Nuscale Power Corp (SMR) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to NuScale's second quarter 2025 earnings results conference call. Today's call is being recorded. A replay of today's conference call will be available and accessible on NuScale's Investor Relations website. A web replay will be available for 30 days following the earnings call. 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.

下午好，歡迎參加 NuScale 2025 年第二季財報電話會議。今天的通話正在錄音。今天的電話會議重播將在 NuScale 的投資者關係網站上提供並可供存取。收益電話會議結束後 30 天內將提供網路重播。現在，為了開場發言，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 second quarter 2025 earnings results conference call. With us today are John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer. On today's call, we will provide an update on our business and discuss our quarterly financial results. We will then open the phone lines for questions.

謝謝您，接線生。歡迎參加 NuScale 2025 年第二季財報結果電話會議。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。在今天的電話會議上，我們將提供有關我們業務的最新情況並討論我們的季度財務業績。然後我們將開通電話熱線來解答疑問。

This afternoon, we posted a set of supplemental slides on our Investor Relations website. As reflected in the safe harbor statements on slide 2, the information set forth in the presentation 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 2024 annual report on Form 10-K and subsequent SEC filings.

今天下午，我們在投資者關係網站上發布了一組補充幻燈片。正如投影片 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。您可以在我們 2024 年 10-K 表年度報告和隨後的 SEC 文件中找到有關我們的風險因素的討論，這些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.

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, and good afternoon, everyone. To begin, I'd like to remind everyone who we are and why NuScale is a global leader in small module reactor or SMR technology, as outlined on slide 3. Founded in 2007, NuScale is years ahead of the competition as the only SMR technology approved by the US Nuclear Regulatory Commission or NRC.

謝謝你，羅德尼，大家下午好。首先，我想提醒大家我們是誰，以及為什麼 NuScale 是小型模組反應器或 SMR 技術的全球領導者，如投影片 3 所述。NuScale 成立於 2007 年，作為唯一獲得美國核管理委員會 (NRC) 批准的 SMR 技術，在競爭中領先多年。

For more than a decade, our team has worked alongside the NRC to achieve the successful approval of our designs, including a second approval for our 77-megawatt electric design in the second quarter of 2025, a crucial step in moving NuScale in our exclusive commercialization partner, ENTRA1, closer to meeting demands of energy users in need of clean baseload power.

十多年來，我們的團隊一直與 NRC 合作，成功獲得設計批准，包括在 2025 年第二季度第二次批准我們的 77 兆瓦電力設計，這是使 NuScale 與我們獨家商業化合作夥伴 ENTRA1 更接近滿足需要清潔基載電力的能源用戶需求的關鍵一步。

Our design approvals, combined with an established manufacturing ecosystem, a life-to-date investment of approximately $2 billion to de-risk plant licensing and operation and unmatched safety capabilities make NuScale the only near-term deployable SMR technology with 12 scale power modules currently in production.

我們的設計批准，加上成熟的製造生態系統、迄今為止約 20 億美元的投資以降低工廠許可和運營風險以及無與倫比的安全能力，使 NuScale 成為目前唯一可近期部署的 SMR 技術，擁有 12 個規模的電源模組正在生產中。

Through 18 years, NuScale has capitalized on the maturity and strong foundation of light water reactor technology and has moved forward with confidence to develop unmatched capabilities with unprecedented continuity and consistency of vision. Our SMR technology offers a wide range of carbon-free, energy-intensive application possibilities as outlined on slide 4.

18 年來，NuScale 充分利用輕水反應器技術的成熟和堅實基礎，滿懷信心地向前邁進，以前所未有的連續性和一致性的願景開發出無與倫比的能力。我們的 SMR 技術提供了廣泛的無碳、能源密集應用可能性，如投影片 4 所示。

Working with the industry and national laboratories, NuScale assess the integration of these applications into facilities powered by NuScale power modules and published results and peer-reviewed journals or presented to them at national conference proceedings. These applications include providing power to mission-critical facilities, water desalination needs in hydrogen production and process heat to meet the needs of commercial scale industrial applications.

NuScale 與行業和國家實驗室合作，評估這些應用程式與由 NuScale 電源模組供電的設施的集成，並發布結果和同行評審期刊或在國家會議論文集中向他們展示。這些應用包括為關鍵任務設施提供電力、滿足氫氣生產中的海水淡化需求以及滿足商業規模工業應用需求的製程熱。

However, the application currently garnering the most attention and representing the biggest opportunity for NuScale's technology is a generation of uninterruptible carbon-free baseload power to meet the energy demands of advanced data centers and sophisticated artificial intelligence systems.

然而，目前最受關注、代表 NuScale 技術最大機會的應用是產生不間斷的無碳基載電力，以滿足先進資料中心和複雜人工智慧系統的能源需求。

While there are other SMR technologies in development, NuScale's module architecture is the only one with NRC approval. It's the only one in the manufacturing stage and the only one that offers the flexibility to serve multiple energy applications within a single plant as our design allows for different modules in the same power plant to be designated for a variety of applications.

雖然還有其他 SMR 技術正在開發中，但 NuScale 的模組架構是唯一獲得 NRC 批准的技術。它是唯一處於製造階段的產品，也是唯一能夠靈活地在單一工廠內服務多種能源應用的產品，因為我們的設計允許在同一發電廠中為各種應用指定不同的模組。

Turning to slide 5, we summarize the NuScale and ENTRA1 global commercial partnership. Under this partnership, NuScale serving as a technology provider sells its NuScale power modules directly to ENTRA1 for installation and reactor buildings of ENTRA1 energy plants. ENTRA1, in turn, develops, finances and, depending on the business model, may own and operate the energy deduction plants powered by NuScale's SMR technology.

翻到投影片 5，我們總結了 NuScale 和 ENTRA1 的全球商業夥伴關係。在這種合作關係下，NuScale作為技術提供者將其NuScale電源模組直接出售給ENTRA1，用於ENTRA1能源工廠的安裝和反應器建造。反過來，ENTRA1 負責開發、資助並根據商業模式擁有和營運由 NuScale 的 SMR 技術驅動的能源減排工廠。

By providing customized plant development, ownership, and operating structures, ENTRA1 is able to de-risk projects and meet each customer's unique needs. We continue to be optimistic that the growing interest in our technology and its critical use cases as well as NuScale's distinctive competitive edge in the module manufacturing and conventional fuel readiness will result in an order in 2025 for our NuScale power modules.

透過提供客製化的工廠開發、所有權和營運結構，ENTRA1 能夠降低專案風險並滿足每個客戶的獨特需求。我們仍然樂觀地認為，人們對我們的技術及其關鍵用例日益增長的興趣，以及 NuScale 在模組製造和常規燃料準備方面的獨特競爭優勢，將使我們在 2025 年獲得 NuScale 電源模組的訂單。

Since our last earnings call, we have seen strengthening of the regulatory tailwinds supporting the nuclear power industry, driven by the President's executive orders to deploy advanced nuclear reactor technologies in support of national security. These executive orders, which we summarized on slide 6, were issued in addition to ongoing bipartisan support for the advancement of carbon-free advanced nuclear projects due to the Inflation Reduction Act, a $900 million appropriation for SMR specific cost-sharing funding.

自上次財報電話會議以來，我們看到支持核電行業的監管順風正在加強，這要歸功於總統部署先進核反應器技術以支持國家安全的行政命令。我們在第 6 張投影片上總結了這些行政命令，這些命令是在《通貨膨脹削減法案》的背景下發布的，該法案為 SMR 特定成本分攤資金撥款 9 億美元，同時兩黨也持續支持推進無碳先進核能項目。

In the ADVANCE Act designed to streamline NRC approvals for faster deployment, NuScale supports these efforts to transform and modernize the NRC while maintaining the NRC safety standards. While not all regulatory actions will directly benefit NuScale, as we have progressed beyond research and development to commercialization, we expect to benefit from shortened regulatory timelines for new deployments, a bolstered domestic nuclear supply chain and the overall commitment of the US government to prioritize the deployment of advanced nuclear reactor technologies. Importantly, interest in NuScale's SMR technology extends domestically and abroad.

