Oklo Inc. (OKLO) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Oklo third-quarter 2026 financial results and webcast. (Operator Instructions) I will now hand the conference over to Sam Doane, Senior Director of Investor Relations. Sam, please go ahead.

各位好。感謝各位加入，歡迎收看 Oklo 2026 年第三季財務業績與網路直播。(接線員指示) 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 good morning, everyone. Welcome to Oklo's third-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. Earlier today, we released our third quarter 2026 financial results. Today's accompanying slide presentation is available on our Investor Relations section of our website.

謝謝接線員，各位早安。歡迎參加 Oklo 2026 年第三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。今天稍早，我們已發布 2026 年第三季財務結果。今天隨附的簡報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 question-and-answer session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclaimer included in our accompanying presentation. For a more complete discussion of these risks, please refer to our Form 10-Q for this quarter our most recent Form 10-K and our other filings with the Securities and Exchange Commission, which you can access via our Investor Relations website. 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.

在開始之前，我想提醒各位，今天的討論（包括我們的準備稿與隨後的問答環節）將包含前瞻性陳述。這些陳述反映我們目前對趨勢、假設、風險、不確定性及其他因素的看法，這些因素可能導致實際結果與今日討論內容出現重大差異。我們鼓勵各位查閱隨附簡報中所載的前瞻性陳述免責聲明。如需更完整的風險討論，請參閱我們本季的 Form 10-Q、最近一期 Form 10-K，以及我們向美國證券交易委員會提交的其他文件；您可透過我們的投資人關係網站取得。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. Our ambition is to become 1 of the largest energy producers on earth and beyond and to make clean power, heat and critical isotopes abundant and affordable. We believe we have never been better positioned to deliver that vision.

謝謝，Sam。我們的抱負是成為地球上乃至更遠處最大的能源生產商之一，並讓潔淨電力、熱能與關鍵同位素變得充足且可負擔。我們相信，我們從未像現在這樣更有條件實現這個願景。

We are building Aurora, Idaho, and its first-core fuel fabrication capability. We have brought Groves-1 into operation. We are securing fuel, bringing critical manufacturing expertise in-house and arranging capacity for future deployments.

我們正在建造 Aurora（愛達荷州）以及其首爐心燃料製造能力。我們已讓 Groves-1 投入運轉。我們正在確保燃料供應、將關鍵製造專業能力內部化，並為未來部署安排產能。

Our balance sheet allows us to commit capital behind that work. We are building for fleets, not just for one. And our ability to simultaneously build a number of smaller scale projects as we build towards our larger scale goals, gives us meaningful chances to iterate repeatedly and learn from execution. Each project develops people, processes, supplier relationships and operating experience that we retain and apply across Oklo.

我們的資產負債表使我們能夠投入資本支持這些工作。我們是在為機組群（fleet）而建，而不只是為單一機組。而且，當我們朝更大規模目標邁進的同時，能夠同步建置多個較小規模專案，讓我們有實質機會反覆迭代並從執行中學習。每個專案都會培養人才、流程、供應商關係與營運經驗，而我們會保留並將其應用於 Oklo 的各個面向。

This sets us up to win. Fuel is foundational. Our strategy uses our balance sheet to connect sourcing, fabrication and recycling to support our own deployments and serve other potential customers. We're building reactors. We've built a reactor, we have fuel secured, we've operated a reactor and we have the capital to keep going.

這讓我們具備勝出的條件。燃料是根本。我們的策略是運用資產負債表，把採購、製造與回收串聯起來，以支援我們自身的部署並服務其他潛在客戶。我們正在建造反應爐。我們已建成一座反應爐、已確保燃料供應、已運轉過一座反應爐，並且有資本持續推進。

That's where our confidence comes from. And government policies are creating additional pathways to put it to work. Three developments are particularly relevant to the business we are building. First, the NRC has finalized a rule that allows applicants to use relevant technical evidence from DOE authorized reactor projects to support commercial licensing. For Oklo, that reinforces the strategic value of advancing Aurora, Idaho under DOE oversight. The safety analysis, testing and operating experience we develop can support subsequent NRC applications, where applicable, while meeting the NRC's requirements.

這就是我們信心的來源。而政府政策也正在創造更多途徑，讓我們能把這些能力投入運用。有三項發展與我們正在打造的業務特別相關。第一，NRC 已完成一項規則，允許申請人使用來自 DOE 授權反應爐專案的相關技術證據，以支援商業許可申請。對 Oklo 而言，這進一步強化了在 DOE 監督下推進 Aurora（愛達荷州）的策略價值。我們所建立的安全分析、測試與運轉經驗，在適用情況下可支援後續的 NRC 申請，同時符合 NRC 的要求。

That gives the work we are doing today to a greater value across future deployments.

這使我們今天所做的工作，在未來的部署中具有更高的價值。

We are building an operating reference and the technical foundation that can support a broader Aurora fleet. Second, Groves-2 was selected for the National Reactor Innovation Center's Nuclear Energy launch pad.

我們正在建立可運轉的參考案例與技術基礎，以支援更廣泛的 Aurora 機組群。第二，Groves-2 已獲選加入國家反應爐創新中心（NRIC）的核能發射台（Nuclear Energy launch pad）。

That provides access to DOE authorization pathways and specialized nuclear expertise as we advance our integrated isotope production and processing pilot. We've already taken Groves-1 through DOE authorization. Groves-2 gives us the opportunity to apply that experience while adding the processing and finishing capabilities needed to deliver isotope products. Third, DOE's nuclear life cycle innovation campus initiative is solving for key difficulties in nuclear fuel infrastructure that could meaningfully impact our overall business plan. These campuses could connect fuel fabrication enrichment, recycling and waste disposition potentially alongside reactors and power generation.

這讓我們在推進整合同位素生產與處理試點時，能取得 DOE 授權途徑與專業核能技術資源。我們已經讓 Groves-1 完成 DOE 授權流程。Groves-2 讓我們有機會運用這些經驗，同時加入交付同位素產品所需的處理與精製能力。第三，DOE 的核燃料生命週期創新園區（nuclear life cycle innovation campus）倡議，正在解決核燃料基礎設施中的關鍵難題，這些難題可能對我們整體商業計畫產生重大影響。這些園區可能把燃料製造、濃縮、回收與廢棄物處置連結起來，並可能與反應爐與發電設施並置。

That is closely aligned with our strategy, scaling nuclear power requires investment across the fuel cycle, and we are developing capabilities to participate across several of those activities.

這與我們的策略高度一致；要擴大核能規模，需要在燃料循環各環節投入，而我們正在發展能力，以參與其中數項活動。

Together, these developments support the direction we have deliberately taken, building reactors, developing fuel infrastructure and retaining the experience needed to deploy repeatedly. They are an important part of why we believe we have never been better positioned to execute our vision. The campus initiative could be a particularly important opportunity for recycling business. The nuclear life cycle innovation campus priorities closely matched what Oklo already plans to build, recycling, fuel fabrication power plants and isotope production factories and now federal policy is enabling these. There is also a significant potential funding mechanism. The DOE reported more than $50 billion in the nuclear waste fund at fiscal year-end 2025. Congressional action could make funding accessible for eligible nuclear waste management infrastructure within these campuses, including recycling alongside private investment and commercial facilities that could expand opportunities to provide recycling services, fabricate fuel, access, recycling feedstock and cell recovered materials, serving utilities and other reactor operators while strengthening supply for our own fleet. Our Tennessee project is already part of the Oklo development plan and additional campus opportunities depend on agreements, funding and approvals.

綜合而言，這些發展支持了我們刻意選擇的方向：建造反應爐、發展燃料基礎設施，並保留可反覆部署所需的經驗。這也是我們相信自己從未像現在這樣更有條件執行願景的重要原因之一。園區倡議對回收業務而言可能是特別重要的機會。核燃料生命週期創新園區的優先事項，與 Oklo 原本就計畫建置的項目高度吻合：回收、燃料製造、電廠與同位素生產工廠，而現在聯邦政策正在促成這些。此外，也存在一項重要的潛在資金機制。DOE 報告指出，截至 2025 會計年度年底，核廢料基金（nuclear waste fund）超過 500 億美元。國會的行動可能使資金可供這些園區內符合資格的核廢料管理基礎設施使用，包括在民間投資與商業設施並行下的回收；這可能擴大我們提供回收服務、製造燃料、取得回收進料（recycling feedstock）與回收材料（cell recovered materials）的機會，服務公用事業與其他反應爐營運商，同時強化我們自有機組群的供應。我們在田納西州的專案已是 Oklo 開發計畫的一部分，而其他園區機會則取決於協議、資金與核准。

We are developing capabilities these campuses would need that give us a concrete foundation to pursue a broader commercial market. We are building Oklo to earn revenue across the nuclear life cycle. Our reactors are designed to sell electricity and heat with additional opportunities in irradiation services. Fuel fabrication can serve both our fleet and external customers. Recycling can recover usable fuel and valuable isotopes while providing services to owners of used nuclear fuel.

我們正在發展這些園區所需的能力，為我們追求更廣泛的商業市場奠定具體基礎。我們正在打造 Oklo，使其能在核燃料生命週期各環節創造營收。我們的反應爐設計用於銷售電力與熱能，並在照射服務方面有額外機會。燃料製造可同時服務我們的機組群與外部客戶。回收可回收可用燃料與有價值的同位素，同時為用過核燃料的持有者提供服務。

Our isotope business serves specialized markets, including health care and space. These activities reinforce each other. Our powerhouses create fuel demand, fabrication and recycling support supply, engineering, procurement, asset delivery and operating experience carry across the platform. We believe this integrated approach is allowing us to control our own destiny by giving us more security over critical deployment requirements and more ways to generate revenues as the nuclear energy industry scales.

我們的同位素業務服務於專業市場，包括醫療保健與太空領域。這些業務彼此相互強化。我們的電力設施創造燃料需求；製造與回收支援供應；工程、採購、資產交付與營運經驗可在整個平台間移轉。我們相信，這種整合式方法讓我們能掌握自身命運，因為它為關鍵部署需求提供更高的保障，並在核能產業擴張時提供更多創造營收的途徑。

We are putting capital to work in assets on the ground. At Aurora, Idaho, construction is advancing into structural work. Alongside it, we are building A3F to fabricate the first core. We're advancing power projects, developing our Tennessee recycling facility and preparing the Groves-2 forward. At Groves-1, we have already completed the journey from a greenfield site to an operating reactor.

我們正在把資本投入到落地資產上。在 Aurora（愛達荷州），施工正推進到結構工程階段。同時，我們正在建造 A3F 以製造首爐心。我們正在推進電力專案、開發田納西州的回收設施，並推動 Groves-2 向前準備。在 Groves-1，我們已完成從綠地場址到反應爐投運的全流程。

That experience now sits inside Oklo. These projects are at different stages, but they demonstrate the breadth of what we are executing, reactors, fuel infrastructure and isotope capabilities developed and informed together and by each other.

這些經驗如今已沉澱在 Oklo 內部。這些專案處於不同階段，但它們展現了我們正在執行工作的廣度：反應爐、燃料基礎設施與同位素能力，彼此共同開發、相互借鑑並相互促進。

We are investing with repeated deployment in mind. The teams, suppliers, manufacturing capabilities, asset delivery experience and operating systems we established today are intended to support many more assets.

我們投資時即以可重複部署為前提。我們今天建立的團隊、供應商、製造能力、資產交付經驗與營運系統，旨在支援更多資產。

This is how we are building a business capable of delivering fleets. Let's turn to power, starting with the construction progress at Aurora, Idaho. These photographs show just over 7 weeks of progress at Aurora, Idaho. In September, you see site and foundation preparation. By early October, administration building foundation work was advancing by November 4, structural steel was going up.

這就是我們如何打造一個具備交付機組群能力的事業。接下來談電力，先從愛達荷州奧羅拉（Aurora, Idaho）的施工進度開始。這些照片展示了愛達荷州奧羅拉在短短超過 7 週內的進展。9 月可見場址與地基準備。到 10 月上旬，行政大樓的地基工程持續推進；至 11 月 4 日，結構鋼材已開始吊裝。

This is our capital translating into physical infrastructure with visible progress from one visit to the next. On a recent visit with a partner, what struck them was how much was happening on the ground and how quickly the site was changing. These photographs give you a sense of what they saw. Here, you can see the reactor building going vertical, excavation, the access tower and rebar installation. Reactor area excavation is complete, and safety-related rebar work is underway, and vertical steel is being installed.

這是我們的資本轉化為實體基礎設施，且每次到訪都能看到可視化的進展。近期與合作夥伴一同到訪時，令他們印象深刻的是現場進行的工作量之大，以及場址變化之快。這些照片讓您感受他們所見。在此，您可以看到反應爐建築向上成形、開挖作業、通行塔以及鋼筋安裝。反應爐區域的開挖已完成，與安全相關的鋼筋作業正在進行，同時也在安裝垂直鋼構。

Alongside construction, our teams are advancing procurement, engineering and the fuel fabrication capability needed for start-up. The pace is visible. The coordination behind it is equally important, getting design, suppliers, equipment and field execution moving together.

在施工同步進行的同時，我們的團隊也在推進採購、工程，以及啟動所需的燃料製造能力。進度清晰可見。其背後的協調同樣重要，必須讓設計、供應商、設備與現場執行同步推進。

We are building our first Aurora powerhouse and developing the construction experience, supplier relationships and project controls that will inform subsequent deployments. The work underway in Idaho is foundational to the fleet we intend to build. Bringing Aurora, Idaho into operation requires construction, equipment, authorization and fuel to come together.

我們正在建造第一座奧羅拉電廠（Aurora powerhouse），並累積施工經驗、供應商關係與專案控管能力，以指導後續部署。愛達荷州正在進行的工作，是我們計畫打造之機組群的基礎。要讓愛達荷州奧羅拉投入運轉，需要施工、設備、授權與燃料共同到位。

We are advancing all 4 in parallel. On construction, excavation at the site is complete and structural and safety-related rebar work is underway. The next steps are continued reactor area construction and equipment installation.

我們正同步推進這四項工作。在施工方面，場址開挖已完成，結構與安全相關的鋼筋作業正在進行。下一步是持續推進反應爐區域施工與設備安裝。

On procurement, component requests for proposals have been released and vendor selected. The focus now moves to fabrication, delivery and integration.

在採購方面，關鍵組件的招標需求（RFP）已發布並完成供應商遴選。目前重點轉向製造、交付與整合。

On authorization, DOE has approved our preliminary documented safety analysis, or PDSA. The PDSA approval for the Aurora Idaho is an important milestone. It is comparable to an NRC construction permit in that it serves as a key regulatory review point for the project's preliminary design and safety analysis, supporting the advancement of safety-related construction and procurement, while helping reduce the risk of significant safety-driven design changes later in development. The remaining authorization milestones include completion and approval of our first core using our secured EBR-II material that we have already been allocated.

在授權方面，美國能源部（DOE）已核准我們的初步文件化安全分析（PDSA）。奧羅拉（愛達荷州）PDSA 的核准是一項重要里程碑。其性質可類比於美國核能管制委員會（NRC）的施工許可，因其作為專案初步設計與安全分析的關鍵監管審查節點，支持推進與安全相關的施工與採購，同時有助於降低在後續開發階段因安全因素導致重大設計變更的風險。其餘授權里程碑包括：使用我們已獲分配且已確保的 EBR-II 材料，完成並取得首爐心（first core）的完成與核准。

We are managing these work streams together with specific execution milestones on the path to start up. We deliberately pursued interconnection applications across potential sites in PJM. Building a fleet requires developing several opportunities in parallel and managing the risks associated with each. Today, we have 900 megawatts under active consideration in PJM's 2026 cluster study. PJM withdrew one of our applications for a potential site in Virginia and FERC ultimately dismissed our complaint challenging that withdrawal.

我們以明確的執行里程碑，協同管理這些工作流，沿著啟動路徑推進。我們有意在 PJM 多個潛在場址提出併網申請。打造機組群需要並行開發多個機會，並管理各自相關風險。目前，我們在 PJM 的 2026 年叢集研究（cluster study）中，有 900 兆瓦正處於積極評估階段。PJM 撤回了我們在維吉尼亞州某一潛在場址的其中一項申請，而聯邦能源管理委員會（FERC）最終駁回了我們對該撤回提出的申訴。

That decision does not affect our Ohio project or our broader announced pipeline, and we are continuing to work constructively with PJM on those other interconnection applications. The Ohio site continues through the interconnection process supporting development of our planned campus of up to 1.2 gigawatts under our agreement with Meta.

