Nuscale Power Corp (SMR) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to NuScale's third-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. The web replay will be available for 30 days following the earnings call.

下午好，歡迎參加 NuScale 2025 年第三季財報業績電話會議。今天的通話將會被錄音。今天電話會議的錄音回放將在 NuScale 的投資者關係網站上提供和存取。財報電話會議結束後，網路重播將保留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.

此時此刻，我謹將電話轉交給投資人關係高級總監羅德尼‧麥克馬漢，請他致開幕詞。請繼續。

Thank you, operator. Welcome to NuScale's third-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.

謝謝接線生。歡迎參加 NuScale 2025 年第三季財報電話會議。今天與我們在一起的是總裁兼首席執行官約翰·霍普金斯；以及首席財務官拉姆齊·哈馬迪。在今天的電話會議上，我們將提供公司業務的最新進展，並討論我們的季度財務表現。接下來我們將開通電話諮詢專線。

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 this 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 contribute to differences in our expectations in our annual report on Form 10-K for the year ended December 31, 2024, and our quarterly reports on Form 10-Q and our 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。如投影片 2 中的安全港聲明所示，本次簡報中闡述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含前瞻性陳述，這些陳述反映了我們目前對現有趨勢的看法，並受到各種風險和不確定性的影響。您可以在我們的 2024 年 12 月 31 日止年度的 10-K 表格年度報告、10-Q 表格季度報告以及我們隨後向美國證券交易委員會提交的文件中找到有關我們風險因素的討論，這些風險因素可能會導致我們的預期與實際情況有所不同。

I'll now turn the call over to John Hopkins, NuScale's President and Chief Executive Officer.

現在我將把電話交給 NuScale 的總裁兼執行長約翰霍普金斯。

Thank you, Rodney, and good afternoon, everyone. NuScale continues to be ahead of the competition as we remain the first and only small module reactor technology provider to obtain design approval from the US Nuclear Regulatory Commission, or NRC, making our technology ready for commercial deployment. The pipeline of potential offtakers for power generated by NuScale's technology is stronger than ever, and we believe we are nearing the realization of a commitment to deliver NuScale Power Modules at scale.

謝謝你，羅德尼，大家下午好。NuScale 繼續保持領先地位，因為我們仍然是第一個也是唯一一個獲得美國核管理委員會 (NRC) 設計批准的小型模組反應器技術供應商，這使得我們的技術可以進行商業部署。NuScale 技術所發電的潛在承購商管道比以往任何時候都更加強大，我們相信我們即將實現大規模交付 NuScale 電力模組的承諾。

Now turning to slide 3, we list NuScale's third-quarter highlights, which we'll discuss in more detail in a moment. They included the recent Tennessee Valley Authority, or TVA and ENTRA1 Energy announcement on the deployment of up to 6 gigawatts of new nuclear capacity using NuScale technology, to continue work on Fluor's Phase II front-end engineering design or FEED study for the RoPower Doicesti power plant and the critical strengthening of our cash position as we enter this vital stage of commercialization. We are excited about the significant momentum we have continued to build this quarter.

現在來看第 3 張投影片，我們列出了 NuScale 第三季的亮點，我們稍後會詳細討論。其中包括田納西河谷管理局 (TVA) 和 ENTRA1 Energy 最近宣布將使用 NuScale 技術部署高達 6 吉瓦的新核電容量，繼續開展 Fluor 公司為 RoPower Doicesti 發電廠進行的第二階段前端工程設計 (FEED) 研究，以及在我們進入商業化這一關鍵階段之際，我們現金狀況的顯著改善。我們對本季持續保持的強勁成長勢頭感到非常興奮。

Turning to slide 4. In September, our global strategic partner, ENTRA1 announced a landmark agreement with TVA to deploy new nuclear generation capacity powered by NuScale's SMR technology. This project marks the largest SMR deployment program in the US history. It contemplates capacity of 6 gigawatts, which represents a total deployment of approximately 72 NuScale Power Modules and up to six ENTRA1 Energy plants in the TVA territory, which covers all of Tennessee, portions of Alabama, Mississippi, Kentucky, Georgia, North Carolina, and Virginia.

翻到第4張投影片。9 月，我們的全球戰略合作夥伴 ENTRA1 宣布與 TVA 達成一項里程碑式的協議，部署由 NuScale 的 SMR 技術驅動的新核電產能。該計畫是美國史上規模最大的小型模組化反應器部署計畫。該計畫預計裝置容量為 6 吉瓦，這意味著將在田納西河谷管理局 (TVA) 轄區內部署約 72 個 NuScale 電力模組和多達 6 座 ENTRA1 能源工廠。 TVA 轄區涵蓋田納西州全境以及阿拉巴馬州、密西西比州、肯塔基州、喬治亞州、北卡羅來納州和維吉尼亞州的部分地區。

To put it in perspective, there is enough electricity to power the equivalent of the entire Dallas-Fort Worth metropolitan area. NuScale is excited to support the development of new nuclear generation capacity in the US in partnership with ENTRA1 and TVA. Additionally, just last week, the White House announced it will mobilize up to $550 billion in public and private sector investment to expand critical energy infrastructure and strengthening supply chains under the newly signed US-Japan framework agreement.

換句話說，這裡的電力足以滿足整個達拉斯-沃斯堡大都會區的用電需求。NuScale 很高興能與 ENTRA1 和 TVA 合作，支持美國新的核能產能發展。此外，就在上週，白宮宣布將調動高達 5,500 億美元的公共和私營部門投資，以根據新簽署的美日框架協議擴大關鍵能源基礎設施並加強供應鏈。

As part of this initiative, ENTRA1 is positioned to receive up to $25 billion in investment capital to develop a fleet of power plants utilizing baseload energy sources, the only developer that was included in this framework. The program will serve fast-growing energy demand for AI data centers, advanced manufacturing and national defense, while creating thousands of high-quality American jobs and reinforcing US energy independence. We anticipate the first ENTRA1 Energy plant to deliver power to TVA as early as 2030, with additional plants phased in as demand grows.

作為該計畫的一部分，ENTRA1 預計將獲得高達 250 億美元的投資資金，用於開發利用基荷能源的發電廠群，ENTRA1 是該框架中唯一開發商。該計劃將滿足人工智慧資料中心、先進製造業和國防領域快速增長的能源需求，同時創造數千個高品質的美國就業崗位，並增強美國的能源獨立性。我們預計第一座 ENTRA1 能源電廠最快將於 2030 年向田納西河谷管理局 (TVA) 供電，隨著需求的成長，其他電廠將分階段投入使用。

Before moving on, I want to take a moment to further highlight our relationship with ENTRA1. For over three years, we have been working with ENTRA1 on the deployment of our SMR technology. And with this historic TVA announcement, as well as the US-Japan framework agreement. Our commercialization strategy is starting to resonate.

在繼續之前，我想花一點時間進一步強調我們與ENTRA1的關係。三年來，我們一直與 ENTRA1 合作部署我們的 SMR 技術。隨著田納西河谷管理局 (TVA) 的這項歷史性聲明，以及美日框架協議的達成。我們的商業化策略開始產生效果。

This is a pivotal time for the nuclear sector, driven by favorable regulatory policy and increasing power demand, as that demand for reliable, always on in carbon-free power grows, we believe our partnership with ENTRA1 enables offtakers to benefit from nuclear power without taking on pant ownership or operational risk. We believe that benefit, combined with our supply chain readiness and being the only company with NRC-approved SMR designs in modules currently in production uniquely positions NuScale to meet this important moment.

在有利的監管政策和不斷增長的電力需求的推動下，核能產業正處於關鍵時期。隨著對可靠、持續的無碳電力需求的成長，我們相信，我們與 ENTRA1 的合作能夠使購電方受益於核電，而無需承擔電力所有權或營運風險。我們相信，這一優勢，加上我們供應鏈的準備就緒，以及作為目前唯一一家擁有經美國核管理委員會批准的小型模組化反應器設計模組並投入生產的公司，使 NuScale 能夠以獨特的優勢迎接這一重要時刻。

In conjunction with the TVA and ENTRA1 announcement, we entered into a partnership milestone agreement or PMA with ENTRA1 to accelerate the commercialization of our SMR technology as outlined in slide 5. Under this agreement, NuScale will provide milestone-based payments to ENTRA1 as projects advance through key stages as outlined here.

配合 TVA 和 ENTRA1 的公告，我們與 ENTRA1 簽訂了合作里程碑協議 (PMA)，以加速我們的 SMR 技術的商業化，如幻燈片 5 中所述。根據該協議，NuScale 將根據專案進度，按里程碑向 ENTRA1 支付款項，具體階段如下所述。

As it relates to the PMA, Milestone one was met on September 2, 2025, when the agreement was announced. Ramsey will discuss this milestone later in the call, but I want to take a moment to explain a little bit more about the milestone payment structure. These payments reflect project costs that NuScale would typically incur later in the process, such as development, project management and other services. By accelerating these payments, we are helping ENTRA1 reach key milestones more quickly, unlocking financing and speeding up construction. We believe this upfront commitment secures NuScale's technology as the foundation for the largest planned SMR program in US history with a marquee energy offtaker in the form of TVA.

