NuScale Power Corporation Class A

Good afternoon and welcome to New Scale's second quarter 2025 earnings results conference call. Today's call is being recorded. A replay of today's conference call will be available and accessible on New Scale's Investor Relations website. A 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 McMahon, Senior Director of Investor Relations. Please go ahead.

Thank you, Operator. Welcome to New Scale's second quarter 2025 earnings results conference call. With us today are John Hopkins, President and Chief Executive Officer, and Ramsey Hamaddy, Chief Financial Officer. On today's call, we will provide an update on our business and discuss our quarterly financial results. We will then open the phone lines for questions. This afternoon, we posted a set of 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. You can find a discussion of our risk factors which could potentially contribute to such differences in our 2024 Annual Report on Form 10K and subsequent SEC filings. I'll now turn the call over to John Hopkins, New Scale's President and Chief Executive Officer.

Thank you, Rodney, and good afternoon, everyone. To begin, I'd like to remind everyone who we are and why New Scale is a global leader in Small Modular Reactor, or SMR, technology as outlined on Slide 3. Founded in 2007, New Scale is years ahead of the competition as the only SMR technology approved by the U.S. Nuclear Regulatory Commission, or NRC. For more than a decade, our team has worked alongside the NRC to achieve the successful approval of our designs, including a second approval for our 77-megawatt electric design in the second quarter of 2025, a crucial step in moving New Scale and our exclusive commercialization partner, InterOne, closer to meeting the demands of energy users in need of clean, baseload power. Our design approvals, combined with an established manufacturing ecosystem, a -to-date investment of approximately $2 billion to de-risk plant licensing and operation, and unmatched safety capabilities make New Scale the only near-term deployable SMR technology with 12 New Scale power modules currently in production. Through 18 years, New Scale has capitalized on the maturity and strong foundation of light-water reactor technology and has moved forward with confidence to develop unmatched capabilities with unprecedented continuity and consistency of vision. Our SMR technology offers a wide range of carbon-free, energy-intensive application possibilities, as outlined on Slide 4. Working with industry and national laboratories, New Scale has assessed the integration of these applications into facilities powered by New Scale power modules and published the results in peer-reviewed journals or presented them at national conference proceedings. These applications include providing power to mission-critical facilities, water desalinization needs, and hydrogen production and process heat to meet the needs of commercial-scale industrial applications. However, the application currently garnering the most attention and representing the biggest opportunity for New Scale's technology is a generation of uninterruptible, carbon-free base-load power to meet the energy demands of advanced data centers and sophisticated artificial intelligence systems. While there are other SMR technologies in development, New Scale's module architecture is the only one with NRC approval. It's the only one in the manufacturing stage and the only one that offers the flexibility to serve multiple energy applications within a single plant, as our design allows for different modules in the same power plant to be designated for a variety of applications. Turning to Slide 5, we summarize the New Scale and InterOne Global Commercialization Partnership. Under this partnership, New Scale, serving as a technology provider, sells its New Scale power modules directly to InterOne for installation in the reactor buildings of InterOne energy plants. InterOne, in turn, develops, finances, and depending on the business model, may own and operate the energy production plants powered by New Scale's SMR technology. By providing customized plant development, ownership, and operating structures, InterOne is able to de-risk projects and meet each customer's unique needs. We continue to be optimistic that the growing interest in our technology in its critical use cases, as well as New Scale's distinctive competitive edge in the module manufacturing and conventional fuel readiness, will result in an order in 2025 for our New Scale power modules. Since our last earnings call, we have seen strengthening of the regulatory tailwinds supporting the nuclear power industry, driven by the President's executive orders to deploy advanced nuclear reactor technologies in support of national security. These executive orders, which we summarize on Slide 6, were issued in addition to ongoing bipartisan support for the advancement of carbon-free advanced nuclear projects through the Inflation Reduction Act, a $900 million appropriation for SMR-specific cost-sharing funding. In the Advanced Act, designed to streamline NRC approvals for faster deployment, New Scale supports these efforts to transform and modernize the NRC while maintaining the NRC safety standards. While not all regulatory actions will directly benefit New Scale, as we have progressed beyond research and development to commercialization, we expect a benefit from shortened regulatory timelines for new deployments, a bolstered domestic nuclear supply chain, and the overall commitment of the U.S. government to prioritize the deployment of advanced nuclear reactor technologies. Importantly, interest in New Scale's SMR technology extends domestically and abroad. As discussed on Slide 7, New Scale continues to support Rho Power's goal of developing and deploying the first SMR power plant in Romania, Ator Chest. The site of a decommissioned coal-fired plant that is now entirely removed. To further advance the project, in June of this year, an International Atomic Energy Agency site and External Events Design Advisory Mission visited Ator Chest to advise on the finalization of the site license application. The project continues to generate revenue and positive cash flow for New Scale from engineering and licensing fees. As well as pre-commercial operation date services, primarily in connection with the Florida-led Phase II Front-End Engineering and Design Study. As this critical work on the Rho Power project continues, we are also working with Florida towards their input to a final investment decision. In a second quarter, we also continued our efforts to prepare the next generation of nuclear talent by opening two more energy exploration or E2 centers. At South Carolina State University and George Mason University, bringing a total number of New Scale E2 centers to 11 with locations in the US, Europe, Asia, and Africa. As discussed on Slide 8, these centers use -the-art computer modeling paired with a fully integrated SMR control room simulator, supporting users to step into the role of control room operators and navigate a wide range of simulated plant scenarios. These workstations provide real-time visibility into the status of any unit across the plant model, enabling effective oversight of operations. It is worth noting that, unlike traditional nuclear energy facilities, our New Scale power modules are designed with advanced safety systems that operate independently of human intervention, offering a new standard for passive safety. We are proud of the progress we continue to make at New Scale as a leader in our space and excited to continue to build on this momentum through the remainder of the year. Now over to Ramsey for the financial update.