Nuscale Power Corp (SMR) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to NuScale Power's second-quarter 2026 earnings conference call. Today's call is being recorded. A replay will be available on NuScale's Investor Relations website for 30 days.

下午好，歡迎參加 NuScale Power 2026 年第二季財報電話會議。今天的電話會議將進行錄音。重播將於 NuScale 的投資人關係網站提供 30 天。

At this time, I would like to turn the call over to Ramsey Hamady, Chief Financial Officer. Please go ahead.

此刻，我想把電話會議交給財務長 Ramsey Hamady。請開始。

Thank you, operator. Joining me today is John Hopkins, President and Chief Executive Officer of NuScale. We will begin by providing an update on our business, followed by a discussion of our financial results. We will then open the phone lines for questions.

謝謝，接線員。今天與我一同出席的是 NuScale 總裁兼執行長 John Hopkins。我們將先提供業務最新進展，接著討論財務結果。之後我們將開放電話線供提問。

This afternoon, we posted supplemental slides to 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 in 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. 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 ending December 31, 2025, and to our subsequent SEC filings.

今天下午，我們已在投資人關係網站上發布補充簡報。如第 2 頁投影片的「安全港」聲明所示，簡報中所載以及我們在隨後問答環節中討論的資訊包含前瞻性陳述，反映我們對現有趨勢的當前看法，並可能受到各種風險與不確定性的影響。關於可能導致我們的預期出現差異之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 Form 10-K，以及其後向 SEC 提交的文件。

I will now turn the call over to John Hopkins.

我現在把電話會議交給 John Hopkins。

Thank you, Ramsey. I want to start with a simple observation about where the market stands now. Demand for reliable carbon-free power is not building slowly. It is accelerating. Every major hyperscaler, every large industrial off-taker, every utility with an eye on the next decade is now engaged in some version of the same conversation.

謝謝你，Ramsey。我想先從一個簡單的觀察談起：目前市場所處的位置。對可靠的無碳電力的需求並不是緩慢累積。它正在加速。每一家主要的超大規模雲端業者、每一個大型工業用電承購方、每一家著眼未來十年的公用事業公司，如今都在參與某種版本的同一場對話。

We need power now. We need it to be clean. And we need it on a timeline that actually maps to our business. That urgency is real, and it is growing.

我們現在就需要電力。我們需要它是乾淨的。而且我們需要它的時程能真正符合我們的業務需求。那種迫切性是真實存在的，而且正在升高。

What I want to address today is what separates a company that can meet that urgency from one that cannot. Because the answer to that question is not branding or ambition; it is readiness. And readiness in this industry is a function of years of deliberate work, work that does not generate headlines, but that determines more than anything else whether a nuclear project gets built on time and on budget or does not get built at all. That distinction is what I want to focus on today.

我今天想談的是：什麼因素能把一家能夠回應這種迫切性的公司，與一家無法回應的公司區分開來。因為答案不是品牌或雄心；而是就緒度。而在這個產業，就緒度取決於多年有意識的投入與工作——這些工作不會製造頭條，卻比任何其他因素更能決定一個核能專案是否能按期、按預算建成，或是根本無法建成。這個差異就是我今天要聚焦的重點。

Let me start with context because I think the history here explains why engineering and design maturity matters more than most investors currently appreciate. The Vogtle AP1000 expansion, the most recent large nuclear construction project in the United States, is the clearest example of what happens when a project goes to construction before the engineering is substantially complete.

我先提供一些背景，因為我認為這段歷史能說明：工程與設計成熟度的重要性，遠超過多數投資人目前的理解。Vogtle 的 AP1000 擴建案——美國最近一次的大型核電建造專案——是最清楚的例子，展示了在工程尚未大致完成前就進入施工會發生什麼。

When that project started, the detailed design was not in an advanced state of completion. Significant engineering decisions were still being made on active construction sites. That result contributed to years of delays and billions in cost overruns. This is not a story about nuclear being hard to build. It is a story about what happens when you start construction without a mature, detailed design.

當該專案啟動時，細部設計並未達到高度完成的狀態。許多重大的工程決策仍在正在施工的工地現場做出。這樣的結果導致多年延宕與數十億美元的成本超支。這不是一個關於核能很難建的故事。這是一個關於在缺乏成熟、細緻設計的情況下就開始施工會發生什麼的故事。

NuScale has spent years deliberately applying the hard lessons of past large-scale nuclear projects. We made significant sustained investment so that when we go to market, the engineering is as complete as possible. That investment is the foundation of everything I'm going to share with you today.

NuScale 多年來有意識地吸取過去大型核能專案的艱難教訓。我們進行了重大且持續的投資，確保當我們走向市場時，工程能盡可能完整。這項投資是我今天將與各位分享的一切的基礎。

A brief word first on two pillars of our readiness position: regulatory approval and fuel readiness. NuScale remains the only SMR company to have received design certification from the US Nuclear Regulatory Commission, including standard design approvals for two of our designs.

先簡要談談我們就緒度的兩大支柱：監管核准與燃料就緒。NuScale 仍是唯一一家獲得美國核能管制委員會（NRC）設計認證的 SMR 公司，且其中包含我們兩款設計的標準設計核准。

The NRC's design certification is the global gold standard for nuclear safety. Certification takes years. There are no shortcuts. We'll operate using standard low-enriched uranium, a proven fuel source which is available today from established suppliers from around the world.

NRC 的設計認證是核能安全的全球黃金標準。認證需要多年時間。沒有捷徑可走。我們將使用標準的低濃縮鈾，這是一種經驗證的燃料來源，現今即可由全球既有供應商提供。

Several other designs being marketed today require high-assay low-enriched uranium, or HALEU, which is not available on a commercial scale. That dependency is a fundamental supply risk embedded in their programs that does not exist in NuScale.

目前市場上推廣的其他若干設計需要高豐度低濃縮鈾（HALEU），但該燃料尚未具備商業規模的供應。這種依賴性是其計畫中內嵌的根本供應風險，而 NuScale 並不存在這項風險。

The combination of NRC approval, conventional fuel, and a mature supply chain that I am about to describe, that combination, along with engineering, is what commercial readiness actually means. No other company in this space has all four.

NRC 核准、傳統燃料，以及我接下來要說明的成熟供應鏈——這三者的組合，再加上工程能力，才是真正的商業就緒度。在這個領域，沒有其他公司同時具備這四項。

NuScale's role in an ENTRA1 Energy plant is that of technology systems integrator and engineer of record. We are responsible for the NuScale Power Modules and services. Supporting delivery of the NuScale Power Module, we have assembled a network of more than 60 specialized suppliers. Each supplier brings deep domain expertise in a specific system: fuel, safety and instrumentation and controls, valves, cranes, and module handling. Each holds detailed design responsibility for their own scope, with NuScale providing the overall integration.

