Nuscale Power Corp (SMR) 2024 Q1 法說會逐字稿

Good afternoon, and welcome to NuScale's fourth-quarter and full-year 2023 earnings results conference call. Today's call is being recorded. (Operator Instructions)

下午好，歡迎參加 NuScale 第四季和 2023 年全年財報電話會議。今天的通話正在錄音。（操作員說明）

A replay of today's conference call will be available and accessible on NuScale's website at ir.nuscalepower.com. The web replay will be available for 30 days following the earnings call.

今天電話會議的重播將在 NuScale 網站 ir.nuscalepower.com 上提供和存取。網路重播將在財報電話會議後 30 天內提供。

At this time for opening remarks, I would like to turn the call over to Scott Kozak, Director of Investor Relations. Please go ahead, Mr. Kozak.

此時此刻，我想將電話轉給投資人關係總監 Scott Kozak。請繼續，科札克先生。

Thank you, operator. Welcome to NuScale's first-quarter 2024 earnings results conference call. With us today are John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer. On today's call, NuScale will provide an update on its business and discuss financial results. We will then open the phone lines for questions.

謝謝你，接線生。歡迎參加 NuScale 2024 年第一季財報電話會議。今天與我們在一起的有總裁兼執行長約翰霍普金斯 (John Hopkins)；拉姆齊·哈馬迪（Ramsey Hamady），財務長。在今天的電話會議上，NuScale 將提供其業務最新情況並討論財務表現。然後我們將開通電話線路供提問。

This afternoon, we posted a set of supplemental slides on our Investor Relations website. As reflected in the Safe Harbor statements on slide 2, the information set forth in the presentation was discussed during the course of our remarks and the subsequent Q&A session includes forward-looking statements which reflect our current views of existing trends that are subject to a variety of risks and uncertainties. You can find a discussion of our risk factors which could potentially contribute to such differences in our SEC filings on Form 10-K for our fiscal year 2023 and in our prior SEC filings.

今天下午，我們在投資者關係網站上發布了一組補充幻燈片。正如幻燈片2 上的安全港聲明所反映的那樣，我們在發言過程中討論了演示文稿中提出的信息，隨後的問答環節包括前瞻性陳述，這些陳述反映了我們當前對現有趨勢的看法，這些趨勢受到各種因素的影響。您可以在我們向 SEC 提交的 2023 財年 10-K 表格以及先前向 SEC 提交的文件中找到有關可能導致此類差異的風險因素的討論。

I'll now turn the call over to John Hopkins, NuScale's President and Chief Executive Officer. John?

我現在將把電話轉給 NuScale 總裁兼執行長約翰霍普金斯 (John Hopkins)。約翰？

Thank you, Scott, and good afternoon, everyone. As you all know, NuScale was founded on the belief that nuclear power -- a cleaner, safer, more reliable form of energy -- is critical to meeting the increasing global demand for carbon-free power. Today, we are seeing this fully borne out in real time.

謝謝斯科特，大家下午好。眾所周知，NuScale 堅信核電這種更清潔、更安全、更可靠的能源形式對於滿足全球日益增長的無碳電力需求至關重要。今天，我們正在實時看到這一點得到充分證實。

As you'll see on slide 3, the need for clean, reliable power is significant and growing, driven by the electrification of the transportation building, technology, and industrial segments. The recent five-year projection for US electricity demand growth has doubled from forecast provided just one year ago. Overall peak demand in the US is expected to grow at least 38 gigawatts over the next five years.

正如您將在投影片 3 中看到的那樣，在交通建築、技術和工業領域的電氣化推動下，對清潔、可靠電力的需求非常巨大且不斷增長。最近對美國電力需求成長的五年預測比一年前的預測翻了一番。未來五年，美國的整體高峰需求預計將成長至少 38 吉瓦。

When you consider that the country is on track to close half of its coal-fired generation capacity by 2026, the vulnerability of domestic grid to intermittency comes into greater focus. Particularly when you consider that in 2023, coal represented more than 16% of US utility-scale electricity generation. The US has made historic investments in climate progress and federal regulations and state policies have helped bend the projected greenhouse gas emissions curve further down.

當您考慮到該國預計在 2026 年關閉一半的燃煤發電能力時，國內電網易受間歇性影響的脆弱性就成為人們更加關注的焦點。特別是考慮到 2023 年，煤炭發電量將占美國公用事業規模發電量的 16% 以上。美國在氣候進步方面進行了歷史性投資，聯邦法規和州政策幫助進一步降低了預期的溫室氣體排放曲線。

However, the country continues to lag behind Paris Agreement targets to cut emissions by 50% to 52% below 2005 levels by 2030 and achieve net zero emissions by 2050. For example, in 2023, the US added 32 gigawatts of zero emissions electricity generation and storage. But as you see in the chart, it still falls far short of the targeted addition of 46 to 79 gigawatts needed to keep pace with the country's Paris Agreement goal.

然而，該國仍落後於《巴黎協定》的目標，即到2030年將排放量比2005年水準減少50%至52%，並在2050年實現淨零排放。例如，2023年，美國新增了32吉瓦的零排放發電和儲存容量。但正如您在圖表中看到的那樣，它仍然遠低於與該國《巴黎協定》目標保持同步所需的 46 至 79 吉瓦的目標增量。

Let me add an additional perspective. In March, I attended CERAWeek, the flagship annual conference on the energy industry calendar and a dominant theme was artificial intelligence and AI's insatiable appetite for electricity. Data center and AI-driven companies attended the event en masse, speaking on panels and seeking out meetings with utility executives, power developers, and power production technology companies, including NuScale.

