Nuscale Power Corp (SMR) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to NuScale's third-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 年第三季財報電話會議。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 would 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 third-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 年第三季財報電話會議。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 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 Form 10-K and subsequent SEC filings.

正如幻燈片2 中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提出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，並受到各種因素的影響。您可以在我們的 10-K 表格和隨後向 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. For nearly two decades, energy demand in the United States has remained largely flat. However, in the past year, the growth trajectory has inflected with power demand forecasted to accelerate aggressively. While this demand outlook is supported by onshoring trends boosting domestic manufacturing, electrically powered transportation and heavy industry, the most important driver is data centers.

謝謝斯科特，大家下午好。近二十年來，美國的能源需求基本上保持穩定。然而，在過去的一年裡，成長軌跡隨著電力需求預計將大幅加速而改變。雖然這一需求前景得到了國內製造業、電動運輸和重工業的本土趨勢的支持，但最重要的驅動因素是資料中心。

Technology companies are racing to secure massive amounts of uninterrupted energy to operate complex data centers and power increasingly sophisticated artificial intelligence. The demand for carbon-free energy is accelerating. This urgent need is at the heart of what NuScale technology can bring to this market. I'd like to take this time to reinforce our view that powering the technology industry is an integral part of our future.

科技公司正在競相獲取大量不間斷的能源來運作複雜的資料中心並為日益複雜的人工智慧提供動力。對無碳能源的需求正在加速成長。這種迫切的需求是 NuScale 技術能為這個市場帶來的核心。我想藉此機會強化我們的觀點，即為科技業提供動力是我們未來不可或缺的一部分。

As depicted on slide 3, data centers are seeking more computing power, faster and more powerful processing and enriched artificial intelligence, all requiring far more energy, which they need 24/7 with five nines, that's 99.999% reliability. According to a recent McKinsey analysis, the portion of domestic power output consumed by US data centers is expected to increase from 3% to 4% in 2023 to 11% to 12% in 2030.

如投影片3 所示，資料中心正在尋求更強的運算能力、更快、更強大的處理能力以及豐富的人工智慧，所有這些都需要更多的能源，而它們需要24/7 的5 個9 ，即99.999% 的可靠性。麥肯錫最近的分析顯示，美國資料中心消耗的國內電力輸出比例預計將從2023年的3%至4%增加到2030年的11%至12%。

In other words, US data center power consumption will rise from 25 gigawatts in 2024 to over 80 gigawatts by 2030, requiring an investment exceeding $500 billion. What's more, hyperscalers have made commitments to customers and shareholders for meeting their accelerating power demands with carbon-free energy. Enter nuclear, and in particular, small module reactors, or SMRs, an energy source that is compact, clean and constant. Nuclear is the superior choice.

換句話說，美國資料中心功耗將從2024年的25吉瓦上升到2030年的80吉瓦以上，需要投資超過5,000億美元。此外，超大規模企業已向客戶和股東做出承諾，透過無碳能源滿足他們不斷增長的電力需求。核能，尤其是小型模組反應器（SMR）是一種緊湊、清潔且穩定的能源。核能是最佳選擇。

Coal and natural gas power generators have obvious carbon emission challenges, and renewables like wind and solar are still intermittent. While renewables are undoubtedly important in our clean energy future, nuclear and specifically SMRs are uniquely positioned to take the lead in powering these massive data centers. The world's major tech companies are discovering the value of nuclear.

煤炭和天然氣發電面臨明顯的碳排放挑戰，而風能和太陽能等再生能源仍然是間歇性的。雖然再生能源無疑對我們的清潔能源未來很重要，但核能，特別是中小型反應器具有獨特的優勢，可以在為這些大型資料中心供電方面發揮領導作用。世界主要科技公司正在發現核能的價值。

As seen on slide 4, driven by the need for sustainability along with an AI revolution, we have seen numerous recent announcements from tech companies scouring the country for carbon-free electricity and zeroing in on nuclear energy.

如投影片 4 所示，在永續發展需求和人工智慧革命的推動下，我們看到科技公司最近發布了許多公告，在全國範圍內尋找無碳電力，並將重點放在核能上。

In March, Amazon acquired Talen Energy's data center campus connected to the Susquehanna nuclear station. In September, BlackRock, Microsoft and others announced plans to mobilize up to $100 billion for building data centers and a supporting grid energy infrastructure to power them. Also in September, Constellation Energy announced plans to restart an 835-megawatt reactor at the Three Mile Island nuclear plant and sell 100% of that power it generates to Microsoft. As Google pursues its goal of becoming carbon neutral by 2030, its CEO, Sundar Pichai, said SMRs could be used to generate more than 1 gigawatt of power for a planned large-scale data center.

今年 3 月，亞馬遜收購了與薩斯奎哈納核電廠相連的 Talen Energy 資料中心園區。9月，貝萊德、微軟和其他公司宣布計劃籌集高達1000億美元用於建設資料中心和為其供電的支援電網能源基礎設施。同樣在 9 月，Constellation Energy 宣布計畫重啟三哩島核電廠一座 835 兆瓦的反應堆，並將其產生的電力 100% 出售給微軟。隨著Google追求到 2030 年實現碳中和的目標，其執行長 Sundar Pichai 表示，SMR 可用於為規劃中的大型資料中心產生超過 1 吉瓦的電力。

Similarly, on Oracle's most recent earnings call, Chairman, Larry Ellison discussed designing data centers powered by SMRs that require more than 1 gigawatt of energy. This change is happening now today. And just as tech companies are choosing nuclear power, they're also seeking small modular reactor technology, a safer, cheaper and more consistent means of delivering carbon-free electrons.

