NuScale Power Corporation Class A

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

Thank you, operator. Welcome to NuScale's third quarter 2025 earnings results conference call. With us today are John Hopkins, President and Chief Executive, and Ramzi Hamidi, 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 two, The information set forth in this presentation and discussed during the course of our remarks in 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 contribute to differences in our expectations in our annual report on Form 10-K for the year ended December 31st, 2024, and our quarterly reports on Form 10-Q and our subsequent SEC filings. I'll now turn the call over to John Hopkins, NuScale's president and chief executive officer.

Thank you, Rodney, and good afternoon, everyone. NuScale continues to be ahead of the competition as we remain the first and only small-module reactor technology provider to obtain design approval from the U.S. Nuclear Regulatory Commission, or NRC, making our technology ready for commercial deployment. The pipeline of potential off-takers for power generated by NuScale's technology is stronger than ever, and we believe we are nearing the realization of a commitment to deliver NuScale power modules at scale. Now, turning to slide three, we list NuScale's third quarter highlights, which we'll discuss in more detail in a moment. They include the recent Tennessee Valley Authority, or TVA, and InfraOne energy announcement on the deployment of up to six gigawatts OF NEW NUCLEAR CAPACITY USING NEW SCALE TECHNOLOGY, TO CONTINUE WORK ON FLORIDA'S PHASE TWO FRONT END ENGINEERING DESIGN, OR PHE TWO STUDY FOR THE RODE POWERED DORCHESTE POWER PLANT, AND THE CRITICAL STRENGTHENING OF OUR CASH POSITION AS WE ENTER THIS VITAL STAGE OF COMMERCIALIZATION. WE ARE EXCITED ABOUT THE SIGNIFICANT MOMENTUM WE HAVE CONTINUED TO BUILD THIS QUARTER. TURNING TO SLIDE FOUR, IN SEPTEMBER Our global strategic partner, InterOne, announced the landmark agreement with TVA to deploy new nuclear generation capacity powered by NuScale's SMR technology. This project marks the largest SMR deployment program in the U.S. history. It contemplates capacity of six gigawatts, which represents a total deployment of approximately 72 NuScale power modules and up to six InterOne energy plants in the TVA territory, which covers all of Tennessee, portions of Alabama, Mississippi, Kentucky, Georgia, North Carolina, and Virginia. To put it in perspective, that is enough electricity to power the equivalent of the entire Dallas-Fort Worth metropolitan area. NuScale is excited to support the development of nuclear generation capacity in the U.S. in partnership with InterOne and TVA. Additionally, just last week, the White House announced it will mobilize up to $550 billion in public and private sector investment to expand critical energy infrastructure and strengthen supply chains under the newly signed U.S.-Japan Framework Agreement. As part of this initiative, InterOne is positioned to receive up to $25 billion in investment capital to develop a fleet of power plants utilized in baseload energy sources. the only developer that was included in this framework. The program will serve fast-growing energy demand for AI data centers, advanced manufacturing, and national defense, while creating thousands of high-quality American jobs and reinforcing U.S. energy independence. We anticipate the first ENTER1 energy plant to deliver power to TVA as early as 2030, with additional plants phased in as demand grows. Before moving on, I want to take a moment to further highlight our relationship with InterOne. For over three years, we have been working with InterOne on the deployment of our SMR technology. And with this historic TVA announcement, as well as the U.S.-Japan Framework Agreement, our commercialization strategy is starting to resonate. This is a pivotal time for the nuclear sector, driven by favorable regulatory policy and increasing power demand. As that demand for reliable, always-on, and carbon-free power grows, we believe our partnership with InterOne enables off-takers to benefit from nuclear power without taking on plant ownership or operational risk. We believe that benefit, combined with our supply chain readiness and being the only company with NRC-approved SMR designs in modules currently in production, uniquely positions NuScale to meet this important moment. In conjunction with the TVA and InterOne announcement, we entered into a Partnership Milestone Agreement, or PMA, with InterOne to accelerate the commercialization of our SMR technology as outlined in slide five. Under this agreement, NuScale will provide milestone-based payments to InterOne as projects advance through key