在旨在簡化 NRC 審批以加快部署的 ADVANCE 法案中，NuScale 支持這些在保持 NRC 安全標準的同時改造和現代化 NRC 的努力。雖然並非所有監管行動都會直接使 NuScale 受益，但隨著我們從研發階段邁向商業化，我們預計將受益於新部署監管時間的縮短、國內核供應鏈的加強以及美國政府優先部署先進核反應器技術的總體承諾。重要的是，國內外對 NuScale 的 SMR 技術的興趣日益濃厚。

As discussed on slide 7, NuScale continues to support goal of develop and deploying the first SMR power plant in Romania at Doicesti, the site of a decommissioned coal-fired plant that is now entirely removed. To further advance the project in June of this year, an International Atomic Energy Agency site and External Events Design Advisory mission visited Dorchest to advise on the finalization of the site license application.

正如幻燈片 7 中討論的那樣，NuScale 繼續支持在羅馬尼亞 Doicesti 開發和部署第一座 SMR 發電廠的目標，Doicesti 是一座已退役的燃煤電廠的所在地，現已被完全拆除。為了進一步推進該項目，今年 6 月，國際原子能機構場址和外部事件設計諮詢團訪問了多切斯特，為場址許可申請的最終確定提供建議。

The project continues to generate revenue and positive cash flow for NuScale from engineering and licensing fees as well as pre-commercial operation date services, primarily in connection with the Fluor-led Phase 2 Front-End Engineering and Design. As this critical work on the real power project continues, we are also working with Fluor towards their input to a final investment decision.

該專案繼續透過工程和許可費以及商業營運前日期服務為 NuScale 創造收入和正現金流，主要與 Fluor 主導的第二階段前端工程和設計有關。隨著這項實際電力項目關鍵工作的持續進行，我們也與福陸公司合作，爭取他們對最終投資決策的意見。

In the second quarter, we also continued our efforts to prepare the next generation of nuclear talent by opening 2 more energy operation or E2 centers at South Carolina State University and George Mason University, bringing a total number of NuScale E2 centers to 11, with locations in the US, Europe, Asia, and Africa.

第二季度，我們也繼續努力培養下一代核能人才，在南卡羅來納州立大學和喬治梅森大學開設了另外 2 個能源營運或 E2 中心，使 NuScale E2 中心總數達到 11 個，遍布美國、歐洲、亞洲和非洲。

As discussed on slide 8, these centers use state-of-the-art computer modeling paired with a fully integrated SMR control room simulator, supporting users to step into the role of control room operators and navigate a wide range of simulated plant scenarios. These workstations provide real-time visibility into the status of any unit across the plant model, enabling effective oversight of operations. It is worth noting that unlike traditional nuclear energy facilities, our NuScale power modules are designed with advanced safety systems that operate independently of human intervention, offering a new standard for passive safety.

正如幻燈片 8 所討論的，這些中心使用最先進的電腦建模與完全整合的 SMR 控制室模擬器配對，支援用戶扮演控制室操作員的角色並瀏覽各種模擬工廠場景。這些工作站可以即時查看整個工廠模型中任何單元的狀態，從而實現對營運的有效監督。值得注意的是，與傳統核能設施不同，我們的NuScale動力模組採用先進的安全系統設計，無需人工幹預即可運行，為被動安全提供了新的標準。

We are proud of the progress we continue to make on NuScale as a leader in our space and excited to continue to build on this momentum through the remainder of the year. Now over to Ramsey for the financial update.

作為該領域的領導者，我們為 NuScale 不斷取得的進步感到自豪，並很高興在今年剩餘時間繼續保持這一勢頭。現在請拉姆齊 (Ramsey) 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 major line items, which can be found on slide 9.

謝謝你，約翰，大家好。我們的財務結果可以在文件中找到，因此我將重點解釋主要項目，可以在幻燈片 9 上找到。

NuScale's overall liquidity and capital resources, which includes cash and cash equivalents, short-term investments and long-term investments, remained a robust $489.9 million in total at June 30, 2025. This represents a $31.5 million decline from the prior quarter but an increase of $359 million from the same quarter in the prior year.

NuScale 的整體流動性和資本資源（包括現金和現金等價物、短期投資和長期投資）截至 2025 年 6 月 30 日仍保持強勁的 4.899 億美元。這比上一季減少了 3,150 萬美元，但比去年同期增加了 3.59 億美元。

NuScale reported revenue of $8.1 million for the quarter ended June 30, 2025, compared to $1 million during the same period in the prior year. This decrease was primarily driven by fees received from the engineering and licensing work as well as other pre-commercial operational data services we provide in support of the RoPower project.

NuScale 報告稱，截至 2025 年 6 月 30 日的季度收入為 810 萬美元，而去年同期的收入為 100 萬美元。這一下降主要是由於我們為支援 RoPower 專案而提供的工程和許可工作以及其他商業營運前資料服務所收取的費用。

Operating expenses were $44.9 million for the quarter ended June 30, 2025, compared to $42 million during the same period in the prior year. While operating expenses increased slightly in the second quarter, our quarterly spend remains consistent with prior periods and reflects management's disciplined approach to cash management. Looking ahead, we expect operating expenses to increase during the second half of 2025 as purchases of long-lead materials increased to further enhance our manufacturing and supply chain readiness.

截至 2025 年 6 月 30 日的季度營運費用為 4,490 萬美元，而去年同期為 4,200 萬美元。雖然第二季營運費用略有增加，但我們的季度支出與前期保持一致，並反映了管理層對現金管理的嚴謹態度。展望未來，我們預計 2025 年下半年的營運費用將會增加，因為長週期材料的採購量將增加，以進一步增強我們的製造和供應鏈準備度。

I will conclude my remarks with a brief overview of our capitalization summary, as shown on Slide 10. Additional information may be found in our 10-Q and earnings release, both of which are filed with the SEC. 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?

我將以對我們的資本化摘要的簡要概述來結束我的發言，如幻燈片 10 所示。更多資訊請參閱我們的 10-Q 報告和收益報告，這兩份報告均已提交給美國證券交易委員會 (SEC)。最後，我想再次感謝大家今天的參與以及對 NuScale 的持續支持。我們現在開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Ramsey, I guess just a follow-up on that. You talked about the operating expense increase in the second half. Curious if you could quantify that. And is this related to the earlier plan to increase the long-lead item procurement? Or are you actually increasing that again? So I think it was 12 modules. Are you going up to more than that? Or is this just part of the original plan and the phasing of that spend?

拉姆齊，我想這只是對此的一個後續問題。您談到了下半年營運費用的增加。好奇你是否可以量化這一點。這是否與先前增加長週期專案採購的計劃有關？或者你實際上又增加了這個數字？所以我認為它有 12 個模組。您要達到更高的水平嗎？或者這只是原計劃的一部分以及支出的分階段實施？

Yeah, Marc, I appreciate you asking that because we didn't want to indicate to our analysts and to the markets that we do plan an increase in OpEx for Q3 and additional increase for Q4. That's really, Marc, well, I think you're aware, we don't provide specific guidance on numbers, but that is in line with our efforts to continue to develop 12 modules and develop our supply chain and invest in the commercialization of NuScale.

是的，馬克，我很感謝你問這個問題，因為我們不想向我們的分析師和市場表明我們確實計劃在第三季度增加營運支出，並在第四季度進一步增加。確實如此，馬克，我想你知道，我們沒有提供具體的數位指導，但這符合我們繼續開發 12 個模組、開發我們的供應鏈和投資 NuScale 商業化的努力。

So it's not -- there is an intent to build more than 12 modules right now. We don't build speculatively, but we are investing in our supply chain in anticipation of commercial contracts and design foundation, investor or supply chain just takes additional money.

所以目前還沒有建造超過 12 個模組的意圖。我們不會進行投機性建設，但我們會投資我們的供應鏈，以期獲得商業合約和設計基礎，投資者或供應鏈只需要額外的資金。

So we've maintained discipline over. I think it's been six quarters where we've held OpEx to plus or minus 5% or so. And now we're engaging a very kind of -- very focused and very methodical increase in OpEx in order to engage the supply chain and just get ready for the commercial contracts, which we're anticipating.

所以我們一直保持紀律。我認為我們已經連續六個季度將營運支出控制在正負 5% 左右。現在，我們正在非常有針對性、有條不紊地增加營運支出，以便參與供應鏈並為我們預期的商業合約做好準備。

Okay. Great. Another question on, so Fluor when they had their quarter, the other day, they also had an announcement about converting shares to share that said they're looking at a stock market facing solution rather than the strategic that they've been talking about for several quarters.

