Nuscale Power Corp (SMR) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to NuScale's fourth quarter and full-year 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 年第四季及全年業績電話會議。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. With us today are John Hawkins, NuScale's President and Chief Executive Officer; Ramsey Hamady, Chief Financial Officer; and Clay Scott, Chief Commercial Officer. We will begin by providing an update on our business.

謝謝接線生。今天與我們在一起的有 NuScale 的總裁兼首席執行官 John Hawkins；首席財務官 Ramsey Hamady；以及首席商務官 Clay Scott。我們將首先報告一下公司的最新情況。

Followed by a discussion of our financial results. We will then open the phone lines for questions. This afternoon, we posted 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.

接下來將討論我們的財務表現。接下來我們將開通電話諮詢專線。今天下午，我們在投資者關係網站上發布了補充幻燈片——正如幻燈片 2 中的安全港聲明所反映的那樣，演示文稿中闡述的信息，以及我們在發言和隨後的問答環節中討論的信息，都包含前瞻性陳述，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。

For a detailed discussion of our risk factors that could contribute to differences in our expectations, please refer to our Form 10-K for the year ended December 31, 2025, and our subsequent SEC filings.

有關可能導致我們預期與實際情況存在差異的風險因素的詳細討論，請參閱我們截至 2025 年 12 月 31 日止年度的 10-K 表格以及我們隨後向美國證券交易委員會提交的文件。

I'll now turn the call over to John Hawkins.

現在我將把電話交給約翰霍金斯。

Thank you, Rodney, and good afternoon, everyone. I'll start with some key highlights from 2025, a year marked by significant progress for NuScale. The US Nuclear Regulatory Commission, or NRC, approved our 77-megawatt electric standard design ahead of schedule, allowing us to support a wider range of off-takers and consumers seeking clean baseload energy. NuScale remains the only SMR technology to achieve in our speed design certification. And with 12 modules introduction, we retain our position as the industry's first mover.

謝謝你，羅德尼，大家下午好。我將首先介紹 2025 年的一些重點亮點，2025 年是 NuScale 取得重大進展的一年。美國核能管理委員會（NRC）提前批准了我們的 77 兆瓦電力標準設計，使我們能夠支援更廣泛的購電方和尋求清潔基荷能源的消費者。NuScale 仍然是唯一獲得我們速度設計認證的 SMR 技術。憑藉12個模組的推出，我們保持了行業先行者的地位。

Furthermore, our exclusive global commercialization partner, ENTRA1 Energy reached an agreement with the Tennessee Valley Authority, or TVA, to supply 6 gigawatts of power by deploying the largest nuclear power program in US history. In ENTRA1, we use NuScale SMR technology inside its power plants. Both are incredibly important milestones in our commercialization journey and gives us strong momentum going into 2026 to pioneer the SMR space as the only NRC certified SMR under in CFR Part 52 versus other technologies pursuing 10 CFR Part 50. We believe this approach provides new scale SMR power plants with a much different risk profile.

此外，我們的全球獨家商業化合作夥伴 ENTRA1 Energy 與田納西河谷管理局 (TVA) 達成協議，透過部署美國歷史上最大的核電項目，供應 6 吉瓦電力。在ENTRA1中，我們在電廠內部使用了NuScale SMR技術。這兩個里程碑都是我們商業化進程中極其重要的里程碑，使我們在 2026 年能夠以強勁的勢頭引領小型模組化反應器 (SMR) 領域，成為唯一一家根據 CFR 第 52 部分獲得美國核管理委員會 (NRC) 認證的 SMR 公司，而其他技術則遵循 10 CFR 第 50 部分的規定。我們認為這種方法可以為新型小型模組化反應器發電廠帶來截然不同的風險狀況。

Now turning to slide 3. We list the scale fourth quarter and recent highlights, which we will discuss in more detail in a moment. They include significant progress made by ENTRA1 and TVA on a power purchase agreement, or PPA, as well as the completion of our work on floor space two front-end engineering and sign or FEED 2 study for the proposed will Doicesti power plant in Romania. In the continued strain of our cash position to ensure new scale is well funded to pursue its activities.

現在請看第三張投影片。我們列出了第四季度的規模和近期亮點，稍後我們將詳細討論。其中包括 ENTRA1 和 TVA 在購電協議 (PPA) 方面取得的重大進展，以及我們完成了羅馬尼亞擬建的 Doicesti 發電廠的二期前端工程設計 (FEED 2) 研究工作。由於現金狀況持續緊張，我們無法確保新規模的企業獲得充足的資金來進行業務活動。

Turning to slide 4. In September of last year, TBA announced an agreement in connection with the purchase of power from ENTRA1 for 6 gigawatts, which would represent a total deployment of 72 new scale power modules or NPMs and six ENTRA1 Energy plans, providing power to support TVA seven-state service region.

翻到第4張投影片。去年 9 月，TBA 宣布與 ENTRA1 達成協議，購買 6 吉瓦電力，這將代表總共部署 72 個新的規模化電力模組或 NPM 和 6 個 ENTRA1 能源計劃，為 TVA 七個州的服務區域提供電力支援。

In the five to six months since the program was announced, we understand that ENTRA1 and TVA have advanced discussions, maintaining strong momentum in collaboration in their efforts. Our understanding is that the following recent steps have been taken to move the program forward.

自從該計劃宣布以來的五到六個月裡，我們了解到ENTRA1和TVA進行了深入的討論，並在合作方面保持了強勁的勢頭。據我們了解，最近已採取以下措施來推進該計劃。

First, ENTRA1 is assembled an infrastructure experienced team that includes design engineers, a construction contractor owners, engineers, investors and legal advisers. Second, on Project several major financial institutions are working with ENTRA1 in discussions are underway. And one major institution has already signed a multibillion dollar term sheet with ENTRA1.

