every time we do something, it creates more credibility, and it does help those conversations.

我會說，每當我們完成一件事，就會帶來更多可信度，而這確實有助於那些對話。

Rinny Singh, Bank of America.

Rinny Singh，美國銀行。

I guess just focusing on the customer landscape. As you're kind of looking at these milestones hit and customers are kind of looking at the regulatory, the fueling side and the actual execution and cost side of things. How -- what -- out of those like buckets what's kind of giving them the most confidence in moving forward? And kind of what do you think are the pathway to watch essentially from here in those buckets?

我想把焦點放在客戶版圖上。當你們達成這些里程碑、而客戶也在看監管面、燃料供應面，以及實際執行與成本面等因素時，在這些「桶」裡，哪一塊最能讓他們對繼續往前走更有信心？以及從現在開始，在這些面向上，你認為有哪些關鍵路徑或觀察重點？

Yeah, Rinny, when I talk about the business, it does feel like we've got in a sense, unconstrained demand. So how do we unconstrain the supply for that? And I think it kind of -- and I think I've always talked about there's regulatory deconstraining, there is fuel.

是的，Rinny，當我談到這門生意時，確實感覺在某種程度上，我們面對的是不受限制的需求。那我們要如何解除供給端的限制來滿足它？而我認為——我也一直在說——有監管面的去瓶頸，也有燃料面的因素。

There's procurement construction and then making sure we've got the capital. It's almost like though, I think it depends on the customer. I think and their level of education. I think some are looking more to the regulatory pathway and the regulatory acceleration. Others are looking to fuel.

還有採購與施工，然後要確保我們有資本。不過我覺得這幾乎也取決於客戶本身。以及他們的理解程度。我想有些客戶更關注監管路徑與監管加速。另一些則更關注燃料。

But I think if you look at everything we're doing, we're working to deconstrain the system across all those parameters, so we can meet that demand. I'll also say the customers who are -- the more they come up the learning curve, though, I think the more they recognize the importance of fuel at our fuel diversification strategy really does resonate with them.

但我認為，從我們正在做的所有事情來看，我們是在所有這些參數上同步努力，讓整個系統去瓶頸，從而滿足需求。我也想補充，客戶越是沿著學習曲線往上走，我認為他們就越能認知燃料的重要性，而我們的燃料多元化策略確實很能引起他們共鳴。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

Just one question for me around interconnection. I was wondering if you could provide a status update on the specific PJM interconnection applications required for the near term deployment road map. Can you guys talk about where you sit in the interconnection queue and broadly, do you see any potential setbacks just given some of the interconnection challenges and backlog?

我這邊只有一個關於併網（interconnection）問題。我想請你們就近期部署路線圖所需的特定 PJM 併網申請，提供一下進度更新。你們能談談目前在併網排隊序列中的位置嗎？以及更廣泛地說，考量到一些併網挑戰與積壓，你們是否看到任何潛在的挫折？

We are participating in the interconnection process and have more than one opportunity, I guess, on the docket with PJM along with others. And really to come to a bit of your question, what's the watch point? It's just the turnaround time on that and just making sure that we're staying on top of it.

我們正在參與併網流程，並且在 PJM 那邊以及其他地方，檯面上不只一個機會。而回到你問題的一部分：要觀察的重點是什麼？就是處理週期／周轉時間，以及確保我們持續緊盯進度。

Mike Donohue, who we brought in over a year ago, and his team are leading that effort, and I think they bring a lot of depth of expertise. But it is an important watch point, which is why we are I think, on top of it and making sure that we're not counting on just one avenue or one path to put power in the grid in that area.

我們在一年多前延攬的 Mike Donohue 以及他的團隊正在主導這項工作，我認為他們帶來了非常深厚的專業。但這確實是一個重要的觀察點，這也是為什麼我想我們一直緊盯著，並確保我們不只依賴單一管道或單一路徑，來把電力送上該區域的電網。

Jed Dorsheimer, William Blair.

Jed Dorsheimer，William Blair。

Just Jay, a question for you on the down selection process. So I guess two parts. First is, historically, in markets like this, we've seen sort of a down selection to two or three designs. Do you think that advanced reactors will go through that same process.

Jay，我有一個關於「下選」（down selection）流程的問題。我想分兩部分。第一，歷史上在這類市場中，我們常看到最後會下選到兩到三種設計。你認為先進反應爐也會走同樣的流程嗎？

And then secondly, the tech is classically losing the politics while having the policy around data centers. I'm just curious how you see the nuclear industry classically lost a similar battle around the technology that set us back 30 years. I'm curious what your thoughts might be on how to resolve the pitch works that have come out around data centers, which are based not on facts, but on more emotions and failings?

