Nuscale Power Corp (SMR) 2024 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to NuScale's fourth quarter and full year 2024 earnings results conference call. Today's call is being recorded. (Operator Instructions)

大家下午好，歡迎參加 NuScale 2024 年第四季和全年財報業績電話會議。今天的通話正在錄音。（操作員指示）

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.

今日電話會議的重播將在 NuScale 網站 ir.nuscalepower.com 上提供。網路重播將在收益電話會議結束後 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，為了致開幕詞，我想將電話轉給投資者關係總監 Scott Kozak。請繼續，科札克先生。

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

謝謝您，接線生。歡迎參加 NuScale 2024 年第四季和全年收益業績電話會議。今天與我們在一起的有總裁兼首席執行官約翰·霍普金斯和首席財務官拉姆齊·哈馬迪。

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 將提供我們的業務最新情況並討論財務結果。然後我們將開通電話熱線來解答疑問。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 and 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.

正如投影片 2 中的安全港聲明所反映的，簡報中提出的資訊以及我們在發言和隨後的問答環節中討論的資訊包括前瞻性陳述，這些陳述反映了我們對現有趨勢的當前看法，並受各種風險和不確定性的影響。您可以在我們的 10-K 表格和隨後的 SEC 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?

現在我將把電話轉給 NuScale 總裁兼執行長約翰霍普金斯。約翰？

Thank you, Scott, and good afternoon, everyone. Reflecting on 2024, our journey has been dynamic and rewarding; and I'm delighted by our achievements. We have significantly bolstered our financial standing, advanced the commercialization of our pioneering small modular reactor technology, and laid the groundwork for sustainable long-term value creation.

謝謝你，斯科特，大家下午好。回顧2024年，我們的歷程充滿活力且富有成效；我為我們所取得的成就感到高興。我們顯著增強了財務狀況，推進了我們開創性的小型模組化反應器技術的商業化，並為可持續的長期價值創造奠定了基礎。

Shortly, Ramsey will provide insights into our financials. I'd like to start with key business updates. As illustrated on slide 3, we are witnessing good progress with RoPower. As you may recall, RoPower plans to develop a six-module SMR power plant with a 462-megawatt of installed capacity on the site of a decommissioned coal-fired power plant in Doicesti.

很快，拉姆齊將對我們的財務狀況提供見解。我想先介紹一下主要業務更新情況。如投影片 3 所示，我們見證了 RoPower 的良好進展。您可能還記得，RoPower 計劃在 Doicesti 一座已退役燃煤發電廠的舊址上開發一座裝置容量為 462 兆瓦的六模組 SMR 發電廠。

NuScale is committed to supporting Romania's energy security and decarbonization initiatives. We are diligently progressing our responsibilities for RoPower Phase 2 front-end engineering and design. This Fluor-led FEED Phase 2 provides meaningful revenue and cash flow for NuScale.

NuScale致力於支持羅馬尼亞的能源安全和脫碳措施。我們正在努力履行 RoPower 第二階段前端工程和設計的職責。由 Fluor 主導的 FEED 第二階段為 NuScale 帶來了可觀的收入和現金流。

Moving on to slide 4. It's essential to emphasize that NuScale stands as the sole near-term deployable SMR currently available. In contrast, other recently announced SMR projects in the US are focused on demonstration plans. Following construction, these demonstration plans will have to operate for a minimum of four years prior to the US Nuclear Regulatory Commission, NRC, providing regulatory approval, which is required for commercial operation.

轉到投影片 4。必須強調的是，NuScale 是目前唯一可用的近期可部署 SMR。相較之下，美國近期宣布的其他SMR項目則著重於示範計畫。建設完成後，這些示範項目必須運行至少四年，才能獲得美國核管理委員會 (NRC) 的監管批准，這是商業運營的必要條件。

NuScale has committed over $2 billion to develop and license our unique SMR technology, which has received design certification from the Nuclear Regulatory Commission. No other advanced reactor SMR design has submitted a Standard Design Approval application, or SDA, to the NRC at this point. And these efforts remain years away from approval compared to our established time line.

NuScale 已投入超過 20 億美元用於開發和授權我們獨特的 SMR 技術，該技術已獲得核管理委員會的設計認證。目前，還沒有其他先進反應器 SMR 設計向 NRC 提交標準設計批准申請（SDA）。與我們既定的時間表相比，這些努力仍需要數年才能獲得批准。

ENTRA1 Energy Plants powered by NuScale technology are primed for immediate commercial development. We're also making headway on the technology review of our upgraded SDA application with the NRC, aiming to increase power output per module from our previously NRC-licensed 50-megawatt electric to 77-megawatt electric. This review is set to conclude by mid-2025.

採用 NuScale 技術驅動的 ENTRA1 能源工廠已準備好立即進行商業開發。我們還在與 NRC 合作對升級後的 SDA 應用進行技術審查方面取得了進展，旨在將每個模組的功率輸出從先前 NRC 許可的 50 兆瓦電力提高到 77 兆瓦電力。此次審查預計將於 2025 年中期完成。

Our design upgrade is founded on the same rigorous safety principles and technical features already authenticated by the NRC in 2020. We believe that the 77-megawatt electric NuScale power module will cater to a broader spectrum of customers while enhancing economic efficiency.

