Nuscale Power Corp (SMR) 2024 Q2 法說會逐字稿

Good afternoon and welcome to NuScale's second-quarter 2024 earnings results conference call. Today's call is being recorded. (Operator Instructions) 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.

下午好，歡迎參加 NuScale 2024 年第二季財報電話會議。今天的通話正在錄音。（操作員說明）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'd like to turn the call over to Scott Kozak, Director of Investor Relations. Please go ahead, Mr. Kozak.

現在，我想將電話轉給投資者關係總監 Scott Kozak 致開幕詞。請繼續，科札克先生。

Thank you, operator. Welcome to NuScale's second-quarter 2024 earnings results conference call. With us today are John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer.

謝謝你，接線生。歡迎參加 NuScale 2024 年第二季財報電話會議。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。

On today's call, NuScale will provide an update on our business and discuss financial results. We will then open the phone lines for questions. This afternoon, we posted a set of supplemental slides on our Investor Relations website.

在今天的電話會議上，NuScale 將提供我們業務的最新資訊並討論財務表現。然後我們將開通電話線路供提問。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。

As reflected in the Safe Harbor statements on slide 2, the information set forth in the presentation we 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 and 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.

正如幻燈片2 上的安全港聲明所反映的那樣，我們在發言和隨後的問答環節中討論的演示文稿中所載的信息包括前瞻性陳述，這些陳述反映了我們當前對現有趨勢的看法，並受到各種風險和不確定性。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我們風險因素的討論，這些風險因素可能會導致此類差異。

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. To begin, I'll give an update on recent developments with the RoPower project as outlined on slide 3.

謝謝斯科特，大家下午好。首先，我將介紹 RoPower 專案的最新進展，如投影片 3 所示。

In mid-July, SNN and RoPower were authorized to proceed with Phase 2 front-end engineering design or FEED. Later that month, NuScale attended a RoPower-Fluor signing ceremony in Romania to announce the authorization to proceed on the contracting of Phase 2 FEED with the Doicesti between Fluor and RoPower.

7月中旬，SNN和RoPower被授權進行第二階段前端工程設計或FEED。當月晚些時候，NuScale 出席了在羅馬尼亞舉行的 RoPower-Fluor 簽字儀式，宣布授權 Fluor 和 RoPower 繼續與 Doicesti 簽訂第 2 期 FEED 合約。

Along with the representatives from SNN, the Romanian government, and the US Secretary of Energy, Jennifer Granholm, we are working as a subcontractor under Fluor to provide NuScale SMR power modules.

我們與 SNN、羅馬尼亞政府和美國能源部長 Jennifer Granholm 的代表一起，作為 Fluor 旗下的分包商提供 NuScale SMR 電源模組。

Next, let's consider the current nuclear landscape and why we believe SMRs, especially NuScale, are well-positioned. As depicted on slide 4, today's environment is experiencing a surge in electricity demand while companies and governments seek to mitigate the production of emissions contributing to climate change. Nuclear energy is increasingly considered a secure energy solution to meet growing demand and achieve ambitious climate goals.

接下來，讓我們考慮一下當前的核形勢，以及為什麼我們相信 SMR，尤其是 NuScale，處於有利地位。如投影片 4 所示，當今的環境正在經歷電力需求的激增，而公司和政府則尋求減少導致氣候變遷的排放量。核能越來越被認為是一種安全的能源解決方案，可以滿足不斷增長的需求並實現雄心勃勃的氣候目標。

Companies are pressured to source reliable energy while fulfilling their commitments to reduce emissions. They are concerned with having the energy to power their facilities and where that energy comes from, placing greater emphasis on decarbonized baseload energy.

公司面臨獲取可靠能源的壓力，同時履行減少排放的承諾。他們關心的是是否有能源為其設施供電以及能源的來源，因此更加重視脫碳基荷能源。

For instance, last month, Google reported that increased electricity demand driven by AI in its growing fleet of data centers caused the company's greenhouse gas emissions to grow 48% above its 2019 baseline, posing a challenge in meeting its carbon neutrality goals by 2030.

例如，上個月，Google報告稱，其不斷增長的數據中心群中人工智慧驅動的電力需求增加，導致該公司的溫室氣體排放量比2019 年基準增長了48%，這對到2030 年實現碳中和目標構成了挑戰。

The US Department of Energy aims to triple nuclear capacity, adding 200 gigawatts to meet net zero emission goals by 2050. Nuclear energy is a valuable asset in the context of the global energy transition because it is a sustainable solution that operates reliably. This combination does not exist with other current energy solutions like wind or solar, which are intermittent and weather dependent. NuScale's growth potential in the US is significant as the need for nuclear energy transition becomes clearer.

