Nuscale Power Corp (SMR) 2025 Q1 法說會逐字稿

Good afternoon. Welcome to NuScale's first-quarter 2025 earnings results conference call.

午安.歡迎參加 NuScale 2025 年第一季財報電話會議。

Today's call is being recorded. A replay of today's conference call will be available and accessible on NuScale's Investor Relations website. The web replay will be available for 30 days, following the earnings call.

今天的通話正在錄音。今日電話會議的重播將在 NuScale 的投資者關係網站上提供並可供查閱。收益電話會議結束後，網路重播將持續 30 天。

At this time, for opening remarks, I would like to turn the call over to Rodney McMahan, Senior Director of Investor Relations. Please go ahead.

現在，為了致開幕詞，我想將電話轉給投資者關係高級總監羅德尼·麥克馬漢 (Rodney McMahan)。請繼續。

Thank you, operator. Welcome to NuScale's first-quarter 2025 earnings results conference call.

謝謝您，接線生。歡迎參加 NuScale 2025 年第一季財報電話會議。

With us today are John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer.

今天和我們在一起的有總裁兼執行長約翰霍普金斯；以及財務長拉姆齊哈馬迪 (Ramsey Hamady)。

On today's call, we will provide an update on our business and discuss our quarterly financial results. We'll then open the phone line for questions.

在今天的電話會議上，我們將介紹我們的業務最新情況並討論我們的季度財務表現。然後我們將開通熱線來解答疑問。

This afternoon, we posted a set of supplemental slides on our Investor Relations website.

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 statement 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 uncertainty.

正如投影片 2 上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。

You can find a discussion of our risk factors, which could potentially contribute to such differences in our 2024 annual report on Form 10-K and subsequent SEC filings.

您可以在我們 2024 年 10-K 表年度報告和隨後的 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.

現在我將把電話轉給 NuScale 總裁兼執行長約翰霍普金斯。

Thank you, Rodney. Welcome to NuScale. Good afternoon, everyone.

謝謝你，羅德尼。歡迎來到 NuScale。大家下午好。

As 2025 progresses, I'm excited to share that NuScale continues to build momentum and strengthen its leadership position in the SMR space. We remain the only SMR company with US Nuclear Regulatory Commission design approval. And we continue to advance our commercialization efforts.

隨著 2025 年的到來，我很高興地告訴大家，NuScale 將繼續增強發展勢頭並加強其在 SMR 領域的領導地位。我們仍然是唯一一家獲得美國核子管理委員會設計批准的 SMR 公司。我們將繼續推進我們的商業化努力。

During the first quarter of 2025, we focused on deepening customer engagement and further enhancing our manufacturing and supply chain readiness, ensuring we remain on track to meet our 2030 delivery target.

2025 年第一季度，我們專注於深化客戶參與度並進一步增強我們的製造和供應鏈準備，確保我們能夠順利實現 2030 年的交付目標。

Today, I'll provide further insights into these initiatives and share updates on our business commercialization progress and market opportunities. Ramsey will follow with a financial update.

今天，我將進一步深入了解這些舉措，並分享我們業務商業化進展和市場機會的最新情況。拉姆齊隨後將發布財務更新。

Starting with a business update. The RoPower project in Romania, as discussed on slide 3, continues to move forward, with a Fluor-led Phase 2 Front-End Engineering Design delivering meaningful revenue and cash flow for NuScale. Notably, we are on schedule to deliver the Class III estimate by this fall.

從業務更新開始。正如幻燈片 3 中討論的那樣，羅馬尼亞的 RoPower 項目繼續向前推進，由 Fluor 主導的第二階段前端工程設計為 NuScale 帶來了可觀的收入和現金流。值得注意的是，我們將按計劃在今年秋季之前提供 III 類估算。

Furthermore, discussions are underway to extend the project into the detailed design phase, a critical step that would enable the submission of a Final Investment Decision application to the Romanian government by late Q1 or early Q2 2026.

此外，目前正在討論將專案擴展至詳細設計階段，這是一個關鍵步驟，將使其能夠在 2026 年第一季末或第二季初向羅馬尼亞政府提交最終投資決策申請。

Moving on to slide 4. Let's shift to our commercialization progress. It's essential to reiterate that NuScale remains well ahead of its competition and continues to lead the market as the only near-term deployable SMR.

轉到投影片 4。讓我們轉向商業化進程。必須重申的是，NuScale 仍然遠遠領先於競爭對手，並繼續作為唯一近期可部署的 SMR 引領市場。

As we have mentioned before, recently proposed non-light water SMR projects in the US are still in what we call the demonstration phase, which means they still require a minimum of four years of operation before securing US Nuclear Regulatory approval for commercial deployment, an important and rigorous regulatory requirement that NuScale has already achieved, which we believe sets us years ahead of the other players.

正如我們之前提到的，美國最近提出的非輕水SMR項目仍處於我們所說的示範階段，這意味著它們仍然需要至少四年的運行才能獲得美國核監管機構的商業部署批准，這是一項重要而嚴格的監管要求，而NuScale已經實現了這一要求，我們相信這使我們領先於其他參與者數年。

To that end, we are pleased to report that our standard design approval application with the NRC, which aims to increase the power output per module from the previously approved 50-megawatt electric to 77-megawatt electric, continues to progress on schedule. We anticipate final approval by the NRC by July of this year.

為此，我們很高興地報告，我們向 NRC 提交的標準設計批准申請正在按計劃繼續進行，該申請旨在將每個模組的功率輸出從先前批准的 50 兆瓦電力提高到 77 兆瓦電力。我們預計 NRC 將在今年 7 月之前獲得最終批准。

We are proud to be a first mover in the industry when it comes to manufacturing preparedness. It crudes a step towards deployment. And we continue to gather early valuable knowledge about the process that will only make it more streamlined and efficient, as well as enhanced scalability going forward.

我們很自豪能夠成為製造業準備的產業先行者。它向部署邁出了一大步。我們將繼續收集有關該流程的早期寶貴知識，這將使該流程更加精簡和高效，並增強未來的可擴展性。

Turning to slide 5. This was a pivotal quarter for our supplier working group, another demonstration of our commitment to meeting our deployment plans. NuScale's team worked from on-site delivery days to identify key near-term supply chain actions that need to be completed to assure a 2030 delivery of our first NuScale power module.

翻到幻燈片 5。對於我們的供應商工作小組來說，這是一個關鍵的季度，這再次證明了我們致力於實現部署計畫的決心。NuScale 團隊從現場交貨日開始工作，確定需要完成的關鍵近期供應鏈行動，以確保在 2030 年交付我們的第一個 NuScale 電源模組。

For example, during the first quarter, we conducted multiple pre-bid meetings with Doosan on an upper reactor pressure vessel fabrication proposal, continued progress on long-lead material orders, issued a preliminary scheduled delivery date notification to our fuel supplier Framatome for the initial core and initial order of control rod assemblies, and executed a neutron-monitoring system supply agreement with Paragon.

例如，在第一季度，我們就上部反應器壓力容器製造提案與斗山公司舉行了多次投標前會議，繼續推進長週期材料訂單，向我們的燃料供應商 Framatome 發出了初始核心和初始控制棒組件訂單的初步預定交貨日期通知，並與 Paragon 簽訂了中子監測系統供應協議。

We also held a productive meeting with our supplier working group in April, where we continue to build and invest in strong relationships with our suppliers in anticipation of a near-term customer order.