我們的設計升級是基於同樣嚴格的安全原則和技術特性，這些原則和技術特性已於 2020 年獲得 NRC 認證。我們相信，77兆瓦的電動NuScale電源模組將滿足更廣泛的客戶需求，同時提高經濟效率。

Now let's turn our attention to manufacturing. NuScale is clearly leading the industry in this critical element of commercialization. Our supply chain partner and strategic investor, Doosan Enerbility, has continued to make progress advancing the first six NuScale power modules, the only NRC-approved SMRs in production.

現在讓我們把注意力轉向製造業。NuScale 顯然在商業化的這一關鍵要素上處於行業領先地位。我們的供應鏈合作夥伴和策略投資者斗山能源 (Doosan Enerbility) 繼續推進前六個 NuScale 電源模組的生產，這是唯一獲得 NRC 批准的生產中的 SMR。

More recently, this past quarter, in coordination with Doosan and our development partner, ENTRA1 Energy, advanced discussions with prospective customers seeking 12-module configurations led us to long-lead material items for an additional six modules. NuScale has 12 modules in production, a testament to the confidence we have in our customer pipeline and our commitment to 2030 delivery.

最近，在上個季度，我們與斗山和我們的開發合作夥伴 ENTRA1 Energy 合作，與尋求 12 個模組配置的潛在客戶進行了深入討論，這使我們獲得了另外六個模組的長週期材料項目。NuScale 有 12 個模組正在生產中，這證明了我們對客戶通路的信心以及我們對 2030 年交付的承諾。

We are advancing certain activities in manufacturing and licensing to get ahead of potential bottlenecks and commercial deployable schedules. For example, global manufacturer, Alleima, recently received an order to supply steam generator tubes for NuScale small modular reactors.

我們正在推進製造和許可方面的某些活動，以克服潛在的瓶頸和商業部署時間表。例如，全球製造商 Alleima 最近收到一份訂單，為 NuScale 小型模組化反應器供應蒸汽發生器管道。

On slide 5, there are images associated with our manufacturing progress. This includes the production of large forgings and the maturing of our control rod drive mechanism design. Key lessons from our manufacturing readiness work are incorporated into the design to save time during production work and support deployment, shortening delivery schedule significantly.

投影片 5 上有與我們的製造進度相關的影像。這包括大型鍛件的生產和控制棒驅動機構設計的成熟。我們將製造準備工作中的關鍵經驗融入設計中，以節省生產工作和支援部署的時間，從而大大縮短交付時間。

Coupled with our ENTRA1 development partnership, NuScale's SMR technology is poised to move to exploding demand for clean energy across multiple sectors. As illustrated on slide 6, near-term energy demand in the US is expected to grow at levels we haven't seen in decades.

結合我們的 ENTRA1 開發合作夥伴關係，NuScale 的 SMR 技術將滿足多個領域對清潔能源的激增需求。如投影片 6 所示，預計美國近期的能源需求將達到數十年來未曾見過的水平。

A recent IHS Energy forecast anticipates a six-times increase in growth of electricity demand in the next 20 years versus the growth of the prior 20 years. This significantly accelerated electricity consumption in the coming decades will fundamentally change the landscape of power production.

IHS Energy 最近的預測顯示，未來 20 年電力需求的成長速度將是前 20 年的六倍。未來幾十年電力消耗的顯著加速將從根本上改變電力生產格局。

The projected growth spans various sectors and is driven by the reshoring of manufacturing and electrification of many industries, including oil and gas and chemicals. However, the primary driver is a 24/7 load required by artificial intelligence data centers.

預計成長涉及各個領域，並受到製造業回流和許多行業電氣化的推動，包括石油、天然氣和化學品。然而，主要驅動因素是人工智慧資料中心所需的全天候負載。

According to a December 2024 US Department of Energy report, data centers may triple their energy use in the next three years alone. Under that forecast, data centers could account for as much as 12% of the nation's electricity consumption by 2028.

根據美國能源部 2024 年 12 月的報告，僅在未來三年內，資料中心的能源使用量就可能增加兩倍。根據該預測，到 2028 年，資料中心的電力消耗可能佔全國電力消耗的 12%。

The world's largest technology companies are driving this need. Microsoft recently announced that it would spend approximately $80 billion in its 2025 fiscal year to build data centers for its booming artificial intelligence business.

全球最大的科技公司正在推動這項需求。微軟近日宣布，將在2025財年斥資約800億美元為其蓬勃發展的人工智慧業務建置資料中心。

In addition, in December, Meta announced that it is seeking up to 4 gigawatts of new nuclear power to help meet the company's AI and sustainability objectives. And it's worth emphasizing that this is not about peaking demand. Data centers have both high capacity demand and high energy demand. So the challenges is multifaceted.

此外，12 月，Meta 宣布正在尋求高達 4 千兆瓦的新核電，以幫助實現公司的人工智慧和永續發展目標。值得強調的是，這與需求高峰無關。資料中心既有高容量需求，也有高能源需求。因此挑戰是多方面的。

Significant new energy resources are needed, both to produce enough power when usage is at its highest and to support sustained heavy levels of energy consumption over a long duration. Yet, as seen on slide 7, the megawatts currently coming online in the US are mainly intermittent sources and short-duration battery storage.

需要大量的新能源，既要在使用率最高時產生足夠的電力，又要在很長一段時間內支持持續的高水準能源消耗。然而，如第 7 張投影片所示，美國目前上線的兆瓦電力主要是間歇性能源和短時電池儲存。

Looking more closely at 2025, planned capacity additions for three major US grid operators include very limited dispatchable generation. Coupled with reality of additional fossil fuel retirements, it is clear where nuclear and SMRs, in particular, can be a major game changer.