美國能源部的目標是到 2050 年將核電容量增加兩倍，增加 200 吉瓦，以實現淨零排放目標。核能是全球能源轉型背景下的寶貴資產，因為它是可靠運作的永續解決方案。這種組合不存在於風能或太陽能等當前的其他能源解決方案中，這些解決方案是間歇性的並且依賴天氣。隨著核能轉型的需求變得更加明確，NuScale 在美國的成長潛力巨大。

Another opportunity for advanced nuclear power is to decarbonize industrial processes. As you may recall, NuScale could provide process heat for industrial customers by offering a safe, clean, reliable baseload energy source with a limited land footprint.

先進核電的另一個機會是工業製程脫碳。您可能還記得，NuScale 可以在有限的土地佔用範圍內提供安全、清潔、可靠的基本負載能源，從而為工業客戶提供製程熱量。

NuScale's compact emergency planning zone allows us to co-locate with production facilities. This positions us favorably when engaging with potential manufacturing customers, many of which are thriving due to onshoring trends in the US, and we are having numerous productive discussions in this area.

NuScale 緊湊的緊急規劃區使我們能夠與生產設施共處一地。這使我們在與潛在的製造業客戶接觸時處於有利地位，其中許多客戶由於美國的在岸趨勢而蓬勃發展，並且我們在這一領域進行了許多富有成效的討論。

The most exciting source of new demand is the rapid growth of data centers to support AI. These facilities are projected to consume more than 9% of domestic electricity by 2030. By producing uninterrupted power, advanced nuclear is the ideal solution to meet these energy needs.

最令人興奮的新需求來源是支援人工智慧的資料中心的快速成長。預計到 2030 年，這些設施將消耗國內 9% 以上的電力。透過產生不間斷的電力，先進的核能是滿足這些能源需求的理想解決方案。

Slide 5 highlights the data center and AI landscape. Our developer partner, ENTRA1 Energy, is working diligently with us on deploying NuScale SMRs globally. With a combination of ENTRA1 Energy and NuScale, we have originated opportunities, projects, and relationships with numerous potential end users, including some of the world's largest tech companies. These tech companies' related opportunities emerged over the last several months, mainly driven by significant demand for hyperscale and AI infrastructure growth.

幻燈片 5 重點介紹了資料中心和人工智慧領域。我們的開發合作夥伴 ENTRA1 Energy 正在與我們努力合作，在全球部署 NuScale SMR。透過 ENTRA1 Energy 和 NuScale 的結合，我們與眾多潛在的最終用戶（包括一些世界上最大的科技公司）建立了機會、專案和關係。這些科技公司的相關機會在過去幾個月出現，主要是由對超大規模和人工智慧基礎設施成長的巨大需求所推動的。

Considering the evolution of tech companies' electricity needs, their current sense of urgency is justified. Data centers, AI, and cloud storage are 24/7 power consumers that require an uninterrupted, reliable power supply, and they are critical for many tech companies looking to compete in today's market. Goldman Sachs forecasts a 15% compound annual growth rate and US data center power demand through 2030.

考慮到科技公司電力需求的演變，他們目前的緊迫感是有道理的。資料中心、人工智慧和雲端儲存是 24/7 的電力消耗者，需要不間斷、可靠的電力供應，對於許多希望在當今市場競爭的科技公司來說至關重要。高盛預測，到 2030 年，美國資料中心電力需求的複合年增長率為 15%。

The speed of demand growth is evident in Virginia, for example, where data centers are consuming one-quarter of the state's electricity. Several of the country's most populous regions, including Dallas-Fort Worth, Silicon Valley, Chicago, New York, and Greater Atlanta, have construction activity projected to lead to a significant 50% or higher increase.

例如，維吉尼亞州的需求成長速度非常明顯，該州的資料中心消耗了該州四分之一的電力。美國幾個人口最多的地區，包括達拉斯-沃斯堡、矽谷、芝加哥、紐約和大亞特蘭大，預計建築活動將大幅增加 50% 或更高。

This is where NuScale comes in. NuScale is an SMR technology provider and will grow by focusing solely on installing our technology inside power plant projects. Our SMR technology resonates strongly in areas seeking reliable decarbonized energy because our solution is clean and always on 24/7. Our SMRs are scalable, reliable, and near-term deployable, aligning with clean energy commitments.

這就是 NuScale 發揮作用的地方。NuScale 是一家 SMR 技術供應商，將透過專注於在發電廠專案中安裝我們的技術來實現發展。我們的 SMR 技術在尋求可靠脫碳能源的領域引起了強烈反響，因為我們的解決方案是清潔的且始終全天候 (24/7) 運作。我們的中小型反應器具有可擴展性、可靠性和近期可部署性，符合清潔能源承諾。

Our global development partner, ENTRA1 Energy, has creatively engineered a flexible and bespoke business model that provides utilities and commercial consumers with a solution to get SMR-generated energy offtake without the need to capitalize, own, or operate a nuclear energy power plant.