就 PMA 而言，第一個里程碑於 2025 年 9 月 2 日達成，當時該協議正式宣布。拉姆齊稍後將在電話會議中討論這一里程碑，但我想花點時間更詳細地解釋里程碑付款結構。這些款項反映了 NuScale 通常在專案後期產生的專案成本，例如開發、專案管理和其他服務。透過加快這些付款，我們正在幫助 ENTRA1 更快達到關鍵里程碑，從而獲得融資並加快建造。我們相信，這項前期承諾將確保 NuScale 的技術成為美國歷史上規模最大的小型模組化反應器 (SMR) 項目的基礎，而該項目將由田納西河谷管理局 (TVA) 這樣一家知名的能源承購商承購。

As we lay out slide 6, establishment of PMA was a strategic decision to catalyze commercialization, motivate our supply chain to invest, facilitate multiple projects and accelerate the deployment of NuScale's technology. Looking ahead, this model is designed to be repeatable and scalable. We will discuss specifics in a moment, but it's important to note that our PMA with ENTRA1 is a template for additional projects, both in the US and globally. And since the TVA and ENTRA1 announcement, we collectively have seen a strong uptick in interest from other potential offtakers who want to deploy SMR solutions as well as from our supply chain partners eager to support the commercialization of our technology.

正如我們在投影片 6 中所述，PMA 的成立是一項策略決策，旨在促進商業化，激勵我們的供應鏈進行投資，推動多個項目，並加速 NuScale 技術的部署。展望未來，該模型的設計目標是可重複使用且可擴展。我們稍後會討論具體細節，但需要指出的是，我們與 ENTRA1 的 PMA 是一個模板，可用於在美國和全球範圍內開展其他項目。自從 TVA 和 ENTRA1 宣布以來，我們看到其他潛在的承購者對部署 SMR 解決方案的興趣大幅提升，我們的供應鏈合作夥伴也渴望支持我們技術的商業化。

Turning to slide 7. With the 77-megawatt uprate now successfully approved by the NRC, our regulatory license affair team has shifted its focus to the combined operating license application, or COLA, management process to ensure the effective commercial development and deployment of NuScale's SMR technology at multiple intern power plants. For background, the COLA builds on the NRC approval NuScale already has, that is submitted by the customer, includes site-specific information. It is an integral step in bringing full-scale commercial nuclear power plants that will provide safe, scalable, reliable, and carbon-free power to market.

翻到第7張投影片。隨著 77 兆瓦的升級成功獲得美國核能管理委員會 (NRC) 的批准，我們的監管許可事務團隊已將重點轉移到聯合運作許可證申請 (COLA) 管理流程，以確保 NuScale 的 SMR 技術在多個內部發電廠得到有效的商業開發和部署。作為背景，COLA 是在 NuScale 已獲得的 NRC 批准的基礎上製定的，該批准由客戶提交，其中包括特定地點的資訊。這是將提供安全、可擴展、可靠且無碳電力的全規模商業核電廠推向市場的重要一步。

We believe no company is more familiar with the licensing process for SMR technology than NuScale. Not only do we have an in-depth technical knowledge of SMR plants but we have over 10 years' experience successfully navigating regulatory licensing processes and proven pre-application NRC engagement strategies. We believe this expertise makes NuScale uniquely qualified to lead COLA development, and we are eager to take this next step towards deployment.

我們認為，沒有任何一家公司比 NuScale 更熟悉 SMR 技術的授權流程。我們不僅對小型模組化反應器 (SMR) 工廠擁有深入的技術知識，而且在成功應對監管許可流程方面擁有超過 10 年的經驗，並擁有成熟的申請前美國核管理委員會 (NRC) 溝通策略。我們相信，憑藉這些專業知識，NuScale 完全有資格領導 COLA 開發，我們渴望邁出部署的下一步。

Moving to slide 8. NuScale continues to work with Fluor to support RoPower's goal of developing and employing the first SMR power plant in Romania at Doicesti, the site of a decommissioned coal-fired power plant. While the coal plant itself is now entirely removed, supporting infrastructure such as roads, switchyard, and grid connection remain intact for repurposing as RoPower works towards deploying nuclear capacity.

切換到第8張投影片。NuScale 繼續與 Fluor 合作，支持 RoPower 在羅馬尼亞多伊切什蒂（Doicesti，一座已退役的燃煤電廠所在地）開發和使用該國第一座小型模組化反應器 (SMR) 發電廠的目標。雖然燃煤電廠本身已被完全拆除，但道路、開關站和電網連接等配套基礎設施仍然完好無損，以便在 RoPower 努力部署核能產能時進行改造利用。

The project continues to generate revenue and positive cash flow for NuScale in connection with the Fluor led FEED 2 study. As this critical work on the RoPower project continues, we're also working with Fluor to obtain their input for a final investment decision expected in late 2026 or early 2027.

該計畫與 Fluor 主導的 FEED 2 研究相關，持續為 NuScale 帶來收入和正現金流。隨著 RoPower 專案的關鍵工作繼續進行，我們也在與 Fluor 合作，以獲得他們的意見，從而做出最終的投資決定，預計將在 2026 年底或 2027 年初做出。

Before I hand it over to Ramsey, I want to take a minute to comment on the market tailwinds we see for NuScale. We all know the challenges and the opportunities facing the US and global energy system. Demand for reliable, always-on electricity is increasing. And the key sectors of the US economy is driving it, industries like data centers, AI, advanced manufacturing, and critical infrastructure along with the broader electrification trend.

在將發言權交給拉姆齊之前，我想花點時間談談我們看到的 NuScale 所面臨的市場利好因素。我們都知道美國和全球能源系統面臨的挑戰和機會。對可靠、不間斷供電的需求正在增加。美國經濟的關鍵部門正在推動這一趨勢，例如資料中心、人工智慧、先進製造業和關鍵基礎設施等行業，以及更廣泛的電氣化趨勢。

These sectors are expanding at a pace we have not seen before and may require power that simply cannot go offline. And NuScale is uniquely positioned to provide the power these industries seek by being the only technology approved to provide behind-the-meter power.

這些產業正以前所未有的速度擴張，可能需要絕對無法斷電的電力。NuScale 憑藉其獨特的優勢，能夠為這些行業提供所需的電力，因為它是唯一獲得批准提供表後電力的技術。

At the same time, the US is focused on strengthening its energy independence, ensuring grid stability and supporting economic growth in regions that are attracting new investment in high-value jobs. Utilities and industry leaders are looking for solutions to deliver on reliability, scale and long-term value. We believe NuScale SMRs can deliver on these needs. The project involving NuScale, ENTRA1 and TVA demonstrates this.

同時，美國正致力於加強能源獨立性，確保電網穩定，並支持那些吸引高價值就業新投資的地區的經濟成長。公用事業公司和行業領導者正在尋求能夠實現可靠性、規模和長期價值的解決方案。我們相信 NuScale 小型模組化反應器可以滿足這些需求。NuScale、ENTRA1 和 TVA 參與的計畫證明了這一點。

And that is why it is so significant, not just for our company but for the entire nuclear community. And NuScale as the leader in this space cannot be better positioned to meet other off-takers needs both in the US and around the world.

正因如此，它不僅對我們公司，而且對整個核能界都意義重大。身為該領域的領導者，NuScale 擁有得天獨厚的優勢，能夠滿足美國乃至世界各地其他承購商的需求。

Now over to Ramsey for the financial update.

現在請拉姆齊為大家帶來最新的財務狀況。

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. NuScale's overall liquidity has increased to $753.8 million at September 30, 2025, versus $489.9 million at June 30, 2025. This increase was driven by the sale, 13.2 million NuScale Class A shares through an at-the-market program during the third quarter, which generated $475.2 million in gross proceeds.

謝謝你，約翰，大家好。我們的財務業績已在提交的文件中公佈。因此，我的重點將放在解釋主要項目上，這些項目可以在第 9 張投影片上找到。截至 2025 年 9 月 30 日，NuScale 的整體流動性已增至 7.538 億美元，而截至 2025 年 6 月 30 日為 4.899 億美元。這一成長主要得益於第三季透過市場交易計畫出售了 1,320 萬股 NuScale A 類股票，共獲得 4.752 億美元的總收益。

Partially offsetting this increase was $128.5 million payment in relation to the PMA milestone triggered by the recent landmark agreement announced by TVA and ENTRA1. NuScale reported revenue of $8.2 million for the quarter ended September 30, 2025, compared to $0.5 million during the same period in the prior year. This increase was primarily driven by fees received for services we have provided for during the quarter in support of the RoPower project.

部分抵消這一增長的是與 PMA 里程碑相關的 1.285 億美元付款，該里程碑是由 TVA 和 ENTRA1 最近宣布的里程碑式協議觸發的。NuScale公佈截至2025年9月30日的季度營收為820萬美元，而去年同期營收為50萬美元。這一成長主要是由於我們在本季為支援 RoPower 專案而提供的服務所收取的費用所致。

I will conclude my remarks with a brief overview of our capitalization summary, as shown on slide 10 and an overview of the recent agreement between Fluor and NuScale, which allows a structured (inaudible) monetization of Fluor's investment in NuScale via open market transactions and subject to certain agreed-upon restrictions. Under the terms of the agreement, Fluor may convert all its NuScale Class B units into Class A common stock through a controlled program intended to preserve the fair value of NuScale's equity during the process. In exchange, Fluor has agreed to support NuScale's planned increase in its authorized share count, significantly reduce Fluor's economic rights under the tax receivables agreement and [weight in] certain claims discerned under its commercial agreements with NuScale.

最後，我將簡要概述我們的資本結構概要（如第 10 頁投影片所示），並概述 Fluor 和 NuScale 之間最近達成的協議。該協議允許 Fluor 透過公開市場交易，在遵守某些約定的限制的前提下，以結構化（聽不清楚）的方式將其在 NuScale 的投資變現。根據協議條款，Fluor 可以透過受控計劃將其所有 NuScale B 類股份轉換為 A 類普通股，該計劃旨在在此過程中保持 NuScale 股權的公允價值。作為交換，福陸同意支持 NuScale 計劃增加其授權股份數量，大幅減少福爾陸在稅收應收款協議下的經濟權利，並[考慮]根據其與 NuScale 的商業協議所認定的某些索賠。

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?

