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- **Landmark TVA Deal**: 6 GW of nuclear capacity (72 modules) with ENTRA1, supported by $25B U.S.-Japan funding.
- **Financial Strength**: $753M liquidity, 16x revenue growth to $8.2M, and $128.5M PMA milestone payment.
- **Strategic Partnerships**: ENTRA1's proven track record and Fluor's supply chain expertise ensure scalable deployment.
- **Market Momentum**: First SMR plant COD by 2030, with PMA payments self-funding through project development.

**【CEO Summary Section】**
- NuScale is the first and only small modular reactor (SMR) technology provider with U.S. NRC design approval, positioning it for commercial deployment.
- Announced a landmark agreement with TVA and ENTRA1 for up to 6 GW of nuclear capacity, involving 72 NuScale Power Modules and up to 6 ENTRA1 plants.
- Secured $25 billion in U.S.-Japan framework funding for ENTRA1 to develop SMR-powered plants for AI, manufacturing, and defense.
- Signed a Partnership Milestone Agreement (PMA) with ENTRA1 to accelerate SMR deployment, with payments tied to project milestones.
- Highlighted the COLA process for site-specific licensing and supply chain readiness for mass production.

**【CFO Financial Commentary】**
- Liquidity increased to $753.8 million (Q3 2025) from $489.9 million (Q2 2025), driven by $475.2 million from an at-the-market (ATM) program and a $128.5 million PMA milestone payment.
- Revenue rose to $8.2 million (Q3 2025) from $0.5 million (Q3 2024), driven by fees for the RoPower project.
- Announced a structured monetization agreement with Fluor to reduce economic rights and align shareholder interests, enabling orderly share conversion.

**【Q&A Key Highlights】**
- **Supply Chain Confidence**: Doosan has dedicated capacity for 20 NuScale modules/year and prioritizes NuScale over other projects.
- **ENTRA1 Credibility**: ENTRA1's principals have 45+ years of global energy project experience, including coal and combined-cycle plants.
- **Japan-U.S. Framework**: NuScale and ENTRA1 were sole recipients of $25 billion for SMR-powered baseload energy.
- **TVA PPA Timing**: First plant COD expected by 2030, with additional plants phased in as demand grows.
- **Fluor Agreement**: Fluor will monetize its NuScale investment via controlled open-market sales, minimizing market impact.
- **Milestone Payments**: PMA payments are self-funding through project development, with escalators tied to inflation and production scale.


NuScale Power Corporation (SMR) Q3 2025 Earnings Call Transcript

- **NRC Approval Milestone**: NuScale's 77-megawatt design approval solidifies its leadership in deployable SMR technology.
- **Revenue Growth**: Q2 revenue surged to $8.1 million, driven by engineering fees from the RoPower project.
- **Supply Chain Readiness**: Doosan's capacity to produce 20 modules annually positions NuScale for rapid deployment.
- **Customer Focus**: Targeting U.S. hyperscale data centers and utilities, with commercial contracts expected by year-end.
- **Financial Discipline**: Liquidity remains strong at $489.9 million, with controlled OpEx growth for strategic supply chain investments.

**【CEO Summary Section】**
- NuScale achieved a significant milestone with the NRC approval of its 77-megawatt electric design, solidifying its position as the only near-term deployable SMR technology with NRC approval.
- The company highlighted its exclusive partnership with ENTRA1, emphasizing its role as a developer of power plants using NuScale's SMR technology.
- Revenue growth was driven by engineering and licensing fees from the RoPower project in Romania, with Q2 revenue reaching $8.1 million, up from $1 million in the prior year.
- Management emphasized the strategic focus on U.S.-based customers, targeting the hyperscale data center and utility sectors, with expectations of securing commercial contracts by the end of 2025.
- The company's supply chain readiness was underscored, with Doosan capable of producing up to 20 modules annually, and ongoing investments in long-lead materials to support future deployments.

**【CFO Financial Commentary】**
- Total liquidity remained strong at $489.9 million as of June 30, 2025, reflecting disciplined cash management despite a $31.5 million quarterly decline.
- Operating expenses increased to $44.9 million in Q2, with expectations of further growth in the second half due to long-lead material procurement and supply chain investments.
- The company maintained a focus on cost control, with operating expenses up 6.9% year-over-year, while revenue growth outpaced expense growth.
- The CFO noted the importance of avoiding speculative inventory buildup, instead aligning capital expenditures with commercial contracts.

**【Q&A Highlights】**
- **Supply Chain and Capacity**: Doosan's manufacturing capacity of up to 20 modules per year was highlighted, with the company prioritizing supply chain readiness for potential commercial contracts.
- **Customer Negotiations**: The CEO confirmed active discussions with 10 advanced-stage customers, primarily in the U.S., targeting hyperscale data centers and utilities.
- **Regulatory Tailwinds**: The administration's support for advanced nuclear technologies was seen as a key driver, with NuScale benefiting from streamlined licensing processes and bipartisan policy backing.
- **RoPower Project Timeline**: The final investment decision for the Romanian project was pushed to mid-2026, with ongoing engineering and licensing work supporting near-term cash flow.
- **Strategic Differentiation**: NuScale's use of conventional nuclear fuel and passive safety systems was contrasted with competitors' reliance on unproven technologies, reinforcing its competitive edge.