NuScale 在 ENTRA1 Energy 電廠中的角色，是技術系統整合商與登記工程師（engineer of record）。我們負責 NuScale Power Modules 及相關服務。為了支援 NuScale Power Module 的交付，我們已建立由 60 多家專業供應商組成的網絡。每一家供應商都在特定系統上具備深厚的領域專長：燃料、安全與儀控（I&C）、閥門、起重機，以及模組搬運。各供應商對其自身範疇承擔細部設計責任，而 NuScale 負責整體整合。

Here's where we stand. The detailed design for the critical path components of our modules, the systems that govern schedule and cost is mature. We've already negotiated supplier agreements with more than half of our 60-plus supplier relationships, many whom we believe to be best in class. This means when we execute an OEM, many of our suppliers will already have designed, scaled, tested, and in some cases, begun production of components.

我們目前的進展如下。我們模組關鍵路徑元件的細部設計——也就是決定時程與成本的系統——已相當成熟。在 60 多家供應商關係中，我們已與超過一半完成供應商協議談判，其中許多我們認為屬於同級最佳。這意味著當我們執行 OEM 時，我們的許多供應商將已完成元件的設計、擴產、測試，並在某些情況下已開始生產。

Taken together, this shortens the path to actual power generation. Not by months, but by years, and supports certainty of execution.

綜合而言，這縮短了通往實際發電的路徑。不是縮短幾個月，而是縮短數年，並提升執行確定性。

Let me highlight a few of our suppliers. Doosan Enerbility is one of the world's foremost manufacturers of heavy nuclear components. They are our strategic partner on the major components of our modules, the heavy forgings at the heart of every NuScale Power Module.

我來重點介紹幾家供應商。Doosan Enerbility 是全球最頂尖的重型核能元件製造商之一。他們是我們在模組主要元件上的策略夥伴，也就是每一個 NuScale Power Module 核心的重型鍛件。

What you see on this slide are photographs taken at Doosan's facilities in South Korea, actual components and active production for NuScale Power Modules.

各位在這張投影片上看到的是在 Doosan 位於南韓的設施所拍攝的照片，展示的是 NuScale Power Modules 的實際元件與正在進行的生產。

Framatome is one of the world's leading nuclear fuel companies. Fuel design has a long lead time, years, not months. Rather than wait for a signed customer contract before beginning that work, we entered into a dedicated agreement with Framatome to complete the fuel design. Our fuel supply will be ready as customers come online.

Framatome 是全球領先的核燃料公司之一。燃料設計的前置期很長，是以年計，而不是以月計。我們沒有等到簽署客戶合約後才開始這項工作，而是與 Framatome 簽訂專屬協議以完成燃料設計。當客戶陸續上線時，我們的燃料供應將已準備就緒。

This quarter, we announced that Paragon has been awarded a contract to complete the final design development of the safety instruments and control systems for our NuScale Power Modules.

本季，我們宣布 Paragon 已獲授合約，將為我們的 NuScale Power Modules 完成安全儀控與控制系統的最終設計開發。

These three partners are examples of the depth of our supply chain ecosystem: Doosan on major portions of the modules, Framatome on fuel, Paragon on safety control systems. And we have comparable relationships across cranes, module handling, valves, and more, with additional announcements expected.

這三家合作夥伴展現了我們供應鏈生態系的深度：Doosan 負責模組的主要部分、Framatome 負責燃料、Paragon 負責安全控制系統。此外，我們在起重機、模組搬運、閥門等領域也有相當的合作關係，預期還會有更多公告。

I'll briefly discuss key commercial updates from the quarter. ENTRA1 Energy, our strategic partner, continues to advance discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for potentially the largest nuclear power deployment program in US history, utilizing NuScale SMR technology. Our understanding is that these discussions are active and progressing. We look forward to providing a further update as milestones are achieved.

我將簡要說明本季的關鍵商務進展。我們的策略夥伴 ENTRA1 Energy 持續與田納西河谷管理局（TVA）推進協商，朝向簽署具約束力的購電協議（PPA）邁進；該計畫可能成為美國史上規模最大的核電部署方案，並將採用 NuScale 的 SMR 技術。據我們了解，相關討論仍在進行且持續推進。隨著里程碑達成，我們也期待提供進一步更新。

Next is RoPower. NuScale is working with Nuclearelectrica and RoPower to satisfy conditions attached to Nuclearelectrica shareholders' vote to advance the RoPower project in Doicești, Romania, which will deploy six NuScale Power Modules at a former coal plant site and represents the most advanced SMR effort in Europe.

接下來是 RoPower。NuScale 正與 Nuclearelectrica 與 RoPower 合作，以滿足 Nuclearelectrica 股東投票所附帶、用以推進羅馬尼亞 Doicești RoPower 專案的條件；該專案將在一處前燃煤電廠場址部署六座 NuScale Power Modules，並代表歐洲最先進的 SMR 推動工作。

Finally, let me now turn to another area where NuScale is building lasting advantage, our Energy Exploration Centers. This quarter, we opened our 12th E2 Center at the University of Virginia's College at Wise, supported by a grant from the Virginia Clean Energy Innovation Bank. These centers deliver immersive hands-on nuclear training in high-fidelity simulation environments designed specifically for the next generation of plant operators, technicians, and engineers.

最後，我想談談 NuScale 正在建立長期優勢的另一個領域：我們的能源探索中心（Energy Exploration Centers）。本季，我們在維吉尼亞大學 Wise 分校（University of Virginia's College at Wise）開設第 12 座 E2 Center，並獲維吉尼亞潔淨能源創新銀行（Virginia Clean Energy Innovation Bank）補助支持。這些中心在專為下一代電廠操作員、技術人員與工程師打造的高擬真模擬環境中，提供沉浸式、實作導向的核能訓練。

Another highlight is our liquidity position. NuScale closed the second quarter with approximately $1.9 billion in cash, cash equivalents, and investments. Our cash position reflects a conservative approach to liquidity as we anticipate near-term commercial deployment.

另一項重點是我們的流動性狀況。NuScale 於第二季末持有約 19 億美元的現金、約當現金與投資。我們的現金部位反映出在預期短期內商業部署之際，對流動性採取保守的管理方式。

Now, I'll turn the call over to Ramsey.

現在，我把電話會議交給 Ramsey。

Thank you, John. Good afternoon. Our financial results are available in our filings. So my focus will be on explaining major line items, which can be found on slide 7.

謝謝你，John。各位下午好。我們的財務結果已在申報文件中揭露。因此我將重點放在說明主要損益項目，相關內容可見第 7 頁投影片。

NuScale reported revenue of $0.1 million for the three months ended June 30, 2026, compared to $8.1 million in the same period last year. The year-on-year decrease reflects the completion late 2025 of the Fluor Front-End Engineering Design Phase 2 work in support of the RoPower project. That scope had no comparable activity in the current quarter. As project activity advances, we expect both our product and services revenue to grow.