我們的全球開發合作夥伴ENTRA1 Energy 創造性地設計了一種靈活的定製商業模式，為公用事業和商業消費者提供了一種解決方案，無需資本化、擁有或運營核能發電廠即可獲得SMR 產生的能源。

On slide 6, we examine strong bipartisan support in the US for advanced SMR and nuclear energy and NuScale technology specifically. In today's ever-changing political environment, the fact that both sides of the aisle agree on the importance of advanced nuclear is a testament to the unmet need for decarbonized baseload energy and the strength of our offering.

在投影片 6 中，我們特別檢視了美國兩黨對先進 SMR 和核能以及 NuScale 技術的大力支持。在當今不斷變化的政治環境中，兩黨都同意先進核能的重要性，這一事實證明了脫碳基本負荷能源的需求尚未得到滿足，以及我們產品的實力。

Looking ahead, there are two new funding opportunities in the energy and water fiscal year 2024 appropriations that NuScale and its customers can pursue. The precise objectives of these appropriations are near-term deployability, building a fleet, and adding power generation.

展望未來，NuScale 及其客戶可以在 2024 財政年度能源和水利撥款中尋求兩個新的融資機會。這些撥款的具體目標是近期部署能力、建造艦隊和增加發電量。

This includes $800 million through a competitive cost share award to support up to two near-term utility commercial deployments of light-water reactor SMR technology in the US.

其中包括透過競爭性成本分攤獎勵提供 8 億美元，用於支援美國最多兩個輕水堆 SMR 技術的近期公用事業商業部署。

In addition, $100 million will be devoted to supporting grid-scale generation three-plus reactor design, licensing, supplier development, and site preparation to be deployed by 2030. The Department of Energy intends to announce final selections in mid-2025, and we believe NuScale is well-positioned for consideration to be a recipient or a recipient partner under both of these awards.

此外，還將投入 1 億美元用於支援到 2030 年部署的電網規模三代以上反應器設計、許可、供應商開發和場地準備。能源部打算在 2025 年中期宣布最終選擇，我們相信 NuScale 處於有利位置，可以考慮成為這兩個獎項的獲獎者或獲獎合作夥伴。

In addition, the Bipartisan Advance Act was signed in July 2024, which seeks to streamline the nuclear energy regulatory process by allowing the US Nuclear Regulatory Commission, or NRC, to hire more staff, reduce licensing fees, speed application processing, and ease the burden of environmental abuse.

此外，2024年7月簽署了《兩黨推進法案》，旨在簡化核能監管流程，允許美國核監管委員會（NRC）僱用更多員工、降低許可費用、加快申請處理速度並減輕負擔環境濫用。

For example, the Act directs the NRC to complete reviews of combined license applications for new reactors at existing or adjacent sites on an expedited schedule, which should result in fewer delays and limit the cost of receiving a final decision on the license.

例如，該法案指示 NRC 盡快完成對現有或鄰近地點新反應器許可證申請的審查，這將減少延誤並限制獲得許可證最終決定的成本。

The NRC was also directed to rely upon existing licensing information when a new reactor is built at an existing site, ensuring a more predictable and timely decision. The Act includes several crucial provisions that could have a significant impact for NuScale.

NRC 還被要求在現有場地建造新反應器時依賴現有的許可信息，以確保做出更加可預測和及時的決策。該法案包括幾項可能對 NuScale 產生重大影響的重要條款。

One provision aims to streamline the conversion of retired fossil fuel plants into nuclear facilities, potentially reducing costs in bid-infinite regions of the United States that might otherwise struggle during the energy transition.

其中一項條款旨在簡化將退役化石燃料發電廠改造成核設施的過程，從而有可能降低美國無限投標地區的成本，否則這些地區可能會在能源轉型期間陷入困境。

Another provision seeks to encourage increased foreign investment in the American nuclear sector by removing restriction on foreign entities' ability to seek certain licenses, thus potentially attracting foreign capital to support the domestic deployment of NuScale.

另一項條款旨在透過取消對外國實體尋求某些許可證的能力的限制，鼓勵外國資本增加對美國核電行業的投資，從而有可能吸引外國資本支持 NuScale 的國內部署。

Additionally, the Act supports international harmonization efforts to enhance the global regulatory process and promote more efficient licensing approaches with international customers. The impact for NuScale could potentially facilitate NuScale's collaboration with international customers and partners, with strong backing from the US State Department to ensure timely compliance with foreign regulations.