同樣，在 Oracle 最近的財報電話會議上，董事長 Larry Ellison 討論了設計由需要超過 1 吉瓦能源的 SMR 驅動的資料中心。這種變化今天正在發生。正如科技公司選擇核電一樣，他們也在尋求小型模組化反應器技術，這是一種更安全、更便宜、更一致的無碳電子傳輸方式。

As the only US NRC approved technology with reactors already in production, NuScale leads the industry in near-term deployability. With our commercialization partner, ENTRA1 Energy, we are moving closer to supplying their ENTRA1 Energy plants as they continue to finalize commercial agreements. I'm in dialogue with senior executives from prospective customers almost daily, and I can confirm there is fundamentally more interest in understanding nuclear technologies, regulations, supply chains and business models than ever before. This is not rhetoric for them.

作為唯一獲得美國 NRC 批准且反應器已投入生產的技術，NuScale 在近期可部署性方面處於行業領先地位。隨著我們的商業化合作夥伴 ENTRA1 Energy 繼續敲定商業協議，我們距離向他們的 ENTRA1 Energy 工廠供貨又更近了一步。我幾乎每天都與潛在客戶的高階主管進行對話，我可以確認，人們對了解核子技術、法規、供應鏈和商業模式的興趣比以往任何時候都更大。這對他們來說不是言辭。

These hyperscalers need this power now in an ever-increasing amount over the long term. And they're responding positively to the ENTRA1 Energy plant's commercial model that are structured to mitigate a significant number of SMR-related risks, including first-of-a-kind development risk and execution construction risk. Hyperscalers also benefit from NuScale's SMR scalability, availability, reliability and equally important, near-term deployability.

從長遠來看，這些超大規模企業現在對這種能力的需求會不斷增加。他們對 ENTRA1 能源工廠的商業模式做出了積極回應，該模式旨在減輕大量與 SMR 相關的風險，包括首創的開發風險和執行施工風險。超大規模企業也受惠於 NuScale 的 SMR 可擴展性、可用性、可靠性以及同樣重要的近期可部署性。

Two additional points on this topic. First, we expect ENTRA1 Energy plants with NuScale SMR technology to be competitive with the recent Microsoft-Constellation and Google-Talen agreements. Second, there are very few restart opportunities in large-scale nuclear with favorable economics similar to Three Mile Island. Hyperscaler companies will have to secure SMR new deals to meet their reliability objectives and sustainability targets.

關於這個主題還有兩點。首先，我們預計採用 NuScale SMR 技術的 ENTRA1 Energy 工廠將能夠與最近的 Microsoft-Constellation 和 Google-Talen 協議競爭。其次，像三哩島那樣具有良好經濟效益的大型核電重啟機會很少。超大規模公司必須獲得 SMR 新交易，才能實現其可靠性目標和永續性目標。

These prospective NuScale power plants are generating significant interest from infrastructure capital as well as large commercial banks. For context, in September, a group of 14 global financial institutions, including Citigroup, Barclays and Morgan Stanley announced their support to triple nuclear energy capacity and reach net zero by 2050.

這些未來的 NuScale 發電廠引起了基礎設施資本和大型商業銀行的極大興趣。就背景而言，今年 9 月，花旗集團、巴克萊銀行和摩根士丹利等 14 家全球金融機構宣布支持將核能產能提高三倍，並在 2050 年實現淨零排放。

While data centers are extremely important, we're seeing increased interest across the board from a variety of potential offtakers, as you can see on slide 5. NuScale was the only nuclear company to present at the recent Gastech event in Houston with 50,000 people in attendance. We continued our dialogue with interested prospects, including senior executives at major oil and gas companies seeking not only power but also high-pressure, high-temperature steam for hydrogen and ammonia production. These executives understand how attractive our site boundary emergency planning zone is as well as our capacity to be off-grid and appreciate that NuScale technology is multiple years ahead of other proposed SMR technologies.

雖然資料中心極為重要，但正如您在投影片 5 中看到的那樣，我們看到各種潛在承購商的興趣全面增加。NuScale 是唯一一家參加最近在休士頓舉行的 Gastech 活動的核電公司，有 50,000 人參加。我們繼續與有興趣的潛在客戶進行對話，其中包括主要石油和天然氣公司的高管，他們不僅尋求電力，還尋求高壓高溫蒸汽來生產氫氣和氨。這些高管了解我們的站點邊界應急規劃區的吸引力以及我們離網的能力，並讚賞 NuScale 技術比其他擬議的 SMR 技術領先多年。

Now let's discuss international opportunities. Our technology is widely acknowledged across the globe as important for both climate disruption and energy security. This has led to an advanced interest in East and Southeast Asia, Eastern Europe, the Middle East and Africa.

現在讓我們討論一下國際機會。我們的技術在全球範圍內廣受認可，對於氣候破壞和能源安全都很重要。這導致人們對東亞和東南亞、東歐、中東和非洲產生了濃厚的興趣。

As outlined on Slide 6, I'll provide an update on recent developments with the RoPower project. In the third quarter, SNN and RoPower were authorized to proceed with Phase 2 front-end engineering design, or FEED work. Shortly after our third quarter ended, Fluor, the prime for Phase 2 FEED, finalized a sub-agreement with NuScale FEED Phase 2, which will include tasks related to the development of Class 3 plant construction estimates as well as support to RoPower with its regulatory and stakeholder engagements.

如幻燈片 6 所述，我將提供 RoPower 專案最新進展的最新資訊。第三季度，SNN和RoPower被授權繼續進行第二階段的前端工程設計或FEED工作。第三季結束後不久，第 2 階段 FEED 的主要參與者 Fluor 與 NuScale FEED 第 2 階段敲定了一項分協議，其中將包括與製定 3 級工廠建設估算相關的任務以及支持 RoPower 的監管任務和利益相關者的參與。

Separately, in August, the U.S. Department of State announced that Regnum Technology signed an MOU with the Government of Ghana to pursue development of an SMR plant and had chosen NuScale technology to power it. We also plan to open an energy exploration or E2 Center at the Ghana Atomic Energy Commission site on the campus of the University of Ghana. This will be our sixth E2 Center globally with other facilities operate in universities in Romania, Korea and the United States.

