Nuscale Power Corp (SMR) 2026 Q3 法說會逐字稿

Good afternoon and welcome to NuScale Power's third-quarter 2026 earnings conference call.

下午好，歡迎參加 NuScale Power 2026 年第三季財報電話會議。

Today's call is being recorded. A replay will be available on NuScale's Investor Relations website for 30 days.

今天的電話會議將被錄音。重播將在 NuScale 的投資人關係網站上提供 30 天。

At this time, I would like to turn the call over to Jennifer Hills, VP of Finance. Please go ahead.

此刻，我想把電話交給財務副總裁 Jennifer Hills。請開始。

Thank you, operator. Joining me today is John Hopkins, President and Chief Executive Officer; and Ramsey Hamady, Chief Financial Officer of NuScale.

謝謝，接線員。今天與我一同出席的有 NuScale 總裁兼執行長 John Hopkins，以及財務長 Ramsey Hamady。

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.

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.

今天下午，我們已在投資人關係網站上發布補充簡報。

As reflected in the Safe Harbor statement on slide 2, the information set forth in the presentation and discussed during the course of our remarks and subsequent Q&A session includes forward-looking statements, which reflect our current views of existing trends and are subject to a variety of risk and uncertainties.

如第 2 頁投影片的「安全港」聲明所示，簡報中所載及我們在發言與後續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。

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 to our subsequent SEC filings.

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.

現在我把電話交給 John。

Thank you, Jennifer. And good afternoon, everyone.

謝謝你，Jennifer。各位下午好。

As slide 3 highlights, in recent quarters, we've discussed NuScale's laser focus on commercial readiness as a technology provider and original equipment manufacturer. This quarter, we took a significant step to advance that objective.

如第 3 頁投影片所強調，近幾季我們一直在談 NuScale 作為技術供應商與原始設備製造商，對商業化就緒度的高度聚焦。本季我們採取了重要一步以推進該目標。

We progressed from development to physical production. We are proud to have entered into a landmark agreement with Doosan Enerbility to manufacture the first-article production of the NuScale Power Module, representing a clear transition from preparation to execution.

我們已從研發階段推進到實體生產。我們很自豪與 Doosan Enerbility 簽署具里程碑意義的協議，製造 NuScale Power Module 的首件產品（first-article）生產，清楚展現從準備轉向執行。

We are no longer simply designing and planning, we are manufacturing. This milestone demonstrates tangible progress towards delivering the only NRC-approved SMR technology at commercial scale.

我們不再只是設計與規劃，我們正在製造。這項里程碑展現了我們朝向以商業規模交付唯一獲 NRC 核准之 SMR 技術的具體進展。

While our commercialization partner, ENTRA1 Energy, continues its work to finalize arrangements required for project development, NuScale is not standing still. We are deliberately strengthening our [OEM] capabilities, deepening supply-chain readiness, and positioning the company for full-scale production.

在我們的商業化合作夥伴 ENTRA1 Energy 持續推動完成專案開發所需安排之際，NuScale 並未停下腳步。我們正有計畫地強化我們的 [OEM] 能力、深化供應鏈就緒度，並讓公司為全面量產做好定位。

Our approach is straightforward and shareholder-aligned: stay disciplined on capital, hit the milestones we can control, and ensure that, when commercial agreements are finalized, NuScale is ready to deliver, without unnecessary delay or added risk.

我們的方法直接且與股東利益一致：在資本運用上保持紀律、達成我們可控的里程碑，並確保在商業協議定案時，NuScale 能夠在不造成不必要延宕或增加風險的情況下交付。

This is how we convert regulatory leadership and manufacturing progress into durable value. Simply put, we are ready -- ready with the only NRC-approved SMR technology in the United States; ready with proven fuel technology, ready with engineering, regulatory foundation, strategic partnerships, and the global supply chain necessary to support commercial deployment.

這就是我們將法規領先與製造進展轉化為持久價值的方式。簡而言之，我們已準備就緒——準備好以美國唯一獲 NRC 核准的 SMR 技術；準備好以經驗證的燃料技術；也準備好具備工程與法規基礎、策略夥伴關係，以及支援商業部署所需的全球供應鏈。

We are taking these steps at a time of growing demand and strong support for nuclear energy, particularly SMRs.

我們在需求成長、且核能（尤其是 SMR）獲得強力支持的時點採取這些行動。

The global energy landscape is undergoing a fundamental transformation. Artificial intelligence, the explosive growth of data centers, expanding industrial-energy requirements, and the increased importance of energy security are converging to create unprecedented demand for reliable, affordable, and carbon-free base-load power.

全球能源版圖正經歷根本性的轉變。人工智慧、資料中心的爆炸性成長、工業能源需求擴張，以及能源安全重要性提升，正匯聚成對可靠、可負擔且無碳基載電力的前所未有需求。

Today, I want to walk you through what we accomplished this quarter, why it matters for shareholders, and how NuScale is positioning for its next phase of growth:

今天，我想帶各位回顧我們本季完成了什麼、為何這對股東重要，以及 NuScale 如何為下一階段成長做好布局：

Execution is already underway. NuScale is moving from commercial agreements to delivery readiness.

執行已經展開。NuScale 正從商業協議推進到交付就緒。

As ENTRA1 advances its customer engagements, we are advancing detailed engineering, locking in key suppliers, securing regulatory approvals that de-risk the path forward, and preparing to support the construction and operating license-application process.

在 ENTRA1 推進客戶洽談的同時，我們也在推進細部工程、鎖定關鍵供應商、取得可降低後續風險的法規核准，並準備支援建造與運轉許可申請流程。

In parallel, we are preparing to execute the OEM agreement under which NuScale will supply its power modules.

同時，我們也在準備執行 OEM 協議，依該協議 NuScale 將供應其電力模組。

These steps do more than move us closer to first delivery. They reduce future execution risk, establish a repeatable deployment model, and put NuScale in position to convert commercial orders into revenue.

這些步驟不僅讓我們更接近首次交付。它們也降低未來執行風險、建立可重複的部署模式，並讓 NuScale 具備將商業訂單轉化為營收的條件。

For shareholders, that means a clear line of sight from contracted demand to module sales, associated services, and long-term value creation.

對股東而言，這代表從已簽約需求到模組銷售、相關服務以及長期價值創造之間，有清晰可見的路徑。

These investments are deliberate and ongoing. Their purpose is to establish the foundation for repeatable deployment, protect and extend NuScale's competitive advantages as the only NRC-approved SMR technology provider, and ensure the company is positioned to convert future commercial agreements into revenue, with minimal delay, once those agreements are finalized.