首先，ENTRA1 組建了一支經驗豐富的基礎設施團隊，其中包括設計工程師、建築承包商業主、工程師、投資者和法律顧問。其次，關於該項目，幾家主要金融機構正在與 ENTRA1 進行討論。一家大型機構已經與 ENTRA1 簽署了一份價值數十億美元的條款清單。

Third, on the project execution side, site business has been conducted and site evaluations are underway by teams of qualified professional engineers and heavy infrastructure experienced individuals. Foresight identified that could each support into one plans powered by new scale SMR technology, with respect to the 6-gigawatt program. The prospective site for the first plant employed has been identified. Fifth, drafting of a definitive PPA is underway with robust engagement from legal teams and progress is being made on transaction documentation and structure.

第三，在專案執行方面，由合格的專業工程師和經驗豐富的重型基礎設施人員組成的團隊已經開展了現場業務和現場評估工作。遠見卓識表明，每個計劃都可以支持採用新型小型模組化反應器 (SMR) 技術的新規模計劃，以推進 6 吉瓦計劃。已確定首個工廠的擬建廠址。第五，最終購電協議的起草工作正在進行中，法律團隊積極參與，交易文件和結構方面也取得了進展。

Finally, please note that TVA announced the deal last September, and the new TVA Board was confirmed just this January. Considering all of this, we believe that significant progress has been made relative to time

最後請注意，TVA 於去年 9 月宣布了這項交易，而新的 TVA 董事會是在今年 1 月才獲得確認的。綜上所述，我們認為相對於時間而言，已經取得了顯著進展。

Separately, we'd like to touch on the US Japan investment initiative, which was discussed in our last earnings call. As noted in recent government announcements under the US Japan framework agreement, several American and Japanese companies were named as potential recipients of financing from Japan's groundbreaking commitment of $550 billion towards investments in the United States.

另外，我們想談談美日投資計劃，我們在上次財報電話會議上討論過該計劃。根據美日框架協議，近期政府公告指出，多家美國和日本公司被列為日本對美投資5,500億美元這項開創性承諾的潛在受益者。

Two points here. First, we understand and as publicly known, ENTRA1 Energy was one of the several companies named on the fact sheet, chosen by the Japanese government. It is the only American SMR power plant developer on the list. Others included engineering and construction firms, OEM companies, investment holding groups in industrial players.

這裡有兩點。首先，我們了解到，眾所周知，ENTRA1 Energy 是日本政府選定的情況說明書中列出的幾家公司之一。它是榜單上唯一一家美國小型模組化反應器（SMR）發電廠開發商。其他公司包括工程和建築公司、OEM公司、工業領域的投資控股集團。

Second, Japan has been NuScale's second largest investor since 2022. In their selection of interline would validate their continued interest to support new scale and our SMR deployment via interline energy power plants. While we are still on a subject of ENTRA1 Energy and in the spirit of being helpful to our listeners, I'd like to reiterate a few key points with respect to our ENTRA1 partnership.

其次，自 2022 年以來，日本一直是 NuScale 的第二大投資者。他們選擇聯運將證明他們持續有興趣支持新的規模以及我們透過聯運能源發電廠部署小型模組化反應器。既然我們還在討論 ENTRA1 Energy，並且本著幫助聽眾的精神，我想重申一下我們與 ENTRA1 合作的幾個關鍵點。

One, ENTRA1 is an American-owned in controlled development and investment platform that is focused on supporting the commercialization of next-generation base load energy technologies, which includes the new scale SMR technology; two, their mission is to support American and global energy security and economic growth by deploying baseload power infrastructure to generate power.

第一，ENTRA1 是一個美國擁有的受控開發和投資平台，專注於支援下一代基荷能源技術的商業化，其中包括新型小型模組化反應器 (SMR) 技術；第二，他們的使命是透過部署基荷電力基礎設施來發電，從而支持美國和全球的能源安全和經濟成長。

Three, the company has led by an American energy and technology investor and brings together experienced professionals with backgrounds in energy and infrastructure project management finance, development and asset management. Four, in our partnership, ENTRA1 as the project developer is responsible for financing, project development, and deal execution management to build the infrastructure, ENTRA1 line works with seasoned engineering and construction firms.

第三，該公司由一位美國能源和技術投資者領導，匯集了在能源和基礎設施專案管理、融資、開發和資產管理方面經驗豐富的專業人士。第四，在我們的合作關係中，ENTRA1 作為專案開發商負責融資、專案開發和交易執行管理，以建立基礎設施，ENTRA1 與經驗豐富的工程和建築公司合作。

Five, ENTRA1 was established to address a need for a strategic development and investor in a first-of-a-kind industry and to be the first mover to bridge the gap between financing and execution of such first-of-a-kind technologies. Sixth, over the course of several years, ENTRA1 conducted due diligence and analysis on the various near technologies that have been under research and development, and we believe they recognize the value creation opportunity that they could capture around the need of a strategic partner and investor to support nuclear SMR commercialization.

五、ENTRA1 的成立是為了滿足一個首創產業對策略發展和投資者的需求，並成為彌合此類首創技術融資與執行之間差距的先行者。第六，在幾年的時間裡，ENTRA1 對各種正在研發中的相關技術進行了盡職調查和分析，我們相信他們認識到，圍繞著需要戰略合作夥伴和投資者來支持核能小型模組化反應器商業化，他們可以抓住創造價值的機會。

Seven, NuScale was selected among several of the reactor technologies to analyze by ENTRA1, along with their financial institutional fines. ENTRA1 has professionals with backgrounds in project finance, investment management, engineering, construction management, legal and infrastructure development. The name work with specialized technical partners, contractors, engineering firms, financial institutions, and legal advisers for each project phase.

第七，NuScale 被選為 ENTRA1 分析的幾種反應器技術之一，同時也分析了金融機構的罰款。ENTRA1 擁有專案融資、投資管理、工程、施工管理、法律和基礎設施開發等方面的專業人員。該名稱與專業技術合作夥伴、承包商、工程公司、金融機構和法律顧問合作，共同完成每個專案階段的工作。

It is important to note that TVA and NuScale have had a relationship for almost a decade. And Japan has been an investor in NuScale since 2022. We view these as long-standing follow-on relationships now supporting our commercialization along with our strategic partner, ENTRA1 wide.

