NuScale Power Corporation Class A

Good afternoon and welcome to New Scale Power's second quarter 2026 earnings conference call. Today's call is being recorded. A replay will be available on New Scale's investor relations website for 30 days. At this time, I would like to turn the call over to Ramsey Hamady, Chief Financial Officer. Please go ahead.

Thank you, Operator. Joining me today is John Hopkins, President and Chief Executive Officer of New Scale. 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 to our investor relations website. As reflected in the state harbor statement from slide two, the information set forth in the presentation and discussed during the course of our remarks in the subsequent Q&A session includes forward-looking statements which reflect our current views Thank you, Ramsey. I want to start with a simple observation about where the market stands now.

Demand for reliable, carbon-free power is not building slowly. It is accelerating. Every major hyperscaler, every large industrial offtaker, every utility with an eye on the next decade is now engaged in some version of the same conversation. We need power now, we need it to be clean, and we need it on a timeline that actually maps to our business. That urgency is real and it is growing. What I want to address today is what separates a company that can meet that urgency from one that cannot. Because the answer to that question is not branding or ambition, it is readiness. And readiness in this industry is a function of years of deliberate work, work that does not generate headlines but that determines more than anything else whether a nuclear project gets built on time and on budget or does not get built at all. That distinction is what I want to focus on today. Let me start with context because I think the history here explains why engineering and design maturity matters more than most investors currently appreciate. The Global AP1000 expansion The most recent large nuclear construction project in the United States is the clearest example of what happens when a project goes to construction before the engineering is substantially complete. When that project started, the detailed design was not in an advanced state of completion. Significant engineering decisions were still being made on active construction sites. That result contributed to years of delays and billions in cost overruns. This is not a story about nuclear being hard to build. It is a story about what happens when you start construction without a mature, detailed design. NuScale has spent years deliberately applying the hard lessons of past large-scale nuclear projects. We made significant, sustained investment so that when we go to market, the engineering is as complete as possible. That investment is the foundation of everything I'm going to share with you today. A brief word first on two pillars of a readiness position, regulatory approval and fuel readiness. Newstia remains the only SMR company to have received design certification from the U.S. Nuclear Regulatory Commission, including standard design approvals for two of our designs. The NRC's design certification is the global gold standard for nuclear safety. Certification takes years. There are no shortcuts. We'll operate using standard low-enriched uranium, a proven fuel source which is available today from established suppliers from around the world. Several other designs being marketed today require high-assay low-enriched uranium, or HALU, which is not available on a commercial scale. That dependency is a fundamental supply risk embedded in their programs that does not exist in NuScale. The combination of NRC approval, conventional fuel, and a mature supply chain that I'm about to describe, that combination along with engineering is what commercial readiness actually means. No other company in this space has all four. NuScale's role in an inter-one energy plan is that of technology systems integrator and Engineer of Record. We are responsible for the NuScale Power Modules and services. Supporting delivery of the NuScale Power Module, we have assembled a network of more than 60 specialized suppliers. Each supplier brings deep domain expertise in a specific system, fuel, safety and instrumentation and controls, valves, cranes and module handling. Each holds detailed design responsibility for their own scope, with NuScale providing the overall integration. Here's where we stand. The detailed design for the critical path components of our modules, the systems that govern schedule and cost, is mature. We've already negotiated supplier agreements with more than half of our 60-plus supplier relationships, many whom we believe to be best in class. This means when we execute an OEM, many of our suppliers will already have designed, scaled, tested, and in some cases began production of components. Taken together, this shortens the path to actual power generation, not by months, but by years, and supports certainty of execution. Let me highlight a few of our suppliers. Doosan Interability is one of the world's foremost manufacturers of heavy neutral components. They are our strategic partner on the major components of our modules. The heavy fortunes at the heart of every NuScale Power Module. What you see on this slide are photographs taken at Doosan's facilities in South Korea. Actual components and active production for NuScale Power Modules. Prematone is one of the world's leading nuclear fuel companies. Fuel design has a long lead time. Years, not months. Rather than wait for a signed customer contract before beginning that work, we entered into a dedicated agreement with Framatone to complete the fuel design. Our fuel supply will be ready as customers come online. This quarter, we announced that Paragon has been awarded a contract to complete the final design development of the safety instruments and control systems for our new scale power modules. These three partners are examples of the depth of our supply chain ecosystem. Doosan on major portions of the modules, Framitone on fuel, Paragon on safety control systems. And we have comparable relationships across cranes, module handling, valves, and more, with additional announcements expected. I'll briefly discuss key commercial updates from the quarter. Interwent Energy, our strategic partner, continues to advance discussions with the Tennessee Valley Authority toward a definitive power purchase agreement for potentially the largest nuclear power deployment program in U.S. history, utilizing NuScale SMR technology. Our understanding is that these discussions are active and progressing. We look forward to providing a further update as milestones are achieved. Next is Rural Power. NuScale is working with Nutri-Electrica and Rho Power to satisfy conditions attached to Nutri-Electrica shareholders' vote to advance the Rho Power project in Dorcest, Romania, which will deploy six NuScale power modules at a former coal plant site and represents the most advanced SMR effort in Europe. Finally, let me now turn to another area where NuScale is building last of advantage, our energy exploration centers. This quarter, we opened our 12th ECU Center at the University of Virginia's College at Wise, supported by a grant from the Virginia Clean Energy Innovation Bank. These centers deliver immersive, hands-on nuclear training in high-fidelity simulation environments designed specifically for the next generation of plant operators, technicians, and engineers. Another highlight is our liquidity position. Newscale closed the second quarter with approximately $1.9 billion in cash, cash equivalents, and investments. Our cash position reflects a conservative approach to liquidity as we anticipate near-term commercial deployment. Now I'll turn the call over to Ramsey.