好的。偉大的。另一個問題是，福陸公司前幾天在季度報告中也發布了關於將股票轉換為股票的公告，稱他們正在尋找面向股票市場的解決方案，而不是他們幾個季度以來一直在談論的策略。

And I guess I'm curious, I know you guys don't have anything to say probably about their plans for selling stock. But my question is more about the strategic transaction, some presume partner of NuScale's or would be partner of NuScale's that could have an equity stake now no longer potentially having that equity stake?

我想我很好奇，我知道你們可能對他們出售股票的計劃沒有什麼可說的。但我的問題更多的是關於策略交易，有些人認為他們是 NuScale 的合作夥伴，或者將成為 NuScale 的合作夥伴，他們可能擁有股權，但現在不再可能擁有該股權？

Does it change sort of the business outlook or the go-to-market strategy that you guys would have that strategic wants to be an equity holder

這是否會改變你們的商業前景或市場進入策略，你們希望成為股東

Yeah, I think maybe a few comments there. And one is a clarification item, Marc. Fluor owns Class B units, and so they're a Class B unitholder. Class B units may be exchangeable to Class A shares.

是的，我想也許有一些評論。其中一項是澄清事項，馬克。福陸公司擁有 B 類單位，因此他們是 B 類單位持有人。B 類單位可以兌換為 A 類股份。

And periodically, we offer unitholders an opportunity to engage in exchange. And at the last time we approached the Class B unitholders, Fluor held their hand up and said, hey, we'd like to do an exchange. And we permitted conversion of 15 million shares, subject to some bumpers because we just weren't sure that we maintained orderly markets.

我們會定期為單位持有人提供參與交換的機會。最後一次我們與 B 類單位持有人接洽時，福陸公司舉起手說，嘿，我們想進行交換。我們允許轉換 1500 萬股，但受到一些限制，因為我們不確定我們是否維持了有序的市場。

Marc, I can't read into whether or not Fluor is -- will even sell those out of Class A shares. I have no idea. I don't know if the strategy has changed vis-a-vis shareholder, but I'll tell you that our go-to-market strategy has not changed. And Fluor's actions in relation to their shares are -- those are their own decisions. We don't have insight and we don't provide commentary but our go-to-market strategy hasn't changed at all.

馬克，我無法判斷福陸公司是否會賣出 A 類股票。我不知道。我不知道相對於股東而言我們的策略是否發生了改變，但我可以告訴你，我們的行銷策略沒有改變。福陸公司對其股份採取的行動是他們自己的決定。我們沒有洞察力，也不提供評論，但我們的市場進入策略根本沒有改變。

It's well defined. It's been consistent. I think it's a winning strategy, and we maintain that regardless of what for does with our ownership stake?

定義明確。一直保持一致。我認為這是一個成功的策略，無論我們的所有權股份用於什麼用途，我們都堅持這一策略。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比 (Sherif Elmaghrabi)，BTIG。

Can you remind us how many modules Doosan can make in a year? And you talked about maintaining discipline. What would it take for you to order long lead items for another six modules this year?

您能告訴我們斗山一年可以生產多少模組嗎？您也談到了維持紀律。今年您需要花多少錢才能為另外六個模組訂購長交貨期產品？

This is John Hopkins -- I'm sorry, go ahead.

我是約翰霍普金斯——抱歉，請說。

No, no, John, you go ahead, please.

不，不，約翰，請你繼續。

No. Doosan has commented to us that they can make up to 20 modules per year with the existing and also they continue to. Interestingly, last month, we actually took a customer with us and a state government official to visit Doosan and actually see production I'm going, and they're quite surprised at how advanced Doosan was in the manufacturing of our modules, not only the modules, but the helical coil steam generator.

不。斗山向我們表示，他們可以利用現有產品每年生產多達 20 個模組，而且他們還會繼續這樣做。有趣的是，上個月，我們實際上帶著一位客戶和一位州政府官員參觀了斗山，親眼目睹了我們正在進行的生產，他們對斗山在製造我們的模組方面的先進程度感到非常驚訝，不僅是模組，還有螺旋線圈蒸汽發生器。

So going out and actually seeing in production and touching steel, so to speak, that's a major marketing tool for us that I don't believe anybody else currently could do that within the market.

因此，走出去親眼看到生產過程並接觸鋼鐵，可以說，這是我們的一個主要行銷工具，我相信目前市場上沒有其他人可以做到這一點。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

So obviously, in Q2, I mean, the uprate approval, that was a very nice event to have that occur early. I'm curious, has that set off maybe a higher number of discussions, maybe taking those discussions to an elevated level of engagement. I mean, obviously, that was a needed step to reach your goal of a firm commitment by the end of 2025. So just curious the response for the impact of that.

因此，顯然，在第二季度，我的意思是，上調批准，這是一件非常好的事情，因為它發生得早。我很好奇，這是否會引發更多討論，或許會將這些討論提升到更高的參與程度。我的意思是，顯然，這是實現到 2025 年底做出堅定承諾的目標所需的一步。所以我只是好奇其影響的反應。

Yeah. This is John Hopkins. I would say that the response, people were in a wait mode to see the fact we could go from the 50 to 77. It was accomplished. We're there.

是的。這是約翰霍普金斯。我想說的是，人們的反應是，他們處於等待模式，希望看到我們能夠從 50 上升到 77。事情已經完成了。我們到了。

And now we are, in fact, seeing more line of sight of potential customers. In fact, last week, we were with a new customer that -- I would say new; we've been in discussions with quite some time. There was kind of in holding mode. But now that we're 77 has prompted in to have additional conversations with us going forward.

事實上，現在我們看到了更多潛在客戶的視線。事實上，上週我們接待了一位新客戶——我想說是新客戶；我們已經討論了相當長一段時間。有點像處於等待模式。但現在我們已經 77 歲了，這促使我們在未來進行更多的對話。

And if I can add, let's call it. It wasn't just like a nice thing to have. We're the only company with two NRC approvals for small modular reactors. There's no other company with even one, and we got through with two. And there's a lot of people out there doing saying, hey, you're not going to get through it.

如果我可以添加的話，我們就稱之為。這不僅僅是一件好事。我們是唯一一家獲得兩個 NRC 小型模組化反應器批准的公司。其他公司都沒有一個，而我們有兩個就搞定了。有很多人說，嘿，你不會成功的。

It's going to take too long, and it's going to overruns and this and that, the other, and we came out very quietly, just like we always do. We got the work done. We got it cross early. Our team is working on that there's absolutely excellent job. The master a grand frontage that done early, get over line and just further differentiates us from the competition.

這會花費太長時間，而且會超出預算等等，我們非常安靜地退出，就像我們一直以來所做的那樣。我們把工作完成了。我們很早就把它解決了。我們的團隊正在努力完成一項絕對出色的工作。主樓早期建成的宏偉外觀，超越了界限，進一步使我們在競爭中脫穎而出。

That's a good point, Ramsey. We were scheduled. Yes, we were scheduled for July completion, and we made it two months earlier, and I got to give credit to the Nuclear Regulatory Commission and our licensing team we're staying on top of it and get it accomplished because, to Ramsey's point, it has opened the aperture for other customers because we are near-term deployable. We have modules in production. We're ready to go. We have a -- under Part 52, we have both operating license and a construction license.

拉姆齊，你的觀點很好。我們已經安排好了。是的，我們原計劃於 7 月完工，但我們提前了兩個月就完成了，我必須感謝核管理委員會和我們的許可團隊，我們一直在密切關注並完成這項工作，因為正如拉姆齊所說，它為其他客戶打開了機會，因為我們可以在近期部署。我們有正在生產的模組。我們準備出發了。根據第 52 部分，我們擁有經營許可證和建築許可證。

You've seen a lot of construction permits that you cannot -- you can build a plant, but you can't operate it without an operating license.

你已經看到很多建築許可證，你不能——你可以建造一座工廠，但如果沒有運營許可證你就不能運營它。

Yeah, absolutely. No. I mean a clear differentiator, maybe a good segue. I mean, obviously, this took you -- I mean, the uprate clearly a shorter period of time given that you'd already had the first uprate and that, that was an add-on.

是的，絕對是。不。我的意思是一個明顯的區別，也許是一個很好的過渡。我的意思是，顯然，這花費了你——我的意思是，鑑於你已經進行了第一次升級，而且那是一個附加功能，因此升級顯然需要更短的時間。

But as you think about the regulatory process and the differentiator that, that is in the market, maybe some high-level thoughts on the regulatory environment and a lot of the talk about whether it's streamline process, potentially the DoD or the DOE having to say in the regulatory side of it. Just maybe what you think that means for some of your competitors or just others in the market, that would be very helpful.