該決定不影響我們的俄亥俄州專案或我們更廣泛、已公告的開發管線；我們也將持續就其他併網申請與 PJM 進行建設性合作。俄亥俄州場址仍持續進行併網流程，以支持我們依與 Meta 的協議所規劃、最高達 1.2 吉瓦的園區開發。

We are advancing that work alongside fuel procurement, site development and execution planning.

我們正與燃料採購、場址開發與執行規劃同步推進該項工作。

This demonstrates the practical value of Oklo pursuing multiple applications. A setback at one location, these other development opportunities moving forward. Our focus is progressing these opportunities through the studies and agreements required to deliver power.

這展現了 Oklo 同時推進多項申請的實際價值。即使某一地點遭遇挫折，其他開發機會仍可持續前進。我們的重點是推動這些機會完成交付電力所需的研究與協議。

This is not uncommon in power development efforts. You pick sites, you evaluate them, you pursue them and often only if you make it. We acquired Atomic Alchemy Engineering and Manufacturing, Inc. (ARMEC) and CEI to address specific execution needs, shortened development cycles, strengthen procurement and improve our ability to manage costs. Atomic Alchemy Engineering and Manufacturing, Inc. (ARMEC) is already advancing component specifications, evaluating supplier proposals and supporting reactor module development at Aurora, Idaho. Its manufacturing expertise helps us assess with other vendors, how components should be built and what they should cost. CEI brings decades of sodium systems experience and has built sodium test equipment and pumps for Oklo, bringing that expertise inside the company gives our engineering team direct access to the people designing, manufacturing and testing these systems. These are world-class capabilities that we now have in-house at Oklo and bringing these capabilities in-house also supports our deployment schedules and allows us to prioritize and coordinate iterations directly. It also creates an opportunity to retain manufacturing margin within Oklo and lower project costs as we put these capabilities to work. It is early days, but we are already finding opportunities for their value to extend across powerhouses, fuel fabrication and recycling. We bought capabilities that support execution today and can serve a growing fleet over time.

這在電力開發工作中並不罕見。你選址、評估、推進，而往往只有部分能成功落地。我們收購了 Atomic Alchemy Engineering and Manufacturing, Inc.（ARMEC）與 CEI，以滿足特定執行需求、縮短開發週期、強化採購並提升成本管理能力。ARMEC 已在推進組件規格、評估供應商提案，並支援愛達荷州奧羅拉的反應爐模組開發。其製造專業有助於我們與其他供應商共同評估：組件應如何製造，以及其合理成本應為何。CEI 擁有數十年的鈉系統經驗，並曾為 Oklo 製作鈉測試設備與泵浦；將該專業納入公司內部，使我們的工程團隊能直接接觸設計、製造與測試這些系統的人員。這些是我們如今在 Oklo 內部擁有的世界級能力；將能力內部化也有助於我們的部署時程，並讓我們能直接優先排序與協調迭代。同時也創造機會，讓 Oklo 保留製造毛利並在運用這些能力時降低專案成本。目前仍在早期階段，但我們已開始發現其價值可延伸至電廠、燃料製造與回收等領域。我們收購的是能支援當下執行、並可隨時間服務於不斷擴大的機組群之能力。

Alongside our internal capabilities, we are securing external manufacturing capacity for repeated Aurora deployments. Oklo has signed an agreement with US Forged Rings, or USFR to provide capacity equivalent to 27 Aurora modules across 2030 through 2035, and covering large components such as vessels, lids and support structures. These components require specialized manufacturing and advanced planning. Reserving capacity now gives us a stronger foundation for coordinating future orders and deployment schedules. The agreement also enables us to expand to include expansion options on additional eligible new capacity. USFR's planned US Manufacturing campus would support domestic production with deliveries dependent on facility completion and qualification. Individual purchases will be documented in subsequent orders.

除內部能力外，我們也正為奧羅拉的重複部署確保外部製造產能。Oklo 已與 US Forged Rings（USFR）簽署協議，提供 2030 至 2035 年期間相當於 27 個奧羅拉模組的產能，涵蓋壓力容器、上蓋與支撐結構等大型組件。這些組件需要專業製造能力與提前規劃。現在預留產能，能為我們協調未來訂單與部署時程提供更堅實的基礎。該協議亦使我們得以擴充，納入對額外符合條件之新增產能的擴充選項。USFR 規劃中的美國製造園區將支持國內生產，但交付將取決於設施完工與資格認證。各項個別採購將於後續訂單中記錄。

This relationship complements our broader supplier network. We are using our capital and purchasing commitments to address potential bottlenecks early and give suppliers visibility into our needs. That is what planning for a fleet looks like, arranging the production capacity today that multiple deployments will require. AI is also accelerating and impacting how our businesses can execute more quickly and efficiently.

此合作關係補強了我們更廣泛的供應商網絡。我們運用資本與採購承諾，及早處理潛在瓶頸，並讓供應商清楚掌握我們的需求。這就是為機組群做規劃的樣貌：在今天就安排多次部署所需的生產產能。AI 也正在加速並影響我們的業務，使執行更快、更有效率。

We are already using AI to accelerate technical work and make our engineering expertise go further. One example is that Groves, where in less than a week, a single engineer used AI to adopt existing Aurora POWERHOUSE multiphysics models into a modeling prototype for Groves. Our team estimates that this compressed months of modeling work in today's engineering work originally developed for our powerhouses directly accelerated progress in our isotope business, a prime example of our integrated platform at work.

我們已在使用 AI 來加速技術工作，並讓我們的工程專業發揮更大效益。其中一個例子是 Groves：在不到一週內，一位工程師使用 AI，將既有的 Aurora POWERHOUSE 多物理模型導入並改造為 Groves 的建模原型。我們團隊估計，這將原本需要數月的建模工作大幅壓縮；而這些原先為我們電廠開發的工程成果，也直接加速了我們同位素業務的進展，這是我們整合式平台發揮作用的典型例證。

We are also automating repetitive technical documentation. Legacy document conversion that took days can now take minutes, with document control rules encoded in software to automate checks. The broader opportunity is to connect engineering knowledge inside Oklo. That includes our models, technical data, documents and the people responsible for them.

我們也在自動化重複性的技術文件作業。過去需要數天的既有文件轉換，現在可在數分鐘內完成，並將文件控管規則編碼於軟體中以自動化檢核。更廣泛的機會在於連結 Oklo 內部的工程知識，包括我們的模型、技術資料、文件，以及負責這些內容的人員。

We are working to make those relationships more explicit in our software. So teams can trace where information came from, how it changed and who is responsible for it.

我們正致力於在軟體中讓這些關係更為明確。使團隊能追溯資訊來源、其如何變更，以及由誰負責。

That can reduce time spent finding information, checking consistency and recreating work while supporting a clear audit trail. Reusable AI agents and workflows are allowing teams to share those improvements across engineering, coding, documentation and analysis. Our objective is to reduce the time and cost of delivering technical work and give our people more capacity to solve engineering problems. As we expand, those capabilities can support more projects across Oklo.

這可減少尋找資訊、檢查一致性與重做工作的時間，同時支援清晰的稽核軌跡。可重複使用的 AI 代理與工作流程，讓團隊能在工程、程式開發、文件與分析之間共享這些改進。我們的目標是降低交付技術工作的時間與成本，並讓我們的人員有更多產能去解決工程問題。隨著我們擴張，這些能力可支援 Oklo 內更多專案。

Now turning to fuel, which is the foundation for bringing our first powerhouse online and scaling the fleet. We are building the Aurora, Idaho powerhouse and the capability to fuel it in parallel. We have secured access to recovered EBR-II fuel for our first powerhouse. And at the Aurora Fuel Fabrication facility or A3F, we are preparing to turn that material into finished fuel assemblies for its first core. Facility equipment installation is underway.

現在轉到燃料議題，燃料是讓我們第一座發電站上線並擴大機組規模的基礎。我們正在建置 Aurora（愛達荷州）發電站，並同步建置為其供應燃料的能力。我們已確保可取得回收的 EBR-II 燃料，用於我們的第一座發電站。在 Aurora 燃料製造設施（A3F），我們正準備將該材料製成其首爐心所需的成品燃料組件。設施設備安裝正在進行中。

We are targeting our first full fuel assembly in 2027 with fabrication activities coordinated to support Aurora, Idaho's targeted startup. That coordination matters. Our teams can align fuel specifications, manufacturing processes, qualification and delivery directly with the reactors requirements.

我們的目標是在 2027 年完成第一個完整燃料組件，並協調製造活動以支援 Aurora（愛達荷州）預定的啟動時程。這種協調很重要。我們的團隊可以將燃料規格、製造流程、資格鑑定與交付，直接與反應爐需求對齊。

We are also exploring opportunities for A3F to serve third-party customers to further support revenue generation from its fabrication capabilities. The immediate priority is delivering the first core. The manufacturing experience and quality systems we established can also inform future fuel facilities.

我們也在探索讓 A3F 服務第三方客戶的機會，以其製造能力進一步支持營收創造。眼前的優先事項是交付首爐心。我們建立的製造經驗與品質系統，也可為未來燃料設施提供借鏡。

We are putting the material equipment and manufacturing capability in place alongside the powerhouse that will use the fuel. DOE has selected Oklo for approximately $6.8 million to advance recycled metal fuel with Idaho National Laboratory.

我們正在與將使用該燃料的發電站同步建置材料設備與製造能力。美國能源部（DOE）已選定 Oklo，提供約 680 萬美元，與愛達荷國家實驗室推進再生金屬燃料。

This supports a specific part of our strategy, turning material recovered through recycling into fuel for Aurora and other reactors. The project addresses fabrication and qualification together. Its scope includes developing manufacturing methods, fabricating and testing fuel specimens and using performance modeling to inform recycled fuel qualification. The objectives are to retain higher fabrication yield and throughput with less process waste, which could impact the economics of supplying recycled fuel to our entire fleet. The work also includes preparing specimens for future radiation testing at Aurora, Idaho.

這支持我們策略中的特定部分：將透過回收再製取得的材料，轉化為 Aurora 及其他反應爐所需的燃料。該專案同時涵蓋製造與資格鑑定。其範圍包括開發製造方法、製作並測試燃料試樣，以及使用性能建模來支援再生燃料的資格鑑定。其目標是在更少製程廢棄物的情況下，提高製造良率與產能，這可能影響為我們整個機組供應再生燃料的經濟性。該工作也包括為未來在 Aurora（愛達荷州）進行輻照測試準備試樣。

That connection is important. We are building Aurora, Idaho, while developing the fuel capabilities that can support subsequent informs future fuel development. We are developing recycling and fabrication capabilities around the needs of the fleet we intend to operate and for additional opportunities to serve other reactor customers.

這種連結很重要。我們在建置 Aurora（愛達荷州）的同時，也在發展可支援後續並為未來燃料開發提供資訊的燃料能力。我們正依據預計營運的機組需求發展回收與製造能力，並把握額外機會服務其他反應爐客戶。

This project advances the technical work needed to make recycled fuel a scalable source of supply for our reactors and other reactors for third-party revenue. It is important to highlight that our goals with our recycling and fuel fabrication capabilities are to become leading fuel suppliers, not just for our reactors, but for other reactors as well, opening a potential fuel revenue stream from third parties.

此專案推進使再生燃料成為可擴展供應來源所需的技術工作，供我們的反應爐以及其他反應爐使用，並可帶來第三方營收。需要強調的是，我們在回收與燃料製造能力上的目標，是成為領先的燃料供應商，不僅供應我們自己的反應爐，也供應其他反應爐，從而開啟來自第三方的潛在燃料營收來源。

Turning to isotopes, starting with what we delivered at Groves-1 and what that experience makes possible. We discussed Groves-1 last quarter, but I want to put the scale of that achievement back into context. The photograph here looks straight down into the reactor's core structure. We completed substantial construction in 229 days and reached first criticality less than a year after groundbreaking.

接著談同位素，先從我們在 Groves-1 的交付成果，以及那段經驗所帶來的可能性談起。我們在上一季討論過 Groves-1，但我想把這項成就的規模重新放回脈絡中。這張照片是從上方直視反應爐的爐心結構。我們在 229 天內完成了大部分建造工作，並在動工後不到一年達到首次臨界。

That is an extraordinary pace for a complex industrial facility. Groves-1 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 while Oklo supplied the capital and lead execution. The build cost was approximately $65 million, plus approximately $10 million for commercially sourced fuel from (inaudible). Groves-1 is a low-power test reactor designed to establish experience for future isotope production facilities. We took that project from an open field through construction authorization, commissioning and startup of a nuclear facility in less than a year. The significant some Groves-1 goes beyond the reactor physics. We built a complete nuclear facility, and in doing so, created the organization required to deliver and operate nuclear assets.

對於一座複雜的工業設施而言，這是極為驚人的速度。Groves-1 建於私人土地，並以民間資本融資。其主要系統、組件、燃料與施工服務皆為商業採購，或由 Oklo 製造。DOE 在授權途徑中提供嚴格的安全監督，而 Oklo 提供資金並主導執行。建造成本約為 6,500 萬美元，另加約 1,000 萬美元，用於向（聽不清）商業採購燃料。Groves-1 是一座低功率測試反應爐，旨在為未來同位素生產設施建立經驗。我們在不到一年內，將該專案從一片空地推進到取得施工授權、完成試運轉並啟動一座核設施。Groves-1 的重要性不僅在於反應爐物理。我們建成了一座完整的核設施，並在此過程中建立了交付與營運核資產所需的組織能力。

That capability creation was substantial. We developed a site and completed civil construction. We built the safety basis and engineering documentation required for DOE review along with the quality assurance and configuration controls needed to manage the project. We established security, radiation protection, emergency preparedness and maintenance programs. We've built the operating organization that meant hiring, training and qualifying the people responsible for the facility, writing and testing their procedures and demonstrating to DOE that the facility and organization were ready to operate safely.

這種能力的建立相當可觀。我們完成了場址開發與土木施工。我們建立了 DOE 審查所需的安全基礎與工程文件，以及管理專案所需的品質保證與組態控制。我們建立了保全、輻射防護、緊急應變準備與維護計畫。我們建立了營運組織，包括招募、訓練並資格認證負責設施的人員，撰寫並測試其程序，並向 DOE 證明設施與組織已準備好安全運轉。

On procurement, we qualified suppliers, negotiated commercial terms, completed factory acceptance testing and took specialized equipment through installation and commissioning. The project controls behind that work also had their function together, cost, schedule, supplier performance, construction sequencing and readiness planning. Oklo built these capabilities. We used them and demonstrated them through Groves-1. We now have real construction data, trained operators, operating experience and DOE authorization experience inside Oklo. The organization required to deliver a nuclear asset has been tested through completed work. Our build, own and operate model allows us to retain that experience and apply it across the company.

在採購方面，我們完成供應商資格認定、協商商業條款、完成工廠驗收測試，並將專用設備完成安裝與試運轉。支撐上述工作的專案管控也發揮作用，涵蓋成本、進度、供應商績效、施工排序與就緒規劃。Oklo 建立了這些能力。我們透過 Groves-1 使用並驗證了這些能力。我們現在在 Oklo 內部擁有真實的施工數據、受訓的操作人員、營運經驗以及 DOE 授權經驗。交付核資產所需的組織已透過已完成的工作接受驗證。我們的「建置、持有並營運」模式使我們能保留這些經驗，並將其應用於全公司。

For future isotope facilities, the transfer is the most direct we can reuse and improve the operating programs, supplier relationships, authorization experience and workforce capabilities established at Groves-1. For Aurora powerhouses, we can adapt the project controls, procurement processes, construction sequencing and commissioning and readiness practices to a larger and more complex facility.