我們也在四月與供應商工作小組舉行了一次富有成效的會議，在會上我們繼續與供應商建立並投資於牢固的關係，以期獲得近期的客戶訂單。

With more than 30 suppliers attending the meeting, we focused on critical path production items and identify a near-term supply chain investments. A strong supply chain is essential in successful deployment. And NuScale continues to be proud of our robust relationships with our valued suppliers.

有超過 30 家供應商參加了會議，我們重點關注關鍵路徑生產項目並確定了近期的供應鏈投資。強大的供應鏈對於成功部署至關重要。NuScale 繼續為我們與尊貴供應商之間建立的穩固關係感到自豪。

Now, let's talk about market opportunity. Looking at slide 6, we remain confident that the growing interest in our technology and its critical use cases, as well as NuScale's distinct competitive edge in module manufacturing and readiness, will result in a firm customer order during 2025.

現在，我們來談談市場機會。從第 6 張投影片可以看出，我們仍然相信，人們對我們的技術及其關鍵用例的興趣日益濃厚，以及 NuScale 在模組製造和準備方面的獨特競爭優勢，將在 2025 年帶來堅定的客戶訂單。

In collaboration with our exclusive commercialization partner, ENTRA1 Energy, we are in various stages of discussions with potential customers, both here in the US and abroad. Domestically, this includes discussions with government officials and industries, including data centers, utilities, coal plant operators transitioning to nuclear, and petrochemical and energy companies. Internationally, with stakeholders around the globe in Europe, the Middle East, Africa and Asia.

我們與獨家商業化合作夥伴 ENTRA1 Energy 合作，與美國國內和國外的潛在客戶進行不同階段的討論。在國內，這包括與政府官員和產業進行討論，包括資料中心、公用事業、向核能轉型的燃煤電廠營運商以及石化和能源公司。在國際上，我們的利害關係人遍及歐洲、中東、非洲和亞洲。

On the data center front, ENTRA1 continues to lead discussions with major US hyperscalers, with a strong focus on powering AI operations. Potential customers continue to be attracted to ENTRA1's commercial model, which is designed to provide financial flexibility while mitigating deployment risks.

在資料中心方面，ENTRA1 繼續與美國主要超大規模企業進行討論，專注於推動人工智慧營運。ENTRA1 的商業模式繼續吸引潛在客戶，該模式旨在提供財務靈活性，同時降低部署風險。

Of these customer discussions, I would classify upwards to 10 as advanced, many of which have progressed to a point of multiple iterations of term sheets exchange between parties and customer site visits to Doosan's manufacturing facilities in South Korea, where new scale power modules are being built.

在這些客戶討論中，我將 10 個以上的討論歸類為高級討論，其中許多討論已經發展到雙方多次交換條款清單以及客戶現場訪問韓國斗山製造工廠的階段，該工廠正在建造新型大規模功率模組。

Across the board, we are continuously encouraged that both prospective customers and the broader market are better informed and more aware of the significance and advantages of NuScale's advanced SMR technology; in part, due to our extensive outreach efforts.

整體而言，我們不斷受到鼓舞，無論是潛在客戶還是更廣泛的市場都能夠更好地了解並更加意識到 NuScale 先進的 SMR 技術的意義和優勢；部分原因在於我們廣泛的外展努力。

Now, I'd like to briefly discuss other applications of NuScale's technology beyond generating electricity, as shown on slide 7. One of these applications drawing a significant amount of attention is the production of carbon-free hydrogen. And we believe NuScale is uniquely positioned to lead in this space.

現在，我想簡單討論 NuScale 技術除了發電之外的其他應用，如投影片 7 所示。其中最受關注的應用之一是無碳氫的生產。我們相信 NuScale 擁有獨特的優勢，可以引領這一領域。

We are proud to be the first SMR company to integrate hydrogen production systems and controls into a multimodule main control room simulator, enabling efficient carbon-free hydrogen production. Notably, our solution is designed to meet the needs of commercial-scale industrial applications requiring over 200 metric tons of hydrogen per day.

我們很自豪能夠成為第一家將氫氣生產系統和控制整合到多模組主控室模擬器的 SMR 公司，從而實現高效的無碳制氫。值得注意的是，我們的解決方案旨在滿足每天需要超過 200 公噸氫氣的商業規模工業應用的需求。

Our presentation at the World Petrochemical Conference in March, where we were the only nuclear company to present, introduced an approach to produce a hydrogen carrier from the brine waste generated by desalinization, consistent with our mission to provide both clean energy and clean water.

我們作為唯一一家出席世界石油化工大會的核能公司，在三月的世界石油化工大會上介紹了一種利用海水淡化產生的鹽水廢物生產氫載體的方法，這與我們提供清潔能源和清潔水的使命相一致。

We've attracted strong interest from major industrial players. And we look forward to future collaborations to cement our leadership in this space.

我們引起了主要工業參與者的強烈興趣。我們期待未來的合作，鞏固我們在該領域的領導地位。

As we look to the future of SMRs in the nuclear field, I want to take a moment to note the recent opening of three new NuScale energy exploration centers at leading universities. Soon, we'll be opening two additional centers, bringing the total to 11. These innovative learning environments stimulate a NuScale SMR control room, as well as NuScale's licensed operator training program, for helping to pair the next generation of nuclear talent. And we are proud to partner in this important effort.

當我們展望SMR在核子領域的未來時，我想花點時間指出最近在頂尖大學開設的三個新的NuScale能源探索中心。很快，我們將開設另外兩個中心，使總數達到 11 個。這些創新的學習環境激發了 NuScale SMR 控制室以及 NuScale 的持證操作員培訓計劃，幫助培養下一代核能人才。我們很榮幸能夠參與這項重要的工作。

Lastly, I want to share that NuScale is actively assessing the potential impact of tariffs on our operations in the current market environment. At this time, we do not anticipate any material impact. However, we remain vigilant in monitoring the situation.

最後，我想分享的是，NuScale 正在積極評估關稅在當前市場環境下對我們營運的潛在影響。目前，我們預計不會產生任何重大影響。然而，我們仍保持警惕，密切關注局勢發展。

We're also working closely with our suppliers to ensure operational continuity and are prepared to address any changes proactively to mitigate potential risk.

我們也與供應商密切合作，以確保營運的連續性，並準備主動應對任何變化，以降低潛在風險。

This is an important year for NuScale. And we remain steadfast in our commitment to delivering sustainable carbon-free electricity to end users worldwide.

對 NuScale 來說，這是重要的一年。我們堅定不移地致力於向全球最終用戶提供可持續的無碳電力。

I am proud of where we are today and look forward to updating you all on our progress over the course of 2025.

我為我們今天所取得的成就感到自豪，並期待在 2025 年向大家報告我們的進展。

The demand for clean, reliable energy has never been more pronounced. And we have an exciting future ahead.

對清潔、可靠能源的需求從未如此強烈。我們的未來令人興奮。

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. Hello, everyone.

謝謝你，約翰。大家好。

Our financial results are available in our filings. So my focus will be on explaining major line items, which can be found on slide 8.

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，可以在幻燈片 8 上找到。

NuScale's overall liquidity improved during the period, ending the first quarter of 2025 with cash and cash equivalents of $491.4 million and short-term investments of $30 million. The primary driver of this increase was our successful sale of 4.5 million shares through our ATM program during the quarter, generating $102.4 million in gross proceeds.

NuScale 的整體流動性在此期間有所改善，截至 2025 年第一季度，現金和現金等價物為 4.914 億美元，短期投資為 3,000 萬美元。這一成長的主要驅動力是我們在本季度透過 ATM 計劃成功出售了 450 萬股股票，產生了 1.024 億美元的總收益。

Our strong balance sheet positions us to continue bolstering our manufacturing and supply chain preparedness, as we drive towards commercialization.