這些投資是有計畫且持續進行的。其目的在於建立可重複部署的基礎、保護並延伸 NuScale 作為唯一獲 NRC 核准之 SMR 技術供應商的競爭優勢，並確保一旦未來商業協議定案，公司能以最小延遲將其轉化為營收。

Our licensing team is already preparing to support the construction and operating-license application for the potential Tennessee Valley Authority project.

我們的許可團隊已在準備支援潛在的田納西河流域管理局（TVA）專案之建造與運轉許可申請。

This is familiar ground for NuScale. We hold an NRC-design certification and standard-design approvals. And we completed substantial [COLA] work on the Carbon Free Power Project.

這對 NuScale 來說是熟悉的領域。我們持有 NRC 的設計認證與標準設計核准。我們也在 Carbon Free Power Project 上完成了大量的 [COLA] 工作。

A meaningful portion of that prior effort is directly reusable for TVA or any other future domestic projects, which should compress both schedule and cost, relative to a first-time application.

先前投入的相當一部分工作可直接重複用於 TVA 或任何其他未來的美國國內專案，相較於首次申請，應可縮短時程並降低成本。

Our engineering teams is similarly engaged, drawing on experience from RoPower and other programs.

我們的工程團隊也同樣投入，並汲取 RoPower 與其他計畫的經驗。

Once an [EPC] contractor is selected, NuScale will support that work under a separate contract, covering our proprietary design. This structure keeps NuScale involved in design integrity and execution support, while the EPC leads overall project delivery.

一旦選定 [EPC] 承包商，NuScale 將在另一份合約下支援該工作，涵蓋我們的專有設計。此架構讓 NuScale 能參與設計完整性與執行支援，而 EPC 則主導整體專案交付。

Further along the timeline, we are also positioned to support operator training, start-up consulting, and fuel-preparation activities in coordination with Framatome. These are longer-dated opportunities. But we are laying the groundwork now so that NuScale is ready, when the program requires them.

在更後段的時程上，我們也已就位，可與 Framatome 協同支援操作員訓練、啟動諮詢與燃料準備活動。這些是較長期的機會。但我們現在就打好基礎，確保當計畫需要時，NuScale 已準備就緒。

Together, these efforts mean we are already actively working across licensing, engineering, and later-stage services, rather than waiting for a single-downstream milestone.

綜合而言，這些努力意味著我們已在許可、工程與後期服務等面向積極推進，而不是等待單一的下游里程碑。

It is important to note that many of these steps are done in parallel and not sequential.

需要強調的是，這些步驟多半是並行而非依序完成。

While supporting a TVA power -purchase agreement remains our immediate priority, our commercial opportunities extend beyond TVA.

雖然支援 TVA 的購電協議仍是我們的當務之急，但我們的商業機會不僅限於 TVA。

We continue to engage utilities, hyperscalers, and major industrial customers seeking reliable carbon-free base-load power. These discussions reflect a growing recognition that technology readiness, regulatory certainty, and the ability to execute are increasingly important factors in selecting nuclear-energy solutions.

我們持續與公用事業、超大規模業者（hyperscalers）以及尋求可靠無碳基載電力的大型工業客戶洽談。這些討論反映出市場日益認知：技術就緒度、法規確定性與執行能力，正成為選擇核能解決方案時愈來愈重要的因素。

Our business model combines ENTRA1's commercial-development capabilities with NuScale's NRC-approved technologies, established supply chain, and advanced manufacturing readiness.

我們的商業模式結合 ENTRA1 的商業開發能力與 NuScale 經 NRC 核准的技術、既有供應鏈，以及先進的製造就緒度。

This is a compelling combination that we believe differentiates us in an increasingly competitive market.

我們認為這是一個具吸引力的組合，使我們在競爭日益激烈的市場中脫穎而出。

We are actively pursuing opportunities across multiple markets and expect to provide further updates, as discussions mature into actionable, commercial commitments.

我們正積極在多個市場尋求機會，並預期隨著討論成熟並轉化為可執行的商業承諾，將提供進一步更新。

For NuScale shareholders, the opportunity is not simply one project. It is the potential to establish a scalable global OEM business capable of supporting multiple customers and deployments over decades.

對 NuScale 股東而言，機會不僅僅是一個專案。而是有潛力建立一個可擴展的全球 OEM 業務，能在未來數十年支援多個客戶與多次部署。

Now, turning to slide 4, let me expand on the significance of the last week's agreement with our longstanding partner, Doosan Enerbility, to manufacture components for the initial NuScale Power Module.

現在轉到第 4 頁投影片，讓我進一步說明上週我們與長期合作夥伴 Doosan Enerbility 達成協議、為初始 NuScale Power Module 製造零組件的重要意義。

NuScale's commitment to further producing critical long-lead components, as enabled by our NRC-licensed design, highlights our confidence in near-term commercialization and commitment to de-risk deployment lead times for our customers.

NuScale 承諾在我們獲 NRC 授權的設計所支持下，進一步生產關鍵的長交期零組件，凸顯我們對近期商業化的信心，以及為客戶降低部署前置時間風險的承諾。

For shareholders, this investment positions NuScale to execute, when orders are secured, with component costs expected to be recovered through the owner's contractual-payment schedule, under a future OEM agreement.

對股東而言，這項投資使 NuScale 在取得訂單後能夠執行；預期零組件成本將可在未來 OEM 協議下，透過業主依合約付款時程支付而回收。

I also want to highlight our supply chain, which reflects years of deliberate preparation. We maintain relationships with more than 60 specialized suppliers, covering every major scope of the module, including fuel, safety and instrumentation and controls, major forgings, module handling, cranes, valves, and others.

我也想強調我們的供應鏈，這反映了多年來有意識的周密準備。我們與超過60家專業供應商維持合作關係，涵蓋模組各主要範疇，包括燃料、安全與儀控（I&C）、大型鍛件、模組搬運、起重機、閥門等。

As a result, when we execute an OEM agreement, many critical components will have already been designed, scaled, tested, and, in some cases, placed into production, reducing schedule risk and accelerating the path to power generation.

因此，當我們執行一項OEM協議時，許多關鍵組件往往已經完成設計、放大（規模化）、測試，並在某些情況下已投入生產，從而降低時程風險並加速邁向發電的進程。

As highlighted on slide 5, a few strategic relationships are already removing long-lead risks from our critical path:

如投影片5所示，幾項策略性合作關係已在我們的關鍵路徑上移除長交期風險：

Framatome, a world-class nuclear-fuel supplier, is completing NuScale fuel design well ahead of customer commitments, under a dedicated agreement, taking a classic schedule bottleneck off the table before we need it.

Framatome作為世界級核燃料供應商，正依據專屬協議，在客戶承諾之前就提前完成NuScale燃料設計，於我們需要之前先行排除典型的時程瓶頸。

Paragon has been awarded a contract to finish production development of our safety instrumentation and control systems, with NuScale jointly owning the underlying intellectual property.