對於未來的同位素設施而言，移轉最為直接：我們可以重用並改進在 Groves-1 建立的營運計畫、供應商關係、授權經驗與人力能力。對於 Aurora 發電站而言，我們可以將專案管控、採購流程、施工排序，以及試運轉與就緒實務調整到更大且更複雜的設施。

That experience is already informing our approach at Aurora, Idaho. For fuel fabrication and recycling, we can apply experience with nuclear quality systems, material handling, radiological controls and security programs. Each project still requires its own engineering, safety analysis, authorizations and execution plan and our teams now address these requirements with experience from a completed nuclear deployment. We retain the people and procedures, we retain the cost and schedule data, operating experience and lessons learned. Each project gives us an opportunity to improve how we deliver the next one.

這些經驗已在指導我們於 Aurora（愛達荷州）的做法。在燃料製造與回收方面，我們可以運用核品質系統、材料處理、放射性管制與保全計畫的經驗。每個專案仍需要各自的工程設計、安全分析、授權與執行計畫，而我們的團隊如今能以已完成核部署的經驗來滿足這些要求。我們保留人員與程序，也保留成本與進度數據、營運經驗與經驗教訓。每個專案都讓我們有機會改進下一個專案的交付方式。

That meaningfully changes the starting point for future assets. And it's how we are building the capability to deploy repeatedly across the business. Groves-2 builds on that foundation with a broader integrated isotope production facility. At Groves-2, we plan to bring irradiation, processing and product finishing together in 1 facility. Groves-1 test facility established our reactor capability. Groves-2 adds processing and product finishing facilities in addition to its reactor and irradiation capability.

這實質上改變了未來資產的起點。這也是我們如何建立可在業務中反覆部署的能力。Groves-2 在此基礎上，打造更廣泛的一體化同位素生產設施。在 Groves-2，我們計畫將輻照、處理與產品精製整合於同一座設施中。Groves-1 測試設施建立了我們的反應爐能力。Groves-2 除了反應爐與輻照能力外，還新增處理與產品精製設施。

This integrated scope would allow us to produce isotopes, separate and purify them and prepare finished products for delivery. Bringing those steps together is intended to shorten turnaround times, reduce costs and deliver products that meet more of our customers' needs. We can directly build on experience from Groves-1 in construction, procurement, operations and completing the DOE authorization process.

這種整合範疇將使我們能生產同位素、進行分離與純化，並準備可交付的成品。將這些步驟整合在一起，旨在縮短周轉時間、降低成本，並交付更能滿足客戶需求的產品。我們可以直接在 Groves-1 的施工、採購、營運以及完成 DOE 授權流程的經驗基礎上延伸。

That gives our team a practical starting point for executing this broader scope.

這為我們團隊執行這一更廣範疇提供了務實的起點。

We have already purchased and secured fuel from Framatome for Groves-2. The project has also been selected for DOE's Nuclear Energy launch pad, which will enable us to begin construction through DOE authorization.

我們已向 Framatome 採購並確保 Groves-2 的燃料供應。該專案也已入選 DOE 的核能啟動平台（Nuclear Energy Launch Pad），使我們能透過 DOE 授權開始施工。

We are still finalizing the site location and developing the integrated facility scope. We have never been in a better position to execute. We have the capital and experience needed to advance our work across all businesses. The milestones on this slide show what we intend to accomplish next. At Aurora, Idaho, we are targeting installation of major reactor components and A3F we intend to complete equipment installation and fabricate our first fuel assemblies. In recycling, we are targeting pilot facility commissioning in 2027. In isotopes, our targets are to begin construction of Groves-2 and complete our first contracted isotope delivery. These are ambitious targets. They give our teams clear priorities and investors' concrete measures of our progress. Timing will depend on execution and required approvals.

我們仍在敲定場址位置，並制定整合式設施的範疇。我們從未像現在這樣處於更有利的執行位置。我們具備推進各項業務所需的資本與經驗。本頁投影片上的里程碑顯示我們接下來打算完成的事項。在愛達荷州 Aurora，我們的目標是安裝主要反應爐組件；在 A3F，我們打算完成設備安裝並製造我們的第一批燃料組件。在回收業務方面，我們的目標是在 2027 年完成試點設施的試運轉與啟用。在同位素業務方面，我們的目標是開始建造 Groves-2，並完成我們第一筆已簽約的同位素交付。這些都是雄心勃勃的目標。它們為我們的團隊提供清晰的優先順序，也為投資人提供衡量我們進展的具體指標。時程將取決於執行進度與所需核准。

Our balance sheet allows us to secure equipment and fuel early build critical capabilities and advance multiple projects in parallel. We are putting the capital to work against specific deployment requirements. Groves-1 demonstrated our ability to bring those pieces together and deliver a nuclear facility.

我們的資產負債表使我們能夠及早確保設備與燃料、建立關鍵能力，並以並行方式推進多個專案。我們正將資本投入到具體的部署需求上。Groves-1 證明了我們有能力把這些要素整合起來並交付一座核能設施。

We are applying that experience across the business and building the capabilities required for repeated deployment.

我們正把這些經驗運用到整個業務中，並建立可支援重複部署所需的能力。

And with that, I'll turn it over to Craig to walk through our financial results and capital position.

接下來，我把時間交給 Craig，請他帶大家回顧我們的財務結果與資本狀況。

Thanks, Jake. Through the first nine months of 2026, we continue to advance projects across our business units while maintaining a strong balance sheet. Year-to-date, net loss through the third quarter was $123.3 million. This included a loss from operations of $195.2 million, partially offset by $72.4 million of net interest and dividend income. Cash used in operating activities was $110.9 million year-to-date.

謝謝，Jake。2026 年前九個月，我們在維持強健資產負債表的同時，持續推進各業務單位的專案。年初至今，截至第三季的淨損為 1.233 億美元。其中包含 1.952 億美元的營業損失，部分由 7,240 萬美元的淨利息與股利收入抵銷。年初至今，用於營運活動的現金為 1.109 億美元。

This includes the net loss of $123.3 million, adjusted primarily for $49.1 million of noncash stock-based compensation and $36.7 million of net changes in working capital and other adjustments. We continue to expect cash used in operations to be within our guided range of $120 million to $150 million. Cash used in investing activities was $1.3 billion.

這包括 1.233 億美元的淨損，主要調整項目為 4,910 萬美元的非現金股票基礎薪酬，以及 3,670 萬美元的營運資金淨變動與其他調整。我們仍預期營運使用現金將落在我們指引區間 1.2 億至 1.5 億美元之內。用於投資活動的現金為 13 億美元。

That included $965.1 million of net cash used for purchases of marketable securities related to the cash generated from our ATM program. Year-to-date, capital spend was $280.9 million as we continued planned investments in the deployment of assets across our 3 businesses. We expect cash used for property, plant and equipment to be within our guided range of $400 million to $500 million. At September 30, we had $3.1 billion of cash, cash equivalents and marketable securities.

其中包括因我們 ATM 計畫所產生的現金而進行之有價證券購買所使用的 9.651 億美元淨現金。年初至今，資本支出為 2.809 億美元，我們持續按計畫在三大業務中投資以部署資產。我們預期用於不動產、廠房及設備的現金支出將落在我們指引區間 4 億至 5 億美元之內。截至 9 月 30 日，我們持有 31 億美元的現金、約當現金及有價證券。

This included $1.5 billion of cash and cash equivalents and $1.6 billion of marketable securities. The balance also reflects $2.3 billion raised through our ATM offerings, during the first 3 quarters of the year. We proactively and intentionally raised capital to build the financial capacity to advance projects across our platform. The balance sheet is giving us the financial flexibility to fund planned work across all 3 business lines as projects progress, including development and construction activities, long lead equipment purchases and fuel acquisition for powerhouses and isotopes. It also allows us to make project investments when required and enables commercial flexibility to support execution against our planned milestones.

其中包括 15 億美元的現金與約當現金，以及 16 億美元的有價證券。該餘額亦反映我們在今年前三季透過 ATM 發行所募集的 23 億美元資金。我們主動且有意識地籌措資本，以建立推進我們平台各項專案所需的財務能力。隨著專案推進，資產負債表為我們提供財務彈性，以資助三大業務線的既定工作，包括研發與建造活動、長交期設備採購，以及為發電站與同位素業務取得燃料。它也使我們能在需要時進行專案投資，並提供商業上的彈性，以支援我們按計畫里程碑推進執行。

Before we move to questions, I want to connect our financial position with the progress Jake described and what we are targeting next. We've positioned the company to be in execution mode and are taking actions to build assets to generate revenue for each business line.

在進入提問之前，我想把我們的財務狀況與 Jake 所描述的進展，以及我們接下來的目標連結起來。我們已讓公司進入執行模式，並採取行動建置資產，以為各業務線創造營收。

Our balance sheet allows us to secure fuel and equipment early, build critical capabilities and advance projects in parallel. That capital is being put to work. Groves-1 is complete. Aurora, Idaho is advancing through construction with its preliminary documented safety analysis approved and A3F equipment installation is underway.

我們的資產負債表使我們能夠及早確保燃料與設備、建立關鍵能力，並以並行方式推進專案。這些資本正在投入運用。Groves-1 已完成。愛達荷州 Aurora 正在推進建造，其初步文件化安全分析已獲核准，而 A3F 的設備安裝也已展開。

We are also preparing for the projects that follow. Our internal manufacturing capabilities, supplier agreements and fuel strategy are intended to support repeated deployment. Customer commitments reinforce that work. Meta's prepayment supports Ohio development and fuel procurement and developing customer agreements are advancing our isotope business into space applications. Our model as well as our M&A strategy is designed to retain and leverage the operating experience across our power, fuel and isotope businesses. And we are seeing ways for fuel fabrication and recycling to not only support our fleet, but also create opportunities to serve other customers and generate revenue. Our responsibility is to deploy capital with discipline and convert these capabilities into operating assets and customer deliveries. The milestones Jake outlined provide concrete measures of that progress. Thank you for joining us today. Operator, we are ready for questions.

我們也在為後續專案做準備。我們的內部製造能力、供應商協議與燃料策略，旨在支援重複部署。客戶承諾也強化了這項工作。Meta 的預付款支持俄亥俄州的開發與燃料採購，而正在形成的客戶協議正推動我們的同位素業務進入太空應用。我們的商業模式以及併購（M&A）策略，旨在保留並運用我們在電力、燃料與同位素業務的營運經驗。我們也看到燃料製造與回收不僅能支援我們的機組群，亦能創造服務其他客戶並產生營收的機會。我們的責任是以紀律部署資本，並將這些能力轉化為可營運的資產與客戶交付。Jake 所概述的里程碑提供了衡量該進展的具體指標。感謝各位今天與會。接線員，我們準備好回答問題了。

(Operator Instructions) Joseph Osha, Guggenheim.

（接線員指示）Joseph Osha，Guggenheim。

I'm wondering if we could drill a little bit more into the fuel business, in particular, the potential for third-party revenue. I'm wondering about the timing for that and also what that might look like? Are we thinking is that all going to be high-assay enriched fuel, standard enriched fuel? And would that be fed entirely by recycling or procurement from elsewhere? Just more detail there would be great because that's interesting.

我想知道我們是否可以再更深入談一點燃料業務，特別是第三方營收的潛力。我想了解其時程，以及可能會是什麼樣貌？我們認為那會全部都是高濃縮度燃料、標準濃縮燃料，還是兩者皆有？而這些燃料會完全由回收供應，還是也會從其他來源採購？如果能提供更多細節會很棒，因為這很有意思。

Jake, do you want to take that one or you want me to? And you're on mute. I'll take it since it looks like Jake is having a few technical difficulties. So I think it's a really good question, and thanks for it. It could take a couple of forms. So we're building out strategically a recycling business. And we've always said that business is not only being developed for the production of fuel for Oklo powerhouses, but we're also starting to explore other non Oklo customers for that business. But maybe closer to the here and now, Ryan Webster, who leads our fabrication division and is leading the charge on A3F. There's a fabrication that we think we could do for others, some of the investments that we are looking into and some of the partnerships around conversion, deconversion could also be sources of revenue, and maybe the other thing I keep pushing right on is, is there a world even before we're ready to fabricate and produce fuel for others where we could offer technical services. So we're really trying to explore all those options in parallel at the moment.

Jake，你要回答這題嗎？還是要我來？你現在是靜音。看起來 Jake 有一些技術問題，我來回答。我覺得這是個很好的問題，謝謝。它可能有幾種形式。我們正在策略性地擴建回收業務。我們一直說，這項業務不僅是為了替 Oklo 發電站生產燃料而開發，我們也開始探索這項業務的其他非 Oklo 客戶。但更貼近當下的是，負責我們製造部門並主導 A3F 推進的 Ryan Webster 認為，我們有一些製造工作可以為其他客戶提供；我們正在評估的一些投資，以及圍繞轉化（conversion）、逆轉化（deconversion）的部分合作，也可能成為營收來源；另外我一直在推動的一點是，在我們準備好為他人製造與生產燃料之前，是否存在一個世界讓我們可以先提供技術服務。因此，我們目前正嘗試並行探索所有這些選項。

And I'll just chime in and add a little bit more. I think there's a couple of things that kind of add the capabilities. If you think about what we have at fuel fabrication, to answer your question in a number of ways, it's really a capability that is, frankly, our goal is to be the leading fuel fabricator for advanced fuel forms. We're not working on (inaudible) obviously, but for what we're doing with metallic fuel with high-assay low-enriched uranium, or HALEU, plus oxide fuels for advanced reactors as well as for support for next-generation fuel forms like nitrides and hydrides, things like that, that we will have the capabilities and expertise and capacity to be able to support.

我也補充幾點。我認為有幾件事能夠強化這些能力。如果你思考我們在燃料製造方面具備的能力，從多個角度回答你的問題，坦白說，我們的目標是成為先進燃料型式的領先燃料製造商。我們顯然不是在做（聽不清楚），但就我們正在進行的部分而言，包括使用高濃度低濃縮鈾（HALEU）的金屬燃料，以及用於先進反應爐的氧化物燃料；同時也支援下一代燃料型式，例如氮化物與氫化物等，我們將具備相應的能力、專業與產能來提供支援。

That's worked for others, right? And the reason we highlighted those is because we've seen interest and we know there's demand and we know there's a capacity shortage to make fuel to serve those markets. And primarily, that's been a focus on stuff that's above LEU, but there's going to be the capacity to work with LEU given that there's some unique things you can do with some of those fuels with normal low-enriched uranium. And when I say above (inaudible), I'm talking about things that live between 5% and all the way up to just under 20%, right? So that spectrum is going to be a pretty strong focus area. And how we look at that is that's not all the capabilities we necessarily have to do.

這對其他人來說是奏效的，對吧？而我們之所以特別強調那些，是因為我們看到了興趣、知道有需求，也知道要生產燃料以服務那些市場存在產能短缺。而主要而言，這一直聚焦在高於 LEU 的部分，但鑑於使用一般低濃縮鈾在某些燃料上可以做一些獨特的事情，未來也會有能力與 LEU 合作。我所說的高於（聽不清），指的是介於 5% 到接近但未滿 20% 的那些範圍，對吧？所以那個光譜將會是一個相當重要的聚焦領域。而我們看待這件事的方式是：那並不代表我們必然具備所有需要做的能力。

We have the infrastructure in the building and the facility. Others can come in and rent that space from us, bring their own like basically frankly, machinery and equipment to fabricate where we can partner with them and do it for them given our expertise.

我們在大樓與設施內具備基礎建設。其他人可以進來向我們租用空間，帶著他們自己的——坦白說基本上就是——機械與設備來進行製造；我們可以與他們合作，並憑藉我們的專業替他們完成。

But it creates a diverse set of, frankly, it's a fuel fabrication platform really that allows for folks to plug and play or us to make for others. I think this is where we see a lot of excitement because when we kind of extend this outward, there's a huge amount of opportunity in fuels, not just supporting what we're doing, what other fast reactor companies are doing what other microreactor company concepts are exploring and doing and enabled by advanced fuel forms what space reactors need but also even as we look at advanced fuel forms going to next-generation it want to reactors or just upgrades at light water reactors.

