Q4 2025 NuScale Power Corp Earnings Call

February 26, 2026

Speaker #2: The web replay will be available for 30 days following the earnings call. At this time, for opening remarks, I would like to turn the call over to Rodney McMahan, Senior Director of Investor Relations.

Speaker #2: Please go ahead. Thank you, Operator. With us today are John Hopkins, NewScale President and Chief Executive Officer, Ramsey Hamady, Chief Financial Officer, and Clayton Scott, Chief Commercial Officer.

Rodney McMahan: Thank you, operator. With us today are John Hopkins, NuScale President and Chief Executive Officer, Ramsey Hamady, Chief Financial Officer, and Clayton Scott, Chief Commercial Officer. 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. This afternoon, we posted supplemental slides on 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 and 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 ended 31 December 2025, and our subsequent SEC filings.

Rodney McMahan: Thank you, operator. With us today are John Hopkins, NuScale President and Chief Executive Officer, Ramsey Hamady, Chief Financial Officer, and Clayton Scott, Chief Commercial Officer. 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. This afternoon, we posted supplemental slides on our investor relations website as reflected in the safe harbor statements on slide two. The information set forth in the presentation and discussed during the course of our remarks and 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 ended 31 December 2025, and our subsequent SEC filings.

Speaker #2: 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.

Speaker #2: This afternoon, we posted supplemental slides on 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 and the 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.

Speaker #2: 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-end at December 31st 2025 and our subsequent SEC filings.

Speaker #2: I'll now turn the call over to John Hopkins.

Rodney McMahan: I'll now turn the call over to John Hopkins.

John Hopkins: Thank you, Rodney, and good afternoon, everyone. I'll start with some key highlights from 2025. A year marked by significant progress for NuScale. The US Nuclear Regulatory Commission, or NRC, approved our 77 MWe standard design ahead of schedule, allowing us to support a wider range of offtakers and consumers seeking clean baseload energy. NuScale remains the only SMR technology to achieve NRC design certification. With 12 modules in production, we retain our position as the industry's first mover. Furthermore, our exclusive global commercialization partner, ENTRA1 Energy, reached an agreement with the Tennessee Valley Authority, or TVA, to supply 6 GW of power by deploying the largest nuclear power program in US history. In ENTRA1, we use NuScale SMR technology inside its power plants.

Speaker #3: Thank you, Rodney. And good afternoon, everyone. I'll start with some key highlights from 2025. A year marked by significant progress for NewScale: the US Nuclear Regulatory Commission, or NRC, approved our 77-megawatt electric standard design ahead of schedule.

Speaker #3: Allowing us to support a wider range of off-takers and consumers seeking clean base-load energy. NewScale remains the only SMR technology to achieve NRC design certification, and with 12 modules in production, we retain our position as the industry's first mover.

Speaker #3: Furthermore, our exclusive global commercialization partner, Interwin Energy, reached an agreement with the Tennessee Valley Authority or TVA to supply 6 gigawatts of power by deploying the largest nuclear power program in US history.

Speaker #3: And Interwin will use NewScale SMR technology inside its power plants. Both are incredibly important milestones. And our commercialization journey gives us strong momentum going into 2026 to pioneer the SMR space as the only NRC-certified SMR under 10 CFR Part 52.

John Hopkins: Both are incredibly important milestones in our commercialization journey and gives us strong momentum going into 2026 to pioneer the SMR space as the only NRC-certified SMR under 10 CFR Part 52 versus other technologies pursuing 10 CFR Part 50. We believe this approach provides NuScale SMR power plants with a much different risk profile. Now turning to slide 3, we list NuScale's Q4 and recent highlights, which we will discuss in more detail in a moment. They include significant progress made by ENTRA1 and TVA on a power purchase agreement or PPA, as well as the completion of our work on Fluor's Phase Two Front-End Engineering and Design, or FEED Two study for the proposed Roșia power plant in Romania, and the continued strengthening of our cash position to ensure NuScale is well-funded to pursue its activities. Turning to slide 4.

Speaker #3: Versus other technologies, pursuing 10 CFR Part 50. We believe this approach provides NewScale SMR power plants with a much different risk profile. Now, turning to slide 3, we list NewScale's fourth quarter and recent highlights.

Speaker #3: Which we will discuss in more detail in a moment. They include significant progress made by Interwin and TVA on a power purchase agreement, or PPA, as well as the completion of our work on floor space 2, front-end engineering and design, or feed-to study for the proposed will-powered Dorchester power plant in Romania.

Speaker #3: In the continuing strengthening of our cast position to ensure NewScale is well-funded to pursue its activities. Turning to slide 4, in September of last year, TVA announced an agreement in connection with the purchase of power from Interwin for 6 gigawatts.

John Hopkins: In September of last year, TVA announced an agreement in connection with the purchase of power from ENTRA1 for 6 GW, which would represent a total deployment of 72 NuScale Power Modules, or NPMs, in 6 ENTRA1 Energy plants, providing power to support TVA's 7-state service region. In the 5 to 6 months since the program was announced, we understand that ENTRA1 and TVA have advanced discussions, maintaining strong momentum and collaboration in their efforts. Our understanding is that the following recent steps have been taken to move the program forward. First, ENTRA1 is assembling an infrastructure experienced team that includes design engineers, a construction contractor, owners engineers, investors, and legal advisors. Second, on project financing, several major financial institutions are working with ENTRA1 and discussions are underway. One major institution has already signed a multi-billion dollar term sheet with ENTRA1.

Speaker #3: Which would represent a total deployment of 72 NewScale power modules. Or NPMs. And 6 Interwin energy plants providing power to support TVA's 7-state service region.

Speaker #3: In the 5 to 6 months since the program was announced, we understand that Interwin and TVA have advanced discussions maintaining strong momentum in collaboration in their efforts.

Speaker #3: Our understanding is that the following recent steps have been taken to move the program forward. First, Interwin is assembling an infrastructure experience team that includes design engineers, a construction contractor, owner's engineers, investors, and legal advisors.

Speaker #3: Second, our project financing several major financial institutions are working with Interwin in discussions we're underway. And one major institution, as already signed a multi-billion dollar term sheet with Interwin.

John Hopkins: Third, on the project execution side, site visits have been conducted and site evaluations are underway by teams of qualified professional engineers and heavy infrastructure experienced individuals. Fourth, four sites identified that could each support ENTRA1 plants powered by NuScale SMR technology with respect to the six-gigawatt program. The prospective site for the first plant deployed has been identified. Fifth, drafting of a definitive PPA is underway with robust engagement from legal teams and progress is being made on transaction documentation and structure. Finally, please note that TVA announced the deal last September and the new TVA board was confirmed just this January. Considering all of this, we believe that significant progress has been made relative to time.

Speaker #3: Third, on the project execution side, site visits have been conducted in site evaluations are underway by teams of qualified professional engineers and heavy infrastructure experienced individuals.

Speaker #3: Fourth, four sites identified that could each support Interwin plants powered by NewScale SMR technology with respect to the 6 gigawatt program. The prospective site for the first plant employed has been identified.