值得注意的是，TVA 和 NuScale 已經建立了近十年的合作關係。自 2022 年以來，日本一直是 NuScale 的投資者。我們認為這些是長期的後續關係，現在正與我們的策略夥伴 ENTRA1 一起支持我們的商業化。

NuScale has chosen to be a technology provider with our NRC-approved small log reactors. We chose to pursue an asset-light business model, relying on outsourcing responsibilities outside our scope to reliable third parties. Currently, Doicesti interbility is our primary manufacturing arm. We chose not to be a manufacturer of the reactors, nor are we the developer of power plant infrastructure that helps the reactor equipment. ENTRA1 is the development arm that helps NuScale commercialize its reactor technology by installing our SMR technology into equipment into their new power plant infrastructure assets.

NuScale 選擇成為技術供應商，提供經美國核能管理委員會 (NRC) 批准的小型對流反應器。我們選擇實行輕資產商業模式，將超出我們業務範圍的責任外包給可靠的第三方。目前，Doicesti Interbility 是我們的主要製造部門。我們選擇不成為反應爐的製造商，也不成為為反應器設備提供支援的電廠基礎設施的開發商。ENTRA1 是 NuScale 的開發部門，透過將我們的 SMR 技術安裝到其新電廠基礎設施資產的設備中，幫助 NuScale 實現反應器技術的商業化。

I'd like to remind everyone that the SMR space is a first of a kind within the US nice industry, and there are no commercially operating SMR power plants in the United States. All stakeholders and participants in the SMR space are pursuing a first-of-a-kind activity. ENTRA1 and NuScale work closely together to advance the of the NuScale SMRs in the United States and in global markets. Both teams work in an integrated fashion and in close collaboration while maintaining a common professional work environment.

我想提醒大家，SMR（小型模組化反應器）技術在美國能源產業尚屬首創，目前美國還沒有商業營運的SMR發電廠。SMR 領域的所有利害關係人和參與者都在進行一項史無前例的活動。ENTRA1 和 NuScale 密切合作，共同推動 NuScale 小型模組化反應器在美國和全球市場的發展。兩個團隊以一體化的方式密切合作，同時維持共同的專業工作環境。

In summary, we are very excited about the TVA ENTRA1 opportunity, which we hope will empower the local economy across TVA's Seventh State region, support the fast-growing energy demand for AI data centers, advanced manufacturing in national defense, all while creating thousands of high-quality American jobs, reinforced America's energy independence and strengthening our country's energy security.

總而言之，我們對 TVA ENTRA1 計畫的機會感到非常興奮，我們希望它能夠促進 TVA 第七州地區的當地經濟發展，支持人工智慧資料中心和國防先進製造業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，增強美國的能源獨立性，並加強我們國家的能源安全。

Moving to slide 5. Regarding Romania, by the end of 2025, NuScale completed FEED 2 Fluor Corporation to further RoPower's goal of developing and deploying their 6-module SMR power plant in Romania. In total, NuScale recognized $63.1 million in revenue from license fees and engineering work from the FEED 2 study over an 18-month period ending in December 2025.

切換到第5張投影片。關於羅馬尼亞，到 2025 年底，NuScale 完成了 Fluor Corporation 的 FEED 2 項目，以進一步推進 RoPower 在羅馬尼亞開發和部署其 6 模組 SMR 發電廠的目標。在截至 2025 年 12 月的 18 個月期間，NuScale 從 FEED 2 研究的許可費和工程工作中總共確認了 6,310 萬美元的收入。

Earlier in this slide, shareholders of Romania SN Nuclearelectric overwhelmingly voted in favor of progressing the RoPower project. We understand that this all allows the projects to see secured financial through further feasibility studies and site-specific design work and to advance the licensing and geotechnical work, finalize a pre-engineering procurement and construction, or EPC contract, and we get negotiated contracts for long lead items. Therefore, we anticipate that they will have pre-EPC activities began in the second quarter of this year. and have an estimated duration of up to 15 months and will include, among other things, the development of a Class 2 cost estimate. We look forward to continuing supporting floor on their or chest project.

在本投影片的前半部分，羅馬尼亞 SN 核電公司的股東以壓倒性多數投票贊成推進 RoPower 專案。我們理解，這一切使得專案能夠透過進一步的可行性研究和場地特定設計工作獲得資金保障，推進許可和岩土工程工作，最終確定預工程採購和施工（EPC）合同，並獲得長週期物料的談判合同。因此，我們預計他們將在今年第二季開始進行EPC前期活動，預計持續時間長達15個月，其中包括制定二級成本估算等工作。我們期待繼續支持他們的地板或箱子項目。

Turning to slide 6. You will find a list of our plant services broken out by pre and post commercial operations date. While the sale of APMs to ENTRA1 will make up the largest percentage of NuScale's future revenues, those revenues will be complemented by the many different plant services we offer. These plant-related services cover licensing, installation, commissioning in post COD services. We have already seen services generate revenue for NuScale from the RoPower project. And we expect that once the PPA between ENTRA1 and TVA is executed, we will begin generating service revenues related to those projects as well. Specifically from the combined operating license application, or cola process, plus services related to FEED work financial and power plants.

翻到第6張投影片。您將看到一份按商業營運前和營運後日期分類的工廠服務清單。雖然向 ENTRA1 出售 APM 將佔 NuScale 未來收入的最大比例，但我們提供的許多不同的工廠服務也將補充這些收入。這些與工廠相關的服務包括 COD 後服務的許可、安裝、調試等。我們已經看到 RoPower 專案為 NuScale 帶來了服務收入。我們預計，一旦 ENTRA1 和 TVA 之間的購電協議 (PPA) 執行完畢，我們將開始產生與這些項目相關的服務收入。具體而言，包括聯合營運許可證申請（或 COLA 流程）以及與 FEED 工作、財務和電廠相關的服務。

Now on slide 7, we would like to provide an update with respect to an exciting use case for NuScale SMR technology. producing process steam and electricity for chemical plants. Just last month, in collaboration with Oak Ridge National Laboratory in Tennessee NuScale released the results of a technoeconomic assessment, examining the performance and profitability of company new skilled power modules with a US chemical facility to provide need to a generated steam and electric power. The findings showcase that nuclear power, specifically, nuclear power generated by NuScale's SMR technology to help industries that use process team in electricity in a reliable and profitable manner.