我們強勁的資產負債表使我們能夠在邁向商業化的過程中繼續加強我們的製造和供應鏈準備。

For the quarter ended March 31, 2025, NuScale reported revenue of $13.4 million. During the same period in the prior year, the company reported revenue of $1.4 million. This increase was driven by fees received from the engineering and licensing work and other services we provide in support of the RoPower project.

截至 2025 年 3 月 31 日的季度，NuScale 報告的營收為 1,340 萬美元。去年同期，該公司報告的收入為 140 萬美元。這一增長是由我們為支持 RoPower 項目提供的工程和許可工作以及其他服務所收取的費用所推動的。

Operating expenses were $42.3 million for the quarter ended March 31, 2025, compared to $44.6 million during the same period in the prior year. More notably, operating expenses since the beginning of 2024 are well below the $69.9 million per quarter average in 2023. This material reduction underscores NuScale's commitment to streamline costs and improve operational efficiency.

截至 2025 年 3 月 31 日的季度，營運費用為 4,230 萬美元，而去年同期為 4,460 萬美元。更值得注意的是，自 2024 年初以來的營運費用遠低於 2023 年每季 6,990 萬美元的平均值。材料的減少凸顯了 NuScale 精簡成本和提高營運效率的承諾。

Looking ahead, we are excited about the next phase of growth. As John highlighted, this is a pivotal year for NuScale. And the solid start we had in the first quarter positions us well to maintain and build upon the momentum.

展望未來，我們對下一階段的成長充滿期待。正如約翰所強調的，這是 NuScale 的關鍵一年。第一季的良好開局使我們能夠保持並進一步增強這一勢頭。

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

我將透過對幻燈片 9 上的資本化摘要的簡要回顧來結束我的發言。更多資訊請參閱我們向美國證券交易委員會 (SEC) 提交的 10-Q 報告和收益報告。

With that, I'd like to thank you, again, for joining today and for your continued support of NuScale. We'll now take questions. Operator?

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

(Operator Instructions)

（操作員指示）

Marc Bianchi, TD Cowen.

馬克·比安奇（Marc Bianchi），TD Cowen。

I was pleased to see the outlook have a firm customer order by the end of 2025. Can you talk about what that means from a -- how do you define that? Is that the customer reaching a Final Investment Decision? Is it some other intermediate threshold that needs to be crossed to fall into that category? And then, what are the events that need to unfold to get to that?

我很高興看到到 2025 年底將會有一個堅定的客戶訂單。你能從哪個角度談談這代表什麼嗎——你​​如何定義它？客戶是否做出了最終投資決定？是否需要跨越其他中間門檻才能歸入該類別？那麼，為了實現這一目標，需要發生哪些事件呢？

Marc, this is John Hopkins.

馬克，我是約翰霍普金斯。

Let me just start by saying we're -- I think we mentioned in the last earning calls, our focus, right now, is to get closure on near-term contracts. We are no longer chasing or now seeing MOUs.

首先我要說的是──我想我們在上次財報電話會議上提到過，我們現在的重點是完成近期合約。我們不再追逐或現在看到諒解備忘錄。

Where we are with our current customers and who we're in discussions with, right now -- as I commented earlier, we're actually in the process of submittal and negotiating term sheets. We've got customers that are wanting to go to do so -- to actually go touch steel and see our modules online and in production.

我們與現有客戶的現狀以及我們正在與誰進行討論——正如我之前評論的那樣，我們實際上正在提交和談判條款清單。我們的客戶希望這樣做——實際觸摸鋼鐵並在線查看我們的模組及其生產情況。

In fact, I'm going to be in Korea, with an executive team of a prospective customer this June. So the ground sell continues to build.

事實上，今年六月我將與一位潛在客戶的執行團隊一起前往韓國。因此地面銷售持續增加。

I spoke with the CEO of [Nuclearelectrica] today, on Romania. We're keeping a close thumb on the pulse there. They're having presidential elections coming up this coming Sunday. But, so far, they're paying their bills. The team is working well together. And Fluor is still leading as a prime for the Front-End Engineering Design.

我今天與[Nuclearelectrica]的執行長談論了羅馬尼亞問題。我們正密切關注那裡的情況。本週日將舉行總統選舉。但到目前為止，他們還在支付帳單。團隊合作得很好。而 Fluor 仍然是前端工程設計領域的領導者。

So I feel pretty comfortable that this is going to be a pivotal year.

因此，我確信今年將是關鍵的一年。

I'm appreciative of this administration and things that I'm hearing coming out of both our Secretary Wright and Secretary Borgum, in terms of advanced new nuclear and that needs to be quickly put into the energy mix.

我很欣賞本屆政府以及我所聽到的賴特部長和博格姆部長關於先進新型核能的言論，這些言論都要求將其迅速納入能源結構。

We're not in discussions about LCOE. We're beyond that with these customers. Now, it's discussions of getting long-term Power Purchase Agreements negotiated in place.

我們並未討論 LCOE。對於這些客戶，我們的服務遠不止於此。現在，正在討論如何達成長期電力購買協議。

We're working diligently on getting that done. So I'm pretty excited where we are, right now, in our space.

我們正在努力完成這項工作。所以我對我們現在所處的領域感到非常興奮。

Okay. You mentioned the administration and their support for nuclear. There was some news last week about some draft executive orders from the White House to help streamline the licensing process.

好的。您提到了政府及其對核能的支持。上週有消息稱，白宮發布了一些行政命令草案，以幫助簡化許可流程。

Can you talk about what could potentially be done that would streamline permitting? Because my understanding is that NRC is supposed to be like the Fed and White House can't be telling them what to do.

您能談談可以採取哪些措施來簡化許可流程嗎？因為我的理解是，NRC 應該像聯準會一樣，白宮不能告訴他們該做什麼。

But just curious what might be some low-hanging fruit to streamline the process.

但我只是好奇有什麼可以輕易實現的方法可以簡化這個流程。

Yeah. Actually, I'm at a SMR conference this week. In fact, right now, meeting with customers and our suppliers here. And that's the talk of what's going on.

是的。實際上，本週我正在參加 SMR 會議。事實上，現在我們正在這裡與客戶和供應商會面。這就是正在發生的事情。

I think everybody is trying to figure out what it means. It's too early really to ascertain.

我想每個人都在試圖弄清楚這意味著什麼。現在下結論還為時過早。

But, thankfully, I'm in the process, right now. We've had ongoing meetings with the Nuclear Regulatory Commission and ACRS.

但值得慶幸的是，我現在正在這個過程中。我們一直在與核管管理委員會和 ACRS 舉行會議。

I feel very comfortable in our discussions that we are on track. That we'll get closure on our 77-megawatt this July. So we're still on track of the NRC schedule.

我對我們的討論感到非常滿意，因為我們的討論進展順利。我們將於今年 7 月完成 77 兆瓦的發電項目。因此我們仍在按照 NRC 計劃進行。

Hopefully, we could beat it. But I feel pretty confident.

希望我們能夠戰勝它。但我感覺非常有信心。

In terms of streamlining I just can't envision that we're going to take the rigor of safety away. Are there areas in license that can be streamlined in a few other areas? Absolutely.