但是，當您考慮監管流程和市場中的差異化因素時，也許會對監管環境有一些高層次的想法，並且會有很多關於是否簡化流程的討論，可能是國防部或能源部在監管方面發表意見。也許您認為這對您的一些競爭對手或市場上的其他公司來說意味著非常有幫助。

Yeah. I think, one, I think a big distinctive we have is we are using conventional fuel that's readily available in the marketplace. There's 400-plus light water reactors around the world. We don't need high assay halo fuel, which has been -- it's going to be an issue, I think, going forward. It's going to be costly.

是的。我認為，首先，我們的一大特色是我們使用的是市場上隨時可得的傳統燃料。全世界有400多座輕水反應器。我們不需要高純度的暈燃料，我認為這將成為一個問題。這會很昂貴。

But as it relates to NRC, having been through the process, what we're hoping for is more of the streamlining of getting to the construction operation license agreement, and it's going into the build stage of our plants, having again, we're not have worried about going to the NRC licensing per se.

但就 NRC 而言，在經歷了整個過程之後，我們希望能夠更加簡化獲得施工營運許可協議的流程，並且進入工廠的建設階段，我們再一次強調，我們並不擔心獲得 NRC 許可本身。

But we are hopeful that it's to be seen, or other technologies are going to be able to move quickly. I hope so. We don't necessarily want to be a monopoly or the only US-based customer. And the market is -- and you could just read the headlines every day, the market potential on a global scale is phenomenal.

但我們希望它能夠被看到，或者其他技術能夠快速發展。我希望如此。我們不一定想成為壟斷企業或唯一的美國客戶。而且市場是——你每天讀到新聞頭條就會發現，全球範圍內的市場潛力是驚人的。

I would add to that, the other major differentiators is our progress with our supply chain. There's no one else that's engaged manufacturing supply chain like we have even with a group like Doosan, we've been working for seven years.

我想補充的是，另一個主要的區別是我們的供應鏈的進步。沒有其他人像我們一樣從事製造供應鏈，即使與斗山這樣的集團合作，我們也已經合作了七年。

They've invested even -- not just an equity perspective, but in their facility and new technologies and building our the supply chain differentiation is massive. And so there's a two-part dance here, regulatory licensing, but also you got to get the things built. And that takes a herculean effort, and we've been engaged in that for years now.

他們甚至進行了投資——不僅僅是股權投資，還包括他們的設施和新技術以及建立我們巨大的供應鏈差異化。因此，這裡有一個由兩部分組成的舞蹈，監管許可，以及你還必須把東西建造起來。這需要付出巨大的努力，我們已經為此努力了很多年。

Yeah, actually, I had dinner last -- I'm sorry, I had dinner last week with the CEO of one of our suppliers out of Japan, IHI. And again, we sat down and looked through the pipeline of what the potential opportunities are for them to gear up. But if you look at some of these organizations like Doosan, as an example, they have many subcontractors that here in the United States were engaged with two.

是的，實際上，我上​​周和我們日本供應商之一 IHI 的執行長一起吃了晚餐——對不起。我們再次坐下來仔細研究了他們可以掌握的潛在機會。但如果你看看像斗山這樣的組織，你會發現他們在美國有很多分包商，其中有兩家是合作商。

And many of the suppliers, we had a phenomenal over 100 people, I think it was 32 suppliers in North Carolina kicking the tires and ready to get tooled up to take advantage of the opportunities they see coming down the pike.

我們有許多供應商，人數超過 100 人，我想北卡羅來納州有 32 家供應商正在積極考察並準備好利用他們所看到的即將到來的機會。

Soundarya Iyer, B. Riley Securities.

Soundarya Iyer，B. Riley Securities。

This is Soundarya on behalf of Ryan Pfingst from B. Riley Securities. I just wanted to touch on the macro part, like looking at the recent executive orders, like what do you guys think are the mandates or directions in the executive orders, which are like most beneficial for NuScale specifically?

我是 B. Riley Securities 的 Ryan Pfingst 代表的 Soundarya。我只是想談談宏觀部分，例如看看最近的行政命令，你們認為行政命令中的授權或指示是什麼，哪些對 NuScale 最有利？

Ramsey?

拉姆齊？

So when we look at the executive orders, I think there's more of a macro idea net promotional whole industry. I mean there's a lot that supports NuScale, there's a lot around licensing. But the licensing that we see and the execs that best specifically is more site-specific licensing.

因此，當我們審視行政命令時，我認為它更多的是宏觀理念網絡推廣整個產業。我的意思是有很多支援 NuScale 的東西，有很多關於許可的東西。但我們看到的許可和最佳執行具體而言是更多特定於站點的許可。

I think when you're dealing with projects and for us, remember, ENTRA1 does the project. They execute on projects. And that type of licensing is more beneficial to us simply by the fact that we're so far ahead of the competition.

我認為當您處理專案時，請記住，ENTRA1 負責該專案。他們執行專案。由於我們在競爭中遙遙領先，這種類型的授權對我們來說更有利。

So I think there's some tailwinds for licensing in relation to technology, and that's great, and that's good for the whole industry, and we support that. But in terms of the most recent executive, we're looking at how they look seek to expedite site licensing benefits NuScale more than anyone else. I think that just further pushed us ahead.

因此，我認為在技術許可方面存在一些順風，這很好，對整個行業都有好處，我們支持這一點。但就最近的高管而言，我們正在關注他們如何比其他任何人都更努力地尋求加快站點許可以使 NuScale 受益。我認為這只會進一步推動我們前進。

Yeah. And part of that answer, we spend a lot of time on the hill with both sides of the aisle and the bipartisan support for advanced nuclear for a variety of reasons, either national security or reliability or climate disruption. I think it's stronger now than I've seen historically, and that bodes well for the industry. And it's just a matter of time that we're going to see a big movement, I believe, within this country, this current administration is pressed to get to success stories quickly.

是的。而答案的一部分是，我們花了很多時間與國會兩黨討論先進核能，兩黨出於各種原因支持先進核能，無論是國家安全、可靠性或氣候幹擾。我認為現在的情況比我過去見過的任何時候都要強勁，這對產業來說是個好兆頭。我相信，我們將會看到一場大變革，這只是時間問題，在這個國家，現任政府面臨著迅速取得成功的壓力。

They have a limited period of time to make that happen. So I think with the executive orders with the possible streamlining of the NRC, and as I state that benefits us to move quicker on the construction and the operations side, of the ledger, I think the tailwinds bode well for the industry and NuScale, particularly.

他們只有有限的時間來實現這一目標。因此，我認為，隨著行政命令可能精簡 NRC，正如我所說，這有利於我們在建設和運營方面、賬簿方面更快地採取行動，我認為這對該行業和 NuScale 來說是個好兆頭。

That's helpful. And if I may add in just one more. Like on your expectation on sort of like what would be the host project or how it would look like in terms of potential partners or the power users like --

這很有幫助。我可以再補充一點嗎？例如你對主機專案的期望，或是對潛在合作夥伴或進階使用者來說它會是什麼樣子--

Well, as we stated, and we're working with our developer strategic partner, ENTRA1, and ENTRA1 has been out in conversations with our government and with prospective clients to do the hyperscalers, it's utilities, it's even process-oriented companies because what we're still seeing, many of these entities don't necessarily want to own the nuclear asset.

嗯，正如我們所說的，我們正在與我們的開發策略合作夥伴 ENTRA1 合作，ENTRA1 一直在與我們的政府和潛在客戶進行對話，以開展超大規模、公用事業、甚至是流程導向的公司，因為我們仍然看到，其中許多實體並不一定想擁有核資產。

They just want 24/7 clean energy. And so what we're seeing is if I look historically what the market has been, coal plant refurbishment, that's not gone away. We still see a pretty big spike of coal plant closures coming up, process-oriented heat. We are the only company that has a legitimate emergency planning zone licensed by the NRC at site boundary.

他們只想要全天候清潔能源。因此，如果我們回顧歷史市場，就會發現煤電廠的翻新並沒有消失。我們仍然看到大量燃煤電廠關閉，以製程為導向的供熱。我們是唯一一家在場地邊界擁有由 NRC 授權的合法緊急規劃區的公司。

That has bode well for process-oriented companies that would like to see something outside the fence line where any disruption wouldn't have a material impact on their ongoing business operations.