讓我補充一個額外的觀點。三月份，我參加了 CERAWeek，這是能源產業日曆上的旗艦年會，其主要主題是人工智慧和人工智慧對電力的永不滿足的胃口。資料中心和人工智慧驅動的公司集體參加了此次活動，在小組中發表演講，並尋求與公用事業高管、電力開發商和電力生產技術公司（包括 NuScale）舉行會議。

A few key takeaways from these discussions. First, NuScale's SMR technology resonates so strongly with this group because our solution is scalable, reliable, near-term deployable, and aligns with their clean energy commitment. In addition, our flexible business model means they will not need to own or operate a nuclear energy plant.

這些討論的一些關鍵要點。首先，NuScale 的 SMR 技術引起了該群體的強烈共鳴，因為我們的解決方案可擴展、可靠、可在近期內部署，並且符合他們的清潔能源承諾。此外，我們靈活的商業模式意味著他們不需要擁有或營運核電廠。

Second, data center and AI companies are not like traditional nuclear energy customers. The sense of urgency and the pace at which they move are clear differentiators. We are in advanced discussions with a number of these prospective customers and several are considering commercial operation dates before the end of this decade.

其次，資料中心和人工智慧公司與傳統核能客戶不同。緊迫感和行動速度是明顯的區別因素。我們正在與許多潛在客戶進行深入討論，其中一些客戶正在考慮在本世紀末之前進行商業營運。

Third, and finally, while these companies that are competitors commercially, many are collaborating on energy solutions because they recognize the scope and immediate nature of their common needs.

第三，也是最後一點，雖然這些公司在商業上是競爭對手，但許多公司正在能源解決方案方面合作，因為他們認識到共同需求的範圍和直接性質。

As reflected on slide 4, when you consider how the electricity needs of tech companies have evolved, the sense of the urgency in their activity is justified. Most traditional data centers built 10 years ago were energy consumers of 10 megawatts or less. Today, it's not uncommon to see a 100 megawatt data center. There are data centers planned in next three to five years that will approach 1,000 megawatts.

如投影片 4 所示，當您考慮科技公司的電力需求如何演變時，他們的活動的緊迫感是合理的。大多數 10 年前建成的傳統資料中心的能耗為 10 兆瓦或更少。如今，100 兆瓦的資料中心並不罕見。未來三到五年內計畫建置的資料中心容量將接近 1,000 兆瓦。

The International Energy Agency estimates of electricity demand from data centers globally could top 1,000 terawatt hours by 2026, more than double 2022 levels. Data centers, AI, and cloud storage are 24/7 power consumers. They require an uninterrupted, reliable power supply.

國際能源總署估計，到 2026 年，全球資料中心的電力需求可能會超過 1,000 太瓦時，是 2022 年水準的兩倍多。資料中心、人工智慧和雲端儲存是 24/7 的電力消耗者。它們需要不間斷、可靠的電源。

At CERAWeek, an Amazon Web Services executive commented that the world adds a new data center every three days. This need was underscored by a new initiative between Google, Microsoft, and Nucor working together across electricity ecosystem, develop new business models, and aggregate their demand for advanced clean electricity technologies, including advanced nuclear. Initiatives like this will help bring first of its kind commercial projects to the market.

在 CERAWeek 上，一位亞馬遜網路服務高層評論說，世界每三天就會增加一個新的資料中心。Google、微軟和紐柯公司之間的一項新舉措強調了這一需求，該舉措在整個電力生態系統中合作，開發新的商業模式，並匯總他們對先進清潔電力技術（包括先進核電）的需求。此類措施將有助於將首個此類商業項目推向市場。

As you see on slide 5, nearly every leading hyperscaler has made major commitments to reduce carbon emissions. NuScale's technology has the ability to provide baseload decarbonized energy at scale and can help meet those sustainability objectives. We, in turn, see our sales funnel for prospective data center and AI customers expanding with significant inbound increase from Tier 1 hyperscale computing providers.

正如您在幻燈片 5 中看到的，幾乎所有領先的超大規模企業都做出了減少碳排放的重大承諾。NuScale 的技術能夠大規模提供基荷脫碳能源，並有助於實現這些永續發展目標。反過來，我們看到我們的潛在資料中心和人工智慧客戶的銷售管道隨著來自一級超大規模計算提供商的入站顯著增加而擴大。

The most common sentiment we hear in meetings with hyperscalers as well as data center operators like Standard Power, I need the power now and how do I get it? I want to emphasize this is not a passing need. We already see another big energy consumer, quantum computing, on the horizon.

我們在與超大規模企業以及 Standard Power 等資料中心營運商的會議中聽到的最常見的觀點是，我現在需要電力，如何獲得？我想強調這不是一時的需要。我們已經看到另一個能源消耗大戶——量子計算——即將出現。

Strain on the grid from AI-driven power demand is made even more acute due to strong growth in domestic manufacturing as seen on slide 6. Driven by domestic content requirements and onshoring trends, as well as from the motion of private investment to the Bipartisan Investment Law, the CHIPS and Science Act and the Inflation Reduction Act, investment commitments for American manufacturing now since 2021 have exceeded $525 billion.

