Q1 2025 Oklo Inc Earnings Call

Call.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.

J.L.: Thank you for standing by. My name is J.L. and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklahoma First Quarter 2025 Financial Results and Business Update Call.

We would like to ask a question. During this time simply press star followed by the number one on your telephone keypad.

If you would like to withdraw your question simply press Star one again.

Sam: I would now like to turn the conference over to Sam <unk> Director of Investor Relations you may begin.

Sam: Thank you operator, good afternoon, and welcome everyone <unk> first quarter 2025 earnings and company update call.

Sam: <unk> <unk> director of Investor Relations.

Jay: With me today are Jay do it of course, co founder and Chief Executive Officer, and Craig Delmar, <unk> Chief Financial Officer.

Jay: Before we begin I would like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows will include forward looking statements.

Jay: 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.

Jay: We encourage you to review the forward looking statements disclosure included in our supplemental slides, which are available on the Investor Relations section of our website additional details on relevant risk factors can also be found in our most recent filings with the SEC.

Jake: Please note that <unk> assumes no obligation to update any forward looking statement as a result of new information future events or otherwise, except as required by law with that I'll now turn the call over to <unk> co founder and Chief Executive Officer Jake.

Jake: Thanks, Sam and thanks to all for joining US today, we're looking forward to sharing our first quarter update on highlighting the progress we've made since our last update just seven weeks ago on March 24th of this year.

Jake: We continue to see strong momentum across both the industry and the political landscape in support of nuclear energy and that momentum is accelerating in 2025. The current administration has made it abundantly clear that nuclear is a strategic priority and recent letter to the director of the White House office of Science and technology policy.

Jake: Resident named nuclear energy, AI, and quantum technology central pillars, and what he called the Golden age of American innovation that message reinforces what we're seeing across policy and regulatory activity.

A series of recent executive orders underscores the administration's commitment to nuclear energy ranging from regulatory reform and streamline permitting to the creation of a federal task force dedicated to next generation nuclear deployment.

Jake: This includes actions to revoke outdated regulatory barriers declared a national energy emergency to fast track projects and establish an energy dominance council focused on accelerating technologies like small modular reactors.

Jake: Other orders reinforced federal oversight to reduced state level interference and direct agencies to conduct a cost benefit reviews of existing rules.

Jake: And now we're seeing signs that the administration may take it support even further according to recent reporting several new executive orders are being considered that would aimed to quadruple the size of the U S nuclear fleet by 2000 and to declare.

Jake: Declarer certain data centers as defense critical infrastructure and direct the department of Defense will take a more active role in the procurement. These drafts also call for a wholesale revision of NRC regulations, streamline reactor approvals and rebuild domestic nuclear fuel supply chain, while still in development. The scope of these proposals signals just how serious the administration is about reestablish.

Jake: U S leadership in nuclear and how aligned that ambition is with what was missing in model.

So I could tell you right a former Oakland Board member has been one of the most vocal champions of the administration's commitment to expanding and accelerating nuclear deployment. He has made it clear that the U S must lead the global push to commercialize advanced nuclear technologies and that the federal government is prepared to support that leadership with urgency and action. We're encouraged to see that level of alignment at the highest level, especially from someone who knows.

Jake: It was mentioned that model firsthand.

Speaker Change: At <unk>. Our foundation is built on the belief that advanced nuclear technology can and should play a transformative role in the global energy landscape. When we started this company we saw an industry that had gone dormant and instead have to re imagine what the nuclear energy industry could be that vision continues to guide that's delivering clean reliable and affordable energy at scale.

Speaker Change: As a reminder, our competitive advantage is built on the intersection of three key strategies, our business model, our sizing philosophy and our technology.

Speaker Change: First our build own operate business model sets us apart, we saw power not power plants under long term contracts. This structure provides predictable recurring revenue and enables a more efficient regulatory path.

J.L.: First our build own operate business model sets us apart, we saw power not power plants under long term contracts. This structure provides predictable recurring revenue and enables a more efficient regulatory.

Speaker Change: Second our small scale modern design allows us to deploy quickly and scale flexibility by leveraging existing supply chains and their factory fabrication, we can meet demand efficiently reduce onsite complexity and scale in lockstep with our customers evolving needs.

J.L.: Second our small scale modern design allows us to deploy quickly and scale flexibility by leveraging existing supply chains and their factory fabrication, we can meet demand efficiently reduce sounds like complexity and scale in lockstep with our customers evolving needs.

Speaker Change: Our proven and demonstrated technology is backed by over 400 reactor years of operational experience with liquid metal cooled fast reactors. This gives us a robust technical foundation with distinct performance and safety advantages.

J.L.: Third our proven and demonstrated technology is back by over 400 reactor years of operational experience with liquid metal cool fast reactors. This gives us a robust technical foundation with distinct performance and safety advantages importantly, and enables us to move directly into commercialization without the need for costly time consuming demonstration plan.

Speaker Change: Fortunately and enables us to move directly into the commercialization of the need for costly and continued demonstration plan.

Speaker Change: Together these pillars reinforces <unk> position as a leading next generation nuclear provider and will enable us to execute with speed efficiency and confidence.

Speaker Change: The key differentiator for <unk> is our ability to go straight to commercial deployment, we're not building a demonstration plant.

J.L.: Together these pillars reinforces <unk> position as a leading next generation nuclear provider and will enable us to execute with speed efficiency and confidence.

Speaker Change: Our Aurora powerhouses built on mature technology derived from the reactor such as the fast flux test facility or F. FTF and the experimental breeder reactor two or <unk>, which operated successfully for over 30 years at Idaho National Laboratory.

J.L.: A key differentiator for <unk> is our ability to go straight to commercial deployment, we're not building a demonstration plant.

J.L.: Our Aurora powerhouses built on mature technology derived from our reactors such as the past flex test facility or FFT, yet in the experimental breeder reactor two or <unk>, which operated successfully for over 30 years at Idaho National Laboratory.

Speaker Change: This isn't theoretical we're leveraging real validated operating data that's already recognized by the NRC.

Speaker Change: Importantly members of our team work directly on both <unk> and <unk>, bringing deep firsthand experience to the design and deployment of the Aurora.

J.L.: This isn't theoretical we're leveraging real validated operating data that's already recognized by the NRC.

Speaker Change: We believe this operational legacy allows us to move with greater speed and confidence through the licensing process and positions us to bring our first commercial unit online in late 2017 to early 2008.

J.L.: Importantly members of our team work directly on both <unk> and <unk>, bringing deep firsthand experience in design and deployment of Europe.

Speaker Change: While many advanced nuclear companies are still building one off demonstration to validate new fuels. Our designs of those are already focused on delivering a commercial powerhouse. These early stage efforts are useful to the ecosystem, but they arent market ready, we're taking a fundamentally different path one thats grounded in experience and optimized for near term deployment.

J.L.: We believe this operational legacy allows us to move with greater speed and confidence through the licensing process and positions us to bring our first commercial unit online in late 2017 to early 2008.

While many advanced nuclear companies are still building went off demonstrations to validate new fuels or signs of those are already focused on delivering a commercial powerhouse. These early stage efforts are useful to the ecosystem, but they arent market ready, we're taking a fundamentally different path one that's grounded in experience and optimized for near term deployment.

Speaker Change: As we continue to execute on our strategy, we remain committed to keeping the market informed with clear and consistent updates on our progress.

Speaker Change: Our company updates will continued to be structured around six key areas.

J.L.: As we continue to execute on our strategy, we remain committed to keeping the market informed with clear and consistent updates on our progress.

Speaker Change: Execution licensing progress fuel recycling and feedstock customer pipeline development strategic partnerships for corporate and business development and financial updates.

J.L.: Our company updates will continued to be structured around six key areas.

J.L.: Perfect execution licensing progress fuel recycling and feedstock customer pipeline development strategic partnerships for corporate and business development and financial updates.

Speaker Change: Since our last company update just seven weeks ago in March we've continued progress across key areas of our business for project execution in licensing to fuel strategy customer positioning and strategic partnerships.

Since our last company update just seven weeks ago in March we have continued progress across key areas of our business for project execution in licensing to fuel strategy customer positioning and strategic partnerships.

Speaker Change: We advanced field work at key sites made progress in our NRC engagement and were selected as a qualified vendor through the department of Defense's procurement process strengthening our position to pursue future opportunities with military installations.

We advanced field work at key sites made progress in our NRC engagement and were selected as a qualified vendors with the department of Defense's procurement process strengthening our position to pursue future opportunities with military installations.

Speaker Change: In the process of formalizing new partnerships to support technology development and deployment of powerhouse in radioisotope assets at <unk>.

Speaker Change: On the financial front, we remain disciplined and transparent with updates on cash burn operating expenses and governance included in today's materials.

J.L.: We're in the process of formalizing new partnerships to support technology development and deployment of powerhouse in radioisotope assets at AML.

Speaker Change: We are executing against our plan and advancing steadily toward commercial deployment.

J.L.: On the financial front, we remain disciplined and transparent with updates on cash burn operating expenses and governance included in today's materials.

Speaker Change: We have completed a major milestone in preparing our iron outside for the Aurora powerhouse our team wrapped up a comprehensive drilling campaign evolving seismic and geophysical studies at our proposed site at Idaho National Laboratory.

J.L.: I don't feel we're executing against our plan and advancing steadily toward commercial deployment.

Speaker Change: The data we gathered will directly support our combined license application to the NRC and represents the final technical citing step ahead of submitting phase one of our application.

J.L.: We have completed a major milestone in preparing our ion outside for the euro our powerhouse our team wrapped up a comprehensive drilling campaign involving seismic and geophysical studies at our proposed site at Idaho National Laboratory. The data we gathered will directly support our combined license application to the NRC and represents a final technical citing step ahead of submitting phase one of our applications.

Speaker Change: We also finalized the memorandum of agreement with the Department of Energy and an interface agreement with I know these agreements ensure that our site development efforts are aligned with environmental standards and coordination.

Speaker Change: With this complete we are well positioned to move into the next phase of licensing and infrastructure development plans aiming for the plant to begin operations in late 2017 to early 2008.

J.L.: We also finalized the memorandum of agreement with the Department of energy and the interfacing agreement with I know these agreements ensure that our site development efforts are aligned with environmental standards and Doa coordination.

Speaker Change: We recently initiated phase one of the pre application readiness assessment for our iron ore powerhouse, reaching an important milestone in our licensing efforts with the NRC. This process essentially a dress rehearsal enables the NRC and <unk> teams to align on scope and expectations ahead of our formal combined license application submission.

J.L.: With this complete we are well positioned to move into the next phase of licensing and infrastructure development plans aiming for the plant to begin operations in late 2017 to early 2008.

J.L.: We recently initiated phase one of the pre application readiness assessment for our IL powerhouse, reaching an important milestone in our licensing efforts with the NRC. This process essentially a dress rehearsal enables the NRC and <unk> teams to align on scope and expectations ahead of our formal combined license application submission.

Speaker Change: Joel as to surface and address feedback early reduced challenges later and build confidence and momentum as we move toward our formal colas middle we expect we will soon receive an audit report from the NRC summarizing their feedback and recommendations, which will incorporate into phase one of the application DNS.

J.L.: Joel as to surface and address feedback early reduced challenges later and build confidence and momentum as we move toward our thermal coal as the metal. We expect we will soon receive an audit report from the NRC summarizing their feedback and recommendations, which will incorporate into phase one of the application DNS.

Speaker Change: Nrc's feedback will be categorized as follows category a final safety analysis report or MSR gaps, where information required by regulation may be missing category b items, requiring additional information or further clarification or justification as needed category see other observations suggestions or potential issues.

J.L.: D&S East feedback will be categorized as follows category.

J.L.: Final safety analysis report or MSR gaps, where information required by regulation may be missing.

Speaker Change: It could affect the efficiency of review if left unaddressed.

J.L.: B items, requiring additional information or further clarification or justification that needed category.

Speaker Change: We have worked diligently with the NRC to ensure robust and complete application that should reduce category any observations. However, every observation offers important insight into areas. We can further develop to allow for an efficient and timely review of our phase one Cola.

J.L.: Other observations suggestions or potential issues that could affect the efficiency of review if left unaddressed.

J.L.: We have worked diligently with the NRC to ensure robust and complete application that should reduce category any observations. However, every observation offers important insight into areas. We can further develop to allow for an efficient and timely review of our phase one Cola.

Speaker Change: We do anticipate some category <unk> items, which is entirely expected and consistent with what other reactor developers have seen these are clarifications and refinements not fundamental application content pause. This is exactly what the readiness assessment is designed to identify and it helps both Oklahoma and the NRC to get ahead of potential considerations and areas.

J.L.: We do anticipate some category, a b and C items, which is entirely expected and consistent with what other reactor developers have seen these are clarifications and refinements not fundamental application content plus this is exactly what the readiness assessment is designed to identify and it helps both Oklahoma and the NRC to get ahead of potential considerations and areas.

Speaker Change: For alignment.

Speaker Change: Notably <unk> is using this audit is an opportunity to test several key repeatable licensee pathways unexpected valuable NRC guidance on how these novel approaches will best support rapid and cost effective deployment.

J.L.: For alignment.

J.L.: Notably <unk> is using this audit is an opportunity to test several key repeatable licensee pathways and expect a valuable and our guidance on how these novel approaches will best support rapid and cost effective deployment.

Speaker Change: We're also encouraged by broader efforts at the NRC in modernizing its approach to advanced nuclear for example, the undersea finalize the construction exemption for Terrapower as natrium plant, allowing construction of its energy island to begin while license. It continues.

J.L.: We're also encouraged by broader efforts at the NRC in modernizing its approach to advanced nuclear for example, the NRC finalize the construction exemption for Terrapower as natrium plant a lot of construction of its energy island to begin while license and continues that.

Speaker Change: That decision shows the nrc's, increasing embrace a flexible modern and risk informed approaches setting a precedent that will also benefit of close deployment strategy. It supports strong alignment with the NRC and we will increase predictability and reduce downstream challenges as we move forward.

J.L.: Decision shows the NRC, increasing embrace a flexible modern and risk informed approaches setting a precedent that will also benefit of close deployment strategy and supports strong alignment with the NRC and will increase predictability and reduce downstream challenges as we move forward.

Speaker Change: We also continue to make progress on other regulatory fund spend during the submission of the licensing project plan for a Brookfield foundry and a key step in the broader fuel strategy and our licensed operator topical report, which has now been submitted to the NRC.

J.L.: We also continue to make progress on other regulatory fronts by nearing the submission of the licensing project plan for a biofuel foundry a key step in the broader fuel strategy and our license operated topical report, which has now been submitted to the NRC.

Speaker Change: The license operator topical report outlines our new licensing approach designed specifically for a closer or powerhouses today. Most U S. Nuclear plant operators are licensed for single plant and must be on site to perform safety related action our model develop for the traditional light water reactor fleet.

J.L.: The license operator topical report outlines our new licensing approach designed specifically protocols are powerhouses today, most U S. Nuclear plant operators are licensed for a single plant and must be on site to perform safety related actions are model developed from the traditional light water reactor fleet.

Speaker Change: Oklahoma is proposing a different approach and incentive licensing operators for individuals sites operators would be license for the Aurora powerhouse technology itself.