在此，我再次感謝各位今日的參與，也感謝各位一直以來對 NuScale 的支持。現在開始回答問題。操作員？

(Operator Instructions) Derek Soderberg, Cantor Fitzgerald.

（操作說明）Derek Soderberg，Cantor Fitzgerald。

This is Drew Nordquist on for Derek. I have two questions. First is regarding your supply chain. I saw that (inaudible) signed an agreement to deliver four Westinghouse AP1000s for a different company. I'm just wondering how that's going to impact your ability to secure supply?

這是德魯·諾德奎斯特代替德里克上場。我有兩個問題。首先是關於你們的供應鏈。我看到（聽不清楚）簽署了一份協議，為另一家公司交付四座西屋 AP1000。我只是想知道這會對你們的供貨能力產生什麼影響？

No. We've got -- our relationship with Doosan as we communicate almost every other day. The Doosan has come out and publicly stated they have the current capacity of producing 20 NuScale Power Modules per year and looking to expand that as needed. So they have a huge facility, so it's not just limited to NuScale, but we have -- the focus that they have on the NuScale modules is dedicated to NuScale.

不。我們與斗山的關係很好，我們幾乎隔天就會溝通。斗山公司已公開表示，他們目前每年可生產 20 個 NuScale 功率模組，並計劃根據需求擴大產能。所以他們擁有一個龐大的工廠，因此不僅限於 NuScale，而且——他們對 NuScale 模組的關注點是專門針對 NuScale 的。

And then you briefly mentioned the US and Japan agreement. Can you just go into a little bit further detail on that and how it affects you guys?

然後你簡要地提到了美日協議。可以再詳細說說這件事以及它對你們的影響嗎？

Sure. Look, I think what we can surmise from that which is an absolutely incredible achievement with ENTRA1 is that we were named, we're the sole group that was named. NuScale and ENTRA1 Energy was the sole group named under Power Development for AI.

當然。你看，我認為我們可以從ENTRA1取得的這項絕對不可思議的成就中推斷出，我們是唯一獲此殊榮的團隊。NuScale 和 ENTRA1 Energy 是人工智慧電力開發領域唯一被提及的集團。

And so yeah, I think this is really a historic time, the agreement between Japan and the US is extraordinary. It's really shown support from a long-standing strategic partner of NuScale. As you'll recall, we have great support from [JB, Chubu, JGC and IHI] and to be named specifically and solely in this one area, really shows that -- I think it's really a testament to the connectivity and importance of our technology, both to Japan as a manufacturing partner as well as potentially a customer into America and our stakes for clean power to drive AI. So this was the duress accomplishments really.

所以，我認為這確實是一個歷史性的時刻，日美兩國達成的協議非比尋常。這確實體現了 NuScale 長期策略夥伴的支持。如您所知，我們得到了[JB、中部、JGC和IHI]的大力支持，而能夠專門且僅在這一領域獲得表彰，確實表明了這一點——我認為這真正證明了我們技術的連通性和重要性，無論對於作為製造合作夥伴的日本，還是對於潛在的美國客戶，以及我們在清潔能源領域推動人工智能發展的重要性。所以這才是真正逆境中所取得的成就。

I think from a constant -- if I can say to ENTRA1 group. And look at the other names that were named here. (inaudible) [CE, Hewitt,] (inaudible), Westinghouse, name it, Toshiba, Hitachi, these are -- Mitsubishi even. These are the biggest names in technology, these are big names in power. And for us and ENTRA1 to be named inclusive in that group, it's really a sort of achievement. I'm glad you brought that up.

我認為從一個恆定的角度來看——如果我可以這麼說的話，是ENTRA1集團。再看看這裡提到的其他名字。 （聽不清楚）[CE，休伊特，]（聽不清楚），西屋電氣，等等，東芝，日立，這些－甚至還有三菱。這些都是科技界的巨頭，這些都是權力界的巨頭。對我們和ENTRA1來說，能夠被列入該組名單，確實是一項成就。很高興你提到了這一點。

Yeah, I'd like to add --

是的，我想補充一點--

Yeah. And just to reiterate -- I'd like to add and reiterate what was stated. I mean ENTRA1 was the only developer mentioned. And ENTRA1, they're looking to develop a fleet of power plants utilizing baseload energy sources. And so the program will serve for fast-growing demand for AI data centers, as Ramsey alluded to, but also national defense and manufacturing. So we were quite excited about being mentioned in that group of companies.

是的。我再重申一下——我想補充並重申剛才所說的內容。我的意思是，ENTRA1 是唯一被提及的開發商。而 ENTRA1，他們正尋求開發利用基荷能源的發電廠群。因此，正如拉姆齊所暗示的那樣，該計劃將服務於快速增長的人工智慧資料中心需求，同時也將服務於國防和製造業。所以，我們非常高興能被列入這些公司名單中。

I'm going to further add one other point. I think as people -- a lot of people would ask early on who's ENTRA1, where the capacities, what they -- and I think this past quarter, both with this agreement with Japan as well as the announcement in relation to TVA that control -- will be asked about we'll speak about later in this call. I think we've shown the markets.

我還要補充一點。我認為，很多人會很早就問ENTRA1是誰，產能在哪裡，他們是什麼——我認為上個季度，無論是與日本達成的協議，還是與TVA相關的控制權公告——都會被問到，我們將在本次電話會議的稍後部分討論這個問題。我認為我們已經向市場證明了這一點。

We've shown everyone just how far this combination of ENTRA1 and NuScale can take us. And so this is, again, like -- I think the details are still emerging of this, but really just an accomplishment, we're super proud and we're grateful to including in this.

我們已經向大家展示了ENTRA1和NuScale的結合能帶我們走多遠。所以，這就像——我認為細節還在逐漸明朗，但這確實是一項成就，我們為此感到無比自豪和感激。

Eric Stine, Craig-Hallum.

艾瑞克‧斯泰恩，克雷格-哈勒姆。

Can we just start with the TVA setup you've got? I mean, just to be clear, because I've taken some questions, and it's clear that some people are a bit confused by it, but we should view this as this is a very critical step towards getting to your goal, which is a firm agreement by the end of 2025. This isn't necessarily that step, but it is a great indicator that you've kind of got all of the pieces in place, and now it's about getting that PPA signed. Is that right?

我們能先從你現有的 TVA 設定開始嗎？我的意思是，為了說清楚，因為我收到了一些問題，很明顯有些人對此感到有些困惑，但我們應該把這看作是朝著你們的目標邁出的關鍵一步，你們的目標就是在 2025 年底之前達成一項正式協議。這不一定是關鍵的一步，但這是一個很好的跡象，表明你已經把所有條件都具備了，現在就差簽署購電協議了。是這樣嗎？

Yeah, that's correct. I mean -- I'm sorry, go ahead, Ramsey.

是的，沒錯。我的意思是——對不起，拉姆齊，請繼續。

No, go ahead, please.

不，請繼續。

No, no. I mean, this just didn't happen overnight. It was a long-term almost a year between TVA and ENTRA1 coming to terms of the term sheet. And to your point, what we're excited about for NuScale, this represents 72 potential modules and multiple sites with ENTRA1. So we are excited about it.

不，不。我的意思是，這並非一朝一夕就能發生的事。TVA 和 ENTRA1 花了將近一年的時間才終於敲定條款清單。正如您所說，我們對 NuScale 感到興奮的是，這代表著 72 個潛在模組和多個配備 ENTRA1 的網站。我們對此感到非常興奮。

And TVA also being a government entity, although they're -- they operate like a private or a public company, having the government's stature behind it, I think it's going to be a good thing. So ENTRA1 is already in the process right now to hopefully finalizing these PPAs. And then these things becomes very real.

雖然田納西河谷管理局（TVA）是一家政府實體，但它的運作方式卻像一家私人或上市公司，因為有政府的支持，我認為這將是一件好事。所以 ENTRA1 目前已經在進行相關工作，希望能最終敲定這些購電協議。然後，這些事情就變得非常真實了。

I don't know if Clayton's on the phone. Clayton, who's our Chief Commercial Officer, who's been intimate and working through this process. Are you on Clayton?

我不知道克萊頓是不是在打電話。克萊頓是我們的首席商務官，他全程參與並參與了整個過程。你在克萊頓嗎？

Yeah, John. I'm on. Thanks. And yeah, this is something that, as John stated, we've been working for quite some time and it's an exciting opportunity. And like ENTRA1 is getting ready to move this forward, and we'll be prepared to support the path and bring this to fruition.

是的，約翰。我上線了。謝謝。是的，正如約翰所說，我們已經為此努力了很長時間，這是一個令人興奮的機會。就像 ENTRA1 準備好推進這項工作一樣，我們將做好準備支持這項工作並使其最終實現。

Got it very exciting, no doubt. So we'll stay tuned on that. And then maybe just on the agreement that you announced today with Fluor, just on the monetization. In there, you talk about waiving certain -- I'm trying to look -- waiving certain claims related to commitments.

確實非常令人興奮，毫無疑問。我們會繼續關注此事。然後，也許就你今天與 Fluor 宣布的協議而言，只是關於獲利模式的協議。在那裡，你談到放棄某些——我正在努力尋找——放棄與承諾相關的某些索賠。

Can you just talk -- I mean, does that change at all or signal something on Fluor's commitment? Is it unchanged? Or is that maybe opening it up that you can work with Fluor and you can work with others.

您能說說嗎——我的意思是，這是否會改變什麼，或者表明福陸公司的承諾有何不同？是否未更改？或者說，這可能意味著你可以與 Fluor 合作，也可以與其他公司合作。

I'm going to take your question and use (inaudible) to talk more broadly about the agreement. So I think it just came out, and I think it requires some clarity here. Like take up two ideas. The first is there's a natural maturation of NuScale.

