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- **Operational Momentum:** Silicon-28 customer validation and ytterbium-176 production ramp-up highlight commercial traction. QLE's KUBE unit and Supercritical Technologies expand nuclear fuel supply chain dominance.
- **Financial Growth:** Radiopharmaceutical revenue up 24% YoY, offsetting high R&D expenses. $200M post-quarter capital raise supports plant expansion.
- **Strategic Acquisitions:** Supercritical Technologies and Renergen acquisition position QLE as end-to-end nuclear fuel supplier. Skyline divestiture focuses on critical materials.
- **Key Milestones:** Phase 1C completion by end-Q1 2026, first carbon-12 shipments in December, and HALEU production in South Africa.

**【CEO Opening Remarks】**
- CEO Robert Ainscow highlighted progress in the multi-isotope plant, including modifications to improve enrichment rates and transition to germanium. Commercial samples of silicon-28 were validated by customers, and a new contract was secured for 2026 delivery.
- The Renergen acquisition is nearing completion, with all approvals except exchange control pending. Phase 1C of the Renergen plant is progressing well, with enhanced drilling and compressor station nearing completion.
- The nuclear medical division shipped commercial samples of ytterbium-176, with production expected in H1 2026. Four new quantum enrichment plants are under procurement for gadolinium, nickel, zinc, and barium-130/137.
- Carbon-14 production is delayed due to feedstock issues but expected to resume in January 2026, with carbon-12 shipments to commence in December.

**【Operational Updates】**
- **Quantum Leap Energy (QLE):** Dr. Rhino Pretorius announced the KUBE unit technology to convert cesium-137 into barium-137, with $64.3M raised via convertible notes. QLE aims to become the leading supplier of HALEU (10%-20% enrichment) and lithium-7/6 for nuclear reactors. A term sheet for a U.S. radiopharmacy was signed, with further acquisitions in due diligence.
- **Skyline Builders:** Paul Mann revealed the acquisition of Supercritical Technologies to extract uranium from seawater, completing QLE's nuclear fuel supply chain. The company plans to divest non-core construction assets.

**【Financial Update】**
- **Revenue:** Radiopharmaceuticals grew 18% QoQ and 24% YoY to $3.6M (year-to-date), driven by capacity expansion and pricing. Skyline contributed $3.6M in Q3.
- **Expenses:** Operating expenses rose 84% YoY to $36.2M, driven by 66% headcount increase and professional fees. Net loss from operations was $34.9M (year-to-date), reflecting low-margin Skyline revenue and high R&D investment.
- **Cash:** $113.9M as of Q3, with $200M raised post-quarter. Capital expenditures for plant construction reached $33M (up from $23M in 2024).

**【Q&A Highlights】**
- **Silicon-28 Delays:** Startup complexities caused delays, but customer visits validated technology. First commercial shipments expected in H1 2026.
- **Renergen Milestones:** Phase 1C completion by end-Q1 2026 will de-risk operations. Share swap completion is pending regulatory approval.
- **Revenue Recognition:** Carbon-12 shipments to commence in December, with silicon-28 revenue in H1 2026.
- **LEU Plus Strategy:** QLE is targeting 5%-10% enrichment for existing nuclear reactors, with HALEU (19.75%) as the long-term goal. TerraPower remains committed to South African HALEU production.

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