Q1 2026 NuScale Power Corp Earnings Call

May 7, 2026

Speaker #2: Good afternoon and welcome to NUSCALE's first quarter 2026 earnings results conference call. Today's call is being recorded. A replay of today's conference call will be available and accessible on NUSCALE's Investor Relations website.

Operator 2: Good afternoon, and welcome to NuScale's Q1 2026 earnings results conference call. Today's call is being recorded. A replay of today's conference call will be available and accessible on NuScale's investor relations website. The web replay will be available for 30 days following the earnings call. At this time, for opening remarks, I would like to turn the call over to Rodney McMahan, Senior Director of Investor Relations. Please go ahead.

Operator: Good afternoon, and welcome to NuScale's Q1 2026 Earnings Results Conference Call. Today's call is being recorded. A replay of today's conference call will be available and accessible on NuScale's investor relations website. The web replay will be available for 30 days following the earnings call. At this time, for opening remarks, I would like to turn the call over to Rodney McMahan, Senior Director of Investor Relations. Please go ahead.

Speaker #2: The web replay will be available for 30 days following the earnings call. At this time, for opening remarks, I would like to turn the call over to Rodney McMahan, Senior Director of Investor Relations.

Speaker #2: Please go ahead.

Speaker #3: Thank you, Operator. With us today are John Hopkins, NUSCALE President and Chief Executive Officer, and Ramsey Hamady, Chief Financial Officer. We will begin by providing an update on our business, followed by a discussion of our financial results.

Rodney McMahan: Thank you, operator. With us today are John Hopkins, NuScale President and Chief Executive Officer, and Ramsey Hamady, Chief Financial Officer. We will begin by providing an update on our business, followed by a discussion of our financial results. We will then open the phone lines for questions. This afternoon, we posted supplemental slides on our investor relations website. As reflected in the safe harbor statements on slide 2, the information set forth in the presentation and discussed during the course of our remarks in the subsequent Q&A session includes forward-looking statements, which reflect our current views of existing trends and are subject to a variety of risks and uncertainties. For a detailed discussion of our risk factors that could contribute to differences in our expectations, please refer to our Form 10-K for the year ended 31 December 2025, and our subsequent SEC filings.

Rodney McMahan: Thank you, operator. With us today are John Hopkins, NuScale President and Chief Executive Officer, and Ramsey Hamady, Chief Financial Officer. We will begin by providing an update on our business, followed by a discussion of our financial results. We will then open the phone lines for questions. This afternoon, we posted supplemental slides on our investor relations website. As reflected in the safe harbor statements on slide two, the information set forth in the presentation and discussed during the course of our remarks in the subsequent Q&A session includes forward-looking statements, which reflect our current views of existing trends and are subject to a variety of risks and uncertainties. For a detailed discussion of our risk factors that could contribute to differences in our expectations, please refer to our Form 10-K for the year ended 31 December 2025, and our subsequent SEC filings.

Speaker #3: We will then open the phone lines for questions. This afternoon, we posted supplemental slides on our investor relations website. As reflected in the Safe Harbor Statements on slide 2, the information set forth in the presentation and discussed during the course of our remarks in the subsequent Q&A session includes forward-looking statements, which reflect our current views of existing trends, and are subject to a variety of risk and uncertainties.

Speaker #3: For a detailed discussion of our risk factors that could contribute to differences in our expectations, please refer to our Form 10-K for the year-ended December 31st, 2025, and our subsequent SEC filings.

Speaker #3: I'll now turn the call over to John Hopkins.

Rodney McMahan: I'll now turn the call over to John Hopkins.

Speaker #4: Thank you, Rodney, and good afternoon, everyone. We are at a true watershed moment for the nuclear industry. Global demand for reliable 24/7 baseload power is surging.

John Hopkins: Thank you, Rodney, and good afternoon, everyone. We are at a true watershed moment for the nuclear industry. Global demand for reliable 24/7 baseload power is surging, and the appetite for proven advanced nuclear solutions has never been stronger. In this environment, NuScale stands apart, not as a promising newcomer, but as a clear global leader ready to deliver today. Let me remind you why NuScale is uniquely positioned to capture this historic opportunity. As you can see on slide 3, we are differentiated on the dimensions that matter. Regulatory leadership, fuel supply availability, true modular factory fabrication, deployment readiness, and safety. In addition, NuScale has the balance sheet to deliver to the commercial market. First, unmatched regulatory leadership. NuScale stands alone as the only SMR company in the world to have earned US Nuclear Regulatory Commission standard design approval.

John Hopkins: Thank you, Rodney, and good afternoon, everyone. We are at a true watershed moment for the nuclear industry. Global demand for reliable 24/7 baseload power is surging, and the appetite for proven advanced nuclear solutions has never been stronger. In this environment, NuScale stands apart, not as a promising newcomer, but as a clear global leader ready to deliver today. Let me remind you why NuScale is uniquely positioned to capture this historic opportunity. As you can see on slide three, we are differentiated on the dimensions that matter. Regulatory leadership, fuel supply availability, true modular factory fabrication, deployment readiness, and safety. In addition, NuScale has the balance sheet to deliver to the commercial market. First, unmatched regulatory leadership. NuScale stands alone as the only SMR company in the world to have earned US Nuclear Regulatory Commission standard design approval.

Speaker #4: And the appetite for proven advanced nuclear solutions has never been stronger. In this environment, NUSCALE stands apart. Not as a promising newcomer, but as a clear global leader ready to deliver today.

Speaker #4: Let me remind you why NUSCALE is uniquely positioned to capture this historic opportunity. As you can see on slide 3, we are differentiated on the dimensions that matter.

Speaker #4: Regulatory leadership, fuel supply availability, true modular factory fabrication, deployment readiness, and safety. In addition, NUSCALE has a balance sheet to deliver to the commercial market.

Speaker #4: First, unmatched regulatory leadership. NUSCALE stands alone as the only SMR company in the world. To have earned U.S. nuclear regulatory commission standard design approval.

Speaker #4: And we've done it for two separate designs. Our 50-megawatt and our 77-megawatt modules. This isn't just a regulatory milestone. It is the critical gateway to commercial operations.

John Hopkins: We've done it for 2 separate designs, our 50MW and our 77MW modules. This isn't just a regulatory milestone. It is the critical gateway to commercial operations. Without NRC design approval, no SMR can deliver power to the grid. NuScale has already cleared the highest regulatory bar in the industry, giving us a significant competitive advantage in de-risking the path to deployment for customers and investors. Additionally, what makes this regulatory milestone even more powerful is that NuScale achieved it under 10 CFR Part 52, the modern one-step licensing framework specifically designed for more efficient nuclear deployment. Why does this matter? Under the traditional Part 50 licensing process, investors and utilities face a higher degree of risk.

John Hopkins: We've done it for two separate designs, our 50MW and our 77MW modules. This isn't just a regulatory milestone. It is the critical gateway to commercial operations. Without NRC design approval, no SMR can deliver power to the grid. NuScale has already cleared the highest regulatory bar in the industry, giving us a significant competitive advantage in de-risking the path to deployment for customers and investors. Additionally, what makes this regulatory milestone even more powerful is that NuScale achieved it under 10 CFR Part 52, the modern one-step licensing framework specifically designed for more efficient nuclear deployment. Why does this matter? Under the traditional Part 50 licensing process, investors and utilities face a higher degree of risk.

Speaker #4: Without NRC design approval, no SMR can deliver power to the grid. NUSCALE has already cleared the highest regulatory bar in the industry giving us a significant competitive advantage and de-risking the path to deployment for customers and investors.

Speaker #4: Additionally, what makes this regulatory milestone even more powerful is that NUSCALE achieved it under 10 CFR Part 52. The modern one-step licensing framework specifically designed for more efficient nuclear deployment.

Speaker #4: Why does this matter? Under the traditional Part 50 licensing process, investors and utilities face a higher degree of risk. They need to secure a construction permit based on a preliminary safety analysis report or concrete and potentially spend billions then hope to pass a second full safety review later to receive an operating license.

John Hopkins: They need to secure a construction permit based on a preliminary safety analysis report, pour concrete, and potentially spend billions, then hope to pass a second full safety review later to receive an operating license. History shows how problematic this path can be, a problem that could persist today. Recently, the Advisory Committee on Reactor Safeguards, or ACRS, has highlighted deficiencies in new reactor submittals and warned of delays ahead for Part 50 applicants. Most Generation 4 designs rely on new fuels, coolants, and safety concepts never before licensed in the United States. This explains why the Department of Energy still classifies them as demonstration projects. Part 52 changes the game. It provides a single combined license that addresses major safety, design, and operational issues before the first dollar is spent on construction.

John Hopkins: They need to secure a construction permit based on a preliminary safety analysis report, pour concrete, and potentially spend billions, then hope to pass a second full safety review later to receive an operating license. History shows how problematic this path can be, a problem that could persist today. Recently, the Advisory Committee on Reactor Safeguards, or ACRS, has highlighted deficiencies in new reactor submittals and warned of delays ahead for Part 50 applicants. Most Generation four designs rely on new fuels, coolants, and safety concepts never before licensed in the United States. This explains why the Department of Energy still classifies them as demonstration projects. Part 52 changes the game. It provides a single combined license that addresses major safety, design, and operational issues before the first dollar is spent on construction.

Speaker #4: History shows how problematic this path can be. A problem that could persist today. Recently, the Advisory Committee on Reactor Safeguards, or ACRS, has highlighted deficiencies in new reactor submittals and warned of delays ahead for Part 50 applicants.

Speaker #4: Most generation 4 designs rely on new fuels. Coolants, and safety concepts never before licensed in the United States. This explains why the Department of Energy still classifies them as demonstration projects.

Speaker #4: Part 52 changes the game. It provides a single, combined license that addresses major safety, design, and operational issues before the first dollar is spent on construction.

Speaker #4: Even better, NUSCALE is the only SMR company to earn full NRC standard design approval under Part 52. Our core technology is approved and proven every future project can simply reference our approved designs rather than reinventing the wheel.

John Hopkins: Even better, NuScale is the only SMR company to earn full NRC standard design approval under Part 52. Our core technology is approved and proven. Every future project can simply reference our approved designs rather than reinventing the wheel. NuScale delivers the clearest, low risk, NRC-approved pathway to commercial operation. A solution that is ready for deployment now. NuScale offers certainty you can take to the bank. Second, fuel that is available today. NuScale Power Modules run on proven, widely available commercial low-enriched uranium or LEU. Fuel that has reliably powered upwards of 400 commercial reactors around the world for decades. In contrast, other advanced designs depend on high-assay low-enriched uranium or HALEU, a fuel that is not currently available at commercial scale within North America. When your project timelines matter, NuScale removes a critical supply chain risk that others are still hoping to resolve.

Speaker #4: NUSCALE delivers the clearest, low-risk, NRC-approved pathway to commercial operation. A solution that is ready for deployment now. NUSCALE offers certainty you can take to the bank.

Speaker #4: Second, fuel that is available today NUSCALE Power Modules run on proven widely available commercial low and range uranium or LEU. Fuel that is reliably powered upwards of 400 commercial reactors around the world for decades.

Speaker #4: In contrast, other advanced designs depend on high-assay low and rich uranium or HALU. A fuel that is not currently available at commercial scale within North America.

Speaker #4: When your project timelines matter, NUSCALE removes a critical supply chain risk that others are still hoping to resolve. Third, NUSCALE modular factory fabrication is uniquely comprehensive.

John Hopkins: Third, NuScale modular factory fabrication is uniquely comprehensive. Each NuScale Power Module is a fully integrated, self-contained unit that includes the reactor vessel, steam generators, pressurizer, and a high-pressure steel containment vessel. All of it is built in a factory and shipped to the site with virtually no nuclear-grade field construction needed. This goes far beyond what most other SMR vendors mean when they say modular. While competitors emphasize modular construction techniques such as prefabricated large components, skids, or structures assembled on-site, NuScale delivers complete transportable reactor modules, including the primary containment barrier itself. This modularity allows NuScale Power Modules to be added incrementally as load grows, with the first units generating revenue and power while others are being deployed. This plug-and-play scalability with built-in redundancy is regulator-validated and unmatched by any other SMR technology today. Fourth, water-smart nuclear power.

Speaker #4: Each NUSCALE Power Module is fully integrated, self-contained unit that includes the reactor vessel, steam generators, pressurizer, and the high-pressure steel containment vessel. All of it is built in a factory and shipped to the site with virtually no nuclear-grade field construction needed.