這對於流程導向公司來說是一個好兆頭，這些公司希望看到圍欄線之外的某些東西，任何中斷都不會對其正在進行的業務運營產生重大影響。

And then the big gorilla in the room is still the hyperscalers data centers and their thirst for energy going forward. And a plus that they see a NuScale is the scalability of our units with 12 modules online. That's 924 megawatts. You're pushing a gigawatt size, but the beauty of that, any refueling cycle is only a 10-day cycle. So you could take one down and you have 11 modules continue to run 24/7.

而房間裡的巨猩仍然是超大規模資料中心及其對未來能源的渴望。他們看到的 NuScale 的一個優點是我們的單元具有可擴展性，在線有 12 個模組。也就是924兆瓦。你正在推動千兆瓦的規模，但其美妙之處在於，任何燃料補充週期都只有 10 天。因此，你可以拆除一個模組，但仍有 11 個模組可以繼續全天候運作。

It's not like a single screw plant as we state that one step comes offline, you have to look elsewhere for energy. So that's a big selling point for us.

它不像我們所說的單螺桿工廠，如果一個步驟停止運行，你必須從其他地方尋找能源。所以這對我們來說是一個很大的賣點。

If you want to take a look at the business model, I think also our presentation, I think on the third slide, has a good explanation of the business plan with ENTRA1 and how we intend to work together and then how they intend to work with power users utilities. And so there's a good explanation there of how to build and develop plants. And also, just since we're on the presentation, flip the page from there, and the next slide talks about the regulatory tailwinds. It goes in specific executive orders.

如果您想了解商業模式，我認為我們的簡報（第三張投影片）也很好地解釋了與 ENTRA1 的商業計劃以及我們打算如何合作以及他們打算如何與高級用戶公用事業合作。因此，這裡對如何建造和培育植物給出了很好的解釋。而且，既然我們已經在演示中，請翻過這一頁，下一張幻燈片討論了監管方面的順風。它包含在具體的行政命令中。

Yes, most of them like the May 23, 2025, executive orders and then the output of what we see from a macro basis, why talk about kind of static ideas, it was a response to the question of hey, what benefits NuScale specifically. I think site-specific ideas benefit us the most since we are licensed, and we are near-term deployable. But if you want a full run down, there's a good comp summary there within our investor presentation.

是的，他們中的大多數人都喜歡 2025 年 5 月 23 日的行政命令，然後從宏觀角度看其輸出，為什麼要談論這種靜態想法，這是對“嘿，NuScale 具體有什麼好處”這個問題的回答。我認為特定地點的想法對我們最有益，因為我們已獲得許可，並且可以在短期內部署。但如果您想要全面了解，我們的投資者介紹中就有一份很好的公司摘要。

Vikram Bagri, Citigroup.

花旗集團的維克拉姆‧巴格里 (Vikram Bagri)。

This is Dinesh in place of Vikram. Just touching back on the customer agreements, I know you guys talked about it. Just curious on any updates on the active customer negotiations, I believe you guys mentioned there's about 10 advanced discussions last quarter, and what categories kind of these are focused on? You guys are focused on like the hyperscalers utilities, but anything outside of that? Any color on that would be great.

這是 Dinesh，代替 Vikram。回到客戶協議的問題，我知道你們已經討論過了。只是好奇有關活躍客戶談判的任何更新，我相信你們提到上個季度有大約 10 場高級討論，這些討論主要集中在哪些類別上？你們專注於超大規模實用程序，但除此之外還有什麼嗎？任何顏色都可以。

Yeah. We're in discussions with the US government. Somebody commented earlier about the Department of Defense. They have an interest in utilities.

是的。我們正在與美國政府進行討論。之前有人對國防部發表了評論。他們對公用事業感興趣。

We're focused on some of the utilities they'd like to see their licensed site. They like to see the hyperscalers come on to their facility. So again, as I stated in earlier calls, it's a complex financial transaction. You're dealing with the utility owner or the owner in general. In our case, the owner is intra- who's in negotiations with these entities to bring hyperscalers to bring the Department of Defense.

我們專注於他們希望在其授權網站上看到的一些實用程式。他們喜歡看到超大規模企業進入他們的設施。所以，正如我在之前的電話會議中所說的那樣，這是一項複雜的財務交易。您正在與公用事業所有者或一般所有者打交道。在我們的案例中，所有者正在與這些實體進行談判，以將超大規模企業帶入國防部。

And we're kind of across the board. One thing we're finding is that we do have an ongoing in Romania. There's a lot of interest in the outside this country right now, but we're finding within the United States, we have limited resources, so really laser-focused in on closure on maybe one or two sites or one or two customers.

我們的做法是全面的。我們發現，我們在羅馬尼亞確實有一個正在進行的計畫。目前，人們對這個國家的外部環境很感興趣，但我們發現，在美國，我們的資源有限，因此我們真正集中精力於一兩個站點或一兩個客戶的關閉。

Now may be the time to maybe define this a little bit more clearly. I know we have some new analysts on the line, and we have -- so long term, like Marc Bianchi, you've been with us since day one. I think you've seen the development of our business all -- but it's important to remember, when we say -- when we talk about our customers, ENTRA1 is our customer. ENTRA1 is a developer of paraffins. They're ENTRA1 power plants with NuScale in site, like bigs like an Intel chip, where the Intel chip inside in this case, in the power plant.

現在也許是時候更清楚地定義這一點了。我知道我們有一些新的分析師，而且我們有長期的分析師，例如馬克·比安奇 (Marc Bianchi)，你從第一天起就和我們在一起了。我想您已經看到了我們業務的發展——但重要的是要記住，當我們說——當我們談論我們的客戶時，ENTRA1 就是我們的客戶。ENTRA1 是石蠟開發商。它們是裝有 NuScale 的 ENTRA1 發電廠，就像英特爾晶片一樣，在這種情況下，英特爾晶片就在發電廠內。

So we're hand in glove potential one. I don't sell -- we talk about discussions with the utility from the hyperscaler and the military of the US government. Those are all end users but we don't sell electrons, right?

因此，我們有可能密切合作。我不賣——我們談論與超大規模公用事業公司和美國政府軍方的討論。這些都是最終用戶，但我們不銷售電子產品，對嗎？

So I want to kind of reset and kind of level of the idea that we sell NPMs, NuScale power modules. This power modules going through the plant. ENTRA1 develops the plant. They may own and operate the plant. There's different business models, but it's an ENTRA1 plant and ENTRA1 sells the energy to the customer.

所以我想重新設定我們銷售 NPM、NuScale 電源模組的理念。該電源模組正在穿過工廠。ENTRA1 開發該工廠。他們可能擁有並經營該工廠。有不同的商業模式，但它是一個 ENTRA1 工廠，ENTRA1 將能源出售給客戶。

Whether it be a utility or government or military, whomever it is, ENTRA1's been out there selling the PPAs and selling the power. So it's -- just so we kind of cross this correctly. I want the market to understand what the story is and what the business model is because that business model, the fact that we have ENTRA1 as our developer is a differentiator, right? We're not out here trying to develop technology, develop power plants, against PPAs. That's a huge pull.

無論是公用事業、政府還是軍隊，無論是誰，ENTRA1 都一直在銷售 PPA 和電力。所以——這樣我們就可以正確地跨越這一點。我希望市場了解這個故事是什麼，商業模式是什麼，因為那個商業模式，事實上我們有 ENTRA1 作為我們的開發商，這是一個差異化因素，對吧？我們在這裡並不是為了反對 PPA 而試圖開發技術、建造發電廠。這是一個巨大的吸引力。

We're a tech company. We develop technology. Technology is for a NuScale power module. NuScale power module is built. We're kind of an OEM reseller -- sorry, we're an OEM seller of a piece of equipment. We outsource that equipment. We outsource the production. We deliver it and power plant and ENTRA1 puts the power front and then sell the power.

我們是一家科技公司。我們開發技術。此技術適用於 NuScale 電源模組。NuScale電源模組建成。我們是 OEM 經銷商——抱歉，我們是某種設備的 OEM 銷售商。我們將該設備外包。我們將生產外包。我們將其運送到發電廠，然後 ENTRA1 將電力放在前面並出​​售。

So again, we talk about customers, let's be clear, I do this for some of our newer analysts, I think it's important. We have one customer, that customer is ENTRA1. ENTRA1 faces the market. They develop the power plants, they sell the power. We just sell the NuScale power module where the intel side of the lap, if you use that analogy I would ever now you want to use. We're the tech inside the power plant. We're not the power plant developer.