Paragon已獲授合約，完成我們安全儀控系統的量產開發，而其底層智慧財產權由NuScale共同持有。

Across the broader supply base, we are actively driving dual or tertiary sourcing on the majority of packages so no single supplier becomes a constraint.

在更廣泛的供應基礎上，我們正積極推動多數採購包件採用雙來源或第三來源供應，以避免任何單一供應商成為限制因素。

This quarter, we also advanced two concrete milestones that show the supply chain moving from design into execution. We deployed nuclear-specific AI tools from leading technologies across our engineering and knowledge-management functions to accelerate design work and institutional knowledge.

本季我們也推進了兩項具體里程碑，顯示供應鏈正從設計走向執行。我們在工程與知識管理職能中導入領先技術的核能專用AI工具，以加速設計工作與制度化知識的沉澱。

And, with MillenniTEK, we reached a first-of-a-kind fabrication milestone for the passive-emergency core-cooling system.

此外，與MillenniTEK合作，我們達成被動式緊急爐心冷卻系統的首創製造里程碑。

Turning to Romania, with a new government in place, we remain engaged with our Romanian partners. And, as this process moves forward, our priority is ensuring that any agreement appropriately allocates risk, delivers commercial value, and protects our shareholders' interests.

談到羅馬尼亞，在新政府就位後，我們仍持續與羅馬尼亞合作夥伴保持互動。隨著流程推進，我們的優先事項是確保任何協議能適當分配風險、帶來商業價值，並保障股東權益。

Demand for our E2 Centers has been strong since we have developed a business model to support their growth and continue refreshing the program. With the signing of a new center this quarter, we will soon have 13 centers worldwide.

自我們建立支持其成長的商業模式並持續更新該計畫以來，市場對我們的E2 Centers需求一直強勁。隨著本季簽署一座新中心，我們很快將在全球擁有13座中心。

These E2 Centers build awareness of small modular-reactor controls and our technology, while training and preparing the next generation of engineers, operators, and technicians for the nuclear industry.

這些E2 Centers提升外界對小型模組化反應爐（SMR）控制系統與我們技術的認識，同時為核能產業培訓並準備下一代工程師、操作員與技術人員。

Before I turn it over to Ramsey to provide the financial update, I want to reiterate that NuScale is no longer simply preparing for the future of nuclear energy. We are beginning to execute on it.

在我把時間交給Ramsey進行財務更新之前，我想重申：NuScale不再只是為核能的未來做準備。我們正開始付諸執行。

Our supply chain is contracted. Critical components are entering production. And our engineering is substantially complete.

我們的供應鏈已完成簽約。關鍵組件正進入生產。而我們的工程工作也已大致完成。

These milestones position us well to convert our commercial pipeline into binding-customer commitments, generate revenue from project development and deployment, and build a growing base of long-term reoccurring revenue.

這些里程碑使我們具備良好條件，將商業管線轉化為具約束力的客戶承諾，從專案開發與部署中創造營收，並建立持續成長的長期經常性收入基礎。

We continue to advance deployment of our first NuScale Power Module and are securing a supply chain so we are prepared for commercialization, as customers' opportunities progress.

我們持續推進首座NuScale Power Module的部署，並確保供應鏈到位，以便在客戶機會推進時做好商業化準備。

NuScale holds the only NRC-approved SMR design in the world. Our technology uses conventional nuclear fuel available today, incorporates proven passive-safety features, and can be deployed, where customers need reliable power.

NuScale擁有全球唯一獲NRC核准的SMR設計。我們的技術採用目前即可取得的傳統核燃料，整合經驗證的被動式安全特性，並可在客戶需要可靠電力的地方部署。

Now, I'd like to turn the call over to Ramsey Hamady, our Chief Financial Officer, to provide this quarter's financial update.

現在，我想把電話會議交給我們的財務長Ramsey Hamady，為各位提供本季的財務更新。

Thank you, John. And, good afternoon, everyone.

謝謝你，John。各位下午好。

Our financial results are available in our filings so my focus will be on explaining the major line items.

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科目。

NuScale reported revenue of $0.3 million for the three months ending September 30, 2026, compared to $8.2 million in the third quarter last year. The prior year included the [Front-End Engineering and Design Phase II] work in support of the RoPower project. and there was no comparable work in the current quarter.

NuScale截至2026年9月30日止三個月的營收為30萬美元，較去年第三季的820萬美元下降。去年同期包含支援RoPower專案的[前端工程與設計第二階段（FEED Phase II）]工作。而本季沒有可比的相關工作。

Turning to liquidity, NuScale closed the third quarter with approximately $1.9 billion in liquidity compared to approximately $916 million at the end of the third quarter last year.

談到流動性，NuScale在第三季末的流動性約為19億美元，較去年第三季末約9.16億美元增加。

As we begin to fund first-article fabrication activity with Doosan and continue to advance engineering and licensing readiness ahead of an ENTRA1 OEM agreement, we have adequate liquidity to fund these activities and we expect capital deployment to continue at a measured and disciplined pace.

隨著我們開始與Doosan共同資助首件（first-article）製造活動，並在ENTRA1 OEM協議之前持續推進工程與授權準備，我們具備充足流動性以支應這些活動，且預期資本投入將以審慎且有紀律的步調持續進行。

On operating expenses, we reported $65 million this quarter compared to operating expenses of $549 million for the same period last year.

在營業費用方面，本季我們認列6,500萬美元，較去年同期的5.49億美元大幅下降。

With that, thank you for joining us today and for your continued support of NuScale, as we move from readiness to execution.

最後，感謝各位今天與會，並在我們從「就緒」邁向「執行」的過程中持續支持NuScale。

Operator, please open the line for questions.

接線員，請開放提問。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Hi, everyone. Good afternoon and thank you for taking my questions.

各位好。下午好，謝謝讓我提問。

If I may start, just, on the TVA -- and you also mentioned other commercial activity. Clearly, your procurement of some long-lead items would indicate that you have some confidence in the conclusion to that.

如果我可以先從TVA談起——你們也提到其他商業活動。很明顯，你們採購一些長交期項目顯示你們對此事最終落定有一定信心。

But could you just give us a timeline, where we can expect a potential commercial agreement; and, maybe, a timeline on the others that you alluded to on the call? Thank you.

但你們能否提供一個時間表，讓我們了解何時可能達成商業協議；以及你們在電話會議中提到的其他事項，大概的時間表？謝謝。

George, John, here. Thanks for the question.

George，我是John。謝謝你的提問。

The process continues. We are optimally optimistic about this opportunity. And what we can do and what we control, George, is exactly what we stated today -- is continue to build out our capacity to execute.