現在，在第 7 張投影片中，我們想就 NuScale SMR 技術的一個令人興奮的應用案例進行更新：為化工廠生產製程蒸汽和電力。就在上個月，NuScale 與田納西州橡樹嶺國家實驗室合作，發布了一項技術經濟評估的結果，該評估考察了該公司為美國一家化學工廠開發的新型熟練動力模組的性能和盈利能力，以滿足其產生的蒸汽和電力需求。研究結果表明，核能，特別是 NuScale 的 SMR 技術產生的核能，能夠以可靠且盈利的方式幫助使用電力流程團隊的行業。

A recent seen study conducted by Idaho National Lab demonstrated that NuScale's high-temperature process steam is on par with high temperature gas reactors. To further validate this use case, NuScale and Ebara Elliott Energy, a major Japanese industrial player established a collaborative program to fabricate in field tests, a high-temperature steam compression system at their plant in Pennsylvania. It is further intended that the compressor will be later deployed at a domestic industrial petrochemical site. NuScale and Ebara Elliott are actively in discussions, seeking a petrochemical industrial player for this effort.

愛達荷國家實驗室最近進行的一項研究表明，NuScale 的高溫製程蒸氣與高溫氣體反應器不相上下。為了進一步驗證這個用例，NuScale 和日本主要工業企業 Ebara Elliott Energy 建立了一個合作項目，在其位於賓夕法尼亞州的工廠進行現場測試，製造高溫蒸汽壓縮系統。此外，該壓縮機還計劃稍後部署在國內的某工業石化基地。NuScale 和 Ebara Elliott 正在積極洽談，尋求一家石化工業企業參與此項合作。

The results of the Oak Ridge lab study and plans for high temperate compression demonstrator will be presented to the World Petrochemical Conference next month in Houston. In other news, NuScale has also launched a project at the Oak Ridge National Laboratory in Tennessee to use AI to enhance fuel efficiency for multi-module nuclear plants. Beyond what is achievable in nuclear plants with a single reactor, be it small or large.

橡樹嶺實驗室的研究成果和高溫壓縮示範裝置的計畫將於下個月在休士頓舉行的世界石油化工大會上公佈。另據報導，NuScale 也在田納西州的橡樹嶺國家實驗室啟動了一個項目，利用人工智慧來提高多模組核電廠的燃料效率。超出了單一反應器（無論大小）核電廠所能達到的水平。

Next month, NuScale will be speaking at the National Academy of Engineering sponsored conference on closing strategy gaps for the future of AI, posted by the University of Maryland in College Park. NuScale SMRs are the only nuclear technology, large or small that have been certified by the NRC for off-grid behind the meter application. At advance in Maryland, NuScale will be discussing the advantages of off-grid behind the meter, mono reactors to power data centers.

下個月，NuScale 將在由馬裡蘭大學帕克分校主辦、美國國家工程院贊助的「彌合人工智慧未來策略差距」會議上發表演講。NuScale SMR 是唯一獲得美國核能管理委員會認證，可用於離網表後應用的大型或小型核子技術。在馬裡蘭州舉行的 Advance 會議上，NuScale 將探討離網式錶後單反應器為資料中心供電的優勢。

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.

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。

So my focus will be on explaining major line items, which can be found on slide 8. NuScale's overall liquidity increased to $1.3 billion at December 31, 2025, versus $754 million at September 30, 2025 and $442 million at the end of 2024. This liquidity allows the scale to further enhance supply chain and manufacturing revenues, fund obligation in connection with the advancement of commercialization and further strengthen our balance sheet. As projects progress forward, NuScale expects revenues from products and services to support positive cash flow from operations.

因此，我的重點將放在解釋主要項目上，這些項目可以在第 8 張投影片上找到。截至 2025 年 12 月 31 日，NuScale 的整體流動性增加至 13 億美元，而截至 2025 年 9 月 30 日為 7.54 億美元，截至 2024 年底為 4.42 億美元。這種流動性使我們能夠擴大規模，進一步提升供應鏈和製造收入，履行與推動商業化相關的義務，並進一步加強我們的資產負債表。隨著專案的推進，NuScale 預計產品和服務的收入將支持營運產生的正現金流。

Moving on to revenue. We still reported revenue of $31.5 million for the year ending December 31, 2020, filing compared to $37 million during the same period in the prior year. This decrease was due to a reduction in revenue recognized in the RoPower technology licensing agreement, which was partially offset by higher Flour Phase 2 engineering and services revenue.

接下來談談收入。截至 2020 年 12 月 31 日止年度，我們的營收仍為 3,150 萬美元，而去年同期為 3,700 萬美元。這一下降是由於 RoPower 技術許可協議確認的收入減少所致，但 Flour Phase 2 工程和服務收入的增加部分抵消了下降。

I will conclude my remarks with a brief overview of our capitalization summary, as shown on slide 10.

最後，我將簡要概述我們的資本化情況，如第 10 頁投影片所示。

As you can see on this slide, the number of Class B shares was greatly reduced in the fourth quarter due to Fluor's conversion of their scale B shares into Class A common stock. We understand that Fluor continues to monetize their investments in NuScale via open market transactions subject to certain agreed upon restrictions. With that, I'd like to thank you again for joining today and for your continued support of NuScale.

正如您在這張投影片上看到的，由於福陸公司將其 B 類股份轉換為 A 類普通股，第四季度 B 類股份的數量大幅減少。我們了解到，Fluor 將繼續透過公開市場交易將其在 NuScale 的投資變現，但須遵守某些約定的限制。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。

We'll now take questions. Operator.

現在開始回答問題。操作員。

(Operator Instructions) Eric Stine, Craig Hallum.

（操作說明）埃里克·斯泰恩，克雷格·哈勒姆。

Hi, everyone thanks for taking the questions. So maybe if we could just start on the supply chain and specifically, Doosan, you did talk about that a little bit. But I know that it's committed to 20 modules a year committed to being able to take that higher. So just maybe some commentary on confidence in that, but also curious, it's a pretty differentiated position to actually those are actually being built. And so, curious how is that playing into the process with ENTRA1 and TVA? And also, just some of the other opportunities as they progress in your pipeline.