Speaker #4: This goes far beyond what most other SMR vendors mean when they say modular. While competitors emphasize modular construction techniques, such as prefabricated large components, skids, or structures assembled on site, NUSCALE delivers complete, transportable reactor modules, including the primary containment barrier itself.

Speaker #4: This modularity allows NUSCALE Power Modules to be added incrementally as load grows. With the first units generating revenue and power while others are being deployed.

Speaker #4: This plug-and-play scalability with built-in redundancy is regulator-validated and unmatched by any other SMR technology today. Fourth, water-smart nuclear power. Dry cooling gives NUSCALE SMRs a major site and environmental advantage in arid regions.

John Hopkins: Dry cooling gives NuScale SMRs a major siting and environmental advantage in arid regions where water is scarce, expensive, or subject to competing demands from agriculture, municipal use, or ecosystems. It allows deployment in places where traditional wet-cooled nuclear or other thermal plants would face severe restrictions or high cost. Dry air-cooled condensers cut water consumption by more than 90% compared to wet cooling towers. Many SMR vendors market dry cooling options to highlight water independence. NuScale remains one of the most advanced and demonstrated integrations for light water reactor technology. The choice really depends on site climate, economics, and whether the project prioritizes maximum power output or minimum water use, making dry cooling a viable option where water is expensive or restricted. Finally, a decisive NuScale advantage that truly sets us apart, superior regulator-approved safety, as further described on slide 4.

Speaker #4: Where water is scarce, expensive, or subject to competing demands from agriculture, municipal use, or ecosystems, it allows deployment in places where traditional wet-cooled nuclear or other thermal plants would face severe restrictions or high cost.

Speaker #4: Dry air-cooled condensers cut water consumption by more than 90% compared to wet-cooling towers. Many SMR vendors market dry cooling options to highlight water independence.

Speaker #4: NUSCALE remains one of the most advanced and demonstrated integrations for light water reactor technology. The choice really depends on site climate, economics, and whether the project prioritizes maximum power output or minimum water use.

Speaker #4: Making dry cooling a viable option where water is expensive or restricted. And finally, a decisive NUSCALE advantage that truly sets us apart: superior regulator-approved safety as further described on slide 4.

Speaker #4: We are the only nuclear technology approved by the US Nuclear Regulatory Commission for behind-the-meter operations paired with a groundbreaking emergency planning zone. Or EPZ.

John Hopkins: We are the only nuclear technology approved by the US Nuclear Regulatory Commission for behind-the-meter operations paired with a groundbreaking emergency planning zone, or EPZ, a methodology that limits the EPZ to the plant's own site boundary. This is game-changing. It eliminates the need for any AC or DC interconnections to the bulk electric grid and allows NuScale-powered plants to be sited directly adjacent to where the energy is needed most, right beside hyperscaler data centers, industrial facilities, population centers, and retired coal plant sites. The result, unmatched siting flexibility, dramatically reduced transmission costs, faster deployment timelines, and the ability to deliver clean, reliable, resilient power exactly where the demand is needed most.

Speaker #4: A methodology that limits the EPZ to the plant's own site boundary. This is game-changing. It eliminates the need for any AC or DC interconnections to the bulk electric grid and allows NUSCALE-powered plants to be sited directly adjacent to where the energy is needed most.

Speaker #4: Right beside hyperscaler data centers, industrial facilities, population centers, and retired coal plant sites. The result: unmatched siting flexibility, dramatically reduced transmission costs, faster deployment timelines, and the ability to deliver clean, reliable, resilient power exactly where the demand is needed most.

Speaker #4: NUSCALE dramatically reduces emerging planning costs and flashes siting timelines. Transforming what has been a major regulatory hurdle into a powerful economic and strategic advantage all while delivering a critical boost to our nation's energy security and national security by reducing reliance on foreign energy and vulnerable transmission infrastructure.

John Hopkins: NuScale dramatically reduces emerging planning costs and slashes siting timelines, transforming what has been a major regulatory hurdle into a powerful economic and strategic advantage, all while delivering a critical boost to our nation's energy security and national security by reducing reliance on foreign energy and vulnerable transmission infrastructure. By combining unmatched regulatory approval, a compact emergency planning zone, and behind-the-meter capability, NuScale doesn't just participate in America's clean energy transition, it is uniquely positioned to lead it. While it was a quieter quarter from an announcement perspective, we have been active. To that end, on slide 5, let's review several key highlights from the Q1. These include continued advancement on the ENTRA1 Energy and TVA power purchase agreement discussions for what would be the largest nuclear deployment program in US history.

Speaker #4: By combining unmatched regulatory approval, a compact emergency planning zone, and behind-the-meter capability, NUSCALE doesn't just participate in America's clean energy transition; it is uniquely positioned to lead it.

Speaker #4: While it was acquired a quarter from an announcement perspective, we have been active. To that end, on slide 5, let's review several key highlights from the first quarter.

Speaker #4: These include continue advancement on the inter-1 and TVA power purchase agreement discussions. But what would be the largest nuclear deployment program in US history?

Speaker #4: We also saw progress on a rail power project in Dorchest, Romania. Where nuclear electric shareholders voted to advance the project. We continue to strengthen our critical supply chain partnerships, particularly our fuel supplier Framatone and manufacturing partner Doosan and Aeromobility.

John Hopkins: We also saw progress on the RoPower project in Doicești, Romania, where Nuclearelectrica shareholders voted to advance the project. We continue to strengthen our critical supply chain partnerships, particularly our fuel supplier Framatome and manufacturing partner Doosan Enerbility. Separately, we closed the quarter with a strong liquidity position, approximately $1 billion in cash and other capital resources. This balance sheet strength gives us the flexibility to execute across a wide range of commercialization scenarios as we move towards large-scale deployment. Turning to slide 6. In September of last year, TVA announced a major agreement with ENTRA1 Energy for up to 6 GW of safe, reliable, 24/7 baseload energy to help powering growing demand in its seven-state service territory, utilizing NuScale SMR technology. ENTRA1 Energy has updated us that discussions with TVA are advancing well toward a definitive PPA.

Speaker #4: And, separately, we closed the quarter with a strong liquidity position—approximately $1 billion in cash and other capital resources. This balance sheet strength gives us the flexibility to execute across a wide range of commercialization scenarios as we move towards large-scale deployment.

Speaker #4: Turning to slide 6. In September of last year, TVA announced a major agreement with inter-1, for up to 6 gigawatts of safe, reliable, 24/7 base-load energy to help powering growing demand in its seven-state service territory.

Speaker #4: Utilizing NUSCALE SMR technology. Inter-1 has updated us that discussions with TVA are advancing well toward a definitive PPA. We remain highly encouraged by the progress and the strategic alignment between inter-1, TVA, and NUSCALE as we work to deliver this game-changing clean energy solution.

John Hopkins: We remain highly encouraged by the progress and the strategic alignment between ENTRA1 Energy, TVA, and NuScale as we work to deliver this game-changing clean energy solution. Separately, two recent key international announcements indicate a strong desire to facilitate foreign investment in US strategic interests, such as the TVA project. The first is a $550 billion US-Japan framework agreement announced last year, in which ENTRA1 Energy was the only developer named. In a second and more recent announcement by South Korea's National Assembly to facilitate $350 billion in Korean investments into US strategic industries, with $200 billion for sectors like nuclear power, AI, and semiconductors aimed at securing economic ties between the two countries and reducing tariffs. NuScale remains bullish about the TVA ENTRA1 Energy opportunity.

Speaker #4: Separately, two recent key international announcements indicate a strong desire to facilitate foreign investment in US strategic interests such as the TVA project. The first is a $550 billion US-Japan framework agreement announced last year.

Speaker #4: In which inter-1 was the only developer named. And a second and more recent announcement by South Korea's National Assembly to facilitate $350 billion in Korean investments into US strategic industries.

Speaker #4: With $200 billion, for sectors like nuclear power, AI, and semiconductors aimed at securing economic ties between the two countries and reducing tariffs. NUSCALE remains bullish about the TVA inter-1 opportunity.

Speaker #4: We believe it will be the catalyst for the commercialization of our SMR technology in the United States and around the world. While supporting fast-growing energy demand, creating thousands of high-quality jobs, and strengthening our nation's national security interests.

John Hopkins: We believe it will be the catalyst for the commercialization of our SMR technology in the United States and around the world while supporting fast-growing energy demand, creating thousands of high-quality jobs, and strengthening our nation's national security interests. Moving to slide 7. In February of this year, the Romanian government approved the investment decision for the Doicești SMR plant project. This was a step in the right direction, as the project can now seek financing to conduct further feasibility studies and site-specific design work prior to construction moving forward. As a reminder, Fluor Corporation serves as the primary contractor leading overall engineering, procurement, construction, delivery with RoPower, the project owner and Fluor's client. NuScale, in turn, serves a subcontractor to Fluor, providing SMR technology, design support, and licensing expertise to the project.

Speaker #4: Moving to slide 7. In February of this year, the Romanian government approved the investment decision for the Dorchest SMR plant project. This was a step in the right direction.

Speaker #4: As the project can now seek financing to conduct further feasibility studies, insight-specific design work prior to construction moving forward. As a reminder, FLIR Corporation serves as the primary contractor leading overall engineering procurement construction delivery with Row Power.

Speaker #4: The project owner, and FLIR's client. NUSCALE, in turn, serves a subcontractor to FLIR providing SMR technology, design support, and licensing expertise to the project.

Speaker #4: Should pre-EPC financing be secured, the next phase of the project is expected to last approximately 15 months. Project stakeholders, Row Power, FLIR, NUSCALE, and both the US and Romanian governments remain engaged.

John Hopkins: Should pre-EPC financing be secured, the next phase of the project is expected to last approximately 15 months. Project stakeholders RoPower, Fluor, NuScale, and both the US and Romanian governments remain engaged. The RoPower project in Romania is currently the most advanced SMR effort in Europe. Moving to slide 8. NuScale is well-positioned to meet its near-term deployment objectives, driven by continued enhancement in supply chain readiness. We have established a robust foundation through contractually secured supplier partnerships, strategic long-lead material positioning, and aligned manufacturing capacity across our critical components. Our approach is anchored in a structured readiness framework with recurring cross-functional supplier reviews to actively manage risk, validate mitigation actions, and ensure alignment with project execution requirements. NuScale is not building a conventional product or supply chain. We are building a transformative deployment model for nuclear technology under intense scrutiny with high expectations and on timelines that matter.

Speaker #4: The Row Power project in Romania is currently the most advanced SMR effort in Europe. Moving to slide 8. NUSCALE is well positioned to meet its near-term deployment objectives.

Speaker #4: Driven by continued enhancement in supply chain readiness. We have established a robust foundation to contractually secure supplier partnerships, strategic long-lead material positioning, and align manufacturing capacity across our critical components.

Speaker #4: Our approach is anchored in a structured readiness framework. With reoccurring cross-functional supplier reviews to actively manage risk. Validate mitigation actions, and ensure alignment with project execution requirements.

Speaker #4: NuScale is not building a conventional product or supply chain. We are building a transformative deployment model for nuclear technology—under intense scrutiny, with high expectations, and on timelines that matter.

Speaker #4: Our success will require more than capability. It will require alignment, transparency, and trust across our entire supply chain. Last month, we convened for our annual NUSCALE Supplier Working Group.

John Hopkins: Our success will require more than capability. It will require alignment, transparency, and trust across our entire supply chain. Last month, we convened for our annual NuScale supplier working group, bringing together 37 key supplier partners to align on 2026 demand signals and near-term deployment milestones. This engagement strengthens forward visibility into production readiness and reinforces both contractual and operational alignment across our supply base. NuScale is advancing a deliberate multi-sourcing strategy for critical components, reducing single-source dependencies and enhancing supply continuity in a constrained global market. In parallel, key NuScale Power Module components remain in active production at Doosan Enerbility, marking continued progression from design into manufacturing execution. Collectively, these actions materially de-risk the supply chain, increase schedule confidence, and position NuScale to support near-term deployments with a high degree of execution certainty. Let's turn to slide 9.

Speaker #4: Bringing together 37 key supplier partners to align on 2026 demand signals and near-term deployment milestones. This engagement strengthens forward visibility into production readiness and reinforces both contractual and operational alignment across our supply base.