流程仍在進行中。我們對這個機會保持審慎樂觀。而我們能做、也能掌控的，George，正如我們今天所說——就是持續建立我們的執行能力。

And, as we stated, this movement into first article is a major milestone for us, going forward, in preparation for a project such as TVA. It basically takes our SMR design into physical hardware. And it also helps de-risk from engineering to commercial delivery.

而且如我們所述，邁入首件製造對我們而言是重要里程碑，為像TVA這樣的專案做準備。這基本上是把我們的SMR設計轉化為實體硬體。同時也有助於降低從工程到商業交付的風險。

So, yeah, We are excited about it. And we are ready to move. Our customers and investors need evidence that modules can actually build in a nuclear-quality standards and on schedule. And these first articles help provide that evidence.

所以，是的，我們很興奮。我們也已準備好推進。我們的客戶與投資人需要證據，證明模組確實能以核級品質標準並按期建造。而這些首件產品有助於提供該等證據。

And not only that, they surface early issues that can be corrected before series production. So we are doing everything, George, at our point. We are ready to go, as I commented earlier.

不僅如此，它們也能及早暴露問題，讓我們在量產前加以修正。所以George，我們正在盡我們所能、在我們可掌控的範圍內把事情做到位。如我先前評論的，我們已準備就緒。

So it continues. It is a process. It has been lengthy, we know, but we are doing what we can and what we have control over.

因此，事情仍在推進。這是一個流程。我們知道它耗時很長，但我們正在做我們能做、且我們能掌控的部分。

Thank you.

謝謝。

Maybe, as a follow-up for Ramsey, just on the OpEx, I am curious as to how much growth we can expect in that line item, if there is the potential for a reduction in the -- I think it is around $65 million in quarterly OpEx.

也許再追問Ramsey一題，關於營業費用（OpEx），我想了解這個科目未來可能成長多少；是否有機會下降——我想目前每季OpEx大約是6,500萬美元。

Thank you.

謝謝。

George, nice to chat with you. And thank you for your questions.

George，很高興和你交流。也謝謝你的提問。

While we do not provide guidance as a rule -- and we have not in the past -- our OpEx should remain fairly constant. I think there is a shift in OpEx now, as we focus on projects, as we focus on further development.

雖然我們一向不提供財測——過去也沒有——但我們的OpEx應會維持相對穩定。我認為目前OpEx的結構正在轉變，因為我們把重心放在專案上、放在進一步的開發上。

And where you will see growth is, I think, once we engage with a project, we hope with TVA and with ENTRA1, then you will see further growth.

而你會看到成長的地方，我認為是在我們一旦與專案接軌時——我們希望是TVA以及ENTRA1——那麼你就會看到進一步的成長。

But that may go through OpEx. And some of it may go through cost of goods sold. So it will be spread throughout the income statement.

但那可能會反映在OpEx中，也可能有一部分會反映在銷貨成本中。因此它會分散在損益表的各個項目之中。

But that is where you will see the increased spending coming in.

但你會看到支出增加就是從那裡開始進來的。

Thank you.

謝謝。

(multiple speakers) --

（多位發言者）--

Thank you, George.

謝謝你，George。

Nate Pendleton, Texas Capital Bank.

Nate Pendleton，Texas Capital Bank。

Good afternoon and thanks for taking my questions.

下午好，謝謝讓我提問。

I wanted to go back to your prepared remarks on the macro opportunity for a moment, given the recent market volatility. How durable is the demand growth for new nuclear power? And how would a slow-down in hyperscaler spending change your outlook on the demand for SMRs?

鑑於近期市場波動，我想回到你在事先準備的發言中提到的宏觀機會，稍微談一下。新核能發電的需求成長有多持久？如果超大規模雲端業者（hyperscaler）的支出放緩，會如何改變你對SMR需求的展望？

I can remember, looking back, when I first came on with NuScale -- and I will never forget the date, December 12, 2013 -- NuScale had submitted a funding-opportunity assessment to the, at the time, [Ernie] Moniz, the Secretary of Energy, under the Obama administration.

我還記得回頭看，當我第一次加入NuScale時——我永遠不會忘記那個日期，2013年12月12日——NuScale在歐巴馬政府時期，向當時的能源部長[Ernie] Moniz提交了一份資金機會評估。

And, on that date, I received a call on December 12, from Ernie's office saying, NuScale knocked it out of the park. And we are the sole-source recipient of that very competitive award.

而在那一天，12月12日，我接到Ernie辦公室的電話說，NuScale表現非常出色。而且我們是那個競爭非常激烈獎項的唯一來源（sole-source）受獎者。

So, as I look forward, NuScale has done well. In fact, (inaudible) -- advanced nuclear overall has done well throughout all administrations.

所以，展望未來，NuScale一直做得很好。事實上，（聽不清）——整體先進核能在歷屆政府之下都表現不錯。

So what we see here and what we can relate -- we live on the Hill and we get bipartisan support of both [Ds] and [Rs]. Now, they may have differing opinions, as it relates to one. They both agree we need 24/7 reliable, clean, carbon-free power.

因此，我們在這裡看到、也能夠連結到的是——我們長期在國會山莊運作，並且獲得民主黨與共和黨兩黨的支持。當然，他們在某些議題上可能有不同看法。但雙方都同意，我們需要24/7可靠、潔淨、無碳的電力。

And so, where we are today, as it relates to data centers, it is probably too early to tell. We know there is a bipartisan push on NIMBY and everything else. But we are not reliant on data centers.

至於我們今天所處的位置，談到資料中心，可能還太早下定論。我們知道兩黨都在推動反對「不要在我家後院」（NIMBY）以及其他相關議題。但我們並不依賴資料中心。

And so, moving forward, we continue to market hard. We are in conversations with process-oriented companies. You have heard before, we need process heat; we need district heat.

因此，往前走，我們會持續積極行銷。我們正在與流程導向的公司洽談。你之前也聽過，我們需要製程熱；我們需要區域供熱。

Our Chief Technology Officer, José Reyes, is out on the street at many conferences now explaining how NuScale can provide that at, again, having an approved design. It allows our emergency-planning zone to be at the fence line of any given project so we could be right next to the end user.

我們的技術長José Reyes現在在許多會議上對外說明，NuScale如何能提供這些——而且再次強調，我們擁有已獲核准的設計。這使得我們的緊急應變規劃區（emergency-planning zone）可以設在任何專案的圍籬線（fence line），因此我們可以緊鄰終端用戶。

In fact, we are cranking up marketing, right now, to go out there. And we have got a series of invites to come visit within the next two weeks that are both process-oriented, as well as utilities.