第二，科技在政治上經典地會輸掉，而目前又有圍繞資料中心的政策討論。我只是好奇，你怎麼看核能產業過去也曾在類似的技術議題上輸掉一場戰役，讓我們倒退了 30 年。我想聽聽你的看法：要如何化解目前圍繞資料中心出現的那些「pitch works」（宣傳／論述），它們更多是基於情緒與誤解，而不是事實？

Yeah, it's great questions. Thank you. Appreciate it. I think what I see is the opportunity in the market space here is incredibly large. And I think there's kind of -- when I think about the industry, there's a tale of a couple of sort of cities.

是的，問題很棒。謝謝。感謝。我認為我所看到的，是這個市場空間的機會大得驚人。而當我思考這個產業時，某種程度上像是「兩個世界的故事」。

You've got to have the legacy approach that's going to -- has a track record behind pieces, but has some significant, I would say, cost floors based on sort of the way things have been done and not necessarily leaning into more modernized ways of -- well, frankly, of everything needed to deliver nuclear plants.

一邊是傳統做法——它在某些環節有既有的實績，但我會說，基於過去的做事方式，它存在相當明顯的成本底線，而且不一定充分採用更現代化的方法——坦白說，是在交付核電廠所需的一切事情上。

I mean, look, we just built our first nuclear reactor. And by all the metrics we can research. It's at a world record in the fastest fully privately built reactor ever. Why? Because we can do things better and differently, right? We're leaning into that as not just Oklo but as an industry. So the opportunity space is just amazingly cool. That said -- so you have that, right?

我的意思是，你看，我們剛剛建成了我們的第一座核反應爐。而就我們能查到的所有指標而言，它創下了世界紀錄：史上最快、完全由民間建造的反應爐。為什麼？因為我們可以把事情做得更好、也做得不一樣，對吧？我們正把這點當作不只是 Oklo、而是整個產業的方向去推進。所以這個機會空間真的非常令人振奮。話雖如此——所以你有這一面，對吧？

So I guess what I'm trying to say is that naturally to me is going to create a more vibrant ecosystem and you have different applications and opportunities in different need sets across the space from maybe small microreactors that serve niche applications and opportunities to scalable, small to midsized reactors that have unique deployment opportunities to the very large reactors that build off some strong legacies.

所以我想我想表達的是，對我而言，這在本質上會創造一個更具活力的生態系，並且在這個領域中，針對不同需求組合會出現不同的應用與機會：從可能服務利基應用與機會的小型微型反應爐，到具備獨特部署機會、可擴展的小型到中型反應爐，再到建立在一些強大傳承基礎上的超大型反應爐。

I think you're going to see multiple players in each of these spaces too in the near to midterm, scale up and go, not to mention different fuel cycle strategies and different -- not just electric output energy products, in other words, heat. And so it's pretty attractive, right?

我認為在近期到中期，你也會在這些領域中看到多個參與者擴張並推進，更不用說不同的燃料循環策略，以及不同的——不只是電力輸出——能源產品，換句話說，還包括熱能。所以這相當有吸引力，對吧？

And I think one thing that's often forgotten is on the heat side, one of the key things there is like really all types of reactors can deliver useful heat for product heat. The vast majority of product is well served under 200 degrees integrate, which all reactors can deliver to.

而且我認為常被忽略的一點是，在熱能這一側，其中一個關鍵在於：其實各種類型的反應爐都能提供有用的工業製程熱。絕大多數的製程需求在 200 度以下就能很好地滿足，而所有反應爐都能提供這個溫度範圍。

Now there's some niche applications that get about 400 degrees integrated, we can deliver between 400, 450 comfortably. We can get a little bit higher in time. but that serves the vast majority of reachable opportunities there. And then you have like a big island of heat needs that are well over 1,000 degrees, which, frankly, the cost to deliver nuclear heat into with all the materials and requirements you need just to me, it doesn't make any sense compared to electrifying it or making different heat carriers, whether that be synthetic (inaudible) or hydrogen or whatever it might be.

現在也有一些利基應用需要大約 400 度左右的製程熱，我們可以很舒適地提供 400 到 450 度。隨著時間推進，我們也能做到更高一些，但這已能涵蓋那裡絕大多數可觸及的機會。然後還有一大塊熱需求是遠高於 1,000 度的；坦白說，要把核能熱輸送到那個溫度區間，所需的材料與各項要求帶來的成本，在我看來，相較於把它電氣化或改用不同的熱載體（不論是合成（聽不清）或氫氣或其他可能的方案），根本不合理。

So long story short, the heat market as well is going to drive and see different applications of different types. So I actually think it's going to be pretty vibrant ecosystem. Now over time -- well, sorry, barren ecosystem. What's in common with all those is they all produced use fuel. What are we doing? The ability to recycle, right? So this gives us a huge opportunity to support everything not just our reactors, but everything that gets built.