Speaker Change: This should enable them to monitor multiple powerhouses from a central location and travel between sites as needed.

J.L.: Oklahoma is proposing a different approach incentive licensing operators for an individual sites operators would be license for the Aurora powerhouse technology itself.

Speaker Change: Because <unk> owns and operates its powerhouses. This licensing strategy is well aligned with its business model and emphasizes efficiency and repeatability.

J.L.: This should enable them to monitor multiple powerhouses from a central location and travel between sites as needed.

Speaker Change: Once approved the licensed operator topical report can be referenced in future application significantly reducing the need to re review previously approved material.

J.L.: Because <unk> owns the operates its powerhouses. This licensing strategy is well aligned with its business model and emphasizes efficiency and repeatability.

Speaker Change: This regulatory efficiency is central to who is plan for scalable deployment across its fleet by strategically submitting topical reports like this one <unk> the regulatory foundation for faster licensing pathways that support its broader commercialization goals.

J.L.: Once approved the license operator topical report can be referenced in future applications significantly reducing the need to re review previously approved material.

J.L.: This regulatory efficiency are central to our growth plan for scalable deployment across its fleet by strategically submitting topical reports like this one are closed laying the regulatory foundation for faster licensing pathways that support its broader commercialization goals.

Speaker Change: Each of these regulatory touch points reflects a proactive approach to licensing and our ability to execute efficiently.

Speaker Change: Fuel strategy is a key differentiator in advanced nuclear and nuclear setting a new standard for flexibility and readiness for the only advanced nuclear company that has secured and is actively working with Hulu for our first commercial plant.

J.L.: Each of these regulatory touch points reflects a proactive approach to licensing and our ability to execute efficiently.

J.L.: Fuel strategy is a key differentiator in advanced nuclear <unk> setting, a new standard for flexibility and readiness.

Speaker Change: On the commercial side, we signed an Mou with Sentras currently the only domestic producer tailored to support our powerhouse deployments with a reliable supply source.

J.L.: The only advanced nuclear company that is secured and is actively working with Hulu for our first commercial plant on.

Speaker Change: And looking ahead, our technology is designed to take full advantage of recycled fuel and we're actively developing that capability through our in house Youll recycling program.

J.L.: On the commercial side, we signed an Mou with centers currently the only domestic producer alien to support our powerhouse deployments with a reliable supply source.

Speaker Change: This three pronged approach government awarded material commercial Halo access and future recycled fuel physicians, Oklahoma is one of the most comprehensive and durable fuel strategies and the advanced nuclear sector.

J.L.: And looking ahead, our technology is designed to take full advantage of recycled fuel and we're actively developing that capability through our in house Youll recycling program.

J.L.: This three pronged approach government awarded material commercial Halo access and future recycled fuel positions, Oklahoma is one of the most comprehensive and durable fuel strategies and the advanced nuclear sector.

Speaker Change: Not only strengthens our long term supply chain, but will also give us a significant cost and commercialization advantage.

Speaker Change: We were recently selected as one of eight qualified vendors for the department of Defense's advanced nuclear power for installations program or NPI. This is a significant milestone not just because it opens near term opportunities for deployment on military installations.

J.L.: Not only strengthens our long term supply chain, but will also give us a significant cost and commercialization advantage.

J.L.: We were recently selected as one of eight qualified vendors for the department of Defense's advanced nuclear power for installations program or NPI.

Speaker Change: But because it reinforces <unk> position as a credible go to solution for energy resilience and high security environments.

J.L.: This is a significant milestone not just because it opens near term opportunities for deployment on military installations.

Speaker Change: Program is led by the defense innovation unit or the <unk>, which is focused on cost tracking commercial technologies for national security applications.

J.L.: But because it reinforces <unk> position as incredible go to solution for energy resilience and high security environments.

Speaker Change: That means streamlining contracting faster timeline and a clear path to scalable deployment.

Program is led by the defense innovation unit or <unk>, which is focused on fast tracking commercial technologies for national security applications.

Speaker Change: Unlike traditional procurement pathways.

Speaker Change: <unk> uses a contracting mechanism called other transaction authority for Otas.

J.L.: That means streamline contracting faster timeline and a clear path to scalable deployment.

Speaker Change: Allows for faster milestone based approach from early design through prototyping and ultimately can even in with the power purchase agreement.

J.L.: Unlike traditional procurement pathways.

J.L.: Using the contracting mechanism called other transaction authority for OTT. This allows for faster milestone based approach for early design through prototyping and ultimately can even in with the power purchase agreement.

Speaker Change: Contracts can also draw funding from <unk> any branch of the military or other federal agencies.

Speaker Change: Given our global versatile and well supported path to deployment.

Speaker Change: For <unk> the selection validates our technology aligns with our commercial roadmap and gives us added momentum with both federal and commercial partners. It's an endorsement that strengthens our position across the board.

J.L.: Contracts can also draw funding from DIY any branch of the military or other federal agencies.

J.L.: Our global versatile and well supported path to deployment.

J.L.: For <unk> the selection validates our technology aligns with our commercial roadmap and gives us added momentum with both federal and commercial partners. That's an endorsement that strengthens our position across the board.

Speaker Change: We acquired atomic alchemy earlier, this year to expand <unk> reach into the high growth radioisotope market and this company is already delivering.

Speaker Change: Founded in 2018, Tomich alchemy is building a domestic vertically integrated supply chain for high value isotopes used in everything from cancer treatments in medical diagnostics to national security and advanced manufacturing.

J.L.: We acquired atomic alchemy earlier, this year to expand <unk> reach into the high growth radioisotope market and this company is already delivering.

J.L.: Founded in 2018, Tomich alchemy is building a domestic vertically integrated supply chain for high value isotopes used in everything from cancer treatments and medical diagnostics to national security and advanced manufacturing.

Speaker Change: Their proprietary technology, including the versatile isotope production reactor or Viper reactor is designed specifically for isotope production with a focus on efficiency scalability and simplicity, they've already hit key engineering and regulatory milestones and are working closely with Idaho National Laboratory to advanced deployment.

J.L.: Their proprietary technology, including the versatile isotope production reactor or Viper reactor is designed specifically for isotope production with a focus on efficiency scalability and simplicity, they've already hit key engineering and regulatory milestones and are working closely with Idaho National Laboratory to advanced deployment.

Speaker Change: With strong early customer interest and a proven team in place I'll make alchemy gives us a capital light opportunity to drive near term revenue and long term market leadership, and an essential and underserved space.

Speaker Change: With strong early customer interest and a proven team in place Tom Mcgough can you gives us a capital light opportunity to drive near term revenue and long term market leadership, and an essential and underserved space.

Speaker Change: Today's radioisotope supply chain is outdated fragmented and increasingly unreliable stretching across multiple facilities geographies and transport modes, making it risky expensive and slow.

Speaker Change: Today's radioisotope supply chain is outdated fragmented and increasingly unreliable stretching across multiple facilities geographies and transport modes, making it risky expensive and slow.

Atomic Alchemy flips this model with a vertically integrated system. The Viper facility will consolidate reactor operations processing and manufacturing at a single site dramatically increasing efficiency and reliability.

Speaker Change: As Tom Mcgough can be flips this model with a vertically integrated system. The Viper facility will consolidate reactor operations processing and manufacturing at a single site dramatically increasing efficiency and reliability.

Speaker Change: This model is not only better suited to meet modern demand, but also allows for global distribution with faster lead times and lower costs as demand for isotopes accelerates. This supply chain advantage will be a major competitive differentiator.

Speaker Change: This model is not only better suited to meet modern demand, but also allows for global distribution was faster lead times and lower costs as demand for isotopes accelerates. This supply chain advantage will be a major competitive differentiator.

Speaker Change: The atomic Alchemy Viper platform is designed to support broad radioisotope production as well as irradiation capabilities across medical industrial and defense and the emerging tech sectors.

Speaker Change: From lifesaving cancer therapies in diagnostic imaging to industrial sensors aerospace applications advanced semiconductor manufacturing these isotopes and our aviation capabilities are essential to critical systems and our economy.

Speaker Change: The atomic Alchemy Viper platform is designed to support broad radioisotope production as well as the radiation capabilities across medical industrial defense and emerging tech sectors.

Speaker Change: From lifesaving cancer therapies in diagnostic imaging to industrial sensors aerospace applications and that semiconductor manufacturing these isotopes and our aviation capabilities are essential to critical systems and our economy.

It makes it solutions. So compelling is not just the diversity of isotopes in origination capabilities, we can produce but the scale and reliability our integrated model offers.

Speaker Change: This is a broad and growing market with unmet demand and atomic alchemy. It built to serve it efficiently and that commercial scale.

Speaker Change: The installation so compelling is not just the diversity of isotopes in radiation capabilities, we can produce but the scale and reliability. Our integrated model offers this is a broad and growing market with unmet demand and atomic alchemy is built to serve it efficiently and that commercial scale.

Speaker Change: We believe that atomic alchemy is executing a smart multi project approach to market entry.

Speaker Change: First step is a lab based administration project designed to validate the process and generate revenue quickly potentially as early as 2026.

Speaker Change: We believe that atomic alchemy is executing a smart multi project approach to market entry.

Speaker Change: This will involve a low cost processing infrastructure and customer ready material using third party irradiation.

Speaker Change: The first step is a lab based administration project designed to validate the process and generate revenue quickly potentially as early as 2026.

Speaker Change: The second project is the launch of a fully commercial Viper facility before reactor site dedicated to direct isotope production licensing is expected to begin in 2025 with operations targeted for 2028 that project is expected to be potentially funded off balance sheet and supported by long term supply agreements that are already under negotiation.

Speaker Change: This will involve a low cost processing infrastructure and customer ready material using third party irradiation.

Speaker Change: The second project is the launch of a fully commercial Viper facility.

Speaker Change: Four reactors site dedicated to direct isotope production licensing is expected to begin in 2025 with operations targeted for 2028.

Speaker Change: With this roadmap atomic alchemy brings near term upside long term scalability and significant value to a broader platform.

Speaker Change: <unk> is expected to be potentially funded off balance sheet and supported by long term supply agreements that are already under negotiation.

Shifting to leadership and governance, we're thrilled to welcome Pat Schwaiger, as our Chief Technology Officer, Pat brings deep technical expertise across advanced reactor designs plant system, and regulatory strategy and a track record of scaling both fusion envision programs from concept through deployment, including as comprehensive experience working at F. FTF, while it was operating.

Speaker Change: With this roadmap atomic alchemy brings near term upside long term scalability and significant value to <unk> broader platform.

Speaker Change: Shifting to leadership and governance, we're thrilled to welcome Pat Schwaiger, as our Chief Technology Officer, Pat brings deep technical expertise across advanced reactor designs plant systems and regulatory strategy.

Speaker Change: Which is one of the fast reactors that okra builds a design from these.

Speaker Change: The track record of scaling both fusion and vision programs from concept through deployment, including a comprehensive experience working at FTF wallet was operating which is one of the fast reactors that builds a design from the joining at a pivotal moment has helped drive our commercial rollout, bringing the kind of strategic and operational leadership double accelerated it goes next stage of growth we're excited to have him.

Speaker Change: He is joining at a pivotal moment to help drive our commercial rollout, bringing the kind of strategic and operational leadership that will accelerate over those next phase of growth. We're excited to have him on the team.

Speaker Change: We recently announced that <unk> has stepped down from <unk> Board of directors, Caroline and I first met Sam at a dinner in Cambridge, Massachusetts in April 2013, since that first chance meeting same has played an instrumental role in guiding Oakville, Caroline myself and our vision over the years, Tim has been a mentor a leader supporter of champion and a friend since that meeting.

On the team.

Speaker Change: We recently announced that Sam Altman has stepped down from <unk> Board of directors, Caroline and I first met Sam at a dinner in Cambridge, Massachusetts in April 2013, since that first chance meeting same has played an instrumental role in guiding outflow Caroline myself and our vision over the years, Tim has been a mentor a leader supporter of champion and a friend since that meeting.

Speaker Change: <unk> invested in the company and joined our board in 2015, and he helped us grow through challenges and ended the incredible opportunities that lay before us we are deeply grateful for his early conviction vision leadership and support.

<unk> invested in the company and joined our board in 2015, and he helped us grow through challenges and ended the incredible opportunities that lay before us.

As we move closer to commercialization. This transition reflects a natural evolution from the company's early stage development to where it is today. We are excited about the growth. This represents and I will now turn it over to Craig.

Speaker Change: We're deeply grateful for his early conviction vision leadership and support.

Speaker Change: As we move closer to commercialization. This transition reflects a natural evolution from the company's early stage development and to where it is today. We are excited about the growth. This represents and I will now turn it over to Craig.

Craig Delmar: Thank you Jake as.

Craig Delmar: As we move closer to commercialization. This transition reflects a natural evolution from the company early stage development into execution.

Craig Delmar: Sales departure also support the shift of his role from that of an insider to a potential future commercial partner.

Craig: Thank you Jake as.

Craig: As we move closer to commercialization. This transition reflects a natural evolution from the company's early stage development into execution.

We're moving a possible conflict of interest as we advanced potential commercial discussion with open AI.

Craig: James departure also support the shift of his role from that of an insider to a potential future commercial partner.

Craig Delmar: Importantly, this change does not affect day to day operations.

Craig: We're moving a possible conflict of interest as we advanced potential commercial discussions with open AI.

Craig Delmar: In conjunction with this transition <unk> Chief Executive office rejected wet as assumed the role of chairman of the board, providing continuity and clear leadership as we enter this next phase of growth.

Craig: Importantly, this change does not affect day to day operations.

Craig: In conjunction with this transition <unk> Chief Executive Officer, Jack the wet has assumed the role of chairman of the board, providing continuity and clear leadership as we enter this next phase of growth.

Craig Delmar: At our last update just seven weeks ago. We discussed. The addition, with Dan Pardon me and Michael pumps into the board.

Craig Delmar: After announced secretary of energy Reits confirmation a departure from the board. We are pleased with how we have grown the board.

Craig: At our last update just seven weeks ago. We discussed. The addition of Dan Parliament and Michael Thompson to the board.

Craig Delmar: The experience and expertise in NRC licensing fuel supply chain strategic finance and technology commercialization.

Craig: After an hour secretary of energy Reits confirmation and departure from the board. We are pleased with how we have grown the board.

Dan and Mike will bring to the board a greater distance to our team.

Craig: The experience and expertise in NRC licensing fuel supply chain strategic finance and technology commercialization.

Craig Delmar: I will now provide a summary of our financials.

Craig Delmar: <unk> first quarter operating loss was $17 9 million.

Craig: Dan and Mike will bring to the board are great additions to our team.

Craig Delmar: The above noncash stock based compensation expense of $2 3 million.

Speaker Change: I will now provide a summary of our financials.

Craig Delmar: <unk> loss before income taxes was $14 2 million, which reflects our operating loss adjusted for net interest income of $3 6 million.

Speaker Change: <unk> first quarter operating loss was $17 9 million.

Speaker Change: <unk> <unk> of noncash stock based compensation expense of $2 3 million.

Craig Delmar: But adding back noncash stock based compensation charges.