如幻燈片 6 所示，由於國內製造業的強勁成長，人工智慧驅動的電力需求對電網帶來的壓力變得更加嚴重。在國內含量要求和在岸趨勢的推動下，以及從私人投資動議到兩黨投資法、晶片和科學法案以及通膨削減法案的推動下，2021年以來美國製造業的投資承諾已超過5,250億美元。

As a result and noted on slide 7, we continue to progress serious conversations with prospective industrial customers, including in the petrochemical industry about identifying incorporating clean energy options. In particular, producing clean, high-temperature, high-pressure steam for process heat applications.

因此，如幻燈片 7 所示，我們繼續與潛在的工業客戶（包括石化行業客戶）進行認真的對話，以確定納入清潔能源選項。特別是為製程熱應用生產清潔、高溫、高壓蒸氣。

Related to this interest and activity, we are honored that we added Dr. Dirk Schmidt to our Technical Advisory Board in April. Dr. Schmidt recently retired from Shell Corporation, where he served as their Chief Scientist and Chairman of the Shell Science Council.

與這項興趣和活動有關，我們很榮幸於四月將 Dirk Schmidt 博士加入我們的技術顧問委員會。施密特博士最近從殼牌公司退休，擔任殼牌公司首席科學家和殼牌科學委員會主席。

I will add that NuScale is continuing to innovate in novel ways. For example, we believe we have made great progress converting brine to an effective hydrogen carrier using clean energy from a NuScale plant. In the near future, you'll see more news on the tests performed at Pacific Northwest National Laboratory that confirm our patent pending approach.

我要補充的是，NuScale 正在繼續以新穎的方式進行創新。例如，我們相信我們已經利用 NuScale 工廠的清潔能源將鹽水轉化為有效的氫載體取得了巨大進展。在不久的將來，您將看到更多有關在太平洋西北國家實驗室進行的測試的新聞，這些測試證實了我們正在申請專利的方法。

All our prospective customers value the numerous decisive advantages of NuScale's technology relative to large-scale nuclear and other energy sources, as well as compared to the largely unproven claims of newly emerging SMR technology developers. NuScale enables process heat for industrial customers, providing a clean, safe, reliable baseload source of energy with a small land footprint. Our small emergency planning zone allows us to co-locate with production facilities. This positions us very favorably when speaking with prospective customers.

我們所有的潛在客戶都重視 NuScale 技術相對於大型核能和其他能源以及與新興 SMR 技術開發商基本上未經證實的主張相比的眾多決定性優勢。NuScale 為工業客戶提供製程熱量，提供清潔、安全、可靠的基荷能源，且佔地面積小。我們的小型應急計劃區使我們能夠與生產設施共處一地。這使我們在與潛在客戶交談時處於非常有利的位置。

As featured on slide 8, the strategic partnership we formed with ENTRA1 Energy, an American independent energy producer and planned development owner with significant energy and infrastructure experience, enables NuScale to bridge the power plant development plus ownership value.

如幻燈片8 所示，我們與ENTRA1 Energy（美國獨立能源生產商和計劃開發業主，擁有豐富的能源和基礎設施經驗）建立了戰略合作夥伴關係，使NuScale 能夠在發電廠開發與所有權價值之間架起橋樑。

As seen on slides 9 and 10, with Doosan making significant steps towards production, our readiness is far more advanced than our SMR technology peers that have aspirations for US Nuclear Regulatory Committee approval. And the gap continues to widen between NuScale and our SMR competitors as we continue manufacturing our NuScale power module.

如投影片 9 和 10 所示，隨著斗山在生產方面邁出了重大一步，我們的準備工作遠遠比渴望獲得美國核子管理委員會批准的 SMR 技術同行先進。隨著我們繼續製造 NuScale 電源模組，NuScale 與我們的 SMR 競爭對手之間的差距繼續擴大。

It also highlights the degree to which we have derisked our modules. In April, Doosan Enerbility opened a dedicated steam generator tube bending shop. It includes the installation of new state-of-the-art tube bending machines.

它也強調了我們消除模組風險的程度。4 月，Doosan Enerbility 開設了一家專門的蒸汽發生器彎管車間。它包括安裝最先進的新型彎管機。

Recent renovations also enabled the facility to perform tube bending for NuScale power modules, a key milestone in future development. I toured to Doosan's facility last month in Changwon and I am so impressed with all that Doosan has done to support forgings and manufacturing NuScale power modules.

最近的翻修也使該設施能夠為 NuScale 電源模組進行彎管，這是未來發展的一個重要里程碑。上個月我參觀了斗山位於昌原的工廠，斗山為支援鍛造件和製造 NuScale 電源模組所做的一切給我留下了深刻的印象。

We also are continuing to start new forgings and expect to have all of the forgings needed to support the first six upper reactor press initials by the end of this year. I saw that the first seven large forgings for upper reactor vessels, which we refer to as long lead materials, have made it through the forging and initial manufacturing phase. Our reactive pressure vessels are now ready to enter the next fabrication phase.

我們也將繼續開始生產新的鍛件，並預計在今年年底前擁有支援前六個上部反應器壓機首字母所需的所有鍛件。我看到前七個用於上部反應器容器的大型鍛造件，我們稱之為長鉛材料，已經完成了鍛造和初始製造階段。我們的反應壓力容器現已準備好進入下一個製造階段。

Our other strategic suppliers like IHI of Japan and PaR Systems in the US were also making preparations to accept customer-backed orders. This includes fabrication of prototypical NuScale plant components. We look forward to sharing more updates from our suppliers that demonstrate our readiness to deploy NuScale-powered plants.