在精簡方面，我無法想像我們會放棄安全的嚴謹性。許可證中是否有一些領域可以在其他幾個領域簡化？絕對地。

But I'm just thankful we are in a good place, right now, as a company; having gone through the licensing with 50 megawatts, having got the methodology approved for emergency plans -- by the way, took us seven years to get that done. And then, now once -- I'm just staying low key.

但我很慶幸我們公司現在處境很好；我們已經獲得了 50 兆瓦的許可，並獲得了應急計劃方法的批准——順便說一下，我們花了七年時間才完成這些。然後，現在——我只是保持低調。

I want to get to 77-megawatt approved in July and really hit the ground running.

我希望 7 月能獲得 77 兆瓦的批准，並真正開始採取行動。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

You have long lead items in the works for a dozen or half a dozen unclaimed modules, depending on how you want to slice it. So how quickly, -- and you talked about order by the end of the year -- after booking, an order could NuScale turn around and deliver modules, if it was a US power plant?

您有十幾個或六個無人認領的模組的長期專案正在進行中，具體取決於您想如何切割它。那麼，如果 NuScale 是美國的發電廠，那麼在預訂之後，（您說的是年底前的訂單）NuScale 能多快交付模組呢？

Well, I made the comment previously. If you haven't ordered long lead items -- we started this process a few years ago.

嗯，我之前已經發表過評論。如果您還沒有訂購長交貨期的商品——我們幾年前就開始了這個過程。

Doosan was originally slated to do six of the modules of the ep-reactor vessel. We just put a placement in recently for six more.

斗山最初計劃生產 ep 反應器容器的六個模組。我們最近剛剛又安排了六個人。

So if we're going to adhere to 2020 -- the end of this decade, let's say, COD, that's where we've been working with our supply chain to get -- ensure we can make that, if in fact.

因此，如果我們要堅持到 2020 年（也就是本十年的末期），比如說貨到付款，那麼我們就會一直與我們的供應鏈合作，以確保我們能夠做到這一點，如果事實上是這樣的話。

Now, I got to tell you, as the window keeps pushing out, can we do 2030? Yes, if we get closure on a deal here, soon. If we don't, then it get pushed out to 2031.

現在，我必須告訴你，隨著時間的流逝，我們能做到 2030 年嗎？是的，如果我們能達成協議的話，很快就會。如果我們不這樣做，那麼它將被推遲到 2031 年。

But our suppliers -- and I got to tell you, Doosan has spent a lot of their own capital (inaudible) with NuScale. They're doing our helical coal steam generators, right now. They went out and acquired tube bending equipment.

但是我們的供應商——我必須告訴你，斗山已經在 NuScale 上投入了大量自有資金（聽不清楚）。他們現在正在製造我們的螺旋煤蒸汽發生器。他們出去購買了彎管設備。

And that's why we're excited now that we're in a place to bring customers to Doosan manufacturing and see and actually see where we are in the process. And they're very far along.

這就是為什麼我們現在很興奮，因為我們可以帶領客戶參觀斗山製造過程，並親眼看到我們在這個過程中的位置。他們已經取得了很大進展。

Maybe, I can add a little bit to your comment. We call them or you call them, I think, unclaimed modules.

也許，我可以對您的評論做一點補充。我們稱它們為無人認領的模組，或者我認為你們稱它們為無人認領的模組。

I think of those really as long-lead materials, which we're producing for a first contract. And we anticipate that once we sign a contract with our business model, we'll see cash flow immediately, in relation to the modules.

我認為這些確實是長週期材料，我們正在為第一份合約生產它們。我們預計，一旦我們與我們的商業模式簽訂合同，我們將立即看到與模組相關的現金流。

We believe that once we sign a contract with a major customer, that will receive payments, in relation to the modules, where we see positive cash flow.

我們相信，一旦我們與主要客戶簽訂合同，他們就會收到與模組相關的付款，我們就會看到正的現金流。

Remember, NuScale has a few different revenue sources. We have pre-engineering services. We have the sale of the modules. And we have some post-delivery services.

請記住，NuScale 有幾種不同的收入來源。我們提供預工程服務。我們有模組銷售。我們還有一些售後服務。

In relation to the sale of the modules, we expect somewhere around 25% of cost of modules to come in the first year for NuScale to be cash flow positive, from that perspective.

關於模組的銷售，從這個角度來看，我們預計第一年模組成本的 25% 左右將為 NuScale 帶來正現金流。

So I think that that contract will be important for us; will be pivotal, in terms of pushing our balance sheet and our cash flow towards a cash flow positive position.

所以我認為那份合約對我們來說很重要；這對於推動我們的資產負債表和現金流走向現金流為正的狀態至關重要。

And that's why we're producing today. Because we anticipate that sale to be a near-term event.

這就是我們今天製作的原因。因為我們預計此次出售將是近期事件。

Good point, Ramsey.

說得好，拉姆齊。

Got it. That's really helpful color, actually.

知道了。事實上，這是非常有用的顏色。

And then, maybe, just you've answered a couple of my questions. So just a simple one.

那麼，也許你已經回答我的幾個問題了。所以只是一個簡單的。

On slide 3, when we talk about extension of Phase 2 for RoPower the first quarter of next year. What does that entail?

在投影片 3 中，我們談到明年第一季 RoPower 第 2 階段的延長。這意味著什麼？

Ramsey?

拉姆齊？

Sure. I think RoPower has taken a very sensible, measured approach to the development of the SMR project in Doicesti.

當然。我認為 RoPower 對 Doicesti 的 SMR 專案開發採取了非常明智、謹慎的方法。

Currently, the scope of FEED Phase 2 envisages a 2-step FID. And I think what RoPower now is looking at is they went and they scoped the first step and they're pushing forward, very deliberately and very steady, on that pathway.

目前，FEED 第 2 階段的範圍設想了兩步 FID。我認為 RoPower 現在正在考慮的是，他們已經邁出了第一步，並且正在非常謹慎、非常穩健地沿著這條道路前進。

And I believe RoPower now, is, looking to fund the FEED Phase 2 for the second step of FID.

我相信 RoPower 目前正在尋求為 FEED 第二階段提供資金，以完成 FID 的第二步。

Really, it's just greater assurance, I think, on our side. And great assurance to the market that, ultimately, at the end of FEED Phase 2, RoPower of complete, sufficient engineering studies to get to an FID -- which is a Final Investment Decision -- and be able to take a view of moving forward with the project.

確實，我認為這對我們來說只是更大的保證。並且向市場保證，最終在 FEED 第 2 階段結束時，RoPower 將完成充分的工程研究以做出 FID（最終投資決策），並能夠考慮繼續推進該專案。

So we see this as a very positive idea. We're thrilled that RoPower is doing that. And we're here to support them in every step of the way.

所以我們認為這是一個非常正面的想法。我們很高興 RoPower 能夠做到這一點。我們會在每一步為他們提供支援。

Yeah. Ramsey and I actually met with the CEO of Nuclearelectrica last week, in Washington, D.C..

是的。事實上，拉姆齊和我上週在華盛頓特區會見了 Nuclearelectrica 公司的執行長。

Their FID or Final Investment Decision is still looking to be latter part of '25 or early 2026, as their target.

他們的目標仍然是在 2025 年末或 2026 年初做出 FID 或最終投資決策。

George Gianarikas, Canaccord Genuity.

Canaccord Genuity 的 George Gianarikas。

I'm curious, in terms of this form order you expect by the end of the year. You articulated a series of customer conversations that you're having; multiple shots ongoing.

我很好奇，就今年年底您預計的這種形式的訂單而言。您清晰地闡述了您正在進行的一系列客戶對話；正在連續拍攝多張照片。

How likely is it that one of these customers should be a large tech company versus some of the other descriptions that you made during the call?