更仔細觀察 2025 年，美國三大電網營運商計劃增加的容量中可調度發電量非常有限。再加上更多化石燃料退役的現實，核能，尤其是小型模組化反應堆，顯然可以成為重大的遊戲規則改變者。

We see massive opportunity to provide baseload clean energy. You cannot run a full-time grid on part-time power. And it's important to bear in mind that existing utilities are challenged to divert needless load from existing customers.

我們看到了提供基載清潔能源的巨大機會。你不能用兼職電力來運作全職電網。重要的是要記住，現有的公用事業面臨著從現有客戶轉移不必要負荷的挑戰。

In an area where more energy is necessary to fortify the US electricity grid, power economic growth, and bolster America's global competitiveness, the need for new nuclear is a reality. And entities throughout our economy are taking notice.

在需要更多能源來加強美國電網、推動經濟成長和增強美國全球競爭力的領域，新核能的需求已成為現實。我們整個經濟實體都注意到了這一點。

As we discussed in the past few slides, the demand for nuclear has never been more pronounced. As viewed on slide 8, NuScale has seen increased interest across the board from a variety of potential off-takers for different use cases.

正如我們在過去幾張投影片中所討論的，對核能的需求從未如此強烈。如投影片 8 所示，NuScale 已引起各類潛在承購商對不同用例日益濃厚的興趣。

On the data center side, our commercialization partner, ENTRA1, is leading discussions with America's leading hyperscalers at the most senior levels, and conversations are focused on powering AI. These executives understand how attractive our site boundary, emergency planning zone, is enabling us to locate close to the end user.

在資料中心方面，我們的商業化合作夥伴 ENTRA1 正在與美國領先的超大規模企業進行最高層級的討論，討論的重點是推動人工智慧的發展。這些主管了解我們的場地邊界、緊急規劃區有多有吸引力，這使我們能夠靠近最終用戶。

They also appreciate our off-grid capabilities. Critically, given the speed for which they need power, prospective customers recognize that NuScale is years ahead of other proposed SMR technologies. And they are attracted to ENTRA1 Energy's commercial model, which is structured to provide financial flexibility and mitigate deployment risk.

他們也對我們的離網能力表示讚賞。至關重要的是，考慮到他們所需的電力速度，潛在客戶認識到 NuScale 比其他提議的 SMR 技術領先數年。他們被 ENTRA1 Energy 的商業模式所吸引，該模式旨在提供財務靈活性並降低部署風險。

Notably, conversations with hyperscalers are also driving increased engagement from the utilities that currently power them. Importantly, ENTRA1 provides utilities to commercial consumers with a solution to get SMR-generated energy offtake without the need to capitalize, own, or operate a nuclear energy power plant.

值得注意的是，與超大規模企業的對話也推動了目前為其提供支援的公用事業公司更多地參與其中。重要的是，ENTRA1 為商業消費者提供了一種解決方案，使他們無需投資、擁有或經營核電廠即可獲得 SMR 產生的能源。

Switching gears for a minute, even as we drive our commercial initiatives, NuScale has not stopped innovating. As an example, our Chief Technology Officer and Co-Founder, Dr. Jose Reyes, recently published a white paper illustrating why NuScale is well positioned to benefit from the January 2025 Department of Treasury final regulations meant to boost domestic production of clean hydrogen fuel through tax credits.

換個話題，即使在我們推動商業計劃的同時，NuScale 也沒有停止創新。例如，我們的技術長兼聯合創始人 Jose Reyes 博士最近發表了一份白皮書，闡述了 NuScale 為何能夠從 2025 年 1 月財政部旨在透過稅收抵免促進國內清潔氫燃料生產的最終法規中受益。

As noted on slide 9, this credit is worth up to $3 per kilogram of hydrogen production for those that can qualify, for example, by using NuScale. For over a decade, we have been exploring new hydrogen technologies with industrial partners in national labs that integrate a NuScale plant with high-temperature and high-pressure steam electrolyzers, with the end goal of decarbonizing this important sector.

如投影片 9 所示，對於符合資格的企業（例如使用 NuScale），每生產一公斤氫氣可獲得高達 3 美元的抵免額。十多年來，我們一直與國家實驗室的工業合作夥伴一起探索新的氫技術，將 NuScale 工廠與高溫高壓蒸汽電解器相結合，最終目標是實現這一重要領域的脫碳。

Before I turn the call over to Ramsey, I want to touch on a few factors that we view as positive for NuScale. First, while advanced nuclear has long enjoyed bipartisan support, we are pleased by the new administration's enthusiasm and sense of urgency for new nuclear.

在我將電話轉給拉姆齊之前，我想談談我們認為對 NuScale 有利的幾個因素。首先，雖然先進核能長期以來一直得到兩黨的支持，但我們對新政府對新型核能的熱情和緊迫感感到高興。

Recently, confirmed Energy Secretary, Chris Wright, has a deep understanding of the nuclear sector, committing that he wants to make it easier to research, invest, and build small module reactors. In addition, a few weeks ago, President Trump established a National Energy Dominance Council, led by Secretary of Interior, Bergum; and Energy Secretary, Wright.