所以長話短說，熱能市場也將推動並呈現不同類型的各種應用。因此我其實認為這會是一個相當有活力的生態系。現在隨著時間——呃，抱歉，是貧瘠的生態系。這些共同點在於，它們都會產生用過的燃料。我們在做什麼？回收的能力，對吧？因此這給了我們一個巨大的機會，不僅支援我們的反應爐，也支援所有將被建造出來的東西。

And then that producing fuel helps us make our reactors and other reactions that can use this material most efficiently, even more economically scalable, which ultimately to me, does converge at some long form of scale towards fast tractors and recycling because of the inherent benefits that recycling and fast reactors have. So over long time scale. I'm talking about century plus time scales, I think physics will drive that convergence.

而且，這種燃料的產出也幫助我們讓自家反應爐以及其他能最有效率使用這些材料的反應爐，在經濟性與可擴展性上更進一步；在我看來，最終會在長期尺度上朝向某種規模形態收斂到快中子反應爐與回收，因為回收與快中子反應爐具備內在優勢。所以在很長的時間尺度上——我指的是百年以上的時間尺度——我認為物理定律會驅動這種收斂。

Additionally, I think then on the other side of things with respect to I think the data center side and what we're seeing, interestingly, where we built the Groves reactor in Texas, there's a lot of concern, you see a lot of no data center signs, a lot of excitement and enthusiasm about what we're doing, which is cool and some result of partial results of intentionality and how we've engaged and worked with folks here.

另外，我認為在另一方面，就資料中心這一側以及我們所看到的情況而言，很有意思的是：我們在德州建造 Groves 反應爐的地方，有很多擔憂；你會看到很多「不要資料中心」的標誌；同時也有很多對我們所做事情的興奮與熱情，這很酷，也部分是我們有意識地與當地人士互動與合作所帶來的結果。

But I think what we're also observing is that the data center community and the hyperscalers have had their heads kind of low and they need to stand up and start telling the story about what's really going on here. And I think we're finding them starting to do that.

但我認為我們也觀察到的是，資料中心社群與超大規模業者（hyperscalers）一直有點低調，他們需要站出來，開始講清楚這裡到底發生了什麼事。而我想我們也看到他們開始這麼做了。

And I'm also seeing that we're seeing a very aggressively shortened cycle around the perception gaps. I think there's policy dynamics and there's community engagement that can really go a long way that people are now, I think, breaking up to and catching up there, which is great on the hyperscaler deployment side.

我也看到，圍繞認知落差的循環正在被非常激進地縮短。我認為政策動態與社區參與確實能帶來很大幫助；人們現在我想正在覺醒並追上進度，這對超大規模部署端來說是很好的。

But I also think that we see -- to me, it's still one of the great unlocks on nuclear was as silly as it sounds, the Internet, which like people were fed misinformation and disinformation actively by antinuclear group for decades, and that poisoned the well for a while until folks started to have open access information where they could actually look up stuff and realize, oh, nuclear is cool, right?

但我也認為——對我來說，核能的一個重大解鎖因素，說起來可能很可笑，是網際網路；因為數十年來，人們一直被反核團體主動灌輸錯誤資訊與假訊息，這一度把輿論環境搞壞了，直到大家開始能公開取得資訊，真的去查資料，才發現：喔，核能其實很酷，對吧？

And a lot of the gateway to that was advanced nuclear and then people realize, well, actually all nuclears are really cool. They've been kind of misinformed and distracted. And now I think we see -- I think there's a similar dynamic that's going to be emerging in the data center side, but they have to take advantage of the moment to do that, and they have to get in front of it -- play catch up and get in front of it in different areas.

而通往那個認知的入口，很大一部分是先進核能，然後人們才意識到，其實所有核能都很酷。他們之前是被誤導、被分散注意力了。而現在我認為我們看到——我覺得資料中心這一側也會出現類似的動態，但他們必須把握這個時刻去做，而且他們必須走在前面——在不同領域一邊補課、一邊超前部署。

And there are different communities that really want them to understand them and they just need to tell the story of like, hey, actually, a lot of next-generation systems are very, very little water usage, all these other things that kind of make a big difference in terms of how people actually perceive them and lean into that. So that's my view and my optimism on that front.

而且有不同的社群真的希望被理解；他們只需要把故事講清楚，例如：嘿，其實很多下一代系統用水量非常非常低，還有其他各種因素，這些都會在很大程度上影響人們如何看待它們，並願意支持它們。所以這就是我在這方面的看法與樂觀。

But we're seeing that firsthand, right, where we're active and where we're building and developing, especially in Ohio where folks are really stepping up and saying, okay, we need to change how we talk about this and we need to engage a community, and we need to have people understand what these things really are, and we're seeing those movements start to catch and take hold but there's some work to do, right?