與您在通話中給出的其他描述相比，這些客戶中有一個是大型科技公司的可能性有多大？

I think it could very well be. We have Non-Disclosure Agreements with the Tier 1s on the AI side; and Googles and the Amazons have made some announcements.

我認為很有可能。我們與人工智慧方面的一級供應商簽訂了保密協議；谷歌和亞馬遜也發布了一些公告。

But trust me, I was speaking of one of the Tier 1s today, here, at this conference, they need a lot of energy. And in terms of near-term deployable -- and you got to remember, as far as I know, no other technology is even submitted a design certification application the NRC, as yet.

但相信我，今天我在這裡，在這次會議上，談論的是一級企業之一，他們需要大量的能源。就近期可部署性而言——你必須記住，據我所知，迄今為止還沒有其他技術向 NRC 提交設計認證申請。

So when we get that 77-megawatt power uprate, we're fully licensed under Part 52; not only to construct but to operate. So if they really truly need power now, we are near-term deployable, George.

因此，當我們獲得 77 兆瓦的電力升級時，我們將獲得第 52 部分規定的完全許可；不僅要建設，還要運作。因此，如果他們現在確實需要電力，我們近期就可以部署，喬治。

George, if I may add that when we look at projects, we talked about who the customer is and the possibility that one of our customers is a hyperscaler Tier 1 data center AI developer.

喬治，如果我可以補充一點的話，當我們考察專案時，我們會討論客戶是誰，以及我們的一個客戶可能是超大規模一級資料中心 AI 開發人員的可能性。

And I think it's important to understand that our projects are complex. Really, the customer, in many cases, will be the developer who's devaluating the plant and purchasing that (inaudible) from NuScale.

我認為了解我們的專案很複雜很重要。實際上，在許多情況下，客戶將是貶低工廠並從 NuScale 購買（聽不清楚）的開發商。

Supporting that idea will be a Power Purchase Agreement and a buyer-and-power user, which we anticipate with the Tier 1 data center or AI developer.

支持這一想法的將是電力購買協議和買方與電力用戶，我們預計這將與一級數據中心或人工智慧開發商合作。

But there's many others within that ecosystem of us developing a first deal. And that includes having a site; includes a site operator, most likely in the form of utility; our exclusive development partner in Tier 1; and capital to support the deal.

但在我們的生態系統中，還有許多其他人正在開發第一筆交易。這包括擁有一個網站；包括網站營運商，最有可能是公用事業的形式；我們在 Tier 1 的獨家開發合作夥伴；以及支持該交易的資本。

So I hate to mince words for the sake of precision. But I think it's meaningful. There's a number of entities that will be involved in announcing the first project and the Tier 1 AI data center, which we hope will be involved in the first project, will really be the power user versus the direct customer to NuScale, who's buying SMRs.

所以我不喜歡為了精準而拐彎抹角。但我認為這是有意義的。有許多實體將參與宣布第一個項目，我們希望參與第一個項目的 Tier 1 AI 資料中心將真正成為高級用戶，而不是購買 SMR 的 NuScale 的直接客戶。

And, maybe, for a second question. You did a nice job this quarter with cash management. Cash increased sequentially. Can you just help us, again, maybe articulate what we should expect for quarterly cash burn for the foreseeable future?

也許，還有第二個問題。本季度您在現金管理方面做得很好。現金環比增加。您能否再次幫助我們，也許闡明在可預見的未來我們應該對季度現金消耗做出哪些預期？

Sure. George, I think we've done a good job. NuScale has done a good job of showing steady OpEx over the last, probably, five quarters or so, through 2024 and into Q1 2025; recap OpEx between $41 million or so, $41 million to $44 million.

當然。喬治，我認為我們做得很好。NuScale 在過去約五個季度（到 2024 年和 2025 年第一季）中表現出色，營運支出保持穩定；回顧一下營運支出，大約在 4,100 萬美元到 4,400 萬美元之間。

If we look at cash flow from operations, it fluctuates a little bit. For example, in Q4, we had to have a boost from some one-time type payments, in relation to Technology License Agreement with RoPower. But we continue to drive revenue from that project.

如果我們看一下經營現金流，它會有一點波動。例如，在第四季度，我們必須從與 RoPower 簽訂的技術授權協議中獲得一些一次性付款的推動。但我們繼續從該項目中獲取收入。

So if I look at just, like, an OpEx cash burn, it's still in that range; let's say, $40 million, $45 million a quarter. We'll probably push it up a little bit, as we invest in our supply chain. That's something that we're actively doing now because we anticipate a near-term project. And we're focused on supply chain manufacturing and delivery dates.

因此，如果我只看營運支出現金消耗，它仍然在那個範圍內；假設每季 4000 萬美元、4500 萬美元。隨著我們對供應鏈的投資，我們可能會稍微提高一點。我們現在正在積極地做這件事，因為我們期待一個近期的專案。我們專注於供應鏈製造和交貨日期。

And revenue, I think, will stay fairly steady throughout this year. So more reflective of our Q1 '25 revenue versus our Q4 2024 revenue; but steady-state revenue to offset some of the OpEx.

我認為，今年全年的收入將保持相當穩定。因此更能反映我們 25 年第一季的營收與 2024 年第四季的營收；但穩定狀態的營收可以抵銷部分營運支出。

And I think you'll see it pretty consistent, George, until the time that we get to the announcement of a project. And we take a near-term cash, inflow, in relation to the modules.

喬治，我認為你會看到它相當一致，直到我們宣布一個項目為止。我們採取與模組相關的短期現金流入。

So no surprises. Nothing wavering. Very steady, very deliberate.

所以沒有什麼意外。沒有任何動搖。非常穩定，非常深思熟慮。

On behalf of management, probably trying to keep our cash position about the same. We think we have two years or so of operating runway, just based on where we are today, just based on what cash we have and what we bring in, what we spend.

代表管理層，可能試圖保持我們的現金狀況大致相同。我們認為，根據我們目前的狀況、我們擁有的現金、我們帶來的收入和我們的支出，我們擁有大約兩年的營運時間。

That will change only when we got a project. And I think it will change in a positive way for the company and for our liquidity position.

只有當我們得到一個項目時，這種情況才會改變。我認為這將對公司和我們的流動性狀況產生積極的影響。

Craig Shere, Touhy Brothers.

克雷格‧謝爾 (Craig Shere)，圖伊兄弟 (Touhy Brothers)。

Let's talk about possibly hitting the trifecta. Do you have bandwidth in your supply chain and with ENTRA1 capacity to support a couple of initial projects that could be deployed in the very early 2030s, either 212 modules or 12 and a 6? Could you swing to, back to back?

讓我們來討論一下實現三連勝的可能性。您的供應鏈中是否有足夠的頻寬和 ENTRA1 容量來支援可以在 2030 年代初期部署的幾個初始專案（212 個模組或 12 個模組和 6 個模組）？你能背靠背地盪鞦韆嗎？

Yeah. Doosan has the capacity to put out about 20 modules a year. We're also in discussions with other of our key suppliers, such as IHI Manufacturing in Japan.

是的。斗山每年可生產約 20 個模組。我們也正在與其他主要供應商進行討論，例如日本的 IHI Manufacturing。

And we had the Supplier Day in April. We had 30 US suppliers and international show up in Charlotte.