Speaker #3: Fifth, drafting of a definitive PPA is underway. With robust engagement from legal teams and progress is being made on transaction documentation and structure. Finally, please note that TVA announced the deal last September.

Speaker #3: And the new TVA board was confirmed just this January. Considering all of this, we believe that significant progress has been made relative to time.

John Hopkins: Separately, we'd like to touch on the US-Japan investment initiative, which was discussed in our last earnings call. As noted in recent government announcements, under the US-Japan Framework Agreement, several American and Japanese companies were named as potential recipients of financing from Japan's groundbreaking commitment of $550 billion towards investments in the US. Two points here. First, we understand, and as publicly known, ENTRA1 Energy was one of the several companies named on the fact sheet chosen by the Japanese government. It is the only American SMR power plant developer on the list. Others included engineering and construction firms, OEM companies, investment holding groups, and industrial players. Second, Japan has been NuScale's second-largest investor since 2022, and their selection of ENTRA1 would validate their continued interest to support NuScale and our SMR deployment via ENTRA1 Energy power plants.

Speaker #3: Separately, we'd like to touch on the US-Japan investment initiative, which was discussed in our last earnings call. As noted in recent government announcements, under the US-Japan framework agreement, several American and Japanese companies were named as potential recipients of financing for Japan's groundbreaking commitment of $550 billion towards investments in the United States.

Speaker #3: Two points here. First, we understand, and as publicly known, Interwin Energy was one of the several companies named on the fact sheet chosen by the Japanese government.

Speaker #3: It is the only American SMR power plant developer on the list. Others included engineering and construction firms. OEM companies. Investment holding groups. And industrial players.

Speaker #3: Second, Japan has been NewScale's second largest investor since 2022. And their selection of Interwin would validate their continued interest to support NewScale and our SMR deployment via Interwin energy power plants.

Speaker #3: While we are still on the subject of Interwin energy, and in the spirit of being helpful to our listeners,

John Hopkins: While we are still on the subject of ENTRA1 Energy, and in the spirit of being helpful to our listeners, I'd like to reiterate a few key points with respect to our ENTRA1 partnership. One, ENTRA1 is an American-owned, in-controlled development and investment platform that is focused on supporting the commercialization of next-generation baseload energy technologies, which includes the NuScale SMR technology. Two, their mission is to support American and global energy security and economic growth by deploying baseload power infrastructure to generate power. Three, the company is led by an American energy and technology investor and brings together experienced professionals with backgrounds in energy and infrastructure project management, finance, development, and asset management. Four, in our partnership, ENTRA1, as the project developer, is responsible for financing, project development, and deal execution management. To build the infrastructure, ENTRA1 works with seasoned engineering and construction firms.

Speaker #1: I'd like to reiterate a few key points with respect to our intro . One partnership . One intro one is an American owned and controlled development and investment platform that is focused on supporting the commercialization of next generation baseload energy technologies , which includes the Nuscale , SMR technology .

Speaker #1: Two their mission is to support American and global energy security and economic growth by deploying baseload power infrastructure to generate power Three the company is led by an American Energy and Technology investor and brings together experienced professionals with backgrounds in energy and infrastructure , project management , finance , development and asset management Or and our partnership Intro one .

Speaker #1: As the project developer is responsible for financing project development and deal execution management to build the infrastructure Enter one works with seasoned engineering and construction firms Five entry line was established to address a need for a strategic developer and investor .

John Hopkins: 5. ENTRA1 was established to address a need for a strategic developer and investor in a first-of-a-kind industry, and to be the first mover to bridge the gap between financing and execution of such first-of-a-kind technologies. 6. Over the course of several years, ENTRA1 conducted due diligence and analysis on the various nuclear technologies that have been under research and development. We believe they recognize the value creation opportunity that they could capture around the need of a strategic partner and investor to support nuclear SMR commercialization. 7. NuScale was selected among several of the reactor technologies analyzed by ENTRA1 along with their financial institutional partners. 8. ENTRA1 has professionals with backgrounds in project finance, investment management, engineering, construction management, legal, and infrastructure development. They work with specialized technical partners, contractors, engineering firms, financial institutions, and legal advisors for each project phase.

Speaker #1: In a first of a kind industry , and to be the first mover to bridge the gap between financing and execution of such first of a kind technologies Six over the course of several years , Interwine conducted due diligence and analysis on the various nuclear technologies that have been under research and development .

Speaker #1: And we believe they recognize the value creation opportunity that they could capture around the need of a strategic partner . And investor to support nuclear SMR commercialization Seven Nuscale is selected amongst several of the reactor technologies analyzed by intra one , along with their financial , institutional partners Eight intro one has professionals with backgrounds in project finance , investment management , engineering , construction management , legal and infrastructure development .

Speaker #1: And they work with specialized technical partners , contractors , engineering firms , financial institutions and legal advisors . For each project phase It is important to note that TVA and Nuscale have had a relationship for almost a decade in Japan has been an investor in new scale since 2022 .

John Hopkins: It is important to note that TVA and NuScale have had a relationship for almost a decade, and Japan has been an investor in NuScale since 2022. We view these as long-standing bottom-line relationships now supporting our commercialization along with our strategic partner, ENTRA1. NuScale has chosen to be a technology provider with our NRC-approved small modular reactors. We chose to pursue an asset-light business model, relying on outsourcing responsibilities outside our scope to reliable third parties. Currently, Doosan Enerbility is our primary manufacturing arm. We chose not to be a manufacturer of the reactors, nor are we the developer of power plant infrastructure that houses the reactor equipment. ENTRA1 is the development arm that helps NuScale commercialize its reactor technology by installing our SMR technology and equipment into their new power plant infrastructure assets.

Speaker #1: We view these as long standing , all in line relationships . Now supporting our commercialization , along with our strategic partner Intro one .

Speaker #1: Nuscale has chosen to be a technology provider with our NRC approved small modular reactors We chose to pursue an asset light business model , relying on outsourcing responsibilities .

Speaker #1: Outside our scope to reliable third parties Currently , Doosan Inability is our primary manufacturing arm We chose not to be a manufacturer of the reactors , nor are we the developer of power plant infrastructure that houses the reactor equipment Enter one is the development arm that helps Nuscale commercialize its reactor technology by installing SMR technology into equipment , into their new power plant infrastructure assets .

Speaker #1: I'd like to remind everyone that the SMR space is a first of a kind within the US nuclear industry , and there are no commercially operating SMR power plants in the United States All stakeholders in participants in the SMR space are pursuing a first of a kind activity Enter one and scale were closely together to advance the deployment of the new skills .