NuScale Power Corporation (SMR) Q2 2025 Earnings Call Transcript

- **77MW Design Approval**: NRC approval expected July 2025, solidifying leadership in deployable SMRs.
- **10+ Advanced Deals**: Global discussions with hyperscalers, utilities, and industrial players for 2025 module sales.
- **$491M Liquidity**: Strong cash position supports 2+ years of runway, with ATM proceeds fueling supply chain investments.
- **Hydrogen Innovation**: First SMR company integrating hydrogen production systems for commercial-scale clean energy.

**【CEO Business Update】**
- **RoPower Project Progress**: Phase 2 FEED on track for Class 3 estimate delivery by Q4 2025, with discussions for detailed design phase extension. Targeting FID submission by late Q1 or early Q2 2026.
- **Design Approval Expansion**: Standard design approval for 77MW modules expected by July 2025, maintaining regulatory leadership over non-light water competitors.
- **Supply Chain Readiness**: Issued long-lead material orders, executed supply agreements with Doosan, Framatome, and Paragon, with 30+ suppliers engaged in critical path production.
- **Market Expansion**: 10+ advanced customer discussions globally, including U.S. hyperscalers for AI-powered data centers and international hydrogen production projects.
- **New Applications**: Integrated hydrogen production systems into control rooms, targeting >200 metric tons/day capacity, with interest from major industrial players.

**【CFO Financial Overview】**
- **Liquidity**: $491.4M cash and $30M short-term investments as of Q1 2025, supported by $102.4M ATM program proceeds.
- **Revenue Growth**: Q1 2025 revenue $13.4M (vs. $1.4M YoY), driven by RoPower engineering fees.
- **Cost Efficiency**: Operating expenses $42.3M (vs. $44.6M YoY), with 2024 average reduced to $42.3M vs. 2023's $69.9M/Q.
- **Cash Flow Expectation**: Anticipates near-term cash flow positivity from module sales, with 2+ years of runway at current burn rate.

**【Q&A Key Highlights】**
- **Customer Order Timeline**: Management confident in securing a firm customer order by end-2025, with 10+ advanced discussions (e.g., U.S. hyperscalers, international utilities).
- **Supply Chain Capacity**: Doosan capable of producing 20 modules/year, with NuScale targeting 2030 COD for first project.
- **Romania Political Risk**: Q1 2025 revenue unaffected by upcoming elections; Nuclearelectrica continues FEED Phase 2 despite political uncertainty.
- **Competitive Advantage**: Light water technology provides regulatory certainty vs. non-LWR peers, with 70+ years of global operating history.

NuScale Power (SMR)-12 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: Q4 2024 revenue up 688% YoY to $34.2M, driven by RoPower FEED and SMR module production.
- **SMR Leadership**: Only NRC-approved SMR with 77 MW upgrade in review; 12 modules in production ahead of demand.
- **Cost Efficiency**: Operating expenses reduced 40% YoY, annualized savings $108.6M.
- **Market Opportunity**: AI data centers driving 12% U.S. electricity demand by 2028; Meta seeking 4 GW nuclear power.
- **Policy Tailwind**: New admin prioritizes SMRs; DOE grant evaluation underway.


**【CEO Business Update】**
- **2024 Achievements**: Strengthened financial position, advanced SMR commercialization, and partnerships like RoPower (6-module plant in Romania). Phase 2 FEED for RoPower provides meaningful revenue.
- **Market Leadership**: Only NRC-approved SMR with Design Certification; competitors' demonstration projects require 4+ years of operation before commercial approval. Upgraded SDA application targets 77 MW modules (vs. 50 MW) for broader applicability.
- **Manufacturing Momentum**: 12 modules in production (6 with Doosan, 6 additional long-lead items ordered). Steam generator tubes order from Alleima supports deployment schedules.
- **Demand Drivers**: U.S. electricity demand set to grow 6x over 20 years, driven by AI data centers (e.g., Meta seeking 4 GW nuclear power). NuScale's off-grid capability and 24/7 baseload energy meet critical needs.

**【CFO Financial Highlights】**
- **Cash Position**: $446.7M at Q4 2024 (vs. $125.4M in 2023), driven by $227.7M warrant conversions. Eliminated earnings volatility from warrant derivatives.
- **Revenue & Loss**: Q4 2024 revenue $34.2M (vs. $4.6M in 2023), net loss $180.3M (includes $170M non-cash warrant expense). Full-year 2024 revenue $37M, net loss $348.4M.
- **Cost Efficiency**: Q4 2024 operating expenses $43M (vs. $71.8M in 2023), annualized savings $108.6M. Operating loss reduced to $11.9M (vs. $71.1M in 2023 Q4).
- **2025 Focus**: Use cash for supply chain development, module production, and next-gen innovation.

**【Q&A Key Takeaways】**
- **Data Center Deals**: Complexity of structuring deals with ENTRA1 Energy, but confident in closing due to 12-module production lead. Hyperscalers value NuScale's near-term deployability and off-grid model.
- **RoPower Milestones**: Final investment decision expected Q4 2025. NuScale supporting Fluor Corporation as subcontractor.
- **Policy Support**: New administration prioritizes SMR deployment. DOE grant for Gen 3 reactors under evaluation.
- **Competitive Position**: No HALEU fuel supply chain for Gen IV SMRs; NuScale's light-water reactor avoids this hurdle.


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