但它確實創造出一個多元的——坦白說——燃料製造平台，讓大家可以即插即用，或由我們替他人製造。我認為這就是我們看到很多令人振奮之處，因為當我們把這個向外延伸時，燃料領域有巨大的機會：不只是支援我們正在做的事、支援其他快中子反應爐公司在做的事、支援其他微型反應爐公司的概念正在探索與推進的事，以及由先進燃料形式所促成、太空反應爐所需要的東西；同時，即便我們把目光放到先進燃料形式走向下一代——不論是想要的反應爐，或只是對輕水反應爐的升級——也都涵蓋在內。

All of that can tie into because we have a significant shortage of fuel fabrication capacity today for the light water fleet looking outward, not something that's core to us to get into making the kind of bread and butter of the light water fleet today, but being able to be supportive, be a place for or even be a direct manufacturer for advanced fuel forms that can support those is pretty important. And then we can work with, yes, that fresh uranium infrastructure feed that comes in, but also with the output of what comes from the recycling facility. So it gives us quite a bit of flexibility in terms of being able to make what we need to support fabricating. And again, either we make it and sell those services, we sell the fuel to them. Or we provide them the space to come do that. So there's a number of different ways we can offer kind of in the value chain and be able to capture some of that in terms of revenues.

這些都能串在一起，因為就放眼未來而言，現今針對輕水機組（light water fleet）的燃料製造產能存在顯著短缺；我們的核心並不是要去做當今輕水機組那種「基本款」燃料，但能夠提供支援、成為一個場域，甚至成為先進燃料形式的直接製造商以支援那些需求，是相當重要的。接著我們可以運用：是的，那些進來的新鮮鈾基礎設施供料（feed），也可以運用來自回收設施的產出。因此在能夠製造我們所需、以支援製造（fabricating）方面，我們具備相當大的彈性。而且再說一次：要嘛我們製造並出售那些服務、把燃料賣給他們；要嘛我們提供空間讓他們進來做。所以在價值鏈上，我們有多種不同的提供方式，也能在營收面捕捉其中一部分。

And just very quickly, some rough sense of first revenue on this? I know it's hard, but I got to ask.

再很快問一下：這方面第一筆營收大概會是什麼時候？我知道很難，但我還是得問。

I think it depends on a couple of variables for how this goes. I mean there's some potential for early sort of services revenue that could come over the course of sort of the next 2 years, but the real ramp rate is going to happen after the facilities are scaled into operation and beyond and other companies' reactor deployment is going to move forward into those areas. But were you looking at ways that's evolving. And frankly, as we develop this capability and people pay more attention to it, we keep sort of seeing new folks showing up with different ideas and concepts. So it brings a couple of different ways for that to come to the table.

我認為這取決於幾個變數，會影響事情如何發展。我的意思是，未來大約 2 年內，可能會有一些較早期的服務型營收；但真正的爬坡速度會在設施擴建並投入運轉之後，以及其他公司的反應爐部署推進到那些領域之後才會發生。不過我們也在觀察它如何演變。坦白說，隨著我們建立這項能力、大家對它的關注提高，我們持續看到有新的人帶著不同的想法與概念出現。所以這也帶來幾種不同的方式，讓這件事能被擺上檯面。

Dimple Gosei, Piper Sandler.

Dimple Gosei，Piper Sandler。

And just a big shoutout, I thought the deck was excellent, so well done on that. Can you please remind us on the DSA submission timing, Jake? And also once Aurora is operating, does it power commercially under DOE authorization only of then moves to NRC license under this new DOE to NRC rule, right? And then just on that still, what is the expected timing if the transition happens. Can you remind us of this and the offtake?

先大力稱讚一下，我覺得簡報做得非常好，做得很棒。Jake，你可以提醒我們 DSA 提交的時間點嗎？另外，Aurora 一旦開始運轉，它是只在 DOE 授權下進行商業售電，之後再依照這個新的 DOE 轉 NRC 規則轉到 NRC 執照之下，對吧？再延伸問一下：如果發生轉換，預期時間點是什麼？也請你提醒我們這部分以及 offtake（承購/採購承諾）。

Yes. So a couple of variables to that. So the PDSA is a very important milestone allows us to build, which is why we're in construction and the depth we are. DSA will happen much closer to construction completion. So we don't imagine that going forward until 2028, being the thing that makes sense to do. Then in terms of timing for transition at NRC, it's going to depend on our operational milestones and other things we can do. One important thing about Aurora, Idaho is yes, it can sell power, but it can also sell radiation services. There is no fast radiation, fast neutrons, sorry, radiation capability.

是的。這裡有幾個變數。PDSA 是一個非常重要的里程碑，讓我們能夠建造；這也是為什麼我們目前能進行到這樣的施工深度。DSA 會在更接近施工完成時才會發生。所以我們不認為在 2028 年之前推進那件事會是合理的。接著就轉到 NRC 的時間點而言，會取決於我們的營運里程碑以及其他我們能做的事情。Aurora（愛達荷）的一個重要點是：是的，它可以賣電，但它也可以出售輻射服務。目前在西方世界，真的沒有快輻射、快中子——抱歉——的輻射能力在運轉（聽不清），對吧？

Really in the Western world operational (inaudible) today, right? And the US Government was going to spend billions of dollars to build a new capability that ultimately didn't go anywhere as the lift of that, but that's what Aurora, Idaho is going to be able to produce and provide for. So it's going to be able to monetize that to support next-generation materials and fuel research for everything from federally funded research programs all the way through private investment.

在西方世界今天真的沒有在運轉的（聽不清），對吧？而美國政府原本要花數十億美元去建造一個新的能力，但最終在推動過程中不了了之；而 Aurora（愛達荷）將能夠產出並提供那樣的能力。因此它將能把這項能力變現，用以支援下一代材料與燃料研究，從聯邦資助的研究計畫一路到私人投資都涵蓋在內。

I mean we've seen companies in the United States and in Europe, well, all throughout the world. Have to invest and spend money to send things to Russia, to be tested. And that's in the past. Obviously, those things aren't open and available anymore. So we'll have the capability and capacity to support those things here as well as tremendous potential for isotope production.

我的意思是，我們看到美國與歐洲的公司——其實全世界各地——不得不投資並花錢把東西送到俄羅斯去測試。那是過去的事了。顯然，那些管道現在已不再開放、也不可用了。所以我們將在這裡具備能力與產能來支援那些需求，同時在同位素生產方面也有巨大的潛力。

So it's all sort of enhancements with that planned, revenue enhancements with that plant from power sales, which is obviously a foundational piece, but also radiation services where people pay to put things in and get access to the neutrons there. And then also isotope production. So it's a pretty cool sort of three-pronged approach for how that can look. A lot of those can be done, like those other ones can be done largely like isotopes and radiation services.

所以這些都是對該廠的規劃增強——營收增強：電力銷售當然是基礎的一塊，但也包括輻射服務，讓人們付費把東西放進去、取得那裡的中子使用權。另外還有同位素生產。所以這是一個相當酷的三管齊下模式。其中很多項——像同位素與輻射服務——在很大程度上都可以做到。

Can largely be done to varying degrees under DOE authorization. And so can power sales under certain use cases. But ultimately, it allows us to have a much more unconstrained point of operations. When we convert that over to the NRC and give us a lot more flexibility. So that's kind of the why and the timing of that. But one of the things, for example, that's nested pretty significantly into the executive orders from May 2025 was the ability to sell power to the data centers under DOE authorization. So in other words, sell power to a data center offtaker directly under DOE authorization.

在不同程度上，這些大多可以在 DOE 授權下進行。在某些使用情境下，售電也可以在 DOE 授權下進行。但最終，當我們把它轉到 NRC 之下時，就能讓我們的營運點受到更少限制，並帶來更大的彈性。所以這就是背後的原因與時間點的考量。不過例如，2025 年 5 月的行政命令中有一項相當重要的內容，是允許在 DOE 授權下向資料中心售電。換句話說，就是在 DOE 授權下直接把電賣給資料中心的承購方（offtaker）。

So that is another pathway that could be something that makes sense to do under that sort of trajectory. But again, having the flexibility from the NRC conversion and given the confidence we see in the time that we spent with the NRC to date, do not forget that about 1.5 years ago, we completed a readiness review preparing to submit the application before the accelerated pathways that came from DOE opened up. So we're excited to be able to actually go through that effort and we see the NRC's preparedness to be able to take an application and move it forward to be converted into NRC space. So ultimately, that's the end state will end up. But there's a number of things you can do before that happens.

所以那也是另一條路徑，可能在那樣的發展軌跡下是合理可行的。但再說一次，透過轉到 NRC 所帶來的彈性，以及基於我們迄今與 NRC 互動所建立的信心——別忘了，大約 1.5 年前，我們完成了一次就緒審查，為提交申請做準備；那是在 DOE 開啟加速途徑之前。因此我們很期待能真正推進那項工作；而且我們也看到 NRC 已準備好接收申請並推動其進展，讓它能轉換到 NRC 的體系之下。所以最終的終局狀態會是那樣。但在那之前，你仍然可以做很多事情。

We have a pretty wide degree of flexibility.

我們有相當大的彈性。

And then Dimple, in terms of power sales, under the DOE permit, we can sell power to the labs, which we've always seen that as being the first initial customer for power coming out of the powerhouse and then we will transition to an NRC permit. I think the good news is it doesn't really feel like DOE and NRC are working collaboratively to find ways to streamline that process because they're, I think, rebuilding the streamlined process at time. Hard to put a definitive time line on it, but it definitely feels like an accelerator. And I'll make sure that Sam and the team get to thank you on the deck because they did all the hard work.

然後 Dimple，就售電而言，在 DOE 許可之下，我們可以把電賣給實驗室；我們一直認為，這會是發電站（powerhouse）輸出電力的第一個初始客戶，之後我們會轉換到 NRC 許可。我想好消息是，感覺 DOE 和 NRC 確實正在協同合作，尋找方法來簡化那個流程，因為他們——我想——正在同時重建這個簡化流程。很難給出一個明確的時間表，但確實感覺像是加速器。我也會確保 Sam 和團隊在簡報裡向你致謝，因為所有辛苦的工作都是他們完成的。

George Gianarikas< Canaccord Genuity.

George Gianarikas< Canaccord Genuity。

My question is on plutonium. What's your current time line and potential expected cost structure for receiving some of the government health surplus?

我的問題是關於鈽。你們目前接收部分政府持有的剩餘庫存的時間表，以及可能預期的成本結構是什麼？

Yes, I think we see, so there's a couple of variables developing there. We continue to make progress through sort of the DOE's programs and engagement to set the stage for that. I think what we're expecting is a tranching of material from different sources and sort of availability and "manufacturability" more directly. So some of it might need them work before it becomes manufacturable. And so the point is to work with stuff that's more readily available.

是的，我想我們看到那裡有幾個變數正在形成。我們持續透過 DOE 的各項計畫與互動取得進展，為此奠定基礎。我們預期材料會以分批（tranching）的方式，來自不同來源，並且在可取得性以及「可製造性（manufacturability）」方面會更直接地呈現差異。因此其中一部分可能需要先做一些處理，才會變得可製造。所以重點是與那些更容易取得的材料合作。

The -- and so that's continuing to progress. We're eager and excited to see that continue. And we're obviously very excited about the traction at that point. Unfortunately, I think the time line for what that's going to look like, we expect to become a lot clearer in the next few months in terms of when that material is going to be able to come out and move available or move forward on that. But we're hopeful and optimistic there'll be various interim milestones along the steps there over the course of the next few months for that material to release into being able to fabricate.

而——所以這件事仍在持續推進。我們很期待也很興奮看到它繼續進展。而且我們顯然對那個階段的進展動能感到非常振奮。不過很可惜的是，關於它最終會長成什麼樣子的時間表，我們預期在接下來幾個月會清楚很多——也就是那批材料何時能夠釋出、變得可取得，或在這方面往前推進。但我們抱持希望與樂觀，接下來幾個月在各個步驟上會有不同的階段性里程碑，讓材料得以釋出並可用於製造燃料。

The question is then about like cost structure. I mean, in general, again, one of these things that is somewhat dependent on programmatic structures and contours, but generally in clients to being provided to you as is with no specific fee or cost, but then the cost of fabrication is obviously burdened by the recipient. So that's kind of the thing. So it provides a pretty attractive cost of feedstock.

接著問題是成本結構。我的意思是，一般而言，這類事情在某種程度上取決於計畫架構與設計輪廓，但通常材料會以現狀提供給你，不會另外收取特定費用或成本；不過燃料製造的成本顯然是由接收方負擔。大概就是這樣。因此它能提供相當有吸引力的原料成本。

That's basically 0. But then obviously has to be fabricated and going to fuel from there.

基本上是 0。但接下來顯然必須進行製造，並從那裡把它做成燃料。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

I wanted to ask about the Ohio project and Meta there. Is the agreement with Meta binding to build the reactor? And if not, when would you get to that point? And maybe walk us through some of the milestones that would need to occur to get there?

我想問一下俄亥俄州的專案以及 Meta。與 Meta 的協議是否具有約束力、要求建造反應爐？如果不是，你們何時會走到那一步？也請帶我們走一遍，為了走到那一步需要發生哪些里程碑？

Yes. So it's not binding as is to build the reactor a little bit natural for a project like this and especially one where (inaudible) to help drive forward a kind of a new model that's constructive to nuclear here because let's just remember, there really is no example for this from like a nuclear sort of developer operator model to bring it forward, but obviously, it's attractive to them to select that, and that's why they've done it. It kind of progresses through various stages to move through the site development, the long-lead procurement like fuel and also into interconnection and then into full execution.

是的。所以就目前而言，它並不是一份具有約束力、要求建造反應爐的協議——對這類專案來說這很自然，尤其是像這種（聽不清）要協助推動一種對核能有建設性的新模式；因為請記住，從核能「開發商—營運商」的模式來把它推進，其實沒有先例，但顯然，對他們而言選擇這個很有吸引力，這也是他們這麼做的原因。它會經過不同階段，推進場址開發、長交期採購（例如燃料），也包括併網，然後進入全面執行。

But it's a relational buildup. And what's important about that for us too is it brought them to bring capital at the beginning to help with that, to show a path then to continue to scale and execute and illuminate the or path to when delivery is going to be. And then also the costs. And when I say the cost, I just don't mean the Oklo cost, but the actual prevailing cost of power, too, and sort of how those things converge in a constructive way.

但這是一個關係逐步建立的過程。而對我們來說重要的是，這也讓他們在一開始就投入資本來協助推進，進而展示一條可持續擴張與執行的路徑，並把交付時間會是什麼樣子照亮出來。另外也包括成本。我說的成本不只是 Oklo 的成本，也包括實際的市場電力成本，以及這些因素如何以建設性的方式匯合。

So it works for everybody. But with the recognition that they, I think generally, when you look at kind of how I think the strategies went into what they did to put these things together and this program together, it was about finding the partners to help advance this because they see the technologies being significantly enabling to them. And instead of just being a purely transactional partner, they want to be a development partner as well in ways that also makes sense for us.

所以這對所有人都可行。但也要認知到，他們——我想一般而言，當你回頭看他們在把這些事情與這個計畫組合起來時所採取的策略——是要找到合作夥伴來協助推進，因為他們認為這些技術對他們具有顯著的賦能效果。而他們不想只當一個純粹交易型的夥伴，他們也希望在某些方面成為開發夥伴，而且這對我們也要合理。

And so finding a way to do that was what we were pretty excited about landing in with this deal, but it has a very clear trajectory, right, line of sight to execution to actually turn into turning power plants on. And when you look at the power, when we look at a scarce market and when you look at the time lines of power delivery and where we are largely at the lead of or in the near front of that pack from nuclear-generated electrons, especially advanceness that gets them pretty interested and excited. I think that's part of why they selected us on that process to develop into this. So it's kind of a buildup along a normal development project before it executes into that stage. And we like that because, again, it brings them to the table with us as a partner and not just as kind of a transactional customer.

因此，找到一種方式來做到這點，就是我們對這筆交易能落地感到相當興奮的原因；而且它有非常清晰的軌跡——也就是對執行有明確的可視性，最終真的能把電廠啟動起來。當你看電力市場——我們看到的是一個供給稀缺的市場；再看電力交付的時間表，以及我們在核能發電的供應上大致處於領先或接近領先的位置，尤其是先進核能所產生的電力，這讓他們相當感興趣也很興奮。我想這也是他們在那個流程中選擇我們、並把它發展成這個專案的一部分原因。所以在進入執行階段之前，它就是沿著一個正常的開發專案逐步累積。而我們喜歡這樣，因為再說一次，這讓他們以夥伴的身分與我們坐在同一張桌上，而不只是某種交易型客戶。

Mark, there are some binding elements to it, such as they've provided some capital that gives them reservation capacity and we have milestones in terms of doing things with that capital with probably the first kind of big milestone around that being the securing of fuel, and we are working on that. Process as we speak, and then there'll be other milestones further down the line as we progress the project.