但我們正在第一線親眼看到這些，對吧——在我們積極投入、正在建設與開發的地方，尤其是在俄亥俄州，大家真的站出來說：好，我們需要改變談論這件事的方式，我們需要與社區互動，我們需要讓人們理解這些東西到底是什麼；我們也看到這些動向開始擴散並逐漸成形，但確實還有一些工作要做，對吧？

There's definitely some work to do. But I also think that some of the high-level news coverage on some of this is a little more focused and the more towards the negative, it's more sensationalized than I think what we're seeing on the ground in some places.

確實還有一些工作要做。但我也認為，某些高層級的新聞報導在這些議題上有點過度聚焦、而且更偏向負面；相較於我們在一些地方的第一線所看到的情況，那些報導更偏向聳動化。

Max Hopkins, CLSA.

Max Hopkins，CLSA。

Just wanted to ask on the NVIDIA and Microsoft partnerships, how the AI is now permeating everywhere. Is there a specific function of close strategy that you think is going to benefit most from putting AI into the strategy? And how fast can that accelerate time to commercialization.

我想問一下關於 NVIDIA 與 Microsoft 的合作夥伴關係，現在 AI 正在滲透到各個地方。你認為在 Oklo 的策略中，有沒有某個特定的職能或策略環節，最能從把 AI 納入策略中受益？以及這能多快加速商業化時程？

Yeah. I think -- I mean there's a lot there. And it's easy to point to -- AIs everywhere and ever using for every single thing. And I would argue there's the administrative usage, which does help on things. But on the actual design, analysis, data processing side.

是的。我認為——我的意思是，這裡面有很多內容。而且很容易指向——AI 無所不在、什麼都用 AI。我會說有一些行政面的使用，確實能在某些事情上提供幫助。但在真正的設計、分析、資料處理這一側。

It is -- I personally think hard to overstate how effective and how like significant the impacts are going to be. So there's kind of two major things we talked about here. There's our partnership with Los Alamos and NVIDIA which is applying state-of-the-art expertise from almost into our compute from NVIDIA and state-of-the-art intent and practical application and fabrication expertise from Oklo into combined sort of ecosystem model to modernize how we look at manage and treat -- sorry, design to accommodate and fabricate fuel from titanium inventories.

我個人認為，很難誇大它會有多有效、以及影響會有多重大。所以我們在這裡談到兩個主要面向。一個是我們與洛斯阿拉莫斯（Los Alamos）以及 NVIDIA 的合作：把 NVIDIA 最先進的運算專業能力導入我們的運算平台，同時把 Oklo 在實務應用與製造（fabrication）方面的最先進意圖與專業結合起來，形成一個整合式的生態系模型，用來現代化我們如何看待、管理與處理——抱歉，是在設計上納入考量並製造燃料，使其能夠利用既有的鈦庫存（titanium inventories）。

And that matters a lot because taking the material and putting it into a fabricatable form, there's losses and inefficiencies. There's also dynamics around field performance. And there's a lot of data out there that has been in different circles of pods, but never really aggregated in a way that you couldn't do -- let me phrase this, you just can't do quite as effectively without AI, frankly.

這非常重要，因為把材料轉換成可製造的形式時，會有損耗與效率損失。也還有關於燃料在場（field）性能的各種動態。而且外面其實有大量資料，散落在不同圈子與資料庫裡，但從未真正以一種方式彙整起來——讓我換個說法——坦白說，沒有 AI 你就是做不到同樣程度的有效。

That makes a big difference in accelerating the usability and expanding the ability of different materials there and extending the resource. That's cool, very exciting piece of what we're doing. Additionally, there's for me part of the Project Genesis efforts, which is broadly unlocking agentic AI design capabilities at risk of using all the buzzwords, but literally building out AI design agents to frankly, expand and accelerate the entire design characterization space, the analysis based in certain quantification space.

這會在加速可用性、擴大不同材料的使用能力，以及延伸資源利用方面帶來很大的差異。這很酷，也是我們正在做的非常令人興奮的一部分。另外，對我而言，還有 Project Genesis 的一部分工作：廣義上是在解鎖具代理式（agentic）的 AI 設計能力——冒著把所有流行詞都用上的風險——但就是字面意義上在打造 AI 設計代理，坦白說，用來擴展並加速整個設計表徵空間，以及基於分析的某些量化空間。

All of that translates to high-performing designs sooner and more margin recovery sooner in designs that allow you to get more power from each system. So in other words, what that translates to is lower cost of dollars to get to more power extracted per capital investment of the plants.