John Hopkins: I'd like to remind everyone that the SMR space is a first of a kind within the US nuclear industry, and there are no commercially operating SMR power plants in the United States. All stakeholders and participants in the SMR space are pursuing a first of a kind activity. Interline and NuScale work closely together to advance the deployment of the NuScale SMRs in the United States and in global markets. Both teams work in an integrated fashion and in close collaboration while maintaining a common professional work environment. In summary, we are very excited about the TVA Interline opportunity, which we hope will empower the local economy across TVA's seven state regions, support the fast-growing energy demand for AI data centers, advanced manufacturing, and national defense, all while creating thousands of high-quality American jobs, reinforcing America's energy independence, and strengthening our country's energy security. Moving to slide five.

Speaker #1: Smrs in the United States , and in global markets . Both teams work in an integrated fashion and in close collaboration , while maintaining a common professional work environment In summary , we are very excited about the TVA intro .

Speaker #1: One opportunity , which we hope will empower the local economy across TVA's seven state region , support the fast growing energy demand for AI data centers , advanced manufacturing , and national defense all while creating thousands of high quality American jobs , reinforcing America's energy independence and strengthening our country's energy security Moving to slide five .

Speaker #1: Regarding Romania , by the end of 2025 , new scale completed its feed to work for floor Corporation to further grow Power's goal of developing and deploying their six module SMR power plant in Romania .

John Hopkins: Regarding Romania, by the end of 2025, NuScale completed the FEED-2 work for Fluor Corporation to further RoPower's goal of developing and deploying their 6-module SMR power plant in Romania. In total, NuScale recognized $63.1 million in revenue from licensing fees and engineering work from the FEED-2 study over an 18-month period ending in December 2025. Earlier this month, shareholders of Romania's SN Nuclearelectrica overwhelmingly voted in favor of progressing the RoPower project. We understand that this vote allows the project to seek secured financing to further feasibility studies and site-specific design work, and to advance the licensing and geotechnical work, finalize a pre-engineering, procurement, and construction or EPC contract, and begin negotiating contracts for long lead items.

Speaker #1: In total , Nuscale recognized 63.1 million in revenue from licensing fees and engineering work from the Feed two study over an 18 month period ending in December 2025 .

Speaker #1: Earlier this month , shareholders of Romania's Sneaks Electrica overwhelmingly voted in favor of progressing the real power project We understand that this vote allows the project to seek secured financing to further feasibility studies and site specific design work , and to advance the licensing and geotechnical work .

Speaker #1: Finalized a pre engineering , procurement and construction , or EPC contract and begin negotiating contracts for long lead items Therefore , we anticipate that they will have pre EPC activities begin in the second quarter of this year and have an estimated duration of up to 15 months and will include , among other things , the development of a class two cost estimate .

John Hopkins: Therefore, we anticipate that they will have pre-EPC activities begin in Q2 of this year and have an estimated duration of up to 15 months, and will include, among other things, the development of a Class D cost estimate. We look forward to continuing supporting Fluor on their Doicești project. Turning to slide six, you'll find a list of our plant services broken out by pre- and post-commercial operations date. While the sale of NPMs to ENTRA1 will make up the largest percentage of NuScale's future revenues, those revenues will be complemented by the many different plant services we offer. These plant-related services cover licensing, installation, commissioning, and post-COD services. We have already seen services generate revenue for NuScale from the RoPower project, and we expect that once the PPA between ENTRA1 and TVA is executed, we will begin generating service revenues related to those projects as well.

Speaker #1: We look forward to continuing supporting Fluor on their Dorchester project Turning to slide six , you will find a list of our Plant Services broken out by pre and post commercial operations .

Speaker #1: Date . While the sale of Npms to . Interland will make up the largest percentage of new skills , future revenues , those revenues will be complemented by the many different plant services we offer .

Speaker #1: These plant related services cover licensing , installation , commissioning and post code services . We have already seen services generate revenue for Nuscale from the Ro power project , and we expect that once the PPA between intro one and TVA is executed , we will begin generating service revenues related to those projects as well Specifically from the combined operating license application or Cola process plus services related to feed work for anyone .

John Hopkins: Specifically, from the combined operating license application or COLA process, plus services related to FEED work for ENTRA1 power plants. Now on slide seven, we'd like to provide an update with respect to an exciting use case for NuScale's SMR technology: producing processed steam and electricity for chemical plants. Just last month, in collaboration with Oak Ridge National Laboratory in Tennessee, NuScale released the results of a techno-economic assessment examining the performance and profitability of coupling NuScale Power Modules with a US chemical facility to provide nuclear-generated steam and electric power. The findings showcase that nuclear power, specifically nuclear power generated by NuScale's SMR technology, can help industries that use processed steam and electricity in a reliable and profitable manner. A recent second study conducted by Idaho National Laboratory demonstrated that NuScale's high-temperature processed steam is on par with high-temperature gas reactors.

Speaker #1: Power plants Now on slide seven , we would like to provide an update with respect to an exciting use case for Nuscale's SMR technology producing process .

Speaker #1: Steam and electricity for chemical plants . Just last month and collaboration with Oak Ridge National Laboratory in Tennessee , new Scale released results of a techno economic assessment examining the performance and profitability of coupling new scale power modules with a US chemical facility to provide nuclear generated steam and electric power .

Speaker #1: The findings showcase that nuclear power , specifically nuclear power generated by Nuscale's SMR technology , can help industries that use processed steam and electricity in a reliable and profitable manner .

Speaker #1: A recent second study , conducted by Idaho National Labs demonstrated that new scale , high temperature processed steam is on par with high temperature gas reactors To further validate this use case , Nuscale and Ebara Elliott Energy , a major Japanese industrial player , established a collaborative program to fabricate and field test a high temperature steam compression system at their plant in Pennsylvania It is further intended that the compressor will be later deployed at a domestic industrial petrochemical site .

John Hopkins: To further validate this use case, NuScale and IHI Corporation, a major Japanese industrial player, established a collaborative program to fabricate and field test a high-temperature steam compression system at their plant in Pennsylvania. It is further intended that the compressor will be later deployed at a domestic industrial petrochemical site. NuScale and IHI are actively in discussions seeking a petrochemical industrial player for this effort. The results of the Oak Ridge National Laboratory study and plans for high-temperature steam compression demonstrator will be presented to the World Petrochemical Conference next month in Houston. In other news, NuScale has also launched a project at the Oak Ridge National Laboratory in Tennessee to use AI to enhance fuel efficiency for multi-modular nuclear plants beyond what is achievable in nuclear plants with a single reactor, be it small or large.

Speaker #1: New scale and Ebara Elliott are actively in discussions seeking a petrochemical , industrial player for this effort The results of the Oak Ridge Lab study plans for high temperature steam compression demonstrator will be presented to the World Petrochemical Conference next month in Houston In other news , Nuscale has also launched a project at the Oak Ridge National Laboratory in Tennessee to use AI to enhance fuel efficiencies for Multi-module nuclear plants .

Speaker #1: Beyond what is achievable in nuclear plants with a single reactor via small or large Next month . New Scale will be speaking at the National Academy of Engineering sponsored conference on closing Strategy Gaps for the future of AI , hosted by the University of Maryland in College Park Nuscale .