Speaker #4: NUSCALE is advancing a deliberate multi-sourcing strategy for critical components. Reducing single-source dependencies and enhancing supply continuity in a constrained global market. In parallel, key NUSCALE power module components remain in active production at Dusan, Ernability.

Speaker #4: Marking continued progression from design into manufacturing execution. Collectively, these actions materially de-risk the supply chain. Increase schedule confidence and position NUSCALE to support near-term deployments with a high degree of execution certainty.

Speaker #4: Let's turn to slide 9. You'll find a detailed summary of the extensive industry engagement by our Office of Technology team. We continue to lead the conversation and drive innovation at the intersection of nuclear energy and hard-to-abate industrial sectors.

John Hopkins: You'll find a detailed summary of the extensive industry engagement by our Office of Technology team. We continue to lead the conversation and drive innovation at the intersection of nuclear energy in hard-to-abate industrial sectors. During the Q1, our team actively participated in five major industrial international conferences, engaging directly with the leaders from oil and gas, petrochemical, commodity chemicals, energy, and hyperscaler communities. A standout moment came at the World Petrochemical Conference, where our co-founder and Chief Technology Officer, Dr. José Reyes, delivered a compelling presentation on how NuScale-generated high-temperature steam is rapidly moving from concept to commercial reality. This is strategically important. Industrial process heat is a true national security imperative as it powers critical supply chains, strengthens economic resilience, supports defense manufacturing, and advances energy independence. NuScale Power Modules are positioned to deliver commercial-scale high-temperature thermal energy for direct industrial use.

Speaker #4: During the first quarter, our team actively participated in five major industrial international conferences. Engaging directly with the leaders from oil and gas, petrochemical, commodity chemicals, energy, and hyperscaler communities.

Speaker #4: A standout moment came at the World Petrochemical Conference, where our co-founder and chief technology officer, Dr. Jose Reyes, delivered a compelling presentation on how NUSCALE generated high-temperature steam is rapidly moving from concept to commercial reality.

Speaker #4: This is strategically important. Industrial process heat is a true national security imperative. As it powers critical supply chains, strengthens economic resilience, supports defense manufacturing, and advances energy independence.

Speaker #4: NUSCALE power modules are positioned to deliver commercial-scale high-temperature thermal energy for direct industrial use. Applications include chemical production, petroleum refining, cement manufacturing, fertilizer production, and desalinization just to name a few.

John Hopkins: Applications include chemical production, petroleum refining, cement manufacturing, fertilizer production, and desalinization, just to name a few. Sectors that together represent hundreds of billions in economic activity. Before turning the call over to Ramsey Hamady, our Chief Financial Officer, I wanna talk about the opening of a NuScale operations center in Houston. On 29 April, we proudly opened our new NuScale operations center in Houston's prestigious Energy Corridor at CityCentre, a strategic milestone that positions us right in the heart of America's energy capital. In short, we are not just building reactors, we are embedding ourselves where the biggest energy decisions are being made. This move shortens decision cycles, deepens customer relationships, and reinforces NuScale's leadership. We're excited about the momentum this new hub is already generating. Now over to Ramsey for the financial update.

Speaker #4: Sectors that together represent hundreds of billions in economic activity. Before turning the call over to Ramsey Hamady, our chief financial officer, I want to talk about the opening of a NUSCALE operations center in Houston.

Speaker #4: On April 29th, we proudly opened our new NUSCALE operations center in Houston's prestigious Energy Corridor at City Center. A strategic milestone that positions us right in the heart of America's energy capital.

Speaker #4: In short, we are not just building reactors; we are embedding ourselves with the biggest energy decisions are being made. This move shortens decision cycles, deepens customer relationships, and reinforces NUSCALE's leadership.

Speaker #4: We're excited about the momentum this new hub is already generating. Now, over to Ramsey for the financial update.

Speaker #2: Thank you, John. And hello, everyone. Our financial results are available in our filings, so my focus will be on explaining major line items which can be found on slide 10.

Ramsey Hamady: Thank you, John, and hello, everyone. Our financial results are available in our filings, so my focus will be on explaining major line items which can be found on slide 10. NuScale's overall liquidity stood at $1 billion at 31 March 2026, an increase to over $1.2 billion by early May 2026. Our strong liquidity enables NuScale to further enhance supply chain and manufacturing readiness and fund obligations associated with advancing commercialization, all while maintaining a sturdy balance sheet. Moving on to revenue. NuScale reported revenue of $0.6 million for the 3-month period ending 31 March 2026, compared to $13.4 million during the same period in the prior year.

Speaker #2: NUSCALE's overall liquidity stood at $1 billion as of March 31, 2026, increasing to over $1.2 billion by early May 2026. Our strong liquidity enables NUSCALE to further enhance supply chain and manufacturing readiness, and fund obligations associated with advancing commercialization—all while maintaining a sturdy balance sheet.

Speaker #2: Moving on to revenue, NUSCALE reported revenue of $0.6 million for the three-month period ending March 31st, 2026. Compared to $13.4 million during the same period in the prior year.

Speaker #2: This decrease was primarily due to the revenue recognized from the Row Power Technology licensing agreement completed during the first three months of 2025, as well as the work associated with FLIR feed phase two engineering services also in support of the Row Power project, which was completed in late 2025.

Ramsey Hamady: This decrease was primarily due to the revenue recognized from the RoPower technology licensing agreement completed during Q1 2025, as well as the work associated with Fluor FEED Phase Two engineering services, also in support of the RoPower project, which was completed in late 2025. As projects progress forward, we expect to realize revenues and operating cash flow from the sale of products and services. I will conclude my remarks with a brief overview of our capitalization summary, as shown on slide 11. Our total share count increased primarily due to the sale of 3.2 million NuScale Class A shares through our At the Market program during Q1 of this year, generating $37.9 million in gross proceeds.

Speaker #2: As projects progress forward, we expect to realize revenues and offering cash flow from the sale of products and services. I will conclude my remarks with a brief overview of our capitalization summary as shown on slide 11.

Speaker #2: Our total share count increased primarily due to the sale of $3.2 million NUSCALE Class A shares through our at-the-market program during the first quarter of this year generating $37.9 million in gross proceeds.

Speaker #2: Additionally, we note that just a few weeks ago, FLIR announced that they had completed the sale of their remaining NUSCALE shares removing a significant overhang on our equity.

Ramsey Hamady: Additionally, we note that just a few weeks ago, Fluor announced that they had completed the sale of their remaining NuScale shares, removing a significant overhang on our equity. Fluor did well on their investment in NuScale, generating a 4.3x return on an initial investment of $570 million. With that, I'd like to thank you again for joining today and for your continued support of NuScale. We'll now take questions. Operator?

Speaker #2: FLIR did well on their investment in NUSCALE, generating a $4.3X return on an initial investment of $570 million. With that, I'd like to thank you again for joining today and for your continued support of NUSCALE.

Speaker #2: We'll now take questions. Operator?

Speaker #3: At this time, if you would like to ask a question, press star, then the number 1 on your telephone keypad. To withdraw your question, simply press star 1 again.

Operator 2: We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Nate Pendleton with Texas Capital. Please go ahead.

Speaker #3: We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster.

Operator: We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Nate Pendleton with Texas Capital. Please go ahead.

Speaker #3: Your first question comes from the line of Nate Pendleton with Texas Capital. Please go ahead.

Speaker #4: Good afternoon. John, you make a compelling pitch, thank you. You make a compelling pitch on the readiness and advantages of your solution. Can you talk about what's holding back more near-term adoption of additional contracts?

Nate Pendleton: Good afternoon, John.

John Hopkins: Good afternoon, Nate.

Nate Pendleton: You make a compelling pitch. Thank you. You make a compelling pitch on the readiness and advantages of your solution. Can you talk about what's holding back more near-term adoption, additional contracts? Is it just the time it takes to get customers comfortable with those solutions?

Speaker #4: Is it just the time it takes to get customers comfortable with those solutions?

Speaker #5: Yeah, Nate, thank you. We're kind of like Pavlov's dogs here, waiting for the bell to ring. We're ready to go. We've been continually working on our supply chain, and, in fact, we've had ongoing discussions.

John Hopkins: Yeah, Nate, thank you. We're, you know, kind of like Pavlov's dogs here, waiting for the bell to ring. We're ready to go. We've been continually working on our supply chain. In fact, we've had ongoing discussions. We're excited about, you know, last week I was in DC. We met with the Korean government on the discussions of their potential for $350 billion, of which, you know, $200 billion of that could be slated for AI data centers and new nuclear. We're also, you know, we're highly encouraged by TVA's strong pro-nuclear stance yesterday from Mike Skaggs, the Interim CEO. He again affirmed TVA is a very pro-nuclear organization. Highlighted interest in new nuclear technologies. You know, as it relates to TVA, we've got a very much a primary focus on that company.

Speaker #5: We're excited about last week. I was in DC. We met with the Korean government on the discussions of their potential for 350 billion dollars, of which 200 billion of that could be slated for AI, data centers, and new nuclear.

Speaker #5: We're also highly encouraged by TVA's strong pro-nuclear stance yesterday from Mike Skaggs, the interim CEO. He, again, affirmed TVA as a very pro-nuclear organization and highlighted interest in new nuclear technologies.

Speaker #5: And as it relates to TVA, we've got a very much a primary focus on that company. And that's not to say, however, that we're not talking to others as well as a good example my chief general counsel and I last night had a very good discussion with a potential company that's looking at mega gigawatts here in the United States.

John Hopkins: That's not to say, however, that we're not talking to others as well. As a good example, my chief general counsel and I last night had a very good discussion with a potential company that's looking at mega gigawatts here in the United States. We had dinner, and there's a follow-up conversation with them. It's just, you know, it's just a complicated, slow process. We're bullish that this thing's gonna take off here and, you know, with the US government support that we're seeing and all the activity that's going on right now, it's just, we think we're hopeful that we're close to closure.

Speaker #5: We had dinner, and as a follow-up conversation with them, it's just a complicated flow process. And so we're a bullish that this thing is going to take off here and with a US government support that we're seeing and all the activity that's going on right now, it's just we think we're hopeful that we're close to closure.

Speaker #2: That's awesome. I appreciate that color there. And then I wanted to go back actually to the agreement with Framatome. You just mentioned the supply chain.

Nate Pendleton: That's awesome. I appreciate that color there. I wanted to go back actually to the agreement with Framatome, and you just mentioned the supply chain. You guys have the advantage of years to build out these relationships. Broadly speaking, with the nuclear industry and all that excitement, can you talk for a moment about the state of the nuclear fuel supply chain in the US and where you see potential bottlenecks developing?

Speaker #2: And you guys have the advantage of years to build out these relationships. But broadly speaking, with the nuclear industry and all that excitement, can you talk for a moment about the state of the nuclear fuel supply chain in the US and where you see potential bottlenecks developing?

Speaker #4: Yeah, this is Carl Fisher, chief operating officer. I'm happy to answer that question. As you know, NUSCALE employs light water reactor technology using readily available low-enriched uranium.

Carl Fisher: Yeah, this is Carl Fisher, Chief Operating Officer. I am happy to answer that question. As you know, NuScale employs light water reactor technology using readily available low-enriched uranium. As far as the low-enriched uranium forecast for the long term looks very, very good, unlike the uncertainty with high assay, low-enriched uranium, which you are hearing a lot of noise about and a lot of discussion due to the fact that the only long-term availability, at least at this point in time, is not through the United States, it is through Russia. With that said, what we see is on the long-term forecast for low-enriched uranium is not a risk area. It is not a bottleneck, unlike the high assay, low-enriched uranium.

Speaker #4: As far as the low-enriched uranium forecast for the long term looks very, very good. Unlike the uncertainty with high assay, low-enriched uranium, which you're hearing a lot of noise about and a lot of discussion, due to the fact that the only long-term availability, at least at this point in time, is not through the United States.

Speaker #4: It's through Russia. So with that said, well, we see on the long term forecast for low-enriched uranium is not a risky area. It's not a bottleneck, unlike the high assay, low-enriched uranium.

Speaker #5: You know, Nate, this is John. I can remember many years ago, I guess 12 years ago now since I've been with the company, I had asked our as part of the due diligence process, I had asked Dr. Jose Reyes why did you stay with light water?