最近上任的能源部長克里斯·賴特對核能領域有著深刻的理解，他承諾希望讓小型模組反應器的研究、投資和建設變得更加容易。此外，幾週前，川普總統成立了國家能源主導委員會，由內政部長伯格姆和能源部長賴特領導。

Within a 100-day time frame, the counsel advised on how best to improve processes for permitting, production, generation, transportation, and export of all forms of American Energy. This will also include actions that each agency can take to increase energy production.

在 100 天的時間範圍內，該顧問就如何最好地改善所有形式的美國能源的許可、生產、發電、運輸和出口流程提出了建議。這也將包括每個機構可以採取的增加能源產量的行動。

Importantly, the executive order specifically prioritizes bringing small modular reactors online. This effort is a strong step towards securing our energy future and ensuring the US sends the resources to meet demands that AI will place on our grid.

重要的是，該行政命令特別優先考慮小型模組化反應器的投運。這項努力是朝著確保我們的能源未來和確保美國提供資源滿足人工智慧對我們電網的需求邁出的重要一步。

Second, as we've discussed at length, our competitive strengths. Whether it's industrial electrification, process heat, or the rapidly escalating demand for the data economy, the reliable clean energy produced by NuScale's SMR technology plays a critical part in the energy solution of the future.

第二，正如我們詳細討論過的，我們的競爭優勢。無論是工業電氣化、製程用熱，或是快速成長的數據經濟需求，NuScale 的 SMR 技術產生的可靠清潔能源在未來的能源解決方案中都發揮關鍵作用。

Moreover, we are not burdened by the additional hurdles faced by non-light water reactor SMR technologies. So-called generation four SMR technologies require high-assay low-enriched uranium fuel or HALEU.

此外，我們不會受到非輕水反應器SMR技術所面臨的額外障礙的困擾。所謂的第四代 SMR 技術需要高純度低濃縮鈾燃料或 HALEU。

Today, there is no supply chain for HALEU. This fuel is not commercially available, and production efforts are impeded by national security concerns. Given global diplomatic efforts to prevent proliferation in the absence of substantive recent investment, many experts believe HALEU technologies could be a decade, if not more, away from commercialization.

目前，HALEU 還沒有供應鏈。這種燃料尚未實現商業化，而且生產工作因國家安全問題而受到阻礙。鑑於全球在缺乏實質投資的情況下為防止擴散而做出的外交努力，許多專家認為 HALEU 技術可能還需要十年甚至更長時間才能商業化。

Lastly, I cannot end without emphasizing the incredible interest in demand through the technological and safety benefits of NuScale's SMR. Potential customers understand and appreciate what sets NuScale apart, including our partnership with ENTRA1 Energy. I'm proud of where we are, and I'm looking forward to updating you on our progress over the course of 2025.

最後，我必須強調，NuScale 的 SMR 的技術和安全優勢引起了極大的需求興趣。潛在客戶了解並欣賞 NuScale 的與眾不同之處，包括我們與 ENTRA1 Energy 的合作。我為我們現在的狀況感到自豪，並期待在 2025 年向您報告我們的進展。

Now over to Ramsey for the financial update.

現在請拉姆齊報告財務最新情況。

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

謝謝你，約翰，大家好。我們的財務結果可在我們的文件中找到。因此我將重點解釋主要項目。

As seen on slide 10, I'll start by discussing our financial results. All figures following are for Q4 2024, unless I state otherwise.

正如第 10 張投影片所示，我將首先討論我們的財務表現。除非我另有說明，以下所有數據均為 2024 年第四季的數據。

NuScale's cash position grew substantially during the period, ending the fourth quarter with cash, cash equivalents, and short-term investments of $446.7 million compared to $125.4 million at the end of 2023. NuScale's significantly improved liquidity position provides a strong foundation for continued development and our push towards commercialization of our industry-leading NRC approved technology.

NuScale 的現金狀況在此期間大幅成長，第四季末的現金、現金等價物和短期投資為 4.467 億美元，而 2023 年底為 1.254 億美元。NuScale 顯著改善的流動性狀況為我們持續發展並推動業界領先的 NRC 核准技術的商業化奠定了堅實的基礎。

In Q4 2024, NuScale issued a mandatory redemption of warrants, triggering conversions among warrant holders, which generated proceeds of $205.3 million in the quarter or total cash proceeds of $227.7 million since issuance. In addition to buttressing our balance sheet, the elimination of warrants greatly reduces earnings volatility by eliminating the non-cash impact of those derivative liabilities on our income statement.

2024 年第四季度，NuScale 發行了強制贖回認股權證，觸發了認股權證持有人之間的轉換，該季度產生了 2.053 億美元的收益，或自發行以來的總現金收益為 2.277 億美元。除了支撐我們的資產負債表之外，取消認股權證還可以消除這些衍生負債對我們損益表的非現金影響，從而大大降低獲利波動性。

NuScale's cash position at the year-end 2024 provides the company with significant resources and time to achieve our goals. We will utilize these resources to support commercialization activities, such as further development of our supply chain and bolstering manufacturing preparedness, including ordering long-lead materials related to the production of our first 12 modules. We will also continue to nurture and mature our research development efforts to support the next generation of NuScale innovation.