所有這些都意味著能更快推出高效能設計，並且在那些能讓你從每一套系統取得更多功率的設計中，更早實現利潤回收。換句話說，這代表以更低的資金成本，讓電廠每單位資本投資能萃取出更多功率。

That is happening in real time. We're seeing it because we're accelerating some of those reactor design workflows by -- I mean, it's incredible, right? We're doing work that would take weeks to -- I mean, months or several months, getting it done in less in a day, right, you're getting to in hours.

這正在即時發生。我們之所以看得到，是因為我們正在加速部分反應器設計工作流程——我是說，這真的很不可思議，對吧？我們把原本需要好幾週——甚至好幾個月或數個月的工作，縮短到不到一天就完成；也就是說，原本以天計的進度，現在以小時計。

And we're seeing that on top of that, we're also finding a lot of applications that are going to play out in other parts of the technology system in Stack. We used it to help us accelerate commissioning the Groves reactor with the control systems we had, we were able to use it in a couple of different applications where we were able to bring in AI for supporting out like the future iterations on the control platform that Groves gives us to move more quickly on and update that into potential applications to accelerate and improve performance on whether it Groves to Aurora or whatever comes after all these kind of plants.

而且我們也看到，除此之外，我們還找到了許多應用，將會在 Stack 的技術系統其他部分發揮作用。我們用它來協助加速 Groves 反應器的試運轉；搭配我們既有的控制系統，我們也在幾個不同的應用中導入 AI，來支援控制平台未來的迭代——也就是 Groves 帶給我們的那個控制平台——讓我們能更快推進，並把更新導入到潛在應用中，以加速並提升效能，不論是從 Groves 到 Aurora，或是這些電廠之後的任何機型。

So like it's going to be very exciting to see how this comes forward and we're -- I don't even think we're in the early innings. We're not even in like the warm-up period or maybe we're basically right now. But it's hard to overstate the (inaudible) and the super sort of acceleration that it gives the design engineers and then how you can automate that translation into documentation with such high quality, like it's incredible and documentation is such a key thing for all of this. So it's pretty exciting.

所以看到這些如何往前發展會非常令人興奮，而我們——我甚至不覺得我們還在比賽的前幾局。我們甚至還沒進入像是熱身期，或者也許我們現在才剛開始。但很難誇大（聽不清）以及它帶給設計工程師那種超級加速的效果，然後你又能以如此高品質把這些轉換自動化成文件——真的很不可思議，而文件對這一切又是關鍵。所以這相當令人振奮。

It's not just buzzwords. It's not just the usage of it. It's actually being impactful. And I think in some of these industries like this, some of these impacts might be some of the largest that there are.

這不只是口號。也不只是使用而已。它確實正在產生影響。而我認為在這類產業中，有些影響可能會是所有產業裡最大的一些。

Jake, it's further down the road, but when I think about Oklo having a fleet of powerhouses having multiple radioisotope facilities and all of the plant operating data that is going to come out of that and the optimization around that is also -- I know it's further down the road, but it's really cool to think about what artificial intelligence can do in that space as well. I appreciate the clarity. And congratulations on all the progress. It's very exciting.

Jake，這還要更長遠一些，但當我想到 Oklo 未來擁有一整個發電站隊列、擁有多座放射性同位素設施，以及由此產生的所有電廠運轉數據，還有圍繞這些數據所做的最佳化——我知道這還要更久以後，但去想像人工智慧在那個領域也能做什麼，真的很酷。謝謝你講得很清楚。也恭喜你們所有的進展。真的非常令人興奮。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

I guess I apologize if I missed this earlier in the call, but at a high level, since you can achieve HALEU equivalent performance by blending plutonium with EU Curious why that isn't a long-term answer to react or power given that fuel that's available today.

如果我在電話會議前面漏聽了我先道歉，但從高層次來看，既然你可以透過把鈽與 EU 混摻來達到等同 HALEU 的效能，我很好奇，既然今天就有這種燃料可用，為什麼這不是反應器/發電在長期上的解方？

Yeah. I mean -- so a couple of things. One, yes, you can achieve that performance. In fact, plutonium is an even better fuel. But plutonium is limited inventory, and that's not something that makes a lot of sense to get to the game of producing more fuel of given kind of like the cost and focused production of just that material.

是的。我的意思是——有幾點。第一，沒錯，你可以達到那樣的效能。事實上，鈽甚至是更好的燃料。但鈽的庫存有限，而且考量到成本以及只針對那種材料進行聚焦式生產，投入去生產更多那類燃料並不太合理。

But when you extrapolate transuranic banter that's produced from recycling gives us somewhat similar performance, and that's why we go to that. But this is why the mix is so important, right? Like the amount of plutonium material is sizable. It supports couple of gigawatt up to potentially a couple of gigawatts depending on allocations. That's a great bridging fuel to then transition to HALEU and then also to recycling, right?