事實上，我們現在正在加大行銷力道，走出去拓展。而且在接下來兩週內，我們收到一系列邀請前往拜訪，對象既有流程導向的企業，也有公用事業公司。

That is really great. Thanks for the detail there. And then, if I could (multiple speakers) --

這真的很棒。謝謝你提供這些細節。然後，如果我可以（多位發言者）--

Yeah.

好。

-- looking at the fourth -- oh, go ahead.

——看第四個——喔，你先請。

No, no. Please.

不，不。請。

Sure. So, on the fourth bullet on slide 6, when we look at the potential first-of-a-kind deployments, do you see a situation where NuScale would take on some cost or performance risk in order to expedite those deployments?

當然。所以，在第6頁投影片的第四個重點，當我們看潛在的首座（first-of-a-kind）部署時，你是否認為NuScale會為了加速這些部署，而承擔部分成本或績效風險？

Well, as an OEM supplier, our performance risk is really oriented to the point that we have the pressure and steam requirements that we say we can deliver. That's the risk we're willing to take.

嗯，作為OEM供應商，我們的績效風險主要聚焦在：我們所宣稱能交付的壓力與蒸汽需求。這就是我們願意承擔的風險。

And we have a supply chain with warranties and backstop us. And we feel pretty comfortable. Whatever we can deliver, we can stand behind.

而且我們有具保固的供應鏈作為支撐與後盾。我們覺得相當有把握。我們能交付的，我們都會負責到底。

Understood. Appreciate it.

了解。謝謝，感激。

You bet.

不客氣。

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

Hey. This is [Luca], on for Eric. Thanks for taking our questions here.

嗨，我是替Eric上線的[Luca]。謝謝讓我們在這裡提問。

So, first, is there any other work you expect to leverage Doosan for, in addition to the module fabrication and, now, the coolant system? And how do you view, just, the overall evolution and importance of this partnership, long term?

首先，除了模組製造以及現在的冷卻系統之外，你們是否預期還會把其他工作交由斗山（Doosan）來承接？以及你如何看待這項合作夥伴關係在長期的整體演進與重要性？

We've been working with Doosan and they've been working with us since 2019. It is a true strategic partnership. Not only strategic partnership, they are also an investor in NuScale.

我們自2019年起就一直與斗山合作，他們也一直與我們合作。這是一個真正的策略夥伴關係。不僅是策略夥伴，他們同時也是NuScale的投資人。

What I appreciate about Doosan is they've been very willing to work with us in expanding our capacity and capability. But, again, part of -- when we entered into our original agreements, conditionally, any supplier that we have, we are not committed in terms of the fact they still have to prove competitiveness.

我欣賞斗山的一點是，他們非常願意與我們合作，擴大我們的產能與能力。但再次強調——當我們簽訂最初的協議時，有一個前提條件：任何供應商，我們都不會在承諾上被綁死，因為他們仍必須證明其競爭力。

So, as we stated earlier, we have over 60 suppliers now and we continue to grow that supply base, both in the US and international. And, if Doosan continues to perform, we will continue to work with them and give them work.

因此，如同我們先前所說，我們現在有超過60家供應商，而且我們持續擴大供應基礎，涵蓋美國與國際。如果斗山持續表現良好，我們就會繼續與他們合作並交付工作給他們。

And what our suppliers are looking for is not one-off deals. They are looking for a sustainable supply chain. When we first started going out in the US for forgings -- this is a good example -- many of the suppliers said, we're not going to tool up, until we have an order book.

而供應商在尋求的不是一次性的交易。他們在尋求的是可持續的供應鏈。當我們一開始在美國尋找鍛件（forgings）供應商時——這是一個很好的例子——很多供應商說，在我們有訂單簿之前，他們不會投入治具與產線。

Many of the suppliers are starting to get more comfortable that they're working with NuScale. And what we're doing on the manufacturing side, they're coming to the table.

許多供應商開始更放心，因為他們正在與NuScale合作。而且在製造端我們所做的事情，讓他們願意坐到談判桌前。

We continue to expand our suppliers to the point we're not going to be contingent on any one supplier. We'll have both tertiary or dual opportunities in working with other suppliers.

我們會持續擴大供應商，直到我們不會受制於任何單一供應商。我們會在與其他供應商合作上，同時保有第三來源或雙來源的選項。

Got it. Thank you for all the color. Very helpful.

了解。謝謝你提供這麼多補充說明。非常有幫助。

So just switching gears for my second question (multiple speakers) --?

那我第二個問題想換個方向（多位發言者）--？

Now, going back to Doosan, I -- we -- I'm sorry. I interrupted. Go ahead.

現在，回到斗山，我——我們——抱歉。我打斷了。你先請。

No, go ahead. No, no, go ahead. Finish.

不，你先。不不，你先。你講完。

Oh, no. Thanks. No, no. I was just saying, we all just got back from Korea. We are excited about this first article. Doosan is excited about the first article.

喔，不。謝謝。不不。我只是想說，我們大家剛從韓國回來。我們對這個首件（first article）很興奮。斗山也對這個首件很興奮。

Our supply chain overall, is excited. We have moved. We are taking that standard-plant design and NRC-approved -- and, now, we are actually, now, de-risking this project by manufacturing hardware.

我們整體供應鏈也很興奮。我們已經往前推進。我們採用那個標準電廠設計、且已獲NRC核准——而現在，我們實際上正透過製造硬體來降低這個專案的風險。

Right. Okay. Thank you.

好。好的，謝謝。

Just for a follow-up here: Could you give a little bit more color on, just, what parts of the COLA that you worked on with the Carbon Free Project you anticipate will be repeatable for other applications, along with, just, the general knowledge you have gained by engaging with the NRC for all these years?

我這裡再追問一下：你能否再多補充一些細節，關於你們與Carbon Free Project一起完成的COLA中，哪些部分你預期可以在其他應用上重複使用？以及你們多年來與NRC互動所累積的一般性知識與經驗？

You touched on it a little in the prepared remarks. But I would like to hear, just, some expanded thoughts on that.

你在事先準備的發言中有稍微提到。但我想聽你再更延伸談談你的看法。

When we went through the first [FOA] process, part of the stipulation of that was we had to have a customer. And we had a customer. It was a Carbon Free Power Project.

當我們走過第一次[FOA]流程時，其中一項規定是我們必須有一個客戶。而我們確實有客戶。那就是Carbon Free Power Project。

Then, if not by having that customer, we probably would not have had many of the first. We may not even have gotten through the NRC-licensing process, other than the fact that we had that customer.

然後，如果不是因為有那位客戶，我們很可能就不會有許多最初的成果。若非我們有那位客戶，我們甚至可能無法完成 NRC 的許可程序。

And, as we went through the maturity of the process, we were the OEM and they had an EPC provider but we put together a construction-operations license application that we will feel about 50% to 60% of what we did is transferable to another customer.