NuScale 2024 年底的現金狀況為公司實現目標提供了大量資源和時間。我們將利用這些資源來支持商業化活動，例如進一步開發我們的供應鏈和加強製造準備，包括訂購與生產前 12 個模組相關的長週期材料。我們也將繼續培育和完善我們的研究開發工作，以支持下一代 NuScale 創新。

For the fourth quarter ended December 31, 2024, NuScale reported revenue of $34.2 million and a net loss of $180.3 million. Revenue in the quarter is driven by payments for activities in support of RoPower's development of their power plants, and the loss includes a non-cash expense of $170 million related to the increase in fair value of warrants.

截至 2024 年 12 月 31 日的第四季度，NuScale 報告營收為 3,420 萬美元，淨虧損為 1.803 億美元。本季的收入來自支持 RoPower 開發發電廠的活動的支付，損失包括與認股權證公允價值增加相關的 1.7 億美元的非現金支出。

During the same period of the prior year, the company reported revenue of $4.6 million and net loss of $56.4 million which included noncash income of $6.5 million related to our warrants. For the full year 2024, NuScale's revenue was $37 million, and net loss was $348.4 million, with $223 million of that loss relating to accounting treatment, once again within the fair value of the warrants.

去年同期，該公司報告的收入為 460 萬美元，淨虧損為 5,640 萬美元，其中包括與我們的認股權證相關的 650 萬美元非現金收入。2024 年全年，NuScale 的收入為 3,700 萬美元，淨虧損為 3.484 億美元，其中 2.23 億美元的損失與會計處理有關，這再次處於認股權證的公允價值範圍內。

Q4 2024 operating expenses were $43 million compared to $71.8 million in the year earlier period. The year-over-year reduction in quarterly operating expenses of $28.8 million reflects management efforts to reduce costs and operate more efficiently as we transition from an R&D-focused organization to one focused on commercialization.

2024 年第四季營運費用為 4,300 萬美元，而去年同期為 7,180 萬美元。本季營運費用年減 2,880 萬美元，反映出管理階層在從以研發為重點的組織轉型為以商業化為重點的組織過程中為降低成本和提高營運效率所做的努力。

Furthermore, on average, quarterly operating expenses decreased from $69.9 million in 2023 to $42.7 million in 2024, generating an annualized savings of more than $108.6 million. That decrease in burn rate is significant and has a meaningful impact on cash management. During the fourth quarter of 2024, we also reduced our operating loss to $11.9 million compared to an operating loss of $71.1 million in the fourth quarter of 2023.

此外，平均季度營運費用從 2023 年的 6,990 萬美元減少到 2024 年的 4,270 萬美元，年化節省超過 1.086 億美元。燒錢率的下降意義重大，對現金管理有重大影響。2024 年第四季度，我們也將營運虧損減少至 1,190 萬美元，而 2023 年第四季的營運虧損為 7,110 萬美元。

Looking ahead, NuScale is well positioned to accelerate growth in 2025 as module production commercialization with ENTRA1 advance. We have built a strong foundation for growth based on world-class technology, a powerful global supply chain, and a strong competitive position.

展望未來，隨著 ENTRA1 模組生產商業化的推進，NuScale 將在 2025 年加速成長。我們憑藉著世界一流的技術、強大的全球供應鏈和強大的競爭地位，建立了堅實的成長基礎。

I will conclude my remarks with a brief overview of our capitalization table seen on Slide 11.

我將透過幻燈片 11 上的資本化表的簡要概述來結束我的發言。

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?

最後，我想再次感謝大家今天的加入以及對 NuScale 的持續支持。我們現在來回答問題。操作員？

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員指示）George Gianarikas，Canaccord Genuity。

Maybe if you could just go into a little bit of detail around any potential bottlenecks you're seeing in putting pen to paper and signing an agreement with a large data center company in the US.

也許您可以稍微詳細地介紹一下在與美國一家大型資料中心公司簽署協議時遇到的任何潛在瓶頸。

Yeah, this is John. I don't know necessarily I'd say bottlenecks as it is just the complexity of putting these projects together.

是的，這是約翰。我不一定會說是瓶頸，因為這只是將這些項目整合在一起的複雜性。

As we stated, NuScale is the provider of power modules. ENTRA1 will be the owner. We are in discussions with operators. We're in discussions with other contractors who are willing to build, and we continue to build out our supply chain. So it's -- and we are also in discussions obviously with those funding mechanisms who want to participate in this.

正如我們所說，NuScale 是電源模組的提供者。ENTRA1 將成為所有者。我們正在與營運商進行討論。我們正在與其他願意建造的承包商進行討論，並繼續建造我們的供應鏈。所以——我們顯然也在與那些想要參與此事的融資機制進行討論。

So it's not necessarily bottleneck, as I said, George. It is just the complexity of putting the deals together. But I will say, as I commented, we've just ordered an additional six modules, but we're very confident that we're getting closer to landing or closing some of these deals.

所以這不一定是瓶頸，正如我所說的，喬治。這只是將交易整合在一起的複雜性。但我要說的是，正如我所說，我們剛剛訂購了另外六個模組，但我們非常有信心，我們即將達成或完成其中一些交易。

Clearly. And maybe just as one follow-up. Ramsey, can you give us a little bit more detail around the parameters or conditions met that allows you to recognize the revenue in the fourth quarter?

清楚地。或許只是作為後續行動。拉姆齊，您能否向我們詳細介紹一下使您能夠在第四季度確認收入的參數或條件？

Sure, George. I think there's two components of the contract. One was delivery of services, and the other was our work in advancing towards delivery of service or delivery of an item.