John Hopkins: Next month, NuScale will be speaking at the National Academy of Engineering sponsored conference on Closing Strategy Gaps for the Future of AI, hosted by the University of Maryland in College Park. NuScale SMRs are the only nuclear technology, large or small, that have been been certified by the NRC for off-grid behind the meter applications. At that event in Maryland, NuScale will be discussing the advantages of off-grid behind the meter small mod reactors to power data centers. Now over to Ramsey for the financial update.

Speaker #1: Smrs are the only nuclear technology , large or small , that has been certified by the NRC for off grid , behind the meter application At that event in Maryland , new scale will be discussing the advantages of off grid behind the meter , small modular reactors to power data centers Now over to Ramsey for the financial update

Speaker #2: Thank you John and hello everyone Our financial results are available in our filings . So my focus will be on explaining major line items , which can be found on slide eight .

David Brown: Thank you, John, and hello, everyone. Our financial results are available in our filings, so my focus will be on explaining major line items which can be found on slide 8. NuScale's overall liquidity increased to $1.3 billion at 31 December 2025 versus $754 million at 30 September 2025, and $442 million at the end of 2024. This liquidity allows NuScale to further enhance supply chain and manufacturing readiness, fund obligations in connection with the advancement of commercialization, and further strengthen our balance sheet. As projects progress forward, NuScale expects revenues from products and services to support positive cash flow from operations. Moving on to revenue. NuScale reported revenue of $31.5 million for the year ending 31 December 2025, compared to $37 million during the same period in the prior year.

Ramsey Hamady: Thank you, John, and hello, everyone. Our financial results are available in our filings, so my focus will be on explaining major line items which can be found on slide 8. NuScale's overall liquidity increased to $1.3 billion at 31 December 2025 versus $754 million at 30 September 2025, and $442 million at the end of 2024. This liquidity allows NuScale to further enhance supply chain and manufacturing readiness, fund obligations in connection with the advancement of commercialization, and further strengthen our balance sheet. As projects progress forward, NuScale expects revenues from products and services to support positive cash flow from operations. Moving on to revenue. NuScale reported revenue of $31.5 million for the year ending 31 December 2025, compared to $37 million during the same period in the prior year.

Speaker #2: Nuscale's overall liquidity increased to 1.3 billion at December 31st , 2025 versus 754 million at September 30th , 2025 , and 442 million at the end of 2024 .

Speaker #2: This will allows me to scale to further enhance supply chain and manufacturing readiness , fund obligations in connection with the advancement of commercialization and further strengthen our balance sheet as projects progress forward .

Speaker #2: New scale expects revenues from products and services to support positive cash flow from operations Moving on to revenue , you reported revenue of 31.5 million for the year ending December 31st , 2025 , compared to 37 million during the same period in the prior year This decrease was due to a reduction in revenue recognized from the raw power technology licensing agreements , which was partially offset by higher Fleur fee .

David Brown: This decrease was due to a reduction in revenue recognized in the RoPower technology licensing agreement, which was partially offset by higher Fluor Phase 2 engineering and services revenue. I will conclude my remarks with a brief overview of our capitalization summary as shown on slide 9. As you can see on this slide, the number of Class B shares was greatly reduced in Q4 due to Fluor's conversion of their NuScale B shares into Class A common stock. We understand that Fluor continues to monetize their investment in NuScale via open market transactions, subject to certain agreed upon restrictions. With that, I'd like to thank you again for joining today and for your continued support of NuScale. We'll now take questions. Operator.

Speaker #2: Phase two engineering and services revenue I will conclude my remarks with a brief overview of our capitalization summary , as shown on slide nine .

Speaker #2: As you can see on this slide , the number of class B shares greatly reduced in the fourth quarter due to fleurs conversion of their new scale .

Speaker #2: B shares into class A common stock We understand that Fleur continues to monetize their investments in new scale via open market transactions , subject to certain agreed upon restrictions .

Speaker #2: With that , I'd like to thank you again for joining today and for your continued support of new scale We'll now take questions Operator

Speaker #3: Thank you . We will now begin the question and answer session . If you have dialed in and would like to ask a question , please press Star One on your telephone keypad to raise your hand and join the queue .

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speakerphone or your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star one to join the queue. We have our first question comes from the line of Eric Stine with Craig-Hallum. Your line is open.

Speaker #3: If you would like to withdraw your question , simply press star one again . If you are called upon to ask a question and are listening via speakerphone in your device , please your handset to ensure that your phone is not on mute .

Speaker #3: When asking your question . Again , press Star One to join the queue And our first question comes from the line of Eric Stein with Craig-hallum .

Speaker #3: Your line is open

Speaker #4: Hi everyone . Thanks for taking the questions

Eric Stine: Hi, everyone. Thanks for taking the questions.

Speaker #2: Ron .

John Hopkins: Um.

Speaker #4: Hey , can you hear me

Eric Stine: Hey, can you hear me?

Speaker #1: Yes , sorry .

John Hopkins: Yes. Sorry.

Speaker #4: Good . Oh . That's okay . So maybe if we could just start on the supply chain and specifically Doosan . You did talk about that a little bit , but I know that it's committed to 20 modules a year .

Eric Stine: Good. No, that's okay. Maybe if we could just start on the supply chain and specifically Doosan. You did talk about that a little bit, but I know that it's committed to 20 modules a year, committed to being able to take that higher. Just maybe some commentary on confidence in that. Also, curious, you know, it's a pretty differentiated position to actually, you know, those are actually being built. How is that playing into the process with ENTRA1 and TVA, and also, you know, just some of the other opportunities as they progress in your pipeline?

Speaker #4: Committed to being able to take that higher . So just maybe some commentary on confidence in that . But also curious . You know , it's a pretty differentiated position to to actually , you know , those are actually being built .

Speaker #4: And so curious , how is that playing into the process with enter one and TVA . And also , you know , just some of the other opportunities as they progress in your pipeline

Carl Fisher: Yeah, this is Carl Fisher, the Chief Operating Officer. As you know, we've progressed significantly well with Doosan. We have 12 modules under production right now. No matter what the project is, it gives us a significant timing advantage because we have ordered the long lead materials and the modules are under production.

Speaker #5: this is Carl Fisher , the chief operating officer . As you know , we've progressed significantly well with Doosan . We have 12 modules under production right now So whether no matter what the project is , it gives us a significant timing advantage because we have ordered the lead materials and the modules are under production

Speaker #4: Okay . Gotcha . In terms of just feeling confident in that , Doosan is , you know , committed and able , I know that they've got a big facility and they're , you know , they're they're committed to this space .

Eric Stine: Okay. Gotcha. In, in terms of just feeling confident in, you know, that Doosan is, you know, committed and able, I know that they've got a big facility and they're, you know, they're committed to this space, but that they are in fact, you know, in a position that should TVA, you know, should that move forward, that they could, you know. I know it's a ways out, but that they could execute on that and help you get to, you know, potentially some big numbers.

Speaker #4: But that they are in fact , you know , in a position that should TVA , you know , should that move forward , that they could you know , I know it's a ways out , but that they could execute on that .