我將以你的問題為切入點，利用（聽不清楚）更廣泛地談談這項協議。所以我覺得這件事剛剛發生，需要澄清一下。例如同時接受兩種想法。首先，NuScale 的發展是一個自然成熟的過程。

Essentially, we're a technology company. We don't develop projects. ENTRA1 is a project developer, they're exclusive commercial partners, our strategic partner, and Fluor is an EPC company.

本質上，我們是一家科技公司。我們不開發項目。ENTRA1 是一家專案開發商，是我們的獨家商業合作夥伴和策略合作夥伴，而 Fluor 是一家 EPC 公司。

I think strategically, for an EPC companies to have such a heavy investment to your tech company, it may not align fully with the EPC company shareholders. And is the actual maturation Fluor's investments. They've been investing for a very long time. NuScale has grown significantly at some point. I think we're north of 80% or 90% of the market cap, I believe.

我認為從策略角度來看，對於一家EPC公司來說，向你的科技公司進行如此巨額的投資，可能與EPC公司股東的利益並不完全一致。而這正是福陸公司投資的實際成熟期。他們已經投資很久了。NuScale在某個時期實現了顯著成長。我認為我們已經超過了市值的 80% 或 90%。

And look, we're all market savvy here. Like we understand that different investors have different objectives. NuScale investors have seen like a 15 times return since our lows over the past two years. Amazing. An EPC investor doesn't necessarily look for that sort of risk-return profile.

你看，我們這裡的人都很懂市場。我們明白不同的投資者有不同的投資目標。過去兩年，NuScale 的投資者自股價低點以來已獲得約 15 倍的回報。驚人的。EPC投資者未必會追求那種風險回報比。

So I think it's natural for Fluor just to see a maturity of their investment. That'll also support -- not breaking the relationship. We made content with Fluor, they're still -- we still provide engineering work to Fluor still sits on the Board. ENTRA1 still has had decades of experience with Fluor. So we just -- we designed a framework where we will change to monetize in like a very deliberate, very early manner.

所以我認為，福陸公司認為他們的投資已經成熟，這是很自然的事。那樣也能起到促進關係發展的作用，而不是破壞關係。我們與 Fluor 合作製作內容，他們仍然——我們仍然為 Fluor 提供工程服務，他們仍然是董事會成員。ENTRA1 在氟化物領域仍然擁有數十年的經驗。所以我們設計了一個框架，我們將以非常審慎、非常早期的方式進行商業轉型。

We're working together the program structure to have the impact. Even Fluor is a shareholder. So we expect Fluor has decided as well as we have to have the more impact on the market.

我們正在共同努力建立專案結構，以產生影響。就連福陸公司也是股東之一。因此，我們預期福陸公司也做出了同樣的決定，希望對市場產生更大的影響。

And then the idea of like the reduction of economic rights is value delivered to our shareholders because there are economic rights under the B units and Fluor has agreed to give some of those up. So that's a win for us. And it certainly explains commercial agreements with NuScale. I think it just -- it will lease of certain obligations of NuScale in relation to some EPC work.

然後，減少經濟權利的想法，就是為我們的股東創造價值，因為B類股份項下有經濟權利，而福陸公司已經同意放棄其中的一些權利。所以這對我們來說是一場勝利。這當然可以解釋與 NuScale 達成的商業協議。我認為它只是——它將租賃 NuScale 在某些 EPC 工作方面的某些義務。

But again, as we've evolved, we're not really developing projects. So it's just a logical outcome of this.

但話說回來，隨著我們的發展，我們實際上並沒有開發出專案。所以這只是由此產生的合乎邏輯的結果。

Leanne Hayden, Canaccord Genuity.

Leanne Hayden，Canaccord Genuity。

Just want to follow up on the ENTRA1 TVA agreement, discussed prior, what you view as the gating factors to ENTRA1 site evaluation or construction permit, NRC application?

我想就之前討論過的ENTRA1 TVA協議進行後續跟進，您認為ENTRA1選址評估或施工許可、NRC申請的關鍵因素是什麼？

Well, I think one of the -- yeah, John, I think one of the benefits of working with ENTRA1 and TVA is they clearly have a number of sites that have gone through previous preparation approvals and early site permits. So that falls in well with the strategy of focusing on Tier 1 sites to move forward. So I think the valuations that I've seen and participated with ENTRA1 and TVA that we have a clear view on which sites make sense to progress. And the benefit is, is that TVA is well suited to support them.

嗯，我認為其中一個好處是——是的，約翰，我認為與 ENTRA1 和 TVA 合作的好處之一是，他們顯然有很多場地已經通過了之前的準備批准和早期場地許可。因此，這與我們專注於一級網站以推進發展的策略非常契合。因此，我認為根據我與 ENTRA1 和 TVA 一起看到的和參與的估值，我們對哪些地點值得推進有了清晰的看法。好處在於，田納西河谷管理局 (TVA) 非常適合為他們提供支援。

Okay. And to the extent that there are any limitations on your ability to raise incremental equity given the monetization agreement with Fluor, how do you anticipate needing ENTRA1 milestone payments?

好的。鑑於與 Fluor 的貨幣化協議，您在籌集額外股權​​方面的能力可能受到任何限制，您預計如何需要 ENTRA1 里程碑付款？

This is Ramsey. Look, I think as we demonstrated even during the quarter, we were able to raise a fair amount of cash from the markets, a sensible amount of cash, I should say. And in the quarter at over $750 million worth of cash. The restrictions that we put in terms of our ability to raise funds are in line with our budgeting and they're in line with our objectives to support shareholders and ensure that there's not selling pressure in the market that is acceptive or that distort market pricing.

這是拉姆齊。你看，我認為正如我們在本季所展示的那樣，我們能夠從市場籌集到相當數量的現金，應該說，是一筆合理的現金。本季現金餘額超過 7.5 億美元。我們在籌集資金方面所施加的限制符合我們的預算，也符合我們支持股東的目標，確保市場不會出現可接受的拋售壓力或扭曲市場定價。

So we've taken a very careful consideration of what the milestone payments are when we anticipate to receive them -- or to pay them, pardon me. And are funding liquidity needs. There's been a lot of work that goes in behind that.

因此，我們非常仔細地考慮了里程碑付款的預計收到時間（或者，抱歉，是支付時間）。並為流動性需求提供資金。這背後付出了很多努力。

Joseph Osha, Guggenheim Partners.

Joseph Osha，古根漢合夥公司。

I was wondering if we could return to ENTRA1 a little bit. Obviously, (inaudible) very well-connected guys and some taking there. But I'm trying to understand, has ENTRA1 ever built or owned or operated anything?

我想知道我們是否可以稍微回到ENTRA1。顯然，（聽不清楚）人脈很廣的人，而且有些人還在那裡拿東西。但我想了解的是，ENTRA1 是否曾經建造、擁有或經營過任何東西？

And if they haven't, I guess, where are the boots on the ground there come from because it looks, all respect due to these guys, they are very well connected. There are pictures of them with Trump and so forth. But I'm trying to understand where the actual operational capabilities and history of ENTRA1 are.

如果他們還沒有，我想，那麼那些實地部署的人員是從哪裡來的呢？因為看起來，儘管我對這些人表示尊重，但他們的關係網非常強大。有他們與川普等人的合照。但我正在努力了解ENTRA1的實際作戰能力和歷史。

Yeah, I can start. They're an independent global energy company, and they have -- to your point, over 45 years as a Bush group, years of experience, delivering large-scale energy and infrastructure projects worldwide. In fact, part of the due diligence we went into the program was looking at their extensive knowledge of building coal-fired plants, combined cycle plants.

好的，我可以開始了。他們是一家獨立的全球能源公司，正如你所說，作為布希集團的一員，他們擁有超過 45 年的經驗，在全球範圍內交付了大規模的能源和基礎設施項目。事實上，我們對該計畫進行盡職調查的一部分內容就是考察他們在建造燃煤電廠、聯合循環電廠方面的豐富知識。

So they've had a lot of -- it's not -- it's a family name that is not well known in an industry, but they've had significant experience in building these plants globally. And you've been working pretty closely with them, Clayton and part of -- you're part of that due diligence process, do you have anything else to add?

所以他們有很多——這不是——這是一個在業內並不知名的家族姓氏，但他們在全球範圍內建造這些工廠方面擁有豐富的經驗。克萊頓，你一直與他們密切合作，並參與了盡職調查過程，你還有什麼要補充的嗎？

I mean, they've built a lot of plants. They've also done a lot of large-scale infrastructure projects globally. They have the ability to ramp up and bring in significant partners. Their relationships are far and wide, not just from a political perspective nor on the financial side. They're certainly tied in the infrastructure companies and they had [Kojentrics] one time, prior to them divesting it.

我的意思是，他們建了很多工廠。他們還在全球範圍內開展了許多大型基礎設施項目。他們有能力擴大規模並引入重要的合作夥伴。他們的關係非常廣泛，不僅體現在政治層面，也體現在經濟層面。他們肯定與基礎設施公司有聯繫，而且他們曾經擁有過 Kojentrics，後來才將其剝離。

So they have a lot of experience, in my opinion, as far as building infrastructure and ramping. So they've done a lot of diligence on the technical side and on the construction side, and we're quite confident that they will be ready to promote these plants and moving forward.

所以在我看來，他們在基礎建設和坡道建設方面有很多經驗。因此，他們在技術方面和建設方面都做了很多盡職調查，我們非常有信心，他們將準備好推廣這些工廠並向前發展。

(multiple speakers) Can I follow up here? It sounds to me like you're talking about [Habboush] Group, which is fine. There's no information about any projects on ENTRA1, that ENTRA1 has done at all. And if it's Habboush Group, that's fine, that's a big company, and they've done a lot, and that's great.