因此，我們再次談論客戶，讓我們明確一點，我為我們的一些新分析師這樣做，我認為這很重要。我們有一個客戶，該客戶是 ENTRA1。ENTRA1面向市場。他們開發發電廠，然後出售電力。我們只銷售 NuScale 電源模組，其中英特爾一側的圈，如果你使用這個比喻，我現在就會知道你想使用。我們是發電廠內的技術人員。我們不是發電廠開發商。

Yeah, that coincides what I said earlier that many of these entities -- they don't necessarily want the asset. They don't want to own nuclear. They just want 24/7. So with our developer and their banking relationships and source of funding, they're able to offer a build-on transfer build don't operate or be flexible enough to work out scenarios that's providing solutions to these entities that Ramsey just mentioned.

是的，這與我之前所說的一致，許多實體不一定想要資產。他們不想擁有核武。他們只想要全天候服務。因此，透過我們的開發商及其銀行關係和資金來源，他們能夠提供構建轉移構建，但無法運作或足夠靈活地制定出為拉姆齊剛才提到的這些實體提供解決方案的方案。

Got it. That's super helpful. And just one more question, if I may. Would you be able to quantify kind of the progress on the Phase 2 FEED study for power and how the next steps kind of might look like in terms of time line or any other developments around that?

知道了。這非常有幫助。如果可以的話，我還有一個問題。您能否量化第二階段電力前端工程設計 (FEED) 研究的進展情況，以及下一步的時間表或其他發展？

Yeah. As you know, we're -- Fluor Corporation is a prime. We're a subcontractor Fluor. RoPower and the Romanian government, they continue to pay their bills, and we're keeping our finger on a pulse and watching it very closely. We have ongoing almost weekly conversations on progress.

是的。如您所知，我們—福陸公司是一家主要公司。我們是 Fluor 的分包商。羅馬尼亞電力公司和羅馬尼亞政府繼續支付帳單，我們也密切關注此事。我們幾乎每週都會就進展進行討論。

They're looking at their final notice to proceed, now looks to be probably in the time frame of mid- to late '26, early '27. So we continue to support Fluor as the prime providing engineering requirements for the modules. And so far, so good.

他們正在等待最終的繼續通知，現在看來時間大概是在 2026 年中後期或 2027 年初。因此，我們繼續支援 Fluor 作為模組工程要求的主要提供者。到目前為止，一切都很好。

Craig Shere, Tuohy Brothers.

克雷格‧謝爾 (Craig Shere)、圖伊兄弟 (Tuohy Brothers)。

On Sherif's question and the answer about the supply chain, having the ability to make up 20 modules annually, does that mean you have the ability to shoulder two orders, somewhat currently of a 12 module and a six molecule order?

關於 Sherif 的問題以及關於供應鏈的回答，有能力每年生產 20 個模組，這是否意味著您有能力承擔兩個訂單，目前是 12 個模組和 6 個分子的訂單？

But we couldn't shoulder, say, two dozen orders simultaneously? And to there's any kind of competition in terms of getting it to the customer on time by the 2030, 2031, what kind of negotiation discussion coordination do you have with ENTRA1 if maybe you have a six module order ready to go, but that might slow down a 12 module?

但我們無法同時承擔二十幾個訂單嗎？並且，在 2030 年或 2031 年之前按時交付給客戶方面存在任何競爭，如果您可能已經準備好六個模組的訂單，但這可能會減慢 12 個模組的速度，那麼您與 ENTRA1 進行什麼樣的談判討論協調？

No, our model has always been predicated on the fact we manufacture our models in a factory. They're fungible assets with the intent to have multiple projects going at any given time. However, we're also very convinced of a fact of what our capacity to execute is, so we don't want to get out over our ski tips. But quite frankly, I just want one right now.

不，我們的模型始終以我們在工廠製造模型的事實為前提。它們是可替代資產，目的是在任何特定時間開展多個項目。然而，我們也非常確信我們的執行能力，所以我們不想超越我們的滑雪技巧。但坦白說，我現在只想要一個。

I want to get a hard contract near term, and we continue to build out our supply chain, which is critical for us. We have ongoing meetings because many of the suppliers, as you know, once you get the order book, they'll start gearing up.

我希望近期能獲得一份硬合約，我們將繼續建立我們的供應鏈，這對我們來說至關重要。我們正在進行會議，因為正如你所知，許多供應商一旦收到訂單，他們就會開始準備。

And as for Doosan, we've got 12 modules coming online right now. That's a gigawatt size plant. And in our discussions with them, they're willing to tool up and even do more, IHI and the other suppliers. But we're limited to our supply chain and to get those modules. And that's why long lead items is so critical. Anybody says they can get to 2030 COD without these long lead items, I don't see it as a possibility. We're still focused on getting modules in the ground by 2030 time frame.

至於斗山，我們目前已有 12 個模組上線。這是一座千兆瓦級的發電廠。在與他們的討論中，IHI 和其他供應商表示願意提供更多協助，甚至做得更多。但我們的供應鏈和取得這些模組的能力有限。這就是為什麼長交貨週期產品如此重要。有人說他們可以在不使用那些長週期專案的情況下實現 2030 年 COD，我認為這是不可能的。我們仍然致力於在 2030 年前將模組安裝到地面。

That's helpful. So you had mentioned, I believe, historically, that you're on the hook if you don't have a customer covering for over a couple of hundred million dollars of CapEx the next couple of years on what you've already ordered. And then you just said you're going to be ramping OpEx and presumably having a wider cash burn. So is it fair to say that this is carpe diem time that the second half of this year is a critical time to get signed and delivered customer commitment or two that can start shouldering some of this so you don't have to do it all on balance sheet?

這很有幫助。所以，我相信您提到過，從歷史上看，如果您沒有客戶承擔未來幾年您已訂購的數億美元資本支出，那麼您就得承擔責任。然後您剛剛說您將增加營運支出，並且可能會有更大的現金消耗。那麼是否可以說，這是抓住時機的時刻，今年下半年是簽署並交付一兩個客戶承諾的關鍵時刻，這些客戶可以開始承擔其中的一些責任，這樣你就不必在資產負債表上做所有的事情了？

Yeah, I'll take that question. Look, there's a fine line to walk here as we're pushing forward. I often state that I don't wish to, and I don't think my shareholders wish for me to use their money to build an inventory of NPMs. That's not the way this goes. And when I enter contracts, I enter contracts that have -- they have pathways out, they have pathways to go down, they have pathways to speed up.

是的，我會回答這個問題。瞧，我們在前進的過程中，需要把握好分寸。我經常說我不希望這樣做，而且我認為我的股東也不希望我用他們的錢來建立 NPM 庫存。事情不是這樣的。當我簽訂合約時，我簽訂的合約有出路，有下行路徑，有加速路徑。

And we do this and we enter in and we want to build these at least the long lead materials in relation to all the NPMs, so that we can expedite delivery the first plant to a customer.

我們這樣做，我們進入並希望至少建造與所有 NPM 相關的長週期材料，以便我們可以加快向客戶交付第一家工廠。

So it's not -- I was like -- I'm not out there with this idea of how we're going to invest $1 billion into building scale power modules, just on my own dime absent in order. I think we're -- we have to -- we refined the dialogue a little more eloquently than that. But we do invest into our RMs. We do want to speed up the process by which we can deliver. We want to invest in the supply chain. The supplier, they're not sitting around clean their thumbs, they want to see orders.

所以，我並不是想著要投資 10 億美元來建造大規模電源模組，而只是用我自己的錢。我認為我們——我們必須——對對話進行更清晰的改進。但我們確實對我們的客戶經理進行了投資。我們確實希望加快交付進程。我們想投資供應鏈。供應商不會坐在那裡無所事事，他們想看到訂單。

And as I mentioned before in earlier question, having a regulatory approval is one thing. That's great. And having two amazing, excellent, the best of the best. But supply chain is also another tough nut to crack. There's not a ton of nuclear suppliers globe-wide, right?