另外，8 月，美國國務院宣布 Regnum Technology 與加納政府簽署了一份諒解備忘錄，以開發 SMR 工廠，並選擇 NuScale 技術為其提供動力。我們也計劃在加納大學校園內的加納原子能委員會所在地開設能源勘探或 E2 中心。這將是我們在全球的第六個 E2 中心，其他設施位於羅馬尼亞、韓國和美國的大學。

Interest and potential demand for the technological benefits that NuScale SMRs offer have never been higher. Potential customers see and appreciate what sets NuScale apart, including our partnership with ENTRA1 Energy with its proprietary business models that have been positively received by all market counterparties as the vital solution that provides off-takers the ability to meet their strategic risk parameters and financial objectives without the need to capitalize, own or operate their own plant. Negotiating agreements is a complex process that, by nature, takes time, but we continue to make significant headway and remain confident that we can achieve our near-term sales goals.

人們對 NuScale SMR 提供的技術優勢的興趣和潛在需求從未如此高漲。潛在客戶看到並欣賞NuScale 的與眾不同之處，包括我們與ENTRA1 Energy 的合作夥伴關係及其專有的業務模式，該模式已受到所有市場交易對手的積極認可，是為承購商提供滿足其策略風險參數和財務目標的能力的重要解決方案無需資本化、擁有或經營自己的工廠。談判協議是一個複雜的過程，本質上需要時間，但我們繼續取得重大進展，並對實現近期銷售目標充滿信心。

As conveyed on slide 7, the US must remain at the forefront of the green energy transition. The production of nuclear energy as a baseload power is imperative to maintaining carbon-free reliability in the U.S. electricity grid and is rightly viewed as a national security imperative. NuScale SMR technology has unique ability to provide the availability and reliability needed to secure our data for national security.

正如幻燈片 7 所示，美國必須保持在綠色能源轉型的前沿。核能作為基本負載電力的生產對於維持美國電網的無碳可靠性至關重要，並且正確地被視為國家安全的當務之急。NuScale SMR 技術具有獨特的能力，可提供保護國家安全資料所需的可用性和可靠性。

Strong leadership in a green economy is good for the environment and it's good for America and our allies. It supports our geopolitical interest by reducing reliance on non-domestic energy sources.

綠色經濟的強大領導有利於環境，也有利於美國和我們的盟友。它透過減少對非國內能源的依賴來支持我們的地緣政治利益。

In addition, it powers U.S. economic growth and enables global competitiveness. Additional nuclear energy supply will also support onshoring trends and America's strong growth in domestic manufacturing. Domestic policy initiatives, including the CHIPS and Science Act and the Inflation Reduction Act cannot be fully realized without access to abundant carbon-free power. Further, given the recent election outcome and the long-held priorities of the incoming administration, we expect development of nuclear energy to further accelerate.

此外，它還推動美國經濟成長並提高全球競爭力。額外的核能供應也將支持在岸趨勢和美國國內製造業的強勁成長。如果沒有豐富的無碳電力，包括《CHIPS 和科學法案》以及《降低通貨膨脹法案》在內的國內政策措施就無法充分實現。此外，考慮到最近的選舉結果和即將上任的政府長期以來的優先事項，我們預計核能的發展將進一步加速。

NuScale and ENTRA1 Energy are optimally positioned to support this ongoing transition.

NuScale 和 ENTRA1 Energy 處於支持這一持續轉型的最佳位置。

As seen on Slide 8, NuScale is at the forefront of next-generation nuclear energy producers with regards to design safety and innovation. We have systems, features and capabilities that are unmatched amongst other competing nuclear technologies, SMR or otherwise. For example, NuScale power modules have the ability to safety shutdown and self-cool indefinitely without the need for AC or DC power, operator interaction, or any additional water. This enables what is termed an unlimited coping period, a first for light-water reactor technology and an extraordinary differentiator in relation to safety.

如投影片 8 所示，NuScale 在設計安全和創新方面處於下一代核能生產商的前沿。我們擁有其他競爭性核子技術、SMR 或其他技術所無法比擬的系統、特性和能力。例如，NuScale 電源模組能夠安全關閉並無限期地自我冷卻，無需交流或直流電源、操作員互動或任何額外的水。這實現了所謂的無限應對期，這是輕水反應器技術的首創，也是安全方面的非凡優勢。

In addition, the NRC approved our methodology in determining the emergency planning zone, or EPZ, for NuScale-powered energy plants, as opposed to traditional nuclear power plants, which are required to have an EPZ of 10 miles in the U.S. We can achieve an EPZ limited to the site boundary. A smaller EPZ significantly reduces plant operating costs and further enables the siting of NuScale's technology where it is needed most, such as retired coal power plant locations and close enough to manufacturing facilities to provide high-temperature, high-pressure steam for industrial applications. Further, NuScale's SMRs do not require grid power or connection for safety, which is another first for a nuclear power plant.

此外，NRC 批准了我們為 NuScale 供電的發電廠確定緊急規劃區 (EPZ) 的方法，這與傳統核電廠不同，傳統核電廠需要在美國擁有 10 英里的 EPZ。較小的出口加工區可顯著降低工廠運營成本，並進一步使NuScale 的技術能夠部署在最需要的地方，例如退役的燃煤發電廠位置以及足夠靠近製造設施的位置，以便為工業應用提供高溫高壓蒸氣。此外，NuScale 的 SMR 不需要電網電源或安全連接，這對於核電廠來說是另一個第一。

Moving on to Slide 9. An important reason why we're the only near-term deployable SMR is that we are the only technology with design certification from the U.S. Nuclear Regulatory Commission, or NRC. Others in the SMR marketplace remain at the early stages of multiyear processes and working towards approval. Our second standard design approval application for a power upgrade to 77-megawatt electric is scheduled to conclude by mid-2025.

轉到投影片 9。我們成為唯一近期可部署的中小型反應器的一個重要原因是，我們是唯一獲得美國核子管理委員會 (NRC) 設計認證的技術。SMR 市場中的其他公司仍處於多年流程的早期階段，並正在努力獲得批准。我們的第二次電力升級至 77 兆瓦電力的標準設計批准申請計劃於 2025 年中期完成。

The design upgrade 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 a wider range of customers.