而且，隨著我們在流程成熟度上逐步推進，我們是 OEM，他們有 EPC 承包商，但我們共同完成了一份施工—營運許可申請（COLA）；我們認為其中約 50% 到 60% 的工作可移轉給另一位客戶。

So, if you look at what we are looking to do, as soon as these contracts are in place, we are going to immediately start working on our COLA.

所以，如果你看我們接下來要做的事，一旦這些合約到位，我們會立刻開始著手我們的 COLA。

We are looking at revenues from service from engineering fees and then, obviously, in parallel, we will be putting together our OEM contract.

我們預期服務收入將來自工程費用；同時，顯然我們也會並行擬定我們的 OEM 合約。

Got it. That's helpful. I'll turn it over. Thank you.

了解。這很有幫助。我把時間交回去。謝謝。

Christopher Souther, Truist Securities.

Christopher Souther，Truist Securities。

Hey. Thanks for taking my questions here. It's great to see the continued work on the long-lead items.

嗨，謝謝回答我的問題。很高興看到你們在長交期項目上持續推進。

You mentioned OPEX remaining pretty flat. I'm just curious: Is there increased re-acceleration of activity here with Doosan? Is there another line that increased spending might go through with them?

你提到營運費用（OPEX）大致維持平坦。我想請教：與斗山（Doosan）這邊的活動是否有加速回升？是否還有其他科目會反映與他們相關的支出增加？

And then, can you talk through any other milestones we should be watching for the stuff you can control to prepare for deployments outside of ENTRA1 and TVA?

另外，你能否談談，除了 ENTRA1 與 TVA 之外，為了準備在其他地點部署、就你們可控的事項而言，我們應該關注哪些其他里程碑？

Sure. This is Ramsey Hamady. First off, thanks for your question.

當然。我是 Ramsey Hamady。首先，謝謝你的提問。

We can examine the OpEx idea a little bit more closely. Really, what NuScale has done is, if you look from 2024 and 2025, we were very disciplined. We showed great ability to manage OpEx within a plus or minus 5% band for eight straight quarters.

我們可以更仔細地檢視一下 OpEx 的概念。實際上，NuScale 所做的是：如果你看 2024 年與 2025 年，我們非常自律。我們展現了很強的能力，連續八個季度將 OpEx 控制在正負 5% 的區間內。

That's the management team that's staying in place right now. I say that because we are very deliberate about our management of OpEx.

目前仍在位的管理團隊就是做到這件事的團隊。我之所以這麼說，是因為我們在 OpEx 管理上非常審慎且有計畫。

As we approach this year, some of the work that we were doing with RoPower wound-down, that's reflected in our revenues but we chose to retain some of that critical intellectual talent and keep them within the company.

隨著我們進入今年，我們先前與 RoPower 進行的一些工作已逐步收尾，這反映在我們的營收上；但我們選擇保留其中部分關鍵的智財人才，並讓他們留在公司內。

So they come off projects, they come off cost of goods sold, and they move on to the OXpEx line. That's deliberate. Our OpEx has gone up through deliberate choices to retain intellectual talent.

因此，他們從專案中退出、從銷貨成本中移出，轉而歸入 OpEx 科目。這是刻意為之。我們的 OpEx 上升，是因為我們刻意選擇保留智財人才。

As we go through to develop projects, in fact, with Doosan, you will see those expenses right through the balance sheet, as we accrue, just as we have today.

隨著我們推進專案開發，事實上，與斗山相關的費用，你會看到它們如同目前一樣，隨著我們認列應計而直接反映在資產負債表上。

We have long-lead materials under [WIP] on our balance sheet. You have seen those go up quarter over quarter slightly, as we continue to invest in that WIP, that work in progress, that inventory.

我們在資產負債表上以在製品（[WIP]）列示長交期材料。你已看到這些數字逐季小幅上升，因為我們持續投資於該 WIP，也就是在製品、存貨。

And you will see that accruing, as well, in the balance sheet, as we build up the work with Doosan. Once we sell those assets through an OEM contract, you will then see them expensed through cost of goods sold on our income statement.

而且，隨著我們與斗山的工作量增加，你也會看到這些在資產負債表上持續累積。一旦我們透過 OEM 合約出售這些資產，你就會看到它們在損益表上透過銷貨成本轉為費用化。

This is all very controlled. It is all very deliberate. And it is all part of an intended plan of action.

這一切都受到嚴格控管。一切都非常有計畫。而且這都是既定行動方案的一部分。

And the great thing is that management pulled $1.9 billion of cash on the balance sheet. We have held that. It gives us a very conservative, very strong liquidity position. It is built for the long term.

而且很棒的是，管理團隊在資產負債表上累積了 19 億美元的現金。我們一直維持著這個水位。這讓我們擁有非常保守、非常強健的流動性部位。這是為長期而打造的。

Got it. That is super helpful, Ramsey. Thank you.

了解。Ramsey，這非常有幫助。謝謝。

And then, maybe, just a little bit on ENTRA1 and TVA: I know you guys do not want to speak for your customer but it was about a year ago -- ENTRA1 was included in the US-Japan framework agreement.

另外，關於 ENTRA1 與 TVA：我知道你們不想代客戶發言，但大約一年前——ENTRA1 被納入美日框架協議。

I am curious if there is any update you guys can point to around that framework agreement and the discussions around that funding -- would be helpful.

我想了解，你們是否能指出該框架協議以及相關資金討論方面的任何最新進展——這會很有幫助。

Sure. This is Ramsey Hamady.

當然。我是 Ramsey Hamady。

I am so glad you bring up our strategic investors from Korea and Japan. Just as John Hopkins and Carl Fisher were recently in Korea, working with Doosan and signing the first articles, I was in Japan working with JBIC, speaking with [METI] and with our JNI strategic investors, including IHI, JGC, and Chubu -- in addition to JBIC.

我很高興你提到我們來自韓國與日本的策略投資人。正如 John Hopkins 與 Carl Fisher 最近在韓國與斗山合作並簽署首件產品（first articles），我也在日本與 JBIC 合作，並與 [METI] 以及我們的 JNI 策略投資人交流，包括 IHI、JGC 與 Chubu——此外還有 JBIC。

And I think the important component of this -- and I think John it mentioned before -- is, we have been working with our Asian strategics for many, many years. They are part of our original investors. They maintain positions, are equity-based. And they continue to support us, from a strategic perspective.

我認為這裡的重要組成——我想 John 之前也提過——是我們與亞洲策略夥伴合作已經很多很多年。他們是我們最初的投資人之一。他們維持持股，屬於股權性質。而且他們持續從策略層面支持我們。

The alliance between the US and Japan is very strong. It remains very strong, continues to see investment. And we remain supported by those critical Asian, Japanese -- excuse me -- Korean, Japanese strategic investors.