正如我之前在問題中提到的，獲得監管部門的批准是一回事。那太棒了。並且擁有兩個令人驚嘆、優秀、最好的。但供應鏈也是另一個難題。全球範圍內的核能供應商並不多，對嗎？

And in America, especially the nuclear industry has been staggered for a long time. So for us, I think there's a fine line there where we're activating our suppliers, working with them. We're investing in them. and we're investing in our inventory. But as a management team, we also are very careful about shareholder funds, and we're not going to expect.

而在美國，尤其是核工業已經長期處於困境。因此，對於我們來說，我認為在激活供應商並與他們合作方面存在著一條微妙的界線。我們正在對它們進行投資，並且正在對我們的庫存進行投資。但作為管理團隊，我們對股東資金也非常謹慎，我們不會期待。

It's not like I'm not going for broke in H2, I'm just going to build as many as I can. That's not the way we operate a company, right? We take a more measured approach.

這並不是說我不會在 H2 中孤注一擲，我只是會盡可能地建造。這不是我們經營公司的方式，對吧？我們採取更加慎重的方法。

Leanne Hayden, Canaccord Genuity.

Leanne Hayden，Canaccord Genuity。

Congrats on the NRC upgrade approval. Just to start, I was curious if you've noticed any industry trends in terms of project financing. Just curious broadly, if you've noticed any sort of third-party ecosystem or anything of that nature taking shape?

恭喜 NRC 升級獲得批准。首先，我很好奇您是否注意到專案融資方面的任何行業趨勢。只是好奇，您是否注意到任何類型的第三方生態系統或類似的東西正在形成？

John, do you want to go or shall I go?

約翰，你想去還是我去？

Go ahead. I'm thinking on the question.

前進。我正在思考這個問題。

Yeah. Look, so we were again, like I'll take the opportunity to continue kind of this distinction of the roles between us and ENTRA1 and this kind of hand-in-glove sort of relationship that we have. We don't finance projects at scale because we don't build projects. We build a piece of equipment for a customer, and the customer finances that through orders and through payments. And we finance -- there may be something for working capital, but it's not project finance.

是的。看，所以我們再次，就像我將藉此機會繼續區分我們和 ENTRA1 之間的角色以及我們之間的這種密切關係。我們不大規模資助項目，因為我們不建設項目。我們為客戶製造一台設備，客戶透過訂單和付款來提供資金。我們提供融資——可能有一些營運資金，但這不是專案融資。

But to get to your question, we don't have visibility into some of the discussions. It's a dialogue. And we've seen remarkably pretty significant interest from large-scale US and even like go out and look at like large ports of capital outside the country, commonwealth funds or others, we've seen significant interest from those groups in financing as complex scale capital outlay, scale investment team and financing projects for ENTRA1 using NuScale technology.

但對於你的問題，我們無法了解其中的一些討論。這是一場對話。我們看到美國大型企業表現出了相當濃厚的興趣，甚至走出去看看國外的大型資本港口、聯邦基金或其他機構，我們看到這些團體對使用 NuScale 技術為 ENTRA1 進行複雜規模資本支出、規模投資團隊和融資項目表現出濃厚的興趣。

And I think part of that comes down to the fact that we use -- we're the only like -- we're the only licensed technology, and we got two of them with conventional fuel a s light water reactor technology as everything that's commonly understood within the nuclear world.

我認為部分原因在於我們使用——我們是唯一——我們是唯一獲得許可的技術，我們擁有兩台採用常規燃料的輕水反應器技術，這是核能領域普遍理解的一切。

It's everything financing wants, plus it's built off-site and control environment without being complex nuclear fabrication in the field. So we see a ton of interest. And we see it through -- and when we talk about project finance interest, we see it throughout on I see some of interest through the equity markets, right?

它滿足了融資的所有要求，而且它是在場外建造的，並且不需要在現場進行複雜的核子製造，可以控制環境。因此我們看到了極大的興趣。我們看到了這一點——當我們談論專案融資利息時，我們在整個過程中都看到了這一點，我看到了一些透過股票市場產生的利息，對嗎？

I see people wanting to NuScale. I see money coming into the company. We also see when we go out and we talk to potential customers of et in coordination with ENTRA1, we see these third parties supporting those dialogues. And that's I think that's something where this is what it takes to kind of reinvigorate nuclear America. These are big projects.

我看到人們想要 NuScale。我看到資金流入公司。我們也看到，當我們與 ENTRA1 協調並與 et 的潛在客戶交談時，我們看到這些第三方支援這些對話。我認為這就是重振美國核武力量所需要的。這些都是大項目。

They cost a lot of money. This is a scale infrastructure investment from very large sources of capital, and we're seeing them piling.

它們花費很多錢。這是一項來自非常大資本來源的大規模基礎設施投資，我們看到它們不斷出現。

Yeah. And just to add to that, we -- as we stated in there, we have over $2 billion invested in this asset. A lot of that went to scaling up of our components within this model to where when you say first of a kind, the first of a kind really is you need to put one together and get it operational.

是的。補充一點，正如我們所說，我們已經在該資產上投資了超過 20 億美元。其中很大一部分用於擴大我們在此模型中的組件，當您說首創時，首創實際上就是您需要將它們組裝在一起並使其運行。

The components themselves are typically, as Ramsey said, conventional fuel, our skid mount -- our turbine generators are skid mount units that are used in the oil patch. I mean, there's not really the helical steam generators have been scaled and tested in Piacenza, Italy and Doosan building them currently.

正如拉姆齊所說，這些組件本身通常是傳統燃料，我們的滑橇安裝——我們的渦輪發電機是用於油田的滑橇安裝裝置。我的意思是，目前義大利皮亞琴察和斗山尚未對螺旋蒸汽發生器進行規模化和測試。

So I don't see where we are right now, I don't -- from a supply chain, it's just that we got to be careful that we don't exceed expectations. So we do what we say we can do. And we treat our suppliers fairly. We continue to build out our supply chain, which is what we're doing right now.

所以我不知道我們現在處於什麼位置，從供應鏈的角度來看，我們必須小心，不要超出預期。因此，我們按照我們所說的去做。我們公平地對待我們的供應商。我們將繼續建立我們的供應鏈，這就是我們現在正在做的事情。

Certainly, yeah. Completely agree. Just one more for me. Of course, there's been a lot of exciting momentum domestically in the nuclear space. Just curious you're seeing any sort of similar trends internationally in terms of customer interest specifically?

當然，是的。完全同意。對我來說再多一個就好了。當然，國內核能領域也出現了許多令人興奮的發展動能。只是好奇，就客戶興趣而言，您是否在國際上看到了任何類似的趨勢？

Yeah, we do. I commented earlier, we're getting a lot of Finland, Sweden. You're even seeing Germany is now talking about possibly reenergizing reactors because of energy requirements. But it gets back to what I'm saying right now. I would like to stay focused right on the US base, building out our US supply chain.

是的，我們確實如此。我之前評論過，我們收到了很多芬蘭、瑞典的資訊。你甚至可以看到，由於能源需求，德國現在正在討論可能重新啟動反應爐。但它又回到了我現在所說的內容。我希望繼續專注於美國基地，建立我們的美國供應鏈。

And Romania is a great project that we have currently right now that we're working on, and Romania has aspirations of being a provider of in Central Eastern Europe where we hope we're part of that. But the whole groundswell, desalinization, hydrogen production, none of that's gone away. In fact, it's ramping up.

羅馬尼亞是我們目前正在進行的一個偉大項目，羅馬尼亞希望成為中東歐的供應商，我們希望成為其中的一部分。但整個民眾熱潮、海水淡化、氫氣生產等都沒有消失。事實上，這一趨勢正在加劇。

And we've been working on hydrogen for quite some time with some process companies about and for hydrogen, it's really about the ability to get down to about $1.50 per kilogram, and we're making progress. But again, our focus right now is with U.S.-based customers aside from Romania to get closure and near-term deals.

我們與一些加工公司在氫氣方面已經合作了相當長一段時間，對於氫氣而言，真正的目標是將價格降至每公斤 1.50 美元左右，而且我們正在取得進展。但我們現在的重點是與羅馬尼亞以外的美國客戶達成交易和短期交易。

I just received, and we received great information all the time, but a study of kind of US and their allies, and the drivers for nuclear and kind of expectations on gigawatts they expect to see like I'm looking at this now, people expect about demand for 100 gigawatts of nuclear by 2040, at least among America and our allies. In the Euro area, probably about 40 gig in UK and Scandi, probably about 16 gigs.