日本IHI、美國PaR Systems等其他策略供應商也正在做好接受顧客訂單的準備。這包括原型 NuScale 工廠組件的製造。我們期待分享更多來自供應商的更新，以證明我們已準備好部署由 NuScale 驅動的工廠。

On the regulatory side, NuScale's standard design approval application for a 77 megawatt up rate design was accepted for review by the US Nuclear Regulatory Commission or NRC in July 2023. We expect the NRC's process to conclude on or before July of 2025.

在監管方面，NuScale的77兆瓦升功率設計的標準設計批准申請於2023年7月被美國核管理委員會（NRC）接受審查。我們預計 NRC 的流程將在 2025 年 7 月或之前結束。

While the design is based on a same fundamental safety case and features approved by the NRC in 2020, we believe that the 77-megawatt NuScale power module supports an even wider range of customers. NuScale has deployed six E2 centers, thus far with four of these centers deployed at US universities and two internationally. These energy exploration centers are the NRC-approved control rooms for NuScale-powered plants.

雖然該設計基於 NRC 於 2020 年批准的相同基本安全案例和功能，但我們相信 77 兆瓦 NuScale 電源模組可以支援更廣泛的客戶。NuScale 已部署了六個 E2 中心，到目前為止，其中四個中心部署在美國大學，兩個中心部署在國際上。這些能源勘探中心是 NRC 批准的 NuScale 動力工廠的控制室。

As seen on slide 11, we toured the E2 center at Seoul National University with NEA Director General, Bill Magwood. This E2 center models operations for 12 module NuScale-powered plants. Among the first NuScale has achieved, the US NRC has approved three operators in a 12-unit control room.

如幻燈片 11 所示，我們與 NEA 局長 Bill Magwood 一起參觀了首爾國立大學的 E2 中心。此 E2 中心為 12 個由 NuScale 驅動的模組模組的運作進行建模。NuScale 的首批成就之一是，美國 NRC 已批准在擁有 12 台設備的控制室中配備 3 名操作員。

For the first time since the event at Three Mile Island, the NRC also approved control room operations without a trained shift technical adviser. The US State Department announced that E2 Center will be deployed in Ghana, and we are in discussions to deploy several more. Akin to Apple computers deployed to schools, this makes training on a NuScale E2 center the standard for advanced nuclear worldwide.

自三哩島事件以來，NRC 首次在沒有經過培訓的輪班技術顧問的情況下批准了控制室操作。美國國務院宣布將在加納部署E2中心，我們正在討論部署更多的E2中心。類似於部署到學校的 Apple 計算機，這使得 NuScale E2 中心的培訓成為全球先進核能的標準。

Next, I'll update you on the RoPower project. In late March, US ambassador to Romania, Kathleen Kavalec, visited RoPower's Doicesti site. Ambassador Kavalec reiterated America's commitment to deploying a NuScale SMR in Romania and underscored that the RoPower project was an important element of the US-Romania strategic partnership.

接下來，我將向您介紹 RoPower 專案的最新情況。3 月底，美國駐羅馬尼亞大使 Kathleen Kavalec 參觀了 RoPower 的 Doicesti 工廠。卡瓦萊克大使重申了美國對在羅馬尼亞部署 NuScale SMR 的承諾，並強調 RoPower 計畫是美羅戰略夥伴關係的重要組成部分。

Planning continues for raw power projects to Phase 2 front end engineering design work, while commercial and government stakeholders work to finalize terms. While NuScale contracted directly with RoPower to complete FEED Phase 1, as planned, NuScale will serve as a subcontractor to -- for Row Power's FEED Phase 2. In late April, the President of Romania and a Romanian delegation toured Doosan Enerbility's manufacturing facility and saw the NuScale power module components being manufactured there.

從原始電力專案到第二階段前端工程設計工作的規劃仍在繼續，而商業和政府利益相關者則致力於敲定條款。雖然 NuScale 直接與 RoPower 簽訂了合約來完成 FEED 第 1 階段，但按計劃，NuScale 將作為 Row Power FEED 第 2 階段的分包商。4 月下旬，羅馬尼亞總統和羅馬尼亞代表團參觀了 Doosan Enerbility 的製造工廠，並參觀了正在製造的 NuScale 功率模組組件。

Before I conclude, I want to reiterate that nuclear energy is such a valuable commodity in the context of the global energy transition because it's a sustainable solution that executes reliably, a pairing that does not exist with other current energy solutions. Whether it's industrial electrification, process heat, or the rapidly escalating demand of the data economy, NuScale's SMR technology is part of the solution.

在結束之前，我想重申，在全球能源轉型的背景下，核能是一種非常有價值的商品，因為它是一種可靠執行的可持續解決方案，與其他當前能源解決方案不存在這種配對。無論是工業電氣化、製程熱量，或是資料經濟快速成長的需求，NuScale 的 SMR 技術都是解決方案的一部分。

Given our ability to produce clean, reliable energy, reach customers, and help them to achieve their sustainability goals, we maintain competitive advantages in technology, safety, manufacturing readiness, siting and regulatory success, and expect to play an integral role in helping a wide range of customers meet their 24/7 energy needs while reinforcing and expanding the power grid.

鑑於我們有能力生產清潔、可靠的能源、接觸客戶並幫助他們實現永續發展目標，我們在技術、安全、製造準備、選址和監管成功方面保持競爭優勢，並期望在幫助廣泛的領域中發揮不可或缺的角色。

Now I'll turn it over to Ramsey Hamady to provide our financial update. Ramsey?