Speaker Change: <unk> loss before income taxes was $14 2 million, which reflects our operating loss adjusted for net interest income of $3 6 million.

Craig Delmar: Consider a noncash income tax benefit recorded for the quarter you get cash used in operating activities of $12 $2 million. We believe this puts us on track to deliver on our guided range of $65 million to $80 million. The total cash used in operations for full year 2025.

Speaker Change: When adding back noncash stock based compensation charges and consider a noncash income tax benefit recorded for the quarter you get cash used in operating activities of $12 2 million. We believe this puts us on track to deliver on our guided range of $65 million to $80 million the total.

Craig Delmar: At the end of the quarter cash and marketable securities were $267 million.

Speaker Change: Cash used in operations for full year 2025.

Craig Delmar: Lastly, we have filed our proxy statement and will be holding our annual general meeting on Wednesday June 4th 2025.

Speaker Change: At the end of the quarter cash and marketable securities were $267 million.

Craig Delmar: To close I'll briefly highlight why we believe <unk> stands out in the advanced nuclear and energy landscape.

Speaker Change: Lastly, we have filed our proxy statement and will be holding our annual general meeting on Wednesday June 4th 2025.

Craig Delmar: We are deploy proven fast reactor technology, and a compact scalable form reducing cost complexity and time to market.

Speaker Change: To close I'll briefly highlight why we believe <unk> standout in the advanced nuclear energy landscape.

Craig Delmar: Our business model is built around long term power sales delivery recurring revenue and strong margins.

Speaker Change: We are deployed proven fast reactor technology.

Speaker Change: Packed scalable for reducing cost complexity and time to market.

Craig Delmar: We look to drive superior economics through repeatable deployment of a common desire asset that can be further enhanced with recycled fuel to drive capital efficiency at a competitive level life cost of energy.

Speaker Change: Our business model is built around long term power sales delivering recurring revenue and strong margins.

We look to drive superior economics through repeatable deployment of a common desire asset that can be further enhanced with recycled fuel to drive capital efficiency at a competitive level lives cost of energy.

Craig Delmar: Our customer pipeline totaled over 14 gigawatt and spanned sectors like data centers and defense.

Craig Delmar: A strong and growing demand.

Craig Delmar: We've developed a streamlined regulatory strategy.

Speaker Change: Our customer pipeline totals over 14, gigawatts and spanned sectors like data centers and defense.

Craig Delmar: By years of licensing expertise.

Speaker Change: Peter BOLE Cola process aligned to our business model.

Speaker Change: Roof of strong and growing demand.

Speaker Change: And finally, we're not just building powerhouses, we're building a platform that integrates generation fuel recycling and radio isotopes production unlocking multiple high value markets.

Speaker Change: We've developed a streamlined regulatory strategy backed by years of licensing expertise.

Peter: Peter BOLE Cola process aligned to our business model.

Peter: And finally, we're not just building powerhouses, we're building a platform that integrates generation fuel recycling and radioisotope production unlocking multiple high value markets.

Speaker Change: Thank you for joining us today, operator, we're now ready for questions.

Speaker Change: Thank you.

Peter: Thank you for joining us today, operator, we're now ready for questions. Thank.

Thank you the floor is now open for questions. If you have dialed in and we'd like to ask a question. Please press star one on your telephone keypad to raise your hand and joined the queue if.

Peter: Thank you.

If you would like to withdraw your question simply press Star one again.

Peter: Thank you the floor is now open for questions. If you have dialed in and we'd like to ask a question. Please press star one on your telephone keypad to raise your hand and joined the queue.

Speaker Change: If you are called upon to ask a question in or listening via a loudspeaker owner device. Please pickup your handset and ensure that your phone is not on mute when asking your question and we do request for today's session that you. Please limit yourself to one question and one follow up.

Peter: If you would like to withdraw your question simply press Star one again.

Peter: If you are called upon to ask a question in or listening via a loudspeaker owner device. Please pickup your handset and ensure that your phone is not on mute when asking your question and we do request for today's session that you. Please limit yourself to one question and one follow up.

Speaker Change: Your first question.

Ryan: From the line of Ryan <unk> of B Riley Your line is open.

Speaker Change: Hey, guys. Thanks for taking my questions.

Peter: Your first question.

Speaker Change: Jason You mentioned the recent reports about additional executive action expected to support nuclear power. It sounds like these could include the Dod is taking on a greater role in ordering reactors and installing them on military basis can you talk about the regulatory authority for nuclear power that the Dod.

Speaker Change: Comes from the line of Brian Kingston of B Riley Your line is open.

Hey, guys. Thanks for taking my questions.

Speaker Change: Jay You mentioned the recent reports about additional executive actions expected to support nuclear power. It sounds like these could include the Dod is taking on a greater role in ordering reactors and installing them on military basis can you talk about the regulatory authority for nuclear power that the D O.

Speaker Change: <unk> has today and your thoughts on the department's ability to potentially accelerate reactor deployments whether through programs like the NPI or otherwise.

Speaker Change: <unk> has today and your thoughts on the department's ability to potentially accelerate reactor deployments whether through programs like the NPI or otherwise.

Speaker Change: Yeah. Thanks for the question Ryan I mean, I think duty does have authority to.

Speaker Change: Regulate nuclear plants.

Speaker Change: For their use cases and for different opportunities around that so we see some interesting angles there.

Speaker Change: Yes. Thanks for the question Ryan I mean I think.

Judy: Judy does have authority to.

Speaker Change: It's been kind of a mixed approach taken in the department and I think what we've heard about some interest is looking at ways to make sure that you know they.

Speaker Change: Regulate nuclear plants.

Speaker Change: For their use cases and for different opportunities around that so we see some interesting angles there.

Speaker Change: They are not going to be held up or held back at all by.

Speaker Change: Theres been kind of a mixed approach taken in the department and I think what we've heard about some interest is looking at ways to make sure that you know they are not going to be held up or held back at all by.

Speaker Change: Any kind of from their needs from any kind of regulatory permitting issues that can happen outside of their control.

Obviously, they have the ability to control at all so I think there is some appetite and some potential interest in doing that that said did their active infrastructure in their capability set.

Speaker Change: Any kind of from their needs from any kind of regulatory permitting issues that could happen outside of their control. Obviously they have the ability to control. It also I think there is some appetite and some potential interest in doing that that said their active infrastructure and their capabilities.

Speaker Change: Hasn't been.

Speaker Change: <unk> exercised a ton.

Speaker Change: For these kinds of use cases in a while to put it somewhat I guess.

Speaker Change: Politically.

Speaker Change: So I think there's some significant opportunities for them to step up and perhaps provide sort of an.

Speaker Change: It hasnt been.

Speaker Change: Exercised a ton.

Speaker Change: For these kinds of use cases in a while to put it in somewhat.

Speaker Change: Alternative pathway for some of those use cases, which is I think pretty exciting and this is something I think it creates a pretty good dynamic to look at efficiencies, where if you are citing these at military installations or other government installations. If you see the broad activities across the government today, just trying to find ways to.

Speaker Change: Yes.

Speaker Change: Simplistically.

Speaker Change: So I think there's some significant opportunities for them to step up and perhaps provide sort of.

Speaker Change: Alternative pathway for some of those use cases, which is I think pretty exciting and there's certainly I think it creates a pretty good dynamic to look at efficiencies, where if you are citing these at military installations or other government installations. If you see the broad activities across the government today, just trying to find ways to.

Speaker Change: Streamline and make the regulatory processes much more efficient and modern.

Speaker Change: Quick and timely I think you see opportunity for how these activities these potential activities around sort of expanding dod's roles here could be done, but beauty doesn't have that capability set and they do have that authority.

Speaker Change: Streamline and make the regulatory processes, much more efficient and modern and quake and timely I think you see opportunity for how these activities. These potential activities around sort of expanding dod's roles here could be done, but beauty does have that capability set and they do have that authority.

Speaker Change: So I think it's a matter of looking at how they can sort of best use it to sort of push and accelerate these things.

Speaker Change: Great appreciate that Jason and then the fuel slide was a helpful reminder of the actions you're taking on that front can you give us an update on other parts of the supply chain and your confidence in commencing a fairly near term construction effort.

Speaker Change: And so I think it's a matter of looking at how they can sort of best use it to sort of push and accelerate these things.

Speaker Change: Great appreciate that Jacob and then the fuel slide was a helpful reminder of the actions you are taking on that front can you give us an update on other parts of the supply chain and your confidence in commencing a fairly near term construction effort.

Speaker Change: Yes, I mean this is a feature set for you know we've designed to supply chain capabilities and information heavily since the beginning you know there's a lot of ways you can design a reactor at a lot of different materials fuel types coolant all sorts of things you can do some of which obviously are our technology. They need a lot more R&D and development before they're ready to go some others just need a lot more supply.

Speaker Change: Yes, I mean this is a feature set for <unk>.

Speaker Change: Designed to supply chain capabilities and information heavily since the beginning.

Speaker Change: There's a lot of ways you can design a reactor at a lot of different materials fuel types coolant all sorts of things you can do some of which obviously are our technology. They need a lot more R&D and development before they're ready to go some others just need a lot more supply chain development before you can procure the various parts needed and then in our case, we've designed heavily to leverage what's out there as much as we possibly can and fuels.

Speaker Change: Hi chain development before you can procure the various parts needed in them.

Speaker Change: In our case, we've designed heavily to leverage what's out there as much as we possibly can fuels, obviously, the big watch point, because that's kind of the biggest I would say a sort of challenge and opportunity. If you will that we see but everything else, we tried to leverage existing supply chain side and from an and also outside of nuclear as much as we can and that's a real feature to sodium technologies right you can use <unk>.

Speaker Change: Obviously, the big watch point, because thats kind of the biggest I would say.

Speaker Change: Challenge and opportunity if you will that we see but everything else, we tried to leverage existing supply chains and from an and also outside of nuclear as much as we can and that's a real feature to sorting technologies right. You can use common stainless materials you can source those from many other industries.

Speaker Change: And stainless materials you can source those from many other industries are from the process side of things when you look at like the steam generation side, that's probably where we partnered up with Siemens.

Speaker Change: To help drive that last year, and kind of accelerate that for them to be able to deliver and they do that very well, obviously, so generally speaking.

Speaker Change: From the process side of things when you look at like the steam generation side, that's partly why we partnered up with Siemens.

Speaker Change: This is the thing that we're going to be sort of pushing forward as we try to accelerate what we can do to actually break ground and start building as.

Speaker Change: To help drive that last year, and kind of accelerate that for them to be able to deliver.

Speaker Change: And they do that very well, obviously, so generally speaking.

Speaker Change: As quickly as we can and I think that's something that we see on the supply chain side. Most of the limitations are really centered around fuel and the other long lead items are looking.

Speaker Change: Yes. This is the thing that we're going to be.

Speaker Change: Sort of pushing forward as we've tried to accelerate what we can do to actually break ground and start building.

Speaker Change: Looking at 18 months kind of Windows and our ability to then also bring in sort of the order book and backlog that we have behind it helps us sort of be able to actually scale more of that as well. So when we talk to suppliers. It's not just about one it's about more than that kind of motivate the right kind of partnerships if that makes sense. So that's how we're how we're looking at this and thinking of it but.

Speaker Change: As we can.

Speaker Change: And I think thats something that we see on the supply chain side. Most of the limitations are really centered around fuel and the other long lead items are.

Speaker Change: Looking at 18 months kind of Windows and our ability to then also bring in sort of the order book and backlog that we have behind it helps us sort of be able to actually scale more of that as well. So when we talk to suppliers. It's not just about one it's about more than that kind of motivate the right kind of partnerships that make sense. So that's how we're how we're looking at this and thinking of it but.

Speaker Change: Avoid some of the challenges you see in the light water space, where you need large pressure vessels of forgings that way, obviously, there's some capacity for that but there's a lot less of that so it worked on there needs to be done to sort of show that to get in front of that bottleneck and that constraint given there's only a few places in the western world that we'll be able to source that from <unk>.

Speaker Change: Void some of the challenges you see in the light water space, where you need large pressure vessels of forgings that way. Obviously, there is some capacity for that but there's a lot less of that so work down there needs to be done to sort of show that to get in front of that bottleneck and that constraint given there's only a few places in the western world that we'll be able to source that from.

Speaker Change: Okay.

Speaker Change: As American frankly.

Speaker Change: And so for us being able to not require those needs helps us actually diversify away from that which is super Super helpful. Similarly on the turbine side actually something that's a little bit underappreciated. When you think about nuclear steam turbine systems. Most of those are gigawatt scale systems for most all of those are high hundreds of megawatts two gigawatt scale systems for light water reactors and light water reactors operated relatively.

Speaker Change: Okay.

Speaker Change: As as American frankly.

Speaker Change: And so for us being able to not require those needs helps us actually diversify away from that which is super Super helpful. Similarly on the turbine side actually something thats, a little bit underappreciated. When you think about nuclear steam turbine systems. Most of those are gigawatt scale systems for most all of those are high hundreds of megawatts two gigawatt scale systems for light water reactors and light water reactors operated relatively.

Speaker Change: Low steam temperature set compared to other power generation technologies and as a result, like scaling that turbine down to sort of small reactors and smaller for water cooled conditions are not technically challenging but requires some reasonable nonrecurring engineering and tooling costs to set up the infrastructure to actually make those whereas our systems operate.

Speaker Change: Low steam temperature set compared to other power generation technologies and as a result like scaling that turbine.

Speaker Change: And just sort of small reactors and smaller for water cooled conditions, not technically challenging but requires some reasonable nonrecurring engineering and tooling costs to set up the infrastructure to actually make those whereas our systems operate at those temperature ranges and pressure ranges that look a lot more similar to where a lot of fossil fired plants operate and that's kind of what another feature about normal.

Speaker Change: Those temperature ranges and pressure ranges that look a lot more similar to where a lot of fossil fired plants operate and that's kind of what another feature about non light water systems would you tap directly into some of those supply chains, which is super helpful.

Speaker Change: And just to kind of like emphasized the recent news of what the interest you did with Terrapower is just an extraordinarily important validation of that model that applies also to Australia similar technology set.

Speaker Change: Water systems would you tap directly into some of those supply chains, which is super helpful.

Speaker Change: So that you can decouple the theme system the power side from the reactor side are that opens up so much more flexibility in terms of how you can source procure and construct and install.

Speaker Change: And just to kind of like emphasize the recent news of what the interest you did with their powers just an extraordinarily important validation of that model that applies also to US right similar technology set.

Speaker Change: It was that you can decouple this theme system the power side from the reactor side that opens up so much more flexibility in terms of how you can source procure and construct and install.

Speaker Change: Great I appreciate all that detail I'll turn it back.

Speaker Change: Your next question comes from the line of Sharif on the grid sorry.

Speaker Change: Grubby of BTG Your line is open.

Speaker Change: Great I appreciate all that detail I will turn it back.

Speaker Change: Your next question comes from the line of Sharif on the grid sorry.

Speaker Change: He he fuel Mou with century.

Speaker Change: Can you tell us when you might start taking delivery of that fuel and is there a date by which you need to firm up that agreement.

Grubby: Grubby of BTG Your line is open.

Grubby: The fuel Mou with centuries.

