NuScale Power Corporation Class A

Good afternoon and welcome to NuScale's first quarter 2026 earnings 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. With us today are John Hopkins, NuScale President and Chief Executive Officer, and Ramsey Hamidi, Chief Financial 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 December 31st, 2025, and our subsequent SEC filings. I'll now turn the call over to John Hopkins.

Thank you, Rodney, and good afternoon, everyone. We are at a true watershed moment for the nuclear industry. Global demand for reliable 24-7 baseload power is surging, and the appetite for proven advanced nuclear solutions has never been stronger. In this environment, NuScale stands apart, not as a promising newcomer, but as the clear global leader ready to deliver today. Let me remind you why NuScale is uniquely positioned to capture this historic opportunity. As you can see in slide three, we have differentiated on the dimensions that matter. Regulatory leadership, fuel supply availability, true modular factory fabrication, deployment readiness, and safety. In addition, NuScale has a balance sheet to deliver to the commercial market. First, unmatched regulatory leadership. NuScale stands alone as the only SMR company in the world to have earned US Nuclear Regulatory Commission standard design approval. And we've done it for two separate designs, our 50 megawatt and our 77 megawatt modules. This isn't just a regulatory milestone. It is the critical gateway to commercial operations. Without NRC design approval, no SMR can deliver power to the grid. NuScale has already cleared the highest regulatory bar in the industry, giving us a significant competitive advantage in de-risking the path to deployment for customers and investors. Additionally, what makes this regulatory milestone even more powerful? is that NuScale achieved it under 10 CFR Part 52, the modern one-step licensing framework specifically designed for more efficient nuclear deployment. Why does this matter? Under the traditional Part 50 licensing process, investors and utilities face a higher degree of risk. They need to secure a construction permit based on a preliminary safety analysis report or concrete and potentially spend billions, then hope to pass a second full safety review later to receive an operating license. History shows how problematic this path can be. A problem that could persist today. Recently, The Advisory Committee on Reactor Safeguards, or ACRS, has highlighted deficiencies in new reactor submittals and warned of delays ahead for Part 50 applicants. Most Generation 4 designs rely on new fuels, coolants, and safety concepts never before licensed in the United States. This explains why the Department of Energy still classifies them as demonstration projects. Part 52 changes the game. It provides a single combined license that addresses major safety, design, and operational issues before the first dollar is spent on construction. Even better, NuScale is the only SMR company to earn full NRC standard design approval under Part 52. Our core technology is approved and proven. Every future project can simply reference our approved designs rather than reinventing the wheel. NuScale delivers the clearest, low-risk, NRC-approved pathway to commercial operation. A solution that is ready for deployment now. NuScale offers certainty you can take to the bank. Second, fuel that is available today. NuScale power modules run on proven, widely available commercial low-enriched uranium or LEU. Fuel that has reliably powered upwards of 400 commercial reactors around the world for decades. In contrast, other advanced designs depend on high assay, low enriched uranium or HALU, a field that is not currently available at commercial scale within North America. When your project timelines matter, NuScale removes a critical supply chain risk that others are still hoping to resolve. Third, Newscale modular factory fabrication is uniquely comprehensive. Each Newscale power module is fully integrated, self-contained unit that includes the reactor vessel, steam generators, pressurizer, and the high-pressure steel containment vessel. All of it is built in a factory and shipped to the site with virtually no nuclear-grade field construction needed. This goes far beyond what most other SMR vendors mean when they say modular. While competitors emphasize modular construction techniques, such as prefabricated large components, skids, or structures assembled on site, NuScale delivers complete transportable reactor modules, including the primary containment barrier itself. This modularity allows NuScale power modules to be added incrementally as load grows, with the first units generating revenue in power while others are being deployed. This plug-and-play scalability with built-in redundancy is regulator validated and unmatched by any other SMR technology today. Fourth, water-smart nuclear power. Dry cooling gives NuScale SMRs a major sighting and environmental advantage in arid regions where water is scarce, expensive, or subject to competing demands from agriculture, municipal use, or ecosystems. It allows deployment in places where traditional wet-cooled nuclear or other thermal plants would face severe restrictions or high cost. Dry air-cooled condensers cut water consumption by more than 90% compared to wet cooling towers. Many SMR vendors market dry cooling options to highlight water independence. NuScale remains one of the most advanced and demonstrated integrations for light water reactor technology. The choice really depends on site climate, economics, and whether the project prioritizes maximum power output or minimum water use. making dry cooling a viable option where water is expensive or restricted. And finally, a decisive new scale advantage that truly sets us apart, superior regulator approved safety as further described on slide four. We are the only nuclear technology approved by the U.S. Nuclear Regulatory Commission for behind the meter operations paired with a groundbreaking emergency planning zone or EPZ. A methodology that limits the EPZ to the plant's own site boundary. This is game changing. It eliminates the need for any AC or DC interconnections to the bulk electric grid and allows new scale powered plants to be sited directly adjacent to where the energy is needed most. Right beside hyperscaler data centers, industrial facilities, population centers, in retired coal plant sites. The result, unmatched siting flexibility, dramatically reduced transmission costs, faster deployment timelines, and the ability to deliver clean, reliable, resilient power exactly where the demand is needed most. NuScale dramatically reduces emerging planning costs and flashes siting timelines. transforming what has been a major regulatory hurdle into a powerful economic and strategic advantage, all while delivering a critical boost to our nation's energy security and national security by reducing reliance on foreign energy and vulnerable transmission infrastructure. By combining unmatched regulatory approval, a compact emergency planning zone, and behind the meter capability, Newscale doesn't just participate in AmeriClean energy