我們在四月舉辦了供應商日。我們有 30 家美國供應商和國際供應商亮相夏洛特。

So what we're keeping very close eye on is, to your point, we don't want to overextend our capacity to execute. And our model is just what you said. It's always been -- these are fungible assets that are going to be built in a factory and shipped to multiple locations.

因此，我們密切關注的是，正如您所說，我們不想過度擴張我們的執行能力。我們的模型正是您所說的。一直以來都是這樣——這些都是可替代資產，將在工廠生產並運送到多個地點。

We don't want a one-off project at a time. We want multiple projects.

我們不想一次只完成一個專案。我們想要多個項目。

So we're looking, right now, to see, to your question, what is it going to take if we had two projects simultaneously show up. Do we, in fact, have the capacity to commit? And that's what we're looking at, right now.

因此，我們現在要回答您的問題，如果同時出現兩個項目，會發生什麼情況。事實上，我們有能力做出承諾嗎？這就是我們現在所關注的。

And then, honestly, I just want to get one hard contract, right now: one, to showcase the world. And we're very careful. We're not a mile-line entity. We're staying focused and staying in our swim lane.

然後，老實說，我現在只想獲得一份硬合約：一是向世界展示。我們非常小心。我們不是一個英哩線實體。我們會集中註意力並留在自己的泳道上。

And, as I said, progress is being made.

正如我所說，我們正在取得進展。

Got you. And to the degree you could swing to relatively concurrent projects -- and I suppose, at least from your own financial standpoint, to the degree you're getting upfront payments, that that is doable from your perspective, maybe even with some more proactive customer support for the upfront equipment. Is it plausible to do 212 modules within COD, within a year-ish?

明白了。並且在某種程度上，您可以轉向相對並發的專案 - 我想，至少從您自己的財務角度來看，在您獲得預付款的程度上，從您的角度來看這是可行的，甚至可能為前期設備提供一些更主動的客戶支援。在一年左右的時間內，在 COD 中完成 212 個模組是否可行？

My answer is yes. Again, Ramsey said this is a complicated process. What NuScale is -- and I keep using this analogy-- we're the Intel inside of Dell computer. I bring -- we put modules, which I said are fungible assets, into an owner's power plant.

我的答案是肯定的。拉姆齊再次表示，這是一個複雜的過程。NuScale 是什麼——我一直使用這個比喻——我們是戴爾電腦內部的英特爾。我把模組（我所說的可替代資產）放入業主的發電廠。

So a lot of it has to do commensurate with the owner and their capacity to, put together; who the contractors are. So it's complex. But, again, that is our model: continue to build up a robust supply chain.

因此，很多事情都與業主及其能力有關；承包商是誰。所以這很複雜。但是，這是我們的模式：繼續建立強大的供應鏈。

And what are these suppliers like about NuScale? They see sustainable opportunity.

這些供應商對 NuScale 有何看法？他們看到了永續發展的機會。

This is not just one-off plants, one at a time. This is going to be -- hopefully, our objective is to do, to your point, multiple plants, at any given time.

這不僅僅是一次性種植植物，而是一次種植一株。這將是——希望我們的目標是，正如您所說，在任何時候都能種植多株植物。

Ramsey interrupted. I'm sorry.

拉姆齊打斷。對不起。

Yeah. I was going to make the comment that we tend to be pretty conservative when we look at how we ramp up. I think, today, there is expectation that our supply chain could take up to 20 modules a year.

是的。我本來想說，當我們考慮如何提升時，我們傾向於相當保守。我認為，今天我們的供應鏈預計每年最多需要 20 個模組。

And, I'll be honest, in my financial modeling, I'm more conservative. But supply chain isn't static.

而且，說實話，在我的財務模型中，我比較保守。但供應鏈並不是固定不變的。

And money instigates money. It instigates investment.

金錢會催生金錢。它刺激投資。

I think that our supply chain has been great partners; great partners. And we have bolstered up. We have invested in supply chain. We've invested in design position. And our supply chain partners invested, as well.

我認為我們的供應鏈一直是很好的合作夥伴；很棒的合作夥伴。我們已經增強了實力。我們已經對供應鏈進行了投資。我們已經在設計領域進行了投資。我們的供應鏈夥伴也進行了投資。

Once we have a first contract, I think you'll see more money going into the supply chain, in order to increase capacity, right?

一旦我們簽訂了第一份合同，我想你會看到更多的資金投入供應鏈，以增加產能，對嗎？

We believe that getting the first contract is difficult. But we think there's going to be a lot of fast seconds. And we'll be in a great place if our biggest challenge is keeping up with orders.

我們認為獲得第一份合約很困難。但我們認為將會有很多快速的秒數。如果我們面臨的最大挑戰是滿足訂單，那麼我們的處境將會很好。

But we anticipate that that's where we'll be. And we anticipate that our supply chain partners will invest for the capacity. And we're planning for that already.

但我們預計我們將會在那裡。我們預計我們的供應鏈合作夥伴將對產能進行投資。我們已經在為此做計劃了。

So I don't know that we're able to fulfill two, three orders at once in the first year. I don't think that's reasonable.

所以我不知道我們是否能夠在第一年同時完成兩三個訂單。我認為這不合理。

The nuclear supply chain is tight. It's very specific. There's a limited number of suppliers. But, fortunately, we're the first SMR companies to go into production.

核子供應鏈緊張。它非常具體。供應商數量有限。但幸運的是，我們是第一家投入生產的SMR公司。

We're the first one. We've been working on our supply chain and working with those partners for seven, eight years already.

我們是第一個。我們致力於供應鏈並與這些合作夥伴合作已有七、八年了。

So I think we're well positioned to increase capacity in the supply chain and be the company that's able to deliver in volume, relative to our competitors.

因此，我認為我們完全有能力提高供應鏈的產能，並成為與競爭對手相比能夠大量交付的公司。

Great. That's helpful. And my second: you only burned through less than $3 million of operating cash flow in the quarter. And you've got a fair amount of liquidity. And you seem to be indicating that you're anticipating at least one order that will turn you cash flow positive in whatever, the next two, three quarters.

偉大的。這很有幫助。第二點：本季你們的營運現金流消耗不到 300 萬美元。而且您擁有相當多的流動性。您似乎表示，您預計至少有一筆訂單將使您的現金流量在未來兩到三個季度內變為正值。

So what's the rationale for continuing to hit the ATM? And could we assume that that may slow or cease in the near future?

那麼繼續使用 ATM 提款的理由是什麼呢？我們是否可以假設這種趨勢在不久的將來會減緩或停止？

Well, one point is that, especially on earnings calls in a public setting, I make no forward-looking comments on the ATM. But I will say that we manage cash conservatively.

嗯，有一點是，特別是在公開場合的財報電話會議上，我不會對 ATM 發表前瞻性的評論。但我要說的是，我們對現金的管理是保守的。

We've done so in the past. We've raised capital.

我們過去也這樣做過。我們已經籌集了資金。

And if you look at our slide, page 8, going from less than $200 million in Q1, Q2, Q3 of '24, now to cash reserves of $526.5 million.

如果你看一下我們的投影片第 8 頁，你會發現現金儲備從 2024 年第一季、第二季、第三季的不到 2 億美元，增加到現在的 5.265 億美元。

We've done a great job in solidifying our liquidity position. And I intend to keep about two years' worth of cash flow. I think that's the smart conservative thing to do.

我們在鞏固流動性狀況方面做得很好。我打算保留大約兩年的現金流。我認為這是保守派明智的做法。

I anticipate a project coming this year. I anticipate a project coming soon. But I don't plan our financial outlook based on anticipated commercial activities.