Speaker Change: Yeah, I think just to clarify right. The first fuel we're getting for our first plant that was awarded to us through a competitive process by Idaho National Laboratory in the department of energy.

Grubby: Can you tell us when you might start taking delivery of that fuel and is there a date by which you need to firm up that agreement.

Speaker Change: So that material is all from there that's where our first plant everything with light commercial procurement happens for a second and beyond plans and that's why we're looking at you know, obviously working with interest and others.

Grubby: Yes, I think just to clarify right. The first fuel we're getting for our first plant that was awarded to us through a competitive process by Idaho National Laboratory in the department of energy.

Speaker Change: We see as a you know we're in the process of kind of figuring out the right structures to supply for what we need in the kind of growth and scale.

Grubby: So that material is all from there that's sort of our first plant everything with like commercial procurement happens for a second and beyond plans and that's why we're looking at obviously working with Suntrust and others.

Speaker Change: I think the idea is you know.

Speaker Change: Whereas we look at partnering with different folks on the on the enrichment side, it's really working to sort of what's the sort of bright ramp rates for them and for us given the customer off takes and how customers might be engaging are not engaging on this is something that we're kind of watching as this develops and we're helping develop and shape as we speak lifetime so well.

Grubby: What we see is we're.

Grubby: We're in the process of kind of figuring out the right structures to supply for what we need and kind of growth and scale. So I think the idea is you know.

As we look at partnering with different folks on the on the enrichment side, it's really working to sort of what's the sort of bright ramp rates for them and for us given the customer off takes and how customers might be engaging are not engaging on this is something that we're kind of watching as this develops and we are helping develop and shape as we speak lifetime. So.

Speaker Change: We will want to start receiving that fuel as soon as reasonably possible, but some of those pieces are going to be the things that we want to put in place to make sure. We set the stage for kind of a long term growth curve up and out when you look at what our fuel needs are theyre pretty exciting and pretty heavy but that's great for the <unk> and Richard is on the supply side, but just structuring the right kind of early deals and then also coupling that with some of these customers.

Grubby: We'll want to start receiving that fuel as soon as reasonably possible, but some of those pieces are going to be the things that we want to put in place to make sure. We set the stage for kind of a long term growth curve up and out when you look at what our fuel needs are theyre pretty exciting and pretty heavy but thats great for this enriches on the supply side, but just structuring the right kind of early deals and then also coupling that with some of these custom.

Speaker Change: <unk>, where we have started customer partnerships, where their ability is to sort of come in and help actually potentially right.

Speaker Change: Support some of the fuel offtake.

Speaker Change: We're kind of looking at in shaping some things right now a lot of that is still developing but generally speaking that's how we're structured on that sense, but it's super Super helpful and important right we have fuel.

Grubby: Bases, where we have sorry customer partnerships, where their ability is to sort of come in and help actually potentially right.

Some of the fuel offtake, that's how we're kind of looking at shaping some things right now a lot of that is still developing but generally speaking that's how we're structured on that sense, but it's super Super helpful and important right. We have fuel it's actually at Idaho, It's being we're setting up the fuel fabrication capabilities to actually be able to take that feel and fabricate put that in our first.

Actually Idaho, it's being you know, we're setting up the fuel fabrication capabilities to actually be able to take that field and fabricate, but that in our first plant, but that materials. Alban you know, it's all out there. It's all been produced from from government reserves and inventory and that's kind of another key watch point for us as some of the actions that are.

Speaker Change: Potentially coming from the government ideally, there's a lot that moves forward on the fuel side, and we're really well positioned to be able to benefit from a lot of that beyond just what we already have.

Grubby: But that material has all been it's all out there. It's all been produced from from government reserves and inventories and Thats kind of another key watch point for us as some of the actions that are.

Speaker Change: Got it that's helpful and.

Grubby: Potentially coming from the government ideally, there's a lot that moves forward on the fuel side, and we're really well positioned to be able to benefit from a lot of that beyond just what we already have.

Speaker Change: Sticking with those I.

Speaker Change: I guess second and later plants.

Speaker Change: When we talk about the timeline for subsequent Cola.

Grubby: Got it that's helpful.

Speaker Change: I think in the past you've said six to 18 months with that apply to reactors and different sizes, let's say a customer wants to do 75 megawatt design.

Grubby: And sticking with those.

Grubby: Second and later plants.

Grubby: When we talk about the timeline for subsequent Cola.

Speaker Change: Or is the timeline the same as the first custom color that we're doing about to do.

Speaker Change: I think in the past you've said six to 18 months would that apply to reactors and different sizes, let's say a customer wants to do 75 megawatt design.

Speaker Change: Yeah, so there'll be the same general plant.

Speaker Change: Or is the timeline the same as the first custom color that we're doing.

Speaker Change: What we see is you know.

Speaker Change: The timing is going to depend a little bit, but I mean, I think it'll be a staggered parallel fashion with the with our plan.

Speaker Change: About to do.

Speaker Change: Yes, so there will be for the same general plant.

Speaker Change: Our plants full commercial plant right, we're building international upside because there's a lot of benefits of doing it but it's a full commercial plant.

Speaker Change: What we see is.

Speaker Change: The timing is going to depend a little bit, but I think it'll be a staggered parallel fashion with the with INO plant.

Speaker Change: And then there'll be all these things that happen after that with respect to follow on plants and follow on sites that we're excited about how those are progressing and developing that said.

Speaker Change: Our plants full commercial plant, we're building international upside because there's a lot of benefits of doing it but it's a full commercial plant.

Speaker Change:

Speaker Change: Mike I think the timing of those is sort of we see a couple of major sites that we've obviously you talked about and we see the different customers that we've announced in there as well.

And then there'll be all these things to happen after that with respect to follow on plants and follow on sites that we're excited about how those are progressing and developing that said.

Speaker Change:

Speaker Change: It's a very dynamic market in that sense. So what we expect is that there'll be some colo activity that we anticipate submitting additional applications.

Speaker Change: Mike I think the timing of those is sort of we see a couple of major sites that we've obviously talked about and we see the different customers that we've announced in there as well.

Speaker Change: In parallel to all the first one is under review that we will see some acceleration benefits, but then the real benefits will really happen on an acceleration of the coal is after that we're doing a lot of like we kind of cutting edge, leading edge work with the NRC on doing some of the subsequent licensing at high volume kind of high rates.

Speaker Change: It's a very dynamic market in that sense. So what we expect is that there'll be some coal activity, we anticipate submitting additional applications.

Speaker Change: In parallel to all the first one is under review that we'll see some acceleration benefits, but then the real benefits will really happen on acceleration of Nicole is after that we're doing a lot of like we kind of cutting edge, leading edge work with the NRC on doing some of the subsequent licensing at high volume kind of high rates.

Speaker Change: Deployment.

Speaker Change: Been developing.

Speaker Change: Activity I'm, sorry capabilities and planned out our lines of sort of action around how they're going to review those things going forward. So that we're going to be one of the initial movers and one of the early kind of beneficiaries of about of those approaches.

Speaker Change: Deployment.

Speaker Change: <unk> been developing activity I'm, sorry capabilities and planned out lines of sort of action around how they're going to review those things going forward. So that we're going to be one of the initial movers and one of the early kind of beneficiaries of that of those approaches.

Speaker Change: It is pretty exciting for what that looks like but kind of that's how we see these things kind of playing out from there, but I think it's entirely likely that you know by sort of a year from now we have additional coal is under review on top of the INR one.

Speaker Change: It's pretty exciting for what that looks like but kind of that's how we see these things kind of playing out from there, but I think it's entirely likely that.

Speaker Change: Got it thanks, Jacob I'll turn it over.

Speaker Change: By sort of a year from now we have additional coal is under review on top of the INR one.

Vikram: Your next question comes from the line of Vikram <unk> of Citi. Your line is open.

Speaker Change: Got it thanks, Jacob I'll turn it over.

Ted: Hi, it's Ted.

Ted: Thanks for taking the questions.

Vikram: Your next question comes from the line of Vikram <unk> of Citi. Your line is open.

Ted: I wanted to ask about the funding needs for the business just given the larger react besides that was mentioned last quarter.

Ted: Hi, it's Ted on per big Thanks for taking the questions.

Ted: The growth needed for talking my call it to me.

Ted: I wanted to ask about the funding needs for the business just given the larger reactor size that was mentioned last quarter.

Ted: Pension costs through terrorists and then also potentially higher Haley prices in your initial plan.

Ted: Just wondering whether given all those factors additional capital will be needed and if so when we could expect roughly that.

Ted: The growth needed for telematic alchemy potential costs from tariffs and then.

Ted: Also potentially higher helium prices in your initial plan.

Ted: <unk>.

Ted: I'll just start with it.

Just wondering whether given all those factors additional capital will be needed and if so when we could expect roughly that.

Ted: I'll just start really quickly I think again, an important point is on the fuel right. We have the fuel are allocated and awarded to US. So that helps a lot with the first plant and and then you know as we've looked at things that I will turn it over to Craig here, but I think that's a big help with respect to how you sort of manage some of the helium pricing, but with that I'll turn it over to Craig for kind of the dynamics on that.

Ted: <unk>.

Ted: I'll just start with.

Ted: I'll just start really quickly I think again, an important point is on the fuel right. We have the fuel are allocated and awarded to us. So that helps a lot with the first plant.

Ted: And then you know as we've looked at things that I will turn it over to Craig here, but I think that's a big help with respect to how you sort of manage some of the helium pricing, but with that I will turn it over to Craig for kind of the dynamics on that yes.

Craig Delmar: Yeah, and just to remember.

Ted: Besides the point.

Ted: Balance sheet got adequate capital on it for the department of buy at all.

Ted: Yes.

Ted: Almost two years ago, since we announced it.

Craig: Yeah, and just to reemphasize the point.

Ted: These back into your clothes and since that time <unk> prices have gone up as you mentioned Ted we've also dramatically grown the order book and we've now got customers wanting a much higher five powerhouse offering that is more capital efficient, but it is.

Craig: The balance sheet got adequate capital wallet for the deployment of <unk> at all.

Craig: Yes.

Craig: Those two years ago, since we announced it.

Craig: These back in a year since we closed and since that time <unk> prices have gone up as you mentioned Ted.

Ted: We've also dramatically grown the order book.

Ted: Oh for capital.

Ted: And then we will look to your line from a leaseback, which move with two years on tour.

Ted: We've now got customers wanting a much higher five powerhouse offering that is more capital efficient, but it is.

Ted: Things to bring recycled forward so well.

Speaker Change: Gulfport capital.

Ted: Would it be positioned such that cap.

Ted: Our unit and then we are.

Ted: With two years on from the leaseback, which means we're two years on towards.

Capital.

Ted: Does that become a constraint as we looked at progressive.

Ted: Things to bring recycled forward so.

Ted: Growth plans and we will.

Ted: Well, what it be positioned such that cash.

Ted: Will it make sure that if there is a need to raise capital we will do that.

Ted: Capital.

Ted: Time and circumstances are right. So that we can do it.

Ted: Does that become a constraint as we looked at progressive.

Ted: Strategically add a lot of reactive manner.

Ted: Growth plans and we will.

We'll make sure that if there is a need to raise capital we'll do that.

Speaker Change: Got it thank you.

Ted: When the time and the circumstances are right. So that we can do it.

Speaker Change: And I had just one follow up on the Viper facility that was mentioned could you just elaborate on what the NRC process looks like for that so it looks like there'll be a link.

As a strategic matter not a reactive manner.

Ted: Got it thank you.

Ted: And I had just one follow up.

Speaker Change: Construction permits submitted this year, how does that process differ from processed for the Aurora powerhouse and then also just in terms of intensity required with.

Ted: On the <unk> facility that was mentioned could you just elaborate on what the NRC process looks like for that so it looks like there'll be an <unk>.

Ted: Construction permits submitted this year, how does that process differs from the process for the Aurora powerhouse and then also just in terms of intensity required.

Speaker Change: With the NRC and are there any additional costs for that.

Speaker Change: Darren and Bob what's what's provided in the guidance.

Speaker Change: Yes, I think I mean, the licensing process and progress is really centered around a part 50 license application.

Ted: With the NRC and are there any additional costs for that.

Ted: Over and above what's what's provided that guidance.

Speaker Change: Which is a bit different this is a non it sounds funny because this is a non electric power producing reactor. So it benefits from a different regulatory approach that looks a lot more similar to what University and research reactors looked like.

Ted: Yes, I think I mean.

Ted: The licensing process and progress is really centered around a part 50 license application.

Ted: Which is a bit different this is a non it sounds funny because this is a non electric power producing reactor.

Speaker Change: So good news there is there are some benefits that happened from that from an efficiency side, but it is inherently built to a two step process, where do you get the construction license and then an operating license.

Ted: Benefits from a different regulatory approach that looks a lot more similar to what University and research reactors looked like.

Ted: So good news there is there are some benefits that happened from that from an efficiency side, but it is inherently.

Speaker Change: However, given kind of the nature of the review of those systems and that we expect that the construction permit review.

Speaker Change: Well what happened the first Youll build significant master plan to apply for the operating license thereafter.

Ted: Two a two step process, where you get the construction license and then an operating license.

Ted: However, given kind of the nature of the review of those systems and that we expect that the construction permit review you know.

This is similar to the process taken by.

Speaker Change: Tiros, which received the construction permit and then a couple of other active groups that are doing work in this space on that.

Ted: Well what happened at first you'll build significant planning and apply for the operating license thereafter.

Speaker Change: So that's what the application review process looks like.

Ted: This is similar to the process taken by.

Ted: Tiros, which received the construction permit and then a couple of other groups that are doing work in this space on that.

Speaker Change: Again, that's quite different than a part 52, which is for power reactors of electric power producing reactors and doesn't have the repeat ability functionality built into it because typically these kind of test reactors are these non power producing reactors are built around kind of that not meeting that repeatability. So what's kind of neat about it from the Oakland side is we're going to have a lot of experience.

So that's what the application review process looks like.

Ted: Again, that's quite different than apart 52, which is for power reactors of electric power producing reactors and doesn't have the repeat ability functionality built into it because typically these kind of test reactors are these non power producing reactors are built around kind of that not needing that repeat ability. So what's kind of neat about it from the Oakland side is we're going to have a lot of experience.

Speaker Change: And expertise around both of those processes.

Speaker Change: There are some efficiencies that we're looking at seeing as is possible benefits to inform sort of future activities around either continued sort of regulatory modernization efforts as well as potential legislative efforts around applying some of the best practices between the two to each other.

Ted: And expertise around both of those processes.

Ted: There are some efficiencies that we're looking at seeing us as possible benefits to inform sort of future activities around either continued sort of regulatory modernization efforts as well as potential legislative efforts around applying some of the best practices between the two to each other.

Speaker Change: And we will obviously be kind of at the <unk>.

Speaker Change: Of that experience that which is kind of neat actually but that's how we see those things going generally speaking there is considerable it's considered to be a simpler and more straightforward process to get a non power license right than a power reactor license just given the relevant hazards around a non or low power reactor operating in that kind of environment.

Ted: And we'll obviously be kind of at the center.

Ted: That experience that which is kind of neat actually but that's how we see things going.