此次設計升級是基於我們在 2020 年獲得 NRC 批准的相同基本安全案例和功能。我們相信 77 兆瓦 NuScale 電源模組可以支援更廣泛的客戶。

Now let's turn to manufacturing, where we are also leading the pack. Doosan Enerbility continues making progress in producing the first NuScale power modules, the only NRC-approved SMRs in production. On Slide 10, you will see the images from Doosan in support of manufacturing and supply chain readiness activities. This continued work provides advantages to our next project deployment, shortening delivery significantly.

現在讓我們轉向製造業，我們在這方面也處於領先地位。Doosan Enerbility 在生產第一批 NuScale 電源模組方面不斷取得進展，這是唯一經 NRC 批准投入生產的 SMR。在投影片 10 上，您將看到斗山支援製造和供應鏈準備活動的圖像。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 relationships with our long-term supply chain partners, many of which are also strategic investors, are one of the most significant sources of our strength. Doosan and other members of our supply chain have made substantial investments retooling their facilities in preparation for supporting NuScale's commercialization. Our robust supply chain has positioned NuScale as a clear leader in manufacturing readiness in the SMR space and is why we are ready to produce customer orders right now.

在製造我們的模組時，NuScale 與我們的長期供應鏈合作夥伴（其中許多也是策略投資者）的關係是我們實力最重要的來源之一。斗山和我們供應鏈的其他成員已投入巨資重組其設施，為支援 NuScale 的商業化做好準備。我們強大的供應鏈使 NuScale 成為 SMR 領域製造準備的明顯領導者，這也是我們現在準備生產客戶訂單的原因。

Before I turn the call over to Ramsey, I want to echo a recent comment from Constellation Energy's CEO, Joe Dominguez: the most important energy commodity in the world today is a reliable and clean electric megawatt. NuScale has the ability to produce clean, reliable energy, reach end users and help them achieve their sustainability goals, whether it's an 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.

在將電話轉給拉姆齊之前，我想回應星座能源公司執行長喬·多明格斯最近的評論：當今世界上最重要的能源商品是可靠且清潔的兆瓦電力。NuScale 有能力生產清潔、可靠的能源，涵蓋最終用戶並幫助他們實現永續發展目標，無論是工業電氣化、製程熱或數據經濟快速成長的需求。NuScale 的 SMR 技術是未來能源解決方案的一部分。

Recently, Idaho National Lab performed a landmark study, which validates that a NuScale integrated energy system is both technically viable and economically competitive with a high-temperature gas-cooled reactor, or Gen IV, for process steam applications. NuScale has advantage and that is the only SMR with a design certification with modules in production. We maintain competitive advantages in technology, safety, manufacturing readiness, siting and regulatory success and are prepared to produce and deliver. I am looking forward to continuing to update you on our progress in the months ahead.

最近，愛達荷國家實驗室進行了一項具有里程碑意義的研究，驗證了NuScale 整合能源系統在技術上可行，並且在經濟上與用於製程蒸汽應用的高溫氣冷反應器或第四代反應器相比具有競爭力。NuScale 具有優勢，它是唯一具有設計認證且模組已投入生產的 SMR。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，並做好生產和交付的準備。我期待著在未來幾個月繼續向您通報我們的進展。

Now Ramsey will provide our financial update. Ramsey?

現在拉姆齊將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. See slide 11 for third quarter results and relevant factors impacting our financial position. All figures following are for Q3 2024, unless I state otherwise. NuScale's overall cash position improved during the period, ending the third quarter with cash, cash equivalents and short-term investments of $161.7 million, $5.1 million of which is restricted and no debt.

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。請參閱投影片 11 以了解第三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 年第三季。在此期間，NuScale 的整體現金狀況有所改善，截至第三季末，現金、現金等價物和短期投資為 1.617 億美元，其中 510 萬美元為限制性投資，無債務。

We are pleased with the progress we have made, strengthening our balance sheet and reducing our operating expenses over the course of 2024.

我們對 2024 年在加強資產負債表和減少營運費用方面取得的進展感到滿意。

The company's cash position is higher now than it was at year-end 2023, driven primarily by the careful and measured utilization of our ATM program as well as disciplined budgeting and cost optimization efforts. For the quarter ended September 30, 2024, NuScale reported revenue of $0.5 million and net loss of $45.5 million. This includes a noncash expense of $7.2 million related to an increase in the fair value of warrants outstanding.

該公司目前的現金狀況高於 2023 年底，這主要是由於我們對 ATM 計劃的謹慎和謹慎的利用以及嚴格的預算和成本優化工作。截至 2024 年 9 月 30 日的季度，NuScale 報告營收為 50 萬美元，淨虧損為 4,550 萬美元。其中包括與未償還認股權證公允價值增加相關的 720 萬美元非現金費用。

During the same period in the prior year, the company reported revenue of $7 million and net loss of $58.3 million. which included noncash income of $11.1 million related to our warrants. Operating expense was $41.2 million compared to $93.9 million in the year earlier period. The year-over-year reduction in operating expense of $52.7 million reflects the company's actions to reduce costs and operate more efficiently. Separately, during the third quarter, we reported an operating loss of $41 million.

去年同期，該公司報告營收為 700 萬美元，淨虧損為 5,830 萬美元。其中包括與我們的認股權證相關的 1,110 萬美元非現金收入。營運費用為 4,120 萬美元，上年同期為 9,390 萬美元。營運費用年減 5,270 萬美元，反映了公司為降低成本和提高營運效率所採取的行動。另外，第三季我們報告營運虧損 4,100 萬美元。

This compares to an operating loss of $92.9 million in the third quarter of 2023.

相比之下，2023 年第三季的營運虧損為 9,290 萬美元。

Looking forward, NuScale will maintain our financial discipline and remain focused on managing liquidity and risk. We are committed to sustaining a prudent liquidity reserve.

展望未來，NuScale 將維持我們的財務紀律，並繼續專注於管理流動性和風險。我們致力於維持審慎的流動性儲備。

I will conclude my remarks with a brief view of our capitalization summary on Slide 12. Additional information may be found in our SEC Form 10-Q and earnings release.