transition, it is uniquely positioned to lead it. While it was acquired a quarter from an announcement perspective, we have been active. To that end, on slide five, let's review several key highlights from the first quarter. These include continued advancement on the Inter1 and TVA power purchase agreement discussions. for what would be the largest nuclear deployment program in U.S. history. We also saw progress on a real power project in Dorceste, Romania, where nuclear electrical shareholders voted to advance the project. We continue to strengthen our critical supply chain partnerships, particularly our fuel supplier Framatone and manufacturing partner Doosan and Ernovility. And separately, We closed the quarter with a strong liquidity position, approximately $1 billion in cash and other capital resources. This balance sheet strength gives us the flexibility to execute across a wide range of commercialization scenarios as we move towards large-scale deployment. Turning to slide six. In September of last year, TVA announced a major agreement with Inter1. for up to six gigawatts of safe, reliable, 24-7 baseload energy to help powering growing demand in its seven-state service territory, utilizing NuScale SMR technology. InterOne has updated us that discussions with TVA are advancing well toward a definitive PPA. We remain highly encouraged by the progress and the strategic alignment between InterOne, TVA, and NuScale as we work to deliver this game-changing clean energy solution. Separately, two recent key international announcements indicate a strong desire to facilitate foreign investment in U.S. strategic interests, such as the TVA project. The first is the $550 billion U.S.-Japan Framework Agreement announced last year, in which InterOne was the only developer name. And a second and more recent announcement by South Korea's National Assembly to facilitate 350 billion in Korean investments into U.S. strategic industries. With 200 billion for sectors like nuclear power, AI, and semiconductors aimed at securing economic ties between the two countries and reducing tariffs. NuScale remains bullish about the TVA Inter1 opportunity. We believe it will be the catalyst for the commercialization of our SMR technology in the United States and around the world, while supporting fast-growing energy demand, creating thousands of high-quality jobs, and strengthening our nation's national security interests. Moving to slide seven, in February of this year, The Romanian government approved the investment decision for the door chest SMR plant project. This was a step in the right direction. As a project can now seek financing to conduct further feasibility studies. Insight specific design work prior to construction moving forward. As a reminder floor corporation serves as a primary contractor leading overall engineer procurement, construction delivery with row power. the project owner, and floor's client. NuScale, in turn, serves as a subcontractor to Floor, providing SMR technology, design support, and licensing expertise to the project. Should pre-EPC financing be secured, the next phase of the project is expected to last approximately 15 months. Project stakeholders, RowPower, Floor, NuScale, and both the U.S. and Romanian governments remain engaged. The RoPOWER project in Romania is currently the most advanced SMR effort in Europe. Moving to slide eight, NuScale is well positioned to meet its near-term deployment objectives, driven by continued enhancement and supply chain readiness. We have established a robust foundation to contractually secured supplier partnerships, strategic long-lead material positioning, and align manufacturing capacity across our critical components. Our approach is anchored in a structured readiness framework with reoccurring cross-functional supplier reviews to actively manage risk, validate mitigation actions, and ensure alignment with project execution requirements. NuScale is not building a conventional product or supply chain. We are building a transformative deployment model for nuclear technology under intense scrutiny with high expectations and on timelines that matter. Our success will require more than capability. It will require alignment, transparency, and trust across our entire supply chain. Last month we convened for our annual New Scale Supplier Working Group, bringing together 37 key supplier partners to align on 2026 demand signals and near-term deployment milestones. This engagement strengthens forward visibility into production readiness and reinforces both contractual and operational alignment across our supply base. Newscale is advancing a deliberate multi-sourcing strategy for critical components, reducing single source dependencies and enhancing supply continuity in a constrained global market. In parallel, key Newscale power module components remain in active production at Doosan Earnability, marking continued progression from design into manufacturing execution. Collectively, these actions materially de-risk the supply chain, increase schedule confidence, and position NuScale to support near-term deployments with a high degree of execution certainty. Let's turn to slide nine. You'll find a detailed summary of the extensive industry engagement by our Office of Technology team. We continue to lead the conversation and drive innovation at the intersection of nuclear energy and hard to abate industrial sectors. During the first quarter, our team actively participated in five major industrial international conferences, engaging directly with the leaders from oil and gas, petrochemical, commodity chemicals, energy, and hyperscaler communities. A standout moment came at the World Petrochemical Conference where our co-founder and chief technology officer, Dr. Jose Reyes, delivered a compelling presentation on how NuScale generated high temperature steam is rapidly moving from concept to commercial reality. This is strategically important. Industrial process heat is a true national security imperative, as it powers critical supply chains, strengthens economic resilience, supports defense manufacturing, and advances energy independence. Newscale power modules are positioned to deliver commercial scale, high temperature thermal energy for direct industrial use. Applications include chemical production, petroleum refining, cement manufacturing, fertilizer production, and desalinization, just to name a few. Sectors that together represent hundreds of billions in economic activity. Before turning the call over to Ramsey Hamity, our Chief Financial Officer, I want to talk about the opening of a NuScale Operations Center in Houston. On April 29th, we proudly opened our new NuScale Operations Center in Houston's prestigious Energy Corridor at City Center. a strategic milestone that positions us right in the heart of America's energy capital. In short, we're not just building reactors. We are embedding ourselves where the biggest energy decisions are being made. This move shortens decision cycles, deepens customer relationships, and reinforces NuScale's leadership. We're excited about the momentum this new hub is already generating. Now over to Ramsey for the financial update.