我預計今年將會有一個項目。我預計項目很快就會到來。但我不會根據預期的商業活動來規劃我們的財務前景。

I plan based on a conservative scenario. And so, again, without making any forward-looking statements on whether we hit the ATM, I think it's clear our cash position and our revenue, relative to our OpEx, makes our cash needs pretty low, in order to maintain a two-year cash position.

我的計劃是基於保守的情景。因此，再說一次，在不對我們是否會使用 ATM 做出任何前瞻性陳述的情況下，我認為很明顯我們的現金狀況和收入（相對於我們的營運支出）使得我們的現金需求相當低，以維持兩年的現金狀況。

And we'll remain vigilant. We'll take advantage of positive work positions, if they exist. But there's no -- looking at our balance sheet, you couldn't see a large need for a big follow-on or some convert or some vent like that. That's just not where we are in our development.

我們將保持警惕。如果存在積極的工作崗位，我們就會利用它們。但沒有——看看我們的資產負債表，你看不到對大規模後續行動或轉換或類似的宣洩的巨大需求。這並不是我們目前的發展水準。

We've gone through. We've done the spending for R&D. Now, we're really just investing in our supply chain and manufacturing readiness. And those are slightly different ideas.

我們已經經歷過了。我們已經完成了研發支出。現在，我們實際上只是在投資我們的供應鏈和製造準備。這些是略有不同的想法。

Two years, it sounds like -- in answer to George's question, I think you said, like, $41 million quarterly OpEx, give or take. So it's 8 times that number -- is the minimum you want to maintain until you have a hard contract?

聽起來像是兩年——回答喬治的問題時，我想您說的是，大約每季營運支出 4,100 萬美元。所以它是這個數字的 8 倍——這是你在簽訂硬合約之前想要維持的最低限度嗎？

Yeah. But we'll be pushing up some of the investments in supply chain because we believe we're nearing a commercial project.

是的。但我們將加大對供應鏈的一些投資，因為我們相信我們即將完成一個商業項目。

As we near the commercial project, we're investing in the long-lead materials to investing in some of the components that will go into modules. We're investing in design finalization. And we're investing in our suppliers.

隨著我們接近商業項目，我們正在投資長週期材料，投資一些將用於模組的組件。我們正在投資完成設計。我們正在對我們的供應商進行投資。

So that may bump up a little bit. But we're taking this pretty conservatively, right?

所以這可能會稍微增加一點。但我們對此持相當保守的態度，對嗎？

I do believe that we have a project just around the corner. I do believe that we're a responsible steward of capital to our shareholders. We're not just pushing cash into the market willy-nilly.

我確實相信我們的專案即將啟動。我確實相信，我們是股東負責任的資本管理者。我們並不是隨意地在市場上註入資金。

So even the numbers I present, the $40 million to $45 million vis-a-vis $500-plus million worth of cash would seem to stage an idea of greater than two years' runway, especially when you add some revenue there, right, because it lowers the burn rate.

因此，即使我提供的數字是 4000 萬到 4500 萬美元相對於價值 5 億多美元的現金，似乎也能提供超過兩年的運營時間，特別是當你增加一些收入時，因為它降低了燒錢率。

But I'd like to keep two years runway. I foresee OpEx moving up just a little bit. And we remain conservative in how we look at the markets and potentially raise money, again, as market conditions permit us to.

但我希望保留兩年的跑道。我預計營運支出會略有上升。我們對市場的看法仍是保守的，並且會在市場條件允許的情況下盡可能地籌集資金。

But we haven't done any large capital raise, as we haven't introduced something. Nothing strange into our cap structure. We haven't introduced convertibles or derivative liabilities that's going to impact our shareholders.

但我們沒有進行任何大規模的融資，因為我們沒有推出任何東西。我們的上限結構沒有什麼奇怪的。我們尚未推出會對股東產生影響的可轉換債券或衍生性債務。

We're trying to remain very conservative, very steady, very consistent. Consistency and being steady and not surprising anyone is the key to, I think, good financial stewardship. And that's what we're trying to show.

我們努力保持非常保守、非常穩定、非常一致。我認為，保持一致、穩定並且不讓任何人感到驚訝是良好財務管理的關鍵。這正是我們想要展示的。

That's why our OpEx is still steady. Quarter on quarter, it's just very consistent.

這就是我們的營運支出仍然穩定的原因。每個季度都保持著非常一致的表現。

We intend to maintain that level or a little bit higher level of OpEx, just investing into supply chain.

我們打算將營運支出維持在該水準或略高一些，僅投資於供應鏈。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券。

I appreciate all the details, so far. Just a quick one.

到目前為止，我很感謝所有的細節。只是快速的一次。

For the 10 customer discussions that you're considering advanced, are those all around US data center-related projects? Or is there anything in there that's not data center related or not US?

對於您正在考慮的 10 次高級客戶討論，它們是否都圍繞美國數據中心相關的項目？或者其中是否有與資料中心無關或與美國無關的東西？

No. It's not all data centers. There's three components of what we see the market, right now.

不。並非所有資料中心都是如此。目前我們看到的市場有三個組成部分。

There's the coal plant replacement. We've got a lot of coal plants coming offline. At the end of this decade, that market is still there. We're in discussions with process companies that have interest in energy for process heat or energy for ammonia production.

這是煤電廠的替代品。我們有很多燃煤電廠停產。在本世紀末，這個市場仍然存在。我們正在與對製程熱能或氨生產能感興趣的製程公司進行討論。

And, interestingly, those particular customers who were talking don't necessarily want to own a nuclear asset. What they want is clean, reliable, 24/7 energy. And this is where the BOOT, BOO, ENTRA1 model comes to play.

有趣的是，那些正在談論的特定客戶並不一定想擁有核資產。他們想要的是清潔、可靠、全天候的能源。這就是 BOOT、BOO、ENTRA1 模式發揮作用的地方。

And then the third one, to your point, and the elephant in the room is AI and soon to be quantum, just huge amounts of energy.

然後第三個，正如你所說，房間裡的大像是人工智慧，很快就會是量子，也就是大量的能量。

And part of these sales, it's working with the state.; it's working with utility; working with an AI company and then, working with our developer to bring it all together. That's the degree of complexity that Ramsey was alluding to -- that it's not necessarily just AI.

其中部分的銷售是與政府合作完成。它與實用程式一起工作；與一家人工智慧公司合作，然後與我們的開發人員合作將一切整合在一起。這就是拉姆齊所暗示的複雜程度——它不一定只是人工智慧。

Got it. That's helpful. And then, just one on Romania.

知道了。這很有幫助。然後，再說一個關於羅馬尼亞的問題。

Can you give more detail on what goes into the Class III estimate you expect to deliver to RoPower this fall and what the next steps are for you and for in between that and FID?

您能否詳細說明您預計今年秋天向 RoPower 提交的 III 類估算的內容，以及您接下來的步驟以及在此之後和 FID 之間的步驟是什麼？

Yeah. As I commented, we are a subcontractor to Fluor. They are the prime on this particular project.

是的。正如我所說，我們是 Fluor 的分包商。他們是這個特定專案的負責人。

The Class III estimate just gets RoPower in a better position, just to understand the how to complete and what's going to take them for the next step. So as I said, we're keeping vigilant on -- there is an election coming up.

III 級估算只是讓 RoPower 處於更好的位置，以便了解如何完成以及下一步將採取什麼措施。正如我所說，我們保持警惕——選舉即將到來。

I did speak with the CEO of Nuclearelectrica today. And he said, so far, they've had no indications of any slowdown. But we'll see what happens after Sunday, with the new President.