John Hopkins: You know, Nate, this is John. I can remember many years ago, I guess 12 years ago now, since I've been with the company, I had asked, as part of the due diligence process, I had asked José N. Reyes, why did you stay with light water? Why not thorium or why not? He looked at me and he said, John, all the regulators in the world know light water. He said, I've worked with the NRC. The NRC regulators know light water. When we entered into agreements, as Carl stated, you know, the fuel supply from Framatome, when I talked to them about being readily available, it's readily available. We're not, again, encumbered with some of the issues that others are facing currently. That's not an issue for us currently.

Speaker #5: Why not thorium? Why not? And he looked at me and he said, "John, all the regulators in the world know light water." He said, "I've worked with the NRC.

Speaker #5: The NRC regulators know light water." And when we entered into agreements as Carl stated, the fuel supply from Framatone when I talked to him about being readily available, it's readily available.

Speaker #5: And so we're not, again, encumbered with some of the issues that others are facing currently. So that's not an issue for us currently.

Speaker #4: Yeah, one last thing also with Framatome is that they have multiple sites for supplying the fuel both in Europe and also in the United States.

Carl Fisher: Yeah. One last thing also with Framatome is that they have multiple sites for supplying the fuel both in Europe and also in the United States.

Speaker #4: So that's yeah, Richland, Washington for the US and Lingen in Germany. And also they have a facility in France.

John Hopkins: Richland, Washington.

Carl Fisher: Yeah, Richland, Washington for the US, and Lingen in Germany. Also they have a facility in France.

Speaker #2: That's great. I really appreciate all the detail. And thanks for taking my questions.

Nate Pendleton: That's great. I really appreciate all the detail, and thanks for taking my questions.

Speaker #6: Thank you, Nate.

Carl Fisher: Thank you, Nate.

Speaker #3: Your next question comes from the line of Sharif Al-Maghrabi. With BTIG, please go ahead.

Operator 2: Your next question comes from the line of Sherif Elmaghrabi with BTIG. Please go ahead.

Operator: Your next question comes from the line of Sherif Elmaghrabi with BTIG. Please go ahead.

Sherif Elmaghrabi: Hi. Thanks for taking my questions. You know, something a little different just to start. Is there a need for the SMR space to maintain a certain level of domestic content for tax credit eligibility? It's something we're seeing elsewhere. I wonder if, you know, the supply chain for NuScale and nuclear as a whole is concentrated in Korea and Europe, so I'm wondering if that's something we have to think about.

Speaker #6: Hi. Thanks for taking my questions. Something a little different just to start. Is there a need for the SMR space to maintain a certain level of domestic content for tax credit eligibility?

Speaker #6: It's something we're seeing elsewhere. And I wonder if the supply chain for NUSCALE and nuclear as a whole is concentrated in Korea and Europe.

Speaker #6: So I'm wondering if that's something we have to think about.

Speaker #5: Yeah, this is Clayton Scott, chief commercial officer. So there is there are requirements that there's to try and maintain as much US content as possible.

Clayton Scott: This is Clayton Scott, Chief Commercial Officer. There are requirements that, you know, to try and maintain as much US content as possible. However, you know, there are certain aspects that the industry has fell short on over the years, and large-scale forgings, for example, is one of those cases. In that particular instance, you know, you're allowed to position the supply inadequacy and where that's compensated from externally. In those particular cases, you know, there's alternatives and ways to get past that. Yes, in general, in order to meet the credits, there is certainly an interest to try and find the supply chain as much as possible within the United States.

Speaker #5: However, there are certain aspects that the industry has fell short on over the years. And large-scale forgings, for example, is one of those cases.

Speaker #5: So in that particular instance, you're allowed to position the supply inadequacy and where that's compensated from externally. So in those particular cases, there's alternatives and ways to get past that.

Speaker #5: But yes, in general, in order to meet the credits, there is certainly an interest to try and find the supply chain as much as possible within the United States.

Speaker #5: But there are options to move from there if it's not available or not capable to do within the country.

Clayton Scott: There are options to move from there if it's not available or not capable to do within the country.

Sherif Elmaghrabi: That's helpful. Shifting to regulatory, you guys talked about how important Part 52 is. I believe that since you guys last reported, the NRC came out with a framework for a new Part 53, and I'm curious if new licensing pathways could accelerate the regulatory process for TVA, anything coming in the future in the US.

Speaker #4: That's helpful. Shifting to regulatory, you guys talked about how important Part 52 is. I believe it's since you guys last reported, the NRC came out with a framework for a new Part 53.

Speaker #4: And I'm curious if new licensing pathways could accelerate the regulatory process for TVA, anything coming in the future in the US.

Speaker #5: Yeah, it's a really good question. This is Carl Fisher again. The Part 53, what I would say, pathway was not available when we first pursued the our licensing strategy.

Carl Fisher: Yes, a really good question. This is Carl Fisher again. The Part 53, what I would say, pathway was not available when we first pursued the our licensing strategy. Part 53 is relatively new. In fact, a lot of the industry is still trying to get their head around what does this actually mean. Primarily, it relies on a probabilistic analysis to go forward. We've spoken to the NRC about this, is where can we take credit off Part 53 and apply it to where we are already way down the road with Part 52? We are looking at, obviously, as John mentioned earlier, Part 52 pathway with enhancements, which has been recently deployed with Part 53 opportunities.

Speaker #5: So Part 53 is relatively new. In fact, a lot of the industry is still trying to get their head around what does this actually mean.

Speaker #5: Primarily, it relies on a probabilistic analysis to go forward. So we've spoken to the NRC about this. Where can we take credit off Part 53 and apply it to where we are already way down the road with Part 52?

Speaker #5: So we are looking at, obviously, as John mentioned earlier, Part 52 pathway with enhancements which has been recently deployed with Part 53 opportunities. And we will continue to have those that dialogue with the NRC because we're looking for continuous improvement even as advanced as we are in Part 52 licensing space.

Carl Fisher: We will continue to have that dialogue with the NRC because we're looking for continuous improvement, even as advanced as we are in Part 52 licensing space.

Speaker #6: Yeah, I think it's important to maybe drop in. We were just with the NRC. Carl and I here recently. And they made it very clear that this enhanced NRC process is going to benefit everybody in terms of streamlining a lot of the requirements but the rigor of safety and health is not going to go away.

John Hopkins: Yeah, I think it's important to know.

Clayton Scott: Yeah. It's good to know you.

John Hopkins: Let me just hop in. We were just with the NRC, Carl and I here recently, you know, they made it very clear that this enhanced NRC process is gonna benefit everybody in terms of streamlining a lot of the requirements. The rigor of safety and health is not gonna go away. Everybody's gonna have to go through that same process. Where we see benefit if, you know, in our COLAs and elsewhere, that streamlining, instead of taking 18 to 2 years to get it, hopefully it's gonna be much shorter.

Speaker #6: Everybody's going to have to go through that same process. So where we see benefit of in our COLAs and elsewhere, that streamlining instead of taking 18 to 2 years to get it, hopefully, it's going to be much shorter.

Speaker #4: Yeah, it's good to know you guys have options available. Thanks for taking my questions.

Clayton Scott: Yeah. It's good to know you guys have options available. Thanks for taking my questions.

Sherif Elmaghrabi: Yeah. It's good to know you guys have options available. Thanks for taking my questions.

Speaker #5: Thank you.

John Hopkins: Thank you.

Speaker #3: Your next question comes from the line of Eric Stein with Craig Hallam. Please go ahead.

Operator 2: Your next question comes from the line of Eric Stine with Craig-Hallum. Please go ahead.

Operator: Your next question comes from the line of Eric Stine with Craig-Hallum. Please go ahead.

Speaker #4: Hi everyone. Good afternoon.

Eric Stine: Hi, everyone. Good afternoon.

Speaker #6: Hello, Eric. How are you doing?

John Hopkins: Hello, Eric. How you doing?

Speaker #4: Doing well. Thanks. So I know a lot of this call spent highlighting kind of your differentiation but I mean, there's also been a lot of activity on the advanced reactor side and I'm just curious, when you talk to customers, I mean, and I know you're part of it and it's more Entra One, but just curious how do customers view it?

Eric Stine: Doing well. Thanks. I know a lot of this call spent highlighting kind of your differentiation. I mean, there's also been a lot of activity on the advanced reactor side, and I'm just curious, you know, when you talk to customers, I mean, and I know you're part of it and it's more ENTRA1 Energy, but just curious how do customers view it? I mean, do they appreciate the fact that it's light water technology, that you're using a readily available fuel? That this is a technology that's been around, you know, since the inception of the industry? You know, what are your thoughts around that? Because obviously, ultimately, that's the most important metric.

Speaker #4: I mean, did they appreciate the fact that it's light water technology that you're using a readily available fuel? That this is a technology that's been around since the inception of the industry?

Speaker #4: What are your thoughts around that? Because obviously, ultimately, that's the most important metric.

Speaker #6: Well, the customers we're talking to, I don't care if they're process or generally utilities. The feedback we normally get is that process companies whomever they are, they generally don't want to own a nuclear asset.

John Hopkins: Well, the customers we're talking to, I don't care if they're process or generally utilities, the good feedback we normally get is that process companies, whomever they are, they generally don't wanna own a nuclear asset. What they want is reliable, resilient, clean power. They want it now. We're in discussions with these companies, and we still believe, you know, we're significant years ahead of others. You know, I want everybody to be successful. I like to see these US vendors out there competing against state-owned enterprises. Bottom line is, we wanna be a first mover.

Speaker #6: What they want is reliable, resilient, clean power. And they want it now. And so we're in discussions with these companies. And we still believe we're significant years ahead of others and I want everybody to be successful.

Speaker #6: I'd like to see this US vendors out there competing against state-owned enterprises. But bottom line is we want to be a first mover. I think the customers who are serious and truly understand the differentiation of Part 52 and Part 50 risk, they fully get it.

Clayton Scott: I think the customers who are serious and truly understand the differentiation of Part 52 and Part 50 risk, they fully get it, and those are the ones that I think collectively with ENTRA1 Energy we're having the most concrete and serious conversations with. You know, you see a lot of stuff out there and a lot of noise, you know, a lot of it is around a Part 50 movement, which I think, you know, has a large element of risk, which was mentioned earlier. I do believe that the customers that we're, I'd say, on a very serious level in engagement, they truly appreciate and recognize where we are.

Speaker #6: And those are the ones that I think collectively with Entra One we're having the most concrete and serious conversations with. So you see a lot of stuff out there and a lot of noise, but a lot of it is around a Part 50 movement, which I think has a large element of risk, which was mentioned earlier.

Speaker #6: But I do believe that the customers that we're—I say on a very serious level and engagement—they truly appreciate and recognize where we are.

Speaker #4: Right. And then just sticking with that as my follow-up, I mean, I would assume that just the fact all of the things that have been done in the supply chain that that's certainly a needle mover as well.

Eric Stine: Right. Just sticking with that as my follow-up, I mean, I would assume that just the fact all of the things that have been done in the supply chain, that's certainly a needle mover as well. I guess it's not a question, more an observation. I guess I'll turn it over. Thank you.

Speaker #4: I guess it's not a question, more an observation, but I guess I'll turn it over. Thank you.

John Hopkins: No, you.

Speaker #6: No, you asked a great question on supply chain because many of our suppliers are not only strategic partners but also investors. But as I often said, we've been in the process of ordering long lead items for years now.

Clayton Scott: Yeah, Eric

John Hopkins: asked a great question on supply chain because many of our suppliers are not only strategic partners, but also investors. As I often said, we've been in the process of ordering long lead items for years now. It takes years for these forges to get developed. If you haven't ordered long lead items, you're that much further behind the curve. One thing Carl and his team does, you may wanna talk about the supplier session we just had.

Speaker #6: And if you don't and they take years. For these forgings to get developed. And if you haven't ordered long lead items, you're that much further behind the curve.

Speaker #6: And what Carl and his team do—you may want to talk about the supplier session we just had.

Speaker #5: Yeah, just to build on that one question though, a lot of our suppliers are very nuclear-savvy as well. And they are aware of the deployment opportunities with low-enriched uranium for, say, and light water reactor technology.

Carl Fisher: Yeah. Just to build on that one question, though. A lot of our suppliers are very nuclear savvy as well, and they are aware of the deployment, the opportunities with low enriched uranium for, per se, in light water reactor technology. That's not to say that they don't believe in the other technologies around advanced reactors, but they do spend a lot of their time with what they say, what they see as near-term deployable. These suppliers are very smart in that way. They put a lot of priority on the current SMR supplier fleet or suppliers.

Speaker #5: That's not to say that they don't believe in the other technologies around advanced reactors, but they do spend a lot of their time with what they say what they see as near-term deployable.