現在我將把它交給 Ramsey Hamady，以提供我們的最新財務資訊。拉姆齊？

Thank you, John, and hello, everyone. Our financial results will be available in our filings, so my focus will be on explaining major line items. I will discuss our first-quarter results found on slide 12 and relevant factors impacting our financial position.

謝謝你，約翰，大家好。我們的財務表現將在我們的文件中提供，因此我的重點將是解釋主要項目。我將討論投影片 12 中的第一季業績以及影響我們財務狀況的相關因素。

All figures following are for Q1 2024 unless I state otherwise.

除非另有說明，以下所有數據均來自 2024 年第一季。

I'll begin with NuScale's improved financial position. In January, the company implemented a series of strategic initiatives to better align our resources with NuScale's primary objective of transitioning towards commercialization and revenue-producing commercial contracts. These actions further NuScale's long-term financial stability by generating approximately $50 million to $60 million in annualized savings, starting in the Q2 of this year.

我將從 NuScale 改善的財務狀況開始。一月份，公司實施了一系列策略性舉措，以更好地將我們的資源與 NuScale 向商業化和創收商業合約過渡的主要目標相結合。這些行動從今年第二季開始每年節省約 5,000 萬至 6,000 萬美元，從而進一步增強了 NuScale 的長期財務穩定性。

NuScale's overall cash position improved during the period and in the first quarter with cash and equivalents of $137.1 million, $5.1 million of which is restricted and no debt. This compares to the end of fourth quarter of 2023 when the company had cash and equivalents of $125.4 million, $5.1 million of which was restricted and no debt.

在此期間和第一季度，NuScale 的整體現金狀況有所改善，現金及等價物為 1.371 億美元，其中 510 萬美元為限制性現金，無債務。相較之下，2023 年第四季末，該公司擁有現金和等價物 1.254 億美元，其中 510 萬美元受到限制，沒有債務。

NuScale also reported revenue of $1.4 million and net loss of $48.1 million for the three-month period ending March 31. This compares to revenue of $5.5 million and a net loss of $35.6 million for the same period in 2023.

NuScale 還報告稱，截至 3 月 31 日的三個月內收入為 140 萬美元，淨虧損為 4,810 萬美元。相較之下，2023 年同期營收為 550 萬美元，淨虧損為 3,560 萬美元。

Higher net loss reported in the current quarter is driven by a one-time $3.2 million charge associated with cost reduction efforts related to our transition from the R&D-based company to commercial operations and also a $9 million non-cash adjustment to the fair value of our warrants, driven by the increase in our share price.

本季度報告的淨虧損較高，原因是與我們從研髮型公司向商業運營轉型相關的成本削減工作相關的一次性 320 萬美元費用，以及對公允價值的 900 萬美元非現金調整。股權證，受到我們股價上漲的推動。

Looking forward, NuScale will maintain our financial discipline and prudently sustain a conservative liquidity reserve.

展望未來，NuScale將維持財務紀律，並審慎維持保守的流動性儲備。

I conclude my remarks with a brief view of our capitalization summary on slide 13. Additional information may be found on our SEC Form 10-Q and earnings release may be available prior to this call.

我以投影片 13 上我們的資本化摘要的簡要介紹來結束我的演講。更多資訊可在我們的 SEC 表格 10-Q 中找到，並且在本次電話會議之前可能會發布收益報告。

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?

在此，我要再次感謝您今天的加入以及您對 NuScale 的持續支持。我們現在開始提問。操作員？

(Operator Instructions)

（操作員說明）

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

Hi. Good evening, everyone, and thank you for taking my questions. So you articulated like a lot of momentum in your discussions with some of the hyperscale data center companies. And I'm curious as to when you see that momentum translating, materializing into orders. I mean, it seems like it's close, but any guidance there would be much appreciated. Thank you.

你好。大家晚上好，感謝您回答我的問題。因此，您在與一些超大規模資料中心公司的討論中表達了很多動力。我很好奇你何時會看到這種勢頭轉化為訂單。我的意思是，看起來已經很接近了，但是任何指導都會非常感激。謝謝。

Thank you, George. John Hopkins here. It wasn't that long ago when I commented that we saw a lot of activity with utilities related to coal plant refurbishment. And then last year, we saw a lot of activity and discussions around hydrogen production, process heat, ammonia.

謝謝你，喬治。約翰霍普金斯在這裡。不久前，我評論說，我們看到公用事業公司進行了許多與燃煤電廠翻新相關的活動。去年，我們看到了許多圍繞氫氣生產、製程熱、氨的活動和討論。

However, what I see this time in conversations with these Tier 1 and others as it relates to AI and data centers, it's not rhetoric. They have a demand and they have an immediate demand. It just continues to perpetuate. It's not that the coal plant have gone away or the hydrogen production; this is compounded by the additional requirements of these data centers and AI.

然而，這次我在與這些第一層和其他人的對話中看到的與人工智慧和資料中心相關的內容並不是空談。他們有需求，而且有即時需求。它只會繼續下去。這並不是說燃煤電廠已經消失，也不是氫氣生產已經消失；而是煤電廠已經消失。這些資料中心和人工智慧的額外要求使情況變得更加複雜。

We have NDAs in place and we put these NDAs in place very quickly because everybody is kicking tires now and wants to see who can deliver first. And as I mentioned, I was just in Doosan and I was stunned to see the advancement, of seeing seven of our forgings coming offline. They're even doing tube bending and they're doing our helical coil steam generators; they're actually scaled up in testing currently. And these things are invaluable to us. Because if somebody wants to move quickly, I could probably save over a year of the schedule because we already have these long lead eyes in hand.