此外，該法案支持國際協調努力，以加強全球監管流程並促進與國際客戶更有效的許可方法。對 NuScale 的影響可能會促進 NuScale 與國際客戶和合作夥伴的合作，並得到美國國務院的大力支持，以確保及時遵守外國法規。

Moving on to slide 7, our readiness for deployment is far more advanced than our SMR technology peers, and the gap continues to widen. We are the only SMR technology with design certification from the NRC, while our SMR competitors remain early in the process of working towards approval. Our standard design approval application for a 77-megawatt uprate is scheduled to conclude by mid-2025.

繼續看投影片 7，我們的部署準備程度比我們的 SMR 技術同行先進得多，而且差距還在繼續擴大。我們是唯一獲得 NRC 設計認證的 SMR 技術，而我們的 SMR 競爭對手仍處於審批過程的早期階段。我們的 77 兆瓦升級標準設計核准申請計畫於 2025 年中期完成。

The design is based on our same fundamental safety case and features approved by the NRC in 2020. And we believe the 77-megawatt NuScale power module supports an even more comprehensive range of customers.

該設計基於我們相同的基本安全案例和 NRC 於 2020 年批准的功能。我們相信 77 兆瓦 NuScale 電源模組可以支援更廣泛的客戶群。

We are also leading the path on the manufacturing side. Doosan, our SMR manufacturer, continues making progress in producing the first NuScale power modules, and all the forgings needed to support the start of fabrication for upper reactor pressure vessels. This continued work provides advantages to our next project deployment, shortening delivery significantly.

我們在製造業方面也處於領先地位。我們的 SMR 製造商斗山在生產第一批 NuScale 功率模組以及支援上部反應器壓力容器開始製造所需的所有鍛件方面不斷取得進展。這項持續的工作為我們的下一個專案部署提供了優勢，顯著縮短了交付時間。

When it comes to manufacturing our modules, NuScale's relationship with our long-term supply chain partners, many of which are strategic investors, one of our most significant sources of strength. Our robust supply chain has positioned NuScale as a clear manufacturing readiness leader in the SMR space.

在製造我們的模組時，NuScale 與我們的長期供應鏈合作夥伴的關係（其中許多是策略投資者）是我們最重要的實力來源之一。我們強大的供應鏈使 NuScale 成為 SMR 領域的明顯製造就緒領導者。

NuScale's ongoing efforts to cultivate these essential relationships set us apart from our peers. In June, we hosted our third annual supplier working group in Fort Worth, Texas, where we engaged with 43 representatives from 22 supplier organizations, sharing our significant accomplishments, providing updates on our deployment progress, and collaborating on supply readiness.

NuScale 不斷努力培養這些重要的關係，這使我們在同行中脫穎而出。6 月，我們在德克薩斯州沃思堡舉辦了第三屆年度供應商工作小組，我們與來自22 個供應商組織的43 名代表進行了接觸，分享了我們的重大成就，提供了我們的部署進度的最新信息，並就供應準備情況進行了合作。

These partnerships are crucial for the long-term delivery of high-quality, cost-competitive components. We remain devoted to working closely with our partners to develop a global supply chain that addresses the demand for NuScale's technology as it grows.

這些合作關係對於長期交付高品質、具有成本競爭力的組件至關重要。我們仍致力於與合作夥伴密切合作，開發全球供應鏈，以滿足 NuScale 技術不斷發展的需求。

I also want to touch on the request for proposal recently submitted by NuScale in ENTRA1 Energy to the Great British Nuclear SMR Competition. Given our regulatory head start and manufacturing readiness, we are uniquely prepared to deploy dependable, carbon-free nuclear power across the United Kingdom.

我還想談談 NuScale 最近在 ENTRA1 Energy 中向英國核 SMR 競賽提交的提案請求。鑑於我們的監管領先地位和製造準備，我們已做好在英國各地部署可靠、無碳核電的獨特準備。

Before I turn the call over to Ramsey, I want to acknowledge that 17 years ago, Chief Technology Officer and co-founder Dr. Jose Reyes' dream of designing a smaller, safer, and more cost-competitive alternative to conventional nuclear power became a reality as NuScale Power opened its doors.

在我把電話轉給拉姆齊之前，我想承認，17 年前，首席技術長兼聯合創始人Jose Reyes 博士的夢想是設計一種更小、更安全、更具成本競爭力的傳統核電替代方案，這個夢想成為了現實。

As we celebrate 17 years of memories, we remain committed to improving the quality of life for people worldwide through the advancement of SMR nuclear technology. I can say with confidence the exciting momentum building right now is remarkable.

在我們慶祝 17 週年紀念之際，我們仍然致力於透過 SMR 核技術的進步來改善全世界人民的生活品質。我可以自信地說，目前正在形成的令人興奮的勢頭是非凡的。

Whether it's industrial electrification, process heat, or the rapidly escalating demand of the data economy, NuScale's SMR technology is part of the energy solution for the future. Given our ability to produce clean, reliable energy, reach end-users, and help them achieve their sustainability goals, we maintain competitive advantages of technology, safety, manufacturing readiness, siting, and regulatory success, and are prepared to produce and deliver.