Speaker #4: And help you get to , you know , potentially some big numbers

Speaker #5: Yeah , we have extreme confidence with Doosan . The other thing that that you should know is that there increasing their capacity so they can move up to 20 modules per year and then eventually doubling that capacity .

Carl Fisher: Yeah, we have extreme confidence with Doosan. The other thing that you should know is that they're increasing their capacity so they can move up to 20 modules per year, and then eventually doubling that capacity. I just recently was at Doosan, you know, and seeing the works that are being done. These 12 modules will set the stage for the next set of 12 modules that could be used with the ENTRA1 projects. Having these already in production, it really gives us a significant timing advantage because we do have the long lead materials already ordered and the modules ready to be fabricated.

Speaker #5: I just recently was at Doosan, you know, and saw the works that are being done. These 12 modules will set the stage for the next set of 12 modules.

Speaker #5: That could be used with the intro one . Projects and and having these already in production . It really gives us a significant timing advantage because we do have the long lead materials already ordered , and the modules are ready to be fabricated

Speaker #4: Got it . And maybe just turning to , you know , the the upgrade approval . I know that , you know , six plus months ago I asked this on the call .

Eric Stine: Got it. Maybe just turning to, you know, the operate approval. I know that, you know, 6-plus months ago I asked this on the call, were there customers that were waiting for that upgrade from 50 MW to 77? You know, what that potentially kind of set in motion. I guess, you know, now that it's 6-plus months later, you know, looking back, what has that impact been on your pipeline, whether it's overall growth of the pipeline or movement within that pipeline?

Speaker #4: Were there customers that were waiting for that upgrade from 50MW to 77 ? You know what that potentially kind of set in motion .

Speaker #4: So I guess , you know , now that it's six plus months later , you know , looking back , what what has that impact been on your pipeline , whether it's overall growth of the pipeline or movement within that pipeline

Speaker #5: Yeah , I think first of all , the , you know , the upgrade that was approved last year was approved ahead of schedule and , and we got there's a lot of confidence we have with the fact that we have that approval , because a lot of questions and and and any concerns that may have had by the regulatory regulator were put were approved and put to put aside in that case after that , and having that FDA approval , our customers , the ones that we've been speaking with and , and also basically just the general industry Puts a lot of confidence in the fact that the NRC has made that approval .

Carl Fisher: Yeah, I think, first of all, you know, the upgrade that was approved last year was approved ahead of schedule. We've got there's a lot of confidence we have with the fact that we have that approval because a lot of questions and any concerns that may have had by the regulator were put were approved and put aside. In that case, after that and having that SDA approval, our customers, the ones that we've been speaking with and also basically just the general industry, puts a lot of confidence in the fact that the NRC has made that approval.

Carl Fisher: I'll let Clayton Scott discuss the pipeline aspect of it, but I will say even for our international projects, having that NRC approval is significant because of the respect that the international community and the international nuclear regulators have for the NRC.

Speaker #5: I'll let Clayton Scott discuss the pipeline aspect of it , but I will say , even for our international projects , having that NRC approval is is significant because of the respect that the international community and the international nuclear regulators have for the NRC

Speaker #1: Yeah , this is John . We we do regular quarterly generally drop ins with the the commissioners of the NRC . We're just there two weeks and , you know , it was a pleasant surprise to speak with the commissioners in relation to expediting processes and etc.

John Hopkins: Yeah, this is John. We do regular quarterly, generally drop-ins with the commissioners at the NRC. We were just there 2 weeks. You know, it was a pleasant surprise to speak with the commissioners in relation to expediting processes and et cetera. They asked a lot of questions because as you know, we are the only one who's ever submitted a Design Certification Application from the SMR space and have been approved. We've been through the rigor. We're, we've been ready to go, and we're just sitting here, you know, as a company wanting to get these things deployed.

Speaker #1: , but they asked a lot of questions because , as you know , we are the only ones ever submitted a design certification application from the SMR space and have been approved .

Speaker #1: So we've been through the rigor and so we're , we're we've been ready to go and we're just sitting here . You know , as a company wanting to get these things deployed

Speaker #6: You know ,

Eric Stine: Yep.

John Hopkins: You know? The bottom line still is, and I keep saying this, we are the only game in town that has an NRC certified, not only to construct, but also to operate.

Speaker #1: And the bottom line still is I keep saying this . We are the only game in town that has an NRC certified not only to construct , but also to operate .

Speaker #1: But I think in addition to the 77 megawatt approval , it's really given entr1 the opportunity to really push their pipeline . And it's given confidence from the industry to understand that that regulatory hurdle has been completed .

Carl Fisher: I think in addition to the 77 MW approval, it's really given ENTRA1 the opportunity to really push their pipeline. It's given confidence from the industry to understand that that regulatory hurdle has been completed. Now that, you know, we can reach capacity levels that I think are a little bit more satisfactory when ENTRA1 looks at their overall facilities.

Speaker #1: And now that , you know , we can reach capacity levels that I think are a little bit more satisfactory when one looks at their overall facility , facilities .

Speaker #4: Got it Helpful . Last one for me . Just you mentioned it in your in your commentary here , but the term sheet with Entr1 , you mentioned the one financial institution who has entered that .

Eric Stine: Got it. Helpful. Last one for me, just, you mentioned it in your commentary here, but the term sheet with ENTRA1, you mentioned the one financial institution who has entered that. Can you just unpack that a little bit? Is that something that's firm that gets triggered on the signing of a PPA, or is that something where there would be some additional steps upon that signing to lock that in?

Speaker #4: Can you just unpack that a little bit ? Is that is that something that's firm that gets triggered on the signing of a PPA or is that something where there would be some additional steps upon that signing to lock that in ?

Speaker #7: Thanks for the question. It's Bill Cooper, General Counsel at NuScale. And we're under NDA with Intro One, so we can't say any more about that.

William J. Cooper: Thanks for the question. It's Bill Cooper, General Counsel at NuScale, and we're under NDA with ENTRA1, so we can't say any more about that.

Speaker #4: Okay . Worth a try . Thank you

Eric Stine: Okay. Worth a try. Thank you.

Speaker #3: Our next question comes from the line of Ryan Pfingst with B Riley . Your line is open .

Operator: Our next question comes from the line of Ryan Pfingst with B. Riley. Your line is open.

Speaker #8: Hey , guys . Thanks for taking my questions . Maybe just to follow up on that last one , to the extent that that you can say , John , you mentioned the major institution that signed a multibillion dollar term sheet with entry one is there is there anything you can share their around who the players might be ?

Ryan Pfingst: Hey, guys. Thanks for taking my questions. Maybe just to follow up on that last one, to the extent that you can say, John, you mentioned that major institution that signed a multi-billion dollar term sheet, with ENTRA1. Is there anything you can share there around who the players might be? What exactly was signed for? Yeah, anything there I think would be super helpful.