Speaker #5: And so, these suppliers are very smart in that way, and they put a lot of priority on the current SMR supplier fleet or suppliers.

Speaker #5: The other thing, just recently, we had just kind of to demonstrate that is we had our NuSCALE supplier working group meeting summit in Houston just a few weeks ago.

Carl Fisher: The other thing, just recently, just kind of to demonstrate that is we had our NuScale supplier working group meeting summit in Houston just a few weeks ago. In there, we had over 120, 130 people at this summit. A lot of excitement around that, representing well over half of our supplier base. Once again, these are suppliers who are very nuclear savvy. They've been around the block, and it really was demonstrated their, what I would say, their interest and enthusiasm due to the fact that all the activity that's going on with ourselves and our business development partner, ENTRA1 Energy.

Speaker #5: In there, we had over 120, 130 people at this summit. A lot of excitement around that. Representing well over half of our supplier base.

Speaker #5: Once again, these are suppliers who are very nuclear savvy. They've been around the block. And it really was demonstrated there what I would say their interest and enthusiasm due to the fact that all the activity that's going on with ourselves and our business development partner Entra One.

Speaker #3: Your next question comes from the line of Derek Soderbergh with Cantor Fitzgerald. Please go ahead.

Operator 2: Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Please go ahead.

Operator: Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Please go ahead.

Speaker #7: Yeah, thanks for taking my questions, guys. So, in the presentation regarding raw power, it says, 'Should pre-EPC financing be secured?' I'm curious, is the participation in the next phase contractually committed, or is it more contingent on raw power closing that third-party financing?

Derek Soderberg: Yeah, thanks for taking my questions, guys. In the presentation regarding RoPower, it says, should pre-EPC financing be secured? I'm curious, is the participation in the next phase contractually committed, or is it more contingent on RoPower closing that third-party financing?

Speaker #5: Good question. We have in fact, we had one today, ongoing meetings every week with the Department of Energy raw power, nuclear electrica, floor, and others discussing the status of the project.

John Hopkins: Good question. In fact, we had one today, ongoing meetings every week with the Department of Energy, RoPower, Nuclearelectrica, Fluor, and others, discussing the status of the project. We continue to, as we said, build out our supply chain. We are, as I stated before, a subcontracted Fluor Corporation. Fluor is still in negotiations, what they call pre-EPC. As we are aware today, those discussions are still ongoing.

Speaker #5: And we continue to, as we said, build out our supply chain. We are, as I stated before, a subcontracted Fluor corporation. Fluor is still in negotiations—what I'd call, what they call, pre-EPC.

Speaker #5: So as we are aware today, those discussions are still ongoing.

Speaker #7: Got it. Got it. And as my follow-up, so Entra One is positioned to receive investment capital. What size of commitment would largely de-risk the first phase of that project?

Derek Soderberg: Got it. Got it. As my follow-up, ENTRA1 Energy is positioned to receive investment capital. What size of commitment would largely de-risk the first phase of that project? You know, depending on the funding amount, would that reduce your need to provide milestone payments or broadly your funding obligations at all? Thanks.

Speaker #7: And depending on the funding amount, would that reduce your need to provide milestone payments or broadly your funding obligations at all? Thanks.

Ramsey Hamady: I'm not sure I fully understand the question. You're asking about our funding obligations in relation to RoPower or in relation to projects in general or TVA?

Speaker #5: I'm not sure I fully understand the question. Are you asking about our funding obligations in relation to Raw Power, or in relation to projects in general, or TVA?

Ramsey Hamady: I'm not sure I fully understand the question. You're asking about our funding obligations in relation to RoPower or in relation to projects in general or TVA?

Speaker #7: Or TVA. So if Entra sounds like they're in the market to raise capital, should they do that depending on the size? Does that at all reduce in what way does it de-risk the project on your end?

Derek Soderberg: TVA. If Entra sounds like they're in the market to raise capital.

Ramsey Hamady: Yeah

Derek Soderberg: should they do that, depending on the size, does that at all reduce, you know, in what way does it de-risk the project on your end? Depending on the funding amount, would that reduce your funding obligations at all? Thanks.

Speaker #7: And then depending on the funding amount, would that reduce your funding obligations at all? Thanks.

Speaker #5: Sure. Thanks for the question. Does it de-risk the project? Absolutely. Funding is a massive component of pulling these projects together. It's very complex. And for Entra One to be, for example, named in the US-Japan Framework Trade Agreement with, I think, the $35 billion—$25 billion, pardon me—earmarked, that sort of funding can really move the needle for a project.

Ramsey Hamady: Sure. Thanks for the question. Does it de-risk the project? Absolutely. You know, funding is a massive component of pulling these projects together. It's very complex and for ENTRA1 Energy to be, for example, you know, named in the US-Japan Framework Trade Agreement with, I think, the $35 billion earmarked, $25 billion, pardon me, earmarked, you know, that sort of funding can really move the needle for a project and subsequent, you know, really move the needle for NuScale. Funding at the project level, though, is completely separate from any of the PMA payments. PMA payments are partnership milestone agreement payments. Those come with, for example, the term sheet, which we already did, and the PPA, which we anticipate doing in respect of TVA at some point soon.

Speaker #5: And subsequent really move the needle for NuSCALE. Funding at the project level though is completely separate from any of the PMA payments. PMA payments are partnership milestone agreement payments.

Speaker #5: And those come with, for example, the term sheet which we already did and the PPA which we anticipate doing in respect of TVA at some point soon.

Speaker #5: So those are separate ideas, but you bring up a good point. Project financing definitely de-risks our pathway forward, because it de-risks the entire project.

Ramsey Hamady: Those are separate ideas, but you bring up a good point. Project financing definitely de-risks our pathway forward 'cause it de-risks the entire project, and these are NuScale powered power plants.

Speaker #5: And these are NuSCALE-powered power plants.

Speaker #7: Got it. Really appreciate it, guys.

Derek Soderberg: Got it. Really appreciate it, guys.

Speaker #5: Thank you so much. Thank you.

Ramsey Hamady: Thank you so much.

John Hopkins: Thank you.

Speaker #3: Your next question comes from the line of Moses Sutton with BMP Pariba. Please go ahead.

Operator 2: Your next question comes from the line of Moses Sutton with BNP Paribas. Please go ahead.

Operator: Your next question comes from the line of Moses Sutton with BNP Paribas. Please go ahead.

Speaker #8: Thanks for taking my questions. Any update on the Japanese financing framework? Like that you can provide more detail on. Is this sort of going to be the gateway to FIDs on TVA projects?

Moses Sutton: Thanks for taking my questions. Any update on the Japanese financing framework, like that you can provide more detail on? Is this sort of gonna be the gateway to FIDs on TVA projects? How do we think about that?

Speaker #8: How do we think about that?

Ramsey Hamady: Hi, Moses. How are you doing? This is Ramsey Hamady.

Speaker #9: Hi, Moses. How are you doing? This is Ramsey Hamady.

Ramsey Hamady: Hi, Moses. How are you doing? This is Ramsey Hamady.

Speaker #8: Hi, Ramsey.

Moses Sutton: Hi, Ramsey.

Ramsey Hamady: It could be. You know, TVA requires financing. I know that ENTRA1 Energy is in active dialogue with both sovereign-based or quasi-sovereign-based financial institutions as well as private financial institutions. I wouldn't say exclusively, you know, we require money under the US-Japan Framework Trade Agreement, but I think it's a strong possibility. Rest assured, ENTRA1 Energy is working from all available sources of financing to get this across the line.

Speaker #9: So it could be. I mean, TVA requires financing. I know that Entra One is an active dialogue with both sovereign-based or quasi-sovereign-based financial institutions as well as private financial institutions.

Speaker #9: So I wouldn't say exclusively we require money under the US-Japan framework trade agreement, but I think it's a strong possibility. But rest assured, Entra One is working kind of all available sorts of financing to get this across the line.

Speaker #5: Well, this is John. And I think it's public domain information that a pretty large component of that 550 billion through the American-Japan framework was slated for energy including SMRs.

John Hopkins: Well, this is John.

Ramsey Hamady: Got it. Got it.

Moses Sutton: Got it. Got it.

John Hopkins: It's public domain, public domain information that, you know, a pretty large component of that $550 billion through the American-Japan framework was slated for energy, including SMRs. Most recently, last week, we met with the Korean government on this potential of $350. As I stated before, you know, a significant piece of that again is towards investment in energy projects, including SMRs into the United States. Now, we've been in discussions with both. We met with Korea last week, we're pretty excited about. Again, it's part of this whole groundswell that we're seeing around the nuclear energy in this country. It's pretty phenomenal right now. You know, we're at a tipping point, I think, as a country and in an industry to. Something's gonna break soon.

Speaker #5: And then most recently, last week, we met with the Korean government on this potential of $350 million, as I stated before. A significant piece of that, again, is towards investment in energy projects, including SMRs, into the United States.

Speaker #5: Now, we've been in discussions with both. We met with Korea last week and we're pretty excited about again, it's part of this whole groundswell that we're seeing around the nuclear energy in this country.

Speaker #5: It's pretty phenomenal right now. We're at a tipping point, I think, as a country and in an industry to something's going to break soon.

Speaker #8: No, I think it's also important to acknowledge within the construct of either Korea or Japan, as examples, that NuSCALE historically has had very strong relationships with both the Koreans and the Japanese as equity investors, as supply chain partners, both through IHI and through Doosan.

Ramsey Hamady: No, I think it's also important to acknowledge within the construct of either Korea or Japan as examples. NuScale historically has had very strong relationships with both the Koreans and the Japanese as equity investors, as supply chain partners, both through IHI and through Doosan. The relationships there are long-standing, they're deep, they're well-established. While they're not the only source of financing, I think they are, you know, strong potential source of financing for projects.

Speaker #8: The relationships there are longstanding. They're deep. They're well-established. And while they're not the only source of financing, I think they are potential strong potential source of financing for projects.

Speaker #9: Got it. Very helpful. And can you provide more detail on the fuel fabrication strategy with Framatome? Because our understanding, there are 444 assemblies on notice with Framatome.

Moses Sutton: Got it. Very helpful. Can you provide more detail on the fuel fabrication strategy with Framatome? Our understanding, there are 444 assemblies on notice at Framatome. Is that sufficient for about 12 module deployments? Is there an annualized run rate or capacity you can provide there, or is it more flexible from Framatome in terms of, you know, based on demand? How do we think about that?

Speaker #9: Is that sufficient for about 12 module deployments? Is there an annualized run rate or capacity you can provide there? Or is it more flexible from Framatome in terms of based on demand?

Speaker #9: How do we think about that?

Speaker #5: Yeah. Right now, we're in the preliminary design with Framatome. It fuels a very long-term proposition in the sense of having the fuel ready in several years.

Carl Fisher: Yeah. Right now we're in the preliminary design with Framatome. It fuels a very long-term proposition of, you know, in the sense of, having the fuel ready in several years. We've got ahead of it. You probably saw the announcement. That was so that we will be ready to support the market's needs. As far as capacity, as I mentioned earlier, Framatome has multiple facilities globally. Part of that announcement was to inform that we have that ability to go global and not just rely on American capacity.

Speaker #5: So we've got ahead of it. You've probably saw the announcement. That was so that we will be ready to support the market's needs as far as capacity.

Speaker #5: But as I mentioned earlier, Framatome has multiple facilities globally. So part of that announcement was to inform that we have that ability to go global and not just rely on American capacity.

Carl Fisher: As far as the pipeline, in our discussions with our pipeline and discussions with our business development partner, ENTRA1 Energy, and based on what Framatome's capabilities are, we don't see any bottlenecks or any kind of shortcomings there because we got ahead of it early. In speaking with Framatome, the one thing they ask us to ensure is to keep them informed on what's going on with the market and with our customer base, which we do, so that they can plan ahead. Is if they have time to plan ahead, then they can meet the demand that we require.

Speaker #5: As far as the pipeline in our discussions with our pipeline and discussions with our business development partner, Entra One, and based on what Framatome's capabilities are, we don't see any bottlenecks or any kind of shortcomings there because we got ahead of it early.

Speaker #5: In speaking with Framatome, the one thing they ask us to ensure is that to keep them informed on what's going on with the market and with our customer base, which we do, so that they can plan ahead is if they have time to plan ahead, then they can meet the demand that we require.

Speaker #9: Thank you. Very helpful.

