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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SMR

SMR fundamentals

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