我們已經制定了保密協議，而且我們很快就落實了這些保密協議，因為現在每個人都在踢輪胎，想看看誰能先交付。正如我所提到的，我剛剛在斗山，我很驚訝地看到我們的七件鍛件已下線。他們甚至在做彎管，他們在做我們的螺旋線圈蒸汽發生器；他們目前實際上正在擴大測試規模。這些東西對我們來說是無價的。因為如果有人想快速行動，我可能可以節省一年以上的時間，因為我們手上已經有了這些長長的鉛眼。

I think the difference to your question is that there's a lot of pressure now coming on when I see utilities from data centers and from AI companies saying, we need to meet the demand now. And if you can't deal with it, we'll have to go somewhere else.

我認為你的問題的不同之處在於，當我看到資料中心和人工智慧公司的公用事業公司說，我們現在需要滿足需求時，現在面臨很大的壓力。如果你不能解決這個問題，我們就得去別的地方了。

So I'm seeing the utilities now. We had the Inflation Reduction Act and we had the others that I talked about, but I've never seen any movement as fast as what I'm seeing currently right now. We're pretty bullish on the market. This is exactly what I feel. And we needed a burning platform. I think this is going to be what promulgates this industry to really take off.

所以我現在看到了公用事業。我們制定了《減少通貨膨脹法案》，還有我談到的其他法案，但我從未見過任何像我現在所看到的那樣快的運動。我們非常看好市場。這正是我的感受。我們需要一個燃燒的平台。我認為這將宣告這個行業真正起飛。

Thank you for that. And maybe just as a follow-up, are there any implications to you on the restrictions on Russian uranium imports? Thank you.

謝謝你。也許作為後續行動，俄羅斯鈾進口限制對您有什麼影響嗎？謝謝。

No, there is not at all. Our Chief Technology Officer, Dr. Jose Reyes, back in the year 2000, made a cautious decision to stay as an advanced light water reactor predominantly because that's what the nuclear regulators all over the world do. They know light water.

不，根本沒有。我們的技術長 Jose Reyes 博士早在 2000 年就做出了謹慎的決定，保留先進的輕水反應堆，主要是因為世界各地的核能監管機構都是這樣做的。他們知道輕水。

So we're typically what we call conventional fuel, less than 5% a wrench. And our fuel is actually manufactured by Framatome here in the United States. So fuel is not an issue for us.

所以我們通常使用我們所說的傳統燃料，一把扳手的含油量不到 5%。我們的燃料實際上是由美國的法馬通製造的。所以燃料對我們來說不是問題。

Thank you so much. I'll hop back in queue.

太感謝了。我會跳回隊列。

Marc Bianchi, TD. Cowen.

馬克·比安奇，TD。考恩.

John, I want to follow up on that last discussion about some about the data center demand. You mentioned there were several that wanted to have commercial operation before the end of the decade. How many do you think could be awarded to the industry?

約翰，我想繼續上次關於資料中心需求的討論。您提到有幾家公司希望在本世紀末之前進行商業運營。您認為該行業可以獲得多少獎項？

So I'm curious how meaningful this would be. And I know you probably don't want to get into saying how many you could get, but just what are the real prospects that are out there? Is it like two or three? Is it 10? Help us understand how much that can be.

所以我很好奇這會有多大意義。我知道你可能不想透露你能得到多少，但真正的前景是什麼？是像兩個還是三個嗎？是10嗎？幫助我們了解這可能有多少。

I think what comes down to, Mark, and thank you for the question, is the capacity to execute. One thing we don't want to do is overextend our capacity to execute. So what I'm looking for right now and our model is pretty simple.

馬克，謝謝你提出的問題，我認為歸根結底是執行能力。我們不想做的一件事是過度擴展我們的執行能力。所以我現在正在尋找的東西和我們的模型非常簡單。

We will take first of a kind risk. Provide us long term our, PPAs, and that's what we're asking for. So right now, we've got six modules coming offline. Doosan says they could fabricate 20 modules in an annual timeframe and they're actually gearing up as they said before.

我們將首先承擔某種風險。為我們提供長期的購電協議，這就是我們所要求的。現在，我們有六個模組處於離線狀態。斗山表示，他們每年可以製造 20 個模組，正如之前所說，他們實際上正在做好準備。

So what I like the fact on these what I call fungible assets, I can move these modules. We're building in a factory. So as you remember, our model is predicated not to do one-off projects, but we have one or two. And we can locate or relocate these from the factory.

所以我喜歡這些我稱之為可替代資產的事實，我可以移動這些模組。我們正在建造一座工廠。正如您所記得的，我們的模型是不做一次性專案的，但我們有一兩個。我們可以從工廠找到或重新安置這些。

As we are building in the factory, you are doing the commercial work in the field simultaneously so we can move pretty quickly. For me right now, I'm not greedy. Just give me one plant, one plant to start.

當我們在工廠建造時，您同時在現場進行商業工作，因此我們可以快速行動。對現在的我來說，我並不貪心。只要給我一株植物，一株植物就可以開始。

And I'm telling you; you probably hear it. This is the first time I've really seen activity moving. People ask me about: where is Standard Power? They're still there. But these are large and complicated financial transactions that just take time to finalize. The Standard Power has not gone away.