Ted: Really speaking theres considerable it's considered to be a simpler and more straightforward process to get a non power license right than a power reactor license just given the relevant hazards around a non or low power reactor operating in that kind of environment.

Speaker Change: So typically speaking the regulatory process kind of reflects that.

Speaker Change: Alright.

Speaker Change: Thank you.

Speaker Change: Your next question comes from the line of Eric Stine of Craig Hallum. Your line is open.

Ted: So typically speaking the regulatory process kind of reflects that.

Eric Stine: Hi, Jack Hi, Craig.

Ted: Got it.

Ted: Thank you.

Eric Stine: Hello.

Speaker Change: Your next question comes from the line of Eric Stine of Craig Hallum. Your line is open.

Eric Stine: Hey, How's it going.

Eric Stine: Hey, Eric.

Speaker Change: Hey, Greg.

Eric Stine: Good I'm glad I wasn't sure what was going on there.

Eric Stine: So just curious I know you've done the readiness assessment.

Speaker Change: Hello.

Speaker Change: Hey, How's it going.

Speaker Change: You've had.

Speaker Change: Hey, Eric.

Eric Stine: Quite a bit of interaction with the NRC, but also northern north sea as well.

Speaker Change: Good I'm glad I wasn't sure what was going on there.

Eric Stine: Known for being a pretty onerous.

Eric Stine: So just curious I know you've done the readiness assessment.

Eric Stine: Process on the licensing side, so as you get closer to submitting the Colo.

Speaker Change: You've had.

Speaker Change: Quite a bit of interaction with the NRC, but also know that <unk> is known for being a pretty onerous.

Eric Stine: Is your confidence higher.

Speaker Change: Or what is maybe changing your view if at all as to your prospects to move as you said to a commercial facility and not having to go through kind of the.

Speaker Change: Process on the licensing side, so as you get closer to submitting the Colo.

Is your confidence higher.

Or what is maybe changing your view if at all as to your prospects to move as you said to a commercial facility and not having to go through kind of the.

Eric Stine: Typical yep.

Eric Stine: Demonstration plant that might have to operate for 345 years.

Eric Stine: Yeah.

Eric Stine: Yeah, I mean, I think generally speaking so just to be clear. This is a full commercial plant right. Like this is a full commercial plans I will offer a commercially producible power do all of that obviously its the first plant. So there are some learnings you view both designed for an engineer around to be able to accommodate and be able to iterate through but this is not.

Speaker Change: Typical yep.

Speaker Change: Demonstration plant that might have to operate for 345 years.

Speaker Change: Yes.

Speaker Change: Yeah, I mean, I think generally speaking so just to be clear. This is a full commercial plant right. Like this is a full commercial plans I will offer a commercially producible power do all of that obviously its the first plant. So there is some learnings you view both designed for an engineer around to be able to accommodate and be able to iterate through but this is not.

Eric Stine: Like Oh build it and see how it works here.

Eric Stine: We're building up a technology, that's done that already right Theres been two noticeable notable examples on top of 20, plus reactors from before that around the world built around sodium fast reactor technology, showing what works and what doesn't work and the successes that <unk> and <unk> are very significant sort of enablers for us to actually be able to take those technologies forward apply.

Like Oh ability to see how it works.

Speaker Change: We're building out the technology Thats done that already right Theres been two noticeable notable examples on top of 20, plus reactors from before that around the world built around sodium fast reactor technology, showing what works and what doesn't work and the successes that <unk> and <unk> are very significant sort of enablers for us to actually be able to take those technologies forward apply.

Eric Stine: Those take those lessons learned and apply them and basically replicate what was done in many ways because they were so successful.

Eric Stine: That's really important right I think sometimes the fee.

Speaker Change: Those take those lessons learned and apply them and basically replicating what was done in many ways because they were so successful.

Eric Stine: And the reality is in sort of the history around non light water reactor technology development is often very underappreciated, even in the nuclear industry and a lot of that is just because a lot of the pioneering work happened between the 60 to 70 to 80 to 90 million pre Digitization actually I think there is a big part of the story of this which is a lot of those lessons learnt a lot of the records all that stuff were written in paper, but in books bind.

Speaker Change: That's really important right I think sometimes the facts and the realities in sort of the history around non light water reactor technology development is often very underappreciated, even in the nuclear industry and a lot of that just because a lot of the pioneering work happened between the 60 to 70 to 80 to 90 million pre Digitization actually I think there is a big part of the story to this which is a lot of those lessons.

There's been reports that were literally printed and filed on shelf like literally I used to say left on the shelves of history literally because they were.

Speaker Change: And a lot of the records all that stuff were written in paper, but in books, but and binders, but reports that were literally printed and filed on shelf like literally.

Eric Stine: And that as a result hasn't been like accessing all of the wonderful Nuggets of information that's been out there about these things.

It wasn't exactly easy to do.

Speaker Change: Now you can say left on the shelves of history literally because they were.

Eric Stine: Unless maybe youre in academia and research and development communities, which.

Speaker Change: And that as a result had been like accessing all of the wonderful Nuggets of information that had been out there about these things, but wasn't exactly easy to do.

Eric Stine: Caroline I wear so we had the benefits of having a lot of the opportunity to see a lot of the amazing things about this technology set and how mature it really was something that again is vastly underappreciated are.

Speaker Change: Maybe youre in academia, and research and development communities, which Caroline I worse. So we had the benefits of having a lot of the opportunity to see a lot of the amazing things about this technology set.

By and large and so that's a fantastic spots to be now one of the things we leaned into very early in the company's history was even starting with our first regulatory interactions, including getting the department of energy to help with this and the National Labs to help with this working with the NRC back in 2016 was actually getting that old information digitizing and modernizing of being able to use it in the regulatory space in that.

Speaker Change: How mature it really was something that again is vastly underappreciated.

Speaker Change: By and large and so that's a fantastic spot to be now one of the things we leaned into very early in the company's history with even starting with our first regulatory interactions, including getting the department of energy to help with this and the National Labs to help with this working with the NRC back in 2016 was actually getting that old information digitizing and modernizing of being able to use it in the regulatory space and that we.

Eric Stine: We set thoughtful bunch activity and work in 2016 that really is continuing through today that paid significant dividends right. So that kind of dovetails into your question of yes, I mean generally speaking as we've seen our engagement with the NRC we've had.

Speaker Change: Set thoughtful bunch activity and work in 2016 that really is continuing through today that paid significant dividends right. So that kind of dovetails into your question of yes, I mean generally.

Eric Stine: 600, plus meetings with them I mean, we have had.

Eric Stine: Huge amount of interactions in history, leading up to submitting an application.

Eric Stine: And being in a position that we feel pretty happy about.

Speaker Change: Speaking as we've seen our engagement with the NRC, we had 600 plus meetings with them I mean, we have a huge amount of interactions in history, leading up to submitting an application.

Eric Stine: Obviously, the bread, we're doing our readiness assessment to make sure that we understand where there might be gaps. So that we can work to address those we've seen that had a lot of success with with Terrapower did they also did a readiness assessment before they submitted their construction permit.

Speaker Change: And being in a position that we feel pretty happy about.

Speaker Change: Obviously, the bread, we're doing our readiness assessment to make sure that we understand where there might be gaps. So that we can work to address those we've seen that had a lot of success with with Terrapower did they also did a readiness assessment before they submitted their construction permit.

Eric Stine: And are the construction permit application.

Eric Stine: They've seen that their review has been moving pretty well on pace I think it's slightly ahead of schedule, leaving so that's fantastic. We expect there to be some similar benefits for us obviously, each case, a little bit different but generally speaking that's why we've been at this for so long of all of the non light water companies active today with the NRC, we've had the longest engagement dating back to 2016.

Speaker Change: And are the construction permit application.

Speaker Change: They've seen that the review has been moving pretty well on pace I think it's slightly ahead of schedule, leaving.

Speaker Change: So that's fantastic we expect there to be some similar benefits for us obviously, each case, a little bit different but generally speaking that's why we've been at this for so long of all of the non lightwater companies active today with the NRC, we had the longest engagement dating back to 2016, and that's a very important thing for us for.

Eric Stine: And that's a very important thing for us.

Eric Stine: For having sort of that history and that maturity in that kind of credibility and capability accordingly with the regulator.

Eric Stine: The thing Thats important is also how we've taken an approach isn't just about whether or not get the license, but doing so efficiently and effectively and I think thats that next level of depth of nuance that that I think people are starting to fully understand the importance of which is not getting a license that I would say is something that's quite doable. It's also doing it efficiently and effectively so it's scalable and that's where we.

Speaker Change: Or having sort of that history and that maturity in that kind of credibility and capability accordingly with the regulator.

Speaker Change: I think the thing that's important is also how we've taken an approach isn't just about whether or not to get the license, but doing so efficiently and effectively and I think thats that next level of depth and nuance that that I.

Eric Stine: A lot of time trying to optimize for that.

Speaker Change: I think people are starting to fully understand the importance of which is not getting a license that I would say is something that's quite doable. It's also doing it efficiently and effectively so scalable and that's where we spend a lot of time trying to optimize for that.

Eric Stine: Back in 2019 or 2018, when we first piloted an application with the NRC. They said they can review something like that they thought that that made a lot of sense that we propose all these novel things something. They then built the novel review plan have based heavily on doing based on doing things I mean heavily in person in 2019, obviously when we submit an application for all of this in person review dynamics in 2020 that that didn't work out.

Speaker Change: Back in 2019 or 2018, when we first piloted an application with the NRC. They said they can review something like that they thought that that made a lot of sense that we propose all these novel things something. They then built a novel review plan had based heavily on doing based on doing things I mean heavily in person in 2019, obviously when we submit an application for all of this in person review dynamics in 2020 that didn't work out.

Eric Stine: Great given the.

Eric Stine: You know it depend on making blue a lot of that stuff out we couldn't have those in person meetings and dynamics. We had you know obviously change course and that became somewhat challenging but since 'twenty two when we started re engaging with them.

Given the.

Speaker Change: You know dependent making blue a lot of that stuff out we couldnt have those in person meetings and dynamics. We had obviously change course and that became somewhat challenging but since 'twenty two when we started re engaging with them.

Eric Stine: In person and pre application on this we've been able to kind of structure around addressing some of these open items and some of these items that we've tried to push the NRC to be forward leaning on them.

Eric Stine: Frankly, we found that theres been a lot of things that they've been pretty receptive to still a lot of work. It's not a like hey, This is gonna be a walk in the park is still a lot of work there is still a lot of existing inefficiencies frankly in the regulatory process, but we couldnt ask for a better setup right now and that's the drive and demand on the AI side as well as a bipartisan level of support coupled with a very.

Speaker Change: In person and pre application on this we've been able to kind of structure around addressing some of these open items and some of these items that we've tried to push the NRC to be forward leaning on it.

Speaker Change: Frankly, we found that theres been a lot of things that they've been pretty receptive to still a lot of work. It's not like Hey, This is going to be a walk in the park is still a lot of work there is still a lot of existing inefficiencies frankly in the regulatory process, but we couldnt ask for a better set up right now.

Eric Stine: You know an administration, that's very focused on driving regulatory efficiency throughout the entire ecosystem. So all in all it creates a pretty favorable dynamic I think for where we sit and how we're seeing this come together.

Speaker Change: Drive and demand on the AI side as well as bipartisan level of support coupled with a very.

Speaker Change: You know an administration, that's very focused on driving regulatory efficiency throughout the entire ecosystem. So all in all it creates a pretty favorable dynamic I think for where we sit and how we're seeing this come together.

Eric Stine: I guess I would say like the the pre application engagement as a way to that we've done continually more or less since 'twenty well 2016.

Eric Stine: Sort of re up in 'twenty two if you will into what we're doing now like has been has been quite I think constructive to preparing both parties to be ready for an application I think some of the feedback we've had from the NRC has largely been around okay, where we're really getting ready for you guys have an application now we've done all this work, but I think we're getting ready for it. So we see that we expect to see how that.

Speaker Change: So I guess I would say like the pre application engagement as a way to that we've done continually more or less since 'twenty well 2016.

Speaker Change: Sort of re up in 'twenty two if you will into what we're doing now like has been has been quite I think constructive.

Speaker Change: Constructive to preparing both parties to be ready for an application I think some of the feedback we've had from the NRC has largely been around okay, where we're really getting ready for you guys have an application now we've done all this work, but I think we're getting ready for it. So we see that we expect to see how that plays out with the phase one readiness and then well what kind of move that to the next steps of the review hopefully with those some of those efficiency gains that doesn't take care of.

Eric Stine: Plays out with the phase one readiness and then well what kind of move that to the next steps of the review hopefully with those some of those efficiencies gained that doesn't take care of all the bumps and problems are still going to be things that come off of course, but at the end of the day, because it's a great shot on a lot of those angles.

Speaker Change: No that's great color. Thank you and then just for my follow up I mean should we still think about timing.

Speaker Change: Of all the bumps and problems are still going to be things that come up of course, but at the end of the day. It gives us a great shot on a lot of those angles.

Speaker Change: The actual coal a submission to be I think in the past you've said.

Speaker Change: No that's great color. Thank you and then just for my follow up I mean should we still think about timing of the actual coal a submission to be I think in the past you've said.

Speaker Change: Kind of coincide with the advance opt in in the October timeframe.

Speaker Change: Yeah, that's how we're looking at it I will say that with all the pending activity around like executive orders. All these other things there is I would call. It good uncertainty because it could motivate some reason that things might move somewhat faster, but at the end of the day like.

Speaker Change: Kind of coincide with the advance locked in the October timeframe.

Speaker Change: Yeah, that's how we're looking at it I will say that with all the pending activity around like executive orders. All these other things there is I would call. It good uncertainty because it could motivate some reason that things might move somewhat faster, but at the end of the day like.

Speaker Change: That's how we're seeing kind of the timing of volunteer so we expect to transition out of the readiness assessment with the feedback we get from that to be able to support estimating for actual phase one application in.

Speaker Change: A few months after the kind of the feedback from that and then that would position us to then do the readiness on the phase two part and then also with the feedback from that position us to be able to submit that sort of in the Q4 timeframe is what we're expecting.

Speaker Change: That's how we're seeing kind of the timing of all here. So we expect to transition out of the readiness assessment with the feedback we get from that to be able to support us submitting for actual phase one application in.

A few months after the kind of the feedback from that and then that would position us to then do the readiness on the phase two part and then also with the feedback from that position us to be able to submit that sort of in the Q4 timeframe is what we're expecting.

Speaker Change: Okay. Thanks, a lot and that would mean full applications and at that point.

Jeffrey Campbell: Your next question comes from the line of Jeffrey Campbell of Seaport Research Partners. Your line is open.

Speaker Change: Okay. Thanks, a lot and that would mean full applications and at that point.

Jeffrey Campbell: Good evening.

Speaker Change: Jack just wanted nine alright on slides nine and 11, you'll recycling and the feedstock preparing the submission into the licensing project plan for the alcohol feel foundry I like that.

Speaker Change: Your next question comes from the line of Jeffrey Campbell of Seaport Research Partners. Your line is open.

Jeffrey Campbell: Good evening.

Speaker Change: Jake just lines nine alright on slides nine and 11 fuel recycling and the feedstock preparing the submission into the licensing project plan for the Oakland fuel foundry I like that.