我將簡要介紹投影片 12 上的資本化摘要來結束我的發言。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. We'll 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。我們將接受提問。操作員？

(Operator Instructions) Eric Stine, Craig Hallum.

（操作員說明）Eric Stine、Craig Hallum。

So I know -- I mean this -- I know this happened recently, but just curious your thoughts on the FERC rejection of Talen in the Amazon data center. And obviously, it would seem to me that it proves out the need for SMRs, incremental power baseload, zero emissions, et cetera. Just curious, I mean, again, I know it's early, right, it just happened. But is that something that you expect to drive further interest from your pipeline and new customers?

所以我知道——我的意思是——我知道這件事最近發生了，但只是好奇你對 FERC 拒絕亞馬遜資料中心 Talen 的看法。顯然，在我看來，它證明了對 SMR、增量電力基本負載、零排放等的需求。只是好奇，我的意思是，我知道現在還早，對吧，它就這樣發生了。但這是否會引起您的管道和新客戶的進一步興趣？

Yes. I think that FERC -- and it was quick, and it was -- I don't think it's over with. The FERC obviously wants to have electrons on the grid versus behind the meter. So it's still to pan out. I think it's too early in the process really to comment other than the fact I don't believe personally that it's going to be a hold up going forward in the market.

是的。我認為 FERC——它很快，而且——我認為它還沒有結束。FERC 顯然希望電子在電網上而不是在電錶後面。所以它仍然有待解決。我認為現在就這個過程發表評論還為時過早，但我個人認為這不會成為市場未來的阻礙。

Got it. Is it a -- I mean, because SMRs would be incremental power, to me, that was the biggest thing, right? That part of the reason this was rejected at least for now is because it would be taking electrons from someone else rather than incremental power at the site of use.

知道了。這是——我的意思是，因為中小型反應器將是增量動力，對我來說，這是最重要的，對吧？至少目前被拒絕的部分原因是，它將從其他人那裡獲取電子，而不是在使用地點增加電力。

Yes. That's what I read, but I really don't know beyond what you read, the rationale behind it. So I'm sure we'll soon -- things will occur within near term, we'll have a better understanding.

是的。這就是我讀到的內容，但除了你讀到的內容之外，我真的不知道背後的基本原理。所以我相信我們很快就會發生——事情會在短期內發生，我們會有更好的理解。

Okay. Fair enough. I guess second one for me, just good to hear on the uprate progress or the expectation that's on track for mid '25. I mean maybe just remind me what -- the importance of that for part 52 approval, whether it's ENTRA1 or someone else goes through that process. And just curious also, I know you've got a big pipeline.

好的。很公平。我想對我來說是第二個，很高興聽到 25 年中期的升級進度或預期。我的意思是，也許只是提醒我，這對於第 52 部分批准的重要性，無論是 ENTRA1 還是其他人都會經歷這個過程。我也很好奇，我知道你們有一個很大的管道。

Are there customers who are kind of waiting on that uprate approval before moving forward?

是否有客戶在繼續之前等待升級批准？

Yes. I was with the NRC. We're in regular communications with them, as you can imagine, frequently. I have what's called drop-ins. We visit with commissioners in this particular case.

是的。我在 NRC 工作。正如您可以想像的那樣，我們經常與他們進行定期溝通。我有所謂的「插入」。我們就這個特殊案例拜訪了委員。

I also met with the Chairman Hanson. And to your point, we are on schedule. We're hoping to get to the technical aspects here soon, but we're still on schedule to meet the NRC schedule of mid-'25, which we're looking about the July time frame, if not sooner.

我還會見了漢森主席。就您而言，我們正在按計劃進行。我們希望盡快討論技術方面的問題，但我們仍然按計劃滿足 NRC 25 年中期的時間表，我們正在考慮 7 月的時間框架，甚至更早。

The importance of it is that as we went through the NRC process, as you recall, we submitted our design and certification application for 12 modules at 50 megawatts electric. And having gone through the process, through the NRC licensing of scaling up and modeling, we came to the realization that, that same machine could essentially -- and we were conservative, could push outwards towards 80 megawatts electric. And we felt the economics better supported 80, and also our customers were asking about an additional up to the 80 megawatts per unit.

重要的是，正如您所記得的那樣，當我們完成 NRC 流程時，我們提交了 12 個 50 兆瓦電力模組的設計和認證申請。經歷了這個過程，透過 NRC 的擴大和建模許可，我們意識到，同樣的機器本質上——而且我們是保守的——可以向外推動 80 兆瓦的電力。我們認為經濟上可以更好地支援 80，而且我們的客戶還要求每單位額外增加 80 兆瓦。

If you look what's happening today in the data centers, now we were originally thinking on coal plant refurbishment. A lot of companies were asking for 6 modules. Today, it's 12 modules. And at a 12-module plant at 77 megawatts electric, you're pushing pretty much a gigawatt size plant that's scalable. So this is very attractive to the customers who we're in discussions with today.

如果你看看今天資料中心發生的事情，我們最初考慮的是燃煤電廠翻新。許多公司要求 6 個模組。今天，它有 12 個模組。在一個 77 兆瓦電力的 12 個模組工廠中，您正在推動一個可擴展的千兆瓦規模工廠。因此，這對於我們今天正在討論的客戶來說非常有吸引力。

Eric, this is Ramsey. Just to add on, you mentioned, as we work with the large data center and tech companies, we're working with ENTRA1 Energy as they progress in their discussions with the large tech companies. And I haven't seen -- I haven't heard feedback from them that anyone has delayed or feel any sort of reticence to progress discussions based on the uprate. But we're so far through the process, it was a 2-year process. We're looking down now around the last 6 or 7 months.