但當你把由回收所產生的超鈾元素（transuranic）燃料外推來看，它能提供某種程度上相近的效能，這也是我們採用那條路徑的原因。而這也就是為什麼「組合」如此重要，對吧？像是鈽材料的量相當可觀。依照分配情況，它可以支撐數個 GW——可能到兩個 GW 左右。這是一種很好的過渡燃料，之後再轉向 HALEU，並且也轉向回收，對吧？

And so -- that's why this multipronged strategy makes sense both from a scalability perspective, but also a temporal cadence perspective. But yes, like it's a tremendous resource. And to be honest, this is what the first tranche is. There's more of this kind of material and similar material that might be deemed in excess in inventory that internationally countries may want to get rid of because they look at it as a liability that could open the door for significantly more of that plutonium material to be used as an expanded bridge fuel. It's pretty attractive.

所以——這就是為什麼這種多管齊下的策略在可擴展性角度、以及時間節奏（temporal cadence）的角度都說得通。但沒錯，這確實是一項巨大的資源。坦白說，這就是第一批（tranche）。還有更多這類材料以及類似材料，可能會被認定為庫存過剩；在國際上，一些國家可能想處理掉，因為他們把它視為一種負債——這可能為更多鈽材料作為擴大的過渡燃料打開大門。這相當有吸引力。

But the terminal state to me for nuclear is ultimately fast directors and recycling with transgenic brain fuel on the recycling side. because, again, that gives you, but at a lower cost, basically a commensurate type performance, but also nearly like practically, I would say, almost limitless source of material because of the ability to tap into the heavy metal reserves we have on the planet.

但在我看來，核能的終局狀態最終會是快中子反應器以及回收，並在回收端使用超鈾燃料。因為再一次地，那能以更低成本提供基本上相當的效能，同時也幾乎——實務上我會說——接近無限的材料來源，因為我們有能力利用地球上的重金屬儲量。

Craig Shere, Tuohy.

Craig Shere，Tuohy。

Data centers are obviously the most exciting opportunity, but there's plenty of off-grid and industrial heat applications for SMRs and your Alaska Air Force deployment base deployment and certainly looks to be more environmentally focused than power focused. I wonder if you could elaborate. You kind of already alluded to the 400, 450 degrees center grade run rate.

資料中心顯然是最令人興奮的機會，但 SMR 在離網與工業熱應用上也有很多空間；你們在阿拉斯加空軍的部署基地，看起來也更偏向環境導向而非電力導向。我想請你再多談一些。你剛才已經稍微提到 400、450 度這個中心區間的運轉水準。

But maybe you could discuss a little more the comparison and contrast between Aurora powerhouses' potential thermal integration and output versus some of your SMR peers with high temperature gas cool designs running on TRISO fuel.

但也許你可以再多談談：Aurora 發電站在潛在的熱整合與輸出方面，與一些採用 TRISO 燃料、採高溫氣冷設計的 SMR 同業相比，有哪些相同與不同？

Yeah. I mean -- so I think this is one of the key things is a huge amount of the processes that we see in the market is very well serviced below 450. The marginal increase in market opportunities above that to like 600, 650 are present. I'll say the like they're pretty like marginal at best, they're pretty small.

好的。我的意思是——我認為其中一個關鍵點是：我們在市場上看到的大量製程，其實在 450 度以下就能被很好地服務。溫度再往上到 600、650 度，確實會增加一些市場機會。但我會說，那些機會頂多算是邊際性的，規模相當小。

And then getting to temperatures then like above that, there's not a lot of exciting things until you get above 850, 1,000 integrate and then above that, there's some interesting opportunities, especially when you get closer to 1,200, 1,400.

然後當溫度再往上時——像是高於那個區間——在你到達 850、1,000 度並進行整合之前，並沒有太多令人興奮的事情；再往上則會出現一些有趣的機會，特別是接近 1,200、1,400 度的時候。

There's -- I mean, there's no economically viable way to move heat at those temperatures at those distances. I mean, the materials you would need are incredibly expensive and vastly like underdeveloped just doesn't make sense compared to converting the energy into different forms. But you can use that heat I mean, since you can do so much with sub 400, 450 C heat, that's where so much of the market is. And at the end of the day, like it's about what are the effective cost of getting to those points.