當然，喬治。我認為合約有兩個組成部分。一是提供服務，二是我們為提供服務或物品交付而進行的工作。

So we encounter revenue recognition in the form of two contracts. They're based along both those lines. One was in relation to licensing some technology, and one was in relation to doing some subcontract around the EPC work.

因此，我們遇到了以兩種合約形式出現的收入確認。它們都是基於這兩條路線的。一個涉及某些技術的許可，另一個涉及圍繞 EPC 工作進行一些分包。

(Operator Instructions) Marc Bianchi, TD Cowen.

（操作員指示）Marc Bianchi，TD Cowen。

This is Esteban Albarracin on for Marc here. So you guys mentioned you had the Doosan forging of the 12 reactors. I imagine six of those are intended for the Romania plant. And these additional six, those aren't yet booked by another unannounced customer, right?

我是 Esteban Albarracin，為 Marc 發言。所以你們提到你們擁有斗山鍛造的 12 座反應爐。我想其中六個是為羅馬尼亞工廠準備的。另外六個還沒有被其他未公佈的客戶預訂，對嗎？

I think if I'm getting this correctly, you're trying to really use that to front-load more of the long-lead items to try and compress the operation timeline of a plant for a potential customer. Is that right?

我想如果我理解正確的話，你實際上是想利用它來預先加載更多的長週期項目，以嘗試為潛在客戶壓縮工廠的營運時間表。是嗎？

Yeah. What we're doing is we feel that in discussions we're having with prospective customers currently. And you're right, these long-lead items, if you're not in order or placed orders by now, it's years away because they take that long for them to manufacture.

是的。我們正在做的是，我們認為我們正在與潛在客戶進行討論。你說得對，這些長週期產品，如果你現在還沒有訂購或下訂單，那麼還需要幾年的時間，因為它們需要很長時間才能生產出來。

So we're feeling very confident that in place these additional six. And by the way, for those first six, it's really a first mover. We're progressing very well with RoPower, as we've commented before. We're in the front-end engineering and design.

因此，我們非常有信心能夠落實這另外六個。順便說一句，對於前六個人來說，這確實是一個先行者。正如我們之前所說，我們與 RoPower 的合作進展非常順利。我們從事前端工程和設計。

Things are progressing well. They go for their final investment decision fourth quarter of 2025. And as I stated before -- but we're also in discussion with other customers that are looking also to be near-term deployable.

事情進展順利。他們將在 2025 年第四季做出最終投資決定。正如我之前所說 - 但我們也在與其他希望近期部署的客戶進行討論。

Esteban, if I can clarify one item that you mentioned. So NuScale is not manufacturing reactors, we are manufacturing long-lead materials in relation to 12 NuScale power modules, just to make the distinction that these are the long-lead materials which we're manufacturing. And you're right, they are for 12 modules today.

埃斯特班，我可以澄清一下你提到的一件事嗎？因此，NuScale 不製造反應器，我們正在製造與 12 個 NuScale 電源模組相關的長引線材料，只是為了區分這些是我們正在製造的長引線材料。你說得對，今天有 12 個模組。

And to clarify, they're not for a particular customer. They're for the first customer that says, we want to buy these modules. We believe it's in our best interest and our customers' best interest to engage on the forgings for additional six in addition to the six that we already had in production and just push forward with these 12 long-lead materials or long-lead materials in relation to 12 modules.

需要澄清的是，它們並不是針對特定客戶的。它們適用於第一個表示「我們想購買這些模組」的客戶。我們相信，除了我們已經投入生產的 6 種鍛件之外，再投入生產另外 6 種鍛件，並推進這 12 種長週期材料或與 12 個模組相關的長週期材料，符合我們的最佳利益和我們客戶的最佳利益。

Got it. Then my other one is -- so the revenue from the RoPower FEED study, is that expected to stay around this level until the study is complete later in the year? Or should we expect a deferring cadence throughout the year?

知道了。然後我的另一個問題是——那麼 RoPower FEED 研究的收入預計會保持在這個水平嗎，直到今年稍後研究完成？或者我們應該預期全年節奏會有所延遲？

I think there's some front loading to the revenue, Esteban, but we'll continue to see revenue in relation to some of the subcontract work on EPC throughout this year, fairly careful and not providing guidance on future revenues. We tend not to do that yet.

埃斯特班，我認為收入中有一些前期投入，但今年我們將繼續看到與 EPC 部分分包工作相關的收入，我們會相當謹慎，並且不會為未來收入提供指導。我們傾向於還不這樣做。

Perfect. And if I could just squeeze one more. So on the US, the $800 million grant that's out there for Gen 3 reactors, is there any update you guys can give us there? You guys had a competitor that announced a few weeks ago a task force to try and push for the award. Is NuScale working on for something similar to get that grant or any other developments that you guys can touch upon?

完美的。如果我可以再擠一點就好了。那麼，關於美國為第三代反應器提供的 8 億美元撥款，你們能提供任何最新消息嗎？你們的競爭對手幾週前宣布成立一個工作小組，試圖爭取這個獎項。NuScale 是否正在進行類似工作以獲得該資助，或者還有其他您可以談論的進展？

Yeah. This is John. We're trying to ascertain -- in fact, I've got meetings this week with the Department of Energy to get more clarity around that particular award. So as it looks right now, we're not really sure if we want to participate at this point or not.