無論是工業電氣化、製程熱量，或是數據經濟快速成長的需求，NuScale 的 SMR 技術都是未來能源解決方案的一部分。鑑於我們有能力生產清潔、可靠的能源、接觸最終用戶並幫助他們實現永續發展目標，我們保持技術、安全、製造準備、選址和監管成功的競爭優勢，並做好生產和交付的準備。

So, as 2024 continues, we are pleased with where we are and look forward to updating you on our progress.

因此，隨著 2024 年的繼續，我們對我們的現狀感到滿意，並期待向您通報我們的最新進展。

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

現在我將把它交給拉姆齊，以提供我們的最新財務資訊。拉姆齊？

Thank you, John, and hello, everyone. Our financial results are available in our filings, so my focus will be on explaining major line items.

謝謝你，約翰，大家好。我們的財務表現可在我們的文件中找到，因此我的重點將是解釋主要項目。

Please, slide 8 for second-quarter results and relevant factors impacting our financial position. All figures following are for Q2 2024, unless I say otherwise.

請參閱投影片 8 以了解第二季業績以及影響我們財務狀況的相關因素。除非另有說明，以下所有數據均來自 2024 年第二季。

NuScale's overall cash position was virtually unchanged during the period, ending the second quarter with cash and equivalents of $136 million, $5.1 million of which is restricted, and no debt. This compares the cash and equivalents of $137.1 million, $5.1 million of which was restricted, and no debt at the end of the prior quarter.

在此期間，NuScale 的整體現金狀況幾乎沒有變化，截至第二季末，現金及等價物為 1.36 億美元，其中 510 萬美元為限制性現金，無債務。上一季末，現金及等價物為 1.371 億美元，其中 510 萬美元受到限制，且無債務。

For the quarter ending June 30, 2024, NuScale reported revenue of $1 million and a net loss of $74.4 million. This includes a non-cash expense of $36.7 million related to an increase in the fair value warrants outstanding. During the same period in the prior year, the company reported revenue of $5.8 million and a net loss of $29.7 million.

截至 2024 年 6 月 30 日的季度，NuScale 報告營收為 100 萬美元，淨虧損為 7,440 萬美元。其中包括與未償還認股權證公允價值增加相關的 3,670 萬美元非現金費用。去年同期，該公司報告營收為 580 萬美元，淨虧損為 2,970 萬美元。

During the current quarter, we reported an operating loss of $41.9 million, compared to an operating loss of $56.1 million in the second quarter of 2023. This year-over-year reduction in quarterly operating expense of $14.2 million reflects the company's successful efforts to reduce expenses and operate more efficiently.

本季度，我們報告的營運虧損為 4,190 萬美元，而 2023 年第二季的營運虧損為 5,610 萬美元。季度營運費用年減 1,420 萬美元，反映出該公司在減少費用和提高營運效率方面所做的成功努力。

Subsequent to the second quarter of 2024, the company executed a revenue-generating agreement in relation to the advancement of the Doicesti Project being Phase 2. Over the next 12 months, we anticipate additional revenue from Fluor Corporation in respect of our continued contributions towards this project.

2024 年第二季後，該公司簽署了一項與推進 Doicesti 計畫第二階段相關的創收協議。在接下來的 12 個月中，我們預計福陸公司將因我們對該專案的持續貢獻而獲得額外收入。

Looking forward, we continue to be focused on managing liquidity and risk and remaining good stewards of shareholder capital.

展望未來，我們將繼續專注於管理流動性和風險，並做好股東資本的管家。

I will conclude my remarks with a brief view of our capitalization summary on slide 9. Additional information may be found in our SEC Form 10-Q and earnings release.

我將簡要介紹投影片 9 上的資本化摘要來結束我的演講。更多資訊可在我們的 SEC 10-Q 表格和收益發布中找到。

With that, I'd like to thank you again for joining today and for your continued support of NuScale.

在此，我要再次感謝您今天的加入以及您對 NuScale 的持續支持。

We'll now take questions. Operator?

我們現在開始提問。操作員？

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員說明）George Gianarikas，Canaccord Genuity。

Hi, everyone. Thank you for taking my questions. Maybe if you could provide us a little bit more color on your discussions with some of the data center companies, the hyperscalers. To the extent there are bottlenecks in the deployment of your reactors, is it possibly due to the fact that there aren't independent third parties who are willing to provide the risk capital and maybe own the reactor? To what extent can ENTRA1 play a role in helping to fill that void? Thank you.