stages as outlined here. As it relates to the PMA, milestone one was met on September 2, 2025, when the agreement was announced. Ramsey will discuss this milestone later in the call, but I want to take a moment to explain a little bit more about the milestone payment structure. These payments reflect project costs that NuScale would typically incur later in the process, such as development, project management, and other services. By accelerating these payments, we are helping InterOne reach key milestones more quickly, unlocking financing and speeding up construction. We believe this upfront commitment secures new skills technology as the foundation for the largest planned SMR program in U.S. history with a marquee energy offtaker in the form of TVA. As we lay out slide six, Establishing a PMA was a strategic decision to catalyze commercialization, motivate our supply chain to invest, facilitate multiple projects, and accelerate the deployment of NuScale's technology. Looking ahead, this model is designed to be repeatable and scalable. We'll discuss specifics in a moment, but it's important to note that our PMA with InterOne is a template for additional projects. both in the U.S. and globally. And since the TVA and InterOne announcement, we collectively have seen a strong uptick in interest from other potential off-takers who want to deploy SMR solutions, as well as from our supply chain partners eager to support the commercialization of our technology. Turning to slide seven, with the 77 megawatt upgrade now successfully approved by the NRC, our regulatory license affair team has shifted its focus to the Combined Operating License Application, or COLA, management process to ensure the effective commercial development and deployment of NuScale's SMR technology at multiple Inter1 power plants. For background, the COLA builds on the NRC approval NuScale already has, but is submitted by the customer and includes site-specific information, It is an integral step in bringing full-scale commercial nuclear power plants that will provide safe, scalable, reliable, and carbon-free power to market. We believe no company is more familiar with the licensing process for SMR technology than NuScale. Not only do we have an in-depth technical knowledge of SMR plants, but we have over 10 years' experience successfully navigating regulatory licensing processes and proven pre-application NRC engagement strategies. We believe this expertise makes NuScale uniquely qualified to lead COLA development, and we are eager to take this next step towards deployment. Moving to slide eight, NuScale continues to work with FLOR to support Row Power's goal of developing and employing the first SMR power plant in Romania at Dorces, the site of a decommissioned coal-fired power plant. While the coal plant itself is now entirely removed, supporting infrastructure such as roads, switch yards, and grid connection remain intact for repurposing as Rural Power works towards deploying nuclear capacity. The project continues to generate revenue and positive cash flow for NuScale in connection with the floor-lead fee-to-study. As this critical work on the Rural Power project continues, We're also working with FLOR to obtain their input for final investment decision expecting in late 2026 or early 2027. Before I hand it over to Ramsey, I want to take a minute to comment on the market tailwinds we see for NuScale. We all know the challenges and the opportunities facing the U.S. and global energy system. Demand for reliable, always-on electricity is increasing, and the key sectors of the U.S. economy is driving it. Industries like data centers, AI, advanced manufacturing, and critical infrastructure, along with the broader electrification trend. These sectors are expanding at a pace we have not seen before, and they require power that simply cannot go offline. A new scale is uniquely positioned to provide the power these industries seek by being the only technology approved to provide behind-the-meter power. At the same time, the U.S. is focused on strengthening its energy independence, ensuring grid stability and supporting economic growth in regions that are attracting new investment and high-value jobs. Utilities and industry leaders are looking for solutions that deliver on right reliability, scale, and long-term value. We believe NuScale's SMRs can deliver on these needs. The project involving NuScale, InterOne, and TVA demonstrates this. And that is why it is so significant, not just for our company, but for the entire nuclear community. And this scale, as the leader in this space, could not be better positioned to meet other offtakers' needs, both in the U.S. and around the world. Now over to Ramsey for the financial update.