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- **DOE Program Milestones**: Selected for 3 Reactor Pilot Program awards, enabling faster construction and DOE authorization for Aurora-INL.
- **Aurora-INL Progress**: Groundbreaking completed, major excavation starts in January 2026, with commercial operations targeted for late 2027.
- **Plutonium Fuel Strategy**: Up to 20 tons of DOE-provided plutonium could produce 180 tons of Aurora fuel, reducing reliance on HALEU.
- **Financial Strength**: $1.2B cash position after $540M equity raise; Tennessee Advanced Fuel Center investment of $1.68B for recycling and fabrication.
- **Customer Pipeline**: 14GW offtake discussions with hyperscalers, utilities, and defense; Atomic Alchemy pilot reactor to start in mid-2026.
- **Regulatory Breakthrough**: DOE and NRC MOU streamlines advanced reactor licensing, eliminating need for NRC COLA.

**【CEO Summary Section】**
- Selected for 3 DOE Reactor Pilot Program awards, including Aurora-INL, Atomic Alchemy's isotope reactor, and Pluto plutonium test reactor.
- Broke ground on Aurora-INL in Idaho, with major excavation starting in January 2026.
- Secured up to $1.68 billion investment for Tennessee Advanced Fuel Center, including fuel recycling and fabrication.
- DOE approved Nuclear Safety Design Agreement for Aurora fuel fabrication facility in under 2 weeks.
- Advanced Fuel Line Pilot Program awarded for domestic fuel fabrication.
- Completed fuel assembly flow testing and major procurements for in-vessel machines, pumps, and nozzles.

**【CFO Financial Commentary】**
- Q3 2025 operating loss: $36.3M (including $9.1M stock-based comp).
- Cash position: $1.2B after $540M at-the-market equity raise.
- Year-to-date cash used in operations: $48.7M; full-year guidance: $65M-$80M.
- Capital expenditures for Aurora-INL and fuel fabrication facilities started in 2025.
- Advanced Fuel Center investment: up to $1.68B for recycling, fabrication, and powerhouses.

**【Q&A Highlights】**
- DOE authorization pathway eliminates need for NRC COLA, enabling faster construction.
- Aurora-INL target for commercial operations: late 2027-early 2028.
- 20 tons of DOE-provided plutonium could produce 180 tons of Aurora fuel, reducing HALEU dependency.
- Tennessee Fuel Center to recycle used nuclear fuel into new metal fuel.
- Atomic Alchemy pilot reactor expected to begin operations in mid-2026.
- Customer pipeline includes hyperscalers, utilities, and defense, with 14GW offtake discussions.
- DOE and NRC signed MOU to streamline advanced reactor licensing.
- Advanced Fuel Line Pilot Program awarded for domestic fuel fabrication.
- Strategic partnerships with European companies for fuel fabrication and reactor components.

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