Moses Sutton: Thank you. Very helpful.

Speaker #3: Your next question comes from the line of Craig Shear with TUI Brothers. Please go ahead.

Operator 2: Your next question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead.

Operator: Your next question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead.

Speaker #10: Good afternoon. So it sounds like a raw power FID could take at least into 2027. If Entra One has successful funding, could there be a TVA opportunity finalized this year?

Craig Shere: Good afternoon. So it sounds like a RoPower FID could take at least into 2027. If ENTRA1 Energy has successful funding, could there be a TVA opportunity finalized this year? To the degree either of these projects make notable pre-FID advancement, could that at least drive some notable NuScale revenue in the coming quarters?

Speaker #10: And to the degree either of these projects make notable pre-FID advancement, could that at least drive some notable NuSCALE revenue in the coming quarters?

Ramsey Hamady: This is Ramsey Hamady, CFO. I, you know, we're hopeful that TVA can come across the line at some point later this year. We believe that's a strong possibility. You know, our revenue stream, our cash flow this year, should TVA come across the line with, for example, PPA, we anticipate that we would have site-specific services. Pre-OEM services. If we look at RoPower as an example, you know, we had technology licensing, we had pre-FEED, we had FEED Phase Two. All in with RoPower, we realized about $8 million worth of revenue, and that's pre an OEM contract. That's over, I think, 2024 and 2025. That's pre an OEM contract, and that's pre, you know, true FID on behalf of RoPower.

Speaker #5: This is Ramsey Hamady, CFO. We're hopeful that TVA can come across the line at some point later this year. We believe that's a strong possibility.

Speaker #5: Our revenue stream, our cash flow this year, should TVA come across the line with, for example, PPA, we anticipate that we would have site-specific services so pre-OEM services.

Speaker #5: If we look at raw power as an example, we had technology licensing. We had pre-feed. We had feed phase two. All in with raw power, we realized about 80 million worth of revenue.

Speaker #5: And that's pre an OEM contract. And that's over, I think, 2024 and 2025. That's pre an OEM contract. And that's pre true FID on behalf of Raw Power.

Speaker #5: I know they had an announcement and it kind of sounded like an was subject to financing. So we would anticipate something potentially in that scale once we get to a PPA with or once Entra One gets a PPA with TVA.

Ramsey Hamady: I know they had an announcement and it kinda sounded like an FID, and we went out to the market and explained it was subject to financing. We would anticipate something potentially in that scale, once we get to a PPA, with, or once ENTRA1 Energy gets a PPA with TVA.

Speaker #10: Great. And I wanted to kind of think through the potential reduction in the cash burn I noticed the payables are down significantly. I think that's for some of the long lead time equipment you had to pay for.

Craig Shere: Great. I wanted to kind of think through the potential, you know, reduction in the cash burn. I noticed the payables are down significantly. I think that's for some of the long lead time equipment you had to pay for. Given that, given that I think the OCF drag before working capital changes was, you know, attractively down versus H2 last year, going forward, before any major, you know, project news, is it fair to say that the cash burn should be, you know, improving?

Speaker #10: Given that and given, I think, the OCF drag before working capital changes, was attractively down versus the second half last year, going forward before any major project news, is it fair to say that the cash burn should be improving?

Ramsey Hamady: Interesting. Interesting. Again, this is Ramsey Hamady. Our AP was down. That's correct. It was principally because we recognized the payable under the PMA agreement at the time the PMA agreement was signed because we acknowledged the term sheet, the stage one payable. Payables did go down. You saw that reflected in our cash flow statement. Without getting into the, you know, the real technicals of our financial statements, I think what's important is that we have positioned our balance sheet in a highly conservative fashion.

Speaker #5: It's interesting. Interesting. So again, this is Ramsey Hamady. So our AP was down. That's correct. But it was principally because we recognized the payable under the PMA agreement at the time the PMA agreement was signed because we acknowledged the term sheet, the stage one payable.

Speaker #5: So payables did go down. You saw that reflect in our cash flow statement. But without getting into the real technicals of our financial statements, I think what's important is that we have positioned our balance sheet in a highly conservative fashion.

Ramsey Hamady: You know, we along with everyone else in this industry, we are pre-revenue companies focused on a technology, which, you know, to this point has not yet been deployed, and which we strongly believe in, but which hasn't been deployed. We're dealing in tricky markets as well. I say this as a point of pride, you know, now three years as CFO here. We've really positioned ourselves with this fortress balance sheet because we don't know what's around the corner. We anticipate, we expect, we believe we won't be talking in terms of burn rate by the end of this year. I hope to be operationally cash flow positive by the end of this year. I position myself conservatively for, you know, for my company and for my investors.

Speaker #5: We, along with everyone else in this industry, we are pre-revenue companies. Focused on A technology, which to this point has not yet been deployed.

Speaker #5: And which we strongly believe in, but which hasn't been deployed. And we're dealing in tricky markets as well. So I say this as a point of pride now three years as CFO here.

Speaker #5: We've really positioned ourselves with this fortress balance sheet because we don't know what's around the corner. We anticipate. We expect. We believe we won't be talking in terms of burn rate by the end of this year.

Speaker #5: I hope to be operationally cash flow positive by the end of this year. But that positioned myself conservatively for my company and for my investors.

Ramsey Hamady: What's our burn rate? I think OpEx, you know, this year was a very, this quarter was a low revenue quarter compared to last quarter, our Q1 2025. I think we went into that in the script. In Q1, we had revenues associated with RoPower. This quarter, we did not have revenues associated with projects. The OpEx was about, I think, USD 55 million this quarter. We anticipate actually it will go up as we near commercialization, 'cause we're focused on supply chain readiness. We're focused on design finalization. You know, we're focused on getting ready to actually deliver this product. As we focus on that, we're starting to spend a little bit more. Rest assured to our investors, we've planned for this. Our balance sheet can withstand that additional spend.

Speaker #5: So what's our burn rate? I think OPEX, this year was a very or this quarter was a low revenue quarter. Compared to last quarter, our Q1 2025.

Speaker #5: I think we went into that in the script. In Q1, we had revenues associated with raw power. This quarter, we did not have revenues associated with projects.

Speaker #5: So the OPEX was about, I think, 55 million this quarter. But we anticipate actually it will go up as we near commercialization. Because we're focused on supply chain readiness.

Speaker #5: We're focused on design finalization. We're focused on getting ready to actually deliver this product. And as we focus on that, we're starting to spend a little bit more but rest assured to our investors, we've planned for this.

Speaker #5: And our balance sheet can withstand that additional spend.

Speaker #10: Great. Thank you.

Craig Shere: Great. Thank you.

Speaker #5: Thank you.

Ramsey Hamady: Thank you.

Speaker #3: Your next question comes from the line of Leanne Hayden with Canaccord Genuity. Please go ahead.

Operator 2: Your next question comes from the line of Leanne Hayden with Canaccord Genuity. Please go ahead.

Operator: Your next question comes from the line of Leanne Hayden with Canaccord Genuity. Please go ahead.

Speaker #11: Hi, everyone. Thanks so much for taking my question. To start, I was just hoping you could help us. I was just hoping you could help out what that looks like per NPN, and expect this to change from first of a kind to end of a kind, especially now that you've started more procurement efforts.

Leanne Hayden: Hi, everyone. Thanks so much for taking my question.

Ramsey Hamady: Go ahead.

Leanne Hayden: hoping you could help us. Hi there. I was just hoping you could help out what X looks like per NPM, and expect this to change from first of a kind to nth of a kind, especially now that you've started more procurement efforts.

Speaker #5: Well, I'm sorry. You're breaking up pretty bad.

Clayton Scott: Leon?

Clayton Scott: I'm sorry, you're breaking up pretty bad.

Speaker #12: Yeah. Am I repeating myself?

Ramsey Hamady: Yeah. Do you mind repeating yourself?

Leanne Hayden: Sorry. Sorry about that. Can you guys hear me now?

Speaker #11: Sorry. Sorry about that. Can you guys hear me now?

Speaker #5: Yeah.

Clayton Scott: Yeah, better.

Speaker #10: Yep.

Speaker #11: Okay. I was just hoping you could help us think about what CAPEX should look like per NPM and how we can expect that to change from first of a kind to end of a kind.

Ramsey Hamady: Yep.

Leanne Hayden: Okay. I was just hoping you could help us think about what CapEx should look like per NPM and how we can expect that to change from first of a kind to nth of a kind, and maybe any sort of early indications on dollars per kilowatt hour as well would be great.

Speaker #11: And maybe any sort of early indications on dollars per kilowatt hour as well would be great.

Ramsey Hamady: No, yeah, I don't think we can provide guidance. I think it's, I think on CapEx per NPM, I think you're referring to COGS versus CapEx. We're not providing guidance on the cost of, you know, the cost of building an NPM, and we're not providing guidance on the maturation of those costs through from first of a kind to nth of a kind. Our apologies, Steph. I think it's a little bit early for us to provide that sort of guidance. Your second question, you're talking about dollar per kilowatt hour. We've really gone away from this sort of metric. We don't provide this, we don't provide guidance on that.

Speaker #5: Yeah. I don't think we can provide guidance. I think on CAPEX per NPM, I think you're referring to COGS. Versus CAPEX. And we're not providing guidance on the cost of the cost of building an NPM.

Speaker #5: And we're not providing guidance on the maturation of those costs through from end of a kind or from first of a kind to end of a kind.

Speaker #5: So our apologies for that. But I think it's a little bit early for us to provide that sort of guidance. And your second question, you're talking about dollar per kilowatt-hour.

Speaker #5: We've really gone away from this sort of metric. So we don't provide those we don't provide guidance on that. It's too fuzzy, really, to provide guidance on dollar per kilowatt hour.

Ramsey Hamady: It's too fuzzy really to provide guidance on dollar per kilowatt-hour. Plus we don't produce the electrons. We sell NPMs.

Speaker #5: And plus, we don't produce the electrons. We sell NPMs.

Speaker #11: Okay. Yep. That's fair enough. Got it. Thank you. And then just curious, after Entra One signs the binding PPA with TVA, can you just talk about a little bit what that means from a near-term revenue perspective, if possible?

Leanne Hayden: Okay. Yep. That's fair enough. Got it. Thank you. Then just curious, like after ENTRA1 Energy signs the binding PPA with TVA, can you just talk about a little bit what that means from a near-term revenue perspective, if possible?

Speaker #5: Yeah. Surely. And I think what I went to is I can't remember if it was Moses or who I was speaking with. But I looked to some of the early services that we would provide, site-specific services.

Ramsey Hamady: Yeah, surely. I think what I went to is, I can't remember it was Moses or who I was speaking with. You know, I look to some of the, you know, the early services that we would provide, site-specific services. I refer to our work with RoPower over 2024 and 2025. We had some technology licensing revenues along with pre-FEED and FEED Phase Two. I'd say in the context of RoPower, what we saw was about $1 million worth of revenue, just on kind of like, you know, these pre sort of services. I think that we can anticipate something similar in relation to, in relation to ENTRA1 Energy post-signing of a PPA with post their signing of a PPA with TVA.

Speaker #5: And I referred to our work with RAW Power over 2024 and 2025. We had some technology licensing revenues, along with pre-FEED and FEED Phase Two.

Speaker #5: I said in the context of raw power, what we saw was about $80 million worth of revenue just on kind of like these pre-sort of services.

Speaker #5: And I think that we can anticipate something similar in relation to Entra One post signing of a PPA with post their signing of a PPA with TVA.

Speaker #5: And there's licensing work as well. There's COLA work. But I stick to the raw power examples. A good idea of what we may anticipate.

Ramsey Hamady: There's licensing work as well, there's COLA work. I stick to the RoPower example as a good idea of what we may anticipate.

Speaker #11: Got it. Okay. Thank you, Ramsey. That's helpful.

Leanne Hayden: Got it. Okay. Thank you, Randy. That's helpful.

Speaker #5: Yeah. Of course.

Ramsey Hamady: Yeah, of course.

Speaker #3: Your next question comes from the line of John Wyndham with UBS. Please go ahead.

Operator 2: Your next question comes from the line of Jon Windham with UBS. Please go ahead.

Operator: Your next question comes from the line of Jon Windham with UBS. Please go ahead.