我剛剛收到，我們一直收到大量信息，但這是有關美國及其盟友的研究，以及核能的驅動因素和他們對千兆瓦的預期，就像我現在看到的一樣，人們預計到 2040 年對核能的需求將達到 100 千兆瓦，至少在美國和我們的盟友中是這樣。在歐元區，大概是 40 千兆，在英國和斯堪的納維亞，大概是 16 千兆。

And just for the reasons that John mentioned, like reducing vulnerability, creating alternate energy supply, making liquid fuels and hydrogen, for example, for the EU from EU sources, higher liability for power. All these ideas that just makes -- if we go to China and other parts of the world, you have very significant numbers there as well, but we tend to focus on the US and our allies here.

正如約翰所提到的原因，例如降低脆弱性、創造替代能源供應、為歐盟生產液體燃料和氫氣，以及提高電力責任。所有這些想法都表明——如果我們去中國和世界其他地區，你也會發現那裡也有非常可觀的數字，但我們傾向於關注美國和我們的盟友。

Yeah, for those who have been following us, it was only three, four years ago, we had customers asking for four module plants, six module plants. What we're hearing today, the more the better. It's 12 module plus. So it's an interesting -- again, a lot of it is because the hyperscalers, data centers and the energy requirements. But even outside this country, we're seeing request for a minimum of 12 module plants, which has been a shift over the last, I'd say, two to three years.

是的，對於那些一直關注我們的人來說，就在三、四年前，我們有客戶要求建造四個模組工廠、六個模組工廠。我們今天聽到的消息越多越好。它有 12 個模組以上。所以這很有趣——再次強調，這很大程度上是因為超大規模、資料中心和能源需求。但即使在這個國家以外，我們也看到了至少 12 個模組工廠的需求，我想這是過去兩到三年來的轉變。

Marc Bianchi, TD Cowen.

馬克·比安奇 (Marc Bianchi)，TD Cowen。

Yeah. John, I heard you comment on -- in reference to the RoPower project that they would be -- I think you said looking at FID later in '26 or early '27. If I recall that, that's a little bit later than we previously talked about. Can you talk about what's going on there? And when we should be kind of expecting the cost estimate and Phase 2 fee to wrap up?

是的。約翰，我聽到你評論說——關於 RoPower 項目，他們將會——我想你說過他們會在 26 年末或 27 年初考慮 FID。如果我記得的話，那比我們之前談論的要晚一點。你能談談那裡發生了什麼事嗎？我們應該什麼時候預期成本估算和第二階段費用結束？

Yeah. We're about a cost Class IV estimate right now with Fluor. So we've recently been informed that they're pushing it out a little bit and they're going to have a phased approach for a final investment decision. But we've been told their final notice to proceed is probably looking towards the latter part of '26 that we continue to move forward under the direction of Fluor, providing the engineering deliverables that they and the customers are requesting. So that's not all I know right now, Marc, in terms of what we've been told by the customer themselves. But they're still very bullish on the project. It's just timing.

是的。目前，我們與 Fluor 公司的估算成本為 IV 級。因此，我們最近獲悉，他們正在稍微推遲這項計劃，並將分階段做出最終投資決定。但我們被告知，他們最終的繼續通知可能是在 26 年下半年，我們將繼續在 Fluor 的指導下前進，提供他們和客戶所要求的工程交付成果。馬克，就客戶自己告訴我們的情況而言，這些並不是我現在所知道的全部。但他們仍然非常看好這個項目。這只是時間問題。

Operator, are we complete?

操作員，我們完成了嗎？

My apologies, we're here. We do have a final call, a final question from Brian Lee with Goldman Sachs.

抱歉，我們到了。我們還有一個最後的決定，來自高盛的 Brian Lee 的最後一個問題。

Apologies, I jumped on late, so some of this may be redundant, but I caught the last tail of the question right before me. Could you provide us an update kind of on RoPower timing and kind of what the milestones are. I thought that was one where originally, you guys are maybe targeting as early as end of calendar '25 to see something kind of up there, but can you give us the latest on where RoPower stands? And then I had a follow-up.

抱歉，我反應遲鈍了，所以其中一些內容可能有些冗餘，但我抓住了問題的最後一個細節。您能否向我們提供有關 RoPower 時間表和里程碑的最新資訊？我認為你們最初的目標是在 2025 年底看到一些進展，但你能告訴我們 RoPower 的最新情況嗎？然後我進行了後續跟進。

Yeah, certainly. We just commented earlier that we are a subcontractor Fluor Corporation as a prime. The customer, we've been working with them on a regular steady state basis that we've been told that their final investment decision is a phased approach. However, final determination to proceed with the project is probably looking to be '26, later part of '26 is what we've been informed. That could change, but that's what we're working towards.

是的，當然。我們剛剛評論說，我們是福陸公司的主要分包商。我們一直與客戶保持定期穩定合作，我們被告知他們的最終投資決定是分階段進行的。然而，最終決定繼續進行該專案可能要到 26 年，據我們所知是 26 年下半年。這可能會改變，但這正是我們努力的方向。

Okay. Fair enough. And so presumably -- and I think you guys have been public about targeting maybe a US-based customer being your first to move forward sometime by the end of this year. Is that still kind of the target? And what are the latest discussions you're having with some of your key constituents on the US customer side of things?

好的。很公平。因此，我想你們可能已經公開表示，今年年底前，美國客戶將成為你們的首要目標。這還是我們的目標嗎？您與美國客戶方面的一些關鍵成員最近進行了哪些討論？

And then maybe if I could just squeeze one last one in, the Trump executive orders, obviously, we've all gone through those. It seems like there's some action happening behind the scenes, things kind of moving forward. solicitations, et cetera. Could you kind of give us a bit of an update as to where your visibility stands around some of the executive orders and maybe where NuScale is to be positioned to potentially see some benefits from those moving forward?

然後，如果我能再擠進最後一個，那就是川普的行政命令，顯然，我們都經歷過這些。看起來幕後正在發生一些行動，事情正在向前發展，例如招攬等等。您能否向我們介紹一下您對某些行政命令的了解程度，以及 NuScale 的定位，以便從這些命令的推進中獲得一些好處？

Yeah. For us, on executive orders, from an NRC perspective, as we commented earlier, we did get our 77 power upgrade license. So much of what we're working with the NRC today is the construction operations license agreement. And we're hopeful that through the executive orders, that process will streamline and we can get -- we can obviously construct earlier. But from an operating perspective, we could hopefully streamline that and get in the ground quicker.

是的。對我們來說，根據行政命令，從 NRC 的角度來看，正如我們之前評論的那樣，我們確實獲得了 77 個電力升級許可證。我們今天與 NRC 合作的大部分內容是建築運營許可協議。我們希望透過行政命令簡化這項流程，這樣我們就可以——顯然我們可以更早地進行建造。但從營運角度來看，我們希望能夠簡化這項流程並更快地投入營運。

As it relates to customers, we're getting inundated now. We're focused, as I said, with our resources working with our developer partner ENTRA1 on two or three major customers that -- and we're still forecasting having what I call hard contracts in place by the end of this year 2025. And those are all US-based customers.

由於牽涉到客戶，我們現在正忙得不可開交。正如我所說，我們的資源專注於與開發合作夥伴 ENTRA1 合作，服務兩三個主要客戶——我們仍然預測到 2025 年底將達成所謂的硬合約。這些都是美國客戶。

And ladies and gentlemen, that will conclude our Q&A session here for today. I would like to turn it back to Mr. Hopkins for any closing comments.

女士們、先生們，今天的問答環節就到這裡。我想把話題轉回霍普金斯先生，請他發表最後的評論。

Yeah. Thank you, operator. Again, NuScale continues to make strides towards deploying our technology. And as I commented earlier, with strong tailwinds at our back, we believe we are well-positioned to meet increasing global energy demands with safe, reliable and sustainable energy. And right now, as I stated again, those tailwinds appear to be pretty strong moving forward. So I'd like to thank all of you for your interest in NuScale and for joining us on this call today until next time. Thanks.

是的。謝謝您，接線生。再次，NuScale 繼續在部署我們的技術方面取得進展。正如我之前所說，在強勁的順風支持下，我們相信我們有能力以安全、可靠和可持續的能源滿足日益增長的全球能源需求。而現在，正如我再次指出的那樣，這些順風似乎正在向前發展，而且相當強勁。因此，我要感謝大家對 NuScale 的關注，並感謝大家今天參加我們的電話會議，直到下次再見。謝謝。