NuScale 截至 2026 年 6 月 30 日止三個月的營收為 0.1 百萬美元，較去年同期的 8.1 百萬美元下降。年減主要反映 Fluor 於 2025 年底完成支援 RoPower 專案的前端工程設計（FEED）第二階段工作。該工作範疇在本季並無可比活動。隨著專案活動推進，我們預期產品與服務營收都將成長。

We closed Q2 with approximately $1.9 billion in cash, cash equivalents, and investments, an increase of $900 million since March 31, 2026. As John said, this increase in liquidity reflects a proactive approach to conservatively positioning the business as we continue to deploy capital for commercial readiness.

我們在第二季末持有約 19 億美元的現金、約當現金與投資，較 2026 年 3 月 31 日增加 9 億美元。如 John 所述，流動性增加反映我們採取主動且保守的方式來配置公司資源，並在持續投入資本以達成商業化就緒之際，穩健地定位業務。

When we invest in supply chain agreements, we reduce the time to deployment and de-risk the cost structure of our first projects. When we invest in Framatome-based fuel design, as an example, we remove a bottleneck from the critical path.

當我們投資供應鏈協議時，能縮短部署時間，並降低首批專案的成本結構風險。例如，當我們投資以 Framatome 為基礎的燃料設計時，就能移除關鍵路徑上的瓶頸。

Finally, on slide 8, you'll find the capitalization summary.

最後，在第 8 頁投影片中，您會看到資本結構摘要。

With that, thank you again for joining us today. We will now take your questions. Operator, please go ahead.

以上，再次感謝各位今天加入我們。我們現在開始回答各位的提問。接線員，請開始。

(Operator Instructions) Eric Stine, Craig-Hallum Capital Group.

（接線員指示）Eric Stine，Craig-Hallum Capital Group。

Hey, this is Luke for Eric. Thanks for taking our questions. So first one here, the sizable financial and trade commitments from Japan and South Korea play into the timeline at all for converting TVA to a firm PPA. How are you thinking about those in the equation?

嗨，我是 Luke，代 Eric 發問。謝謝讓我們提問。第一個問題是，日本與南韓做出的龐大財務與貿易承諾，是否會影響將 TVA 轉為具約束力 PPA 的時程？你們如何把這些因素納入考量？

Hi, this is Ramsey Hamady, CFO. I think those announcements and the ideas behind them are very promising. I don't know that that's built into the particular capital structure for the plant. And I stress that NuScale builds reactors.

嗨，我是財務長 Ramsey Hamady。我認為這些公告以及背後的構想都非常有前景。我不確定這是否已被納入該電廠特定的資本結構之中。我也要強調，NuScale 是建造反應爐的。

Our commercial partner, ENTRA1, builds plants. I know they have a great relationship with the Japanese and the Koreans, as do we. So we remain hopeful. But I wouldn't say that the PPA or the capital structure is dependent upon that cash. I think it is a better fit, but not dependent.

我們的商業夥伴 ENTRA1 才是建造電廠的。我知道他們與日本及韓國方面有很好的關係，我們也同樣如此。因此我們仍抱持希望。但我不會說 PPA 或資本結構是依賴那筆資金。我認為這是更合適的搭配，但並非依賴。

But do remember that, as stated, it's committed. So you have a piece of these investments is slated for energy projects in the US, which also includes SMRs.

但也請記得，如先前所述，這些資金是已承諾的。因此其中一部分投資將配置於美國的能源專案，也包括 SMR。

Understood. Thanks. So for our second question here, can you just maybe talk a little bit more about ENTRA1's project pipeline and how that's evolving just in terms of end users? Are they seeing any particular customer type or use cases gaining particular traction for the NuScale applications, and whether that's just within the data center industry or other applications?

了解，謝謝。第二個問題，能否再多談一些 ENTRA1 的專案管線，以及就終端用戶面向而言其演進情況？他們是否看到某些客戶類型或使用情境，對 NuScale 的應用特別有吸引力？這是否僅限於資料中心產業，或也包含其他應用？

Yeah. We continue dialogue with hyperscalers, data centers. Our focus right now has been for readiness for TVA when the announcements get made. But others that we talk to, and I think you recognize the need right now for clean energy.

是的。我們持續與超大規模業者（hyperscalers）、資料中心對話。我們目前的重點是為 TVA 做好就緒準備，等待相關公告發布。但我們也與其他對象洽談，而我想你也看得到目前對潔淨能源的需求。

Texas just came out and stated here today that they have to shut down data center promotions because the lack of energy and water. We're an answer to that, and we're positioning ourselves to move forward quickly. So it's really the timing of the customer and when they need their energy, and we're ready to enter into discussions at any time.

德州今天剛表示，由於能源與用水不足，他們必須停止資料中心的招商推廣。我們正是解方之一，並正定位自己以便快速推進。因此關鍵在於客戶的時點與其何時需要能源；我們隨時都準備好進入討論。

All right. Thanks for the color. I'll turn it over.

好的。謝謝補充說明。我把時間交回去。

Nate Pendleton, Texas Capital.

Nate Pendleton，Texas Capital。

Thanks for taking my questions. John, I wanted to go back to where you really started the call and dig into the competitive landscape as you see it, really focused on the 10-plus light water SMR segment on slide 3. Beyond the head start you guys have with NRC approval, how do you view the durability of your technology advantage if we roll forward the clock a few years? And does that sit with design, commercial structure, or supply chain?

謝謝讓我提問。John，我想回到你在電話會議一開始提到的內容，深入談談你所看到的競爭態勢，特別聚焦在第 3 頁投影片中 10+ 輕水式 SMR 的區隔。除了你們在 NRC 核准方面的領先之外，如果把時間往後推幾年，你如何看待你們技術優勢的持久性？這主要來自設計、商業架構，還是供應鏈？

I think we're in a position right now, over the last 10 years, we've been working steadily to get ready for deployment, and we are near-term deployable. I commented about over 60 suppliers, which half of them we have Master Services Agreements. We have 12 modules, of which a lot of them are currently in production, which are long-lead items, and we've been working on those over a two-year period.

我認為我們目前已具備條件；在過去10年裡，我們一直穩健地為部署做準備，而我們在短期內即可部署。我提到過超過60家供應商，其中有一半我們已簽訂主服務協議（Master Services Agreements）。我們有12個模組，其中很多目前已在生產中，這些都是長交期項目，我們已在這些項目上投入了兩年的時間。

So if I look at the landscape moving forward, we're ready to deploy now, as I commented earlier.

所以如果我展望未來的整體態勢，我們現在已準備好部署，正如我先前所說。

If you look future state, nothing stays static. We'll continue to promote this project and look at ways to improve efficiencies and costs, but we feel like we're in a very good position.