（多位發言者）我可以在這裡繼續提問嗎？聽起來你指的是[Habboush]集團，這沒問題。關於ENTRA1的任何項目，沒有任何資訊表明ENTRA1做過任何項目。如果是哈布希集團，那也很好，那是一家大公司，他們做了很多事情，這很棒。

Are you telling me that ENTRA1 has built and operated projects? And I guess it's still what because there's no information about any of them on their website.

你是說ENTRA1已經建造並經營過專案？我猜情況仍然如此，因為他們的網站上沒有任何關於他們的資訊。

Got it. Let me -- if I may. Yeah, so we are talking about the principles of ENTRA1. That have (multiple speakers) ENTRA1 is really set up (inaudible) for the purpose ENTRA, energy transition. That was the focus of the company.

知道了。讓我——如果可以的話。是的，所以我們正在討論ENTRA1的原則。擁有（多個揚聲器）ENTRA1 實際上是為 ENTRA（能源轉型）目的而設置的（聽不見）。那是公司的工作重點。

And so I would shy away from the idea that ENTRA1 hasn't developed, for example, and that some are -- projects because nobody has. I'd shy away from the idea that ENTRA1 may not be able to build power plants because ENTRA1 doesn't pour concrete and they're not operating yellow trucks, right? ENTRA1 hiring the biggest EPC companies and construction companies with experience in energy and infrastructure do this work.

因此，我不太認同ENTRA1尚未發展，或者說有些項目是因為沒有人開發而停滯不前的觀點。我不太認同「ENTRA1 可能無法建造發電廠，因為 ENTRA1 不澆築混凝土，也不運營黃色卡車」這種說法，對吧？ENTRA1 聘請了在能源和基礎設施領域擁有豐富經驗的大型 EPC 公司和建築公司來完成這項工作。

They're a developer. It's not like they're out there building the power plants. But I think we just -- we need to pause for a second, separate what's the value ENTRA1 is and their ability to coordinate projects, to bring in partners, to get deals and the partners they bring in that can execute and have executed on power plants in the US and elsewhere. And that's really what we're talking about, guys.

他們是開發商。他們又不是在外面蓋發電廠。但我認為我們只需要停下來片刻，將 ENTRA1 的價值及其協調項目、引入合作夥伴、達成交易的能力，以及他們引入的能夠在美國和其他地方執行和已經執行過發電廠項目的合作夥伴區分開來。夥計們，這才是我們真正要討論的。

All right. We'll take this up further. Thank you. I appreciate the additional color.

好的。我們會進一步跟進此事。謝謝。我喜歡這些額外的色彩。

Soundarya Iyer, B. Riley Securities.

Soundarya Iyer，B. Riley Securities。

I'm asking on behalf of Ryan Pfingst. So my first part would be like what your confidence level that we see a binding agreement with TVA in the near term? And what has to be done for that to happen in the near term?

我代表 Ryan Pfingst 提出這個問題。所以我的第一個問題是，您對我們近期與田納西河谷管理局（TVA）達成具有約束力的協議有多大信心？那麼，為了在短期內實現這一目標，需要採取哪些措施呢？

And secondly, is TVA agreement is the main one that we are looking for as a firm order? Or is there a possibility that we could see some -- another agreement jumping in line?

其次，TVA協議是我們正在尋找的主要正式訂單嗎？或者我們有可能看到另一項協議插隊加入？

I'll let you handle this one.

這件事就交給你處理了。

I think there's limited information we can provide on the details of where they are contractually. But we're very confident that things will move forward in a timely manner, and we're excited about it. And also, in addition to what they've announced with TVA, their pipeline is fairly robust, and we anticipate to see some other things coming in the near-term future. And some of that is probably aligned with some of the reasons I mentioned earlier around the Japan deal.

我認為我們能提供的關於他們合約具體內容的資訊有限。但我們非常有信心事情會準時推進，對此我們感到非常興奮。此外，除了他們與田納西河谷管理局 (TVA) 宣布的項目之外，他們的項目儲備相當充足，我們預計在不久的將來還會看到一些其他項目推出。其中一些原因可能與我之前提到的關於日本協議的一些原因相符。

So we're confident that ENTRA1 will be moving forward with some other announcements. But regarding TVA, all we can really say is that they're trying to finalize their documents and agreements at this point.

因此，我們相信ENTRA1將會發布一些其他公告。但就田納西河谷管理局（TVA）而言，我們目前只能說他們正在努力敲定相關文件和協議。

(multiple speakers) It was -- a few weeks ago, we had a -- it was at the combined Nuclear Energy Institute, American Nuclear Society. There's about, I don't know 1,600 people there. We were on stage with the CEO of TVA, Don Moul, myself and the CEO of ENTRA1. And we've kind of walked through the process of TVA and the CEO of TVA was very bullish on wanting to get -- they're working with other companies, as you know.

（多人發言）那是──幾週前，我們──那是在美國核能研究所和美國核子學會的聯合會議上。那裡大概有，我不知道，1600人。當時我們和 TVA 的執行長 Don Moul、我以及 ENTRA1 的執行長一起在台上。我們已經大致了解了 TVA 的流程，TVA 的執行長非常樂觀地表示，他們正在與其他公司合作，正如你所知。

Bottom line, we're still the nearest term and there's a company that's near-term deployable. And we can -- and in fact, we are the only company that can do behind-the-meter. We've gone through the NRC process. So if you want to expedite and if this administration wants to move quickly, it's with NuScale.

總之，我們仍然是最近的選擇，而且有一家公司可以在近期內部署。而且我們能夠做到——事實上，我們是唯一一家能夠進行表後計量的公司。我們已經完成了美國核子管理委員會（NRC）的審批流程。所以，如果你想加快進度，而本屆政府也想快速推進，那就選擇 NuScale。

Got it. No. Just to follow up on the financing question asked earlier. So once you hit the Milestone 2, could you give some color on your revenues to finance these payments, especially as they become greater in size, I think it's 35%?

知道了。不。我來補充一下之前提出的融資問題。那麼，一旦達到里程碑 2，您能否詳細說明您的收入情況，以便為這些付款提供資金，特別是當付款金額越來越大時，我認為是 35%？

Yeah. Look, we have a number of avenues to finance the payments. We have cash on hand. We have capital markets activities. And it is our expectation that we'll have revenue per activity.

是的。你看，我們有很多途徑可以為這些款項籌集資金。我們手頭上有現金。我們進行資本市場活動。我們預計每次活動都會有收入。

And so I don't think we're very concerned about the ability to finance this. I think for us, it's more the idea -- look -- our idea is in how we finance the partnership milestone agreement, that I think we can see a way to and people who follow us, who understand their movements in the market, who see our to raise funds, understand that.

所以我覺得我們不太擔心資金籌措能力的問題。我認為對我們來說，更重要的是理念——你看——我們的想法在於如何為合作里程碑協議提供資金，我認為我們可以看到一種方法，關注我們的人，了解他們在市場上的動向的人，看到我們籌集資金的方式，都能理解這一點。

I think the important part of the partnership milestone agreement is that this is a catalyst. The money that we're investing here as a catalyst to commercialization. This is pushing projects forward. And so how we fund the PMA payments, well, it depends how many SMRs are in the PMA, it's 12 it's 24. The maximum within that bucket before this moves to OEM, is 24.

我認為合作里程碑協議的重要意義在於它起到了催化劑的作用。我們在這裡投入的資金旨在促進商業化。這將推動項目向前發展。那麼，我們該如何為 PMA 付款提供資金呢？這取決於 PMA 中有多少 SMR，是 12 個還是 24 個。在移至 OEM 之前，該桶內的最大值為 24。

Can we fund the 24? Yes, we can absolutely fund. We can fund them from our balance sheet today, if we wanted to.

我們能為這24人提供資金嗎？是的，我們完全可以資助。如果我們願意，我們現在就可以從資產負債表中為他們提供資金。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Could you please help provide some clarity on how many of those 6 gigawatts under TVA are likely to reach a binding milestone under your partnership agreement? And what are the expected timing and economics for NuScale? And then the second part to that is, have any payments being made today to recognize? And how do you envision recognizing revenue and cash from ENTRA1 milestones across 2026 to 2028.

請問田納西河谷管理局 (TVA) 管理的 6 吉瓦計畫中，有多少可能根據你們的合作協議達到具有約束力的里程碑？NuScale的預期時間和經濟效益如何？其次，今天是否有需要確認的款項支付？您設想如何確認 2026 年至 2028 年 ENTRA1 專案里程碑的收入和現金流量？

Clayton, do you want to take the first part of that, I'll take second.

克萊頓，你想做第一部分嗎？我做第二部分。

I didn't understand -- I didn't catch the very first part.

我沒聽懂──我完全沒聽懂第一部分。

How many of the six projects do we hope to achieve with TVA and what time frame. I think the answer would be all six. (inaudible) time frame maybe you can provide some insight into what do you think of the balance timeline?

我們希望與田納西河谷管理局 (TVA) 合作完成六個項目中的幾個，以及完成時間表。我認為答案是全部六個。 （聽不清楚）時間安排方面，您能否就平衡時間表提供一些見解？

I think as we mentioned earlier in the call that we're looking at timeline as soon as 2030 for COD on the first plant and then a follow-up thereafter. But yes, the intention is to fulfill the full 6 gigawatts.

我認為正如我們之前在電話會議中提到的，我們正在考慮第一座工廠最早於 2030 年實現商業化運營，然後在此之後進行後續跟進。是的，目標是實現全部 6 吉瓦的裝置容量。

Yeah. And don't forget, we've already got 12 modules under production for the first plant, which is hopeful by the end of the decade, will it be COD, as Clayton said, that each of these plans or 12 module plants, which ultimately represents 72 modules to -- for our suppliers and us to bring to these sites. So right now, where our focus is to get the first one in the ground and running.