我今天確實與 Nuclearelectrica 的執行長進行了交談。他說，到目前為止，還沒有看到任何放緩的跡象。但我們將拭目以待週日之後新總統上任後會發生什麼事。

Romania. What I like about in Romania, they have nuclear. [They have candy reactors; a refurbishment.]

羅馬尼亞。我喜歡羅馬尼亞的一點是，他們有核能。[他們有糖果反應器；翻新。

They have strong regulator. A regulator is actually working with -- in discussions with the NRC.

他們有強大的監管者。監管機構實際上正在與 NRC 進行討論。

Romania would like to see themselves positioned for Central, Eastern Europe to be a manufacturing facility. So I think, from what I'm hearing, is the ground slow continues to build for that particular country.

羅馬尼亞希望成為中歐和東歐的製造基地。因此，我認為，從我所聽到的消息來看，該國的基礎正在緩慢地繼續建立。

And, again, we hope it just -- we're hopeful that as staying after elections, we'll have a better sense -- probably in a couple of two weeks -- if there's going to be any changes.

而且，我們再次希望——我們希望，在選舉之後，我們能夠更好地了解——大概在兩週內——是否會發生任何變化。

But, right now, it looks to be, as far as when we've been told, things will continue to move forward.

但就目前情況來看，事情似乎會繼續向前發展。

Eric Stine, Craig Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

So many of my questions obviously answered a lot of detail on the call. But what I keep thinking about, obviously, this has been really important, as you've gone through the regulatory process and everything that you have accomplished over many years.

我提出的許多問題顯然在電話中都得到了詳細的解答。但我一直在想，顯然，這非常重要，因為你們已經經歷了監管過程以及多年來所取得的一切成就。

But I'm just curious of the importance of light water technology, rather than some of the other advanced reactors and technologies that don't have the operating history of what yours is based on; how that has played in discussions with customers.

但我只是好奇輕水技術的重要性，而不是其他一些沒有你們所依據的運行歷史的反應器和技術；這在與客戶的討論中發揮了怎樣的作用。

Clearly, even in the last two months, right, your tone is different, it seems. It seems like some of these opportunities have accelerated.

顯然，即使在過去的兩個月裡，你的語氣似乎也不同了。看起來其中一些機會已經加速出現。

And I know part of it is obviously what you're doing in the supply chain. That's key.

我知道其中一部分顯然與你們在供應鏈中所做的事情有關。這很關鍵。

But just curious how the basis, being light water reactor technology plays, into all of it.

但我只是好奇輕水反應器技術的基礎在這一切中扮演了什麼角色。

When I hear the word advanced nuclear, I immediately come to mind of NuScale. If you're literally looking for a truly advanced SMR, it's NuScale.

當我聽到「先進核能」這個詞時，我立刻想到了 NuScale。如果您確實在尋找真正先進的 SMR，那麼 NuScale 就是您的最佳選擇。

I think Dr. Jose Reyes -- because I often asked him, did you look at other fuel sources? We have the ability to burn mixed oxide fuel. We have the ability. We could burn thorium. And we've done a lot of studies to justify that.

我認為 Jose Reyes 博士——因為我經常問他，您是否研究過其他燃料來源？我們有能力燃燒混合氧化物燃料。我們有能力。我們可以燃燒釷。我們做了大量研究來證明這一點。

But the fact is, as I mentioned before, the regulators around the world, they know light water. The NRC regulators, 70 years of experience in this technology with light water.

但事實是，正如我之前提到的，世界各地的監管機構都了解輕水。NRC 監管者在輕水技術方面擁有 70 年的經驗。

And so, I think -- it took us 42 months, even though, to get through that NRC process. And a lot of it was to have to scale up. And that's how we ended up spending so much money: to prove to the NRC that we don't need a lot of the components of the gigawatt size reactor.

所以，我認為——我們花了 42 個月的時間才完成 NRC 流程。其中很多都需要擴大規模。這就是我們最終花費如此多金錢的原因：為了向核管委員會證明我們不需要很多千兆瓦級反應器的組件。

Our fuel is conventional fuel. We don't have a need for more -- our fuel is less than 5% enrich. We don't need up to 19% assay fuel. And as you know, that fuel is not commercially readily available for scale in this country.

我們的燃料是常規燃料。我們不需要更多——我們的燃料濃縮度不到 5%。我們不需要高達 19% 的化驗燃料。眾所周知，這種燃料在我國還無法大規模商業化供應。

So I think there are a lot of distinctives. And once -- that is why it's so important to get to 77 complete because then we are truly -- we have the ability, not only go construct a plant -- you can construct plants, which can't operate it without an operating license.

所以我認為有很多獨特之處。一旦——這就是為什麼完成 77 項如此重要，因為那時我們才真正——我們有能力，不僅去建造一座工廠——你可以建造工廠，但沒有運營許可證就無法運作。

So we went under Part 52, where we construct and operate a plant via the Part 52 NRC. So I want others -- I don't want to be a monopoly. I want others to be successful.

因此，我們按照第 52 部分的規定，透過第 52 部分 NRC 建造和營運一座工廠。所以我希望其他人——我不想成為壟斷者。我希望其他人能夠成功。

But I think we're still in a very good position to be the first mover.

但我認為我們仍然處於非常有利的地位，可以成為先行者。

No. Absolutely. And curious, also, just -- it seemed like, for a bit of time, the fact that you were ahead and that you were, as you said, you can be -- I'm forgetting the exact term you used -- deployable, right, in the near term.

不。絕對地。而且令人好奇的是，只是——似乎在一段時間內，你處於領先地位，而且正如你所說，你可以——我忘記了你使用的確切術語——在短期內可部署，對吧。

But that might have been something that -- I don't want to say, scared counterparties. But it's like if they're going to talk with you about something, they better be prepared to move forward.

但這可能——我不想說——嚇壞了交易對手。但如果他們要和你談論某件事，他們最好做好繼續前進的準備。

So just -- obviously, the urgency in some of these applications is what's pushing people to be the first. And as Ramsey said, many seconds to follow.

所以——顯然，這些申請中的一些緊迫性正是促使人們成為第一個提出申請的人的原因。正如拉姆齊所說，接下來還有很多時間。

So I don't even know if that was a question -- anyways, thanks a lot.

所以我什至不知道這是否是一個問題——無論如何，非常感謝。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

Well, thank you, operator. I'm sorry.

好的，謝謝您，接線生。對不起。

No, please go ahead, Mr. Hopkins.

不，請繼續，霍普金斯先生。

I just wanted to end up by saying we truly believe NuScale is leading the way in the SMR industry. We believe we're uniquely positioned to commercialize and deliver clean energy, at scale.

最後，我只想說，我們堅信 NuScale 在 SMR 行業處於領先地位。我們相信，我們擁有獨特的優勢，可以大規模地實現清潔能源的商業化和交付。

With nuclear technology becoming increasingly vital to meeting global energy demands, we are both excited and proud to be at the forefront: delivering safe, reliable, and scalable carbon-free power.

隨著核子技術對於滿足全球能源需求變得越來越重要，我們既興奮又自豪能夠走在前面：提供安全、可靠、可擴展的無碳電力。

So I'd like to thank all of you. Thank you for your interest in NuScale and for joining our call today.

因此，我要感謝你們所有人。感謝您對 NuScale 的關注以及今天參加我們的電話會議。

Operator?

操作員？

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect.

您現在可以斷開連線。