埃里克，這是拉姆齊。補充一下，您提到，當我們與大型資料中心和科技公司合作時，我們正在與 ENTRA1 Energy 合作，因為他們在與大型科技公司的討論中取得了進展。我還沒有看到——我沒有聽到他們的反饋表明有人推遲或對基於上調的討論有任何保留。但到目前為止，我們已經完成了這個過程，這是一個為期兩年的過程。我們現在正在回顧過去 6 或 7 個月的情況。

And you have to remember, out there in the market today, people are signing PPAs and making announcements with technologies that are nowhere near the stage of development that we're on. And not to downplay the progress that those companies have made, and we're always hopeful and supportive of our peers. But our technology is much more further advanced, and we're seeing people dive into PPAs with really just very theoretical designs at this point.

你必須記住，在當今的市場上，人們正在簽署購電協議並發佈公告，其技術遠未達到我們所處的開發階段。不要低估這些公司所取得的進步，我們始終對同業充滿希望和支持。但我們的技術更加先進，我們看到人們目前僅透過非常理論的設計進入 PPA。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD·考恩。

I guess Ramsey, you just mentioned those other announcements. I was curious, was NuScale involved in some of those discussions? And were there any aspects of the way those arrangements were put together that are maybe, I don't know, not part of how you guys would want to have your business model put together? I'm just kind of curious at your reaction to the details of those announcements.

我猜拉姆齊，你剛剛提到了其他公告。我很好奇，NuScale 是否參與了其中一些討論？我不知道，這些安排的組合方式是否有任何方面可能不是你們希望的商業模式組合的一部分？我只是有點好奇你對這些公告細節的反應。

Marc, look, I think those announcements are pretty varied. They go from Amazon making investment into X-energy to Google signing, I think, something resembling a PPA with Kairos Power. So there's a pretty wide breadth of what's out there in the market. Again, as I said just now to Eric, what we're doing is we're working with ENTRA1 as they progress those discussions. I haven't been have -- I don't have a relative comparison point between discussions that ENTRA1 is progressing with data center companies and these other groups.

馬克，你看，我認為這些公告是多種多樣的。從亞馬遜投資 X-energy 到谷歌簽署，我認為，類似於與 Kairos Power 簽署的購電協議。因此，市場上的產品範圍相當廣泛。再次強調，正如我剛才對 Eric 所說，我們正在做的是與 ENTRA1 合作，幫助他們推進這些討論。我沒有——我沒有對 ENTRA1 正在與數據中心公司和其他團體進行的討論進行相對比較。

I do think that ENTRA1 model provides a different sort of comparison set. So Clayton, are you on the line?

我確實認為 ENTRA1 模型提供了不同類型的比較集。克萊頓，你在線嗎？

Yes, Ramsey. I'm here. So the ENTRA1 discussions with the tech companies are different in flavor. So all I can say is that they're still continuing and progressing. And we're obviously in a different place as far as our technology and where we are.

是的，拉姆齊。我在這兒。因此，ENTRA1 與科技公司的討論風格不同。所以我只能說他們仍在繼續並取得進展。就我們的技術和所處的位置而言，我們顯然處於不同的位置。

So we're having, I would say, concrete discussions but different than what's been announced.

因此，我想說，我們正在進行具體的討論，但與已宣布的內容不同。

Marc, this is John, but let me add to that. And again, it bears out what we've been saying now for a few years. It's having these alphas, I'd call them, or Tier 1s looking at nuclear in the way that they are, it's great for our industry. And the announcements they made, that's an option. A lot of it gets into -- what we're hearing is they need near-term deployability, but they're also looking at future state.

馬克，這是約翰，讓我補充一下。這再次證實了我們幾年來一直在說的話。它擁有這些阿爾法，我稱之為，或以他們本來的方式看待核能的一級，這對我們的行業來說是偉大的。他們發布的公告是一個選擇。其中許多內容涉及——我們聽到的是他們需要近期的可部署性，但他們也在考慮未來的狀態。

So to me, those announcements just validates the fact that these large-scale companies are, in fact, looking at nuclear as a solution to what they're looking for future state and also near term. So we're in discussions with the same companies.

因此，對我來說，這些公告只是證實了這樣一個事實：這些大型公司實際上正在將核能視為他們正在尋找的未來狀態和近期目標的解決方案。所以我們正在與同一家公司進行討論。

Okay. Great. The other thing that I noticed, which is there was a $20 million customer deposit announced in the quarter here when I look at the cash flow statement. Was that -- is that related to RoPower? Or is there another customer involved there?

好的。偉大的。我注意到的另一件事是，當我查看現金流量表時，本季宣布了 2,000 萬美元的客戶存款。這與 RoPower 有關嗎？或是有其他客戶參與其中嗎？

Marc, so that's in relation to RoPower and just our progress on the project with them. As I look at that, there's no first line revenue. So revenue recognition is a different item. But as you know in our cash flow statement, there's a $20 million deposit. And what I think it points to is the fact that we're progressing in pre-engineering services and technology licensing, we're progressing towards deployment of our SMR modules, which is really the prize for us.

馬克，這與 RoPower 以及我們與他們合作的專案進度有關。據我觀察，沒有一線收入。因此，收入確認是一個不同的項目。但正如您在我們的現金流量表中所知，有 2000 萬美元的存款。我認為這表明我們正在預工程服務和技術許可方面取得進展，我們正在部署 SMR 模組，這對我們來說確實是一個獎勵。

Yes, indeed, it is. The other one I had was just on the FEED study with RoPower. So we got that document, and it looks like kind of the time line there would have you with a Class 3 estimate in June of '25, if I've kind of worked it out properly. Is that -- should we be expecting any kind of an update around that time? Will we see -- will we get any kind of indication of how the cost is looking for the project?

是的，確實如此。我的另一項研究是與 RoPower 進行的 FEED 研究。所以我們拿到了這份文件，如果我計算得當的話，看起來你會在 25 年 6 月得到 3 級估計的時間線。那是——我們應該期待那個時候會有任何類型的更新嗎？我們會看到—我們會得到任何關於該專案成本如何的指示嗎？

Is that a milestone where I think back to the experience with UAMPS, the costs were changing and that ended up being something that got a lot of attention. Is there going to be some kind of an update related to that with this project? Or is it an entirely different process?