是的。別忘了，我們已經為第一家工廠生產了 12 個模組，希望到本十年末，正如克萊頓所說，這些計劃或 12 個模組工廠，最終將為我們的供應商和我們自己提供 72 個模組，並運送到這些工廠。所以現在，我們的重點是讓第一個專案開工並投入營運。

And then ENTRA1 is working on what that model layout is, and that's -- they'll reveal that to us at the appropriate time.

然後 ENTRA1 正在研究該模型的佈局，他們會在適當的時候向我們公佈。

Yeah. In terms of our accounting treatment, I think a precise explanation of how we have accounted for the first set of payments, so stage one of the PMA agreement, it's included in our 10-Q under our accounting policy, and there's more details about the PMA. And I think that's better for you to refer there. I will say that the expense as it shows up as an expense in our income statement.

是的。就我們的會計處理而言，我認為對我們如何對第一筆款項（即 PMA 協議的第一階段）進行會計處理的精確解釋，已包含在我們的 10-Q 表格的會計政策中，並且有關於 PMA 的更多詳細信息。我認為你最好參考那裡的資訊。我要說明的是，這筆費用在我們的損益表中是以費用的形式反映出來的。

PMA payment two, TBD. I think our preference obviously is to capitalize (inaudible), but that's TBD. We'll figure out where we get to the PPA and what several looks like we term what the appropriate account is.

PMA付款二，待定。我認為我們顯然更傾向於將（聽不清楚）大寫，但這還有待確定。我們會弄清楚如何才能達到 PPA 的標準，以及我們認為合適的帳戶應該是什麼樣子。

I think on the third stage of the milestone payments, OEM. I think we're fairly certain there of our ability to capitalize those expenses, which will then be deducted from future revenues. But again, I would refer you to the Q to just take a look at our accounting policies, how we've analyzed the first PMA payments.

我認為在里程碑付款的第三階段，OEM。我認為我們相當有信心將這些支出資本化，然後從未來的收入中扣除。不過，我還是建議您參考 Q 部分，看看我們的會計政策，以及我們是如何分析第一筆 PMA 付款的。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

I know a lot of questions around this ENTRA1, TVA so apologies in advance because I have a few more. So the agreement here is targeting 6 gigawatts. And it looks like based on the first milestone payment you made this quarter, you're targeting the full 6 gigawatts. As you mentioned during part of the call, TVA is looking at other options across the nuclear technology spectrum. I won't name the names, but it's been in the press.

我知道大家對ENTRA1和TVA有很多疑問，所以先提前道個歉，因為我還有一些問題。所以這項協議的目標是6吉瓦。根據您本季支付的第一筆里程碑款項來看，您似乎打算完成全部 6 吉瓦的裝置容量。正如您在通話中提到的，田納西河谷管理局 (TVA) 正在研究核子技術領域的其他選擇。我不會透露具體姓名，但這件事已經上報媒體了。

And so if TVA decided rather than doing 6 gigawatts, they want to do -- just throw a number out there, 1.5 gigawatts, 1 gigawatt with NuScale. Do you get that money back from ENTRA1? Or does it roll over to another development? Like you're paying basically 4, 6 gigawatts on a nonbinding basis, but what happens if they never take that to fruition and get to PPA on the full 6 gigawatts?

因此，如果 TVA 決定不做 6 吉瓦，而是──隨便舉個例子，1.5 吉瓦，或用 NuScale 做 1 吉瓦。你能從ENTRA1那裡拿回這筆錢嗎？或者它會延續到另一個發展階段？就像你基本上是在以非約束性方式支付 4、6 吉瓦的費用，但如果他們最終沒有達成全部 6 吉瓦的購電協議 (PPA) 會發生什麼事呢？

Yeah, Brian, it's a great question. And so the payments would roll into the next project that those term sheets not materialize into a PPA agreement. So we -- it's not like it's money out the door (inaudible), that may has stayed in the system.

是的，布萊恩，這是一個很好的問題。因此，如果這些條款清單最終沒有轉化為購電協議，那麼這些款項就​​會滾入下一個項目。所以－－這並不是說錢就這樣流出來了（聽不清楚），而是可能留在了系統裡。

And I think another important concept here is that once we start the machine and once you have continued movement from term sheet to PPA to OEM, as we expect, as we commercialize as we scale up. you'll start to see those payments kind of rolling through, and they'll become -- they'll almost become self-funding through projects because that's really what it is, Brian. This is -- it's like we develop technology. We manufacture an SMR. ENTRA1 is a wholesale distribution partner, and they place those SMR into projects.

我認為這裡另一個重要的概念是，一旦我們啟動這個項目，並且正如我們預期的那樣，隨著我們實現商業化和規模化，從意向書到購電協議再到原始設備製造商（OEM）的整個流程不斷推進，你就會看到這些款項開始陸續到賬，它們幾乎會通過項目實現自籌資金，因為這才是它的本質，布萊恩。這就像我們開發技術一樣。我們生產小型模組化反應器（SMR）。ENTRA1 是一家批發分銷合作夥伴，他們將這些小型模組化反應器 (SMR) 部署到各個專案中。

And so these PMA payments, these are all just baked into the business plans, baked into the economics, really, this is a question of timing for us rather than a question of like absolute financial impact.

因此，這些 PMA 付款，這些都已納入商業計劃，納入經濟考量，對我們來說，這只是時間問題，而不是絕對的財務影響問題。

So by forwarding the timing of some of those payments, forwarding that central line, that allows them to commercialize faster, allows us to catalyze like this kind of this progress, this great momentum that we have. And ultimately -- and we say this firmly, we think this is the best interest of shareholders to push this forward.

因此，透過提前支付部分款項，提前支付中心款項，使他們能夠更快地實現商業化，使我們能夠催化這種進步，推動我們取得這種巨大的發展勢頭。最後——我們可以堅定地說——我們認為推進此事符合股東的最佳利益。

Yeah. Understood. That makes sense. Second question I had was just Ramsey and Clayton, I think you guys have spent a lot of time on this call sort of talking about ENTRA1 and articulating why that's the right partner, the right approach to go to market? And then also on the financial terms, lots of commentary around how the payments work and having the funding in place to be able to satisfy the milestone payments all the way through PPA.

是的。明白了。這很有道理。我的第二個問題是拉姆齊和克萊頓，我想你們在這次電話會議上花了很多時間討論ENTRA1，並闡述為什麼它是合適的合作夥伴，是進入市場的正確方法？此外，在財務方面，也有很多評論討論了付款方式以及如何籌集資金以按時支付購電協議 (PPA) 期間的里程碑款項。

I guess the big question that we all have on our mind is when does NuScale get paid from ENTRA1? And I would presume it's at PPA, but if you get to PPA on the 6 gigawatts based on, again, you said it's in the Q, there's over $3 billion of payments you will have paid to ENTRA1 over the course of all these milestone payments to get to PPA.

我想我們所有人都在關心的問題是：NuScale 何時才能從 ENTRA1 收到款項？我估計是在 PPA 階段，但如果你按照你說的在季度中的方式，就 6 吉瓦的電力達成 PPA，那麼在所有這些里程碑付款過程中，你將向 ENTRA1 支付超過 30 億美元的款項才能達成 PPA。

So my simple question would be when you get to PPA and you get into an equipment agreement with them, do they -- do you anticipate you'll get $3 billion on day one to pay that money back? Or is that a ratable sort of revenue rec over multiple years where you still don't accrue $3 billion plus that you spent with ENTRA1 until year, pick a number, T plus, I don't know.

所以我的問題很簡單，當你和他們簽訂購電協議 (PPA) 並達成設備協議時，你是否預期在第一天就能收到 30 億美元來償還這筆錢？或者說，這是一種分多年計算的可分配收入，直到某一年（隨便舉個例子，比如 T 加年，我不知道）你才能夠收回你在 ENTRA1 上花費的 30 億美元以上。

But just can you give us a sense -- I understand the milestone payments, that's specified in very clear detail. How are you guys going to monetize this? And what's the timeline for at least recapturing the $3 billion plus you would have paid to ENTRA1 by that point in time?

但您能否給我們一個大致的了解——我理解里程碑付款，這方面有非常明確的規定。你們打算如何獲利？那麼，到那時，您至少需要多久才能收回您支付給 ENTRA1 的 30 億美元？

Yeah, Brian, I'll give you a partial answer, and then maybe Clayton can hop in as well. I think the example of getting 6 gigawatts worth of SMR orders immediately or within a very short period of time, aspirational, incredible probably not likely outcome, even just given supply chain and constrain our ability to deliver SMRs.

好的，布萊恩，我會先給你部分答案，然後克萊頓也許也能參與其中。我認為，立即或在很短的時間內獲得 6 吉瓦的 SMR 訂單的例子，雖然令人嚮往，但不太可能實現，即使考慮到供應鏈和我們交付 SMR 的能力的限制。

It's not to say that we don't expect to get every single one of those and we hope to, that's not going to happen all at once. When we talk about the PMA payments, I think that we can discern between some of the early-stage PMA payments, like the term sheet and OEM -- excuse me, term sheet on PPA versus the OEM payment. I think on the OEM payment, that will be a net cash positive for NuScale because as money is out in relation to an OEM contract that we receive, -- the final stage of that PMA in relation to an SMR, we also received money for production.