大家好。感謝您回答我的問題。也許您可以為我們提供更多有關您與一些資料中心公司（超大規模企業）的討論的資訊。你們的反應器部署存在瓶頸，是否可能是因為沒有獨立的第三方願意提供風險資本並可能擁有反應器？ENTRA1 可以在多大程度上發揮幫助填補這一空白的作用？謝謝。

This is John. I've often stated in your spot on in your comment, we have the technology, we have the capacity to execute. What's been missing in this industry is the so-called developer you just mentioned. We've been working close to two years now with ENTRA1 on the development of a model of how to approach customers that you commented on, like the AI centers and data centers and industrials.

這是約翰。我經常在您的評論中指出，我們有技術，我們有執行能力。這個行業現在缺少的就是你剛才提到的所謂開發商。我們已經與 ENTRA1 合作近兩年來開發一個模型，用於開發如何接觸您所評論的客戶（例如人工智慧中心、資料中心和工業）。

These particular industries, they need 24/7 clean energy. They just don't necessarily want to own the nuclear asset. What they would like to do is have somebody provide them a build-own transfer or a build-own model where they provide the long-term PPAs required and our global developer partner helps bring the financing and the ability to do that build-own or build-own transfer.

這些特殊產業，他們需要24/7的清潔能源。他們只是不一定想擁有核資產。他們想要做的是有人為他們提供自建轉讓或自建模式，他們提供所需的長期購電協議，而我們的全球開發商合作夥伴幫助提供融資和進行自建或自建的能力。自己的轉讓。

Got it. Thank you. And maybe as a follow-up, can you maybe comment on any momentum? You did make some comments on what's happening in the UK, but outside of the UK, any highlights, any momentum maybe in other geographies in Europe and Asia? Thank you.

知道了。謝謝。也許作為後續行動，您能否對任何勢頭髮表評論？您確實對英國正在發生的事情發表了一些評論，但在英國以外，歐洲和亞洲其他地區是否有任何亮點或勢頭？謝謝。

We're seeing significant interest. A lot of it in Central Eastern Europe is driven by energy security as well as climate disruption. Romania is a good case in point. The Romanian project, we've been working with the Romanian government for quite some time.

我們看到了濃厚的興趣。中東歐的許多變化是由能源安全和氣候破壞所驅動的。羅馬尼亞就是一個很好的例子。羅馬尼亞項目，我們已經與羅馬尼亞政府合作相當長一段時間了。

As I commented, Fluor Corporation will be the prime contractor or the subcontractor for that project, which will bring in our power modules to the rural power project. That's the one that's most furthest along in Eastern Europe or Central Europe, but we're also in discussions with other countries because, again, it's the same comment as I said before.

正如我所評論的，福陸公司將成為該專案的主承包商或分包商，這將把我們的電源模組引入農村電力專案。這是在東歐或中歐走得最遠的國家，但我們也在與其他國家進行討論，因為這與我之前所說的相同。

They need clean, 24/7 reliable energy. The whole market is starting to resonate after COP28, COP29 with the advanced act that we hear on urbanization. That's a very key piece because it allows a regulatory cooperation between a country's regulatory entity working with our NRC. We're pretty bullish on what we're seeing in the market overall. Thank you.

他們需要清潔、24/7 可靠的能源。COP28、COP29之後，整個市場開始對我們聽到的關於都市化的先進措施產生共鳴。這是一個非常關鍵的部分，因為它允許一個國家的監管實體與我們的 NRC 進行監管合作。我們對整個市場的情況非常樂觀。謝謝。

Thanks.

謝謝。

(Operator Instructions) Marc Bianchi, TD Cowen.

（操作員說明）Marc Bianchi，TD Cowen。

Thank you. A lot of talk about data centers the last couple of quarters here, not just from you guys, but we hear it everywhere you look in the market. What's the timeline to get a project announced?

謝謝。過去幾個季度，這裡有很多關於資料中心的討論，不僅僅是你們，而且我們在市場上隨處都可以聽到這種說法。宣布專案的時間表是什麼？

Marc, this is John. We're working hard with both our customer and our developer. As you know, these are pretty complicated transactions and they just take time. We're in almost daily, not weekly, communications trying to drive closure to some of these projects. We're as anxious as you are.

馬克，這是約翰。我們正在與客戶和開發人員共同努力。如您所知，這些交易非常複雜，而且需要時間。我們幾乎每天而不是每週都進行溝通，試圖推動其中一些項目的完成。我們和你一樣著急。

Okay. On Romania, it's nice to see moving to Phase 2 FEED here. What's the timeline for that process? When will we expect to hear more about that?

好的。在羅馬尼亞，很高興看到這裡進入第二階段 FEED。過程的時間表是什麼？我們什麼時候會聽到更多相關資訊？

Yeah. We actually kick off our initial alignment section next week with the customer Fluor Corporation and NuScale to start the process, and, as you said, the scheduling of starting and commencing that. The overall effort for the FEED Phase 2 will take approximately 12 months to complete. We're really looking forward to working with both our customer in Fluor Corporation on advancing this project.