Mark，其中確實有一些具約束力的要素，例如他們已提供部分資本，讓他們取得預留容量（reservation capacity），而我們也有里程碑，規範要如何運用那筆資本；其中第一個比較大的里程碑大概會是確保燃料，而我們正在進行這件事。我們此刻正在推進該流程，之後隨著專案進展，還會有其他更後面的里程碑。

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

Maybe just a big picture one. I know it's early days, but we obviously had a bit of a pivot in the political landscape period this week, and then you've had a lot of these sort of state level moratoriums starting to pop up and become pretty meaningful point of debate for data center development going forward. So I guess in that context, a lot of folks kind of assume you guys are mostly going to be focused on data center PPA type of applications with the Aurora Powerhouse.

也許問一個更宏觀的問題。我知道現在還很早，但本週政治環境出現了一些轉向；同時你也看到很多州層級的暫停令（moratoriums）開始出現，並且成為未來資料中心開發中相當重要的辯論點。所以在這樣的背景下，很多人會假設你們主要會把 Aurora Powerhouse 聚焦在資料中心 PPA 類型的應用上。

But given the 75-megawatt configuration, it seems like you guys would be better suited than some of your larger-scale SMR peers, larger scale in terms of their capacity to go after other types of applications on data center related. Have you guys given any thoughts to sort of a shift in go-to-market or at least allocating more of a push to nondata center opportunities going forward just in the context of all that's going on?

但考量到 75 兆瓦的配置，看起來相較於一些更大規模的 SMR 同業（就容量而言更大），你們可能更適合去切入資料中心以外的其他應用。在目前這些情勢之下，你們是否有思考在市場進入策略上做某種轉移，或至少在未來把更多推力分配到非資料中心的機會上？

Yes. I think to get into it, too. I mean, one of the things that's, I mean, yes, the answer is yes, and that was always kind of a posture we had. Obviously, data centers are well yield, fast-moving, needing a lot of power and consuming it in chunks. And now we see maybe some various dynamics evolving. I do think that you're going to see continued concentration in data centers of states that are supportive of this because there are states that are going to be supportive and interested in having these things, and that's just going to further pull demand and do some different locations.

是的。我想也可以更深入談一下。我的意思是，是的，答案是肯定的，而那一直是我們的基本立場。顯然，資料中心回報好、推進快、需要大量電力，而且是以一塊一塊的方式消耗。而現在我們也看到一些不同的動態可能正在演變。我確實認為，你會看到資料中心持續集中在那些支持這件事的州，因為確實有些州會支持並且有興趣引進這些設施，而這只會進一步拉動需求並把需求帶往不同地點。

And to be honest, our (inaudible) gives us flexibility to respond into that. But when you look at what's happening just broadly speaking, I think I always think of three major vectors around what's been driving electric demand and why we see a lot of upward price pressures are largely influenced by demand. Obviously, data centers are a flagship piece of that, but let's not forget that for the last 10, 15 years, we've seen large shifts towards electrification in many, many ways.

坦白說，我們的（聽不清）讓我們有彈性去因應這些情況。但如果你從更宏觀的角度看正在發生的事情，我一直會想到三個主要向量，關於是什麼在推動用電需求，以及為什麼我們看到大量向上的價格壓力在很大程度上是由需求所影響。很明顯，資料中心是其中的旗艦項目，但也別忘了，在過去10到15年，我們在許多、許多方面都看到朝向電氣化的巨大轉變。

And that is putting load on the grid, right, albeit maybe less gigantic and noticeable chunks of data centers, but it is. I'll add to that, significant efforts around reindustrialization, which is obviously something that supports the jobs in America and is quite bipartisan in nature, looking at policies of the last several administrations, we've, in many ways, from an energy policy perspective, we, as a country, saw the shift of those kind of baseload consuming industries and assets and factories being shuttered and moved overseas. Well, when they come back, they need that kind of power again.

而這正在對電網造成負載，對吧，雖然可能不像資料中心那樣是巨大且顯眼的區塊，但確實如此。我再補充一點：圍繞再工業化的重大努力，這顯然有助於美國的就業，而且本質上相當具有兩黨共識；回顧過去幾屆政府的政策，從能源政策的角度來看，我們這個國家在很多方面看到那類消耗基載的產業、資產與工廠被關閉並移往海外。那麼，當它們回來時，就又需要那種電力。

And so we see this manifesting even in things we've done at states when we've been looking at going to states and siding there. They're seeing that when they used to be able to go and try to attract new factories or new manufacturing presences coming to their states. However, it was taken for granted that it was available and now they're realizing they have, that's like a huge either weakness or vulnerability or maybe if they have a little bit of strength, but most of them don't have enough at all. And so we find that, that is going to be, I think, a pretty sizable driver.

因此，我們甚至在我們於各州所做的一些事情上也看到這點的體現，當我們去各州評估並選址落地時。他們看到，以前他們可以去吸引新工廠或新的製造業進駐他們的州。然而，過去大家理所當然地認為電力供應是可用的，而現在他們意識到，他們在這方面要嘛是一個巨大的弱點或脆弱點；或者如果他們有一點點優勢，但大多數州根本完全不夠。因此我們發現，我認為這將會是一個相當可觀的驅動因素。

So I think we're pretty confident just in general. And like you said, our sizing and our posturing gives us flexibility to do that. But I think the other thing that's important is nuclear has a strong bipartisan level of support. It, I think one thing we're going to see probably is a focus on also moving and heavily incentivizing in the ways that are possible, clean power generation to come in and support whether it be for data center generation or just new generation as a whole in light of the election results.

所以我想我們整體而言相當有信心。而且如你所說，我們的規模配置與姿態讓我們有彈性去做到這點。但我認為另一個重要之處在於，核能在兩黨之間有強而有力的支持。我想我們可能會看到的一件事是：在選舉結果的背景下，政策也會聚焦於推動並在可行的方式下大力激勵潔淨發電進場，以支援不論是資料中心用電，或是整體新增發電。

Nuclear is really well positioned to do that. So I feel pretty optimistic that either the policy shifts that are going to be moving towards maybe just the continued effort of saying, bring your own power if you're going to build here as well as policies that are trying to attract continue to try to attract manufacturing jobs in the states so they're going to need power production and nuclear is just incredibly well suited to do that and our positioning at our size range is very ideal for that, too. It's not too small at the megawatt scale for some of that to matter and it's not so big that you can't sort of serve either an industrial facility or an industrial park and said it's pretty well suited to serve in that sweet spot and I think.

核能在這方面的定位非常好。所以我相當樂觀：不論是政策轉向，可能只是延續「如果你要在這裡建設，就自備電力」的努力；或是政策持續試圖吸引製造業工作回到各州——那就需要發電能力——而核能非常適合做到這點；同時，我們在這個規模區間的定位也非常理想。在兆瓦等級上，它不會小到讓某些需求無關緊要；也不會大到無法服務單一工業設施或工業園區；它非常適合落在那個甜蜜點來提供服務，我認為。

And Brian, I would just also point out the ADVANCE Act, which was great for our sector and our business came under the prior, under the Biden administration. I've attended the US Governors conference, and there were as many Democrats as there were Republican governors who wanted to talk to Oklo. So I think that demand for the clean, affordable, reliable power is, I don't think that demand profile is going away, which we definitely have not had, the elections happened, but I didn't have our corporate development team saying suddenly customers are calling saying they're not interested. So I think it's, which is why we're so focused on putting assets on the ground.

另外，Brian，我也想指出《ADVANCE Act》，這對我們的產業與業務都很棒，是在先前、也就是拜登政府時期通過的。我參加過美國州長年會，想跟 Oklo 交流的民主黨州長和共和黨州長一樣多。所以我認為，對潔淨、可負擔、可靠電力的需求——我不認為那樣的需求輪廓會消失；我們確實經歷了選舉，但我沒有看到我們的企業發展團隊說客戶突然打來表示不感興趣。所以我想，這也是為什麼我們如此專注於把資產落地。

Nate Pendleton, Texas Capital Bank.

Nate Pendleton，Texas Capital Bank。

And congrats on the continued progress. I wanted to touch on the ARPA-E funding for recycled fuel on Slide 18. How much of the EBR-II fuel data carries over to recycled fuel given the residual lanthanides and actinides in the recycled fuel and I guess, what still has to be proven through testing? Or is this more around process optimization?

也恭喜你們持續取得進展。我想談一下第18頁關於再生燃料的 ARPA-E 資助。考量到再生燃料中殘留的鑭系元素與錒系元素，EBR-II 的燃料數據有多少可以沿用到再生燃料上？以及我想問，還有哪些部分仍需要透過測試來證明？或者這筆資助主要是用在製程最佳化？

Yes. I mean in this program is largely around process optimization as well as like supporting field qualification in different ways. But part of our, what we're approaching is like there is data from a radiated, we, as a country, have a radiated transuranic (inaudible) fuels in a number of different reactors and platforms to generate data that is directly applicable and extendable to use for qualifying transuranic fuels a full kind of commercial usage.

是的。我的意思是，這個計畫很大一部分確實是圍繞製程最佳化，以及以不同方式支援現場鑑定。但我們的做法之一是：我們國家在多種反應爐與平台中，已經有照射過的超鈾（聽不清）燃料數據，用來產生可直接適用並可延伸，用於使超鈾燃料達到完整商業用途之「合格化」所需的資料。

That said, we do look to augment and enhance that with the fact that we'll have the Aurora plant running, and we'll be able to use that to actually radiate test pens and lead test assemblies of transgene fuel to, I think, fully characterized and basically "qualify" that out for our usage. There's not really such thing formally it's fuel qualification.

話雖如此，我們也會透過另一點來補強與提升：我們將讓 Aurora 電廠運轉，並能利用它實際照射測試棒與超鈾燃料的先導測試組件（lead test assemblies），我認為這能夠完整表徵，並基本上為我們的用途把它「合格化」。嚴格來說，並沒有一個正式的東西叫做燃料合格化（fuel qualification）。

People like to use it as a colloquial term to describe it, but generate enough data so that we have enough confidence for our own use as well as enough data and confidence to support its behavior and understanding it's kind of (inaudible) emergent effects to justify its use to the regulators as well. So I think at the end of the day, that's what we see the intent and mission is, broadly speaking, this is a really important step in that. I think what's also invested in there that's pretty exciting in support for other programs, not just ours of using transuranic material, which is great for us because the recycling facility will produce transuranic material. So it's clearly showing that there's interest in a market emerging for customers to want that material. Given that it has some huge benefits, right, and advantages. So it's pretty exciting to see what that's looking like across the board.

大家喜歡把它當作口語用法來描述，但重點是要產生足夠的數據，讓我們對自用有足夠信心，同時也有足夠的數據與信心來支撐其行為表現與理解其（聽不清）可能出現的效應，從而也能向監管機構合理化其使用。所以我想，歸根結底，這就是我們所看到的意圖與使命；廣義而言，這是其中非常重要的一步。我認為其中另一個相當令人振奮的投入，是對其他計畫的支持——不只是我們——去使用超鈾材料；這對我們很棒，因為回收設施會產出超鈾材料。因此這清楚顯示市場正在浮現出客戶想要這種材料的興趣。考量到它有一些巨大的好處與優勢，對吧。所以看到整體各方面的進展，真的很令人振奮。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

So just regarding US Forge Rings, I was curious if you could talk about your expected capital commitment there, if there's anything. And then what sort of component volumes are contemplated in the agreement? And then finally, just any additional color on why you're moving forward with USFR over maybe some other more established steel companies?

關於 US Forge Rings，我想請你談談你們預期在那邊的資本承諾會是多少，如果有任何可分享的內容。另外，協議中所設想的零組件供應量大概是什麼規模？最後，能否再補充一些背景，為什麼你們選擇推進與 USFR 的合作，而不是一些更成熟、既有的鋼鐵公司？

Yes. I mean I think we work with a number of partners here. So we're excited about and feel confident about how we kind of approach having offtake. I think we're, I'm sorry, not enough to take supply for what we need to do to deliver. But I think at the end of the day, like what we saw here was a group that has the ability to stand up and support some large capacity that we expect to be able to grow into and would like to have that decongest some of the backlog in other areas. Again, because of our pace and where we're at, especially the work projects, we feel very good about what we need in the in the near term. The question though is, is that scale is under the longer term. And that's where we see new entrants are needed because the capacity is just not going to be there. And so that's why we're going to be able to be supportive and drive that forward.

是的。我想我們在這裡與多個合作夥伴合作。所以我們對於我們在承購（offtake）方面的做法感到興奮且有信心。我想我們——抱歉——供應還不足以滿足我們交付所需的一切。但我想歸根結底，我們在這裡看到的是一個團隊，具備建立並支援我們預期可逐步成長所需之大產能的能力，而且我們也希望這能緩解其他領域的一些積壓。再次強調，基於我們的節奏與目前所處的位置，尤其是工程專案方面，我們對於近期所需非常有把握。但問題在於，長期來看規模會如何。而這正是我們認為需要新進者的地方，因為產能就是不會足夠。因此，這也是為什麼我們能夠提供支持並推動其向前發展。

And at the moment, I guess it's an initial small investment and then it gives us reservation and capacity that as they scale up, then we can access that capacity. And that, but that would be a commitment for procurement that we would be doing as we scale up the fleet.

而就目前而言，我想這是一筆初期的小額投資，接著它會為我們帶來預留與產能，當他們擴產時，我們就能取得那部分產能。而這也會成為我們在車隊規模擴大時所進行的採購承諾。

Ryan Pfingst, B. Riley.

Ryan Pfingst，B. Riley。

What are some of the remaining items that we should be thinking about coming next on the supply chain or procurement and manufacturing for both Aurora, Idaho and then the longer-term fleet deployment strategy?

在供應鏈方面，或就 Aurora、Idaho 以及更長期的車隊部署策略而言，接下來在採購與製造上，還有哪些剩餘事項是我們應該要留意的？

I think, so I think in general, like what we look at across the board there, and (inaudible) chime in on this. But I think as we see kind of the stack of what we need to do to support this is we're trying to solve to build, obviously, what we need to do for one, there's sometimes solutions you find for that, that are important for time, right? And we've been working really aggressively for time optimization to build that quickly. Sometimes some of the suppliers or providers don't necessarily have the scale to do the Beyond 1 at the rates we expect to go to. So you kind of want to balance and work with that in a number of ways and also balance that with having, not having just a single supply risk and work with a number of suppliers. Well, then also evaluating what is it that we want to bring in-house and make ourselves. And I think a view we've long had is, it's great to theoretically talk about all we do everything in-house. We verticalized every single thing.

我想——所以我想整體而言，就我們在各方面所看的，我也請（聽不清）補充一下。但我認為，當我們看到為了支援這件事所需要做的工作堆疊時，我們要解決的是：要打造——很明顯——我們需要做的事情。首先，有時候你會為了時間找到一些解法，對吧？而我們一直非常積極地在做時間最佳化，以便快速建置。有時候某些供應商或服務提供者未必具備規模，能以我們預期的速度把產量從 1 擴到 1 以上。所以你會想用多種方式去平衡並與之合作，同時也要平衡不要只承擔單一供應風險，而是與多家供應商合作。此外也要評估哪些事情我們想要內製、自己做。而我認為我們長期以來的觀點是：理論上談「所有事情都內製」當然很好。把每一件事都垂直整合。

That's, that's a great thing to do when you have an update and understanding of what you actually need and want to do based on having built a few of these things rather than doing it all upfront because you're inevitably going to have to go back and retool and there's a lot of capital needs to do that and all those kinds of things. So finding that right balance is something of intentional focus for us.

