NuScale Power Corporation Q1 FY2026 earnings call

1. Discussed reasons for using light water technology, like regulators being familiar with it and Framitone having multiple fuel supply sites. 2. Talked about regulatory aspects, including Part 52 and the new Part 53 framework, and the dialogue with NRC for continuous improvement. 3. Highlighted supplier relationships, with many suppliers being strategic partners and investors, and a recent supplier working group meeting in Houston. 4. Mentioned work on supply chain, including ordering long lead items and building relationships with suppliers.

1. Hopeful that TVA can come across the line later this year. 2. Anticipate revenue from site-specific services like pre-OEM services if TVA comes across the line with a PPA. 3. Plan to be operationally cashflow positive by the end of the year. 4. Can't provide guidance on Capex per NPM and dollar per kilowatt hour as it's too early. 5. Expect near term progress on TVA project including COLA activities and OEM contract work.

Q: Is there a need for SMR space to maintain domestic content for tax credit eligibility?

A: There are requirements to maintain U.S. content, but there are options to move from there if not available.

Q: How do new licensing pathways like Part 53 accelerate regulatory process for TVA?

A: Part 53 is relatively new, and they are looking to take credit off Part 53 and apply it to Part 52 with enhancements.

Q: How do customers view the technology?

A: Customers who understand the differentiation of Part 52 and Part 50 risk fully get it.

Q: Is participation in next phase contractually committed for Row Power?

A: Discussions are ongoing, still in pre-EPC negotiations.

Q: Any update on Japanese financing framework?

A: InterOne is in active dialogue with various financial institutions, and relationships with Korea and Japan are longstanding.

Q: Update on fuel fabrication strategy with Framatome?

A: In preliminary design, Framatome has multiple facilities globally, and no bottlenecks seen.

Q: Could TVA opportunity be finalized this year and drive revenue?

A: Hopeful TVA can come across the line later this year, and anticipate revenue from site-specific services.

Q: Thoughts on cash burn reduction?

A: Payables are down, and expect cash burn to improve.

Q: CapEx per NPM and dollar per kilowatt hour guidance?

A: Can't provide guidance as it's too early.

Q: Near-term revenue after TVA signs PPA?

A: Anticipate similar revenue to Row Power with site-specific services.

Q: Next 12 months progress on TVA project?

A: Expect COLA activities and OEM contract work.

Q: Other customers and impact of tariffs?

A: Focus on TVA and Row Power but there are other engagements, and tariffs and commodity prices affect everyone but nuclear has long-term needs.

Q: Sequencing after TVA PPA?

A: Expect pre-feed, feed phase two, technology licensing, and COLA work, and actively working on OEM agreement.

Q: Revenue opportunity for RowPower?

A: Next phases are in pre-EPC with Floor Corporation, and lion's share goes to Floor with subcomponent for New Scale