是的。實際上，我們將在下週與客戶 Fluor Corporation 和 NuScale 啟動初步協調部分，以啟動流程，並且正如您所說，安排啟動並開始流程。FEED 第 2 階段的整體工作大約需要 12 個月才能完成。我們非常期待與福陸公司的客戶合作推進此專案。

And the revenue that you talked about in the slides and in the comments is related specifically to the Phase 2 FEED. It would seem that way if you're talking about the next 12 months. And then, any steer you can give us on the magnitude of opportunity there?

您在幻燈片和評論中談到的收入與第 2 階段 FEED 特別相關。如果您談論的是接下來的 12 個月，情況似乎就是這樣。那麼，您可以就那裡的機會的大小向我們提供任何指導嗎？

Marc, this is Ramsey. How are you doing?

馬克，這是拉姆齊。你好嗎？

Good. Thank you. You?

好的。謝謝。你？

Good. I'm very well, thanks. I'm glad you're asking about this because I remember back in, I think we first met in October last year and talked about during our Investor Day in New York and talked about the business model. I think what this highlights very importantly is that our business model, as we outlined it, included revenues from services and technology, pre-COD revenues, and not just from the hardware of the reactors.

好的。我很好，謝謝。我很高興你問這個問題，因為我記得，我們​​第一次見面是在去年 10 月，在紐約的投資者日期間討論了商業模式。我認為這非常重要地凸顯了我們的商業模式，正如我們所概述的那樣，包括來自服務和技術的收入、COD 前的收入，而不僅僅是來自反應爐硬體的收入。

This is a great example of the fact that we're generating revenue pre-COD. I think that's important for us to note. In terms of the magnitude, Marc, I know it's been tough with me not providing guidance on earnings or on magnitude of revenues, and we're still not doing that yet.

這是一個很好的例子，說明我們在 COD 之前就已經產生了收入。我認為這對我們來說很重要。就規模而言，馬克，我知道我不提供有關收益或收入規模的指導是很困難的，而且我們還沒有這樣做。

I think once we have a couple more projects in the pocket and we have more visibility, we're going to start doing that. For right now, we're going to stay away from providing guidance.

我認為一旦我們有了更多的項目並且我們有了更多的知名度，我們就會開始這樣做。目前，我們將不提供指導。

Yes. Okay. Maybe to ask you another number question. Can you say what cash from operations was in the quarter? I know we'll get it in the Q, but just so that we could frame a discussion about where that might go.

是的。好的。也許要問你另一個數字問題。您能透露本季的營運現金是多少嗎？我知道我們會在問題中得到它，但只是為了我們可以就可能的發展方向進行討論。

Yeah, absolutely. Yeah, look, I'll focus on OpEx. I'm going to go on a look-back basis, Marc, versus a look-forward basis. Here's some guidance I think I can offer. Over the three quarters, let's say Q2 '23 to Q4 '23, NuScale was averaging about, let's say, $74 million in OpEx. If I take out CFPP, it was probably around $56 million, $57 million.

是的，絕對是。是的，看，我將重點放在營運支出。馬克，我將回顧過去，而不是展望未來。我想我可以提供一些指導。在這三個季度中，比如說 23 年第二季到 23 年第四季，NuScale 的平均營運支出約為 7,400 萬美元。如果我去掉 CFPP，大概是 5,600 萬、5700 萬美元左右。

When we did our RIF back in January, we announced in a press release, we said we're realizing savings of $50 million , $60 million. I just had my team doing the analysis. And then, we started to realize those savings. So we've gone down from OpEx around $55 million to OpEx that averaged $43 million over the last two quarters.

當我們在一月份進行 RIF 時，我們在一份新聞稿中宣布，我們說我們將實現 5000 萬美元、6000 萬美元的節省。我剛剛讓我的團隊進行了分析。然後，我們開始實現這些節省。因此，我們的營運支出從過去兩個季度的 5,500 萬美元左右下降到平均 4,300 萬美元。

So I think that's a great achievement for us. That's delivering on what we said we were going to deliver, which is real prudence in terms of our expenses and cost savings to our shareholders.

所以我認為這對我們來說是一項偉大的成就。這兌現了我們所說的我們將要兌現的承諾，這在我們的開支和為股東節省成本方面是真正的謹慎。

Okay. That make sense. Thanks, Ramsey.

好的。這是有道理的。謝謝，拉姆齊。

Thanks, Marc.

謝謝，馬克。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券公司。

Yeah. HI, guys. Thanks for taking my questions. Just to follow up on RoPower, could you remind us what the next steps are beyond FEED Phase 2 and the potential timing around those next steps?