如果你看未來狀態，沒有任何事物會保持不變。我們會持續推動這個專案，並尋找提升效率與降低成本的方法，但我們覺得自己處於非常有利的位置。

Yeah, and then maybe shifting gears a little bit. I wanted to touch on the process heat opportunity. From recent disclosures, I think most recently a blog post from Dr. Reyes, the high-temperature steam potential seems really encouraging. Do you expect these applications to use the standard VOYGR-12 or 6 configurations, or will this be a distinct product? And then perhaps how should we think about the potential parasitic load that's needed to support that compression step to boost the temperature to that 500-degree level?

是的，接著也許稍微換個話題。我想談談製程熱（process heat）的機會。從近期揭露來看，我想最近一次是Reyes博士的一篇部落格文章，高溫蒸汽的潛力看起來非常令人振奮。你們預期這些應用會使用標準的VOYGR-12或6配置，還是會是一個獨立的產品？另外，我們應該如何看待為了支援那個壓縮步驟、把溫度提升到500度水準所需的寄生負載（parasitic load）？

Well, Jose is out promoting. In fact, he spoke at CERAWeek at the petrochemical conference. He's speaking here coming up again. We worked with the national labs and the ability for our reactor as a light water reactor to produce the steam and pressure requirements needed for process heat. And we think we're in a very good position to, and again, compounded with an emergency planning zone.

嗯，Jose正在外面推廣。事實上，他在CERAWeek的石化會議上發表了演講。他接下來也會在這裡再次演講。我們與國家實驗室合作，驗證我們的反應爐作為輕水反應爐，具備產生製程熱所需蒸汽與壓力條件的能力。我們認為我們處於非常有利的位置，而且還結合了緊急規劃區（emergency planning zone）。

If you look at what these process companies are looking for, the further you are from a given site, the end user, it dissipates. Having the approval of the emergency planning zone, we're right up next to the end user. We can provide process heat, can provide electricity.

如果你看這些製程公司在尋找什麼，距離某個場址、也就是終端用戶越遠，能量就會耗散。有了緊急規劃區的核准，我們就能緊鄰終端用戶。我們可以提供製程熱，也可以提供電力。

The ENTRA1 model also supports the fact, if you go to an area like Baytown or Corpus or anywhere we have a density of process companies, could build, own, and probably have somebody operate the plant. It could be Entergy or whomever that allows us on that fence line. They're not inside the evacuation zone. It doesn't entail any business interruption to provide the requirements those companies are looking for. It's electricity or ammonia production, hydrogen injection, or to your point, process heat.

ENTRA1模式也支持這一點：如果你到像Baytown或Corpus，或任何我們有製程公司密集的地區，就可以建造、持有，並可能找人來營運電廠。可能是Entergy或任何允許我們在其圍籬線（fence line）上的業者。他們不在撤離區（evacuation zone）內。這不會造成任何營運中斷，就能提供那些公司所需要的條件。無論是電力、氨的生產、氫氣注入，或如你所說的製程熱。

Very enthusiastic about that opportunity. I do believe district heat and process heat, and the ability to dry cool, are very much distinctives that we have that are going to be. Again, I mentioned today, earlier, I heard on a report that Texas, everywhere you go, there's droughts, there's water restrictions.

我對這個機會非常振奮。我確實相信區域供熱（district heat）與製程熱，以及乾式冷卻（dry cool）的能力，都是我們非常突出的差異化優勢，未來會成為關鍵。我今天稍早也提到，我在一份報告中聽到，德州到處都有乾旱與用水限制。

Having to have the combination of emergency planning zone and being able to dry cool using air condensers is going to be extremely important going forward.

同時具備緊急規劃區，以及能用空氣冷凝器進行乾式冷卻的組合，未來將會極其重要。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Hi, everyone. Thank you for taking my questions. So TVA made a few disclosures and I think some media comments today regarding their nuclear road map. I'd love to get your perspective on what you took away from the commentary, maybe an update on your bilateral discussions beyond what you've already said, and maybe any specific items remaining before reaching a definitive contract. Thank you.

大家好。謝謝你們回答我的問題。TVA就其核能路線圖做了一些揭露，我想今天也有一些媒體評論。我很想聽聽你們對這些評論的解讀，也許更新一下你們在雙邊討論上的進展（超出你們已經說過的部分），以及在達成最終合約之前，是否還有任何特定事項尚待完成。謝謝。

Hey, George. All I can say at this time is that we're extremely encouraged by our conversations that ENTRA1 and TVA are having. We've heard similar that it was announced in a conversation today that TVA is actively engaged, and it's the same what we're hearing in the conversations.

嗨，George。我目前能說的是，我們對ENTRA1與TVA之間的對話感到非常受鼓舞。我們也聽到類似的消息：今天在一場對話中宣布TVA正積極參與，而這也與我們在交流中聽到的內容一致。

We understand it's progressing well, and I can tell you that when the agreement is signed, NuScale will be ready to implement.

我們理解進展順利；我也可以告訴你，一旦協議簽署，NuScale將準備好執行落地。

Thank you. And one more question, just a little bit of a minutia item. I noticed that in your balance sheet, the investments increased significantly. I haven't gone through your Q yet. Could you just sort of talk about what compelled that to move up to $800 million relative to last quarter? Thank you.

謝謝。我還有一個問題，算是比較細節的項目。我注意到你們資產負債表上的投資大幅增加。我還沒仔細看你們的Q（季報）。你能否談談是什麼原因讓它相較上一季上升到8億美元？謝謝。

Hi, George, this is Ramsey. How are you doing?

嗨，George，我是Ramsey。你最近如何？

Good.

很好。

Good. This was really just a treasury strategy. As we bolster our balance sheet, we kind of pull away from this idea of traditional startup burn rate and runway and more about cash allocation and long-term planning. That's what $1.9 billion gives us, the ability to plan long term. It gives us optionality.

很好。這其實就是一個資金管理（treasury）策略。隨著我們強化資產負債表，我們逐步淡化傳統新創「燒錢速度與可支撐期間（runway）」的思維，轉而更著重於資金配置與長期規劃。這就是19億美元帶給我們的能力：能夠做長期規劃。也讓我們有更多選擇彈性（optionality）。

As you have that amount of cash on balance sheet, you tend to look into longer-term instruments, within a treasury strategy, all high-grade, but you will have longer-term instruments. So the reclassification on the balance sheet, but it's all cash and cash-like investments.

當你的資產負債表上有這麼多現金時，在資金管理策略下，你往往會去配置較長天期的工具；都屬於高評級，但會是較長天期的工具。因此這是資產負債表上的重新分類，但本質上都是現金與類現金投資。

Great. Thanks, guys.