這並不是說我們不期望得到每一個這樣的訂單，我們也希望得到每一個，但這不會一次全部實現。當我們談到 PMA 付款時，我認為我們可以區分一些早期 PMA 付款，例如 PPA 的條款清單和 OEM 付款——抱歉，是 PPA 的條款清單與 OEM 付款。我認為，就 OEM 付款而言，這對 NuScale 來說將是淨現金正收益，因為隨著我們收到的 OEM 合約款項的支出（與 SMR 相關的 PMA 的最後階段），我們也收到了生產款項。

So I would kind of cut in half what they anticipate the actual cash out because we can really net we anticipate getting a third also payment. So just to say, yes, like when you look at an overall scale, like do we pay out $3 billion if we're going to be an order for -- probably not because we do think that there's gearing effect on the third payment. And we think that, well, the orders will come in stages, Brian. As I said, once that engine starts running, once we start moving projects through the pipeline (inaudible) the pipeline, those PMA payments will become self-funding.

所以我會把他們預計實際到帳金額減半，因為我們預計還能收到第三筆款項。所以，我想說的是，是的，就像從整體規模來看，如果我們要接到訂單，是否要支付 30 億美元——可能不會，因為我們認為第三筆付款會有槓桿效應。我們認為，訂單會分階段下達，布萊恩。正如我所說，一旦這個引擎開始運轉，一旦我們開始推動專案通過管道（聽不清楚）管道，這些 PMA 付款將實現自籌資金。

Okay. Understood --

好的。明白了--

Is that fair for you?

你覺得這樣公平嗎？

Yeah. No. I mean we're all searching for more details, but we'll take some of this offline.

是的。不。我的意思是，我們都在尋找更多細節，但有些事情我們會私下討論。

Marc Bianchi, TD Cowen.

馬克·比安奇，TD Cowen。

I guess you kind of talked about this earlier and then mentioned it in the conversation just now with Brian, like the first projects that move towards this next milestone of a PPA, it wouldn't be the full 72, but maybe it's 12 or 24 modules and first part is maybe just correct me if I'm understanding that incorrectly.

我想你之前好像談過這件事，然後剛才和布萊恩的談話中也提到了，就像第一個項目朝著 PPA 的下一個里程碑邁進，它不會是完整的 72 個模組，但可能是 12 或 24 個模組，第一部分可能是……如果我理解有誤，請糾正我。

And then the real question is, how do you -- or how does ENTRA1 anticipate entering into a firm PPA agreement with TVA if the cost might be a bit of a moving target. How do they -- that's a kind of a classic challenge with all of these first-of-a-kind projects. So I'm just kind of curious how that's being addressed.

那麼真正的問題是，如果成本可能是一個不斷變化的目標，ENTRA1 如何預期與 TVA 達成確定的購電協議？他們是如何做到的——這對於所有這些開創性項目來說都是一個經典的挑戰。所以我很好奇這個問題是如何解決的。

Clayton, I'll let you or John take that one.

克萊頓，這題就交給你或約翰來做吧。

Well, I have to be -- I think we have to be cautious. I mean I can I think the discussions around the PPA and the cost structure or the pricing structure I think, is somewhat established. And I don't think they're going to get into a firm PPA unless that it resonates to allow them to move the project forward positively. So I don't think we can really go into details. But that's really not a part that would be of concern to me.

嗯，我覺得我們必須謹慎。我的意思是，我認為圍繞購電協議 (PPA) 和成本結構或定價結構的討論已經基本確定了。我認為，除非購電協議能夠積極推動專案向前發展，否則他們不會簽署正式的購電協議。所以我覺得我們不能深入討論細節。但這部分內容對我來說真的無關緊要。

Clayton, does that mean that there needs to be a long series of front-end engineering work to kind of clearly identify that cost to give certainty and comfort to TVA as an off-taker and to ENTRA1 who would be presumably taking the risk if there is a cost overrun?

克萊頓，這是否意味著需要進行一系列前期工程工作，以明確確定成本，從而讓作為承購方的田納西河谷管理局 (TVA) 和如果成本超支則可能承擔風險的 ENTRA1 感到安心和放心？

I think all of that is kind of factored into the final net number, on the cents per kilowatt. But I think, yeah, they're all contributory, but I think they've all been kind of identified from what I can understand.

我認為所有這些因素都已計入最終的淨成本，也就是每千瓦時的幾美分。但我認為，是的，它們都有影響，但據我所知，它們都已經被確定了。

Got you. Okay. And then the other one I have was just on RoPower. So still looking for end of '26, early '27 for an FID. Are there going to be any interim updates on that project as the FEED study progresses? Is there anything that we can look out for on the horizon that would be an intermediate update?

抓到你了。好的。我還有另一篇是關於 RoPower 的。所以，我們仍然期待在 2026 年底或 2027 年初獲得最終投資決定 (FID)。隨著FEED研究的進行，該計畫是否會有任何階段性更新？近期內是否有任何中期更新可以期待？

Yeah. We talked to RoPower, Marc, almost once a week. In fact, I was just talking with the CEO of Nuclear Electric who RoPower comes under. So -- as you remember, we're a subcontractor to Fluor on this. We're doing a FEED Phase Two right now.

是的。我們幾乎每週都會和 RoPower 的 Marc 通話一次。事實上，我剛才還在和 RoPower 所屬的 Nuclear Electric 公司的執行長交談。所以——正如你所知，我們是 Fluor 公司的分包商。我們目前正在進行FEED第二階段的工作。

They're paying us. We got our licensing payment. They look at FTP, final notice to proceed towards end of 2026, 2027. So we'll definitely keep you updated as this project goes along quarter by quarter.

他們付錢給我們。我們收到了授權費。他們查看了 FTP，最終通知將在 2026 年底、2027 年底前執行。所以我們會隨著專案的進展，按季度及時向您報告最新情況。

Right. Okay --

正確的。好的--

But right now, to your point, I mean, we're not -- as I stated before, we're getting paid and it's been a good project. It's -- Romania is very aggressively trying to establish their own Central Eastern European manufacturing hub SMR. So we're hopeful they're successful. They have they have their own regulator. They were into the nuclear with (inaudible) reactors.

但是現在，正如你所說，我的意思是，我們——正如我之前所說，我們拿到了報酬，而且這是一個不錯的項目。羅馬尼亞正積極努力建立自己的中東歐小型模組化反應器（SMR）製造中心。所以我們希望他們能夠成功。他們有自己的監管機​​構。他們涉足核能領域，擁有（聽不清楚）反應爐。

So it's not that they run from here. It's hopefully, we're hoping to get the funding necessary to carry it on to the final phases of the projects.

所以他們並不是從這裡逃走。我們希望能夠獲得必要的資金，使專案能夠順利進入最後階段。

Yeah. Yeah. Okay. And just one more real quick to go back to the ENTRA1 arrangement and TVA, so the $500 million or $495 million that's going for this first milestone, you guys talked a little bit about it in the prepared remarks, I think, about sort of giving supply chain certainty and stuff. But that's a lot of dollars. Could you maybe go through a little bit more about what ENTRA1 is going to use that money for and kind of how it helps move the project forward.

是的。是的。好的。最後再快速地回到 ENTRA1 協議和 TVA，也就是用於第一個里程碑的 5 億美元或 4.95 億美元，你們在準備好的發言稿中也談到了這一點，我想，是為了給供應鏈帶來確定性等等。但那是一大筆錢。您能否再詳細介紹一下ENTRA1將如何使用這筆資金，以及它將如何幫助推進專案進度？

Sure. I can answer that. I think the short answer is that ENTRA1 pushes that money into project development. I don't have a source and uses to share, but we know that ENTRA1 has pushed forward with this term sheet. There's six projects to develop.

當然。我可以回答這個問題。我認為簡而言之，ENTRA1 將這筆資金投入到專案開發中。我沒有消息來源和用途可以分享，但我們知道 ENTRA1 已經推進了這份條款清單。有六個項目需要開發。

There are sites that have been named. There's early work to be done. So a lot of that just goes into catalyzing the commercialization of our technology. We thought -- yes, we say there -- and we're not saying there and kind of taking like taking like a (inaudible) to the spend, except that the spend is towards projects at stores development of our projects. And I think this is the most critical thing for NuScale is to forward these, right?

有些地點已被命名。前期工作還有很多要做。因此，很多工作都是為了促進我們技術的商業化。我們當時想——是的，我們說——我們並不是說要把錢花在（聽不清楚）上，只是說這筆錢是用於商店專案和我們專案的開發。我認為對 NuScale 來說，最關鍵的事情就是推進這些工作，對吧？

We know that ENTRA1 has done a lot of work here. They put a lot of effort into these projects, they continue to put a lot of effort. First dollars in are very difficult and very challenging to get. And this is supporting of the commercialization. I think that's -- you've developed more nuclear plants than I have. So you probably can articulate how worthy development looks like better than I can on this one.

我們知道ENTRA1在這裡做了很多工作。他們為這些項目投入了大量精力，而且他們還會繼續投入大量精力。獲得第一筆資金非常困難，極具挑戰性。這是對商業化的支持。我認為——你開發的核電廠比我多。所以，在這方面，你可能比我更能清楚地闡述什麼是有價值的發展。

I think you stated it well. I mean there's six projects up to six projects, and there's a lot of there's a lot of front-end work that needs to be done. So it's all catalyze and move this forward.

我覺得你表達得很好。我的意思是，目前有六個項目，而且有很多前端工作要完成。所以這一切都是為了促進和推動這件事向前發展。

Vikram Bagri, Citi.

Vikram Bagri，花旗集團。

I wanted to follow up with a few questions asked previously. Obviously, (inaudible) of the principals at ENTRA1 and they're standing in the industry, but the entity itself is new and appears that the entity does not have much in terms of assets as of yet. And as you're aware, nuclear deals are complex. So if, for any reason, this deal doesn't go forward or so to say, is this thing's [devil's advocate] this corporate maraging diverse, how do you protect your interest?