Speaker #8: What exactly was signed for ? Yeah . Anything there I think would be super helpful

Speaker #7: Nothing we can share . I'm sorry

William J. Cooper: Nothing we can share. I'm sorry.

Speaker #9: Yep . No worries . I will share . It's pretty major

Ryan Pfingst: Yep, no worries.

John Hopkins: I will share it's pretty amazing.

Speaker #8: Got it . I turn to Romania , then . Can you talk about the next phase of the Ro power project ? What will it entail for new scale in terms of services rendered ?

Ryan Pfingst: Got it. I'll turn to Romania then. Could you talk about the next phase of the RoPower project? What will it entail for NuScale in terms of services rendered or maybe, you know, the potential revenue opportunity there?

Speaker #8: Or maybe , you know , the potential revenue opportunity there

Speaker #1: Yeah . This is John . You know , we met with the Romanian government last night , actually . So it's a timely question .

John Hopkins: This is John. You know, we met with the Romanian government last night, actually, so it's a timely question. As we stated, the FEED Phase 2 has been completed as of the last quarter. February, they did have a shareholders meeting that they voted in favor of moving the project forward. RoPower is now authorized to advance the licensing and geotechnical moving towards a pre-EPC. We anticipate NuScale be generating revenues as soon as. Now understand, we are a subcontractor to Fluor Corporation, and Fluor is in negotiations right now with the RoPower government. Our contract is with Fluor, it's not with the Romanian government, and we explained this last night to the Romanian government, and they understood.

Speaker #1: We , as we stated , the feed phase two has been completed as of the last quarter February . They did have a shareholders meeting that they voted in favor of moving the project forward .

Speaker #1: Ro power is now authorized to advance the licensing and geotechnical moving towards a pre EPC , and we anticipate new scale to be generating revenues as soon as now .

Speaker #1: Understand we are a subcontractor to floor Corporation and Fluor is a negotiations right now with the Ro power government . Our contract is with Fluor .

Speaker #1: It's not with the Romanian government . And we explained this last night to the Romanian government . And they understood we view this as a very important project that , you know , right now we're waiting for the next steps via floor in ro power to do their deal .

John Hopkins: We view this as a very important project that, you know, right now we're waiting for the next steps via Fluor and RoPower to do their deal, and then we move on. It was an interesting conversation last night. They appreciated it.

Speaker #1: And then we move on . But it was a good it was an interesting conversation last night . We they appreciated it

Speaker #8: Appreciate that . And then just one more . Could you give an update on the status of the material weakness in your financial reporting that you identified last year ?

Ryan Pfingst: Appreciate that. Then just one more. Could you give an update on the status of the material weakness in your financial reporting that you identified last year, and where that stands today?

Speaker #8: And where that stands today

Speaker #2: This is Ramsey Hamady , our 2024 annual report . We disclosed the material weakness on internal controls over financial reporting . Icfr is what we term it , and specifically we focused on something called Itgc , which is information technology .

Ramsey Hamady: This is Ramsey Hamady. In our 2024 annual report, we disclosed a material weakness on internal controls over financial reporting. ICFR is what we term it. Specifically, we focused on something called ITGC, which is Information Technology General Controls. We stated a plan to remediate it. We worked very hard. I would give credit to David Tonnel, our Chief Accounting Officer and his team, we've come through with a clean bill of health from EY. I think it's a remarkable feat. We no longer have that. We addressed it as we said we would.

Speaker #2: General controls . We stated a plan to remediate it . We work very hard . I would give credit to David Tunnell , our chief accounting officer , and his team , and we've come through with a clean bill of health from E !

Speaker #2: I think it's a remarkable feat . And so we we no longer have that . We addressed it as we said we would

Speaker #8: Thanks for having me . I'll turn it back

Ryan Pfingst: Thanks, Ramsey. I'll turn it back.

Speaker #3: Next question comes from the line of Sharif El-maghrabi with Btig . Your line is open .

Operator: Next question comes from the line of Sherif Elmaghrabi with BTIG. Your line is open.

Speaker #10: Hi . Thanks for taking my questions . First on on floor . Once they monetize their remaining stake , will they still have right of first refusal as your EPC provider for future projects Hi , can you hear me

Rodney McMahan: Hi. Thanks for taking my questions. First on Fluor. Once they monetize their remaining stake, will they still have right of first refusal as your EPC provider for future projects? Hi, can you hear me?

Sherif Elmaghrabi: Hi. Thanks for taking my questions. First on Fluor. Once they monetize their remaining stake, will they still have right of first refusal as your EPC provider for future projects? Hi, can you hear me?

Speaker #7: Please hold for a second . Hi , this is Bill Cooper again , general counsel . I'm not familiar with any right of first refusal , but the agreement is otherwise confidential .

William J. Cooper: Please hold for a second. Hi, this is Bill Cooper again, General Counsel. I'm not familiar with any right of first refusal, but the agreement is otherwise confidential.

Speaker #10: Okay . Got it . And then the the study you completed with Oak Ridge National Lab . That study gives us a sense of power module pricing .

Rodney McMahan: Okay. got it. The study you completed with the Oak Ridge National Laboratory, that study gives us a sense of Power Module pricing that is significantly lower than large scale nuclear. Of course, that's part of the value proposition of SMRs, but is that sort of the pricing you're aiming for in Romania and with the TVA, or is it kind of for later stage projects?

Sherif Elmaghrabi: Okay. got it. The study you completed with the Oak Ridge National Laboratory, that study gives us a sense of Power Module pricing that is significantly lower than large scale nuclear. Of course, that's part of the value proposition of SMRs, but is that sort of the pricing you're aiming for in Romania and with the TVA, or is it kind of for later stage projects?

Speaker #10: That is significantly lower than large scale nuclear . Of course , that's part of the value proposition of Smrs . But is that the pricing you're aiming for in Romania ?

Speaker #10: And with the TVA, or is it kind of for later stage projects?

Speaker #1: Yeah, I'm sorry. Could you repeat the question?

John Hopkins: Yeah. I'm sorry, could you repeat the question?

Rodney McMahan: The study that you guys did with the Oak Ridge National Laboratory, it talks about roughly, I think about $5,500 per kilowatt pricing for your modules, and I'm wondering if that's the sort of pricing that applies for Romania and the TVA?

Speaker #10: The the study that you guys did with the Oak Ridge National Lab ? It talks about roughly , I think , about 5500 bucks per kilowatt pricing for your modules .

Sherif Elmaghrabi: The study that you guys did with the Oak Ridge National Laboratory, it talks about roughly, I think about $5,500 per kilowatt pricing for your modules, and I'm wondering if that's the sort of pricing that applies for Romania and the TVA?

Speaker #10: And I'm wondering if that's the sort of pricing that applies for Romania and the TVA

Speaker #1: Yeah , I'll have to look into that . I apologize , I'm not familiar with that number . You know , the I think what's important here , if you remember , over the years , we said we see three significant markets .