我的意思是——在那些溫度、那些距離下，沒有任何具經濟可行性的方式來輸送熱。你需要的材料會非常昂貴，而且相關技術也遠遠不成熟；相較於把能量轉換成其他形式，這樣做沒有意義。但你可以利用那樣的熱——我的意思是，既然 400、450°C 以下的熱就能做很多事，市場很大一部分就在那裡。而歸根結底，重點在於：到達那些條件點的有效成本是多少。

So one of the arguments and one of the -- if you think about the history of nuclear, a lot of the a lot of the technology development that happened was centered around articulated research and development, market potentials and opportunities and needs and one of the justifying reasons to support some of these higher temperature operations was sort of the -- well, you could open up these other kind of niche heat opportunities if you get slightly above the normal temperature ranges.

所以其中一個論點、也是——如果你回顧核能的歷史，很多技術發展其實是圍繞著明確的研發、市場潛力與機會、以及需求來推動；而支持某些更高溫運轉的其中一個理由，是——嗯，如果你能稍微高於一般溫度範圍，就能開啟其他一些利基的熱應用機會。

But even above like 550, right, somewhere between 500, 600 C that's kind -- and setting record can extend to that point in terms of process output, there's probably a little more technology work to get there, but I think most of the met allergists we feel comfortable there. Once you get above that, you start having to go to super alloys that are just cost prohibitive to transport heat at different distances.

但即使是高於 550 度——對吧，大概在 500 到 600°C 之間——這算是某種區間；而且就製程輸出而言，紀錄顯示可以延伸到那個點，可能還需要一些技術工作才能到達，但我認為我們接觸的大多數冶金專家對那個區間是有信心的。一旦超過那個區間，你就得使用超合金，而要在不同距離輸送熱，成本就會高到不具可行性。

So at the end of the day, you're basically going to collapse like most things into on light water reactors are going to deliver heat economically all about the same temperature, whether it's sodium, whether it's lead, whether it's salt weather it's gas and fuel type, just won't matter as much there. But at the end of the day, right, it will take a little time to get there. And in the meantime, you can serve and do it quite cost effectively at those lower temperature levels.

所以歸根結底，你基本上會發現，像大多數事情一樣，最終都會收斂到：輕水反應爐在經濟性供熱方面，所能提供的熱量溫度大致都差不多——不管是鈉、不管是鉛、不管是鹽、不管是氣體，以及燃料型式，在那個層面上其實就沒那麼重要了。但歸根結底，對吧，要走到那一步還需要一點時間。而在此期間，你可以在較低溫度的層級，以相當具成本效益的方式去服務並完成這件事。

And given the inherent in benefits of like pressurized water in terms of power density and then sodium in terms of viewing better power density when it heats your output and you can serve in those markets as a some pretty sizable advantages and the sort of diminishing marginal opportunity set to get higher temperatures just isn't quite -- it's just not quite justified, I guess.

而且考量到像加壓水在功率密度方面的先天優勢，以及鈉在提升輸出熱量時、在功率密度方面表現更佳的優勢，你可以在那些市場中提供服務，形成一些相當可觀的優勢；至於追求更高溫度的那種邊際機會集合在遞減，其實並不太——我想說，並不太有正當性。

So I think at the end of the day, you're going to see some opportunities in applications because that's what the R&D narrative was for a long time. But the reality is most of those markets are serving that size. And I think what we see is a lot of those customers are excited about the opportunity to get heat for a number of different industrial applications and the art of the possible is still radically underexplored there because most I would say, our industrial entities that are, I would call them eager to be market followers but not first customers.

所以我認為歸根結底，你會在應用端看到一些機會，因為那一直是研發敘事長期以來的主軸。但現實是，多數那些市場的規模就是那樣。而我認為我們看到的是，很多客戶對於能在多種不同的工業應用中取得熱能的機會感到興奮；而「可行性的邊界」在那裡仍然被嚴重低估、尚未被充分探索，因為多數——我會說——我們的工業實體，我會稱他們為，渴望成為市場跟隨者，但不想當第一批客戶。

And so part of is on the data center side, there's actually some opportunities, including some of the things we announced last year with Vertiv in terms of being able to do heat and power kind of -- well, basically keep your in cooling systems and then also what we're doing with the Air Force, like a lot of the signs up pretty attractively for a pretty cool outlook for heat applications for sodium systems that are quite compelling.

因此其中一部分是在資料中心端，其實有一些機會，包括我們去年與 Vertiv 公布的一些事項，涉及能夠同時提供熱與電的能力——嗯，基本上是維持你的冷卻系統；另外還有我們與空軍正在做的事情——很多跡象都相當吸引人，讓鈉系統在熱應用上的前景看起來相當不錯，而且很有說服力。

We have reached the end of our Q&A session. I will now turn the call back to Jake Dewitte, CEO, for closing remarks.

我們的問答環節到此結束。接下來我將把電話交回給執行長 Jake Dewitte 進行結語。

Thank you, everyone, for joining us today. It's been an exciting last quarter, exciting couple of days for us. Turn on our first reactor. I think one of the cool things is -- just going back to sum this up, what we've proven is execution in turning on a full asset, and we did it the entire stack, if you will. We did the full stack.