是的。嗨，大家好。感謝您回答我的問題。為了跟進 RoPower，您能否提醒我們 FEED 第 2 階段之後的後續步驟以及這些後續步驟的潛在時間表？

I'm sorry. I was on mute. This is John again. As I commented, we completed the preliminary FEED, and it was very successful. This next phase, as we said, is the front-end engineering design. The engineering design approach is to control our project expenses and go through this next year to finalize, to go into the final approval by the Romanian government for the next phase of the project, which would be to move forward on the complete project itself.

對不起。我當時處於靜音狀態。這又是約翰。正如我所說，我們完成了初步的 FEED，而且非常成功。正如我們所說，下一階段是前端工程設計。工程設計的方法是控制我們的專案費用，並透過明年完成，然後進入羅馬尼亞政府對該專案下一階段的最終批准，這將是整個專案本身的推進。

So the FEED package for us and for Fluor Corporation, as we stated, we're providing the engineering deliverables for our piece of it to Fluor. Fluor is the designated EPC on the project if that helps.

因此，正如我們所說，我們和福陸公司的 FEED 包，我們正在向福陸提供我們的工程可交付成果。如果有幫助的話，福陸是該專案的指定 EPC。

Okay. Thanks, John.

好的。謝謝，約翰。

The duration of this, we kick-off hopefully next week. It's about a 12-month program.

在此期間，我們希望下週開始。這是一個為期12個月的計劃。

Would you expect revenue to start contributing in 3Q related here?

您預計第三季相關營收將開始貢獻嗎？

I'll answer that, Ryan. Yeah. We signed a revenue-generating contract. I don't want to make any statements around GAAP revenue just in terms of recognition until we actually book that, but we did sign a revenue-generating contract.

我會回答這個問題，瑞安。是的。我們簽署了一份創收合約。在我們實際預訂之前，我不想就公認會計原則收入發表任何聲明，但我們確實簽署了創收合約。

Okay. Thanks, Ramsey. And then just one more, I guess. Can you talk about the competitive landscape today, not only on the SMR and nuclear side, but when you're talking to data center customers and others, are you also competing against other types of technologies?

好的。謝謝，拉姆齊。我猜，然後就只剩下一個了。您能否談談當今的競爭格局，不僅是SMR和核電方面，當您與資料中心客戶和其他人交談時，您是否也在與其他類型的技術競爭？

The customers who we're talking with right now, some of them will probably put out an RFP that would involve other technologies. It depends on what they're asking for, but a lot of conversations that we are engaged with right now, it's really about, as I commented before, the ability to bring the BOT model and the BOO model. We've yet to see another developer of the magnitude that we're seeing here with the Tier-1 banks that we're working with coming forward with that similar type model.

我們現在正在交談的客戶中，有些可能會提出涉及其他技術的 RFP。這取決於他們的要求，但我們現在正在進行的許多對話，正如我之前評論的那樣，實際上是關於引入 BOT 模式和 BOO 模式的能力。我們還沒有看到另一家與我們合作的一級銀行具有如此規模的開發商推出類似類型的模型。

We hear discussion about it that at this point, the competition, as you know, as I commented before, we are going through our power upgrade, but we did get through the licensing process, and as far as I know, no other US-based technology anyway has completed the design certification application for the Nuclear Regulatory Commission.

我們聽到關於這一點的討論，正如你所知，正如我之前評論的那樣，我們正在經歷功率升級，但我們確實通過了許可程序，據我所知，沒有其他美國-無論如何，基於技術已經完成了核管會的設計認證申請。

Great. Thanks for that color, guys. I'll turn it back.

偉大的。謝謝你的顏色，夥計們。我會把它轉回來。

Thank you, Ryan.

謝謝你，瑞安。

Ladies and gentlemen, that completes the question-and-answer session. I'll now turn the call back over to NuScale CEO, John Hopkins for closing remarks. Please go ahead.

女士們、先生們，問答環節到此結束。現在我將把電話轉回給 NuScale 執行長約翰霍普金斯 (John Hopkins) 致閉幕詞。請繼續。

Thank you, operator. NuScale, again, with our strategic partner, ENTRA1 Energy, is executing, we believe, a very robust project development pipeline and are prepared to deliver with industry-leading manufacturing readiness.

謝謝你，接線生。我們相信，NuScale 與我們的策略合作夥伴 ENTRA1 Energy 正在執行一個非常強大的專案開發流程，並準備好提供業界領先的製造準備。

We believe we're well positioned to commercialize the NuScale SMR technology. We're very pleased with our progress and remain steadfastly focused on our goals. And I'd like to thank everybody for participating today. Thank you.

我們相信我們已經做好了將 NuScale SMR 技術商業化的準備。我們對我們所取得的進展感到非常滿意，並將堅定不移地專注於我們的目標。我要感謝大家今天的參與。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。