大家好，感謝大家回答問題。所以，如果我們能從供應鏈入手，特別是斗山公司，您剛才也稍微談到了這一點，那或許會更好。但我知道它致力於每年開設 20 個模組，並致力於能夠繼續深造。所以，或許可以就此發表一些評論，表達一下信心，但同時我也很好奇，這與那些正在建設中的項目相比，確實是一個截然不同的立場。那麼，我很好奇這會如何影響ENTRA1和TVA的進程？此外，還有一些其他的機會，會隨著專案進展而逐步顯現。

Yeah. This is Carl Fisher, Chief Operating Officer. As you know, we've progressed significantly well with Doosan. We have 12 modules under production right now. So whether -- no matter what the project is, it gives us a significant timing advantage because we have ordered long lead materials and the modules are under production.e

是的。這是首席營運長卡爾費雪。如您所知，我們與斗山公司的合作進展非常順利。我們目前有12個模組正在生產中。因此，無論是什麼項目，這都為我們帶來了顯著的時間優勢，因為我們已經訂購了交貨週期長的材料，而且模組正在生產中。

Okay. Got you. And in terms of just feeling confident in that Doosan is committed and able. I know that they've got a big facility and they are committed to this space, but that they are, in fact, in a position that should TVA should that move forward that they could -- I know it's a ways out, but that they could execute on that and help you get to potentially some big numbers.

好的。抓到你了。而且就讓人感到自信的是，斗山公司有能力也有決心。我知道他們擁有大型設施，並且致力於這片領域，但事實上，如果田納西河谷管理局（TVA）推進該項目，他們完全有能力——我知道這還有一段路要走，但他們可以執行該項目，並幫助你們獲得一些潛在的巨大收益。

Yeah. We have extreme confidence with Doosan. The other thing that you should know is that they're increasing their capacity so they can move up to 20 modules per year and then eventually doubling that capacity. I just recently was at Doosan and seen the works that are being done. These 12 modules will set the stage for the next set of 12 modules that could be used with the ENTRA1 projects.

是的。我們對斗山公司充滿信心。你還應該知道的是，他們正在提高產能，以便每年能夠生產多達 20 個模組，最終將產能翻倍。我前不久去了斗山，親眼目睹了那裡的工程。這 12 個模組將為接下來可用於 ENTRA1 專案的 12 個模組奠定基礎。

And having these already in production, it really gives us a significant timing advantage because we do have the long lead materials are ordered and the modules ready to be fabricated.

由於這些產品已經投入生產，這確實為我們帶來了顯著的時間優勢，因為我們已經訂購了長週期材料，並且模組也已準備好進行製造。

Got it. And maybe just turn into the uprate approval. I know that 6-plus months ago, I asked this on the call, were there customers that were waiting for that upgrade from 50 megawatts to 77, what that potentially kind of set in motion. So I guess now that it's six-plus months later, looking back, what has that impact been on your pipeline, whether it's overall growth of the pipeline or movement within that pipeline.

知道了。或許最終會變成升值批准。我知道，6 個多月前，我在電話會議上問過這個問題：是否有客戶在等待從 50 兆瓦升級到 77 兆瓦，這可能會引發什麼？所以我想，現在六個多月過去了，回過頭來看，這對你的產品線產生了什麼影響，無論是產品線的整體成長還是產品線內部的進展。

Yeah. I think, first of all, the upgrade that was approved last year was approved ahead of schedule. And we've got -- there's a lot of confidence we have with the fact that we have that approval because a lot of questions and any concerns that may have had by the regulator were put -- were approved and put aside. In that case, after that and having that FDA approval, our customers, the ones that we've been speaking with and also basically just the general industry, it puts a lot of confidence in the fact that the NRC has made that approval.

是的。我認為，首先，去年獲批的升級方案是提前核准的。我們對此充滿信心，因為我們獲得了批准，因為監管機構可能提出的許多問題和擔憂都得到了解決和認可。在這種情況下，在獲得 FDA 批准之後，我們的客戶，也就是我們一直在與之交談的客戶，以及整個行業，都對 NRC 的批准這一事實充滿信心。

I'll let Clayton Scott discuss the pipeline aspect of it. But I will say, even for our international projects, having that NRC approval is significant because of the respect that the international community and the international nuclear regulators have for the NRC.

關於管線建設方面的問題，就讓克萊頓‧史考特來談談吧。但我要說的是，即使對於我們的國際計畫而言，獲得美國核子管理委員會的批准也意義重大，因為國際社會和國際核子監管機構對美國核子管理委員會抱持尊重。

Yeah. This is John. We do regular quarterly generally drop-ins within to commissioners in the NRC. We're just there two weeks. And it was a pleasant surprise to speak with the commissioners in relation to expediting processes and et cetera.

是的。這是約翰。我們通常會定期（每季）對 NRC 的委員進行突擊訪問。我們只在那裡待兩週。與委員們討論加快審批流程等事宜，讓我感到非常驚喜。

But -- they asked a lot of questions because as you know, we are the only 1 that's ever submitted a design certification application for the SMR space that have been approved. So we've been through the rigor. And so we've been ready to go and we're just sitting here as a company, wanted to get these things before.

但是——他們問了很多問題，因為如你所知，我們是唯一一家提交了SMR空間設計認證申請並獲得批准的公司。所以我們已經經歷了嚴格的考驗。所以我們已經做好了準備，我們公司也一直坐在這裡，我們之前就想把這些東西拿到手。

And the bottom line still is, I keep saying this, we are the only game in town that has an NRC certified not only to construct but also to operate.

而最根本的原因仍然是，我一直強調這一點，我們是業內唯一一家不僅擁有美國核管理委員會（NRC）認證，而且擁有NRC認證，可以進行建設和運營的公司。

But I think in addition to the 77-megawatt approval, it's really given a four ENTRA1, the opportunity to really push their pipeline, and it's given confidence from the industry to understand that, that regulatory hurdle has been completed. And now that we can reach capacity levels that I think are a little bit more satisfactory when ENTRA1 looks at their overall facilities.