是的。這是約翰。我們正在努力確定——事實上，本週我已經與能源部舉行了會議，以更清楚地了解該特定獎項。所以就目前的情況來看，我們還不確定是否要參與。

I'll ask Clayton. Clayton has been close to this. He's our Commercial Officer. Clayton, do you have anything to add on that particular award?

我會問克萊頓。克萊頓已經接近這個目標了。他是我們的商務官。克萊頓，關於這個獎你還有什麼要補充的嗎？

No. As you said, we're evaluating it. I think we're cautious. We're not quite sure where that's going to land and how it's going to be distributed. But we're looking at it, and we're in discussions with ENTRA1 and some of our offtake partners to determine whether we want to pursue that specifically.

不。正如你所說，我們正在評估它。我認為我們很謹慎。我們不太確定它會落到哪裡以及它將如何分配。但我們正在研究這個問題，並且正在與 ENTRA1 和我們的一些承購合作夥伴進行討論，以確定我們是否要具體地追求這一點。

Ryan Pfingst, B. Riley.

瑞安·芬斯特、B·萊利。

As a follow-up to one of the first questions, just for your conversations with data center or other customers, could you just walk us through some of the items that you and ENTRA1 need to work through with prospective customers before being in a position to announce a project?

作為第一個問題的後續，僅針對您與資料中心或其他客戶的對話，您能否向我們介紹您和 ENTRA1 在宣布專案之前需要與潛在客戶合作的一些事項？

Yeah. It's predominantly around the negotiation and finalization of long-term power purchase agreements. The ENTRA1 model -- and the reason these customers appreciate this model is because, as I stated during the call that ENTRA1, they will look to build on, transfer or build on, operate.

是的。它主要圍繞著長期購電協議的談判和敲定。ENTRA1 模型—這些客戶欣賞該模型的原因是，正如我在通話中所說的那樣，他們將尋求在 ENTRA1 基礎上進行構建、轉移或構建和運營。

We probably will not operate or sell. We'll utilize a company like AEP or someone else. But the power purchase agreements are what we're in discussions about right now.

我們可能不會經營或銷售。我們將利用 AEP 或其他公司。但我們目前正在討論的是電力購買協議。

Got it. And then can you just remind us what the next steps are for the RoPower project and what milestones we should be looking for in 2025?

知道了。然後您能否提醒我們 RoPower 專案的下一步是什麼以及我們應該在 2025 年期待哪些里程碑？

Yeah. It's -- as I said, we are a subcontractor to Fluor Corporation. I'm in discussions -- in fact, I'm meeting with the CEO of Nuclear Electrica in two weeks at CERA, the Energy Conference in Houston. So right now, we take a lead from Fluor, and we continue to support them in this project and the Romanian government moving this thing forward.

是的。正如我所說，我們是福陸公司的分包商。我正在參與討論——事實上，兩週後我將在休士頓舉行的能源會議 CERA 上與 Nuclear Electrica 的執行長會面。因此現在，我們以 Fluor 為主導，繼續支持他們進行這個項目，並支持羅馬尼亞政府推動這個項目的發展。

So for what we know right now, all indications are that, and as what we see, it's progressing well. We'll wait -- after this fourth quarter 2025, the government will determine or Nuclear Electrica will determine if they're going to go forward with the final phase, which is the major production of the plant itself.

因此，就我們目前所知，所有跡像都表明，正如我們所看到的，一切進展順利。我們將等待—2025 年第四季之後，政府或核電公司將決定是否繼續進行最後階段，即工廠本身的主要生產。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

So maybe just on the upgrade, I mean, obviously, it sounds like quite confident and you've stuck with that mid-2025 date for some time. Just wondering, can you detail the steps that are left? Or is it just getting through the process?

所以也許只是在升級，我的意思是，顯然，這聽起來相當有信心，而且你已經堅持 2025 年中期這個日期一段時間了。只是想知道，您能詳細說明剩下的步驟嗎？或只是完成這個過程？

And then I'm just wondering, you mentioned the pipeline and clearly a strong testament and your confidence there with the six more modules, a long-lead time materials. I mean are customers waiting for this? Is this something that, with that in hand, that potentially speeds up the process of securing that first customer? How should we think about that?

然後我只是想知道，您提到了管道，這顯然是一個強有力的證明，並且您對另外六個模組和長期交付的材料充滿信心。我的意思是顧客正在等待這個嗎？有了這些，是否就能潛在地加快獲得第一位客戶的進程呢？我們該如何看待這個問題？

Yeah. Actually, the power upgrade to 77 is progressing well. We pretty much have completed all the technical requirements for the NRC. Now it's a matter of just going through the process administratively.

是的。實際上，77 的功率升級進展順利。我們基本上已經完成了 NRC 的所有技術要求。現在只需從行政上完成整個流程即可。

I am -- myself and a few others, we're meeting with the NRC this week, including -- mostly with the commissioners but also with David Wright, who is also the Chairman of the NRC. And we're this close. I mean, I'm hopeful that we're ahead of schedule. We're on schedule.

我和其他幾個人本週將與 NRC 會面，其中大部分是與委員們會面，但也包括 NRC 主席 David Wright。我們已經很接近了。我的意思是，我希望我們能夠提前完成計劃。一切如計劃進行。

And once we get finalization of that 77-megawatt, we're off to the races. And like right now, we're near-term deployable. We could be building currently. That's why we've ordered these long-lead items in anticipation of what's going to come.

