Financial Data and Key Metrics Changes - Year to date loss from operations was $35.8 million, an increase of approximately $28 million from the comparable nine-month prior year period [43] - Year to date net loss totaled $32 million, up approximately $24 million from the prior year period, reflecting increases in R&D and G&A expenses [44] - Cash and cash equivalents increased to $210.2 million, an approximate $92 million increase from the end of the second fiscal quarter [45] Business Line Data and Key Metrics Changes - The company advanced its patented Cronos MMR energy system toward construction, demonstration, and licensing with the U.S. Nuclear Regulatory Commission (NRC) [20] - A strategic collaboration agreement was executed to build out the first Cronos MMR at the University of Illinois Urbana Champaign [21] - The company signed an MOU with UR America to explore strategic development across Argentina's uranium fuel supply chain [23] Market Data and Key Metrics Changes - Analysts project U.S. electricity consumption to rise at approximately 2.4% CAGR between 2022 and 2030, with data centers expected to comprise 8% of U.S. power by 2030 [12][13] - There is a growing global commitment to triple nuclear capacity by 2050, solidifying growth in nuclear energy as a secular trend for the coming decades [11] Company Strategy and Development Direction - The company is focused on a vertically integrated strategy to derisk microreactor development and enhance its competitive position [6][8] - The acquisition of Cronos MMR microreactor positions the company as a North American leader in microreactor commercialization [6] - The company aims to secure key stages of the nuclear fuel supply chain as a strategic priority [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on macro trends driving demand for advanced nuclear solutions [9] - The company highlighted the importance of bipartisan legislative and policy support for nuclear energy, which has emerged as a strategic focus for national security and climate goals [14][15] - Management is optimistic about the future, citing a strong team and a clear vision for commercialization [17] Other Important Information - The company closed a private placement for net proceeds of $99 million, strengthening its balance sheet and expanding institutional ownership [9] - Recent personnel additions and collaborations validate the company's strong competitive position [25][27] Q&A Session Summary Question: Progress in Canada to license there - The company is focused on reengaging with the Canadian licensing process and has almost completed the legal process of taking the holding entity out of bankruptcy [51][52] Question: Commercial sales opportunities for ALIP - The company is completing the SBIR Phase three process with the DOE, which will enable it to become a default contractor for supplying ALIP technology [58] Question: Cash usage during the remainder of 2025 and into 2026 - The estimated cash burn over the next twelve months is around $40 million, primarily for hiring and operational support [68] Question: Strategy of vertical integration - The company is examining how to involve itself in upstream processes like mining, milling, and conversion to derisk the fuel supply chain [75] Question: Application for the DOE Advanced Reactor pilot program - The company did not apply for the DOE program as it would result in higher costs and no commercial benefit [80][82] Question: Supply chain for nuclear grade graphite - The company is negotiating with suppliers for components like nuclear grade graphite and reactor pressure vessels, which will need to be outsourced [87]