但我認為，除了 77 兆瓦的批准之外，它確實給了四個 ENTRA1 公司一個真正推進其產品線的機會，也讓業界相信，這一監管障礙已經克服。現在，我們能夠達到我認為更令人滿意的產能水平，ENTRA1 對其整體設施進行評估時，我認為這樣的產能水平更令人滿意。

Got it. Helpful. Last one for me. Just -- you mentioned it in your commentary here, but the term sheet with ENTRA1, you mentioned the one financial institution who has entered that. Can you just unpack that a little bit? Is that something that's firm that gets triggered on the signing of a -- or is that something where there would be some additional steps upon that signing to lock that in?

知道了。很有幫助。這是我最後一個了。就像——你在這裡的評論中提到了，關於與ENTRA1簽訂的條款清單，你提到了唯一一家簽署該清單的金融機構。你能稍微解釋一下嗎？這是簽署協議後立即生效的既定條款，還是需要在簽署協議後採取一些額外步驟才能最終確定？

Thanks for the question. It's Bill Cooper, General Counsel at NuScale, and we're under NDA with ENTRA1, so we can't say any more about that.

謝謝你的提問。我是 NuScale 的總法律顧問 Bill Cooper，我們與 ENTRA1 簽有保密協議，所以我們不能透露更多資訊。

Okay, worth the try. Thank you.

好吧，值得一試。謝謝。

Ryan Pfingst, B. Riley.

Ryan Pfingst，B. Riley。

Hey, guys. Thanks for taking our questsion. Maybe just a follow-up on that last one. To the extent that you can say, John, you mentioned the major institution that signed a multibillion dollar term sheet with ENTRA1. Is there anything you can share there around who the players might be? What exactly was signed for anything there, I think, would be super helpful.

嘿，夥計們。感謝您回答我們的問題。或許只是上一個問題的後續。約翰，你剛才提到了與ENTRA1簽署了一份價值數十億美元的條款清單的主要機構。能否透露一下參賽者的名單？我認為，具體簽署了哪些文件會非常有幫助。

Nothing we can share. I'm sorry.

沒有什麼可以透露的。對不起。

Got it. I'll turn to Romania then could you talk about the next phase of the RoPower project? What will entail for new scale in terms of services rendered or maybe the potential revenue opportunity there?

知道了。接下來我將談談羅馬尼亞，您能談談RoPower計畫的下一階段嗎？新的規模會對所提供的服務產生哪些影響？或者說，會帶來哪些潛在的收入機會？

Yes. This is John. We met with the Romanian government last night, actually. So it's a timely question. We as we stated, FEED Phase 2 has been completed as of the last quarter.

是的。這是約翰。事實上，我們昨晚與羅馬尼亞政府進行了會面。所以，這是一個很及時的問題。正如我們之前所說，FEED 第二階段已於上個季度完成。

February, they did have a shareholders meeting that they voted in favor of moving the project forward. Road power is now authorized to advance the licensing in geotechnical moving towards a pre-EPC and we anticipate NuScale beat generating revenues as soon as no understand, we are a subcontractor to Fluor Corporation.

二月份，他們召開了一次股東大會，投票贊成推進該項目。道路動力現已獲準推進岩土工程許可，朝著預EPC方向發展，我們預計NuScale將盡快產生收入，但我們並不了解，我們是Fluor公司的分包商。

And Florida is in negotiations right now with the RoPower government, our contract is with floor. It's not with the Romanian government, and we explained this last night to the rating government, and they understood -- we view this as a very important project that right now, we're waiting for the next steps via Fluor and RoPower to do their deal and then we move on. It was an interesting conversation last night. They appreciated it.

佛羅裡達州目前正在與 RoPower 政府進行談判，我們的合約是最低限度的。這不是羅馬尼亞政府的事情，我們昨晚向評級機構解釋了這一點，他們也理解了——我們認為這是一個非常重要的項目，目前，我們正在等待 Fluor 和 RoPower 完成交易，然後我們才能繼續前進。昨晚的談話很有意思。他們很感激。

Appreciate that. And then just one more. Could you give an update on the status of the material weakness in your financial reporting that you identified last year and where that stands today.

謝謝。然後，就再來一個。能否回報您去年發現的財務報告中的重大缺陷目前的進展？

This is Ramsey Hamady. In our 2024 annual report, we disclosed a material weakness on internal controls over financial reporting, ICFR is what we term it, and specifically, we focus on something called ITGC, which is information technology general controls. We say the plan to remediate it. We work very hard I would give credit to David Tuttle, our Chief Accounting Officer and his team. And we've come through with a clean bill of health from EY.

這是拉姆齊·哈馬迪。在我們的 2024 年年度報告中，我們揭露了財務報告內部控制（我們稱之為 ICFR）方面的重大缺陷，具體而言，我們關注的是一個叫做 ITGC 的東西，即資訊科技一般控制。我們說，我們制定了補救計劃。我們工作非常努力，這要歸功於我們的首席會計官大衛·塔特爾和他的團隊。我們已經通過了安永的審計，並獲得了良好的健康證明。

I think it's a remarkable feat, and so we no longer have that. We addressed it as we said we would.

我認為那是一項了不起的成就，所以我們現在已經沒有那種能力了。我們按照承諾處理了此事。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

First, on floor, once they monetize their remaining stake, will they still have right of first refusal as your EPC provider for future projects? Hi, can you hear me.

首先，在他們將其剩餘股份變現之後，他們是否仍然擁有作為您未來專案EPC供應商的優先購買權？你好，你聽得到我說話嗎？

Please, first, second.

請，先，再。

This is Bill Cooper again, General Counsel. I'm not familiar with any right of first refusal, but the agreement is otherwise confidential.

我是總法律顧問比爾·庫柏。我不了解是否有優先購買權，但除此之外，該協議屬於保密協議。

Okay. Got it. And then the study you completed with the Oak Ridge National Lab, that study gives us a sense of power module pricing that is significantly lower than large-scale nuclear. Of course, that's part of the value proposition of SMR, but is that sort of the pricing you're aiming for in Romania and with the TVA or is it kind of for later-stage projects.