但那通常是在你已經更新並理解你實際需要什麼、想做什麼——也就是先做出幾套之後——才適合做的事，而不是一開始就全部做，因為你終究得回頭重新調整產線（retool），而那需要大量資本以及各種相關投入。因此，找到正確的平衡點是我們刻意聚焦的方向。

That's why you build the one to go to many and have that kind of vector in line. And so as we think about how that works, we've been fortunate to bring in some fantastic team on procurement and on supply chain as well as internally for manufacturing capabilities. And that's kind of dictated why we've gone out and built out capabilities in-house. We've acquired capabilities like Atomic Alchemy Engineering and Manufacturing, Inc. (ARMEC) to really expand the things that we need to build ourselves, but also find those suppliers that can actually need what we need to do what we're trying to do here. I don't know, Craig, do you want to add anything on that?

這也是為什麼你會先做出「一套」再擴到「多套」，並讓那個方向向量保持一致。所以當我們思考這如何運作時，我們很幸運在採購與供應鏈方面，以及內部製造能力方面，延攬到一些非常出色的團隊。而這也在某種程度上決定了我們為何要把能力建到內部。我們也收購了像 Atomic Alchemy Engineering and Manufacturing, Inc. (ARMEC) 這樣的能力，來真正擴充我們需要自行製造的項目，同時也去找到那些能夠滿足我們需求、支援我們在這裡要做的事情的供應商。我不知道，Craig，你要不要補充？

Well, I would say in terms of I&L, I meet with Rob (inaudible) at our procurement team every other week. And we've got procurement plan for I&L. It's in place and we are executing against it, and we knew what the critical-path items were, and we acquired accordingly. But I think in terms of what's next, we're already starting to work with (inaudible) what can we do differently and what will we do differently for subsequent powerhouse deployments, how might we use to Jake's point, Atomic Alchemy Engineering and Manufacturing, Inc. (ARMEC) and other things that we brought in-house, and then we'll start working on that procurement strategy then. And I won't name the vendor, but we actually had one of our key suppliers visiting us this week down at Groves and the nature of those conversations was more about what more can we do together. So I think it's great that we've got partnership with our key suppliers. And it's a twofold conversation. Part 1 is deploying the, working on the deployment of the assets that are going on the ground today. But the second part of the conversation is what's next.

嗯，我會說就 I&L 而言，我每兩週會和我們採購團隊的 Rob（聽不清）開一次會。我們已經有 I&L 的採購計畫，計畫已就位且正在依計畫執行；我們也知道關鍵路徑（critical-path）項目是什麼，並據此完成採購。但我想就下一步而言，我們已經開始和（聽不清）一起討論：在後續的 powerhouse 部署上，我們可以做哪些不同、會做哪些不同；以及如 Jake 所說，我們如何運用 Atomic Alchemy Engineering and Manufacturing, Inc. (ARMEC) 與其他我們內製引進的能力，然後我們就會開始著手那套採購策略。我不會點名供應商，但我們其中一位關鍵供應商本週實際上到 Groves 來拜訪我們，而那些對話的性質更多是在談：我們還能一起做更多什麼。所以我認為我們與關鍵供應商之間有夥伴關係是很棒的。而這是一個雙軌的對話。第一部分是部署——也就是推進目前正在落地的資產部署。但對話的第二部分是：下一步是什麼。

Jeffrey Campbell, Seaport Research Partners.

Jeffrey Campbell，Seaport Research Partners。

Just to shift gears a little bit over to Groves-2, was wondering if you're currently working with any drug industry participants to refine your view of the isotopes that might be in greatest demand when the facility is capable of producing product?

稍微換個話題到 Groves-2，想請教你們目前是否正與任何製藥產業參與者合作，以更精準地判斷當該設施具備產品產能時，哪些同位素可能會有最大需求？

So Jeff, I think the short answer to that question is yes, and Ray Wang and the team. I think Groves-2 is kind of interesting because it's got 2 access points as we're working on getting ready to start that project. One is clearly where is it going to go? How do we leverage the learnings from Groves-1. It will be a larger asset. It will be a commercial asset, but the other bit is the conversations we're having with pharma and other customers so that we make sure that the isotopes we intend to produce can meet their needs, and that's a very, I think that's probably where Ryan and his team spent a good chunk of their time at the moment.

Jeff，我想這個問題的簡短答案是：有的，而且 Ray Wang 和團隊正在進行。我認為 Groves-2 挺有意思，因為在我們準備啟動該專案時，它有兩個切入點。第一個很明確是它會設在哪裡？我們如何運用 Groves-1 的經驗學習。它會是一項更大型的資產。它會是一項商業化資產；但另一部分是我們與製藥公司及其他客戶的對話，以確保我們打算生產的同位素能滿足他們的需求；而我認為這大概就是 Ryan 和他的團隊目前花了相當多時間在做的事情。

Fully echo that. That's the great thing about this is it's a versatile platform. We've coupled that with the demonstration of execution of Groves-1, and it gives us the ability to work with a number of different folks I think the thing I see excitedly on the radio sub side is there's kind of a strategy that's approaching, right?

完全同意。這件事很棒的一點在於它是一個多用途的平台。我們再加上 Groves-1 的執行成果展示，讓我們能與許多不同的夥伴合作；我在放射性藥物（radio sub）這一側看到、也很興奮的是，某種策略正在成形，對吧？

One is having the ability to produce for what the markets want and need in the very, in the kind of immediate term that's known, right? And there's a few clear isotope examples for that. But then there's a spectrum of others, and that was always kind of the intent of the reactor platform here as being virtual in production that are much more in the exploratory stages.

其中一個是具備生產市場在非常近期、已知的需求之能力，對吧？而這方面有幾個很明確的同位素例子。但另外還有一整個光譜的其他同位素，而這一直是我們這個反應器平台的初衷之一：在生產上具有彈性，去支援那些仍處於更探索性階段的項目。

One thing that I think we've been observing is the capabilities, the application of computational biology to explore the ligands to explore the different molecular carriers of these isotopes has been pretty significantly underexplored, frankly, radically underexplored. And now with AI, it's just not really being done because there wasn't a lot of interest to say, well, let's spend a lot of, like I spend those resources. Looking at things to carry isotopes. So just we can't buy.

我認為我們觀察到的一件事是：運用計算生物學來探索配體（ligands）、探索這些同位素的不同分子載體（molecular carriers）的能力，其實被嚴重低估——坦白說，是極度地未被探索。而現在有了 AI，之所以一直沒有真正去做，是因為過去缺乏足夠的動機去說：好，那我們投入大量資源——像是我投入那些資源——去研究用來攜帶同位素的東西。所以就只是——我們買不到。

So why wouldn't we do that? So they don't. Our view is now you can start to change that considerably and then you open up a really awesome sort of co-development opportunity where when you think about, okay, from the pharmaceutical side as they're starting to apply computational biology, unlocking massively new well expanded capabilities for different ligands and carriers of different radioisotopes, and we can work with them closely and say, at the developmental stages in the exploratory stages, the fundamental research stages, right? We can work with them and say, hey, what do you need, okay, in these cases, we can make these here they are.

那為什麼不做呢？所以他們就不做。我們的看法是，現在你可以相當程度地改變這件事，並開啟一個非常棒的共同開發機會：當你從製藥端來看，他們開始應用計算生物學，為不同配體與不同放射性同位素載體解鎖大幅、且更廣泛的能力；我們可以與他們密切合作，並在開發階段、探索階段、基礎研究階段，對吧？我們可以與他們合作並說：嘿，你們需要什麼？好，在這些情境下，我們可以在這裡製造——給你們。

And then from there, you've been able to start producing the quantities needed to support that early-stage R&D that can then maybe translate into and propagate all the way out to something that's in full production, but then we'll have the capability to actually have that flexibility to provide across the number of use cases. And then that opens up the door from any more, right?

接著從那裡，你就能開始生產足以支援早期研發所需的數量，之後也許能轉化並一路擴展到全面量產的產品；而我們也將具備那種彈性，能在多種使用情境中提供供應。然後那也會進一步打開更多的大門，對吧？

So it's that kind of two-pronged approach of got what's clear new, but we've got extra new translating around that we're not going to always, we're not going to need to use for producing things like the (inaudible) other similar isotopes that are kind of flagship isotopes at the moment. But that can be used to start making these exploratory quantities of others. And then hopefully, that's going to be a huge boon when that sort of helps support and drive further investments, applying AI and computational biology to explore and develop these carrier molecules and then the use of other isotopes, right, that aren't being produced at all today that might be transformative in that capability at the therapeutic level, all of sudden, we can start to bring those forward, right? I mean it's just super exciting to think about what this all looks like, but you need that capability in the platform, and it doesn't exist, and we're excited to be building them.

所以這是一種雙管齊下的做法：一方面有明確的新進展，另一方面我們也有額外的新轉換能力在周邊運作，但我們不會總是、也不一定需要用它來生產像（聽不清）以及其他一些目前屬於旗艦的同位素。但它可以用來開始製造其他同位素的探索性產量。然後希望這會帶來巨大的助益，因為它能支持並推動進一步投資，運用 AI 與計算生物學來探索並開發這些載體分子，以及使用其他同位素——也就是那些今天根本沒有在生產、但在治療層面可能具顛覆性的同位素——我們就能突然開始把它們推進到前台，對吧？我的意思是，光是想像這一切會是什麼樣子就非常令人振奮，但你需要平台具備那種能力，而目前並不存在；我們很興奮能夠把它建起來。

Your next question comes from the line of Christopher Souther with Truist Securities.

下一個問題來自 Truist Securities 的 Christopher Souther。

Just wanted to follow up a little bit on supply chain in US (inaudible).

我想就美國（聽不清）的供應鏈再追問一下。

Chris, you're breaking up. We're not getting the question, I don't think. We can't really hear. Operator, I think we should move on and then maybe we can bring back.

Chris，你的聲音斷斷續續。我想我們沒有聽到你的問題。我們真的聽不太清楚。接線員，我想我們先往下進行，之後也許可以再把他接回來。

Seth Basham, Wedbush Securities.

Seth Basham，Wedbush Securities。

My question is regarding the Virginia application at the PJM rejected. And if you wouldn't mind just recapping I was rejected. And does that reasoning applies to energy or other interconnection requests, including Ohio?

我的問題是關於 PJM 否決了維吉尼亞的申請。如果你不介意的話，能否回顧一下為什麼被否決？另外，這個理由是否也適用於能源或其他併網申請，包括俄亥俄？

Yes, I think just to add a little color on that. I mean we're active in engagement on, I believe it's 900 megawatts of development capacity. It does in Ohio does not affect our plans in Ohio. I was really focused on some other opportunities developing that we're still continuing to explore and look at ways that can develop and advance in different alternative pathways., it's a very interesting time, right?

是的，我想補充一些背景。我的意思是，我們正積極參與、我相信約 900 兆瓦的開發容量。這件事在俄亥俄不會影響我們的計畫。我主要是聚焦在一些其他正在開發的機會；我們仍在持續探索，並尋找能以不同替代路徑開發與推進的方法。這是一個非常有意思的時點，對吧？

Because I think one of the things that's been observed broadly speaking, has been a general, I think, in general, realization that there's need to continue to enhance the interconnection process. It's obviously been a focus of priority and policy for the current administration and for various state leaders, and it's a focus by partisan interest to make sure that we can get power plants online.

因為我認為，大家普遍觀察到的一件事是：整體而言，大家逐漸意識到需要持續強化併網流程。這顯然一直是現任政府以及各州領導人的優先政策焦點，也是一個跨黨派關注的重點，以確保我們能讓發電廠上線。

And one of the things that some of these interconnection processes struggle with is novelty is key to going to the future, and that was one of the things that stood out about this was we were bringing in a mix of fuel sources and their processes just didn't how to handle it and the kind of default is, but we don't know what to do right now, but we're going to try to figure it out to go somewhere maybe in the future in a different way. And I think as you look across the spectrum, as an example set of those, where folks are plying innovatively to that. Obviously, things, there are things that went through and carried along as anticipated, which is great. We continue to develop those in Ohio. We also remain excited about some of these future other opportunities, just given their proximity to where we see very attractive and exciting markets developing.

而其中一些併網流程所面臨的困難之一在於：新穎性是邁向未來的關鍵。這次特別突出的點之一是，我們帶入了多種燃料來源的組合，但他們的流程不知道該如何處理；於是預設反應就是：我們現在不知道怎麼做，但我們會試著弄清楚，未來也許用不同方式往前走。我想當你放眼整個光譜，例如在這些案例中，有些人正以創新方式推進。當然，也有一些事情如預期般順利通過並持續推進，這很棒。我們會持續在俄亥俄推進這些開發。我們也對未來其他一些機會保持興奮，尤其考量它們鄰近我們看到正在形成、非常具吸引力且令人振奮的市場。

Yes. And it was 1 application. It was rejected for technical reasons. We're, actually, we don't agree with the technical reasons for why it was rejected, but we got to play the ball where it lies. But I actually think it just reinforces the strategy we had to have more than 1 application. So, and we're moving forward from there, but no read across to Ohio.

是的。而且那只是 1 件申請。它是因技術原因被否決的。坦白說，我們不同意它被否決的技術理由，但我們只能在既定情況下應對。不過我其實認為，這反而強化了我們採取多於 1 件申請的策略。所以我們會從那裡繼續往前走，但這不會推論到俄亥俄。

Got it. And just as a follow-up on Ohio itself, what's the expected time line for that application?

了解。另外再追問一下俄亥俄本身，那個申請的預期時間表是什麼？

We're working through the PJM process, which I think is going to take place over the next 24 months. But I always think there are things you manage things you influence and things of the environment. And definitely, I think the PJM process is 1 more that we influence and manage.

我們正在走 PJM 的流程，我認為這會在接下來 24 個月內進行。但我一直認為事情可分為你能管理的、你能影響的，以及環境因素。而 PJM 的流程肯定屬於我們可以影響並加以管理的一項。

I'll just say, I mean, that was part of this last wave, and it's continuing to kind of progress through, right? So it's not for a new set. It's 1 that came through for the last way even it's continuing to go forward.

我補充一下，我的意思是，那是上一波的一部分，而且它正持續推進中，對吧？所以它不是新的那一批。它是上一波就進來的，現在仍在往前走。

Sameer Joshi, HC Wainwright.

Sameer Joshi，HC Wainwright。

Great. Congrats on the progress. Just a quick question on the relationship with (inaudible) and was there any progress? Or what is the next 9 to 12 months an of action on that front?

很好。恭喜進展。我有個簡短問題，關於與（聽不清）的合作關係，是否有任何進展？或者接下來 9 到 12 個月在這方面的行動計畫是什麼？

Yes, I think what we see is like we continue to be quite engaged with them and with various intent partners to continue to develop the market there. We're in a great position given we have the projects we have given, for example, like Craig pointed out to, again, Meta is prepayment, like we're continuing to advance these and develop those opportunities. I feel if you ask me, what kept me up the most at night 2 years ago, fuel and the responsiveness in the enrichment markets was going to be 1 of the biggest ones. Not because like we feel for our first plant, that's great.

是的，我想我們看到的是：我們持續與他們以及各種有意向的合作夥伴保持高度互動，以持續開發那裡的市場。我們處於很好的位置，因為我們擁有現有的專案；例如 Craig 提到的，Meta 的預付款——我們正持續推進並開發這些機會。如果你問我兩年前最讓我夜不能寐的是什麼，那會是燃料，以及濃縮市場的反應速度，這會是最大的其中之一。不是因為我們覺得第一座電廠的燃料沒問題——那很好。

But what I was worrying about was what does it look like to get beyond that. And I feel today more confident than I've ever felt., about what's happening in the entrustment markets where you've had such a stagnant industry for so long now being spurred to life for so many reasons that you're seeing the incumbents and the legacy players stepping up and executing in exciting ways, you see new entrants coming forward. So I'm quite excited about what's happening there.

但我擔心的是，走到那之後會是什麼樣子。而我今天比以往任何時候都更有信心，因為你看到濃縮市場正在發生的事情：一個長期停滯的產業，因為許多原因被重新激活；你看到既有業者與傳統玩家正在挺身而出、以令人振奮的方式執行；也看到新進者開始出現。所以我對那裡正在發生的事情感到相當興奮。

But again, we continue to have a deep relationship with (inaudible) that goes way back and we continue to advance that forward while also continuing to help be supportive of other players in the ecosystem because our view is it's a really important space that's going to be, have a lot of growth in room ahead of it. We're facing a lot of demand growth there, not just for new advanced reactors, but for sustaining the existing plants because we're looking at an import ban and cliff hitting pretty hard next year and to that, then also just growth and upgrades. It's an exciting time in the space. So we're here to be supportive and helping mobilize that while also being at the front of the line, so to speak.