一旦我們最終確定了 77 兆瓦，我們就會開始比賽。就像現在一樣，我們近期就可以部署。我們目前可能正在建造。這就是為什麼我們提前訂購了這些長週期產品，以應對未來可能發生的情況。

On the pipeline, Clayton, do you have anything to add?

關於管道，克萊頓，您還有什麼要補充的嗎？

No, I think the key issue is that having these LLMs in order certainly helps us expedite the first project and getting into the pipe. So we're trying to focus on early deployment and expedition of the project. So this will certainly help us in that first 12-module plant.

不，我認為關鍵問題是，擁有這些法學碩士學位肯定有助於我們加快第一個計畫的進度並進入正軌。因此，我們正努力集中精力於專案的早期部署和推進。所以這肯定會對我們第一個 12 模組工廠有所幫助。

Got it. Very helpful. And then maybe last one. Just you mentioned, obviously, this huge demand for nuclear power. But there's also balancing that with taking that power from existing off-takers. So are you seeing any change to the view of traditional nuclear and restart plants that are out there?

知道了。非常有幫助。也許是最後一個。您剛才提到，顯然對核電的需求很大。但同時也需要從現有的承購商手中奪取電力，以達到平衡。那麼，您是否看到人們對傳統核電廠和重啟核電廠的看法有任何變化？

I mean, we all know the handful of names that are out there, but whether it's additional plants that maybe have been mothballed for longer or expansions. I mean is there anything out there that would indicate that that has the potential to help this? Or do you really view that this is SMRs and SMRs alone that can really add to this?

我的意思是，我們都知道那裡有幾個名字，但無論是可能被封存更長時間的附加工廠還是擴建工廠。我的意思是，有什麼東西可以表明這有可能對此有所幫助嗎？或者您真的認為只有 SMR 才能真正促進這一點？

Yeah. I don't know how many plants that could actually restart. We've heard the ones, Three Mile Island, et cetera. I really do believe it's the small modular reactor play going forward. It's -- because I just don't know of many that could actually do a typical large gigawatt size restart.

是的。我不知道有多少工廠實際上能夠重啟。我們聽說過三哩島事件等等。我確實相信小型模組化反應器將會繼續發展。這是因為我不知道有多少可以真正實現典型的大千兆瓦規模重啟。

Clayton, do you have another view of that? I mean, you're close to it.

克萊頓，你對此還有其他看法嗎？我的意思是，你已經接近目標了。

No, I think you're correct. I mean there really is not many -- there's not that many more plants that can come out of the restart program. And clearly, they're looking at extensions of some of the units, but that's still taking time.

不，我認為你是對的。我的意思是，重啟計畫能夠產生的工廠確實不多——沒有那麼多。顯然，他們正在考慮擴展某些單位，但這仍需要時間。

But yes, I mean, we're at a point now where additional plants are going to have to be put on the grid. And based on when we look at the technologies, clearly, the SMRs, I think, are going to be a strong component of that mix. And we're ready to do that and support it. And we look forward to being first out of the gate and get there.

但是的，我的意思是，我們現在正處於一個必須將更多發電廠併入電網的階段。從我們對這些技術的看法來看，顯然，我認為 SMR 將成為這個組合的重要組成部分。我們已準備好這樣做並支持它。我們期待著率先行動並實現這一目標。

And we comment about Doosan frequently. In fact, we just had meetings with them this week, but we're also in discussions with other suppliers, strategic suppliers, that we've noted earlier, IHI out of Japan, Doosan, GS Energy; and we continue to build out that.

我們也常對斗山發表評論。事實上，我們本週剛與他們舉行了會議，但我們也在與其他供應商、策略供應商進行討論，我們之前提到過，包括日本的 IHI、斗山、GS Energy；我們會繼續進行這項工作。

We announced with Alleima that we're -- in other areas other than just forging. These things are complex. And that supply chain and those strategic partners are critical for our success. And we continue to build upon that.

我們與 Alleima 共同宣布，我們不僅涉足鍛造領域，還涉足其他領域。這些事情很複雜。供應鏈和策略夥伴對我們的成功至關重要。我們將繼續在此基礎上繼續努力。

And that does conclude our question-and-answer session. I would like to hand the call back to NuScale's CEO, John Hopkins, for any additional or closing remarks.

我們的問答環節到此結束。我想將電話轉回給 NuScale 的執行長約翰霍普金斯，讓他做任何補充或結束語。

Yeah. Thank you, operator. We truly are a first mover in this space. We're poised to commercialize and deliver clean energy of scale. We believe NuScale technology is essential and meeting world's energy needs.

是的。謝謝您，接線生。我們確實是這個領域的先行者。我們已準備好實現清潔能源的商業化和規模化供應。我們相信 NuScale 技術至關重要並且能夠滿足世界能源需求。

And again, as I stated before, we are the leader poised to deliver safe, scalable, and reliable carbon-free power. And we want to thank you for your interest in NuScale and looking forward to future calls. Thank you. Operator?

正如我之前所說，我們是提供安全、可擴展、可靠的無碳電力的領導者。我們感謝您對 NuScale 的關注，並期待未來的來電。謝謝。操作員？

Thank you, sir. Once again, that does conclude today's conference. Thank you all for your participation. You may now disconnect.

謝謝您，先生。今天的會議再次結束了。謝謝大家的參與。您現在可以斷開連線。