NuScale Power Corporation Q4 FY2025 earnings call

• NuScale's 77 megawatt electric standard design was approved by the NRC ahead of schedule, making it the only SMR technology with NRC design certification. - InterOne Energy reached an agreement with TVA to supply 6 gigawatts of power using NuScale SMR technology, with significant progress in areas like assembling an infrastructure experience team, project financing, site visits, and PPA drafting. - NuScale completed C2 work for Flora Corporation in Romania for the Row Power project. - Collaborated with Oak Ridge National Laboratory and Idaho National Labs on techno - economic assessments and high - temperature steam compression. - Launched a project at Oak Ridge National Laboratory to use AI for enhancing fuel efficiencies in multi - module nuclear plants.

In 2025, NuScale made notable progress. Revenue from the Row Power project included 63.1 million from licensing fees and engineering work from the FEED - 2 study over an 18 - month period ending in December 2025. Overall revenue for the year ending December 31, 2025 was $31.5 million, a decrease from $37 million in the prior year due to a reduction in revenue from the Row Power Technology Licensing Agreement, partially offset by higher FLIR B Phase II engineering and services revenue. The sale of NPMs to InterOne will be a major source of future revenues, complemented by plant - related services such as licensing, installation, commissioning, and post - COD services.

Q: Regarding supply chain and Doosan, comment on confidence and its impact on TVA and other opportunities.

A: Carl Fisher stated that they have 12 modules under production currently, and they have extreme confidence in Doosan which is increasing its capacity to 20 modules per year and eventually doubling it.

Q: On the impact of upgrade approval on the pipeline.

A: John and Clayton Scott discussed that the NRC approval has given confidence to customers and the industry, and has helped InterOne push its pipeline.

Q: On the term sheet with InterOne.

A: Bill Cooper said they are under NDA with InterOne, so can't share details.

Q: On the next phase of the Row Power project.

A: John said Row Power is authorized to advance licensing and geotechnical work towards pre - EPC, and NuScale will generate revenues as a subcontractor to Flora Corporation.

Q: On the material weakness in financial reporting.

A: Ramzi Hamidi said they remediated the material weakness related to ITGC and got a clean bill of health from EY.

Q: On Floor's remaining stake and right of first refusal.

A: Bill Cooper said not familiar with the right of first refusal as the agreement is confidential.

Q: On the Oak Ridge study pricing and application.

A: John discussed the implications of the study on different markets.

Q: On the cash burn range for 2026.

A: Ramsey Hamidi said OPEX is around 170 - 200 million, and the cash position provides a strong liquidity position.

Q: On near - term revenue after InterOne signs a binding PPA with TVA.

A: Clayton Scott said after the PPA is signed, they will enter COLA and feed activities with more revenue than in the Row Power project.

Q: On progress with InterOne and TVA and gating factors for a binding PPA.

A: Bill Cooper said can't share more on the PPA, and Rodney mentioned they went through the details of the four identified sites in the script.

Q: On the revenue and liquidity outlook over the next 12 - 24 months.

A: Ramsey Hamidi said the company is conservatively positioned with strong liquidity.