我告訴你；你可能聽到了。這是我第一次真正看到活動在移動。人們問我：標準電源在哪裡？他們還在那裡。但這些都是大型且複雜的金融交易，需要時間才能完成。標準電源並沒有消失。

And again, the others like the Amazon and Google, you read the announcement with Nucor and Google and Microsoft teaming together. I was recently at a conference, and I heard one of the senior executives say, in the market, we're competition. Commercially, we're competitors. However, when it comes to energy, we're collaborators because we all have a standard need. And they're looking to move where time is of the essence.

再說一遍，其他公司，像是亞馬遜和谷歌，你會看到紐柯公司、谷歌和微軟合作的公告。我最近在參加一個會議，我聽到一位高階主管說，在市場上，我們是競爭者。在商業上，我們是競爭對手。然而，在能源方面，我們是合作者，因為我們都有標準需求。他們希望搬到時間緊迫的地方。

Right, right. Okay. I guess just two others for me. One, in the quarterly filings for the last few quarters, there's been a sales and marketing agreement. I think it started out as about $20 million a few quarters ago and it's been amortized lower as time goes on. Is that the agreement with ENTRA1?

是的是的。好的。我想我只需要另外兩個。第一，在過去幾季的季度報告中，有一份銷售和行銷協議。我認為幾季前的初始成本約為 2000 萬美元，隨著時間的推移，其攤銷額逐漸降低。這是與ENTRA1的協議嗎？

And if not, is there some expectation for some sort of an award to occur because of this agreement? And if an award doesn't occur, do you get the money back or something like that? Maybe you could just talk about what's going on there.

如果沒有，是否會期望因該協議而獲得某種獎勵？如果沒有獲獎，你會得到退款或類似的東西嗎？也許你可以談談那裡發生的事情。

I don't know if I'm at liberty to really say, where that money went other than it is for development purposes. Again, as I said, these are complicated transactions. But I will say our partner, ENTRA1, they're in discussions with the top five tier banks. I'm in discussions with them as well.

我不知道我是否有權真正說出這些錢除了用於發展目的之外都去了哪裡。正如我所說，這些都是複雜的交易。但我要說的是，我們的合作夥伴 ENTRA1，他們正在與排名前五的銀行進行討論。我也在和他們討論。

And what they're looking for is, bankable projects. As I commented before, they don't necessarily want to just go and finance a nuclear power plant. These banks are looking for assets under management. They're looking at -- what ENTRA1 brings is the overarching infrastructure of not just nuclear, but it could be LNG, hydrogen, ammonia, et cetera.

他們正在尋找的是可融資的項目。正如我之前評論的那樣，他們不一定只想為核電廠提供資金。這些銀行正在尋找管理下的資產。他們正在關注的是，ENTRA1 帶來的不僅是核能的整體基礎設施，還可能是液化天然氣、氫氣、氨等。

We are assisting in some development costs and making this market happen. And I'm glad we did it. Because I'm starting to finally see, hopefully, this is going to come to fruition.

我們正在協助支付一些開發成本並讓這個市場成為現實。我很高興我們做到了。因為我終於開始看到，希望這會實現。

Okay. Great. And then the last... Sorry. Go ahead, John. You had one more point.

好的。偉大的。然後最後...對不起。繼續吧，約翰。你還有一點。

No, sorry. I interrupted. Sorry.

不，抱歉。我打斷道。對不起。

I was just going to ask one for Ramsey on cash. The queue has a $33 million cash use. And you talked about in the slides here of the $50 million to $60 million of annualized savings that will happen in the second quarter. So that's like $13 million a quarter of savings. Should the implication then be that, like the cash use in second quarter and beyond should be in that ballpark of $20 million?

我只是想用現金向拉姆齊要一個人。該隊列使用了 3300 萬美元的現金。您在此處的幻燈片中談到了第二季將實現 5000 萬至 6000 萬美元的年度節省。也就是說，每季可節省 1,300 萬美元。那麼這是否意味著，第二季及以後的現金使用量應該在 2,000 萬美元左右？

So, Mark, when we announced our cost savings plan in January, we did mention a savings of $50 million to $60 million on an annualized basis. Our cash from operations for this quarter was about negative $33.5 million.

因此，馬克，當我們在一月份宣布成本節約計劃時，我們確實提到了每年可節省 5000 萬至 6000 萬美元。本季我們的營運現金約為負 3,350 萬美元。

I anticipate that our cash burn on ongoing basis will be sub $10 million. We took a number of one-time charges during the first quarter. I think you're about in the ballpark if you're thinking 20% or low 20% as a quarterly cash burn rate just based on where we stand today.

我預計我們持續的現金消耗將低於 1000 萬美元。我們在第一季收取了多項一次性費用。如果您根據我們今天的情況認為季度現金消耗率為 20% 或低 20%，我認為您的情況差不多。

Okay. And to confirm, that that doesn't contemplate any further ATM sales? I know you could do those. But the numbers we're talking about here, that's before any benefit from ATM.

好的。並確認，這並不考慮任何進一步的 ATM 銷售？我知道你可以做到這些。但我們在這裡討論的數字是在 ATM 帶來任何好處之前的。

I'm talking about cash flow for operations. So yes, absolutely.

我說的是營運現金流。所以是的，絕對是的。

Got it. Thanks very much. I'll turn it back.