好的。知道了。然後，您與橡樹嶺國家實驗室完成的那項研究，讓我們了解到電力模組的價格遠低於大規模核能。當然，這是小型模組化反應器 (SMR) 價值主張的一部分，但這是您在羅馬尼亞和 TVA 的目標定價嗎？還是說這是針對後期專案的定價？

Yes, I'm sorry. Could you repeat the question?

是的，我很抱歉。您能再說一次問題嗎？

The study that you guys did with the Oak Ridge National Lab, it talks about roughly I think, about $5,500 per kilowatt pricing for your modules. And I'm wondering if that's the sort of pricing that applies for Romania and the TVA.

你們和橡樹嶺國家實驗室合作進行的那項研究，我記得大概提到你們的組件價格是每千瓦 5500 美元左右。我想知道這種定價方式是否適用於羅馬尼亞和TVA。

Yes, I'll have to look into it. I apologize. I'm not familiar with that number. I think what's important here, if you remember over the years, we've said we see three significant markets. One was coal plant refurbishment, one was working with process companies for need of process heat, it could be for electricity.

是的，我得調查一下。我道歉。我不認識這個號碼。我認為這裡重要的是，如果你還記得這些年來我們說過我們看到了三個重要的市場。其中一項是煤電廠改造，另一項是與製程公司合作，滿足其製程熱需求，也可能是為了發電。

And the other one, obviously, the elephant rooms hyperscalers. And these studies, the prevailing notion was that high temperature gas can only produce steam requirements needed for high-pressure steam, we went into an analysis that Oak Ridge or actually INL did for us to show that NuScale light water reactor could provide the economics and efficiencies necessary to provide the steam requirements for these plants.

另一個顯然是大型超大規模資料中心。在這些研究中，普遍的觀點是高溫氣體只能產生高壓蒸汽所需的蒸汽，我們進行了一項分析，由橡樹嶺國家實驗室或愛達荷州國家實驗室為我們進行，以證明 NuScale 輕水反應器可以提供滿足這些電廠蒸汽需求所需的經濟性和效率。

And why this is getting specific interest, remember, our emergency planning zone is that site boundary. So when I look at process plants in an area like Baytown, Texas, we have multiple companies that share a fence line. Interline could build that plant outside that fin side, close to the end user and provide if it's process heat, if it's, if they want to do hydro production, and it's not inside the evacuation zone typical of a large-scale nuclear reactor.

而之所以會引起特別關注，請記住，我們的緊急計畫區就是該場地邊界。所以，當我查看像德克薩斯州貝敦這樣的地區的加工廠時，我們發現有多家公司共用一條圍欄。Interline 可以將該工廠建在翅片外側，靠近最終用戶，並提供工藝熱，如果他們想進行水力發電，而且它不在大型核反應器典型的疏散區內。

The other thing is, too, John. I think that's really important is we're also the only nuclear technology company period that is certified by the NRC for behind-the-meter off the grid applications, and that's a significant benefit.

還有一件事，約翰。我認為真正重要的是，我們也是唯一一家獲得美國核能管理委員會認證，可以用於表後離網應用的核子技術公司，這是一個巨大的優勢。

Okay, thank you very much for taking my question.

好的，非常感謝您回答我的問題。

Derek Soderberg, Cantor Fitzgerald.

德里克·索德伯格，康托·菲茨杰拉德。

Yes. Just on cash, $1.3 billion, what's sort of the expected cash burn range for -- and then can you talk about any sort of swing factors potentially in that as well.

是的。光是現金方面，13億美元，預計現金消耗範圍大概是多少？能否也談談可能影響現金消耗的任何波動因素？

This is Ramsey Hamady, Chief Financial Officer. As you pointed out, we ended 2025 with approximately $1.3 billion in cash. That's a tremendous achievement. It shows a very defensive position in terms of our liquidity. Post-close disclosure, I believe Note 9 in the financial statements. We noted a payment of about $250 million ounce.

這是首席財務官拉姆齊·哈馬迪。正如您所指出的，到 2025 年底，我們大約有 13 億美元的現金。那是一項了不起的成就。這顯示我們在流動性方面採取了非常保守的立場。我認為，交易完成後揭露的資訊應見財務報表中的附註9。我們注意到一筆約 2.5 億盎司的付款。

Arithmetically, we can assume about $1 billion of cash on balance sheet today. If I look at my OpEx, apart from what I would call onetime type items. My OpEx stays fairly consistent between $170 million to, call it, $200 million, closer to $193 million actually in 2024 on an adjusted basis. The $1 billion in cash I think our investors and rest assured that we have taken a very conservative, very strong liquidity position. And burn rate or runway is not problematic item for us. NuScale has the legs to run this race.

從算術角度來看，我們可以假設該公司目前資產負債表上的現金約為 10 億美元。如果我看一下我的營運支出，除了我所說的那些一次性項目之外。我的營運支出基本上維持在 1.7 億美元到 2 億美元之間，經調整後，到 2024 年實際接近 1.93 億美元。我認為我們擁有10億美元的現金，投資者可以放心，我們已經採取了非常保守、非常穩健的流動性策略。燃料消耗率或燃料儲備對我們來說都不是問題。NuScale 有實力贏得這場比賽。

Got it. That's helpful. And then, Ramsey, you mentioned just the onetime payment. I'm wondering if you can talk about how many more of these sort of onetime payments or milestone payments you guys expect to make associated with the project? And will those payments sort of be a similar magnitude? Or can you help us maybe quantify the potential there? Thanks.

知道了。那很有幫助。然後，拉姆齊，你提到了只需一次性付款。我想請問一下，你們預計還會支付多少筆與該項目相關的此類一次性付款或里程碑付款？這些款項的金額是否也大致相同？或者您能否幫助我們量化那裡的潛力？謝謝。

Sure. I think on this one, we have been very transparent in our disclosures in our filings. There is a partnership milestone agreement filing, which describes all the payments in great detail. And this is more decolored model, which I would refer you to.

當然。我認為在這個問題上，我們在提交的文件中已經非常透明地披露了相關資訊。雙方已提交合作里程碑協議文件，其中詳細描述了所有付款情況。這是顏色較淡的模型，我建議您參考。

Got it. Thanks guys.