Jeffrey Campbell: I like that name.

Jeffrey Campbell: Can you add some color on how this licensing effort might be different than that for Aurora, what's the primary hurdles might be and what the timing might be like.

Speaker Change: I like that name.

Speaker Change: Can you add some color on how this licensing effort might be different than that for Aurora, what's the primary hurdles might be and what the timing might be like.

Jeffrey Campbell: Yeah.

Jeffrey Campbell: Yes. So good question, we've been engaged with the NRC on on the pre application activities to submit for large scale fuel fabrication work that is outside right just to kind of recap.

Speaker Change: Yeah.

Jeffrey Campbell: Fuel from.

Speaker Change: Yes. So good question, we've been engaged with the NRC on on the pre application activities to submit for large scale fuel fabrication work that is outside ready just to kind of recap we have fuel from.

Jeffrey Campbell: The department of energy to fuel for our first plant will fabricate that fuel at the Idaho National Laboratory. We are building a pilot fabrication facility there by that I mean, we're installing equipment in existing building, but then as we grow.

Speaker Change: The department of energy to fuel for our first plant will fabricate that fuel at the Idaho National Laboratory. We are building a pilot fabrication facility there by that I mean, we're installing equipment in existing building, but then as we grow.

Jeffrey Campbell: And when you look at sort of the backlog that we've been accumulating.

Jeffrey Campbell: Looking to set up a full scale fuel fabrication facility on the not full scale, but I'd call. It large commercial scale.

Jeffrey Campbell: To help us kind of start to meet that demand set.

Speaker Change: And we look at sort of the backlog that we've been accumulating.

Jeffrey Campbell: That follows a different regulatory path than the typical like part 50 part 52, because its just materials handling its not reactors.

Speaker Change: Looking to set up a full scale fuel fabrication facility on the not full scale, but I'd call. It large commercial scale.

Speaker Change: To help us kind of start to meet that demand set.

Jeffrey Campbell: So it depends a little bit on the specifics of the site and the infrastructure that we're taking advantage of but that's something where you know as we've been engaging with them. You can expect a full sort of application review to be done potentially in the 24 to 30 month time period, possibly as long as 36 it depends on how much infrastructure you need to install given the nature of kind of the regular.

That follows a different regulatory path than the typical like part 50 perfect did you because it's just material handling it's not reactors.

Speaker Change: So it depends a little bit on the specifics of the site and the infrastructure that we're taking advantage of but that's something where you know as we've been engaging with them. You can expect a full sort of application review to be done potentially in the 24 to 30 month time period, possibly as long as 36 it depends on how much infrastructure you need to install given the nature of kind of the regular.

Jeffrey Campbell: Tori environment today.

Jeffrey Campbell: There are some benefits that those timelines might be reduced I do think there's a general view that.

This should definitely be done faster than reactors. So everything that moves those timelines is probably going to help with this so.

Speaker Change: Tori environment today.

Speaker Change: There are some benefits that those timelines might be reduced I do think there's a general view that.

Jeffrey Campbell: So that's kind of how we're seeing that progress, but we're going through evaluating different site opportunities accordingly for that and as those things continue to progress well have well have.

Speaker Change: This should definitely be done faster than reactors. So everything that moves those timelines is probably going to help with this.

Jeffrey Campbell: Good updates for the market and for investors as those come together, but generally speaking that's how we expect that to go to sort of unlock our ability to scale.

Speaker Change: So that's kind of how we're seeing that progress but.

Speaker Change: Going through evaluating different site opportunities accordingly for that and as those things continue to progress well have well have good updates for the market and for investors as those come together, but generally speaking that's how we expect that to go to sort of unlock our ability to scale.

Jeffrey Campbell: Into our you know the.

Jeffrey Campbell: One of the very exciting numbers and customer bases, we have.

Jeffrey Campbell: Right and.

Jeffrey Campbell: That's very helpful.

Into.

Jeffrey Campbell: The point about being faster than a reactor license.

Speaker Change: The.

Speaker Change: One of the very exciting numbers and customer bases, we have.

Jeffrey Campbell:

Speaker Change: Right.

Jeffrey Campbell: And my follow up is.

Speaker Change: That's very helpful.

Jeffrey Campbell: Is this essentially.

Speaker Change: The point about being faster than a reactor license.

Jeffrey Campbell: Somewhat similar to the way you've talked about your Cola license.

Speaker Change: Yes.

Speaker Change: Having multiple applications, even as your way you Brian though.

Speaker Change: Yes.

Speaker Change: And my follow up is.

Speaker Change: Is this essentially.

Speaker Change: Is this already in an effort to create a blueprint for potential you'll founders and a variety of locations.

Speaker Change: Somewhat similar to the way you've talked about your Cola licenses.

Speaker Change: Having multiple applications, even as your way you Brian though.

Speaker Change: In other words already thinking about scalability.

Is this already in an effort to create a blueprint for potential you'll founders and a variety of locations.

Speaker Change: Boundary on the same whether you're thinking about it.

Yes, it's a great question, it's definitely something we think about here, we aren't baking in necessarily the same scale ability, but the lessons learned to apply for it will be helpful. The reason I say that is because like.

Speaker Change: In other words already thinking about scalability.

Youll boundary in the same way that youre thinking about it moving along.

Speaker Change: Yes, it's a great question, it's definitely something we think about here, we aren't baking in necessarily the same scale ability, but the lessons learned to apply for it will be helpful. The reason I say that is because.

Speaker Change: We kind of expect this facility to be pretty large to meet a lot of our need sets for awhile and then.

Speaker Change: Beyond that well, we kind of are looking at how this can be built and down in different places potentially if needed, but generally speaking like.

Speaker Change: <unk>.

Speaker Change: We kind of expect this facility to be pretty large to meet a lot of our need sets for a while.

Speaker Change: Then.

Speaker Change: This is all happening which is like that's really sort of the thing is that this is all kind of progressing in a way to expect to build one but understand that there might be like like feel ability for beyond that so it's kind of a weird not answered yet, but we're saying, yes, there's ability to have scalability from it but the infrastructure of the regulations themselves the actual struck.

Speaker Change: Beyond that well, we kind of are looking at how this can be built and done in different places potentially as needed, but generally speaking like.

Speaker Change: This is all happening which is like that's really still the thing is that this is all kind of progressing in a way to expect to build one but understand that there might be like like feel ability for beyond that.

Speaker Change: <unk> doesn't really allow for that same translate ability for repeat ability the way the reactors do because it's not anticipated to build many of these but theres going to definitely be lessons learned and there's things. We're trying to do to allow for that where it makes sense to do but generally speaking.

Speaker Change: So it's kind of a weird not answered yet, but we're we're saying, yes. There is ability to have applicable scalability from it but the infrastructure of the regulations themselves. The actual structure doesn't really allow for that same translate ability for repeat ability the way the reactors do because it's not anticipated to build many of these but theres going to definitely be lessons learned and there's things we're trying to do to allow for that.

Speaker Change: That's that's kind of a thing that will keep watching as we kind of think through and get into the actual licensing process here, but if you know as we think about the opportunity space for the business. It does makes sense to think about having multiple locations most likely.

Speaker Change: Where it makes sense to do but generally speaking.

Speaker Change: That's kind of a.

Speaker Change: That will keep watching as we kind of think through and get into the actual licensing process here, but as.

Speaker Change: But but not do all of those are ones, obviously, but that's stuff that kind of lagged by probably by five to 10 year increments as we think about the long scale growth and potential here.

Speaker Change: As we think about the opportunity space for the business. It does makes sense to think about having multiple locations most likely.

Speaker Change: But but not do all of those at once obviously, but that's stuff that kind of lagged by probably by five to 10 year increments as we think about the long scale growth and potential here.

Speaker Change: In fact, I think the other thing that as you know.

Speaker Change: <unk> of the facility and the scale of economies when they get on one hand, but logistics of having the difference between having one plant in one family in one location versus mobile location and what it can do around logistics.

Speaker Change: In fact, I think the other side.

Speaker Change: Size of the facility and the scale economies you may get on one hand.

Speaker Change: Yeah.

Speaker Change: But logistics of having the difference between having one plant in one family in one location versus multiple locations and what it can do around logistics.

Speaker Change: Your next question comes from the line of Sameer Joshi of each hearing right. Your line is open.

Oh, Hey, good afternoon, Greg Thanks for taking my questions. Congrats on all the progress.

Speaker Change: Your next question comes from the line of Sameer Joshi of H C. Wainwright. Your line is open.

Speaker Change: My question about it.

Speaker Change: The bore hole drilling campaign that you just announced this morning.

Sameer Joshi: Oh, Hey, good afternoon, Greg Thanks for taking my questions.

Speaker Change: Congrats on all the progress.

Speaker Change: <unk>.

Speaker Change: Does this I think the press release is that it will inform your detailed engineering design.

Speaker Change: My question is about the bore hole drilling campaign that you just announced this morning.

Speaker Change: I'm assuming this.

Speaker Change: Engineering design Blurting do the building and building stability has again.

Speaker Change: Does this I think the press release it seems that it will inform your detailed engineering design.

Speaker Change: The balance of plant things and redo it is in the Balkan region system that any modifications will.

Assuming this engineering design berthing to the building and building stability as against.

Speaker Change: Can you confirm that.

Speaker Change: Yeah, the way I understood that was really if we expect to see a like like what the data does there started the insights from the site characterization due to impacts sort of the detailed design, yes. I mean generally speaking you know, it's really just to make sure that the site characteristics and where we are exactly going to be building like we just engineer all the right structural mechanical.

Speaker Change: The balance of plant like the steam generators in the Balkan region system that any modifications renewed.

Speaker Change: When you come from that.

Speaker Change: Yes, the way I understood that was really if we expect to see a like like what the data does or started the insights from the site characterization due to impacts sort of the detailed design, yes, I mean generally speaking, it's really just to make sure that the site characteristics and where we're exactly going to be building like we just engineer all the right.

Speaker Change: This isn't the right ways to support that that are kind of bounded by how we take that that's sort of bounded kind of standardized approach as is.

Speaker Change: But that's really how we kind of ingalls.

Mechanical pieces in the right ways to support that that are kind of bounded by how we take that that's sort of boundaries kind of standardized approach as is.

Speaker Change: To incorporate that feedback, but it's important to have that information to support then you know also in the regulatory process, which is kind of why we do it and if that makes sense.

Speaker Change: That's really how we kind of ingalls had to incorporate that feedback, but it's important to have that information to support them.

Speaker Change: Yeah no understood.

Speaker Change: And then the second question I have is.

Speaker Change: Also in the regulatory process, which is kind of why we do it and if that makes sense.

Speaker Change: And maybe this has been discussed in the past, but just wanted to make sure I understand.

Speaker Change: Yeah Yeah.

Speaker Change: Understood.

Speaker Change: And then the second question I have is.

Speaker Change: Now that you own in the phase, one or even easier than the fees when will it be obligation readiness assessment.

Speaker Change: And maybe this has been discussed in the past, but just wanted to make sure I understand.

Has this fees also included.

Speaker Change: Specific sizes of the reactor.

Speaker Change: Now that you are in the phase one already initiated the fees when will it be obligation readiness assessment.

Speaker Change: In terms of the 50 megawatts 75 vehicle awards or we lose you needed to be included increased to a next stage.

Speaker Change: Has this also included.

Speaker Change: Mr Fink sizes of the reactor.

Speaker Change: In terms of just 50 megawatts 75 vehicle awards or we will this we needed to be included increased too.

Speaker Change: Just wanted to understand that mainly.

Speaker Change: In context of the one of the previous questioner who else Dave.

Speaker Change: The subsequent coolers can be of different sizes. So just wanted to understand the phase one phase two and when you have to specify.

Speaker Change: The next stage.

Speaker Change: Just wanted to understand that mainly.

Speaker Change: In context of the one of the previous question is who else Dave.

Speaker Change: What the cool pool or whether this was 70 fly or quickly make award.

Speaker Change: The subsequent coolers can be of different sizes. So I just wanted to understand the fee.

Speaker Change: Yeah.

Speaker Change: We had one phase two and when you have to specify.

Speaker Change: So so most every so pretty much everything we're really doing is that for 75 megawatt size range.

Speaker Change: The cooler fall or whether this was 75 megawatts.

Speaker Change: If it works like that kind of is the generalized design and then if we flex down from that is just because theres a customer need or a specific need to do so which would then generally speaking bound against largely speaking the same analyses and everything else that we do to support the 75. So really just think of it as a kind of a consolidated single platform that we build off of from the licensing side.

Speaker Change: Yeah.

Speaker Change: So.

So most every so curious everything we're really doing is that for 75 megawatt size range.

Speaker Change: If word like that kind of is the generalized design and then if we flex down from that just because there's a customer need or a specific need to do so which would then generally speaking bound against largely speaking the same analyses and everything else that we do to support the 75%. So really just think of it as a kind of a consolidated single platform that we build off of from the licensing side.

Speaker Change: Each site then if it does change a little bit.

Speaker Change: That's going to obviously each site has to get some license, but the benefits are sort of the repeatability and scalability be scalability because of that approach should hold pretty heavily obviously, if we make significant departures by introducing major design changes that changes some of that but that's that's not exactly like.

Speaker Change: Each site then if it does change a little bit.

Speaker Change: Going to obviously each site has to get its own license, but the benefits are sort of repeatability and scalability be scalability because of that approach should hold pretty heavily obviously, if we make significant departures by introducing major design changes that changes some of that but that's that's not exactly like in terms of the near term deployment, that's not what we're intending or planning to.

Speaker Change: In terms of the near term deployment, that's not what we're intending or planning to do and that's part of why we made the decision to kind of just centralizing focus around the size range. What that means then is if a customer wants it to be a 60 megawatt variant minutes. The same plant that we're building and we're just basically you know as we use the term kind of underwriting it.

Speaker Change: And that's part of why we made the decision to kind of just centralizing focus around the size range. What that means then is if a customer wants it to be a 60 megawatt variant and then it's the same plant that we're building and we're just basically.

Speaker Change: Running it at a lower power level and then maybe low then have the ability to potentially increase that power level with more fuel going forward. So that's really how we're trying to approach that with the Idaho plant specifically like that's the same approach. We're taking however, we have we have a fuel constraint right we've been awarded fuel.

We use the term kind of underwriting it and.

Speaker Change: And running it at a lower power level and then maybe then have the ability to potentially increase that power level with more fuel going forward. So that's really how we're trying to approach that with the Idaho plant specifically like that's the same approach. We're taking however, we have we have a fuel constraint right we've been awarded fuel.

Speaker Change: And to sort of best use that fuel, we would be running that plant at less than 75 megawatts.

Speaker Change: We're also pursuing options to perhaps get more fuel to run that up at a higher power level.

Speaker Change: And just sort of best use that fuel, we would be running that plant at less than 75 megawatts.

Speaker Change: It just depends a little bit on sort of our.

Speaker Change: But we're also pursuing options to perhaps get more fuel to run that up at a higher power level.

Speaker Change: Some of these activities are going to play out with respect to the fuel supplies, especially given the fact that theres. Another five tons of that material that we requested that's available potentially so like you know.

Speaker Change: That just depends a little bit on sort of how.