美日同盟非常強健。它仍然非常強健，並持續看到投資。而我們也持續獲得那些關鍵的亞洲——抱歉——韓國、日本策略投資人的支持。

Craig Shere, Tuohy Brothers.

Craig Shere，Tuohy Brothers。

Good afternoon. Thanks for taking the questions.

午安。謝謝接受提問。

It feels like -- in addition to, obviously, guaranteeing the deliverability of major equipment as soon as you have an order, it seems like you are really teeing up the cost side of this whole thing so that, once you have an ENTRA1 order, you should be able to provide relatively quickly some definitive margin clarity.

感覺上——除了顯然在一旦接到訂單就能保證主要設備可交付之外——你們也正在把整體成本端先準備好，這樣一旦拿到 ENTRA1 訂單，你們應該就能相對快速地提供明確的毛利率能見度。

Is that correct?

是這樣嗎？

Yeah. I think that is correct.

是的，我認為是這樣。

Once we have an order and work out an OEM agreement, we will have further clarity on margins. These agreements are longer-delivery schedules but this is part of a deliberate business plan.

一旦我們有了訂單並敲定 OEM 協議，我們對毛利率就會有更進一步的清晰度。這些協議的交付期程較長，但這是審慎商業計畫的一部分。

We have a good sense of cost. We are further refining our sense of cost. The first article will continue to do that. And we will be able to give guidance soon.

我們對成本有不錯的掌握。我們也在進一步精煉我們對成本的掌握。首件產品將持續協助我們做到這點。而我們也將能在不久後提供指引。

And that is our objective. We want to be able to give guidance to the Street. We want to help the Street understand our profitability and to assess the true value of NuScale.

這就是我們的目標。我們希望能對市場提供指引。我們希望協助市場理解我們的獲利能力，並評估 NuScale 的真實價值。

Great. I was just wondering if you can -- you mentioned that, because of the agreements with Doosan and others, that CapEx or major equipment payments will be ticking up a bit.

很好。我想請問，你提到因為與斗山及其他方的協議，資本支出（CapEx）或主要設備付款會稍微上升。

Historically, I just look at the cash-flow statement, quarterly, and I think there was a big blip on long-lead time, material work-in-process in second quarter '25. But that was just over $19 million so not huge.

我回頭看每季的現金流量表，歷史上我記得在 2025 年第二季，長交期材料在製品有一個明顯跳升。但那也只是略高於 1,900 萬美元，並不算很大。

Do you see anything much more material than that, quarterly, going forward? Is there anything really chunky before final orders?

往後你們是否預期每季會出現比那更重大的金額？在最終訂單之前，是否會有任何真正「很大筆」的支出？

So that blip that you would have seen, I think, would have been the task order to produce long-lead materials in respect of modules 7 through 12.

所以你看到的那個跳升，我想應該是針對第 7 到第 12 號模組生產長交期材料的工作指令（task order）。

Okay.

好的。

Because, previously, in respect of the CFPP project, that was a six-module project so we started the long-lead materials for six modules.

因為先前就 CFPP 專案而言，那是一個六模組的專案，所以我們先為六個模組啟動長交期材料。

When we understood that the customer demand was for, gigawatt size, 12-module power plants, we started to produce long-lead materials for modules 7 through 12.

當我們了解到客戶需求是吉瓦級、12 模組的電廠時，我們便開始為第 7 到第 12 號模組生產長交期材料。

What will we see in the future? Well, we continue to invest in building these modules. We signed with first article with Doosan. We have signed with other supply-chain partners. We will continue to invest in supply chain.

未來我們會看到什麼？嗯，我們會持續投資建置這些模組。我們已與斗山（Doosan）簽署首件（First Article）協議。我們也已與其他供應鏈夥伴簽約。我們將持續投資供應鏈。

I think what is important to understand is, when we build these modules, when we invest in it, and when you see the CapEx going up -- this is not really CapEx in the sense that we are building factories, right? This is investments in inventory.

我認為需要理解的重要一點是，當我們建置這些模組、投入資金，並且你看到資本支出（CapEx）上升時——這並不是指我們在蓋工廠那種意義上的資本支出，對吧？這些是對存貨的投資。

This is all cash that we will receive back through the sale of modules and the OEM agreement. And with $1.9 billion in cash and ability to maintain very close monitoring on our OpEx, we are in good shape to do this.

這些全部都是現金，會透過模組銷售以及 OEM 協議回收。而且我們手上有 19 億美元現金，並且能夠對營運費用（OpEx）維持非常嚴密的監控，我們有很好的條件來做這件事。

So the presumption is we are going to start seeing more, more meaningful quarterly -- you take your cash assets and transfer it more into inventory?

所以你的假設是，我們將開始看到更多、更具意義的季度變化——也就是把你的現金資產更多地轉成存貨？

I think the right way to frame it is that NuScale is building NPMs. We are going to build NPMs because we are here to sell NPMs.

我認為正確的表述方式是：NuScale 正在建造 NPM。

Okay. Thank you.

好的。謝謝。

We have the cash to do it. Yeah. Thank you.

我們有現金可以做。是的。謝謝。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

Yeah. Thanks for taking my questions.

是的，謝謝回答我的問題。

Once the TVA [PPA] is signed, can you just remind us what the remaining steps are to really securing that binding-module order? And does the PPA itself, the signage of that, actually trigger a module order in any way?

一旦 TVA 的 [PPA] 簽署完成，能否請你提醒我們，要真正取得那個具約束力的模組訂單，剩下的步驟是什麼？另外，PPA 本身的簽署，是否會以任何方式觸發模組訂單？

Just, can you just remind us of that process? And, then I've got a follow-up. Thanks.

能否請你再提醒我們這個流程？然後我還有一個追問。謝謝。

No. That's a great question. The answer is yes. Once that PPA is initiated -- this is why we're doing everything we can that's in our control, right now, to be ready for that so we can quickly enter into the areas that we mentioned earlier: the COLA and long-lead items.

不，這是個很好的問題。答案是會。一旦該 PPA 啟動——這也是為什麼我們現在正在盡一切我們可控的努力，做好準備，以便能迅速進入我們先前提到的領域：COLA 以及長交期項目（long-lead items）。

So I've mentioned earlier, long-lead items are exactly what we stated: long-lead items. It takes years to get these things manufactured.

如我先前提到，長交期項目就是我們所說的：長交期項目。這些東西要製造出來需要好幾年。

And we've been working with Doosan, as we stated, for those six modules for some time. They're going to be ready to pretty soon come off the production line.