Jon Windham: Hey, perfect. Thanks for taking all the questions and being patient with us. Appreciate the sort of regulatory review. You know, it's been, I think 3.5 years of covering you guys. It's good to, you know, re-refresh on that. There's been a lot of talk about a PPA with TVA. I just wanna understand how we should think about the next 12 months, and what does progress look on that? I mean, just looking at some of the things TVA has done with like GE Hitachi and some of the other nuclear development programs, they don't seem to start with a fixed price PPA and then now let's move forward. You know, it's like more incremental, the site construction permit, PPA is still sort of up in the air. Everyone's sort of moving one step at a time.

Speaker #13: Hey. Perfect. Thanks for taking all the questions and being patient with us. Appreciate the sort of regulatory review. It's been I think three and a half years of covering you guys.

Speaker #13: It's good to refresh on that. There's been a lot of talk about a PPA with TVA. I just want to understand how we should think about the next 12 months and what is progress look on that.

Speaker #13: I mean, just looking at some of the things TVA has done with GE Hitachi and some of the other nuclear development programs, they don't seem to start with a fixed-price PPA and then say, now let's move forward.

Speaker #13: It's like more incremental of a site construction permit. PPA still sort of up in the air. Everyone's sort of moving, one step at a time.

Speaker #13: I'm just—if you could just help me so I’ll be more articulate. Just in the next 12 months, sort of timelines, key mileposts on advancing the TVA project.

Jon Windham: If you could just help me so I'll be more articulate, just in the next 12 months sort of timelines, key mileposts, on advancing the TVA project.

Clayton Scott: Yeah, I think this is a little bit different scenario, I think. I mean, you know, PPAs are somewhat new to the nuclear industry and, you know, the process on how things move forward in a project perspective. As we see it, ENTRA1 Energy's, you know, in those finalizations of that deal. Once that's performed.

Speaker #5: Yeah. I think it's a little bit different scenario, I think. I mean, PPAs are somewhat new to the nuclear industry. And the process on how things move forward in a project perspective.

Speaker #5: So as we see it, Entra One's in those finalizations of that deal. And once that's performed, the sites have been we've already kind of worked with the collective to identify the sites that will be worked on.

Ramsey Hamady: You know, the sites have been, you know, we've already kind of worked with the collective to identify the sites that will be worked on. Most of those sites are have some level of preparation that have been progressed. We would see us going into COLA activities, into pre-FEED activities, and supporting the supply chain for ENTRA1 Energy. It's kind of different than what you've seen in some other sites that may not be as mature or in a PPA situation that's not necessarily secured or even working with reactor suppliers that are not as advanced. I think we're kind of in a different position. We're ready to go, ready to deploy.

Clayton Scott: You know, the sites have been, you know, we've already kind of worked with the collective to identify the sites that will be worked on. Most of those sites are have some level of preparation that have been progressed. We would see us going into COLA activities, into pre-FEED activities, and supporting the supply chain for ENTRA1 Energy. It's kind of different than what you've seen in some other sites that may not be as mature or in a PPA situation that's not necessarily secured or even working with reactor suppliers that are not as advanced. I think we're kind of in a different position. We're ready to go, ready to deploy.

Speaker #5: And most of those sites are have some level of preparation that have been progressed. So we would see us going into COLA activities, into pre-feed activities, and supporting the supply chain for Entra One.

Speaker #5: So it's kind of different than what you've seen in some other sites that may not be as mature or in a PPA situation that's not necessarily secured or even working with reactor suppliers that are not as advanced.

Speaker #5: So I think we're kind of in a different position. We're ready to go, ready to deploy. So I think once their deals have been secured, then we can start real activity that our COLA-driven not what you see today in the other end.

Ramsey Hamady: I think once their deals have been secured, then we can start real activity that are COLA driven, not what you see today in the other end.

Clayton Scott: I think once their deals have been secured, then we can start real activity that are COLA driven, not what you see today in the other end.

John Hopkins: We're also all driven to where once these PPAs are definitized and put in place, hopefully near term here, we also have been working diligently on our OEM contract. It's in everybody's venture interest. As soon as these PPAs are defined, we quickly move into our OEM contract. You know, we'll do the COLA, as Clayton mentioned, but getting that contract signed, it's in everybody's benefit to get that done quickly.

Speaker #2: And we're also all driven to once these PPAs have been definitized and put in place, hopefully near term here, we also have been working diligently on our OEM contract.

Speaker #2: So it's in everybody's interest. As soon as these PPAs are defined, we quickly move into our OEM contract, we'll do the COLA as Clayton mentioned.

Speaker #2: But getting that contract signed is to everybody's benefit, to get that done quickly.

Speaker #5: Yeah.

Ramsey Hamady: Yep.

Speaker #13: Perfect. Appreciate the color. Thanks so much.

Jon Windham: Perfect. Appreciate the color. Thanks so much.

Speaker #2: Thank you.

John Hopkins: Thank you.

Speaker #5: Thanks, John.

Ramsey Hamady: Thanks, John.

Speaker #3: Your next question comes from the line of Vikram Bagri with Citi. Please go ahead.

Operator 2: Your next question comes from the line of Vikram Bagri with Citi. Please go ahead.

Operator: Your next question comes from the line of Vikram Bagri with Citi. Please go ahead.

Speaker #14: Hi. Good afternoon, everyone. I was wondering if you can talk about other customers, customers other than TVA or raw power that you or Entra One may be talking about.

Vikram Bagri: Hi, good afternoon, everyone. I was wondering if you can talk about other customers other than TVA or RoPower that you or ENTRA1 Energy may be talking about, or is it fair to assume the focus is squarely on these two potential opportunities? When you talk to, you know, TVA and RoPower, TVA particularly, and other customers, do tariffs and logistics costs and, you know, higher commodity prices, they come up a lot, you know, changing economics of building a reactor, because of these things? I ask this question while I saw a flash that the new 10% tariffs were deemed unlawful by the trade court just now. Are tariffs and, you know, the logistics costs changing the economics? Is that somewhat of a hold-up?

Speaker #14: Or is it fair to assume the focus is squarely on these two potential opportunities? And when you talk to TVA and Raw Power, TVA particularly, and other customers, do tariffs and logistics costs and higher commodity prices—do they come up a lot, changing the economics of building?

Speaker #14: A reactor because of these things? And I ask this question while I saw flash that the new 10% tariffs were being unlawful by the trade court just now.

Speaker #14: But are tariffs and the logistics costs changing the economics, is that somewhat of a holdup? Are you talking to other customers other than TVA and raw power?

Vikram Bagri: Are you talking to the customers other than TVA and RoPower?

Ramsey Hamady: I'll answer the first part of the question. Yeah, TVA is an important opportunity, and it's currently our primary focus. It's not the only one, as there are other engagements. These are ongoing with other potential off-takers and customers across different regions and segments. We're working with ENTRA1 Energy on a pipeline that includes other projects. They're also being contemplating other business models other than a PPA structure, such as a development structure. I think we've said in the past, ENTRA1 Energy has, you know, a pretty deep pipeline of projects. We're not tied to one. You know, I'd like to highlight the importance of the significant growth drivers that make secure baseload nuclear power the only solution for both the US and the global energy sector.

Speaker #5: I'll answer the first part of the question. TVA is an important opportunity, and it's currently our primary focus. However, it's not the only one, as there are other engagements.

Speaker #5: These are ongoing with other potential off-takers and customers across different regions and segments. So we're working with Entra One on a pipeline that includes other projects that are also being contemplated in other business models other than a PPA structure such as development structure.

Speaker #5: I think we've said in the past Entra One has a pretty deep pipeline of projects. And we're not tied to one. I'd like to highlight the importance of a significant growth drivers that make secure base-load nuclear power the only solution for both the US and the global energy sector.

Speaker #5: It means there are a lot of people, a lot of customers looking for solutions like the power that we provide. But certainly, TVA is an important and is our core focus today.

Ramsey Hamady: It means there are a lot of people, a lot of customers looking for solutions like, the power that we provide. Certainly TVA is important, and is our core focus today. The second part of your question, if you don't mind repeating, that might be helpful for us.

Speaker #5: The second part of your question, if you don't mind repeating, that might be helpful for us.

Speaker #14: I was asking if the changing economics of building a reactor is also somewhat delaying the discussions with TVA and other customers in the US given the commodity prices are rapidly changing, the tariffs have moved around a lot.

Vikram Bagri: I was asking if the changing economics of building a reactor is also somewhat delaying the discussions with TVA and other customers in the US, given the commodity prices are rapidly changing, the tariffs have moved around a lot. Is that somewhat of a hold-up delaying the process?

Speaker #14: Is that somewhat of a holdup delaying the process?

Ramsey Hamady: I don't know if that's purely an SMR related idea. I mean, tariffs and commodity prices affect everyone. Yeah, I look, these are the, you know, the provision of nuclear and deployment of nuclear is a very long-term type of idea. It's, yeah, it has less to do with kind of like, you know, short-term swings and more to do with long-term needs, especially when those short-term swings are really macro and aren't just kind of, you know, they're not just focused on the nuclear industry or on SMRs. That's, yeah, that's kind of like US-wide, you know, technology-wide.

Speaker #5: I don't know if that's purely an SMR-related idea. I mean, tariffs and commodity prices affect everyone. So, the provision of nuclear and the deployment of nuclear is a very long-term type of idea.

Speaker #5: It has less to do with kind of like short-term swings and more to do with long-term needs, especially when those short-term swings are really macro.

Speaker #5: And aren't just kind of they're not just focused on the nuclear industry or on SMRs. That's kind of like US-wide technology-wide.

Speaker #2: And this relates to example a couple of weeks ago, we attended there was an annual energy conference every year called SERA Week. And it brings together energy senior executives, government officials, NGOs from all over the world.

Vikram Bagri: This relates.

Ramsey Hamady: Thanks. Thank you.

John Hopkins: to Daniel. A couple of weeks ago, we attended, there's an annual energy conference every year called CERAWeek. It brings together energy senior executives, government officials, and NGOs from all over the world. Of the probably 15 years I've been attending that event, I've never seen so much focus as we did in this event on nuclear, across the board, international, global, US, and domestic. You know, if you look at the markets that we've talked about over the years, they haven't gone away. We're gonna see potentially a significant decline at the end of this decade of coal-fired plants. We're gonna see the need for, as I said, the elephant in the room is still the hyperscalers who demand energy they want behind the meter. Recently, as the president announced, they're gonna have to figure out how to incur those costs.

Speaker #2: And of the probably 15 years I've been attending that event, I've never seen so much focus as we did in this event on nuclear.

Speaker #2: Across the board, international, global, US, domestic, if you look at the markets that we've talked about over the years, they haven't gone away. We're going to see potentially a significant decline at the end of this decade.

Speaker #2: If co-fired plants—we're going to see the need for, as I said, the elephant in the room is still the hyperscalers who demand energy.

Speaker #2: They want behind the meter. And recently, as the president announced, they're going to have to figure out how to incur those costs. So the demand poll right now that we're seeing is unlike anything I've ever seen.

John Hopkins: The demand pull right now that we're seeing is unlike anything I've ever seen. It's just, you know, it's been a long cycle, but I believe we're finally starting to see the light at the end of the tunnel here that all these technologies are going to benefit from, you know, the increase of our current government pushing this, needing energy security and national security and energy supply. We're bullish on the market, and we think the opportunity is near term. Got it. That's all I have. Thank you. Thank you.

Speaker #2: It's just it's been a long cycle, but I believe we're finally starting to see the light at the end of the tunnel here that all these technologies are going to benefit.

Speaker #2: From the increase of our current government pushing this, needing energy security and national security and energy supply. So we're bullish on the market. We think the opportunity is near term.

Vikram Bagri: Got it. That's all I have. Thank you.

Speaker #5: Got it. That's all I have. Thank you.

Speaker #2: Thank you.

John Hopkins: Thank you.

Speaker #3: Your next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead.

Operator 2: Your next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead.

Operator: Your next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead.

Speaker #15: Hey, guys. Good afternoon. Thanks for squeezing me in. I missed a little bit of the earlier part of the call, so apologize if some of this is redundant.

Brian Lee: Hey, guys. Good afternoon. Thanks for squeezing me in. I missed a little bit of the earlier part of the call, so apologize if some of this is redundant. You did cover a lot, with respect to, you know, TVA and related topics. I wanted to ask, specifically, you know, given some of your comments, Ramsey. I think a lot of focus on the PPA with TVA, and, you know, you kind of alluded to the fact that maybe it could happen later this year. Let's presume it does. Can you kinda walk us through what happens next, right? When does an equipment OEM offtake get finalized? Is that in conjunction with the PPA or is that, you know, a few quarters later, and so you're talking about 2027?