這是一個里程碑，我回想起 UAMPS 的經歷，成本正在發生變化，最終引起了很多關注。是否會有與該項目相關的某種更新？或者這是一個完全不同的過程？

Well, it's a different process, Marc. I'm sorry. It's a different process. I was on the phone today with the CEO of SNN. And on CFPP, as you recall, those customers had the opportunity to opt in and opt out from a subscription.

嗯，這是一個不同的過程，馬克。對不起。這是一個不同的過程。我今天和 SNN 的執行長通了電話。您還記得嗎，在 CFPP 上，這些客戶有機會選擇加入和退出訂閱。

That's not in play here. We will keep you involved. We -- right now, as I said, we are the subcontractor to Fluor Corporation, who's a prime. The FEED process is about a 12- to 14-month duration, at which time that Fluor and us were looking at developing the estimates to a Class 3 and also helping RoPower on the regulatory front. And then the final investment decision will be made in about a year's time frame from today.

這不是這裡的事。我們會讓您參與其中。正如我所說，我們現在是福陸公司的分包商，福陸公司是主要的公司。FEED 過程大約需要 12 到 14 個月的時間，當時福陸和我們正在考慮將估計值提高到 3 級，並在監管方面幫助 RoPower。然後最終的投資決定將在今天起大約一年的時間內做出。

But yes, we will keep you apprised as we move forward.

但是，是的，隨著我們的進展，我們會隨時向您通報情況。

Leanne Hayden, Canaccord Genuity.

Leanne Hayden，Canaccord Genuity。

Just the first one from me. Given higher enrichment fuel momentum, government incentives and the recent hyperscaler commitments and the fuel that they intend to use, I'm wondering about your module fuel flexibility, i.e., could you use LEU+ or HALEU fuel to drive higher power output per module?

只是我的第一個。鑑於更高的濃縮燃料動力、政府激勵措施以及最近的超大規模承諾以及他們打算使用的燃料，我想知道您的模組燃料靈活性，即您是否可以使用LEU+ 或HALEU 燃料來驅動每個模組更高的功率輸出？

Great question. I'll have Clayton, who came out of 40 years with Framatome. Clayton?

很好的問題。我請克萊頓，他已經在法馬通工作了 40 年。克萊頓？

Yes. So we could use a higher blend to extend. However, where we're sitting today in our enrichment, we're comfortable to deliver a 21- to 24-month cycle. At this point in time, we don't necessarily see where we would want to go any higher based on the current design that we have certified. So we don't expect for this particular SMR design to go into the higher enrichments that you typically see in the Gen IVs with the higher levels of HALEU.

是的。所以我們可以使用更高的混合來擴展。然而，就我們今天的充實而言，我們很樂意提供 21 至 24 個月的周期。目前，根據我們已認證的當前設計，我們不一定會看到我們想要更高的水平。因此，我們並不期望這種特殊的 SMR 設計能夠達到您通常在具有更高 HALEU 水平的第四代中看到的更高濃縮程度。

Understood. Just following up on that, do you think if you were to increase the uranium-235 enrichment in your fuel, that it would have any impact in your passive safety mechanism and smaller EPZ?

明白了。接下來，您認為如果增加燃料中的鈾 235 濃縮度，會對您的被動安全機制和較小的出口區域產生任何影響嗎？

Somewhat. But I think the limits that we've certified and projected, we're maintaining that EPZ, and we're trying to -- we don't want to exceed those boundaries. And again, it doesn't really make sense for our design based on current PWR and fuel supply that we're using to really go there. It's just at this point in time, it's -- the way we're certified, the way we're established, it fits our parameters. So could you do it technically?

有些。但我認為我們已經認證和預測的限制，我們正在維護出口加工區，我們正在努力 - 我們不想超越這些界限。再說一次，這對於我們基於當前壓水堆和燃料供應的設計來說並沒有真正意義，我們正在使用它們來真正實現這一目標。就在這時候，我們的認證方式、我們的建立方式都符合我們的參數。那麼技術上你能做到嗎？

Yes. But it has impacts on the overall design that we don't think are beneficial for our particular plant, the way we have it certified today and the way we anticipate using it in the market.

是的。但它對整體設計產生了影響，我們認為這對我們的特定工廠、我們今天的認證方式以及我們預期在市場上使用它的方式沒有好處。

I think the other answer is we -- that fuel is readily available. I mean Framatome is manufacturing fuel in Richland, and we don't see -- unlike high assay or HALEU fuel that still has to be manufactured, has to go through the licensing process. Fuel is not an issue for us because the 440 reactors around the world where advanced or light-water reactors are using similar fuel.

我認為另一個答案是我們——燃料很容易獲得。我的意思是法馬通正在里奇蘭生產燃料，我們沒有看到 - 與仍然需要生產的高含量或 HALEU 燃料不同，必須經過許可程序。燃料對我們來說不是問題，因為世界各地的 440 座先進反應器或輕水反應器都使用類似的燃料。

Max Hopkins, CLSA.

馬克斯霍普金斯，里昂證券。

So I have a question, I don't know if you can provide clarity, but on this Department of Energy $800 million light-water reactor program, is that -- obviously, there's the developers, the EPCs, the power plant. To bring that forward, do you guys need to sign a deal and then bid? Or can you attract a deal and then with the Department of Energy put together the team? How is that looking?

所以我有一個問題，我不知道你能否澄清，但在能源部這個價值 8 億美元的輕水反應器計劃中，顯然，有開發商、EPC 和發電廠。為了實現這個目標，你們需要簽署協議然後投標嗎？或者你能吸引一筆交易，然後與能源部組建團隊嗎？看起來怎麼樣？

No, you have to put together -- it's a cost share program. So whomever our partner is, a utility or an industrial, we would, in fact, put that team together, and it would be a competitive process. Clayton, you're chasing that. Anything to add?