Speaker Change: Hum.

Speaker Change: Kind of some of these activities are going to play out with respect to the fuel supplies, especially given the fact that theres. Another five tons of that material that we requested thats available potentially so like.

Speaker Change: Some of that material, we can use to help us run all the way for a full cycle with a full power level, but that's kind of how we're approaching that right now, but yeah, everything really centralizes around kind of about 75 megawatt level.

Speaker Change: Some of that material, we can use to help us run all the way for a full cycle full power level, but thats kind of how we're approaching that right now, but yes, everything really centralizes around kind of that 75 megawatt level.

Speaker Change: Understood squeezing.

Speaker Change: Squeeze in one more for the Oklahoma.

Speaker Change: Foundry.

Speaker Change: This oh facility.

Speaker Change: We're also able to handle recycled.

Speaker Change: Understood.

Speaker Change: Squeeze in one more.

Speaker Change: The fabrication facility.

Speaker Change: Okay.

Speaker Change: Great.

Speaker Change: It's an interesting question so.

Speaker Change: With this facility.

Speaker Change: <unk> facility.

Speaker Change: We're also able to handle recycled.

Speaker Change: What we're talking about with the fuel foundry piece here specific to fresh steel fabrication. However, next to like them.

Speaker Change: The fabrication facility.

Speaker Change: Next to physically but in terms of in addition to that we've been ongoing on the regulatory front for I think dating back to at this point in 2020, one and pre application preparing for the field recycling facility.

Speaker Change: It's an interesting question so.

Speaker Change: What we're talking about with the field foundry piece here specific to fresh fuel fabrication. However next too.

Speaker Change: Next to physically but in terms of in addition to that we've been ongoing on the regulatory front for I think dating back to at this point 2021, and pre application preparing for the fuel recycling facility.

Speaker Change: And that fuel recycling facility would also include so that would include the actual recycling as well as a fuel fabrication facility for recycled fuel the fuel foundry, we talked about here, that's really specific to fresh fuel the same techniques in our.

Speaker Change: Fuel recycling facility would also include so that would include the actual recycling as well as the fuel fabrication facility for recycled fuel the fuel foundry, we talked about here, that's really specific to fresh fuel the same techniques and.

Speaker Change: Approaches and in terms of facility design and process design didn't really speaking will be used to handle recycled fuel, it's still metal casting based but it has to be done obviously in a different environment given the nature of the recycled material. It's casting in other words, the transatlantic bearing kind of feedstock that we're fabricating fuel out of it.

Speaker Change: Approaches in terms of facility design and process design generally speaking will be used to handle recycled fuel, it's still metal casting base, but it has to be done obviously in a different environment given the nature of the recycled materials. It's casting in other words, the transuranic bearing kind of feedstock that we're fabricating fuel out of it.

Speaker Change: So that's a really important thing here right. The recycling means you don't need hailing the fund youre not using halo instead, using the <unk> and the uranium from recycling itself.

Speaker Change: And as a result, the material is more radioactive. It's also thermally hotter. So you need to fabricate that in a different way or in a different kind of set of constraints, but it sets a really good stage for how.

Speaker Change: So that's a really important thing here right. The recycling means you don't need Haley.

Speaker Change: Youre not using halo youre, instead, using the <unk> and the uranium from recycling itself.

Speaker Change: And.

Speaker Change: As a result, the material is more radioactive. It's also thermally hotter. So you need to fabricate done in a different way or in a different kind of set of constraints, but it sets a really good stage for.

Speaker Change: How we can like replacement technologies for them so to answer your question the Ah.

Speaker Change: <unk> activities going on in the regulatory side for for recycling are different than the field foundry side.

Speaker Change: How we can apply.

Speaker Change: But of course, there is some relation so.

Speaker Change: The price of those technologies for it so to answer your question.

Speaker Change: Got it thanks for that color.

Speaker Change: The activities going on in the regulatory side for recycling are different than the fuel foundry side.

Speaker Change: Huh.

Speaker Change: Your last question comes from the line of Craig Shere of Tuohy.

Speaker Change: But of course, there is some relation so.

Speaker Change: <unk> brothers your line is open.

Speaker Change: Got it thanks for that color.

Good afternoon, and thanks for fitting me in so.

Speaker Change: Yes.

Speaker Change: Your last question comes from the line of Craig Shere of Tuohy.

Speaker Change: So let me jump on that same line of questioning so what exactly is the capex delta between a commercial scale fuel foundry versus recycling facility.

Speaker Change: <unk> brothers your line is open.

Craig Shere: Good afternoon, and thanks for fitting me in.

Craig Shere: So so let me jump on that same line of questioning so what is that actually is the capex delta between a commercial scale fuel foundry versus recycling facility.

Speaker Change: And while the licensing for fuel maybe quicker than for the plants the rural powerhouses.

Speaker Change: How long are we talking about constructing a foundry or recycling facility.

Craig Shere: And while the licensing for fuel maybe quicker than for the plans the rural powerhouses.

Speaker Change: For constructing.

Speaker Change: Yeah.

Craig Shere: How long are we talking about constructing a foundry or recycling facility.

Speaker Change: It's a couple of things so basically you've got if you think about this right you have basically two major centers for fuel for Oakwood plans going forward you have one center, which is around fresh Hulu, we procure that material and then we fabricated in our fuel foundries to make fuel to go into a reactors. Then you also have the recycling side that comes in and we will start to be able to recycle fuel from <unk>.

Craig Shere: For constructing.

Craig Shere: Yeah.

Craig Shere: It's a couple of things so basically you've got if you think about this right you have basically two major centers for fuel for Oakwood plants going forward do you have one center, which is around fresh hey, Loo, we procure that material then we fabricated in our fuel foundries to make fuel to go into a reactors. Then you also have the recycling side that comes in and we will start to be able to recycle.

Speaker Change: Thanks.

Speaker Change: Plants that are producing power today as well as Oakwood plans as well as other advanced reactors actually we can take all that material and recycle it producing the feedstock we can make you a lot about the actual.

Craig Shere: From existing.

Craig Shere: Plants that are producing power today as well as Oakwood plans as well as other advanced reactor is actually we can take all of that material and recycle it producing your feedstock. We can make you a lot about the actual yes.

Speaker Change: Recycling facility and then have that material go feel some oakwood plants as well.

So generally speaking like we see those the fuel the foundry will will most likely come into existence in terms of being operational before the recycling facility just given the nature of kind of licensing and the technology development and everything else needed for that.

Recycling facility and then have that material go fuel some oakwood plants as well.

Craig Shere: So generally speaking like we see those the fuel the foundry will will most likely come into existence in terms of being operational before the recycling facility just given the nature of kind of licensing and the technology development and everything else needed for that.

Speaker Change: And then from there.

Speaker Change: We kind of see that staged approach of you get to feel foundry going fabricating fuel for our plants you get recycling. It comes in later produces fuel all of the benefits kind of play forward in those areas.

Craig Shere: And then from there we kind of see that staged approach of you get to feel foundry going fabricating fuel for our plants you get recycling that comes in later produces fuel all the benefits kind of play forward in those areas.

Speaker Change: But generally speaking I mean, and I'm not saying they are staggered on purpose than just kind of the nature of sort of how we think about the infrastructure build out in the planning on that so a lot of exciting stuff coming but generally speaking it sets the foundation for like you know.

Craig Shere: But generally speaking.

Craig Shere: And I'm not saying, they're staggered on purpose. It just kind of the nature of sort of how do we think about the infrastructure build out in the planning on that so a lot of exciting stuff coming but generally speaking it sets the foundation for like.

Speaker Change: Things that then allow us to kind of grow in scale now important things that come from this to fuel.

Speaker Change: Fuel fabrication is great allows us to make fuel also opens the door for us to look at potential partnerships with others to make deal with or for others. Additionally on recycling somewhat kind of thing. So good nice opportunity just to touch on and tie into different pieces, there, which is pretty important. If you are a licensed facility to actually fabricate fuel of what's currently in the United States you know there's really like.

Craig Shere: Things that then allow us to kind of grow in scale now important things that come from this too.

Craig Shere: Fuel fabrication is great allows us to make fuel also opens the door for us to look at potential partnerships with others to make deal with or for others. Additionally on recycling some of that kind of thing. So good nice opportunities to touch on and tie into different pieces, there, which is pretty important. If you are a licensed facility to actually fabricate fuel of what's currently in the United States you know there's really like.

Speaker Change: There's just not there's pretty significantly under supplies for advanced reactors that are just not that much out there the.

Speaker Change: The big opportunity, obviously for us to be able to have that facility and perhaps support some other activity that others are doing in addition to what we're doing some cool things all kind of come together on that and want to losing just a point of view between both obviously the stuff. We did earlier in the year, but you know a couple of months ago, we haven't seen that as a partnership with Lionbridge just kind of an example of how these things kind of compare together now with the infrastructure and facility work we're doing.

Craig Shere: There's just not there's pretty significantly under supplies for advanced reactors that are just not that much out there a.

Craig Shere: The big opportunity, obviously for us to be able to have that facility and perhaps support some other activity that others are doing in addition to what we're doing some cool things all kind of come together on that and want to losing just a point of view between both obviously stuff we did.

Speaker Change:

Craig Shere: Earlier in the year, but you know a couple of months ago, we haven't seen that as a partnership with light bridge just kind of an example of how these things kind of compare together now with the infrastructure and facility work we're doing.

Speaker Change: But generally speaking you know kind of the focus we have is okay. We know we're going to like those things support us for after you know what we have going on right now with Idaho with the pilot fuel fabrication facility to be up there as well as with the first plant we're building there.

Craig Shere: Sure.

Craig Shere: But generally speaking you know kind of the focus we have is okay. We know we're going to like those things support us for after you know what we have going on right now with Idaho with the pilot fuel fabrication facility, we have there as well as with the first plant we're building there.

Speaker Change: So that's kind of how we think about sort of the staging in order of operations Craig I'm not sure. If you want to add anything specific to the commentary around the kind of the incremental capex, but that's kind of how we're thinking of the phasing and the structure of this well.

Craig Shere: So that's kind of how we think about sort of the staging in order of operations Craig I'm not sure. If you want to add anything specific to the commentary around kind of the incremental capex, but that's kind of how we're thinking of the phasing and the structure of this well.

Speaker Change: There will be a couple of topics there, but really.

Speaker Change: We'll have more to say as we've kind of completed some of this.

Speaker Change: Appraise work on both.

Speaker Change: The foundry in the recycling into work.

Craig Shere: There will be incremental capex, there, but really.

Speaker Change: Too early at this point for us to talk about what that could look like.

Craig Shere: We'll have more to say as we've kind of completed some of this.

Speaker Change: That's fair.

Craig Shere: Appraise work on both the foundry and the recycling and so we're.

Speaker Change: Could we just presume that the recycling takes.

Craig Shere: Too early at this point for us to talk about what that could look like.

Speaker Change: More capital and longer to construct.

Craig Shere: That's fair.

Speaker Change: Versus just the foundry.

Craig Shere: Could we just presume that the recycling takes.

Speaker Change: The recycling facility.

Speaker Change: Yes, yes.

Craig Shere: More capital and longer to construct.

Speaker Change: Yeah, I mean, generally speaking because youre, putting in fuel fabrication as well yeah, it's going to be it's going to take longer to build and take more capital generally speaking and then they feel foundry well, it's how do we think about it now the thing with the recycling, though as you also open up all these massive opportunities for additional potential revenues right from additional radio essence of cobalt.

Craig Shere: Versus just the foundry.

Craig Shere: The recycling facility.

Craig Shere: Yes, yes.

Craig Shere: Yes, I mean, generally speaking because youre, putting in fuel fabrication as well yeah, it's gonna be it's going to take longer to build and take more capital generally speaking and then they feel foundry will is how we think about it now the thing with the recycling, though as you also open up all these massive opportunities for additional potential revenues right from additional radioisotope co brought.

Speaker Change: Sales of additional uranium sales additional actual true bearing fuel feed sales. So a lot of things that kind of come from that too so kind of diversify as that piece, which you know is something that we're particularly excited about not to mention the massive savings it gives us compared to fresh fuel.

Craig Shere: Sales of additional uranium sales.

Craig Shere: Additional actual true bearing fuel feed sales. So a lot of things that kind of come from that to kind of diversify that piece, which you know is something that we're particularly excited about not to mention the massive savings it gives us compared to fresh fuel.

Speaker Change: Which is pretty huge but yeah, we expect that to be something that takes longer and more costs cost more than the fresh steel foundry.

Speaker Change: Great and my last one you touched on this a bit and Sharif questioning, but it kind of feels like the foreshadowed new executive orders and department of defense involvement to grease, the rails on U S nuclear.

Craig Shere: Is pretty huge but yes, we expect that to be something that takes longer and more cost cost more than the fresh steel foundry.

Craig Shere: Great and my last one you touched on this a bit and Sharif questioning, but it kind of feels like the foreshadowed new executive orders and department of defense involvement to grease, the rails on U S nuclear.

Speaker Change: Could by far be the most meaningful.

Speaker Change: On the fuel side, not government property and other things would you agree with that and if so what tangible perspective federal steps would you want to see on that front.

Craig Shere: By far be the most meaningful on the fuel side not.

Craig Shere: Government property and other things would you agree with that.

Speaker Change: Yeah, I'll kind of I'll give you a long winded answer to this but I think it's it's a it's there's a huge amount of like.

Craig Shere: And if so what tangible perspective federal steps would you want to see on that front.

Speaker Change: I'll call it Greenfield opportunity right now in terms of the policy landscape and in terms of the appetite to use I'll call. It the national resources and assets, we have as a country with respect to deployment between significant federal lands look at the department of energy requesting information you know about how they might be able to support building data centers at existing sites.

Yes, I'll kind of I'll give you a long winded answer to this but I think it's a there's a huge amount of like.

Craig Shere: I'll call it Greenfield opportunity right now in terms of the policy landscape and in terms of the appetite to use I'll call. It the national resources and assets, we have as a country with respect to deployment between significant federal land look at the department of energy requesting information you know about how they might be able to support building data centers at existing sites.

Speaker Change: That could also tie over potentially the benefits of them being able to actually be the regulator on some of the sites potentially I mean, some of this depends on a lot of moving parts, but that could provide a significant axon or benefit accelerated benefit at the very least it provides an interesting competitive alternative dynamic to the to the NRC, which I think is good.

Craig Shere: That could also tie over potentially the benefits of them being able to actually be the regulator on some of the sites potentially I mean, some of this depends on a lot of moving parts, but that could provide a significant axon or benefit accelerated benefit at the very least it provides an interesting competitive alternative dynamic to the to the NRC, which I think is good.

Speaker Change: Great.

Speaker Change: Competitive dynamics like that are kind of good for everybody. So it's pretty cool and just for US one benefit we have right like we kind of we often have we haven't actually talked about this as much as maybe maybe there's some interesting opportunities to do so but the department of energy was going through the process of designing and building out and therefore it included there theyre having to prove they're having you go.

Craig Shere: [laughter] competitive dynamics like that are kind of good for everybody. So it's pretty cool and just for US one benefit we have right like we kind of we often have we haven't actually talked about this as much as maybe maybe there is some interesting opportunities to do so but.