知道了。謝謝各位。

Nate Pendleton, Texas Capital Securities.

內特·彭德爾頓，德克薩斯資本證券。

Good afternoon. After ENTRA1 signs a binding PPA with TVA, can you talk about what that means from a near-term revenue perspective? And would that revenue be comparable to what we've seen at RoPower thus far?

午安.ENTRA1 與 TVA 簽署具有約束力的購電協議 (PPA) 後，您能否從近期收入角度談談這意味著什麼？那麼，這樣的收入能與 RoPower 目前的收入相媲美嗎？

That's good. This is Clay Scott, Chief Commercial Officer. So what we expect after the PPA is signed, is that we would enter into COLA and FEED activities to generate revenue, which will allow us to move forward. But this is something that I would expect to be more than what we see in roll power just because the size of the plants are much larger, and we anticipate a little bit more revenue stream in that respect.

那挺好的。這是首席商務官克萊·斯科特。因此，我們預計在 PPA 簽署後，我們將進行 COLA 和 FEED 活動以產生收入，這將使我們能夠向前發展。但我預計這會比我們在滾裝電力領域看到的要多，因為工廠的規模要大得多，我們預計在這方面會有更多的收入來源。

Got it. And as my follow-up, perhaps saying with you, Clayton, referencing slide 7 in the chemical plant study. Has that study opened any new doors for the commercial team with that extra layer of validation there? And are there any other applications that you feel are underappreciated as well.

知道了。作為我的後續補充，或許可以和你一起說，克萊頓，參考化工廠研究中的第 7 張幻燈片。這項研究是否為商業團隊開啟了新的大門，並提供了額外的驗證？你覺得還有哪些應用程式也被低估了？

Yes, there's other discussions that are happening, and we're in concert with entrant to have those. But at this point in time, we're under NDA, and we can't really disclose anything.

是的，還有其他方面的討論正在進行中，我們會與參賽方協商進行這些討論。但目前我們簽了保密協議，所以不能透露任何資訊。

Leanne Hayden, Canaccord Genuity.

Leanne Hayden，Canaccord Genuity。

Heym everyone Thanks fo raking the questions. Just wanted to start by digging into progress of ENTRA1 and TVA. Can you please help us try to understand any sort of gating factors to securing a binding PPA? Understand that there has been some pretty strong progress since January and that you're in the process of drafting I do believe you previously guided for binding PPA execution by the end of 2025. So any color around what may have caused that delay would be much appreciated. Thank you.

大家好，感謝大家提問。首先我想深入了解ENTRA1和TVA的進展。您能否幫助我們了解確保簽署具有約束力的購電協議 (PPA) 可能存在的各種限制因素？請理解，自 1 月以來已經取得了相當大的進展，而且你們正在起草……我相信你們之前曾指導在 2025 年底前執行具有約束力的購電協議。因此，如果您能提供任何有關造成延誤原因的信息，我們將不勝感激。謝謝。

We've said all that we can say (inaudible) General Counsel. We've said all that we can say about the PPA in the prepared remarks. We can't say anything more.

我們已經把能說的都說了（聽不清楚）總法律顧問。關於購電協議，我們已經在準備好的發言稿中把能說的都說完了。我們不能透露更多資訊。

To the extent that you're able to comment, when can we expect any sort of site permitting or early site submissions associated with the four identified sites?

如果您能發表意見，我們什麼時候可以期待與這四個已確定的地點相關的任何形式的場地許可或早期場地提交？

Hello, can you hear me?

你好，你聽得到我說話嗎？

Hi, sorry. Yesah. No, we went through that in the script that laid that out with the 4 sites. So I would just reference that or if not we can circle up after the call.

您好，不好意思。是的。不，我們在腳本中已經詳細闡述了這 4 個站點的情況。所以我可以直接提到這一點，或者如果不行，我們可以在通話結束後再討論。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

I understand that you don't give guidance, but there's just many different pieces here with the Fed to coming to an end and Roper advancement now. Why are you also kind of prefunding Intranand/or Romania. Can you help us or give us a sense of how to think of the revenue and liquidity outlook or call it profile over the next 12 to 24 months, please?

我知道你不會給出指導，但這裡有很多不同的因素，包括聯準會即將解散以及羅珀的晉升。為什麼你們也在預先資助 Intranand/或羅馬尼亞？您能否幫助我們或給我們一些關於未來 12 至 24 個月收入和流動性前景（或稱為財務狀況）的展望？

Dimple, this is Ramsey Hamady. Thank you for your question. As we stated earlier and as you pointed out in your question, we do not give guidance at this point. However, I think looking at our balance sheet, we look at our liquidity position. The company is conservatively positioned and prudently raised capital towards the end of last year or to give us a balance sheet that has lasting power -- and as I said, run rate and in a pay runway is not an issue for us.

小酒窩，這位是拉姆齊·哈馬迪。謝謝你的提問。正如我們之前所說，也正如您在問題中指出的那樣，我們目前不提供指導。但是，我認為查看我們的資產負債表，我們就能了解我們的流動性狀況。公司採取保守策略，並在去年底謹慎地籌集資金，以確保資產負債表具有持久的競爭力——正如我所說，營運速度和支付能力對我們來說都不是問題。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

All right. That concludes the question-and-answer session. I would like to turn the call back over to John Hopkins for closing remarks.

好的。問答環節到此結束。我謹將電話轉回給約翰·霍普金斯，請他作總結發言。

Thank you, operator, and thank you to everyone for joining us today. As we close this period for new scale, we are excited about the path ahead in 2026. We look forward to continuing to take meaningful strides to our deployment of the only NRC-certified SMR technology to support American and global energy security. Thank you very much.

謝謝接線員，也謝謝今天所有收看節目的朋友。隨著我們即將結束這段新的規模化時期，我們對 2026 年的未來發展道路感到興奮。我們期待繼續取得實質進展，部署唯一獲得美國核能管理委員會認證的小型模組化反應器技術，以支援美國和全球能源安全。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的參與。您現在可以斷開連線了。