John Hopkins: Yeah, I'll have to look into that. I apologize. I'm not familiar with that number. You know, I think what's important here, if you remember over the years, we said we see three significant markets. One was coal plant refurbishment, one was working with process companies for need of process heat, it could be for electricity. The other one, obviously the elephant in the room, is hyperscalers. These studies, the pre-prevailing notion was that high-temperature gas could only produce the steam requirements needed for high pressure steam. We went into an analysis that Oak Ridge or actually INL did for us to show that NuScale's light water reactor could provide the economics and efficiencies necessary to provide the steam requirements for these plants.

Speaker #1: One was coal plant refurbishment , one was working with process companies for need of process heat . It could be for electricity . And the other one , obviously the elephant in the room , hyperscalers and these studies , the prevailing notion was that high temperature gas could only produce a steam .

Speaker #1: Requirements needed for for high pressure steam . We went into a analysis that Oak Ridge or actually INL did for us to show that nuscale's light water reactor could provide the economics and efficiencies necessary to provide the steam requirements for these plants and and why this is getting specific interest .

John Hopkins: Why this is getting specific interest, remember, our emergency planning zone is at site boundary. When I look at process plants in an area like Baytown, Texas, we have multiple companies that share a fence line. ENTRA1 could build that plant outside that fence line close to the end user and provide if it's process heat, if it's electricity, if they want to do hydrogen production, and it's not inside the evacuation zone typical of a large-scale nuclear reactor.

Speaker #1: Remember our emergency planning zone is that site boundary . So when I look at process plants in an area like Baytown , Texas , we have multiple companies that share a fence line .

Speaker #1: Intra one could build that plant outside that fence line close to the end user . And provide if it's processed heat , if it's electric , if they want to do hydrogen production and it's not inside the evacuation zone typical of a large scale nuclear reactor .

Speaker #11: The other thing is to John , I think it's really important is we're also the only nuclear technology company , period , that has that has certified by the NRC for behind the meter , off the grid applications .

Ramsey Hamady: The other thing is too, John, I think it's really important is we're also the only nuclear technology company, period, that is certified by the NRC for behind the meter off the grid applications. That's a significant benefit.

Speaker #11: And that's a significant benefit

Speaker #10: Okay . Thank you very much for taking my questions

Leanne Hayden: Okay, thank you very much for taking my questions.

Sherif Elmaghrabi: Okay, thank you very much for taking my questions.

Speaker #3: Next question comes from the line of Derek Soderberg with Cantor Fitzgerald . Your line is open .

Operator: Next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Your line is open.

Speaker #12: Yeah . Hey , guys . Thanks for taking the questions . Just on cash . 1.3 billion . What sort of the expected cash burn range for 26 can then can you talk about any sort of swing factors potentially in that as well

Derek Soderberg: Yeah. Hey, guys. Thanks for taking the questions. Just on cash $1.3 billion, what's sort of the expected cash burn range for 2026? Can you talk about any sort of swing factors potentially in that as well?

Speaker #2: This is Ramsey Hamady chief Financial Officer , as you pointed out , we ended 2025 with approximately 1.3 billion in cash . Was a tremendous achievement .

Ramsey Hamady: This is Ramsey Hamady, Chief Financial Officer. As you pointed out, we ended 2025 with approximately $1.3 billion in cash. That's a tremendous achievement. Shows a very defensive position in terms of our liquidity. Post-close disclosure, I believe note 9 in financial statements, we note a payment of about $250 million out. Arithmetically, we can assume about $1 billion of cash on balance sheet today. If I look at my OpEx, apart from what I would call one-time type items, my OpEx stays fairly consistent between $172, call it $200 million, closer to $193 actually in 2024 on an adjusted basis. The $1 billion in cash, I think our investors can rest assured that we have taken a very conservative, very strong liquidity position.

Speaker #2: Shows a very defensive position in terms of our liquidity post Post-close disclosure , I believe note nine and financial statements . We note a payment of about 250,000,000oz .

Speaker #2: Arithmetically , we can assume about a billion of cash on balance sheet today . If I look at my opex , apart from , well , it's call one time type items , my OpEx stays fairly consistent between 100 and 70 to call it $200 million .

Speaker #2: Closer to 193 . Actually , in 2024 , and basis the billion dollars in cash I think are investors can rest assured that we have taken a very conservative , very strong position and burn rate or runway is not a problematic item for us .

Ramsey Hamady: Burn rate or runway is not a problematic item for us. NuScale has the legs to run this race.

Speaker #2: NuScale has the legs to run this race.

Derek Soderberg: Got it. That's helpful. Ramsey, you mentioned just the one-time payment. I'm wondering if you can talk about how many more of these sort of one-time payments or milestone payments you guys expect to make associated with the project. Will those payments sort of be a similar magnitude, or can you help us maybe quantify the potential there? Thanks.

Speaker #12: That's helpful. And then, Ramsey, you mentioned just the one-time payment. I'm wondering if you can talk about how many more of these sort of one-time payments or milestone payments there will be.

Speaker #12: Do you guys expect to make payments associated with the project? And will those payments sort of be a similar magnitude, or can you help us maybe quantify the potential?

Speaker #12: There ? Thanks

Speaker #2: Sure . I think on this one , we have been very transparent in our disclosures and our filings . There is a partnership milestone agreement filing , which describes all the payments in great detail .

Ramsey Hamady: Sure. I think on this one, we have been very transparent in our disclosures, in our filings. There is a Partnership Milestone Agreement filing which describes all the payments in great detail. This is more a developer-led model, which I was referring to.

Speaker #2: This is more a developer led model , which I would refer you to

Speaker #12: Got it . Thanks , guys

Derek Soderberg: Got it. Thanks, guys.

Speaker #3: Next question comes from the line of Nate Pendleton with Texas Capital Securities . Your line is open .

Operator: Next question comes from the line of Nate Pendleton with Texas Capital Securities. Your line is open.

Speaker #13: Good afternoon . So after intro one signs a binding PPA with TVA . Can you talk about what that means from a near-term revenue perspective ?

Nate Pendleton: Good afternoon. After ENTRA1 signs a binding PPA with TVA, can you talk about what that means from a near-term revenue perspective? Would that revenue be comparable to what we've seen at RoPower thus far?

Speaker #13: And would that revenue be comparable to what we've seen at Ro Power thus far?

John Hopkins: That's good.

Speaker #11: Hi , this is Clayton Scott , Chief Commercial Officer So what we expect after the PPA is signed is that we would enter into Cola and and feed activities to generate revenue , which will allow us to move forward .

Ramsey Hamady: Hi, this is Clayton Scott, Chief Commercial Officer. What we expect after the PPA is signed is that we would enter into COLA and FEED activities to generate revenue, which will allow us to move forward. You know, this is something that I would expect to be more than what we see in RoPower just because the size of the plants are much larger, and we anticipate a little bit more revenue stream in that respect.

Clayton Scott: Hi, this is Clayton Scott, Chief Commercial Officer. What we expect after the PPA is signed is that we would enter into COLA and FEED activities to generate revenue, which will allow us to move forward. You know, this is something that I would expect to be more than what we see in RoPower just because the size of the plants are much larger, and we anticipate a little bit more revenue stream in that respect.