不過，我們仍與（聽不清）維持深厚的合作關係，這段關係由來已久；我們會持續推進，同時也會支持生態系中的其他參與者，因為我們的看法是：這是一個非常重要的領域，未來還有很大的成長空間。我們正面臨那裡的需求大幅成長，不僅是新的先進反應爐，還包括維持既有電廠的運轉，因為我們看到進口禁令與供應斷崖將在明年強烈衝擊；此外還有成長與升級需求。這個領域正處於令人振奮的時刻。所以我們會在這裡提供支持、協助動員，同時也可以說站在隊伍的最前面。

And Sameer, it's really amazing to me that three years on, in my time in Oklo, this time 3 years ago, we made have predominantly been talking about regulatory risk and fuel supply risk. And I think we're doing things to derisk those every day, and it feels like we've got momentum on all fronts. And at the risk of getting in trouble. Jake now has a 2-year-old and a newborn. So there are other things keeping them up at night.

Sameer，對我來說真的很驚人：三年過去，在我待在 Oklo 的這段時間，三年前的這個時候，我們可能主要還在談監管風險與燃料供應風險。而我認為我們每天都在降低這些風險，感覺各方面都有動能。而且冒著惹麻煩的風險說一句。Jake 現在有一個兩歲的小孩，還有一個新生兒。所以也有其他事情讓他晚上睡不著。

Eric Stein, Craig-Hallum.

Eric Stein，Craig-Hallum。

Just curious, you talked about kind of your optionality in PJM, given that 1 situation. And it just makes me curious if you have other agreements and certainly, you're pursuing other agreements like the meta agreement, do you anticipate that those agreements would be site-specific would there be some flexibility if you ran into issues like you did in one area that someone might sign an agreement for just x amount of power rather than power at that specific location?

我只是好奇，你談到在 PJM 的某種選擇性（optionalitiy），鑑於那個情況。這也讓我好奇，你是否還有其他協議，而且當然你也在推進其他協議，例如與 Meta 的協議；你是否預期那些協議會是特定場址（site-specific）的？如果你在某個區域遇到像你在某一處遇到的問題，是否會有一些彈性，讓對方簽的是某個 x 數量的電力，而不是那個特定地點的電力？

Yes. I think what we're finding is the biggest interest is broadly in power. And I think what we've seen and what we've observed is a very interesting set of dynamics where you have a steady uptick. And obviously, like, well, basically a steady expansion of interest in where data centers are going to everywhere they can find power. And I think that's the trend line that we're tracking pretty heavily is they went from being, obviously, in the core corridor states to now looking at sort of, hey, wherever there is power, that's where we're going to go.

是的。我認為我們發現最大的興趣，廣泛來說是在電力本身。而且我認為我們看到、也觀察到一組非常有趣的動態：需求在穩定上升。而且很明顯地，基本上對於資料中心要落在哪裡的興趣正在穩定擴張——他們會去任何能找到電力的地方。我認為我們正在密切追蹤的趨勢線是：他們從原本很明顯集中在核心走廊州（core corridor states），到現在開始看向某種「嘿，哪裡有電力，我們就往哪裡去」。

And I think that's going to play out then to the next stage, which is for new power development, not just from existing assets, but from new car development, going to go to where that is. And that's somewhat coiterative because obviously, you have some flexibility to define where that power is rather than if you're trying to go buy it from an existing plant that's obviously already built and operating. But in this case now, there's this dynamic where it's like, hey, do you, if okay, Oklo, where can you put power or that's sort of more like then we respond to, hey, these are the places we're going.

我認為接下來會進入下一個階段：新的電力開發，不只是來自既有資產，也會來自新的車輛開發（new car development），會往那裡走。而這在某種程度上是反覆迭代（coiterative）的，因為很顯然，相較於你試圖從一座已經建好並在運轉的既有電廠去買電，你在定義電力要落在哪裡方面會有一些彈性。但在這個情況下，現在出現一種動態：像是，嘿，如果是 Oklo，你們可以把電力放在哪裡？或者更像是我們回應：嘿，這些是我們要去的地方。

And this is the capacity we either do have or don't have in those areas. And then they came like, okay, yes, great, these ones make sense for these ones don't. And then we can use that to make sure we're focused on the areas we want to go, which gives us a lot of power and flexibility. Again, I think what we're seeing is (inaudible) traction, obviously, with the sites we have. It's not abnormal for power development to go through, you pick a number of sites because that's what we see the market moving us to, to say we're going to develop these forward.

而這些區域裡，我們要嘛有、要嘛沒有這樣的容量。然後他們會回來說：好，是的，很棒，這些可行、那些不可行。接著我們就能用這些資訊，確保我們聚焦在我們想去的區域，這給了我們很大的主導力與彈性。再說一次，我認為我們看到的是（聽不清楚）牽引力，顯然是來自我們已有的場址。對於電力開發而言，先挑選若干場址並不罕見，因為我們看到市場正推著我們往那個方向走——也就是說，我們會把這些往前推進開發。

Some drivers reasons and it kind of went us down to a few, and you just kind of repeat and build that muscle and keep going with that cycle to ultimately find the right places where you're building and scaling and finding customers too. But at this point, I feel like we're entering more and more of a field of dreams stage, which is build it and they will come. I mean that's not universally true everywhere, but it's quite, it's a lot more supportive of that. Broadly speaking, across the United States.

一些驅動因素與原因會把我們收斂到少數幾個，然後你就重複這個流程、建立這套能力（muscle），並持續循環，最終找到正確的地點來建置與擴張，同時也找到客戶。但在這個時間點，我覺得我們正越來越進入一種「夢想之地（field of dreams）」的階段：你把它建起來，他們就會來。我的意思是，這並非在所有地方都普遍成立，但支持這種情況的程度確實高了很多。廣泛來說，在美國各地都是如此。

And for example, 1 of the things that I think I'm particularly excited about is when you think about these nuclear life cycle innovation campuses, you, as you think about those look like, you start anchoring fuel production infrastructure government policy supporting that in these areas, the natural, and then you're building power plants naturally nearby those, you start creating these campuses that have the power capacity and we're finding some of the data center folks starting to be like, hey, okay, this is very interesting.

例如，我特別感到興奮的一件事是：當你想到這些核能生命週期創新園區（nuclear life cycle innovation campuses）時，你會開始在那些地區錨定燃料生產基礎設施、政府政策也在支持；接著你自然會在附近興建電廠，於是你開始打造出這些園區，具備電力容量，而我們也發現一些資料中心業者開始覺得：嘿，好，這非常有意思。

And when you think of the 6 states that are in the sort of final stages now, I think it's going to be an example of that kind of build it and they will come mindset that's going to start aggregating more entries that way. Couple that then as well with just a broader like just broadly supportive price environment too. It gives us a lot more flexibility, which is nice. Part of, it all just be clear that part of what helped us with driving the partnership with Meta was we saw the opportunity in Ohio, and we went to it. And we didn't go there asking customers who wants this. We had enough knowledge of discussions with customers that, that was a good place to go, but having that in the sort of in the hopper, so to speak, really helped accelerate the interest from Meta.

而當你想到目前處於最後階段的那 6 個州時，我認為這會成為那種「建好就會有人來」心態的例子，並開始以那種方式聚集更多進場者。再加上更廣泛來說也相當有利的價格環境。這讓我們有更大的彈性，這很好。另外，為了說清楚，促成我們與 Meta 建立合作夥伴關係的一部分原因，是我們看到了俄亥俄州的機會，然後我們就去做了。我們並不是到那裡去問客戶「誰想要這個」。我們基於與客戶討論所累積的足夠認知，知道那是一個值得去的地方；但把那個機會放在「管線裡」（in the hopper），確實大幅加速了 Meta 的興趣。

And I think we see similar dynamics to be evolving in other places. So informed by customer interest, but increasingly flexible to go where it makes sense to go and then look at others coming to us in cases. Now obviously, in light of sort of recent trends this ties also to a different dynamic where this will also start, I think, attracting other industrial development and infrastructure, which I think is attractive for diversifying the customer base. But also kind of moves to places that are going to be broadly just more supportive of development and folks coming in to anchor into those because then kind of the bring your own new power is being taken care of as part of the development aspects to this. So it's going to be interesting in those areas, but our model is very well suited for that because of the flexibility we can have.

我認為我們也看到類似的動態正在其他地方演進。因此，一方面是由客戶興趣所引導，但另一方面也越來越能彈性地去到合理的地方，然後在某些情況下再看其他人來找我們。當然，鑑於近期的趨勢，這也連結到另一個動態：我認為這也會開始吸引其他工業開發與基礎設施，這對於分散客戶基礎很有吸引力。同時也會把發展帶往那些整體上更支持開發、也更支持人們進來作為錨定（anchor）的地方，因為某種「自帶新電力（bring your own new power）」的需求，會在這個開發架構的一部分被處理掉。所以在那些地區會很有意思，而我們的模式非常適合這點，因為我們能有的彈性。

The ability to, and I think we'll see more of this as we build out more power campuses in places like Ohio that will be contracting through virtual PPAs. And so it's great that's a construct that already exists that we can leverage.

這種能力——而且我認為當我們在像俄亥俄州這樣的地方建置更多電力園區時，會看到更多透過虛擬 PPA（virtual PPAs）來簽約的情況。因此很好，因為這是一種已經存在的架構，我們可以加以運用。

Christopher Souther, Truist Securities.

Christopher Souther，Truist Securities。

Sorry about before. Is this better?

抱歉剛才那樣。這樣比較好嗎？

Much better. Sorry, we had to bounce you.

好很多。抱歉，我們得先把你切掉。

Maybe just on the supply chain for I&L versus the fleet, Jake, you kind of discussed that a little bit. You guys have talked about working with Kiewit to kind of formalize the portfolio deployment. Can you talk about how the USFR capacity reservation, it seems to imply about 2 gigawatts by 2035. Like what are the other long lead items for that 2030 to 2035 that you need to reserve over the next year or 2? And then can you give us a sense like what percent of the supply chain for Idaho is finalized versus the percent of the planned fleet supply chain that you guys have already formed last year?

也許談一下 I&L 相對於機組群（fleet）的供應鏈，Jake，你剛才稍微提到了一點。你們談到與 Kiewit 合作，以某種方式把投資組合部署（portfolio deployment）正式化。你能談談 USFR 的產能預留（capacity reservation）嗎？看起來它暗示到 2035 年大約 2 吉瓦。像是 2030 到 2035 年這段期間，還有哪些需要在未來 1 到 2 年內預留的長交期項目（long lead items）？另外，你能否讓我們了解一下：愛達荷（Idaho）專案的供應鏈有多少百分比已經定案，相較之下，你們去年已經建立的、規劃中機組群供應鏈又大概完成了多少百分比？

Yes. I mean I think, I mean for now for the Idaho plant, I mean, we're pretty done. I think we're in a good spot with that. We're obviously building and integrating and all that's kind of belong, and some, a lot of that is going to be carryover to what's next for where we go beyond it. I think there's a few cases where we're looking at expanded capacity that exceed what was out there or offer better opportunities, but wasn't quite there and USFR is an example of that.

是的。我是說，我認為——就目前而言，針對愛達荷電廠，我們基本上已經差不多完成了。我認為我們在那方面處於不錯的位置。我們顯然正在建置與整合，所有這些都在進行中，而且其中很多會延續到下一步，也就是我們在此之外要往哪裡走。我認為有幾個案例是我們在看擴增產能，超出原本市場上已有的，或提供更好的機會，但當時還沒完全到位；USFR 就是一個例子。

But for example, like obviously, the partnerships we formed with Siemens go long lasting and rooted into mini plants at scale, and that's awesome fuel. We talked about (inaudible) other componentry our partnerships that we've been able to develop to not just support we have here but go beyond it. And then I think it's one of those things that we're looking at kind of some of the major lifts are obviously fuel, vessel pumps, certain things in the instrumentation control stack, steam turbine generators. And the heat exchangers and steam generators.

但例如，很明顯地，我們與 Siemens 建立的合作夥伴關係是長期的，並且會扎根於可規模化的迷你電廠（mini plants），而且燃料也很棒。我們也談到（聽不清楚）其他零組件——我們所建立的合作夥伴關係，不只是支援我們在這裡的需求，也能延伸到更後面的部署。然後我認為，我們正在看的幾個主要「大件」顯然包括燃料、壓力容器泵（vessel pumps）、儀控（instrumentation control）堆疊中的某些項目、蒸汽渦輪發電機（steam turbine generators）。以及熱交換器（heat exchangers）與蒸汽發生器（steam generators）。

So I think as we look at what we've done with Aurora I, a lot of that has direct carryover and beyond. And then we continue to develop for having also optionality for, no optionality but Flex, sorry, it's a plan sort of extra capacity for what's beyond that, just given what we expect to see happening and where we see the markets moving and the customer demand that we keep seeing coming in. So I think that's where we look at solving kind of at scale through those.

所以我認為，當我們回顧在 Aurora I 上所做的事情時，其中有很多都能直接沿用，甚至不止於此。接著我們也持續開發，以便同時保有彈性——不是可選性，而是 Flex，抱歉——這是一個在此之上、為更後續需求預留額外產能的計畫，主要是基於我們預期將會發生的情況、我們看到市場的走向，以及我們持續看到客戶需求不斷湧入。所以我認為，我們就是在這些方面著眼於以規模化方式來解決問題。

Drew Scott, Needham.

Drew Scott，Needham。

I read in the 10-Q, this Aurora, Idaho comes online 2028 to 2029. Should we read that as a modest push out to 2029, if so, I guess, why?

我在 10-Q 裡讀到，這個 Aurora（愛達荷州）會在 2028 到 2029 年上線。我們是否應該把這解讀為時間小幅延後到 2029 年？如果是的話，我想問原因是什麼？

I think, yes. So I mean, Aurora, as you look at Aurora house kind of timing for full commissioning and start-up. One of the things we've learned from grows is the variables that come into play to manage sort of things that are going to pop and kind of come up to mitigate through and the potentiality for equipment recalibration and testing and putting back in.

我想，是的。也就是說，Aurora——當你看 Aurora 的時程、完整投運（commissioning）與啟動（start-up）的時間點時。我們從 Groves 的經驗學到的一件事是：在管理過程中會出現各種變數，會有一些狀況突然冒出來，需要去緩解，並且可能需要做設備重新校準與測試，然後再裝回去。

And as we look at kind of the schedules and the stack of when everything comes and how that looks those are pretty important variables to make sure we kind of have the right buffer and bandwidth to support. And that's in a direct application of things you learned from the Groves. We're already tying some of those in electrical noise management is a huge thing in nuclear plans. It's one of those things that's kind of like everyone kind of knows it and then you kind of, you don't forget it, but each site is so different for so many reasons based on what the building is and where the steel is and what structures you use and when you do the grounding and the soil and the atmosphere and the time of the year when you're doing it, there are so many variables.

而當我們看整體排程、各項工作到位的堆疊順序，以及所有東西到貨的時間與呈現方式時，這些都是非常重要的變數，確保我們有適當的緩衝與資源帶寬來支援。這些都是把你從 Groves 學到的東西直接應用上去。我們已經把其中一些納入；例如電氣雜訊管理在核電廠是非常重要的一件事。這類事情有點像是大家都知道它的重要性，你也不會忘記，但每個場址因為很多原因都非常不同：建築本體、鋼構位置、使用的結構形式、接地施工的時點、土壤、環境大氣、以及施工的季節與時間點——變數非常多。

And so having that extra capacity, that extra flexibility is critically important. And if you think about why, when you're detecting single new tranche, which is literally what you're able to do more or less, right? You're seeing detecting single nuclear reactions as part of some of these new term monitoring systems, how that works is you have this charge applied in a detector and it detects the energy basically imparted from a nuclear reaction. Sometimes it's efficient event depending on the thing on the detector technology. But some of them use almost there that the Vision try to hit, and that imparts energy, and it deflects that field and you measure that perturbation, that's a really small number. And so you have to have really strong noise insulation and isolation.

