NuScale Power Corporation Q3 FY2025 earnings call

• NuScale is the first and only small modular reactor technology provider to obtain design approval from the U.S. Nuclear Regulatory Commission, with a strong pipeline of off-takers. - The Tennessee Valley Authority (TVA) and InterOne Energy announced the deployment of up to 6 gigawatts of new nuclear capacity using NuScale technology. - NuScale is working with Fluor on the Phase two front-end engineering design for the Row Power Dorchester power plant. - Liquidity increased to $753.8 million as of September 30, 2025, driven by the sale of 13.2 million Class A shares, partially offset by a $148.5 million payment related to the partnership milestone agreement with InterOne.

NuScale Power Corporation reported revenue of $8.2 million for the quarter ended September 30, 2025, compared to $5 million in the same period of the prior year. The increase was primarily driven by fees received for services provided during the quarter in support of the Row Power project. There is no explicit breakdown of revenue contribution by product segment beyond the mention of fees related to the Row Power project.

• Anticipate the first InterOne energy plant to deliver power to TVA as early as 2030. - The partnership milestone agreement with InterOne is a template for additional projects both in the U.S. and globally. - Expect further announcements from InterOne in the near term related to their pipeline of projects.

• Uncertainty regarding whether TVA or other off-takers will proceed with planned projects as initially outlined. - Market and regulatory risks associated with the deployment and funding of nuclear projects.

Q: Regarding your supply chain, how does Doosan's agreement impact your ability to secure supply?

A: Doosan has stated they have the capacity to produce 20 NuScale modules per year and have a dedicated focus on NuScale modules.

Q: Can you go into further detail on the U.S.-Japan agreement and how it affects you guys?

A: InterOne is the sole developer named under the U.S.-Japan framework agreement, eligible for up to $25 billion in investment capital to develop a fleet of power plants for baseload energy sources.

Q: What do you view as the gating factors to InterOne site evaluation or construction permit NRC application?

A: InterOne and TVA have sites with previous approvals and early site permits, focusing on Tier 1 sites, and TVA is well-suited to support the evaluation process.

Q: Once you hit the milestone two, could you give color on your revenue to finance these payments?

A: We have multiple avenues to finance payments, including cash on hand, capital markets activities, and expectation of future revenue.

Q: If TVA decided to scale back from six gigawatts, what happens to the payments?

A: Payments would roll into the next project if term sheets don't materialize into a PPA agreement.

Q: Are there going to be any interim updates on the Row Power project?

A: We have regular updates with Row Power, and the FEED study is ongoing with expectations of FID in late 2026 or early 2027.

Q: How do you protect your interest with InterOne if things don't go as planned?

A: Management is confident in InterOne as a partner, with term sheets and Japanese agreement showing progress, and payments can roll into other projects.