Speaker #11: But you know, this is something that I expect to be more than what we see in RO power, just because the size of the plants are much larger, and we anticipate a little bit more revenue stream in that respect.

Speaker #13: Got it . Thank you . And then as my follow up , with you , Clayton , referencing slide seven in the chemical Plant study , has that study opened any new doors for the commercial team with that extra layer of validation , there ?

Nate Pendleton: Got it. Thank you. As my follow-up, perhaps staying with you, Clayton. Referencing slide 7 in the chemical plant study, has that study opened any new doors for the commercial team, with that extra layer of validation there? Are there any other applications that you feel are underappreciated as well?

Speaker #13: And are there any other applications that you feel are underappreciated as well

Speaker #11: Yes , sir . There's other discussions that are happening and we're in concert with everyone to have those . But at this point in time , we're under NDA and we can't really disclose anything .

Ramsey Hamady: Yes, sir. There's other discussions that are happening and we're in concert with ENTRA1 to have those. At this point in time, we're under NDA, and we can't really disclose anything.

Clayton Scott: Yes, sir. There's other discussions that are happening and we're in concert with ENTRA1 to have those. At this point in time, we're under NDA, and we can't really disclose anything.

Speaker #13: Understood. Thanks for taking my questions.

Nate Pendleton: Understood. Thanks for taking my questions.

Speaker #3: Next question comes from the line of Lynn Leanne Hayden with Canaccord Genuity . Your line is open .

Operator: Next question comes from the line of Leanne Hayden with Canaccord Genuity. Your line is open.

Speaker #14: Good evening, everyone. Thanks so much for taking my questions. Just wanted to start by digging into progress with Entry One and TVA.

Leanne Hayden: Evening, everyone. Thanks so much for taking my questions. Just wanted to start by digging into progress with ENTRA1 and TVA. Can you please help us try to understand any sort of gating factors to securing a binding PPA? Understand that there has been some pretty strong progress since January and that you're in the process of drafting a PPA. I do believe you previously guided for binding PPA execution by the end of 2025. Any color around what may have caused that delay would be much appreciated. Thank you.

Speaker #14: Can you please help us try to understand any sort of gating factors to securing a binding PPA Understand that there has been some pretty strong progress .

Speaker #14: Since January , and that you're in the process of drafting a PPA . I do believe you previously guided for binding PPA execution .

Speaker #14: By the end of 2025 . So any color around what may have caused that delay would be much appreciated . Thank you

Speaker #7: We've said all that we can say . This is Bill Cooper again , general counsel . We've said all that we can say about the PPA in the prepared remarks .

John Hopkins: We've said all that we can say. This is Bill Cooper again, General Counsel. We've said all that we can say about the PPA in the prepared remarks. We can't say anything more.

William J. Cooper: We've said all that we can say. This is Bill Cooper again, General Counsel. We've said all that we can say about the PPA in the prepared remarks. We can't say anything more.

Speaker #7: We can't say anything more

Speaker #14: Okay . To To the extent that you're able to comment , when can we expect any sort of site permitting or early site submissions associated with the four identified sites Hello , can you hear me ?

[Analyst] (Canaccord Genuity): Okay. To the extent that you're able to comment, when can we expect any sort of site permitting or early site submissions associated with the four identified sites? Hello? Can you hear me?

William J. Cooper: Okay. To the extent that you're able to comment, when can we expect any sort of site permitting or early site submissions associated with the four identified sites? Hello? Can you hear me?

John Hopkins: I'm sorry. Go ahead.

Speaker #1: I'm sorry . Go ahead .

John Hopkins: I'm sorry. Go ahead.

Speaker #7: Hi . This is this is Rodney . Yeah . No , we went through that in the script . That kind of that laid that out with the four sites .

Rodney McMahan: Hi, this is Rodney. Yeah. No, we went through that in the script, that kind of laid that out with the four sites. I would just reference that, or if not, we can circle up after the call.

Speaker #7: So I would just reference that or if not , we can we can circle up after the call

Speaker #14: Got it . Thank you

[Analyst] (Canaccord Genuity): Got it. Thank you.

Leanne Hayden: Got it. Thank you.

Speaker #3: And our last question comes from the line of Dimple Gosai with Bank of America. Your line is open.

Operator: Our last question comes from the line of Dimple Gosai with Bank of America. Your line is open.

Speaker #15: Good evening gents . Thank you for taking my question . I understand that you don't give guidance , but there's just many different pieces here with the feed two coming to an end and raw power advancement .

Dimple Gosai: Good evening, gents. Thank you for taking my question. I understand that you don't give guidance, but there's just many different pieces here with the FEED two coming to an end and RoPower advancement now, while you're also kind of pre-funding ENTRA1 and/or, and/or Romania. Can you help us or give us a sense of how to think of, you know, the revenue and liquidity outlook or call it profile over the next 12 to 24 months, please?

Speaker #15: Now , while you also kind of pre-funding intra one and or and or Romania , can you help us or give us a sense of how to think of , you know , the revenue and liquidity outlook or call it profile over the next 12 to 24 months , please

Speaker #2: Dimple , this is Ramsey Hamady . Thank you for your question . As we stated earlier and as you pointed out in your question , we do not give guidance at this point .

Ramsey Hamady: Dimple, this is Ramsey Hamady. Thank you for your question. As we stated earlier, and as you pointed out in your question, we do not give guidance at this point. However, I think looking at our balance sheet, we look at our liquidity position. The company is conservatively positioned and prudently raised capital towards the end of last year, or to give us a balance sheet that has lasting power and, as I said, run rate and, pardon me, runway is not an issue for us.

Speaker #2: However , I think looking at our balance sheet , we look at our liquidity position . The company is conservatively positioned and prudently raised capital towards the end of last year , or to give us a balance sheet that has lasting power .

Speaker #2: And as I said, run rate—and pardon me, runway—is not an issue for us.

Speaker #3: And we have another question comes from the line of Brian Lee with Goldman Sachs . Your line is open

Operator: We have another question comes from the line of Brian Lee with Goldman Sachs. Your line is open.

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Speaker #17: All right .

Operator: All right. That concludes the question and answer session. I would like to turn the call back over to John Hopkins for closing remarks.

Speaker #3: That concludes the question and answer session . I would like to turn the call back over to John Hopkins for closing remarks

John Hopkins: Thank you, operator. Thank you to everyone for joining us today. As we close this period for NuScale, we are excited about the path ahead in 2026. We look forward to continuing to take meaningful strides toward deployment of the ONI NRC-certified SMR technology to support American and global energy security. Thank you very much.

Speaker #1: Operator . Thank you . Operator . And thank you to everyone for joining us today . As we close this period for new scale .

Speaker #1: We are excited about the path ahead in 2026 . We look forward to continuing to take meaningful strides toward deployment of the Oni .

Speaker #1: NRC certified SMR technology to support American and global energy security . Thank you very much

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

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