Through a regulatory process of their internal regulatory authority and authorization of a sodium called fast reactor for neutron irradiation testing purposes, a lot of the work that they did in that process and for that project for the safety evaluations and all of those pieces have significant carryover benefit to us and as a result, we've seen some of that actually play sports in some some benefits on the NRC.

Craig Shere: The department of energy was going through the process of designing and building out and therefore it included there theyre having to prove they're having to go through a regulatory process of their internal regulatory authority and authorization of a sodium cooled fast reactor for neutron irradiation testing purposes, a lot of the work that they did in that process and for that project for the safety evaluation when.

Speaker Change: Side, because I think generally speaking, it's safe to say that regulators in general like well I think all of US it's not just them. It's all nice when you can build off of work that others have done as well and you don't have to do it all kind of from scratch yourself. So if that's the case then you know what we've seen there theres some benefit so if some of that activity in some of these potential ideas.

Craig Shere: All of those pieces.

Craig Shere: Significant carryover and benefit to us and as a result, we've seen some of that actually play sports in some benefits on the <unk> side, because I think generally speaking, it's safe to say that regulators in general like well I think all of US is that just them. It's all nice when you can build off of work that others have done as well and you don't have to do it all kind of from scratch yourself. So if thats the case.

That we've heard kind of circle around and we know there has been appetite in Capitol Hill from conversations and also in different Ngos and think tanks and activities around how to best leverage the regulatory authorities that the department of defense. The department of energy and the NRC has kind of been a cooperative, but also maybe somewhat competitive dynamic that's pretty favorable do you think about what we're doing two at Idaho.

Craig Shere: And then you know <unk> seen there there is some benefit so if some of that activity in some of these potential ideas.

Craig Shere: That we've heard kind of circle around and we know there has been appetite in Capitol Hill from conversations and also in different Ngos and think tanks and activities around how to best leverage the regulatory authorities that the department of defense. The department of energy and the NRC has kind of been a cooperative, but also maybe somewhat competitive dynamic that's pretty favorable do you think about what we're doing two at Idaho.

Speaker Change: We have a great head start on some of these activities given we have a site and use permit we're deep in the process of.

Speaker Change: Playing in developing there if all of a sudden theres an opportunity to perhaps bring in you know folks like Hyperscale partners to there and maybe build more plants. There and then have some benefits because we're doing that whether it would be the department of energy is regulating body or some piece like that like there's some significant benefits that can kind of come from all of those pieces together another side of this.

Craig Shere: We have a great head start on some of these activities given we have a slight use permit we're deep in the process of deploying and developing there if all of them.

Craig Shere: And theres, an opportunity to perhaps bring in folks like Hyperscale partners to there and maybe build more plants. There and then have some benefits because we are doing that whether it would be the department of energy is regulating body or some piece like that like there's some significant benefits that can kind of come from all of those pieces together another side of this.

Speaker Change: The work we're doing out you.

Speaker Change: You know that we've we announced some time ago, but part of our partnership with Pinterest was looking at building two plants right to build two plants in Ohio to help support a sort of what they're doing and that has some carryover from you know from department of energy.

Craig Shere: Work, we're doing out you.

Craig Shere: You know that we've we announced some time ago, but part of our partnership with interest. We're looking at building two plants right to build two plants in Ohio to help support.

Speaker Change: Environment management kind of legacy land that they've been turning over for development. So a lot of cool opportunities between the different things we've been doing on the on the Doa India decides obviously are our selection in the process as part of the A&P I program.

Craig Shere: What they're doing and that has some carryover from.

From Department of energy.

Environment management kind of legacy land that they've been turning over for development, so logical opportunities between the different things we've been doing on the on the <unk> sites. Obviously are our selection in the DAA process as part of the NPI program is also helpful for unlocking some opportunities to provide power direct there given that you know.

Speaker Change: It is also helpful for unlocking some opportunities to provide power direct there given that you know.

Speaker Change: I and energy are considered you know pretty important things for the National Security perspective, there's also opportunities to do stuff with defense land.

Speaker Change: That could be constructive here as well so I'm kind of giving you. This wrap around answer to say right now there's a lot of the art of the possible on the table that could be really really attractive and.

Craig Shere: And energy are considered pretty important things for the National Security perspective, there's also opportunities to do stuff with defense land.

Craig Shere: That could be constructive here as well so I'm kind of giving you. This wrap around answer to say right now there's a lot of the art of the possible on the table that could be really really attractive and pretty exciting in an accelerated manner.

Speaker Change: Pretty exciting in an accelerated manner.

Speaker Change: But you know, we'll see like where all of this stuff is actively evolving and it's gonna be iterative and dynamic I think over the next couple of years, frankly, but especially over the next couple of months. So we're we're excited to see what might be there and what might happen with this and where we're trying to kind of.

Craig Shere: But you know, we'll see like where all of this stuff is actively evolving and it's gonna be iterative and dynamic I think over the next couple of years, frankly, but especially over the next several months. So we're we're excited to see what might be there and what might happen with this and where we're trying to kind of.

Speaker Change: Thread, the needle and push where things make the most sense to sort of accelerate getting plants built in scaling accordingly, and bringing the right resources to the table, but that would be pretty constructive and helpful. And then I think another dynamic that ties to that and we talked I just talked a lot about fighting and regulatory side, but the government also owns a lot of material that can be used as fuel and ideally theres some opportunities to sort of accelerate that and build off of.

Craig Shere: Thread, the needle and push where things make the most sense to sort of accelerate getting plants built in scaling accordingly, and bringing the right resources to the table, but that would be pretty constructive and helpful. And then I think another dynamic that ties to that when you talked I just talked a lot about fighting and regulatory side, but the government also owned a lot of material that can be used as fuel and ideally theres some opportunities to sort of accelerate that and build off of what.

Speaker Change: What they've already done with us what they just did in the next round of those things are for other companies building kind of small scale test plants. We're excited about hopefully these things kind of continuing to scale and what ramp up for more opportunities there as well.

Craig Shere: <unk> already done with us what they just did in the next round of those things.

Craig Shere: For other companies building kind of small scale test plants. We're excited about hopefully these things kind of continuing to scale and what ramp up for more opportunities there as well.

Speaker Change: Thank you I'd now like to pass the call back over to Sam Dong for a question from <unk> retail investors. Please go ahead.

Speaker Change: Thank you, yes, we had one question come through.

Craig Shere: Thank you I'd now like to pass the call back over to Sam Dong for a question from <unk> retail investors. Please go ahead.

Speaker Change: The question is can you elaborate on the current stage of your discussions or agreements with datacenter operators or hyperscale customers and how these conversations are shaping oakwood deployment timeline and reactor, citing strategy.

Speaker Change: Thank you, yes, we had one question come through.

Sam Dong: The question is can you elaborate on the current stage of your discussions or agreements with datacenter operators or hyperscale customers and how these conversations are shaping <unk> deployment timeline and reactor sizing strategy.

Speaker Change: Yes, I can take that one so as we said at our last call. We continue to have active discussions with all of our customers, especially those in the.

Speaker Change: Yes, I can take that one so as we said at our last call. We continue to have active discussions with all of our customers, especially those in the data center space. We are exchanging term sheets that were talking about.

Speaker Change: Data center space, we are in.

Speaker Change: Exchanging term sheets that were talking about.

Commercial terms, but I think it's really about how do we optimize what we do commercially around.

Speaker Change: Three factors there.

Speaker Change: Power purchase pricing itself, but there is also trying to structure deals with customers that could include some form of investment in <unk>, either kind of a prepayment like what equinix did or potentially some sort of like at that level of investment and also just try to work with customers that can help us share and manage risks.

Yes.

Speaker Change: Commercial terms I think it is really about how do we optimize what we do commercially around okay.

Speaker Change: Three factors there.

Speaker Change: Power purchase pricing itself, but there is also trying to structure deals with customers that could include some form of investment in <unk>, either kind of a prepayment like what equinix did or potentially some sort of like asset level of investment and also just try to work with customers that can help us share and manage.

Speaker Change: Better in.

Speaker Change: In addition to one of our new hires that Jay talked about earlier, Patrick We've also had Mike Donahue, who joined <unk> as the personal lending.

Speaker Change: Risks better.

Speaker Change: In addition to.

Speaker Change: Great.

Speaker Change: Development activity is focused specifically on the data center.

Jay: One of our new hires that Jay talked about earlier, Patrick We've also had Mike Donahue join.

Speaker Change: So we have some customers that I think and Mike both a company a couple of months and I think he's kind of reinforced that.

Speaker Change: Hello, as the person leading our business.

Jay: The development activities focused.

Speaker Change: Think about this strategically and do it in a thoughtful manner our approach that we've been taking.

Jay: Specifically on our data center.

Jay: Solution customers and I think Mike.

Jay: With the company a couple of months and I think he's kind of reinforced that.

Speaker Change: No Jay did talk earlier about the ability for us to.

Jay: Think about this strategically and do it in a thoughtful manner our approach that we've been taking.

File they have more permits on file as the first part for me for Idaho site.

Jay: No Jay did talk earlier about the ability for us to.

Speaker Change: It has been reviewed but one thing we do need to have in order to file a permit us to kind of know which where.

Jay: File they have more permits on file as the first part permit for our Idaho site.

Speaker Change: Where we would be located that site beyond Idaho, so that does kind of have.

Jay: Is being reviewed the one thing we do need to have in order to file a permit is to kind of know which.

Speaker Change: And become an important step in terms of our contracting strategy.

Looking into our permitting strategy, but we're making a lot of progress and I think it's fair to say that our business development team.

Jay: Where we would be located in that site the all in Idaho.

Jay: Does.

Jay: Can become an important step in terms of our.

Jay: Our contracting strategy linking into our permitting strategy, but we're making a lot of progress and fair.

Speaker Change: One of the busier teams in Oklahoma.

Speaker Change: Thank you that concludes our Q&A session I'll now turn the conference back over to CEO, Jake do it for closing remarks.

Jay: Fair to say that our business development team.

Jay: <unk> is one of the busier teams in Oklahoma.

Great. Thank you all and thank you for the time as always.

Jack Wet: Thank you that concludes our Q&A session I will now turn the conference back over to CEO, Jack <unk> for closing remarks.

Speaker Change: I think.

Speaker Change: The only been about several weeks since the last call a lot of different things kind of transpiring in the broader sort of macro environment and since then and what we see though is kind of a consistent steady drumbeat on the on the AI kind of theme around energy need in sort of in the Hyperscale is coming to the table and seeing a massive set of opportunities for growth.

Speaker Change: Great. Thank you all and thank you for the time as always.

Jack Wet: I think.

Jack Wet: It's only been about several weeks since the last call a lot of different things kind of transpiring in the broader sort of macro environment and since then and what we see though is kind of a consistent steady drumbeat on the on the AI kind of theme around energy need and sort of on the Hyperscale is coming to the table and seeing a massive set of opportunities for growth.

Speaker Change: For compute but massively constrained by power.

Speaker Change: At congressional testimony, just a few days ago.

Speaker Change: I guess last week, our former chairman, Sam Walton and made it pretty clear that energy is probably one of the best things most and most important thing is the government can invest in.

Jack Wet: For compute but massively constrained by power.

Speaker Change: Congressional testimony, just a few days ago I.

And I think and just generally speaking be invested into.

Jack Wet: Just last week.

Speaker Change: Our former chairman, Sam Walton and made it pretty clear that energy is probably one of the best things most of the most important things the government can invest in and I think and just generally speaking be invested into.

Speaker Change: And so pretty exciting opportunity space to see all of those come together and couple that with a broad policy backdrop and an administration that has a heavy focus on driving infrastructure development growth investment and driving the regulatory process to be conducive to that I'll set the stage for I think a lot of things to actually exceed expectations in some ways.

Speaker Change: And so pretty exciting opportunity space to see all of those come together and couple that with a broad policy backdrop and an administration that has a heavy focus on driving infrastructure development growth investment and driving the regulatory process to be conducive to that I'll set the stage for I think a lot of things to actually exceed expectations in some ways.

Speaker Change: With the potential of ideas out there, but a lot of challenges obviously against that however, we're in a different world today.

Speaker Change: And I think nuclear is ever seen before and coupling our sort of distinction with the business model, we afford our approach and technology and kind of the integrated model. We have a we're starting to see some of the clarity of kind of the alignment of what those things unfold and enable as well as just you know generally speaking the ability to move technology development and deployment more quickly and cigna.

Speaker Change: With the potential of ideas out there, but a lot of challenges obviously against that however, we're in a different world today then.

Speaker Change: And then I think nuclear is ever seen before and coupling our sort of distinction with the business model, we afford our approach and technology and kind of the integrated model. We have a we're starting to see some of the clarity of kind of the alignment of what those things unfolded enable as well just generally speaking the ability to move technology development and deployment more quickly and <unk>.

Speaker Change: Really change the paradigm that Hasnt somebody's challenge nuclear which have a lot of misaligned incentives that a lot of different parties and transactional dynamics that nuclear is really hard to scale and build these things are all a different world. Today, you have some of the biggest companies in world, leading power, an almost insatiable amounts, having deep pocket books and the ability to support paying prices.

Speaker Change: Inefficiently change the paradigm that Hasnt somebody's challenge nuclear which had a lot of misaligned incentives had a lot of different parties and transactional dynamics that nuclear is really hard to scale and build these things are all a different world. Today, you have some of the biggest companies in the world needing power, an almost insatiable amounts, having deep pocket books and the ability to support paying prices.

Speaker Change: Prices needed to get early plans built with a clear sort of angle on cost declination beyond that down the road.

Speaker Change: And be able to also coupled out with best practices from other industries and supply chain to really kind of be able to deliver what nuclear long has in terms of its potential and promise so.

Speaker Change: Prices are needed to get early planes built with a clear sort of angle on cost declination beyond that down the road.

Speaker Change: And then be able to also coupled out with best practices from other industries and supply chains.

Speaker Change: We remain I think the <unk>.

Speaker Change: Missing here is one that transcends, even just kind of the quarterly basis or the yearly basis, but something that we're working to unlock as is the actual like capabilities afforded by splitting atoms, which when you think about heavy metal reserves are there.

Speaker Change: So really kind of be able to deliver what nuclear long has in terms of its potential and promise so are.

Speaker Change: We remain I think the mission here is one that transcends, even just kind of the quarterly basis or the yearly basis, but something that we're working to unlock as is the actual like capabilities afforded by splitting atoms, which when you think about heavy metal reserves.

Speaker Change: We have in the planet, coupled with fast reactors and recycling you can talk about 1 billion plus your energy reserves available to us with technologies that.

Speaker Change: That have quite a bit of maturity behind them. So we're excited to be working on that and leading the charge on a lot of those fronts.

Speaker Change: That we have in the planet, coupled with fast reactors and recycling you can talk about 1 billion plus yeager energy reserves available to us with technologies that have quite a bit of a maturity behind them. So we're excited to be working on that and leading the charge on a lot of those fronts.

Speaker Change: And looking forward to the next update here in a few months.

Speaker Change: This concludes today's conference call you may now disconnect.

Speaker Change: And I'm looking forward to the next update here in a few months.

This concludes today's conference call you may now disconnect.

Speaker Change: [music].