因此，保有那額外的產能與額外的彈性至關重要。而如果你想想為什麼——當你在偵測單一新的 tranche（批次/段落）時，基本上你或多或少就是能做到這件事，對吧？你是在偵測單一核反應，作為某些新型即時監測系統的一部分；其運作方式是：在偵測器上施加電荷，然後它偵測核反應所傳遞（imparted）的能量。有時候這是有效事件（efficient event），取決於偵測器技術。但其中一些幾乎是——那個 Vision 試圖命中的東西——它會傳遞能量、使該場產生偏轉，而你量測那個擾動；那是非常小的數值。所以你必須有非常強的雜訊屏蔽與隔離。

And so if you have issues, you have to be able to route those things out. You have to be able to calibrate well. All this stuff takes quite a bit of time. And at scale with Aurora, some of those things you can only do so much before the whole plant is put together because the whole system is obviously like coupled. So it's just having the flexibility to do that while also allowing for what the firm finals are for things we're obviously bringing in and what we're stacking up to have everything installed by. But I think that's one of the longest leads is really tied over to the variables around the instrumentation side and the full plant integration and commissioning and start-up based on what we saw and learn from Groves.

因此如果出現問題，你必須能把那些東西重新佈線/繞開。你必須能做好校準。這些事情都需要相當多的時間。而在 Aurora 這種規模下，其中一些事情在整個廠還沒組裝完成之前，你能做的其實有限，因為整個系統顯然是耦合在一起的。所以重點就是要有彈性：一方面能做這些工作，同時也要配合我們正在導入的項目之最終定案（firm finals），以及我們為了在某個時間點前完成所有安裝而進行的工作堆疊。但我認為，最長的前置期之一，確實與儀控端的變數、以及全廠整合、投運與啟動有關——這是基於我們在 Groves 看到並學到的。

So we're doing some things that can pull some of that schedule. We're starting to, over to the left, we've seen some wins there. But based on what we know and what we've learned, which is why we do these things, that's kind of how we see the buffer going with stacking the time for all the parts coming in, installing and then doing everything you need to do to make sure everything is commissioned and run up. Ideally, hopefully, we're able to get in front of some of those things and we can maybe pull you in more to the left. But at the end of the day, I want to have that buffer in there because time is going to take time to do all this stuff. I know that sounds a really funny thing to say, but, this is why we did Groves-1 and to allow us to understand these things. Now we try to get in front of it.

所以我們正在做一些事情，可以把部分時程往前拉。我們開始——往左邊移——在那裡看到一些成果。但基於我們知道的、以及我們學到的（這也是我們為什麼要做這些事），我們就是這樣看待緩衝：把所有零組件到貨、安裝，然後完成所有必要工作以確保一切完成投運並拉升運轉（run up）的時間堆疊起來。理想情況下，希望我們能提前處理其中一些事情，或許可以把時程再往左拉一些。但說到底，我希望保留那個緩衝，因為做完這些事情就是需要時間。我知道這聽起來很有趣，但這就是我們做 Groves-1 的原因：讓我們能理解這些事情。現在我們試著提前因應。

Now we try to manage what we can there, but some of the stuff can only really be done when you fully assembled and built everything. There's some things you can do to kick it down and knock it down a little before, but that's stuff you got to do. And that's one example. There's others too, but that's kind of a prevailing example.

現在我們試著去管理我們能管理的部分，但有些事情真的只能在你把所有東西完全組裝、建造完成之後才能做。有些事情你可以在之前先做一些，把它往下壓、先降低一點，但那些工作終究還是得做。這只是其中一個例子。還有其他例子，但這算是一個很具代表性的例子。

Sorry, I'll just add a little more. I think one thing that's important about that is given the nature of the system and its ability to produce radiation services to produce be important for characterizing and developing out next-generation fuels and materials for us for others, given its capabilities for isotopes, some of the calibrations we want to do and need to do to enable those benefits.

抱歉，我再補充一點。我認為這裡有一點很重要：鑑於該系統的性質，以及它提供輻射服務的能力——這對我們以及其他人用來表徵與開發下一代燃料與材料都很重要——再加上它在同位素方面的能力，我們想做、也需要做的一些校準，才能把這些效益真正釋放出來。

And those revenues are, can be quite attractive in some ways not to mention just enduring kind of national asset value, are important to get that stuff buttoned up kind of above and beyond so that we're really well positioned to take advantage of the incredible performance that the system will have. So that's part of where also that comes to bear is making sure we do it in those ways and not just the lens towards kind of the, from going to power generation, but also supporting the other aspects and being well positioned with that there. And also being a training platform that informs everything we go forward on right, because we're doing things in this plant to teach us how to do it better or more efficiently in the future ones. So having that capacity is pretty important.

而那些收入在某些方面可能相當具吸引力；更不用說它作為長期國家資產的價值——因此，把這些事情在更高標準上「收尾做好」（buttoned up），讓我們能充分就位、去發揮該系統將具備的驚人性能，是很重要的。所以這也是它發揮作用的部分：確保我們以這些方式來做，而不只是從發電的角度來看，也要支援其他面向，並在那方面做好布局。同時它也會是一個訓練平台，為我們未來所有工作提供資訊，對吧？因為我們在這座廠做的事情，是為了教會我們未來如何做得更好或更有效率。所以保有那樣的產能非常重要。

There are no further questions at this time. I will now turn the call back to Jake Dewitte for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Jake Dewitte 作結語。

All right. Well, thank you all for joining us today. Back in August, we were able to turn online the fastest privately sited and fully privately built reactor in history as far as we know and can tell from all the work we've done in the study prior examples, and that's a pretty exciting achievement to be the very first one. Similarly with Aurora, Idaho, we're making incredible progress at incredible pace, which I think where we're on trajectory to is similarly on Page 2 set a world record for fastest privately built fast reactor, and that's pretty cool. We're learning a lot. Obviously, we're applying it into it.

好的。那麼，感謝各位今天加入我們。回到 8 月，我們成功讓史上（就我們所知，並且根據我們在研究過往案例所做的所有工作）最快的、由民間選址且完全由民間建造的反應爐上線，能成為第一個做到這件事的團隊，是非常令人振奮的成就。同樣地，在 Aurora（愛達荷州），我們正以驚人的速度取得驚人的進展；我認為我們目前的軌跡是——同樣地——在第 2 頁所述，創下最快由民間建造的快中子反應爐的世界紀錄，這相當酷。我們學到很多。顯然，我們也正在把這些經驗應用進去。

We are executing meaningfully at scale.

我們正在以具體且有意義的方式，在規模化層面上執行落地。

That site is a buzz with activity. We had a tour recently with some folks and some partners who came out, and when we looked at it, they were shell-shocked and these are folks used to seeing large-scale infrastructure development and projects from power to semiconductors to manufacturing equipment, I mean all sorts of things, and they were rather excited to see the activity and the pace of progress and just the commitment that the team has to be successful in getting this done. It also puts us in a unique territory where we have this unique vector of control to actually complete the project go forward and do more with the resources and capabilities and capital we have to get this done and not be in the sort of position that nuclear has often found itself which is where you start a project, but you're contingent on many other things for it to actually get done and built. We don't have that.

那個場址一片熱絡、活動頻繁。我們最近和一些來訪的朋友與合作夥伴一起參觀；當我們看過之後，他們都震撼不已——而這些人平常就見慣了大型基礎建設開發與專案，從電力、半導體到製造設備，各式各樣的都有——他們看到現場的活動量、進度推進的速度，以及團隊為把這件事做成所展現的承諾，都感到相當振奮。這也讓我們處在一個獨特的位置：我們擁有一個獨特的控制向量，能夠真正把專案往前推、完成建置，並運用我們現有的資源、能力與資本做更多事情把它做成，而不是落入核能產業過去常見的那種處境——也就是你啟動了一個專案，但它是否能真正完成與建成，還得取決於許多其他因素。我們沒有那種問題。

We have everything we need, and that's an incredible position to be in and something that hasn't been very present in the United States for decades. But here we are. And I think the team is incredibly excited. I'm incredibly excited about how that's positioning us for that part of the business. But we also continue to advance other very important things that we're doing. We can't turn reactors on without fuel.

我們擁有所需的一切，這是一個令人難以置信的有利位置，而這種情況在美國已經數十年不太常見。但我們現在就在這裡。我認為團隊非常興奮。我也非常興奮，因為這讓我們在那一塊業務上的定位更有利。但同時，我們也持續推進其他非常重要的工作。沒有燃料，我們無法讓反應爐啟動運轉。

This is something that we discovered and learned very early on, well, not that fast, but that we needed to do that ourselves to solve that issue and control our destiny on that and hence, setting up a leading fuel fabrication capability to make QR reactor, but also develop the capability and capacity to make fuel for others. There are other reactors that use the same or very similar types of fuel we use so we can make fuel for them but also have the infrastructure, the overhead, just the floor space in the fuel fabrication facility that can then be either rented at least at or used to support other fuel forms and types that we see quite a bit of growing interest and demand in which are already, which are being used today, but are not being produced or supplied adequately.

這是我們在很早期就發現並學到的一件事——嗯，也不是那麼快——但我們需要自己來做，才能解決這個問題並掌握自己的命運；因此，我們建立了領先的燃料製造能力，不僅能為 QR 反應爐製造燃料，也能發展出為其他業者製造燃料的能力與產能。還有其他反應爐使用與我們相同或非常相近的燃料類型，所以我們可以為它們供應燃料；同時，我們的燃料製造設施也具備基礎建設、間接成本配置能力，以及足夠的廠房空間，這些空間至少可以出租，或用來支援其他燃料形式與類型——而我們看到這些領域的興趣與需求正在快速成長；這些燃料形式目前已在使用，但其生產或供應仍不充足。

So we're pretty excited about how that opens it or not just to provide the critical capabilities we need but also capabilities others need, and that opens for additional revenues and other partnerships. And then on top of that, we have the ability on recycling. To make not just transgene paying fuel forms that we can use, but also feedstock for others. And in light of the current fuel markets and the dynamics at hand, just last week, we saw a clear endorsement from a variety of companies pursuing this and the government investing in and supporting capabilities to look at various uses of transuranic material, which we can produce, not just for use in our own reactors, but for feedstock for others.

因此，我們對這樣的布局感到相當振奮：它不僅能提供我們所需的關鍵能力，也能提供其他人所需的能力，並帶來額外營收與更多合作夥伴關係。此外，我們在回收（recycling）方面也具備能力。不僅能製造我們可使用的超鈾（transuranic）燃料形式，也能為其他人提供原料（feedstock）。鑑於目前燃料市場與相關動態，就在上週，我們看到多家公司明確背書並推動這一方向，政府也在投資並支持相關能力，評估超鈾材料的各種用途；而我們能夠生產這些材料，不僅供自家反應爐使用，也可作為他人的原料來源。

So very exciting stuff progressing all along the fronts there, and it puts us in a great spot in the fuel business where we are. And then, of course, on the isotope side, what we continue to learn from the Groves-1 experience and apply that forward. Continue to deepen our buildup of the muscles needed to actually move from isotope production isotope shipping and very excited about how we're seeing ourselves be positioned there. With a huge amount of opportunity set to open in front of us. We've not lived in a world of isotopic abundance in probably 50 to 60 years or longer.

所以，各條戰線都在持續推進，進展非常令人振奮，也讓我們在燃料業務上處於非常有利的位置。當然，在同位素（isotope）方面，我們也持續從 Groves-1 的經驗中學習，並把這些經驗向前應用。我們持續強化所需的「肌肉」，讓我們能真正從同位素生產走到同位素出貨，並且對我們在這方面的定位感到非常興奮。因為有大量的機會即將在我們面前展開。我們大概已經有 50 到 60 年，甚至更久，沒有生活在同位素供應充裕的世界裡了。

And we're hoping to change that. And what that can change is a fundamental rethink about how we use these things, how we develop drugs and treatments. If you combine the capabilities of computational biology and AI to then that capability of having diverse and flexibly produced isotopes, you can open entirely new frontiers for drug discovery and development, which we can be anchored into, which is an incredibly exciting thing for the business, both just from a human impact side but also from an economic side and perspective.

而我們希望改變這一點。這能帶來的改變，是對我們如何使用這些東西、如何開發藥物與治療方式的一次根本性重新思考。如果把計算生物學與 AI 的能力，與多樣化且可彈性生產的同位素供應能力結合起來，就能為藥物發現與開發開啟全新的前沿領域，而我們可以成為其中的關鍵支點；這對公司而言是一件極其令人振奮的事——不僅在人類影響層面，也在經濟層面與視角上。

And I think at the whole and the highest level, what we see happening is a generalized shift into recognizing that the key things that need to happen across the entire nuclear value chain to nuclear to be successful in where you're uniquely positioned and are uniquely executing to enable and support those things, whether it be by offtake, by partnering, by investing and doing with offtake or doing ourselves. Or mix of those things so that we are ensuring that those things are functioning for our benefits and then also having economic upside associated with some of those activities for the benefits of nuclear at large, and that's a huge benefit, obviously, for Oklo, specifically. Because we're tying in the success ourselves into aspects of the success for nuclear everywhere.

我認為，從整體與最高層次來看，我們看到正在發生的是一種普遍性的轉變：大家開始認知到，若要讓核能成功，整個核能價值鏈上有一些關鍵事項必須發生；而我們在其中具備獨特的定位，也正在以獨特的方式執行，去促成並支援這些事情——不論是透過承購（offtake）、透過合作、透過投資並搭配承購，或是我們自己親自去做。或是上述方式的組合，讓我們確保這些關鍵環節能以對我們有利的方式運作，同時也能從其中部分活動取得經濟上的上行空間（economic upside），以促進整體核能產業的利益；而這顯然對 Oklo 來說是巨大的好處。因為我們把自身的成功，與核能在各地的成功面向連結在一起。

And we do that so that we guarantee we can build what we need to build and then get the associated benefits of opening that ecosystem up. So it's an exciting time for where things stand. And appreciate folks joining us. Craig said it earlier, so I decided I'd save until here, I did welcome our second child, who's approaching 4 weeks old, not getting as much sleep as I was before, not losing sleep though to fuel, losing sleep more to the baby. But on the other hand, having more time to think about how we continue to solve these things and kind of scale into these opportunities as we see and have the ability to look around corners and get in front of those as much as we can.

我們這麼做，是為了確保我們能建成我們需要建的東西，並同時獲得把整個生態系打開後所帶來的相關效益。所以就目前的狀況而言，這是一個令人振奮的時刻。也感謝各位加入我們。Craig 先前提過，所以我想留到這裡再說：我迎來了第二個孩子，現在快滿 4 週了；我睡得沒有以前多——但我不是因為燃料而失眠，更多是因為寶寶。不過另一方面，這也讓我有更多時間思考：我們要如何持續解決這些問題，並在我們看到機會時把規模做上去；同時也能更有能力去預判趨勢、提前布局，盡可能走在前面。

But again, I could not be more excited about seeing nuclear coming to meet the opportunities in (inaudible) or rather seeing an entire ecosystem and broad capital mobilized and actual innovation coming in and challenging the cost paradigm and bringing these things forward. We talked about the cost of Groves-1. When I grew up in the nuclear industry, when I was younger, when I was looking at isotope reactors, I was seeing presentations, the lowest numbers I saw and people talk about were $300 million, $400 million, $500 million. And that was pre inflation 15 years ago, and we were able to do what we did for around 75 all in.

但再說一次，看到核能正在迎向（聽不清）中的機會——或者更確切地說，看到整個生態系與廣泛的資本動員起來，真正的創新正在進場、挑戰成本範式並推動這些事情向前——我感到無比振奮。我們談過 Groves-1 的成本。我在核能產業成長、年輕時在看同位素反應爐時，我看過一些簡報，當時我看到、也聽人們談到的最低數字是 3 億、4 億、5 億美元。而那還是 15 年前、通膨之前的數字；但我們能把我們做的事情以大約 7,500 萬美元的全包成本完成。

That's a pretty impressive achievement and indicated for how we see and how nuclear can be significantly disrupted. And I just think that's one of the most exciting things in front of Oklo today. So thank you for the time and look forward to talking to you the next time.

這是一項相當令人印象深刻的成就，也顯示了我們如何看待核能，以及核能如何能被大幅度顛覆。我認為這正是當下 Oklo 面前最令人興奮的事情之一。感謝各位撥冗，也期待下次再與各位交流。

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。您現在可以中斷連線。