Speaker #15: And you did cover a lot. With respect to TVA and related topics. But I wanted to ask specifically, given some of your comments Ramsay, so I think a lot of focus on the PPA with TVA.

Speaker #15: And you kind of alluded to the fact that maybe it could happen later this year. So let's presume it does. Can you kind of walk us through what happens next, right?

Speaker #15: When does an equipment OEM offtake get finalized? Is that in conjunction with the PPA, or is that a few quarters later? And so you're talking about 2027.

Speaker #15: And then you also mentioned pre-feed revenue. There was no mention about deposits. I think you've talked about deposits in the past. But is that something that's still on the table?

Brian Lee: You also mentioned pre-FEED revenue. There was no mention about deposits. I think you've talked about deposits in the past, is that something that's still on the table? It does seem like you would need that to be cash flow, you know, neutral to positive, as you mentioned, is sort of your ambition maybe later this year. Just trying to understand the sequencing here around some of those elements.

Speaker #15: Because it does seem like you would need that to be cash flow neutral to positive, as you mentioned. Is sort of your ambition maybe later this year.

Speaker #15: But just trying to understand the sequencing here around some of those elements.

Speaker #2: Yeah. Let me start with the OEM. I mentioned earlier, we've been working diligently on the structure of the OEM. Now, we have to wait for the definitization of the PPA.

John Hopkins: Let me start with the OEM. I mentioned earlier we've been working diligently on the structure of the OEM. Now we have to wait for the definitization of the PPA. It's in everybody's interest as soon as these PPAs are put in place that we quickly negotiate and finalize our OEM. We're hoping, you know, near term that once that's done, that's the first thing we gotta get done. The other part of the question?

Speaker #2: However, it's in everybody's interest as soon as these PPAs are put in place that we quickly negotiate and finalize our OEM. So we're hoping near term that once that's done, that's the first thing we got to get done.

Speaker #2: The other part of the question?

Ramsey Hamady: I think it was sequencing. You know, once we have the PPA, what can we expect? Brian, we talked about, I don't know if you heard this part or not, I referenced RoPower to say that, hey, you know, within the context of RoPower, as an example, we did pre-FEED, FEED Phase Two, and technology licensing. That was about $80 million in revenues. I think on top of that, you could add COLA work, so that site-specific licensing work, which we can anticipate to see post PPA, and not necessarily tied to having an OEM, that's work the count just needs to push forward.

Speaker #5: So I think it was sequencing. So once we have the PPA, what can we expect? Brian, we talked about and I don't know if you heard this part or not, but I referenced RoPower.

Speaker #5: Hey, within the context of RoPower, as an example, we did pre-FEED, FEED phase two, and technology licensing. That was about $80 million in revenues.

Speaker #5: I think on top of that, you could add ColaWorks. So that's site-specific licensing work. Which we can anticipate to see post-PPA and not necessarily tied to having an OEM.

Speaker #5: Because that's work that kind of just needs to push forward. On deposits, I may be getting a little bit tripped up on the nomenclature of how we describe it.

Ramsey Hamady: On deposits, I may be getting a little bit tripped up on the nomenclature of how we describe it. You know, within an OEM contract, we would expect payments, and those payments would be staged over time. We're, you know, we're actively working to structure an OEM agreement now, but it's not deposits per se. It's, you know, it's us producing NPMs under an OEM agreement and acting as essentially a pass-through as funds go from ENTRA1 Energy, the buyer of the NPMs, to our supply chain, to some others, to pay for the production of the NPMs. I think the last point, I'm not sure if you asked this or I'm just kind of interpreting this through the dialogue.

Speaker #5: Within an OEM contract, we would expect payments. And those payments would be staged over time. We're actively working to structure an OEM agreement now.

Speaker #5: But it's not deposits per se. It's us producing NPMs under an OEM agreement and acting as essentially a pass-through, as funds go from entry one—the buyer of the NPMs—to our supply chain, and do so on others.

Speaker #5: To pay for the production of the NPMs. And I think the last point, I'm not sure if you asked this or I'm just kind of interpreting this.

Speaker #5: The dialogue. But we anticipate the OEM then to be like a OEM is a cash positive event for NuScale. I know that there are some payments that go out under PMA.

Ramsey Hamady: We anticipate the OEM then to be, you know, OEM is a cash positive event for NuScale. I know that there are some payments that go out under a PMA, but ultimately, we anticipate payments coming in, more than offset that. Then we have a runway, TBD, and this is all to be negotiated in the OEM agreement, but then we have a runway of payments coming in to ultimately pay for, you know, pay for the modules. Did I answer that correctly, Brian? I don't know if I was clear there.

Speaker #5: But ultimately, we anticipate payments coming in will more than offset that. And then we have a runway—TBD, and this is all to be negotiated in the OEM agreement.

Speaker #5: But then we have a runway of payments coming in to ultimately pay for the modules. Did I answer that correctly, Brian? I don't know if I was clear there.

Speaker #15: I think I understand it. Yeah, I understand the scope of work and getting paid on delivery of components. I suppose it's maybe, as you said, Ramsay nomenclature.

Brian Lee: I understand it. Yeah, I understand the scope of work and, you know, getting paid on delivery of, you know, components. I suppose it's maybe, as you said, Ramsey nomenclature, but my understanding was that there was gonna be some structuring of a upfront deposit that would be quite significant.

Speaker #15: But my understanding was that there was going to be some structuring of a upfront deposit that would be quite significant. Once you had the OEM agreement in place.

Ramsey Hamady: Yeah

Brian Lee: Once you had the OEM agreement in place.

Speaker #15: But maybe that's less.

Ramsey Hamady: Yeah. No, that's right, Brian. That's right. No, it's not just payment. It's not like we, you know, we produce and we hand over an NPM, and then we get paid for an NPM. I think what you may be speaking to is, like, ideas of working capital. I think, you know, cash and working capital as we go to produce NPMs. We would anticipate that we have staged payments over time, starting at the signing of the OEM agreement and then pushing into the future as we progress manufacturing of the NPM and then terminating in the delivery of the NPM.

Speaker #5: Yeah. No, that's right, Brian. That's right. No, it's not just payment upon—it's not like we produce and we hand over an NPM and then we get paid for an NPM.

Speaker #5: And I think what you may be speaking to is ideas of working capital. I think cash and working capital—as we go to produce NPMs—we would anticipate that we have staged payments over time, starting at the signing of the OEM agreement.

Speaker #5: And then pushing into the future as we progress manufacturing of the NPM. And then terminating in the delivery of the NPM.

Brian Lee: Last one from me. I'll take it offline. When you said, upon signing the equipment OEM, you expect to be cash flow positive, are you talking about recouping, in addition to the PMA that's made, upon signing the PPA, also the initial milestone payment of, I guess, the $500 million that's already been paid? Like, what's the scale of what you're referencing in terms of being cash flow positive, once you hit the equipment OEM agreement?

Speaker #15: Okay, last one from me, and I'll take it offline. When you said upon signing the equipment OEM, you expect to be cash flow positive—

Speaker #15: Are you talking about recouping in addition to the PMA that's made upon signing the PPA, also the initial milestone payment of, I guess, the $500 million that's already been paid?

Speaker #15: What's the scale of what you're referencing in terms of being cash flow positive once you hit the equipment OEM agreement?

Speaker #5: Yeah, I was really referencing, in that particular statement, milestone three. Under the PMA, what we expect to pay out under milestone three and what we expect to take in is that we'll be cash flow positive on that.

Ramsey Hamady: In that particular statement, I was really referencing milestone three under the PMA of what, you know, what we expect to pay out under milestone three and what we expect to take in, is that we'll be cash flow positive on that. You know, the total milestone payments overall, I think those are recoverable, or we can recoup those over the course of, you know, over the course of delivering the NPM and the payments that come in. I was solely referring to that moment in time, Brian. An OEM assigned, amounts are due under a PMA, amounts come in as, you know, first payment under an OEM. The net of those we anticipate being cash flow positive.

Speaker #5: The total milestone payments overall, I think those are recoverable or we can recoup those over the course of over the course of delivering the NPM.

Speaker #5: And the payments that come in. But I was solely referring to that moment in time, Brian. An OEM is signed. Amounts are due under a PMA.

Speaker #5: Amounts come in as first payment under an OEM, and the net of those we anticipate being cash flow positive.

Speaker #15: Okay, makes sense. Appreciate the clarification. Thanks, guys.

Ryan Pfingst: Okay. Makes sense. Appreciate the clarification. Thanks, guys.

Brian Lee: Okay. Makes sense. Appreciate the clarification. Thanks, guys.

Speaker #5: Sure. Thank you.

Ramsey Hamady: Sure. Thank you.

Speaker #1: Your final question for today comes from the line of Brian Feenst with B. Reilly Securities. Please go ahead.

Operator 2: Your final question for today comes from the line of Ryan Pfingst with B. Riley Securities. Please go ahead.

Operator: Your final question for today comes from the line of Ryan Pfingst with B. Riley Securities. Please go ahead.

Speaker #8: Yeah.

Speaker #5: Hey, Ryan. How you doing?

Ramsey Hamady: Hey, Brian, how you doing?

Speaker #8: Hey, Ramsay. How are you? Thanks for taking the question. Maybe just a follow-up on RoPower. Ramsay, you just mentioned the revenue earned there over the last couple of years.

Ryan Pfingst: Hey, Ramsey, how are you?

Ramsey Hamady: Good

Ramsey Hamady: taking the question. Maybe just a follow-up on RoPower. Ramsey, you just mentioned the revenue earned there over the last couple of years. Could you share what the revenue opportunity might look like if RoPower continues to advance? Or maybe what types of services you'd be providing in the next stage of that project?

Speaker #8: But could you share what the revenue opportunity might look like if RoPower continues to advance, or maybe what types of services you'd be providing in the next stage of that project?

Speaker #5: Yeah. This is Carl Fisher. The next phases of the project, it's just the backup of it. We finished feed just in November. Once again, we are a sub to Fluoric Corporation.

Carl Fisher: This is Carl Fisher. The next phases of the project is just to back up a bit. We finished a FEED just in November. Once again, we are a sub to Fluor Corporation, and Fluor Corporation is now pulling together the next phases, which is what they call a pre-EPC approach. The lion's share of that will go to most likely to Fluor, and we'll have a subcomponent. They're still working through what that scope actually is. Until they get that finalized, we're not gonna know exactly what kind of revenue streams we're gonna be pulling in for this, what we call a pre-EPC approach.

Speaker #5: And Fluoric Corporation is now putting together the next phases, which is what they call a pre-EPC approach. So the lion's share of that will go to most likely to Fluor.

Speaker #5: And we'll have a sub-component, and they're still working through what that scope actually is. So, until they get that finalized, we're not going to know exactly what kind of revenue streams we're going to be pulling in for this—what we call a pre-EPC approach.

Speaker #8: Understood. Thanks, guys.

Ryan Pfingst: Understood. Thanks, guys.

Speaker #1: That concludes our question and answer session. I will now turn the call back over to John Hopkins for closing remarks.

Operator 2: That concludes our question and answer session. I will now turn the call back over to John Hopkins for closing remarks.

Operator: That concludes our question and answer session. I will now turn the call back over to John Hopkins for closing remarks.

Speaker #5: Thank you very much, operator. I object to today, folks, is trying to level set as much as we could. There's a lot of chatter in the market right now.

John Hopkins: Thank you very much, operator. You know, our objective today, folks, was try to level set as much as we could. There's a lot of chatter in the market right now. You know, NuScale didn't just happen. We've been, and the team have been hard at work for nearly two decades with one clear mission: help power the global energy transition by delivering safe, scalable, and reliable energy. With that, I'll sign off. We thank you until next time.

Speaker #5: But NuScale didn't just happen. We've been a team that's been hard at work for nearly two decades with one clear mission: help power the global energy transition by delivering safe, scalable, and reliable energy.

Speaker #5: And with that, I'll sign off. And we thank you. Until next time.

Operator 2: Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

Operator: Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

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Q1 2026 NuScale Power Corp Earnings Call

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Q1 2026 NuScale Power Corp Earnings Call

Thursday, May 7th, 2026 at 9:00 PM

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NuScale

Earnings

Q1 2026 NuScale Power Corp Earnings Call

SMR

Thursday, May 7th, 2026 at 9:00 PM

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