很好。謝謝各位。

Marc Bianchi, TD Cowen.

Marc Bianchi，TD Cowen。

How's it going? This is Esteban on for Marc. Thanks for taking the question. I wanted to ask on the Romania project. I believe RoPower earlier this year had some new contingencies around an FID, including a proposal on sort of the purchase cadence of the Power Modules. And I think there was also a more recent update to stick with NuScale rather than considering other technologies for the project. Can you walk us through some of those updates and when we should expect further progress on the project?

近況如何？我是Esteban，代Marc提問。謝謝讓我提問。我想問羅馬尼亞專案。我記得RoPower今年稍早針對FID（最終投資決策）提出了一些新的前提條件，其中包括關於電力模組採購節奏（purchase cadence）的提案。而且我想近期也有更新，表示會繼續採用NuScale，而不是為該專案考慮其他技術。你能帶我們梳理一下這些更新，以及我們何時應該期待專案有進一步進展嗎？

Yeah, I could probably -- this is John speaking, and I appreciate the question. As you know, we're a subcontractor to Fluor Corporation, who is a prime contractor. We completed successfully the front-end engineering design. There is a new government that's coming in, that's being seated as we speak.

好的，我大概可以——我是John，謝謝你的問題。如你所知，我們是Fluor Corporation的分包商，而Fluor是總承包商（prime contractor）。我們已成功完成前端工程設計（front-end engineering design）。目前有一個新政府正在上任，正如我們此刻所見。

I, myself, and my COO are planning to go to Bucharest to meet with that government probably later this month. But we're ready to go. We're just waiting on the green light to finalize our contract agreements. But as I said, Phase 1 went well. Now we're going into what's called the pre-EPC, which will take it up to the final notice to proceed, which is probably another year from now.

我本人以及我們的營運長（COO）計畫在本月稍晚前往布加勒斯特與該政府會面。但我們已準備就緒。我們只是在等待綠燈，以便敲定合約協議。不過如我所說，第一階段進展順利。現在我們將進入所謂的pre-EPC階段，這會一路推進到最終開工通知（final notice to proceed），大概還需要再一年左右。

Okay, thank you. My follow-up is on the combined operating license application. I know you had already completed a meaningful amount of work there on the COLA from the previous CFPP project. And I think you're still engaged with the NRC with that. So I just wanted to get a little bit more color on how much of that COLA is standardized and can be carried over to another US project. Roughly how much time and probably regulatory costs could that save?

好的，謝謝。我的追問是關於合併營運執照申請（COLA）。我知道你們在先前的 CFPP 專案上，已經就 COLA 完成了相當多的實質工作。而且我想你們仍在就此與 NRC 保持互動。所以我想更了解一下，這份 COLA 有多少是標準化的、可以沿用到另一個美國專案。大概能節省多少時間，以及可能節省多少監管成本？

That's a great question. We're looking at what we have done for the previous project. You comment on -- about 60% of that COLA can be utilized, and as soon as these PPAs are put in place, that's one of the first initiatives we'll have, is starting the construction operating license agreement with the customer.

這是個很好的問題。我們正在檢視先前專案已完成的工作。就你提到的——大約有 60% 的 COLA 可以加以利用；而一旦這些 PPA 就位，我們的首要工作之一，就是與客戶啟動建造與營運執照協議的相關作業。

So again, about 60% of that we can move over to this next project.

所以再說一次，大約有 60% 我們可以移轉到下一個專案。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

Hi. This is Drew Nordquist on the line for Derek. Thank you, guys, for taking questions. Just going back on RoPower. Did you guys highlight what sort of conditions need to be satisfied in order to move on, and if that's in your hands or if that's more in RoPower's hands?

嗨。我是代替 Derek 在線上的 Drew Nordquist。謝謝各位接受提問。回到 RoPower。你們是否有說明要繼續推進需要滿足哪些條件？以及這些條件是掌握在你們手上，還是更多在 RoPower 那邊？

Actually, in the first phase that needs to get done really is the completion of the prime contractor to come into contract arrangement with the customer. And then we will enter into contract negotiations with the prime EPC. So we're all kind of in a wait mode right now, waiting for things to progress. And that's one of the reasons we're heading over to meet with the new government to talk about what are the next steps.

其實，第一階段真正需要完成的是：總承包商要與客戶完成合約安排。接著我們才會與主要 EPC 進入合約談判。所以目前大家都算是在等待狀態，等事情往前推進。這也是我們要前往與新政府會面的原因之一，去討論接下來的步驟是什麼。

All right, thank you. I'll turn it over.

好的，謝謝。我把時間交回去。

Greg Lewis, BTIG.

Greg Lewis，BTIG。

Yeah. Hey, thank you, and good afternoon. And thanks for taking my question. Ramsey, I was hoping to talk a little bit more about how you're thinking about the liquidity position. Clearly, you made some moves to really bolster that heading into the back half of this year and into next year. So just kind of clear any kind of broad strokes you can give us around, let's just assume that we eventually get these contracts from TVA to move forward. Is there any kind of timeline you can give us in terms of when we're going to have to start deploying that capital? Just kind of curious around that.

是的。嗨，謝謝，下午好。也謝謝讓我提問。Ramsey，我想再多談一點你們如何看待流動性部位。很明顯你們在今年下半年到明年之前做了一些動作來大幅強化它。所以大致上想請你們談談：假設我們最終確實拿到 TVA 的合約得以往前推進，你們能否提供一個大概的時間表，說明我們何時需要開始動用那筆資本？我只是對此感到好奇。

Sure, thank you for the question. Let's talk about a few ideas. We did bolster our cash. $1.9 billion reflects a liquidity position. It reflects a conservative approach to liquidity.

當然，謝謝你的問題。我們談幾個想法。我們確實強化了現金部位。19 億美元反映的是一個流動性狀況。這也反映了我們對流動性採取保守的做法。

As finance people on the line, I think we all understand liquidity is one of those things where it's often there when you don't need it, and it's often not when you do. We took the opportunity last quarter to bolster liquidity and set ourselves in pretty good position.

線上有做財務的人，我想大家都理解：流動性這種東西，往往在你不需要時它在；而在你需要時它反而不在。我們把握上季的機會來強化流動性，讓自己處在相當好的位置。

What this does is it changes, I think I mentioned this in an earlier question, it changes the framework by which we look at our cash. We've diverged from those startup metrics and diverged from burn rate, and we provide optionality. And now, we think about capital allocation.

我認為這會改變——我在前面一個問題也提到——我們看待現金的框架。我們已經偏離那些新創階段的衡量指標，也不再以燒錢速度為主，並提供更多選擇性。而現在，我們思考的是資本配置。

And I think about capital allocation for a company that's engaging production for a first-of-a-kind technology. One thing that comes to my mind is ideas around working capital. It changes our OpEx and how cash enables the business to be in a better position to deliver our product when we say we're going to do it and the cost we say we're going to deliver at. And so that's because of the change.