知道了。非常感謝。我會把它轉回來。

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

Hey, good evening, guys. Understanding that the timing for RoPower is out of your control, can you just remind us what the final steps are there to finalize terms for the Phase 2 FEED work?

嘿，晚上好，夥計們。您知道 RoPower 的時間安排超出了您的控制範圍，您能否提醒我們最終確定第二階段 FEED 工作條款的最後步驟是什麼？

Yes, Ryan. In fact, we had an update this morning with our RoPower client. As I commented, I was with the President of Romania two weeks ago in Romania when he toured the Doosan facility. We completed working with Fluor Corporation to FEED Phase 1.

是的，瑞安。事實上，今天早上我們與 RoPower 客戶端進行了更新。正如我所說，兩週前我在羅馬尼亞與羅馬尼亞總統一起參觀了斗山工廠。我們與福陸公司完成了 FEED 第一階段的合作。

We're now entering into the LNTP or the Limited Notice to Proceed FEED Phase 2, where NuScale is a subcontractor to Fluor Corporation. And their vote was to have it occurred in April 17 with the shareholders of RoPower.

我們現在正在進入 LNTP 或繼續進行 FEED 第 2 階段的有限通知，其中 NuScale 是 Fl​​uor Corporation 的分包商。他們的投票決定於 4 月 17 日與 RoPower 股東一起進行。

However, for whatever reason, we don't know. All we were told, it has nothing to do with NuScale Technology or the contractors. It's politically driven in a year of elections that they postponed the date; the shareholders voted to June, July.

然而，無論出於何種原因，我們都不知道。我們被告知，這與 NuScale Technology 或承包商無關。在一年一度的選舉中，他們推遲了這個日期，這是出於政治原因。股東們投票給了六月、七月。

And we were told as of this morning that that's still progressing. It's not a financial issue. And all we know is that the vote has been abstained or delayed until June, July timeframe. That's the extent of what they've told us.

截至今天早上，我們被告知該專案仍在取得進展。這不是一個財務問題。我們所知道的是，投票已被棄權或推遲到六月、七月的時間範圍內。這就是他們告訴我們的範圍。

To proceed phase, as I said, we're a subcontractor to the Fluor. The duration of that is about a one-year duration before they move into the final notice to proceed. Does that help?

正如我所說，為了繼續這一階段，我們是福陸公司的分包商。在他們進入最終通知繼續進行之前，該持續時間約為一年。這樣有幫助嗎？

Got it. Sure does. Thanks, John. And then just one more. Wondering if you had any update on the two SMR appropriations programs that we spoke about a little bit on the last call.

知道了。當然可以。謝謝，約翰。然後還有一個。想知道您是否了解我們在上次電話會議中談到的兩項 SMR 撥款計劃的最新情況。

Yes, we're waiting for the request to come out. The initial, there's for $800 million in our discussions with government. That award will probably be go on to the next administration. But then there's another award for $100 million that we're waiting on manufacturing and supply chain of normally about $100 million in what we were told the turnaround on that time, on that contract is 90 days. We are still waiting and hopefully it'll come to -- at least that $100 million we'll know here pretty soon. That's what we we're told. It is an election year, mind you.

是的，我們正在等待請求的發出。首先，我們與政府的討論涉及 8 億美元。該獎項可能會繼續授予下一屆政府。但是，還有另一個 1 億美元的合同，我們正在等待製造和供應鏈，通常約為 1 億美元，我們被告知當時的周轉時間是 90 天。我們仍在等待，希望它能夠實現——至少我們很快就會知道那一億美元。這就是我們被告知的。請注意，今年是選舉年。

Yes, understood. Appreciate that color. I'll turn it back. Thanks.

是的，明白了。欣賞那個顏色。我會把它轉回來。謝謝。

We have reached the allotted time for questions. I will now turn the call over to NuScale CEO, John Hopkins, for closing remarks.

我們已經到了規定的提問時間。我現在將把電話轉給 NuScale 執行長約翰霍普金斯 (John Hopkins) 致閉幕詞。

Thank you, operator. As we stated before, NuScale is the only SMR design certified by the US Nuclear Regulatory Commission. We, along with our strategic partner in ENTRA1, have built, we believe, a very robust business development pipeline. NuScale has industry-leading manufacturing readiness and is well positioned to commercialize and deliver clean energy at scale.

謝謝你，接線生。正如我們之前所說，NuScale 是唯一獲得美國核管會認證的 SMR 設計。我們相信，我們與 ENTRA1 的策略合作夥伴已經建立了非常強大的業務開發管道。NuScale 擁有領先業界的製造能力，並且處於大規模商業化和提供清潔能源的有利位置。

Nuclear technology is essential to powering the global energy transition, and we believe we are at the forefront of that effort with our work to deliver safe, scalable, and reliable carbon-free nuclear power. I believe we're off to a good start in 2024 with progress in all fronts. And I look forward to what we will accomplish together throughout the remainder of the year.

核子技術對於推動全球能源轉型至關重要，我們相信，透過提供安全、可擴展和可靠的無碳核電，我們處於這項努力的最前線。我相信2024年我們將有一個好的開端，各方面都取得進展。我期待著我們在今年剩下的時間裡共同完成的事情。

I'd like to thank everybody for their interest in NuScale and for participating on the call today. Operator?

我要感謝大家對 NuScale 的興趣並參加今天的電話會議。操作員？

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。