我想就之前提出的一些問題做個後續說明。顯然，ENTRA1 的負責人（聽不清楚）在業界享有盛譽，但該實體本身是新成立的，就目前而言，該實體似乎還沒有多少資產。如你所知，核能交易非常複雜。所以，如果因為任何原因，這筆交易未能進行，或者說，從這個角度來看，這家公司在多元化經營中如何保護自身利益？

The payment you're making is quite substantial, $500 million. Are there any safeguards in place to protect your interest if things don't go as planned. Is there anything in place to sort of like safeguard or protect that payment there?

你支付的金額相當可觀，高達 5 億美元。如果事情沒有照計畫進行，是否有任何保障措施來保護您的利益？是否有任何措施來保障或保護這筆款項？

Yeah. Look, I'll tell you -- yeah. Are there safeguards? Absolutely. The money that we put up now for the term sheets in relation to TVA were rolled to other term sheets for other projects so TVA somehow disappear.

是的。聽著，我告訴你——是的。是否有保障措施？絕對地。我們現在為與 TVA 相關的條款清單投入的資金被轉移到了其他項目的條款清單中，所以 TVA 就這樣消失了。

Right. But I still struggle, and I guess the market continues to struggle with this idea of who ENTRA1 is and what they've done, right? There was so much questioning about the ENTRA1 team about the principles of ENTRA1, the backing of ENTRA1. And now they come out and they signed a term sheet for 6 gigawatts, 5.5 gigawatts of power with TVA, with the US government, and we're still getting the same questions.

正確的。但我仍然感到困惑，我想市場也仍在努力理解ENTRA1是誰以及他們所做的事情，對吧？人們對 ENTRA1 團隊提出了許多關於 ENTRA1 的原則、ENTRA1 的支持等面向的問題。現在他們出來了，他們和田納西河谷管理局（TVA）以及美國政府簽署了一份6吉瓦、5.5吉瓦電力項目的條款清單，但我們仍然被問到同樣的問題。

And then they go and they secure with the Japanese, they secure a place and is tremendous that this landmark Japanese investment into the US. We were the sole group, TVA -- sorry, ENTRA1 and NuScale. We're the sole group that was named under this, right? There's one like -- number two, if you look at the joint fact sheet, number two, power development for AI, NuScale and ENTRA1.

然後他們去和日本人談判，確保了他們的利益，這筆具有里程碑意義的日本對美國的投資意義重大。我們是唯一的團隊，TVA－抱歉，是ENTRA1和NuScale。我們是唯一被列入名單的團體，對吧？有一個類似這樣的——第二點，如果你看聯合情況說明書，第二點是人工智慧的電力開發，NuScale 和 ENTRA1。

At what point, I'm asking our analyst group collectively. At what point do you stop doubting this partner? TVA, 6 gigawatts, the term sheets in a place with the Japanese government named for investment.

我正在向我們的分析師團隊集體詢問，具體時間點是什麼時候。你什麼時候才會不再懷疑你的伴侶？TVA，6吉瓦，投資意向書已提交至日本政府指定的投資地點。

Let's come back to reality guys. We picked a partner, we take an amazing partner. The partner has delivered and is delivering -- and yet we're still questioning what if, what if. We're committed to the partner. The partner has done a great job. I think we need to recognize that.

夥計們，咱們還是回到現實吧。我們挑選了一個合作夥伴，我們選擇的是一個非常棒的合作夥伴。合作夥伴已經交付並正在交付——然而我們仍然在質疑，如果…會怎樣。我們對合作夥伴充滿信心。合作夥伴做得非常出色。我認為我們需要認識到這一點。

Sure, obviously. I mean, I'm asking because it's just good core practice to protect your interest and put safeguards in place, but I get the point. The second question I have is I was wondering like you had -- you're targeting a deal by year-end. Does this deal with TVA meet that commitment to sort of like deliver by year-end? Or should we look out for something else?

當然，這還用說嗎。我的意思是，我這麼問是因為保護自身利益和採取保障措施是良好的核心做法，但我明白你的意思。我的第二個問題是，我跟你一樣想知道──你們的目標是在年底前達成交易。這項與田納西河谷管理局 (TVA) 的協議是否符合年底前交付的承諾？或者我們應該注意其他方面？

John, Clayton, I'll let you guys answer that.

約翰，克萊頓，這個問題就讓你們兩個來回答。

I didn't hear the part of the question. It was muffled.

我沒聽到問題的一部分。聲音很悶。

I was asking you were targeting a deal by year-end. The deal announcement with TVA meet that commitment? Or should we look out for another deal by year-end?

我問的是你們是否打算在年底前達成交易。與田納西河谷管理局（TVA）達成的協議是否符合這項承諾？或者我們應該期待在年底前達成另一筆交易？

Okay. So I think we're still looking at the construct of the deal when it gets signed and how that contributes to our classification of a dealer by the end of the year, and we're kind of working through that right now.

好的。所以我覺得我們仍在研究交易簽署後的具體條款，以及這些條款將如何影響我們年底對經銷商的分類，我們目前正在研究這個問題。

Moses Sutton, BNP Paribas.

摩西‧薩頓，法國巴黎銀行。

This is (inaudible) on for Moses. Within the PMA agreement, we see a 5% annual escalator on new milestone payments. And in our math, that increases the all-in payment per project from 600-kilowatt up to 1,200 kilowatt by 2040, while it may be premature to think that far out.

這是（聽不清楚）給摩西的。在 PMA 協議中，我們看到新的里程碑付款每年遞增 5%。根據我們的計算，到 2040 年，每個項目的總支付額將從 600 千瓦增加到 1200 千瓦，雖然現在考慮那麼遠可能還為時過早。

Can you confirm this escalator point? And how do you weigh against pricing your modules? Will you keep pricing stable near term to maybe incentivize module orders, or should we assume you increased ASPs in tandem with milestone payments?

請問您能確認一下這個扶梯站的位置嗎？那麼，您如何權衡模組定價呢？你們會在短期內保持價格穩定以刺激模組訂單嗎？還是我們應該認為你們會提高平均售價並配合里程碑付款？

I'll (inaudible) as well. Yeah, I think projecting out to 2040 is probably a bit of a long projection in relation to where we're selling modules for I think the escalation is the escalation is like it's an inflationary plus is the escalation. Where we see the cost of production of modules, I think would be the right question because it has relocated margins.

我也會（聽不清楚）。是的，我認為預測到 2040 年可能有點太長了，因為我們目前銷售模組的價格就是如此。我認為價格上漲就像是通貨膨脹加上價格上漲。我認為，我們應該關注模組的生產成本，因為這改變了利潤空間。

For us, we believe that the cost of production is going to go down as we go from first to a kind to producing in the case of TVA potentially up to 72 modules, but really much more. So we view this as kind of a very positive idea where we break down our costs while we have an escalator to our pricing. And we're always going to keep pricing in line with what is necessary to be commercially competitive in the market, but this is a great deal for NuScale, right?

我們相信，隨著我們從首創到生產，再到以 TVA 為例，可能生產多達 72 個模組（實際上可能更多），生產成本將會下降。所以我們認為這是一個非常積極的想法，即透過細分成本並採用階梯式定價機制來提高價格。我們始終會保持價格與市場競爭所需的水平一致，但這對 NuScale 來說絕對是一筆划算的交易，對吧？

We all know we've gone from first of a kind (inaudible) bring down production costs. Our manufacturing gets better, it gets more efficient. We optimize the supply chain. So I think that was a big win for us.

我們都知道，我們已經從首創（聽不清楚）到降低生產成本。我們的生產製造流程越來越好，效率越來越高。我們優化供應鏈。所以我認為這對我們來說是一場巨大的勝利。

And with no further questions in queue, I would like to turn the conference back over to John Hopkins for closing remarks.

由於沒有其他問題需要提問，我想把會議交還給約翰霍普金斯，請他作閉幕致詞。

Yeah. Thank you. I apologize, I'm losing my voice here. But a lot of good questions today, a lot of speculation of how this is going to get done. I think Ramsey made a good point. It just was an arbitrary that TVA picked ENTRA1, NuScale in the 6 gigawatt potential. It wasn't just hit or miss that in the Japanese framework, $25 billion was allocated for a developer that we're working with in our exclusive partner ENTRA1.

是的。謝謝。抱歉，我的嗓子快啞了。但今天有很多很好的問題，也有很多關於如何實現這一目標的猜測。我認為拉姆齊說得很有道理。TVA 選擇 ENTRA1 和 NuScale 參與 6 吉瓦的開發項目，這完全是任意的。在日本的框架下，250億美元被分配給了我們正在合作的獨家合作夥伴ENTRA1這家開發商，這並非偶然。

And again, we're excited about this not only for us. We're excited about the whole industry in general in terms of -- you see the market signals in what's happening, demand pull is there. So we're excited about it.

再次強調，我們為此感到興奮，不只是為了我們自己。我們對整個產業感到興奮——從市場訊號可以看出，需求拉動依然存在。所以我們對此感到很興奮。

This next quarter, hopefully, we'll have a lot more to report (inaudible) and I can tell you there's a lot of effort and work that's gone into where we are today. So we're excited about the future. We believe we have the right partners, the right model and collective expertise. And my team and I certainly believe that we're ready to deliver and continue to lead in this market.

希望下個季度我們能有更多消息要報告（聽不清楚），我可以告訴大家，我們今天的成就凝聚了很多努力和心血。所以我們對未來充滿期待。我們相信我們擁有合適的合作夥伴、合適的模式和集體的專業知識。我和我的團隊都堅信，我們已經做好準備，能夠繼續在這個市場中保持領先。

So I really would like to thank you all for participating today and until next time. Thank you very much.

所以，我衷心感謝大家今天的參與，下次再見。非常感謝。

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

今天的電話會議到此結束。您現在可以斷開連線了。謝謝。