我會以一家正在推動首創（first-of-a-kind）技術量產的公司角度來思考資本配置。我想到的一件事是營運資金相關的安排。這會改變我們的營運費用（OpEx），以及現金如何讓公司處於更好的位置，去在我們承諾的時間交付產品，並以我們承諾的成本交付。所以這是因為這個轉變。

When do we expect that cash will happen? I think that question is similar to what do we expect commercialization to happen. Some of our expectations are reflected in our actions. We've seen, for example, with Paragon over the last quarter. We expect commercialization to happen soon, so we're preparing for supply chain.

那我們預期何時會用到這些現金？我認為這個問題類似於：我們預期商業化何時發生。我們的一些預期反映在我們的行動上。例如，過去一季我們在 Paragon 上看到的進展。我們預期商業化很快會發生，所以我們正在為供應鏈做準備。

So you could read into our expectations based on our actions, but ultimately, the commercial contract is the main catalyst, and we're ready for it. I think it's a great position for us to be in.

所以你可以從我們的行動解讀我們的預期，但最終，商業合約才是主要催化劑，而我們已經準備好了。我認為我們目前的處境非常好。

Okay. And so as we think about some of those parts of the supply chain that need to be addressed, I imagine you've spent a lot of time thinking about the cost associated with those moving to commercialization. Is that things that we're starting to look at now, or is it more kind of getting everything in ready mode for when we eventually get the green light from our first commercial partner?

了解。那當我們思考供應鏈中需要處理的部分時，我想你們應該花了很多時間評估邁向商業化所伴隨的成本。這些是我們現在就開始著手評估的事情，還是比較偏向先把一切準備就緒，等我們第一個商業合作夥伴最終給出綠燈再啟動？

No, we're working, as I said, we've been working for years with these key suppliers, and they're strategic suppliers. Some of these suppliers are investors in NuScale. They're not looking for a one-off project. They're looking for the opportunity for sustainable supply, and they give us very competitive rates.

不是，我們正在做。如我所說，我們多年來一直與這些關鍵供應商合作，而且他們是策略性供應商。其中一些供應商本身就是 NuScale 的投資人。他們不是只想做一次性的專案。他們想要的是可持續供應的機會，因此也給了我們非常具競爭力的價格。

As an OEM, about 30%, maybe 30%-plus, is going to be our cost, and then the rest is going to be the EPC and other contractors. So I believe we have a very good handle with what our suppliers are offering us in terms of being on a competitive basis.

以 OEM 的角度來看，大約 30%（可能 30% 以上）會是我們的成本，其餘則會是 EPC 與其他承包商的成本。所以我相信，對於供應商在競爭基礎上能提供我們什麼，我們掌握得非常清楚。

And the bottom line, they have to prove competitiveness, so it's not open-ended.

而且最重要的是，他們必須證明具備競爭力，所以不是沒有上限的。

Thank you very much.

非常感謝。

Craig Shere, Tuohy Brothers.

Craig Shere，Tuohy Brothers。

Good afternoon. Thanks for taking the questions. So first, I mean, you sound very confident about pending first-of-a-kind customer FIDs, so presumably around TVA. Would you expect with the first FID to be in a position to share with the Street NuScale-level margin clarity, or would that be a bit of a moving target with the first order?

下午好。謝謝接受提問。首先，你們對即將到來的首創（first-of-a-kind）客戶 FID（最終投資決定）聽起來非常有信心，推測應該是指 TVA。你們是否預期在第一個 FID 之後，就能向市場分享 NuScale 層級的毛利率／利潤率清晰度？還是因為第一筆訂單的關係，這會比較像是一個變動中的目標？

No, I think internally we have expectations of where we were margin about. I think we all acknowledge that first-of-a-kind may be more challenging than nth of a kind. I think we're going to have to provide pretty quickly with that manufacturing we're engaging, and we want to be able to provide guidance to the Street.

不，我認為在內部我們對利潤率大概會落在哪裡是有預期的。我想我們都承認，首創（first-of-a-kind）可能會比第 N 次（nth-of-a-kind）更具挑戰。我認為隨著我們投入製造，我們必須很快提供相關資訊，而且我們希望能夠向市場提供指引。

But I would be able to write by, it's based on our contract or supplier contracts. And doing it absent or prior to that real visibility, I think it just becomes a little bit problematic.

但我可以依據我們的合約或供應商合約來撰寫。而在缺乏或早於那種真正可視性的情況下去做，我認為就會變得有點棘手。

So as soon as we can, as soon as we're confident, we'll start to provide guidance. And I think you as analysts will have a better construct to come out with your price targets and understand the value that we're creating within our business for our shareholders.

所以一旦我們可以、也一旦我們有信心，我們就會開始提供指引。我認為你們作為分析師，將會有更好的架構來提出你們的目標價，並理解我們在業務中為股東創造的價值。

Understood. So I want to talk a little about speed to market, because that was most of your prepared comments and your leadership there, given the fact that you're ahead on the regulatory and you've pre-ordered these 12 modules.

了解。我想稍微談一下上市速度（speed to market），因為那是你們大部分的事先準備發言以及你們管理層所強調的重點，考量到你們在監管進度上領先，且已預訂了這12個模組。

So obviously, we're getting other announcements that are more immediate and are not SMRs, right? I mean, we're getting announcements of behind-the-meter CT projects for 18 months deployment, maybe three to four years on CCGTs. Given the fact you've already deployed resources and relationships for your first 12 modules, from FID on the first project, how quickly can that be producing power?

所以很明顯地，我們也看到其他更即時、而且不是SMR的公告，對吧？我的意思是，我們看到的是表後（behind-the-meter）的CT專案，部署期18個月；CCGT可能要三到四年。鑑於你們已為首批12個模組部署資源與建立關係，從第一個專案的FID起算，最快多久可以開始發電？

And then is there a gap on the second project since you don't have that on order today? And given your great liquidity position, is that a reason to put more on order today or in the near future?

另外，第二個專案是否會有缺口，因為你們今天並沒有為它下單？再者，考量你們很強的流動性部位，這是否是今天或近期再多下單的理由？

So our position right now, I just want to get the first module up and running to showcase. And remember, these redundant systems, when the last thing that's going to happen after the plant is built and the balance of plant and the reactor building, NuScale will move modules into the factory and will erect them one at a time. Once the first one or first two are up and running, they're operational, we bring the second one in and we bring the third one in.