而且如我們所說，我們與斗山就那六個模組已合作一段時間。它們很快就會準備好從產線下線。

So, as much as we can to be ready, once that PPA -- we're ready to move now.

所以，我們會盡可能做好準備；一旦那個 PPA——我們就準備好立刻推進。

Got it. John, I'm curious to your thoughts on the midterm-election results. Any thoughts on anything changing for you guys? Any change to potential funding?

了解。John，我想聽聽你對期中選舉結果的看法。你覺得對你們會有任何改變嗎？對潛在資金支持會有任何變化嗎？

Just your thoughts there. Thanks.

想聽聽你的想法。謝謝。

No. I think, as I stated earlier, I've been doing this now since we got our first award back in 2012. And one thing in working the Hill -- you have the outliers but, for the most part, both the Ds and the Rs are pro-nuclear.

不。我認為，如我先前所說，自從我們在 2012 年拿到第一個獎項以來，我一直在做這件事。而在國會山（Hill）推動相關工作時——雖然有少數例外，但大多數情況下，民主黨與共和黨都支持核能。

I think, in 2025, if you look at -- I think it was called the [Pew] analysis -- that some 60%-plus of the current population of the United States has become pro-nuclear; whereas, back in 2020, I think it was like 40%.

我認為，如果你看 2025 年——我想那份報告叫做 [Pew] 分析——目前美國人口中有 60% 以上已轉為支持核能；而在 2020 年時，我記得大概是 40%。

So the groundswell continues to build. The people want clean, reliable 24/7 power. I look back, even during that period of time, we've had numerous discussions with renewable companies so we wrote technical papers on our capacity to work with renewables and load-following.

所以這股支持的浪潮仍在持續擴大。人們想要乾淨、可靠、全天候（24/7）的電力。回顧那段期間，我們甚至與多家再生能源公司進行過多次討論，因此我們撰寫了技術論文，說明我們與再生能源協同運作以及負載追隨（load-following）的能力。

So, back in the early days, when they were talking about the duck curve, when the wind's not blowing, we can crank up and crank down, as necessary -- and same with solar.

所以，在早期他們談到「鴨子曲線」（duck curve）時，當風不吹時，我們可以視需要提高或降低出力——太陽能也是一樣。

So we've even had discussions with these companies. How do we work together? So I envision that's going to continue to go forward.

所以我們甚至也與這些公司討論過。我們要如何合作？因此我預期這將會持續推進。

Also, if I can clarify on your second question, I believe you may have asked if the PPA would then lead to the sale of a module -- and while our expectation is the PPA is the next step, which eventually leads to the sale of modules, the PPA in itself -- I don't know; I have to clarify this but the PPA, in itself, is not the sale of modules.

另外，如果我可以釐清你第二個問題，我相信你可能是在問 PPA 是否會進一步導致模組的銷售——雖然我們的預期是 PPA 是下一步，最終會導向模組銷售，但 PPA 本身——我不確定；我需要釐清，但 PPA 本身並不是模組的銷售。

PPA is between ENTRA1 and TVA. We expect that work will come after the PPA for pre-engineering, pre-delivery services, COLA work -- a host of engineering work, potentially.

PPA 是在 ENTRA1 與 TVA 之間簽訂。我們預期在 PPA 之後會有前期工程、交付前服務、COLA 工作——以及可能的一系列工程工作。

And then, the sale of the module will come with an OEM agreement between NuScale and ENTRA1.

然後，模組的銷售將會透過 NuScale 與 ENTRA1 之間的 OEM 協議來完成。

Correct.

正確。

Just to clarify the sequencing there.

只是釐清一下這裡的先後順序。

Got it. Thanks, guys.

了解。謝謝各位。

Thank you.

謝謝。

Seth Basham, Wedbush Securities.

Seth Basham，Wedbush Securities。

Thanks a lot. Good afternoon. Thanks for taking my question.

非常感謝。下午好。謝謝回答我的問題。

The first part of my question is related to RoPower, and if you could just give us an update on the status of that project, and what we can expect over the next few months.

我問題的第一部分與 RoPower 有關，能否請你更新一下該專案的狀態，以及未來幾個月我們可以期待什麼？

We've been waiting. There's a new administration that just came into place. I know there's been some public announcements. We continue ongoing dialogue with both RoPower and Nuclearelectrica. They're one of the major shareholders.

我們一直在等待。有一個新政府剛上任。我知道已經有一些公開公告。我們持續與 RoPower 以及 Nuclearelectrica 進行對話。他們是主要股東之一。

And I have recently sent out a request to go visit with the current administration to provide -- get some insight in terms of where is this government headed.

而我最近也提出請求，希望能拜會現任政府，以提供——並取得一些洞見，了解這個政府的走向。

So, at this time, that's all we know.

所以，目前我們所知道的就只有這些。

Fair enough. And then, separately, just following up on some of the other questions earlier, thinking about the next steps in strategic investments needed to move towards full-scale production, could you identify any other significant investments that you are planning, besides the work with Doosan?

可以理解。另外，延續先前一些問題，談到為了邁向全面量產所需的策略性投資下一步，你能否指出除了與斗山合作之外，你們還計畫進行哪些其他重大投資？

And what is the timing associated with them?

以及其相關時程為何？

We do not have any other significant investments that we are communicating publicly at this time.

目前我們沒有其他重大投資計畫要對外公開溝通。

All right. Fair enough. Thank you so much.

好的。可以理解。非常感謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他提問。

I will now turn the call back to John Hopkins for closing remarks.

我現在把電話交回給 John Hopkins 做結語。

Thank you.

謝謝。

While others remain in the early stages of regulatory review, technology development, fuel qualification, as we stated, we are advancing towards commercial deployment now. This positions us to deliver value for our shareholders, as demand for scalable, carbon-free energy continues to grow.

當其他業者仍處於法規審查、技術開發、燃料認證的早期階段時，如我們所說，我們現在正朝商業化部署推進。隨著對可擴展、無碳能源的需求持續成長，這使我們能為股東創造價值。

NuScale's focus is clear: securing customer commitments, achieving manufacturing-deployment milestones, converting backlog into revenue, and building a scalable, profitable business.

NuScale 的重點很明確：取得客戶承諾、達成製造與部署里程碑、將在手訂單（backlog）轉化為營收，並打造可擴展且具獲利能力的事業。

As we stated, we are ready; we are executing; and our next chapter will not be measured simply by milestones achieved but revenues generated, projects delivered, and lasting value to our shareholders.

如我們所說，我們已準備就緒；我們正在執行；而我們下一個篇章的衡量標準，不僅是達成的里程碑，更是創造的營收、交付的專案，以及為股東帶來的長期價值。

Thank you for your continued confidence and support.

感謝各位持續的信任與支持。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。