Financial Data and Key Metrics Changes - The company's first quarter operating loss was $17.9 million, including non-cash stock-based compensation of $2.3 million [34] - Loss before income taxes was $14.2 million, reflecting an operating loss adjusted for net interest income of $3.6 million [34] - Cash used in operating activities was $12.2 million, with a full-year guidance of $65 million to $80 million for total cash used in operations [34] - At the end of the quarter, cash and marketable securities totaled $260.7 million [35] Business Line Data and Key Metrics Changes - The company is advancing steadily toward commercial deployment, having completed a major milestone in preparing the INL site for the Aurora Powerhouse [15] - The customer pipeline totaled over 14 gigawatts, spanning sectors like data centers and defense, indicating strong and growing demand [35] Market Data and Key Metrics Changes - The current administration has made nuclear energy a strategic priority, with executive orders supporting regulatory reform and streamlined permitting for nuclear projects [4][5] - The administration is considering new executive orders to quadruple the size of the U.S. nuclear fleet by 2050, which aligns with the company's mission [7] Company Strategy and Development Direction - The company’s competitive advantage is based on a build-own-operate business model, small-scale modern design, and proven technology [9][10] - The company aims to bring its first commercial unit online in late 2027 to early 2028, focusing on delivering a commercial powerhouse rather than a demonstration plant [12] - The company is also pursuing partnerships to support technology development and deployment of POWERHOUSE and radioisotope assets [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the alignment of federal support for nuclear energy with the company's mission, highlighting the administration's commitment to advanced nuclear technologies [8] - The company is optimistic about its regulatory strategy and the potential for faster licensing pathways, which will support its commercialization goals [22] Other Important Information - The company acquired Atomic Alchemy to expand its reach into the high-growth radioisotope market, which is expected to drive near-term revenue and long-term market leadership [25] - The company is actively developing a fuel recycling program, which is expected to provide a significant cost and commercialization advantage [23] Q&A Session Summary Question: Can you talk about the regulatory authority for nuclear power that the DoD has today? - The DoD has the authority to regulate nuclear plants for their use cases, and there is potential for them to accelerate reactor deployments through programs like ANPI [40] Question: Can you give us an update on other parts of the supply chain and your confidence in commencing construction? - The company is leveraging existing supply chains and is focused on fuel as the main challenge, but is optimistic about breaking ground soon [44][46] Question: When might you start taking delivery of fuel from the fuel MOU with Centrus? - The first fuel for the initial plant is allocated from government reserves, while commercial procurement will happen for subsequent plants [53][57] Question: Will additional capital be needed given the larger reactor size and growth needed for Atomic Alchemy? - The balance sheet has adequate capital for the deployment of INL, but the company will raise capital strategically if needed [66][67] Question: What does the NRC process look like for the Viper facility? - The licensing process for the Viper facility is simpler and more straightforward than for power reactors, benefiting from a two-step process [70] Question: Is the company more confident about the licensing process as it approaches the submission of the COLA? - The company has had extensive engagement with the NRC and is optimistic about the efficiency and effectiveness of the licensing process [86][88]