我們目前的立場是，我只想先讓第一個模組上線運轉來展示成果。而且請記得，這些是具備冗餘的系統；在電廠建成、以及廠外系統（balance of plant）和反應爐建築完成之後，最後才會發生的是，NuScale會把模組移入工廠，並一次豎立一個。當第一個或前兩個上線並投入運轉後，我們再把第二個運進來，再把第三個運進來。

If you remember, the NuScale module was predicated not on doing any given one plant at any given time, it was multiple plants. These are fungible assets. We build them in a factory and we ship them.

如果你還記得，NuScale模組的設計前提不是在任何時間只做單一電廠，而是多座電廠。這些是可互換的資產。我們在工廠製造，然後運送出去。

Now with the magnitude of what we're talking about with TVA, I mean anywhere from 6 to 8 gigawatts, it's massive. It's a massive undertaking. It is one project at a time.

現在就我們與TVA所談的規模而言，我是說大約6到8吉瓦，這非常龐大。這是一項巨大的工程。它會是一個專案接著一個專案來做。

Any thoughts on the first 12 modules being online given the progress you have there?

對於首批12個模組在你們目前進度下何時能上線，有任何想法嗎？

We've stated publicly that from a first pouring of safety-related concrete to mechanical completion will generally take a little less than 40 months, but that does not entail we still got the upfront dealing with the NRC and the licensing process.

我們已公開表示，從首次澆置與安全相關的混凝土到機械完工（mechanical completion），一般會略少於40個月，但這不包含前期仍需與NRC打交道以及許可流程。

So construction timeframes are within that window, we believe. Within a 40-month window for construction or in a concrete to mechanical completion.

因此，我們認為施工工期會落在那個區間內。也就是從混凝土到機械完工的施工期在40個月的窗口內。

Great. Thank you.

很好。謝謝。

And so, hopefully, with the NRC, we've had great conversations. In fact, the team was just with the Nuclear Regulatory Commission last week. They're doing a lot of things, particularly in that front-end advancement, to help get contractors or get technologies to move quicker on the licensing front. So we're hoping maybe what would typically take two years could be reduced significantly.

另外，希望在NRC方面，我們已進行了很好的對話。事實上，團隊上週才剛與美國核能管制委員會會面。他們正在做很多事情，特別是在前端推進方面，來協助承包商或技術在許可端更快推進。所以我們希望，原本通常需要兩年的時間，能夠大幅縮短。

Understood. Thank you.

了解。謝謝。

Ellen Page, Truist.

Ellen Page，Truist。

Hi, thanks for the question. Maybe just to start, the power plant business had negative revenue in the quarter due to a negotiation with Fluor. How do we think about that impact, or how should we think about the RoPower progression going forward under that new price agreement? And any more color you can provide would be great.

嗨，謝謝讓我提問。也許先從這裡開始，本季電廠業務因與Fluor的協商而出現負營收。我們該如何看待這個影響，或在新的價格協議下，未來RoPower的進展應如何解讀？如果能提供更多細節就太好了。

Yeah. I don't think the negative revenue number is really indicative of some ongoing trend with RoPower, with our margins there. That was an adjustment.

是的。我不認為這個負營收數字真正反映RoPower或我們那邊毛利的任何持續性趨勢。那是一項調整。

And what you really saw is, we had work with Fluor related to FEED phase two in the prior quarter. There are two prior quarters partly, or in the same quarter period in the prior year, which we didn't have this year. So that revenue is gone. There's an adjustment.

你們實際看到的是，我們在上一季有與Fluor相關、屬於FEED第二階段的工作。在更早的兩個季度，部分地，或在去年同期的同一季度期間，我們有這些工作，但今年沒有。所以那部分營收就消失了。同時也有一項調整。

What you saw is negative margin. It looks a little funny, but it's not indicative of a trend. And we're talking about pretty small numbers and pretty small basis. So I wouldn't read much into that.

你們看到的是負毛利。看起來有點奇怪，但不代表趨勢。而且我們談的是相當小的金額、相當小的基數。所以我不會對此做太多解讀。

Okay, great. And then maybe just on TVA, is there any milestones in particular or next steps you can call out ahead of a PPA, or we're just kind of waiting for those negotiations to be complete?

好的，很好。另外關於TVA，在PPA之前是否有任何特定里程碑或下一步可以指出？還是我們就是等待談判完成？

I think as I stated in the comments, talks are progressing. We're very active with ENTRA1 and communications on a daily basis. Our Chief Commercial Officer is involved with it again on a daily basis. So we're in a mode right now that as soon as these PPAs have to finalize, we're ready to move.

我想如同我在評論中所說，洽談正在推進。我們與ENTRA1非常積極，幾乎每天都在溝通。我們的首席商務長也同樣每天都參與其中。所以我們目前的狀態是，一旦這些PPA需要定案，我們就準備好推進。

And by move, I mean enter into, start the COLA position, start the front-end engineering design and initiate the OEM contracts or negotiation.

我所說的推進，是指簽訂（enter into）、啟動COLA流程、開始前端工程設計（front-end engineering design），並啟動OEM合約或談判。

Great, thanks.

很好，謝謝。

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

Hey, guys, this is Tyler Bisset on for Brian. Thanks for taking our questions. There's been a lot of focus on TVA, but curious if you can discuss any other pipeline opportunities. So what other engagements are out there and any other details you can provide on timing, geographies, or types of customers that ENTRA1 is working with?

嗨，各位，我是代替Brian的Tyler Bisset。謝謝回答我們的問題。市場焦點多在TVA，但想請教你們是否能談談其他案源機會。也就是說，還有哪些合作洽談在進行中？在時程、地理區域或ENTRA1正在合作的客戶類型方面，能否提供更多細節？

I'll just say, as I said earlier, we're in a lot of discussions with the hyperscalers, with the governments, with the international, but our focus right now is to try to get this, working with ENTRA1 to get TVA across the goal line.

我只能說，如同我先前提到的，我們正與超大規模業者（hyperscalers）、政府以及國際客戶進行許多討論，但我們目前的重點是與ENTRA1合作，先把TVA推過終點線。

But as you know, everybody needs energy. We were part of the mix, and customers have different strategies. Our strategy right now is if they're ready to move and they need near-term deployment, we're willing to talk.

但如你所知，每個人都需要能源。我們是其中一個選項，而客戶也有不同策略。我們目前的策略是：如果他們準備好推進、且需要近期部署，我們願意洽談。

All right, that's it from us. Thank you.

好，我們這邊就這些。謝謝。

Sundariya Iyer, B. Riley Securities.

Sundariya Iyer，B. Riley Securities。

Thank you, team. This is Soundarya on behalf of Ryan Pfingst. Most of my questions have been answered, but just a couple more on the supply agreements that you mentioned have been signed with more than half of your suppliers. What are some of the long-lead items left to achieve on that supply chain?