感謝各位今天加入我們。對我們而言，上一季令人振奮，這幾天也同樣令人振奮。我們啟動了我們的第一座反應爐。我想其中一個很酷的點是——回過頭來總結一下——我們證明了把一個完整資產啟動起來的執行力，而且如果你願意這麼說，我們是從整個堆疊一路做到位。我們做了全堆疊。

A big differentiation between what we did and what was otherwise done in the reactor pilot program was we built a full nuclear reactor with full civil excavation with full construction. We didn't just put a slab on the ground and put a kind of a loose fabric building up or a steel tent building up.

我們所做的，與反應爐試點計畫中其他做法的一大差異在於：我們建造的是一座完整的核反應爐，包含完整的土木開挖與完整的施工建設。我們不是只在地面上澆一塊基礎板，然後搭一個比較鬆散的布棚，或搭一個鋼製帳篷式建物。

We didn't go into another laboratory and do it the same way in those areas. We thought we can see a lot of value in doing that, and we think that there's reasons why we did work similar to that, including the plutonium work we did out of Nevada. But for us, we wanted to go and learn at scale.

我們也沒有進到另一個實驗室，用那些領域裡同樣的方式去做。我們認為那樣做確實能看到很多價值，我們也認為我們之所以做過類似的工作是有原因的，包括我們在內華達做的鈽相關工作。但對我們而言，我們想要走出去，在規模化的條件下學習。

And that's what we saw the reactor pilot program in enabling us to do build a full-scale reactor, do the full civil construction, build it, so it was repeatable, buy everything or make everything ourselves based on what we needed to do, learn then how to scale that forward so that we can build on this experience that learn and do it better the next time and also set up the capability with all of our own in-house operators to actually commission the facility to start it up and to operate it ourselves.

而這正是我們看到反應爐試點計畫所帶來的價值：讓我們能建造一座全尺寸反應爐，完成全部土木工程，將它建起來並使其可重複複製；依照我們需要做的事情，所有東西要嘛採購、要嘛自行製造；接著學會如何把這些往前擴大規模，讓我們能在這次經驗的基礎上學習，下一次做得更好；同時也建立起能力，讓我們所有自有的內部操作人員能夠實際對設施進行試運轉、啟動，並由我們自己來運轉。

We're the only company that did all of those things, and that was what was really exciting about this experience. was we were able to do all of that internally. And now we have the blueprints to go to the next to do it again and again, and we know what it takes to do that, right, because we've done it now. And the delta between what we do here versus the next one is relatively small because it's just incorporating lessons learned.

我們是唯一一家把上述所有事情都做了的公司，而這也是這段經驗真正令人興奮之處：我們能在內部完成所有這些。而現在我們有了藍圖，可以邁向下一個，然後一次又一次地重複，我們也知道要做到這些需要什麼，對吧，因為我們現在已經做過了。而我們在這裡所做的，與下一座之間的差距相對很小，因為只是把學到的教訓納入而已。

And that's a huge, huge, huge advantage for us now that we can say and sort of stand up and say, okay, we as a company have now designed and built and commissioned and turned on full-scale reactor that now we can repeat, right, again and again and again, and then carry those lessons over into the things that are not as directly the same, so things like Aurora on the power side.

而這對我們來說是非常、非常、非常大的優勢：我們現在可以說、也可以某種程度上站出來說，好，我們公司已經設計、建造、完成試運轉並啟動了一座全尺寸反應爐，接下來我們可以重複複製，對吧，一次又一次又一次，並把這些經驗教訓帶到那些不那麼直接相同的事情上，例如電力端的 Aurora。

Same thing with commissioning and setting up nuclear facilities that have complexity to them like fuel fabrication and recycling. So we're proving out execution and executing at scale and iterating at scale, which has always been an important thing for us to move quickly. So we're very excited about that. Very proud of the team for how -- what it took to get here, especially over the last few days.

在燃料製造與回收這類具有複雜性的核設施之試運轉與建置上，也是同樣的道理。因此我們正在驗證執行力、在規模化條件下執行、並在規模化條件下迭代；而這一直是我們為了快速推進而非常重要的一件事。所以我們對此非常興奮。也為團隊感到非常自豪——為了走到今天所付出的努力，尤其是過去這幾天。

I'm really excited we were able to celebrate that, and now we're eager to move on to what's next. So thank you all for joining us today. And I appreciate the time.

我也非常興奮我們能夠一起慶祝這件事，而現在我們也迫不及待要往下一步前進。所以感謝各位今天加入我們。也感謝各位撥冗。

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。