不，你必須整合起來——這是一個成本分攤計劃。因此，無論我們的合作夥伴是誰，是公用事業公司還是工業公司，我們實際上都會將該團隊整合在一起，這將是一個競爭過程。克萊頓，你在追那個。有什麼要補充的嗎？

No. I mean it's -- to your point, it's putting a team together and submitting an application to which DOE will review all the different applicants and decide based on a lot of different parameters how they want to perceive whether that's a single-funded project or a dual-funded project. But yes, it's a combination of applications, combinations of different partners and different projects that they'll evaluate overall.

不。我的意思是，就你的觀點而言，它是組建一個團隊並提交一份申請，能源部將審查所有不同的申請人，並根據許多不同的參數來決定他們希望如何看待這是一個單一資助的項目還是一個獨立的項目。但是，是的，這是應用程式的組合，不同合作夥伴和不同專案的組合，他們將對其進行整體評估。

Okay. And then one more, if you don't mind. Obviously, there's all the data centers talking about needing the power now, and SMRs are years away at this point. Doesn't that lend itself to natural gas development right now? Is that fair to say?

好的。如果你不介意的話，再來一張。顯然，現在所有資料中心都在談論需要電力，而 SMR 距離這一點還需要數年時間。這不適合現在的天然氣開發嗎？這麼說公平嗎？

It could. I don't see natural gas going anywhere. And -- but if you look at the commitments that these Tier 1 AIs have made in decarbonization, looking at 2030 or 2040, it's tough to deal with when you're dealing with natural gas, but natural gas is an option.

可以的。我不認為天然氣會流向任何地方。而且，如果你看看這些一級人工智慧在脫碳方面所做的承諾，展望 2030 年或 2040 年，當你處理天然氣時，這很難處理，但天然氣是一種選擇。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券公司。

The first one, with the uprate approval expected in the middle of next year, can you just remind us, is that specifically for the 6-module design? And if it is, what's your expectation for getting approval for the 12-module design in terms of NRC-related costs or time lines there, given you already have the work done with the 6?

第一個預計將於明年年中獲得升級批准，您能否提醒我們，這是專門針對 6 模組設計的嗎？如果是的話，考慮到您已經完成了 6 個模組的工作，您對獲得 12 個模組設計的批准（NRC 相關成本或時間表）有何期望？

Clayton.

克萊頓。

Yes. So there's elements that are related to 6, but there's also elements within the upgrade that apply to 12. And basically, when we do our first 12-module site, independent of the upgrade because the upgrade is more specific around the module, we'll do a site-specific license based on a 12-module site and whatever site parameters we have to evaluate.

是的。因此，有些元素與 6 相關，但升級中也有一些元素適用於 12。基本上，當我們建立第一個 12 模組網站時，與升級無關，因為升級圍繞模組更具體，我們將基於 12 模組網站以及我們必須的任何網站參數來執行特定於網站的授權評估。

Got it. And then, John, in the prepared remarks, you talked about it a little bit with the change of administration and nuclear has garnered really strong bipartisan support. But do you see kind of stronger support from a Trump administration and new programs given the Republican sweep that you might not have seen from the last administration?

知道了。然後，約翰，在準備好的演講中，你談到了政府更迭，核問題已經獲得了兩黨真正強有力的支持。但考慮到共和黨的大獲全勝，你是否認為川普政府和新計畫會提供上屆政府可能沒有看到的更強有力的支持？

It's really too early to say. I think if Vice President Harris administration had got in, we would have seen probably more regulations. I think with President Trump, we'll see trying to curtail and have less regulations. I do happen to know that having had a conversation with him previously in his last year, he was very pro-nuclear. And I'll leave it at that.

現在說還太早。我認為，如果副總統哈里斯政府介入，我們可能會看到更多的法規。我認為，在川普總統的領導下，我們將嘗試減少監管並減少監管。我碰巧知道，在他的最後一年裡曾與他交談過，他非常支持核。我就這樣吧。

If you think about what we constantly hear, it's about competition with state-owned enterprises in the international market. And for that to happen, we get -- we have to have American technologies deployed and operational. So we're very hopeful. We'll see who this current President puts around him, which I think is absolutely key. And -- but we're very -- I'm hopeful that the answer is going to be absolutely, we will see an acceleration in advanced nuclear.

如果你想想我們常聽到的，那就是在國際市場上與國營企業的競爭。為了實現這一目標，我們必須部署並運行美國技術。所以我們非常有希望。我們將看看現任總統在他身邊安排誰，我認為這絕對是關鍵。而且——但我們非常——我希望答案是絕對的，我們將看到先進核技術的加速發展。

This concludes the question-and-answer session. I'll turn the call to CEO, John Hopkins, for closing remarks.

問答環節到此結束。我將把電話轉給執行長約翰霍普金斯 (John Hopkins)，讓他致閉幕詞。

Yes. Thank you, operator. As we've been talking, nuclear technology is poised to play a critical role in powering the global clean energy transition. We've already discussed numerous examples of technology companies with data centers to support moving decisively to secure reliable carbon-free nuclear energy. And in this environment, we do truly believe NuScale is well positioned to commercialize our technology.

是的。謝謝你，接線生。正如我們一直在談論的，核子技術將在推動全球清潔能源轉型方面發揮關鍵作用。我們已經討論了許多擁有資料中心的技術公司的例子，以支持果斷採取行動以確保可靠的無碳核能。在這種環境下，我們確實相信 NuScale 完全有能力將我們的技術商業化。

Our SMR, as we said, has been certified by the U.S. Nuclear Regulatory Commission. We maintain industry-leading manufacturing readiness. And along with our global partner, ENTRA1, we are executing on a robust project development pipeline and we're very pleased with our progress and look forward to reaching our goals.

正如我們所說，我們的SMR已獲得美國核子管理委員會的認證。我們保持業界領先的製造準備狀態。我們與我們的全球合作夥伴 ENTRA1 一起執行強大的專案開發流程，我們對我們的進展感到非常滿意，並期待實現我們的目標。

And with that, I'd like to thank everybody on the call who has the interest in NuScale and participating today. Thank you.

在此，我要感謝電話會議中對 NuScale 感興趣並今天參與的每個人。謝謝。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。