謝謝，團隊。我是 Soundarya，代表 Ryan Pfingst。我的大多數問題都已獲得解答，但還有幾個關於你們提到已與超過一半供應商簽署的供應協議的問題。在供應鏈方面，還有哪些需要較長交期才能完成的項目？

I think we're in pretty good shape. As I said, the real long-lead items are forgings, which are being in production currently. They've been in production for the last two years. We mentioned we use conventional fuel. Framatome is our fuel supplier. That fuel will be manufactured in the state of Washington. Paragon, we mentioned, for instrument and control, for safety. That's ahead of schedule.

我認為我們的狀況相當不錯。如我所說，真正的長交期項目是鍛件，目前正在生產中。它們在過去兩年一直在生產。我們提到我們使用傳統燃料。Framatome 是我們的燃料供應商。該燃料將在華盛頓州製造。我們也提到 Paragon，負責儀控（I&C）與安全相關。這部分進度超前。

So I think, again, I don't see any problems with being able to respond as I said. We're good to go.

所以我認為，再次強調，我看不出有任何問題會影響我們如我所說的回應能力。我們已準備就緒。

Yeah, that's good to hear. Thank you. And one more on following up on that Romanian project, RoPower. Could that trigger any revenue-generating services in 2026, or should we think about it in 2027 and beyond?

是的，聽到這個很好。謝謝。再追問一個關於羅馬尼亞專案 RoPower 的問題。這是否可能在 2026 年觸發任何可產生營收的服務，還是應該把它視為 2027 年及以後？

We certainly hope so. If you look at Romania in general, if you look at the success on the front-end engineering design, it's really up to the timeline of the customer and when we're going to start the next phase. So if we get the contract in place, yes, there'll be revenue next year.

我們當然希望如此。如果你看羅馬尼亞整體情況，以及前端工程設計（FEED）的成功，接下來主要取決於客戶的時程，以及我們何時開始下一階段。因此，如果我們把合約落實到位，是的，明年就會有營收。

That's great. Thank you. I'll turn it over.

太好了。謝謝。我把時間交回去。

Vikram Bagri, Citigroup.

Vikram Bagri，花旗集團。

Hey, guys, this is Vignesh for Vikram. Thanks for taking the question. Just wondering, could you help us think about the cadence of OpEx over the next few quarters? I think you mentioned previously for it to ramp over time, but any color or range would be helpful and kind of some of the key drivers on the incremental spend. Thanks.

嗨，各位，我是 Vignesh，代表 Vikram。謝謝讓我提問。想請你們協助我們思考未來幾季營業費用（OpEx）的節奏。我記得你們先前提到會隨時間逐步上升，但若能提供一些說明或區間，以及增量支出的主要驅動因素，會很有幫助。謝謝。

Yeah, sure. Hi, this is Ramsey Hamady. I don't want to give too much guidance on future OpEx. I just don't think we're positioned to do that, and we generally don't give guidance yet.

好的，當然。嗨，我是 Ramsey Hamady。我不想對未來的營業費用（OpEx）提供太多指引。我只是認為我們目前不適合這麼做，而且我們一般也尚未提供指引。

But I will look to the past 10 quarters. Starting from the beginning of 2024, right through the end of 2025, this management team kept OpEx within some rather tight $3 million band, between like $41 million and $44 million per quarter. We were deliberate, we were targeted, we executed, and were consistent.

但我會回顧過去 10 個季度。從 2024 年初一直到 2025 年底，這個管理團隊將營業費用（OpEx）控制在相當緊的 300 萬美元區間內，每季大約介於 4,100 萬到 4,400 萬美元。我們是有意識地、聚焦地執行，並且保持一致。

Over the past two quarters, as we moved, we had work with RoPower originally back in 2025, and about 2026, some of that work went away. We kept the same engineers. They went from the cost of goods sold line down to OpEx. So we thought they would pop up in OpEx because we need those people. That's your project, and we expect to continue to execute projects in the near future. So you get those people show up in OpEx.

在過去兩個季度，隨著我們推進，我們原本在 2025 年與 RoPower 有一些工作，而到了 2026 年左右，其中部分工作消失了。我們保留了同一批工程師。他們的成本從銷貨成本（COGS）那一行轉到營業費用（OpEx）。所以我們認為他們會在 OpEx 中顯現，因為我們需要這些人。那是你們的專案，而我們預期在近期會持續執行專案。因此你會看到這些人出現在 OpEx 裡。

But again, OpEx was within like a million or so this past quarter, as it was within Q1. So without commenting or providing guidance, I think a lot to take away is that management is deliberate. We're precise. We control OpEx. We're active on it. And what we won't do, which I think is maybe to the heart of your question, is allow OpEx creep to come up and start to impact our liquidity. So I would just take the lesson away. They're pretty conservative, and we're pretty well-focused and disciplined here. Model on valuation, but I think that's the best we're going to get.

但再說一次，本季的 OpEx 與上一季第一季（Q1）一樣，差不多只在 100 萬美元左右的範圍內波動。因此在不評論或提供指引的前提下，我認為可以帶走的重點是：管理層是審慎的。我們很精準。我們控制 OpEx。我們會主動管理。而我們不會做的事——我想這可能是你問題的核心——就是讓 OpEx 逐步膨脹，開始影響我們的流動性。所以我會說，把這個結論帶走：我們相當保守，而且在這裡我們相當聚焦且自律。你可以在估值模型中反映，但我想這就是我們能提供的最好程度。

There are no further questions at this time. I would like to now turn the call back over to John for closing remarks.

目前沒有其他問題。我現在把電話交回給 John 作結語。

Yeah, thank you, operator. And again, thanks everyone for attending.

好的，謝謝接線員。再次感謝各位出席。

As we heard throughout this Q&A, we get questions about when is NuScale moving from potential to proven. And it's a fair question.

正如我們在整個問答中聽到的，大家會問 NuScale 何時能從「具潛力」走向「已被證明」。這是個合理的問題。

We're in discussions regularly with hyperscalers and utilities and governments. The bottom line is the preconditions for us to move are in place. The regulatory approval exists. Our fuel supply exists. The engineering is mature. The supply chain is mostly contracted. As we stated, we've got long-lead items in production. Our liquidity ramp-up for manufacturing is in place. The market's waiting for definitive agreements, and once they're in place, we're ready to move.

我們持續與超大規模業者（hyperscalers）、公用事業與各國政府定期討論。重點是，我們推進所需的前提條件都已到位。監管核准已存在。我們的燃料供應已到位。工程設計已成熟。供應鏈大多已簽約。如我們所述，長交期項目已在生產中。我們為製造所需的流動性提升（ramp-up）也已到位。市場正在等待具決定性的協議，一旦協議到位，我們就準備好推進。

So I'm looking forward to the next session we all get together. And again, thanks for joining us today.

因此我期待我們下次再聚。再次感謝今天加入我們。

Thanks, everyone.

謝謝各位。

This concludes today's call. Thank you, all, for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。